On December 28, 2022, changes were made in the composition of AS "Storent Investments" shareholders, and SIA "Storent Holdings" became its sole shareholder. Consequently, Storent Investments and its subsidiary companies become part of the newly established holding, which, in addition to the Storent group, also includes equipment rental companies SIA "SELECTIA" and SIA "SELECTIA PLUS".

In the 4th quarter of 2022 net turnover of Storent group increased by 3.5%, while the total income increased by 14%. The group's profit indicators improved, EBITDA increased by 18% and the amount of losses decreased by half compared to the same period in 2021. In the 4th quarter of 2022, the situation in the construction industry stabilized and the negative impact of the sanctions continued to decrease, especially in the Baltic States.

Rental income increased by 4% In the Baltic States in the 4th quarter compared to the same period last year. The rental volumes remained steady in the Baltics, the rental income in Latvia increased slightly, but decreased in Lithuania and Estonia.

In the Nordic region, construction market was stable, as a result of which the rental turnover of the 4th quarter increased by 7% compared to the 4th quarter of 2021.

In 2023, Storent group will continue to focus on an improvement of sales process efficiency, renewal and addition of new rental fleet, as well as develop online sales and digitalization. The management of the company expects that the total rent revenues of the new holding will increase by 10%, which will be facilitated by new investments in rental equipment, increase of rental prices and online sales. In the summer of 2023, it is planned to introduce a new website that will be more convenient for the end user. The goal of Storent group is to keep the volume of online orders close to 60% of the total rental income and 90% digitally signed transactions. In December 2022, implementation of new IT system was started and it is expected that IRMS (Intelligent Rental Managemt System) will be implemented in all Storent group companies by the end of 2023. It will allow to improve efficiency and ensure convenient and up-to-date rental process.

Baiba Onkele

AS Storent Investments CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com

www.storent.com