Storent Holding is publishing its audited consolidated financial results for 2024, confirming stable operational growth, a continued commitment to fleet investment, and full compliance with international financial reporting standards (IFRS). Adjustments in the audited results—primarily technical and non-cash—provide a fully IFRS-compliant view while confirming stable operational progress.

Results of operating activities for the full year 2024 show that total revenue reached €47.3 million, EBITDA was €13.3 million, and the net result was €294 thousand. However, due to the asset fair value revaluation reserve, the audited results according to IFRS are as follows: total revenue was €45.3 million, EBITDA amounted to €11.4 million, and the net loss was €3 million. This net loss reflects non-cash accounting adjustments related to the revaluation of fixed assets carried out in 2023 under IFRS (IAS 16). These adjustments had no effect on retained earnings, as they were fully offset by a reduction in the previously recognized revaluation reserve and recorded as equity adjustments. These technical changes do not affect bondholders, and coupon payments will proceed as planned.

While the company's operational profitability is strong, as indicated by EBITDA, fleet investment-related costs are having a significant impact on EBIT and EBT. It is expected that in the coming periods the investments will continue to produce strong performance and are crucial for long-term growth.

The Group made correction in financial results of 2023, therefore decreasing revaluation reserve and the fair value of rental assets at 31 December 2023 by EUR 7 789 267. Fair value was originally set based on an independent valuation covering all units in the Group's rental fleet and market data obtained from reliable sources. Following the analysis of auctions held during 2024 and their financial outcomes, the Group's management concluded that the revaluation of certain groups of property, plant and equipment was based on limited amount of data of market transactions and relatively optimistic approach on 31 December 2023. The management concluded that fair values of certain items as of 31 December 2023 exceeded the carrying amount by more than 2.5 times and adjusted fair value should be approximately 40% of the original acquisition cost. This assumption is based on market evidence indicating that similar equipment is typically sold at auction for around 30% of its original purchase price, and that auction prices are typically 20–40% below results of regular market individual asset sale transactions. Additional information is described in Note 13 to the consolidated financial statement.

In 2024, Storent invested €24 million to expand and modernize its fleet, resulting in 32% of equipment now being under two years old. The modern fleet supports increased demand across all markets and aligns with the industry’s move toward smarter, rental-based solutions.

The company also expanded its physical footprint by opening three new rental depots: one in Kaunas, Lithuania, and two in Latvia—in Sigulda and Gulbene. As of April 2025, Storent operates 32 rental depots across five countries. Further expansion is planned, both through strengthening positions in existing markets and by launching operations in the United States, where the Group is currently engaged in an active due diligence process.

Storent has launched its new web platform across all five operational countries, marking a key milestone in the Group’s digital transformation. Each country uses a localized version of the platform, tailored to market conditions and customer preferences to ensure relevance and ease of use. With an increasing share of orders now placed online, the platform plays a vital role in enhancing the customer experience. The new interface is faster, more intuitive, and user-friendly. A standout feature is the built-in quotation tool, which provides clients with instant, accurate rental cost estimates—streamlining decision-making and improving service efficiency.

The Group has successfully raised 23 million euros in its latest public bond offering in April, with a fixed annual interest rate of 10%. This marks the company’s largest bond issuance to date and attracted record number of investor interest, especially from Latvia. More than 1600 private and institutional investors chose to take part in Storent’s growth story. The proceeds from the bond issuance will be used to refinance existing obligations, support expansion plans — including potential acquisitions in current and U.S. markets — and invest in the growth of Storent’s equipment fleet.

To enhance operational efficiency and accelerate decision-making, the company is undertaking a strategic restructuring of its management team. Currently, each country operates under a separate management structure, directly overseen by the Group. Going forward, operations will be reorganized into three regional clusters: the Baltics (Latvia, Lithuania, and Estonia), the Nordics (Sweden and Finland), and the United States. Each cluster will function as an integrated business unit, with increased responsibility delegated to regional management. This structure will support faster decision-making, greater operational efficiency, and more effective leadership aligned with regional market needs.

First quarter results show rent income increase and rent income forecast for Q2 shows two-digit income growth as a result of significant investments in rental fleet. In 2025 planned revenue increase of 10-15% and EBITDA growth of 15-25%, which management expects to achieve in existing and potential markets.

Baiba Onkele
Member of the Management Board and CFO of Storent Holding
E-mail: baiba.onkele@storent.com
www.storentholding.com