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KoskiRent 2025 Financial Statements Release
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KoskiRent Plc | Stock Exchange Release | February 27, 2026 at 17:00:00 EET
This is release is a summary of KoskiRent Plc’s financial statement release for the period January-December 2025. The full release is attached and available on our website at https://modulo.fi/en/investors/releases/
Unless otherwise indicated, comparison figures in parentheses refer to the corresponding period in the previous year. This financial statement release has been prepared in accordance with IFRS recognition and measurement principles. The information presented in this financial statement release is unaudited, unless otherwise indicated.
October–December 2025 in brief
· Revenue totalled EUR 1,887 (1,785) thousand, an increase of 5.7%.
· Adjusted EBITDA totalled EUR 1,350 (1,414) thousand, i.e. 71.6% (79.2%) of revenue.
· Cash flow before change in working capital (FFO) increased and totalled EUR 134 (72) thousand, i.e. 7.1% (4.0%) of revenue.
· Loan-to-value ratio increased to 55.2% (51.1%), up by 4.1 percentage points.
· Financial expenses decreased by 11.2% and totalled EUR 1,227 (1,382) thousand, i.e. 65.0% (77.4%) of revenue.
· Total comprehensive income was –2,651 (-3,928) thousand. The main contributing factor was the change in fair value of the module stock, which had an impact of –2,352 (-4,346) thousand during the period. In the comparison period, financial expenses were elevated due to the bond emission and repayment of previous funding.
· The sole shareholder of KoskiRent Plc unanimously decided upon the new composition of the Board of Directors on 19 November 2025. The new Board of Directors consists of Jenni Airaksinen, Antti Keränen, Tapani Koski and Ville Heikkinen as the Chair of the Board.
January–December 2025 in brief
· Revenue totalled EUR 8,120 (6,813) thousand, an increase of 19,2%.
· Adjusted EBITDA totalled EUR 6,091 (5,709) thousand, i.e. 75.0% (83.8%) of revenue.
· Cash flow before change in working capital (FFO) increased and totalled EUR 1,139 (-189) thousand, i.e. 14.0% (-2.8%) of revenue.
· Loan-to-value ratio increased to 55.2% (51.1%), up by 4.1 percentage points.
· Financial expenses decreased by 17.1% and totalled EUR 5,009 (6,043) thousand, i. E. 62.7% (88.7%) of revenue.
· Total comprehensive income was -3,886 (-7,413) thousand. The main contributing factor was the change in fair value of the module stock, which had an impact of –3,813 (-8,269) 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, Vaasa and Seinäjoki, converting a daycare building in Helsinki from daycare to school usage and signing a contract extension with Kauhajoki, Sipoo and Liminka.
Outlook for 2026
KoskiRent does not provide a short-term guidance.
Key figures
| EUR thousand, unless otherwise indicated | 10-12/2025 | 10-12/2024 | Change, % | 2025 | 2024 | Change, % |
| Revenue | 1,887 | 1,785 | 5.7% | 8,120 | 6,813 | 19.2% |
| Gross margin | 1,535 | 1,527 | 0.5% | 7,470 | 6,311 | 18.4% |
| Gross margin of revenue, % | 81.3% | 85.5% | 92.0% | 92.6% | ||
| Profit before tax | -2,876 | -5,684 | -3,952 | -9,298 | ||
| EBITDA | -1,574 | -3,530 | 1,143 | -3,506 | ||
| EBITDA of revenue, % | -83.4% | -197.7% | 14.1% | -51.5% | ||
| Adjusted EBITDA | 1,350 | 1,414 | -4.5% | 6,091 | 5,709 | 6.7% |
| Adjusted EBITDA of revenue, % | 71.6% | 79.2% | 75.0% | 83.8% | ||
| EBIT | -1,617 | -3,566 | 984 | -3,621 | ||
| EBIT of revenue, % | -85.7% | -199.7% | 12.1% | -53.1% | ||
| Cash flow before change in working capital (FFO) | 134 | 72 | 86.6% | 1,139 | -189 | |
| FFO of revenue, % | 7.1% | 4.0% | 14.0% | -2.8% | ||
| Interest-bearing liabilities | 50,880 | 48,634 | 4.6% | 50,880 | 48,634 | 4.6% |
| Interest covering ratio (ICR) | 1.2 | 1.0 | 27.1% | 1.2 | 1.0 | 27.1% |
| Return on equity (ROE), % | -33.6% | -48.5% | -12.7% | -22.9% | ||
| Return on investment (ROI), % | -8.1% | -21.5% | 1.2% | -4.7% | ||
| Equity ratio, % | 34.0% | 34.7% | 34.0% | 34.7% | ||
| Gearing ratio, % | 152.6% | 138.3% | 152.6% | 138.3% | ||
| Loan-to-value ratio, % | 55.2% | 51.1% | 55.2% | 51.1% | ||
| Personnel at the end of period | 7 | 9 | -22.2% | 7 | 9 | -22.2% |
| Portfolio performance metrics | ||||||
