Latvia’s Storent to exit Sweden as equipment rental business grows

Latvian equipment rental group Storent will discontinue its operations in Sweden by the end of 2026, transferring most of its rental fleet to Finland as part of a broader restructuring of its European business.

Sweden accounts for approximately 4% of the group’s European revenue. Storent expects the withdrawal to reduce operating costs, improve equipment utilisation and strengthen margins in its remaining markets.

The decision comes as the group continues to expand. Third-quarter rental income increased by 11.3% year on year to €17.4 million, while EBITDA remained around €8.6 million and profit before tax reached €1.9 million. European revenue grew by 8% over the first nine months of 2026, while rental income from the group’s own fleet in the United States increased by 27% in the third quarter.

Storent cautioned that changes to intra-group charges for IT services and intellectual property mean its 2026 EBITDA is not directly comparable with the previous year.

The group is also continuing its search for a new minority equity investor. Further steps in its corporate restructuring will require approval from bondholders.

Source: Storent Europe Q3 2026 / Nasdaq Baltic.