Storent, an equipment rental company operating across the Baltics, Nordics and the United States (U.S.), announces its audited pro-forma financial results for 2025, marking a year of strong growth and strategic expansion. The Group also reports its results for the first quarter of 2026.
Based on the Group’s audited pro-forma financial results for 2025, total revenue reached EUR 63.8 million (2024: EUR 47.2 million), representing a 35% increase year-on-year. In September 2025, Storent acquired a 70% stake in the U.S.-based equipment rental company Connect Rentals LLC. Assuming the company acquisition had been completed on 1 January 2025, adjusted pro-forma EBITDA reached EUR 24.9 million (2024: EUR 13.3 million), representing an 87% increase compared to the previous year. The Group reported a profit of EUR 1.6 million, compared to a loss of EUR 3.0 million in 2024.
Key growth drivers in 2025
The Group entered the U.S. market through the acquisition of Connect Rentals LLC, marking a significant step in its international growth strategy. At the same time, Storent continued to invest in its rental fleet, with total investments of EUR 19.2 million, supporting capacity and service quality across its markets.
The Group also successfully completed two bond issuances totalling EUR 39.6 million, strengthening its financial position and supporting further expansion. In addition, continued focus on productivity and digitalisation, including more than EUR 3 million invested in the digital ecosystem, contributed to improved operational efficiency across the Group.
Performance by region
On a pro-forma basis, total revenue reached EUR 63.8 million, including EUR 38.7 million in the Baltics, EUR 11.8 million in the Nordics, and EUR 13.3 million in the U.S.
The Baltics remained the core earnings region, supported by infrastructure and construction demand. The Nordics focused on efficiency and specialized equipment segments. The U.S. following the acquisition showed strong growth momentum and represents the Group’s primary long-term growth market.
Storent management comment
Andris Pavlovs, founder and Chairman of the Management Board of AS Storent Europe, commented:
“2025 marked a significant milestone in Storent’s development as we entered the U.S. market and substantially expanded the scale of our business. At the same time, we maintained balanced growth across Europe, demonstrating the resilience of our operating model. Going forward, we will focus on accelerating our international expansion, with the U.S. as our primary growth market, while continuing to improve efficiency and create long-term value in our home markets.”
Outlook
Storent continues its development in the next phase of its development, focusing on scaling its operations and strengthening its position as an innovative, technology-driven rental company.
In Europe, the Group will continue disciplined execution and selective investments. In the U.S., Storent is building a scalable platform combining acquisitions and digital partnerships to support capital-efficient growth, while also working on attracting a new minority investor at the U.S. holding company level to support the next phase of expansion.
To support this strategy, a new parent company, STORENT HOLDING CORPORATION, was established in Delaware (U.S.) in 2025 and has become the parent entity of the Group. The former parent company, Storent Holding AS, has been renamed Storent Europe AS and is responsible for the Group’s operations in Europe.
Recent performance – Q1 2026
In the first quarter of 2026, the Group’s revenue reached EUR 13.5 million, representing an 8% increase compared to the corresponding period last year. Despite unusually cold weather conditions, the Group recorded stable 8% growth across its European markets in the first quarter, while revenue in the U.S. increased by 14%. Adjusted EBITDA reached EUR 3.8 million, which is 3% lower than in the corresponding period last year. The Group reported a loss of EUR 2.3 million in the first quarter, primarily driven by seasonally lower market activity at the beginning of the year and investments related to the Group’s U.S. expansion strategy as well as a significant increase in equipment depreciation and interest expenses.
Storent continued to execute its expansion strategy in the U.S. market, which involves additional near-term investments but is expected to support profit growth in the long term. In the first quarter of 2026, the Group continued investments in its rental fleet across Europe and the U.S, as well as in the development of Storent’s digital ecosystem. As of 1 April 2026, the 20-person digital team was integrated into the Storent Group from an outsourced structure, which will allow the Company to develop its digital ecosystem more efficiently and with greater agility going forward. The Company’s operating results are affected by seasonal fluctuations each year, with a significant increase in activity expected from the second quarter onwards.