| Investments in module stock | 83,947 | 83,347 | 0.7% | 83,947 | 83,347 | 0.7% |
| Utilization rate, % | 83.6% | 89.9% | 83.6% | 89.9% | ||
| Weighted average unexpired lease term (WAULT), y | 3.0 | 3.6 | -15.6% | 3.0 | 3.6 | -15.6% |
| Remaining lease payments under contracts | 21,439 | 25,184 | -14.9% | 21,439 | 25,184 | -14.9% |
| Gross investments in modules | 164 | 4,091 | -96.0% | 4,153 | 12,466 | -40.3% |
Comments by Mika Koski,
CEO of KoskiRent
A year of determined progress and strategic development
In 2025, we focused on developing our internal processes and building a strong foundation for future growth. Alongside continued improvements in our operational efficiency, an important milestone was the listing of our bond on Nasdaq Helsinki in July. These are great accomplishments for a team of our size.
At the same time, we were able to achieve growth with the support of new lease agreements around Finland. For the whole year, our revenue grew by 19.2% to € 8.1 million and adjusted EBITDA by 6.7% to € 6.1 million. We delivered new premises in Vaasa, Kankaanpää and Seinäjoki, all of which will provide stable and predictable income for years to come.
Wide range of expertise brought to our Board
We were delighted to announce three new members to our Board of Directors in November – Jenni Airaksinen, Antti Keränen and Ville Heikkinen, with Tapani Koski continuing as an existing member. Mrs. Airaksinen acts as the CEO of The Foundation for Municipal Development and brings deep insight into municipal decision-making. Mr. Keränen contributes extensive capital market experience, having served as the CFO of Bittium and as an investment director at Sentica Partners. Mr. Heikkinen has over 20 years of international experience in the pulp, paper and energy industries. Mr. Koski has been an entrepreneur since 1985 and has founded KoskiRent’s predecessor NEK Oy. The vast expertise of our new Board members will further support our operations and the implementation of our growth plan.
Actively exploring new opportunities in social infrastructure
Our current operations concentrate on schools and daycare units, and we still see significant potential to increase our market share in the education segment. At the same time, our growth plan is based on diversification to other social infrastructure segments as well. Expanding our customer base, especially to serve the social welfare and healthcare segment, will enable longer lease agreements and therefore even more predictable cash flow without compromising on the yield level.
We have already seen an increase in the number of rental space tender processes in the social welfare and healthcare segment. We have also learned that some wellbeing service counties will shift to only utilizing rental solutions when services are provided outside of regional centres. These are naturally good developments from our point of view.
During the second half of the year, we conducted a market study on social infrastructure and participated in our first tender process in the social welfare and healthcare segment. These processes reinforced our view of the growth opportunities within social infrastructure.
Capital structure under review to support future growth
Our future continues to be supported by two major megatrends – urbanization and the aging population. Municipalities and wellbeing service counties must organize their statutory services in a situation where the number of people receiving the services may increase or decrease suddenly. 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.
As we have communicated before, strengthening our ownership base to support our growth ambitions remains a key strategic priority. During and after the second half of 2025, we have taken concrete steps to review our capital structure and financing options. We aim to find a long-term comprehensive financing solution during the coming months, enabling us to fully focus on achieving our growth targets. This will enable us to execute our strategy with greater scale and financial flexibility.
Mika Koski
CEO of KoskiRent
Helsinki, 27 February 2026
KoskiRent Plc
Board of Directors
Additional information
Mika Koski
CEO
mika.koski@modulo.fi
+358 40 506 9804
Tarmo Urpilainen
CFO
tarmo.urpilainen@modulo.fi
+358 45 666 4133