Latvijas Banka has approved the prospectus for the bond program of equipment rental company Storent Europe, with a total program size of up to €35 million. Under the first tranche of the program, bonds of up to €10 million will be offered to investors across the Baltics from August 25 to September 10, with a fixed annual interest rate of 10% and a 3.5-year maturity. Existing investors will have the opportunity to exchange their current bonds for the new issue and receive a 1.0% exchange premium.
Storent enters the new bond offering as an experienced and growing company with operations in six countries, a strong core business in the Baltics, and rapid growth in the United States. The company manages a modern equipment rental fleet with an initial purchase value of approximately €160 million and has made significant investments in recent years in both fleet expansion and digital solutions. In the first half of 2026, Storent continued to increase revenue, delivering double-digit rental revenue growth in all three Baltic countries and the United States.
“Storent is continuing on the growth path we have already established – strengthening our core business in the Baltics, investing in our rental fleet and technology, and rapidly expanding our operations in the United States. The capital markets have been an important part of our financing strategy for many years, and we greatly value the trust of more than 4,500 investors, which we have built by consistently meeting our obligations. The new bond program allows us to continue this relationship while securing financing for the next stage of Storent’s development,” says Andris Pavlovs, Founder and Chairman of the Management Board of Storent Europe.
Under the first tranche of the program, Storent Europe plans to raise up to €10 million. Each bond will have a nominal value of €100, a fixed annual interest rate of 10%, and a maturity of 3.5 years. The public offering will take place in Latvia, Lithuania, and Estonia. The proceeds will be used to refinance existing bonds maturing in September 2026 and to fund the company’s further development.
Storent highly values the long-term trust of its existing investors. Therefore, bondholders holding bonds with ISIN LV0000850345 who choose to continue their investment in the company will have the opportunity to exchange their existing holdings for the new issue. Investors exchanging their existing holdings for the new issue will receive a 1.0% exchange premium.
“Storent is one of the most experienced bond issuers in the Baltic capital markets, with a track record of multiple bond offerings and a broad investor community. The company has demonstrated significant growth in recent years, while maintaining strong market positions in the Baltics and successfully establishing operations in the United States. The new bond program will enable the company to continue implementing its development strategy, supported by a diversified funding structure and an active presence in the Baltic capital markets,” says Kristiāna Janvare, Head of Investment Banking at Signet Bank.
The bond issue is being arranged by Signet Bank, with Cobalt providing legal counsel. The bonds will be admitted to trading on the Nasdaq Riga regulated market.
Revenue growth in the Baltics and the United States
In the first six months of 2026, the Group’s total revenue increased by 11.2% to €31.1 million, while rental revenue grew by 11.1% to €25.5 million. EBITDA reached €10 million, remaining at the previous year’s level, while the EBITDA margin was 32%, compared with 36% a year earlier. The Group’s total revenue for the twelve months ended June 30, 2026, reached €66.9 million.
Storent’s US operations also continue to deliver strong growth. Following the acquisition of a 70% stake in Texas-based equipment rental company Connect Rentals in September 2025, the United States has quickly become a significant market for the Group and currently accounts for 21% of total revenue. During this period, US revenue increased by 22.7% to $8.3 million.
Capital markets experience
Storent has been active in the capital markets since 2017 and has completed six bond offerings to date. All three bond issues that have reached maturity have been repaid in full and on schedule. Approximately 4,500 investors from around 20 countries have already invested in Storent bonds, creating a broad and international investor community.
In 2025, Storent raised a total of €39.6 million through two bond offerings. The proceeds were used to expand the rental fleet, develop digital solutions, and finance the acquisition of Connect Rentals in the United States. These investments strengthen the company’s ability to grow rental revenue, generate stable cash flow, and meet its obligations to investors.
Invitation to investor webinar
Storent invites investors to join a webinar on August 27 at 2:30 p.m. in Latvian and 4:00 p.m. in English. Registration for the webinar is available here: https://nasdaq.zoom.us/webinar/register/6017794520052/WN_36cWYJxASPWB8F7qmy7rBg
More information about the Storent Europe bond offering:
https://www.storentholding.com/
About Storent
Storent, founded in 2008 with the goal of becoming the most innovative equipment 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 equipment rental processes and online sales. It holds the largest market share in Latvia, with strong positions in Estonia and Lithuania. Storent operates in Finland and Sweden and is also successfully developing its operations in the United States.
For two consecutive years, Storent has been recognized as the most valuable equipment rental company in Latvia, being included in the TOP101 ranking compiled by Nasdaq Riga and Prudentia. 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 34 rental depots: 15 in Latvia, 9 in Lithuania, 4 in Estonia, 3 in Finland, 1 in Sweden, and 2 in the United States. The Storent Group employs 304 people.
For more information:
Baiba Onkele
Member of the Management Board and Chief Financial Officer
AS Storent Europe
baiba.onkele@storent.com
Disclaimer: This is an advertisement. Each investment decision should be based on the Base Prospectus approved by the Bank of Latvia, as well as the Final Terms (available at: https://www.storentholding.com/). The approval of the Base Prospectus by the Bank of Latvia should not be understood as an endorsement of the securities.