Storent Holding reports record growth – revenue up 33% and EBITDA up 70%; strategic U.S. company acquisition marks next stage of expansion
The company prepares for a new bond offering
Following the acquisition of Connect Rentals (USA), AS Storent Holding has experienced substantial growth and delivered its strongest financial performance in the company’s history. Total revenue over the past twelve-month period (Pro forma) increased by 33%, reaching EUR 63.0 million, while rental revenue grew to EUR 52 million. EBITDA rose by 70%, reaching EUR 22.6 million, and profit before tax (EBT) amounted to EUR 5.4 million.
The third quarter of 2025 became the most profitable in Storent’s history — total revenue reached EUR 18.9 million, representing a 32% increase compared with the same period last year. EBITDA amounted to EUR 8 million, confirming strong operational performance and further efficiency improvements across all markets. Total revenue for the first nine months of 2025 reached EUR 47.3 million, an increase of 38% compared with the same period in 2024.
The acquisition of the U.S. equipment rental company Connect Rentals marks a new stage of growth in Storent’s development, significantly increasing the Group’s scale, profitability, and overall valuation. The growth recorded in the third quarter, as well as the overall results for both the nine-month and twelve-month periods, were driven by the 70% acquisition of Connect Rentals in Texas (USA) and by strong performance across the company’s core markets.
To accelerate further growth in Europe and the United States, Storent plans to launch a new bond issue in November 2025 in the amount of EUR 18.5 million under the same prospectus approved by the Bank of Latvia in April 2025, and with the same fixed annual interest rate (10%). The purpose of this issue is to refinance existing bonds and to secure additional capital for continued growth in the European and U.S. markets.
Andris Pavlovs, Co-Founder and Chairman of the Management Board of Storent Holding, affirms: “In April, the company promised investors growth, expansion, and the delivery of specific financial results. Today, all these promises have been fulfilled — and even exceeded. With a single transaction, we have essentially rewritten the company’s story.
According to our estimates, the acquisition of Connect Rentals has increased Storent’s enterprise value by EUR 78 million — from EUR 79.9 million to EUR 158.2 million — marking a new stage of growth. The acquisition has reshaped the company’s scale, structure, and expansion potential, and we have a clear strategic roadmap for the next two to three years.”
Strong performance in the Baltics and continued investment in the equipment fleet
While the main driver of Storent’s growth was the U.S. acquisition, strong performance across European markets also contributed significantly — the company’s five core markets recorded a 19% increase in revenue from own equipment. In the Baltic and Nordic regions, EBITDA rose to EUR 11.3 million, up EUR 1.9 million year-on-year.
The Baltic region continues to be Storent’s primary growth engine among European markets. In the third quarter, rental revenue from owned equipment rose by 23%, compared with the industry’s average growth rate of 4% (Forecon research).
Storent also continues targeted investments in its rental fleet — more than EUR 15 million has been invested this year, and EUR 53 million over the past three years.
Considering the current pace of development, Storent forecasts to close 2025 with Pro forma revenue of EUR 63.5 million, EBITDA of EUR 23 million, demonstrating the company’s ability to consistently turn strategic goals into tangible financial results.
Pro forma results reflect Storent Holding’s financial performance including the operating results of the U.S. company Connect Rentals as if it had been part of the Group since the beginning of the reporting period. This approach is used to ensure greater transparency and comparability with previous periods, reflecting the full impact of the transaction on the Group’s scale and profitability.
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 successfully developing operations in Finland, operates in Sweden, and now — 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 — reflecting the growing strength of the company’s brand, digital innovation, and the confidence of its customers and investors.
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 more than 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