KoskiRent Plc | Stock Exchange Release | August 29, 2025 at 16:45:00 EEST
This release is a summary of KoskiRent Plc’s Half-year Financial Report for January–June 2025. The full release is attached and available on our website at https://modulo.fi/investors/releases/.
Unless otherwise specified, comparison figures in parentheses refer to the corresponding period in the previous year.
April–June 2025 in brief
· Revenue totalled EUR 2,089 (1,673) thousand, an increase of 24.9%.
· EBITDA turned positive and totalled EUR 103 (-1,774) thousand, i.e. 4.9% (-106.1%) of revenue.
· Cash flow before change in working capital (FFO) increased by 148.7% and totalled EUR 373 (150) thousand, i.e. 17.8% (9.0%) of revenue.
· Loan-to-value ratio increased to 54.6% (42.3%), up by 12.2 percentage points.
· Financial expenses increased by 2.2% and totalled EUR -1,274 (-1,246) thousand, i.e. 61.0% (74.5%) of revenue.
· Total comprehensive income was -922 (-1 984) thousand. The main contributing factor was the change in fair value of the module stock, which had an impact of -1,396 (-3,111) thousand during the period.
· KoskiRent signed a 67-month lease agreement with the City of Vaasa to provide daycare facilities. The agreement is expected to start generating revenue in the last quarter of 2025.
· At the end of reporting period, a lease agreement with the City of Oulu for daycare facilities came to an end. The agreement was originally signed in the second quarter of 2012 and was extended multiple times over the years.
January–June 2025 in brief
· Revenue totalled EUR 4,146 (3,319) thousand, an increase of 24.9%.
·EBITDA totalled EUR -37 (-766) thousand, i.e. -0.9% (-23.1%) of revenue.
· Cash flow before change in working capital (FFO) increased by 29.7% and totalled EUR 825 (636) thousand, i.e. 19.9% (19.2%) of revenue.
· Loan-to-value ratio increased to 54.6% (42.3%), up by 12.2 percentage points.
· Financial expenses increased by 15.8% and totalled EUR -2,547(-2,200) thousand, i.e. 61.4% (66.3%) of revenue.
· Total comprehensive income was -2,014 (-1,984) thousand. The main contributing factor was the change in fair value of the module stock, which had an impact of -3,114 (-3,512) thousand during the period.
· During the period, KoskiRent’s sole owner, KoskiRent Group Oy, made an equity investment of EUR 2,330 thousand into the reserve for invested unrestricted equity.
· During the reporting period, KoskiRent completed the IFRS conversion and proceeded with bond listing process to Nasdaq Helsinki, which resulted in significant non-recurring costs during the first half of 2025.
Outlook for 2025 (unchanged)
KoskiRent does not provide short-term guidance.
Key figures
| EUR thousand | 4-6/2025 | 4-6/2024 | Change, % | 1-6/2025 | 1-6/2024 | Change, % | 2024 |
| Revenue | 2,089 | 1,673 | 24.9% | 4,146 | 3,319 | 24.9% | 6,813 |
| Gross margin | 1,986 | 1,607 | 23.6% | 3,953 | 3,206 | 23.3% | 6,311 |
| Gross margin of revenue, % | 95.1% | 96.1% | - | 95.3% | 96.6% | - | 92.6% |
| Profit before tax | -1,152 | -2,693 | -57.2% | -2,511 | -2,373 | 5.8% | -9,298 |
| EBITDA | 103 | -1,774 | - | -37 | -766 | - | -3,506 |
| EBITDA of revenue, % | 4.9% | -106.1% | - | -0.9% | -23.1% | - | -51.5% |
| Adjusted EBITDA | 1,635 | 1,396 | 17.1% | 3,336 | 2,836 | 17.6% | 5,709 |
| Adjusted EBITDA of revenue, % | 78.3% | 83.5% | - | 80.5% | 85.4% | - | 83.8% |
| EBIT | 64 | -1,802 | - | -109 | -816 | - | -3,621 |
| EBIT of revenue, % | 3.1% | -107.7% | - | -2.6% | -24.6% | - | -53.1% |
| Cash flow before change in working capital (FFO) | 373 | 150 | 148.7% | 825 | 636 | 29.7% | -189 |
| FFO of revenue, % | 17.9% | 9.0% | - | 19.9% | 19.2% | - | -2.8% |
| Interest-bearing liabilities | 50,446 | 32,390 | 55.7% | 50,446 | 32,390 | 55.7% | 48,634 |
| Interest coverage ratio (ICR) | 1.0 | 1.4 | -29.5% | 1.0 | 1.4 | -29.5% | 1.0 |
| Return on equity (ROE), % | -11.9% | -26.6% | - | -13.0% | -12.6% | - | -22.9% |
| Return on investment (ROI), % | 0.5% | -8.8% | - | 0.0% | -0.5% | - | 4.7% |
