KoskiRent Plc | Stock Exchange Release | November 28, 2025 at 12:00:00 EET
This release is a summary of KoskiRent Plc’s Interim Report for January–September 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.
July–September 2025 in brief
• Revenue totalled EUR 2,087 (1,708) thousand, an increase of 22.1%.
• EBITDA totalled EUR 2,753 (791) thousand, i.e. 131.9% (46.3%) of revenue.
• Cash flow before change in working capital (FFO) increased and totalled EUR 180 (-897) thousand, i.e. 8.6% (-52.5%) of revenue.
• Loan-to-value ratio increased to 53.2% (47.7%), up by 5.5 percentage points.
• Financial expenses decreased by 49.8% and totalled EUR –1,236 (-2,461) thousand, i.e. 59.2% (144.0%) of revenue.
• Total comprehensive income was 779 (-1,501) thousand. The main contributing factor was the change in fair value of the module stock, which had an impact of 1,653 (-411) thousand during the period. In the comparison period, financial expenses were elevated due to the bond emission and repayment of previous funding.
• The prospectus regarding KoskiRent’s bonds was approved by the Finnish Financial Supervisory Authority on 14 July 2025 and trading with the bonds on the corporate bonds list of Nasdaq Helsinki Ltd. started on 16 July 2025 under the trading code “KRJVAIH27”.
• During the third quarter, KoskiRent signed an extension to the existing contract with Sipoo for 48 months, delivered additional spaces for Seinäjoki to expand the city’s teaching facilities in Nurmo for 60 months and rental revenue from daycare in Kankaanpää commenced.
January–September 2025 in brief
• Revenue totalled EUR 6,233 (5,027) thousand, an increase of 24.0%.
• EBITDA totalled EUR 2,717 (24) thousand, i.e. 43.6% (0.5%) of revenue.
• Cash flow before change in working capital (FFO) increased and totalled EUR 1,005 (-261) thousand, i.e. 16.1% (-5.2%) of revenue.
• Loan-to-value ratio increased to 53.2% (47.7%), up by 5.5 percentage points.
• Financial expenses decreased by 18.8% and totalled EUR – 3,783 (-4,661) thousand, i.e. 60.7% (92.7%) of revenue.
• Total comprehensive income was –1,235 (-3,485) thousand. The main contributing factors were the change in fair value of the module stock, which had an impact of –1,461 (-3,923) thousand during the period. In the comparison period, financial expenses were elevated due to the bond emission and repayment of previous funding.
• Key events during the period include finishing the listing process of the bonds and delivering new spaces to Kankaanpää and Seinäjoki, converting a daycare building in Helsinki to school usage and signing a contract extension with Sipoo.
Outlook for 2025 (unchanged)
KoskiRent does not provide a short-term guidance.
Key Figures
| EUR thousand, unless otherwise indicated | 7-9/2025 | 7-9/2024 | Change, % | 1-9/2025 | 1-9/2024 | Change, % | 2024 |
| Revenue | 2,087 | 1,708 | 22.1% | 6,233 | 5,027 | 24.0% | 6,813 |
| Gross margin | 1,983 | 1,577 | 25.7% | 5,936 | 4,784 | 24.1% | 6,311 |
| Gross margin of revenue, % | 95.0% | 92.3% | 95.2% | 95.2% | 92.6% | ||
| Profit before tax | 1,435 | -1,241 | -1,076 | -3,613 | -9,298 | ||
| EBITDA | 2,753 | 791 | 248.3% | 2,717 | 24 | 11,154.6% | -3,506 |
| EBITDA of revenue, % | 131.9% | 46.3% | 43.6% | 0.5% | -51.5% | ||
| Adjusted EBITDA | 1,405 | 1,459 | -3.7% | 4,741 | 4,294 | 10.4% | 5,709 |
| Adjusted EBITDA of revenue, % | 67.3% | 85.4% | 76.1% | 85.4% | 83.8% | ||
| EBIT | 2,710 | 761 | 256.1% | 2,601 | -55 | -3,621 | |
| EBIT of revenue, % | 129.8% | 44.5% | 41.7% | -1.1% | -53.1% | ||
| Cash flow before change in working capital (FFO) | 180 | -897 | | 1,005 | -261 | -189 | |
| FFO of revenue, % | 8.6% | -52.5% | 16.1% | -5.2% | -2.8% | ||
| Interest-bearing liabilities | 50,338 | 47,885 | 5.1% | 50,338 | 47,885 | 5.1% | 48,634 |
| Interest coverage ratio (ICR) | 1.2 | N/A | 1.2 | N/A | 1.0 | ||
| Return on equity (ROE), % | 9.8% | -18.2% | -5.2% | -14.4% | -22.9% | ||
| Return on investment (ROI), % | 12.9% | 6.1% | 4.4% | 1.6% | -4.7% | ||
| Equity ratio, % | 35.9% | 36.8% | 35.9% | 36.8% | 34.7% | ||
| Gearing ratio, % | 140.1% | 117.2% | 140.1% | 117.2% | 138.3% | ||
| Loan-to-value ratio, % | 53.2% | 47.7% | 53.2% | 47.7% | 51.1% | ||
| Personnel at the end of period | 6 | 8 | -25.0% | 6 | 8 | -25.0% | 9 |
| Portfolio performance metrics | |||||||
| Investments in module stock | 86,065 | 83,328 | 3.3% | 86,065 | 83,328 | 3.3% | 83,347 |
| Utilization rate, % | 87.6% | 85.3% | 87.6% | 85.3% | 89.9% | ||
| Weighted average unexpired lease term (WAULT), y | 3.0 | 3.5 | -14.3% | 3.0 | 3.5 | -14.3% | 3.6 |
| Remaining lease payments under contracts | 22,422 | 25,805 | -13.1% | 22,422 | 25,805 | -13.1% | 25,184 |
| Gross investments in modules | 337 | 7,050 | -95.2% | 3,989 | 8,375 | -52.4% | 12,466 |
Comments by Mika Koski, CEO of KoskiRent
Steady growth and operational progress
We continued steady growth and operational progress during the third quarter of 2025. Our revenue grew to € 2.1 million and adjusted EBITDA was € 1.4 million, supported by stable and predictable income from our lease agreements. We kept focusing on operational efficiency, as well as developing our internal processes and strengthening our capabilities to meet increasing demand in the market.
During the third quarter, we delivered an expansion of a permanent school building in Seinäjoki with a lease term of 60 months. The expansion was carried out with our existing, reusable modular spaces, demonstrating our ability to repurpose and relocate modules that have already been in use elsewhere. In addition, we signed a 48-month extension to the existing lease agreement of the Talma school in Sipoo, demonstrating the customer’s satisfaction in our solution.
Two key megatrends are shaping the business environment
Urbanization and the aging Finnish population are two key megatrends, that are shaping the business environment. Municipalities and wellbeing services counties must organize their statutory services in a situation where the number of people receiving the services may increase or decrease suddenly. In addition, many buildings owned by the public sector are at the end of their useful life, and municipalities and welfare areas do not have the willpower or capabilities to build, own and maintain their own buildings in the changing operating environment. The ongoing demographic change in Finland means that there is an increasing need for new, flexible solutions to answer the public sector’s constantly changing space needs. KoskiRent is actively exploring new opportunities across different sectors.
Mika Koski
CEO of KoskiRent
KoskiRent Plc
Board of Directors