Storent prepares for US entrance; reports financials

Baltic rental company Storent increased revenue by 11% to €22 million in the first half of 2025 and claimed its rate of growth is almost double that of the total rental market.

EBITDA rose by 30% to €5.8 million, but the company made a pre-tax loss “due to major fleet investments, which increased the depreciation and interest costs but strengthen future profitability.”

At the same time, Storent said it had completed due diligence on a target rental acquisition in Texas, USA and was now “preparing for its first entry into the United States”.

Storent is based in Latvia and runs 32 depots in the Baltic States, Sweden and Finland. (Image: Storent)

The company, which operates 32 rental depots in Latvia, Lithuania, Estonia, Finland and Sweden, said its growth was driven by investment and digital innovation. Nearly €10 million was spent on new fleet during the first half, said Storent, with 40% of the fleet now under two years old.

Storent said its digital platform, which was launched earlier this year, is resulting in a growing share of orders placed online and faster order completion for customers.

Andris Pavlovs, co-owner, CEO and chair of Storent Holding, said digitalisation is not only about technology; “it is about freeing people to do what creates value. By making the rental process faster and more transparent, our platform allows the team to focus fully on our customers.

“This is why we can grow faster than the market, even under challenging conditions. We are building a business that is both more efficient and more resilient. The results we deliver give us the confidence to take the next step.”