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KoskiRent Q1 Interim Report Jan Mar 2026 EN
Prenumeration
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KoskiRent Plc | Stock Exchange Release | May 29, 2026 at 14:00:00 EEST
This release is a summary of KoskiRent Plc’s Interim Report for January–March 2026. 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.
January–March 2026 in brief
• Revenue totalled EUR 1,603 (2,058) thousand, a decrease of 22.1%.
• Adjusted EBITDA totalled EUR 1,176 (1,701) thousand, i.e. 73.4% (82.7%) of revenue.
• Cash flow before change in working capital (FFO) totalled EUR -36 (452) thousand, i.e. -2.3% (21.9%) of revenue.
• Loan-to-value ratio increased to 57.1% (54.1%), up by 3.1 percentage points.
• Financial expenses totalled EUR 1,223 (1,272) thousand, i.e. 76.3% (61.8%) of revenue.
• Total comprehensive income was –2,475 (-1,092) thousand. The main contributing factor was the change in fair value of the module stock, which had an impact of –2,580 (-1,717) thousand during the period.
Outlook for 2026
KoskiRent does not provide a short-term guidance.
Key figures
| EUR thousand, unless otherwise indicated | 1-3/2026 | 1-3/2025 | Change, % | 2025 |
| Revenue | 1,603 | 2,058 | -22.1% | 8,120 |
| Gross margin | 1,325 | 1,966 | -32.6% | 7,470 |
| Gross margin of revenue, % | 82.7% | 95.6% | 92.0% | |
| Profit before tax | -2,914 | -1,359 | -3,952 | |
| EBITDA | -1,725 | -139 | 1,143 | |
| EBITDA of revenue, % | -107.6% | -6.8% | 14.1% | |
| Adjusted EBITDA | 1,176 | 1,701 | -30.9% | 6,091 |
| Adjusted EBITDA of revenue, % | 73.4% | 82.7% | 75.0% | |
| Cash flow before change in working capital (FFO) | -36 | 452 | 1,139 | |
| FFO of revenue, % | -2.3% | 21.9% | 14.0% | |
| Interest-bearing liabilities | 51,270 | 49,698 | 3.2% | 50,880 |
| Interest covering ratio (ICR) | 1.1 | 1.0 | 17.4% | 1.2 |
| Return on equity (ROE), % | -34.0% | -14.1% | -12.7% | |
| Return on investment (ROI), % | -8.5% | -0.5% | 1.2% | |
| Equity ratio, % | 32.1% | 35.0% | 34.0% | |
| Gearing ratio, % | 167.1% | 144.0% | 152.6% | |
| Loan-to-value ratio, % | 57.1% | 54.1% | 55.2% | |
| Personnel at the end of period | 7 | 7 | 0.0% | 7 |
| Portfolio performance metrics | ||||
| Investments in module stock | 81,574 | 82,387 | -1.0% | 83,947 |
| Utilization rate, % | 78.3% | 89.9% | 83.6% | |
| Weighted average unexpired lease term (WAULT), y | 3.2 | 3.3 | 3.0 | |
| Remaining lease payments under contracts | 19,912 | 23,448 | -15.1% | 21,439 |
| Gross investments in modules | 139 | 1,771 | -92.1% | 4,153 |
Comments by Mika Koski, CEO of KoskiRent
Focus on capital structure to support future growth
We continued steady operational progress during the first quarter of 2026. Our revenue was € 1.6 million and adjusted EBITDA € 1.2 million, supported by stable income from our lease agreements across Finland. We kept focusing on operational efficiency, as well as strengthening our capabilities to meet increasing demand in the market.
As we have communicated before, strengthening our ownership base to support our growth ambitions remains a key strategic priority. In the first quarter, we continued the ongoing review of our capital structure and financing options. We aim to secure a comprehensive, long-term 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.
Exploring 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 new social infrastructure segments. 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 rental space tender processes in the social welfare and healthcare segment. We have also learned that some welfare areas will shift to only utilizing rental solutions when services are provided outside of regional centres. At the end of 2025, we conducted a market study on social infrastructure and participated in our first tender process in the social welfare and healthcare segment. These developments have reinforced our view of the growth opportunities within social infrastructure.
Confidence in the future
Our future continues to be supported by two major megatrends – urbanization and the aging population. Municipalities and welfare areas 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 soon as we secure the necessary financial resources, we are fully able to capitalize on these opportunities.
Mika Koski
CEO of KoskiRent
KoskiRent Plc
Board of Directors