AS “Storent Investments” reports that during the first quarter of 2023 its total revenue reached EUR 9.6 million, an increase of 8.4% compared to the same period last year. Its net result improved by 19.7%. Overall activity in the construction market was sufficient despite the low season, and the company saw highest growth in Latvia.

In the meantime, SIA “Storent Holdings” total revenue during first quarter of 2023 reached EUR 8.6 million, an increase of 4.4%. Its net result improved by 50.2%.

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

AS “Storent Investments” and its subsidiaries have a modern rental fleet, a large rental depot network, and a wide customer base with a very well-developed trademark, an experienced team, and digital know-how. SIA “SEL Investments” and its two subsidiaries own around 50% of the construction equipment fleet that SIA "Storent Holdings" operates. The merger of both companies will enable to increase its expertise and improve financial ratios to continue the development of SIA “Storent Holdings” with a significantly higher speed and profitability.

In 2023, SIA “Storent Holdings” will continue to focus on the improvement of its sales process efficiency, renewal and addition of new rental fleet, as well as further development of online sales and digitalization. The management of the company expects that the rental revenues will increase by 10%, which will be facilitated by new investments in rental equipment, an increase in 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 SIA “Storent Holdings” is to keep the volume of online orders close to 60% of the total rental income and a 90% share of digitally signed transactions. SIA “Storent Holdings” will continue to transform its IT strategy to comply with the scalability needs. A new cloud-based ERP system implementation is expected to be finalized by the end of 2023.

AS “Storent Investments” consolidated financial report for 2022 and separate financial report for 2022 will be published by April 30, 2023.

Baiba Onkele

AS Storent Investments CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com

www.storent.com