Storent Group operation was profitable in reporting period and total revenue for Q3 increased by half a percentage point compared to the same period last year. In the 3rd quarter of 2022, the negative impact of the geopolitical situation was observed in the construction industry, market activity decreased and there was higher uncertainty about the future in our main region, the Baltic States. Several major construction projects were halted or postponed indefinitely, but the prices of raw material stabilized as a result of new supply chains established by builders. The general rise in prices in construction and the economy as a whole allowed for a slight increase in the price of equipment rental and other services. The Storent group continued to work on the implementation of the digital strategy and the improvement of efficiency, as well as the cooperation started with the PreferRent and Cargopoint online platforms.

In Baltic countries, despite a significant drop in construction market rental revenues decreased by 4% only compared to the same period last year. 

In the Nordic region, geopolitical situation and the impact of sanctions in the construction market are less visible than in the Baltics, and rental results were by 1% higher compared to the 3rd quarter of 2021. 

In the 4th quarter of this year, the company will continue to focus on the development of online sales, digital transformation and increasing efficiency. Company aims to reach 50% sales online and 90% deals signed digitally by the end of 2022. 

Despite the very high level of inflation, especially in the Baltic countries, construction companies continue to work and implement projects. The realization of the largest Baltic project "Rail Baltica" is also actively continuing.

Baiba Onkele

AS Storent Investments CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com

www.storent.com