Storent, an equipment rental company operating in the Baltic States, the Nordic countries and the United States (US), increased its total revenue by 13.2% year-on-year to €17.7 million in the second quarter of 2026. Growth was supported by the start of the active rental season, higher fleet utilisation and increasing construction activity. The Group achieved double-digit rental income growth in all three Baltic countries, while total rental income in the US increased by 23.8%.
Storent intends to carry out a new bond offering of up to €10 million in the Baltic market in the third quarter of 2026. The proceeds are intended to be used to refinance existing debt and for the company’s development purposes.
In the second quarter, total rental income increased by 14.4% year-on-year to €14.6 million. Rental income from Storent’s own fleet grew by 17.8% to €12.7 million, reflecting the continued rental fleet expansion and higher utilisation of the Group’s fleet.
EBITDA reached €6.4 million, an increase of 3.7% compared with €6.2 million in Q2 2025. The EBITDA margin was 36%, compared with 40% in the corresponding period last year, while profit before tax amounted to €0.2 million.
For the first six months of 2026, Storent’s total revenue increased by 11.2% year-on-year to €31.1 million. Total rental income grew by 11.1% to €25.5 million.
“Storent entered the active rental season with an expanded fleet and strong customer demand, delivering double-digit growth across all three Baltic markets and continued strong performance in the US. Our diversified geographic footprint and resilient rental model support balanced growth, profitability and cash generation. Investments in our fleet, team and digital solutions create a strong foundation for even better performance in the second half of the year, while the planned bond offering will help us continue to strengthen and diversify our funding structure,” says Andris Pavlovs, Founder and Chairman of the Management Board of Storent Europe.
Continued investment in fleet and digital development
During the first six months of 2026, Storent invested €10.2 million in its European rental fleet and $8.4 million in the United States, as well as a further $2.0 million in its digital ecosystem.
Double-digit growth across all Baltic markets
Rental income in the Baltic region reached €8.8 million in Q2 2026, an increase of 16.1% compared with €7.6 million in the corresponding period last year. Estonia recorded the strongest growth at 32.5%, followed by Lithuania at 14.2% and Latvia at 12.4%.
Growth was supported by the start of the active construction season across the Group’s main equipment categories, including telescopic handlers, scaffolding, generators, earthmoving equipment and aerial work platforms. Demand continued to be driven by national defence and energy projects, multi-apartment residential construction and major infrastructure developments, including Rail Baltica across all three Baltic countries.
Construction output in the first quarter increased by 4.2% year-on-year in Estonia, 3.3% in Latvia and 1.5% in Lithuania, while the European Union recorded a decline of 2.5%. For the second quarter, Storent’s management estimates that the Latvian construction market continued to grow at a similar pace, Lithuania recorded double-digit growth and Estonia continued its recovery, with construction activity increasing by approximately 5%. Market forecasts indicate that all three Baltic economies are expected to grow faster than the EU average in 2026, supporting the outlook for construction activity and equipment rental demand in the region.
US revenue increases by 25.5%
Storent’s total revenue in the United States increased by 25.5% year-on-year to $4.9 million in Q2 2026. Total rental income grew by 23.8% to $4.4 million.
For the first six months of 2026, total US revenue increased by 22.7% to $8.3 million. The performance reflects investments made in the fleet since the acquisition of the US company Connect Rentals in September 2025.
Storent continues to develop its US business through selective investments in regional rental operators and partnerships that enable independent companies to join the Storent ecosystem through a shared digital and operational platform.
All comparative figures for 2025 are presented on a pro forma basis (non-IFRS), including Connect Rentals as if owned from the start of the comparable period.