| Equity ratio, % | 35.1% | 42.0% | - | 35.1% | 42.0% | - | 34.7% |
| Gearing ratio, % | 146.9% | 100.9% | - | 146.9% | 100.9% | - | 138.3% |
| Loan-to-value ratio, % | 54.6% | 42.3% | - | 54.6% | 42.3% | - | 51.1% |
| Personnel at the end of period] | 6 | 8 | -25.0% | 6 | 8 | -25.0% | 9 |
| Portfolio performance metrics | |||||||
| Investments in module stock | 84,042 | 76,427 | 10.0% | 84,042 | 76,427 | 10.0% | 83,347 |
| Utilisation rate, % | 90.6% | 92.7% | - | 90.6% | 92.7% | - | 89.9% |
| Weighted average unexpired lease term (WAULT), y | 2.9 | 3.2 | -9.4% | 2.9 | 3.2 | -9.4% | 3.6 |
| Remaining lease payments under contracts | 23,737 | 25,324 | -6.3% | 23,737 | 25,324 | -6.3% | 25,184 |
| Gross investments in modules | 1,881 | 700 | 168.7% | 3,625 | 1,325 | 175.6% | 12,466 |
Comments by Mika Koski, CEO of KoskiRent:
The second quarter of 2025 marked another important step forward for KoskiRent. We focused on strengthening our financial position by listing our bond on Nasdaq Helsinki. The listing was successfully carried out after the reporting period in July. This achievement represents a significant milestone for our company, and I am proud of our team for their commitment, expertise, and determination that made it possible – given the scale of the work required, it was a major achievement by our small team.
Strengthening our ownership base to support our growth ambitions remains a strategic priority, and this process is continuing.
Focusing on operational efficiency
In the meantime, we are focusing on operational efficiency and making the most of our existing equipment, ensuring that our activities are optimised to meet demand and maintain our solid operational performance. The fundamentals of our business remain strong, and our core operations continue to generate a steady, predictable cash flow supported by long-term rental agreements.
Increasing reuse of modular units expands business opportunities
In the second quarter, customer demand remained stable, and our pipeline of requests is on par with previous quarters. At the same time, we have observed positive developments in the acceptance of reused modular units, with many municipalities now allowing them in competitive tenders – a shift that expands our business opportunities even further.
In the second quarter, we delivered a notable project in Kankaanpää: a 580-square metre daycare facility installed in a single day, reflecting the results of our development work and cutting work time by a third compared to our previous approach. This is a strong demonstration of our ability to carry out installation projects quickly and efficiently, giving us a competitive advantage in service speed.
Service business at the core of our operations
At our core, we are in the service business – specialising in rental solutions and space services that provide municipalities with healthy, sustainable, and adaptable facilities. While the buildings are designed by us and constructed through our trusted subcontractor network, our role is to own, lease, and manage them as part of our flexible service offering. Our current strategy prioritises schools and daycares, while we also actively explore opportunities across the broader space needs of public-sector customers, such as healthcare facilities – a promising market segment where we plan to develop our service concept further in the coming quarters.
Sustainable by nature
Sustainability is an integral part of how we operate. Our Modulo 3.0 building solution is designed to help municipalities meet their carbon neutrality targets through renewable, recyclable, and wood-based materials, while its relocatable design reduces environmental impact.
With our strong operational base, established market position, and proven service model, we are in an excellent position to pursue growth and seize the opportunities that lie ahead.
Mika Koski
CEO of KoskiRent
KoskiRent Plc
Board of Directors