In 2025, Storent’s total pro forma* revenue reached EUR 63.8 million, representing a 35% year-on-year increase. In the fourth quarter of 2025, revenue grew by 29%, reaching nearly EUR 17 million. This growth was supported by strong performance in existing Baltic and Nordic markets, as well as by the contribution from the U.S. company acquisition.

Over the twelve-month period, EBITDA increased by 70%, rising from EUR 13.3 million to EUR 22.6 million, while EBT more than tripled to EUR 3 million (2024: EUR 0.9 million). 

​​In the fourth quarter of 2025, EBITDA grew by 33% to EUR 5.3 million. Results in the quarter reflected the Group’s expansion, including its entry into the U.S. market, continued investments in the rental fleet and the strengthening of the team.

Strategic Growth Drivers in 2025

Storent’s performance in 2025 was driven by five key growth directions:

• Entering U.S. market. The acquisition of Connect Rentals marks the first step in building the Storent Equity Network (SEN), forming the foundation of Storent’s scalable growth platform in the United States, which combines equity-based expansion with the development of the Digital Partner Network (DPN).
• Strengthening the asset base: The Group invested EUR 17.5 million in the renewal and expansion of its rental fleet in Europe and a further EUR 5 million in the United States.
• Public bond offering: In December 2025, Storent successfully completed a public bond offering, raising €16.5 million and fully achieving the primary objective of the issuance. The proceeds were used to refinance existing bonds and to support the Group’s ongoing investment programme.
• High-performance culture: Storent continued to strengthen its performance-driven culture, reflected in increased employee productivity across the Group.
• Digital transformation: Storent continued to advance the digital ecosystem to improve operational workflow and decisionmaking, and to build SEN and DPN in U.S. In Q4, a new mobile application for employees was launched, offering an improved user interface and full feature parity with the desktop version.

Outlook and Strategic Priorities

“In 2025, Storent reached a key stage in its development, laying the foundation for growth in the United States while maintaining stable performance across Europe. Our focus is now on balanced growth, selective acquisitions and operational excellence, with a clear commitment to long-term value creation,” said Andris Pavlovs, co-founder and Chairman of the Management Board of AS Storent Holding.

Pavlovs added: “In the near future, Storent plans to secure additional financing in the United States; therefore, we have established a parent company in Delaware. We are currently in discussions with several potential acquisition targets in Texas and are preparing to expand into additional states, with the aim of positioning the United States as the Group’s primary growth market in the medium term.”

In the United States, Storent is building a scalable growth platform based on a dual model that combines equity growth with digital scale. The first pillar is the Storent Equity Network (SEN) – an equity-based network where Storent holds 51–70% ownership, partnering with strong local rental operators while keeping founders in leadership and preserving their brands and day-to-day management. The second pillar is the Digital Partner Network (DPN) – a network of independent rental companies connected through Storent’s digital ecosystem, operating via iRMS, the Storent USA Cooperation Hub (USA Marketplace), and CargoPoint logistics solutions.

In Europe, Storent will continue to prioritize efficient fleet utilization and operational discipline, while selectively investing in segments with the highest return potential.

Performance by Region

Storent operates across three regions, with the Baltics accounting for 61% of total revenue, the Nordics 18%, and the United States 21%.

In Q4 2025, the Baltic region continued to deliver stable and resilient growth. Rental income increased by 14% year-on-year, while rental income from own equipment grew by 17%. For the full year, rental income from own equipment in the Baltics increased by 21%, reflecting strong demand and effective fleet deployment.

Market conditions across the region remained mixed: Lithuania continued to be the strongest market, Latvia experienced moderate growth, while Estonia operated in a recessionary environment. Despite this, Storent maintained solid performance across all Baltic countries. In Latvia, the company strengthened its market leadership and participated in major infrastructure projects, including Rail Baltica. In Lithuania, a new rental center was opened in Kėdainiai. 

In the Nordics, operations remained stable despite weak construction activity, supported by specialization, cost discipline and active fleet optimization.

In the United States, Storent continued to develop through its partnership with Connect Rentals in Texas, in which Storent holds a 70% stake. In 2025, U.S. rental revenue increased by 35% year-on-year, with growth accelerating following the additional investments in the rental fleet and newly established partnership.

*Storent Holding reports its financial results on a Pro forma basis to reflect the Group’s structure following the acquisition of Connect Rentals (USA) on 30 September 2025. For comparability and transparency, key indicators include the acquired company’s performance as if it had been part of the Group from the start of the reporting period. In addition, Pro forma results are presented as an Alternative Performance Measure (non-IFRS), excluding IAS 16 revaluation effects, to provide a clearer view of underlying operational performance.


About Storent Holding

Storent, founded in 2008 with the goal of becoming the most innovative rental company in the world, is driven by a team of experts who set new industry standards through technology, exemplary service, and sustainable solutions. The company, fully owned by Latvian shareholders, is a recognized leader in the digitalization of rental processes and online sales. It holds the largest market share in Latvia, with strong positions in Estonia and Lithuania. ​​ Storent is operating in Finland and Sweden, and now successfully developing operations also in the United States. 

For the second consecutive year, Storent Holding has been recognized as the most valuable equipment rental company in Latvia, included in the Nasdaq Riga and Prudentia TOP101 ranking. In the 2024 assessment, the company climbed 21 positions – from 88th to 67th place. This reflects the impact of its digital innovation, growing trust among customers and investors, and the increasing strength of the brand.

The company operates 35 rental depots: 15 in Latvia, 9 in Lithuania, 4 in Estonia, 4 in Finland, 1 in Sweden, and 2 in the United States. The Storent Group employs 275 people.

For further information:
 

Baiba Onkele
Member of the Management Board and  Chief Financial Officer
AS Storent Holding
baiba.onkele@storent.com
www.storentholding.com