KoskiRent Plc | Stock Exchange Release | August 31, 2026 at 16:00:00 EEST
This release is a summary of KoskiRent Plc's Half-year financial report for January-June 2026. The full release is attached and available on our website at https://modulo.fi/investors/releases/.
April-June 2026 in brief
· Revenue totalled EUR 4,033 (2,089) thousand, an increase of 93.1%.
· Revenue growth was significantly affected by the commencement of the Vöyri project.
· Adjusted EBITDA totalled EUR 1,486 (1,635) thousand, i. E. 36.8% (78.3%) of revenue.
· Cash flow before change in working capital (FFO) totalled EUR 193 (373) thousand.
· Loan-to-value ratio increased to 57.3% (54.6%).
· Financial expenses totalled EUR 1,306 (1,274) thousand, i. E. 32.4% (61.0%) of revenue.
· Total comprehensive income was -471 (-922) thousand. The change in fair value of the module stock had an impact of -810 (-1,396) thousand during the period.
· Comparability is affected by the school project sold to the municipality of Vöyri as a turnkey contract, which involves the divestment of modules previously leased in Gesterby, Kirkkonummi, as well as by sales of project management services during the reporting period, which were not included in the comparison period.
January-June 2026 in brief
· Revenue totalled EUR 5,636 (4,146) thousand, an increase of 35.9%.
· Adjusted EBITDA totalled EUR 2,720 (3,336) thousand, i. E. 48.3% (80.5%) of revenue.
· Cash flow before change in working capital (FFO) totalled EUR 215 (825) thousand.
· Loan-to-value ratio increased to 57.3% (54.6%).
· Financial expenses totalled EUR 2,529 (2,547) thousand, i. E. 44.9% (61.4%) of revenue.
· Total comprehensive income was -2,887 (-2,014) thousand. The main contributing factor was the change in fair value of the module stock, which had an impact of -3,390 (-3,114) thousand during the period.
· Comparability is affected by the school project sold to the municipality of Vöyri as a turnkey contract, which involves the divestment of modules previously leased in Gesterby, Kirkkonummi, as well as by sales of project management services during the reporting period, which were not included in the comparison period.
Outlook for 2026
KoskiRent Plc does not provide a short-term guidance.
Key figures
| EUR thousand, unless otherwise indicated | 4-6/2026 | 4-6/2025 | Change | 1-6/2026 | 1-6/2025 | Change | 2025 |
| Revenue | 4,033 | 2,089 | 93.1% | 5,636 | 4,146 | 35.9% | 8,120 |
| Gross margin | 1,721 | 1,986 | -13.4% | 3,046 | 3,953 | -22.9% | 7,470 |
| Gross margin of revenue, % | 42.7% | 95.1% | 54.0% | 95.3% | 92.0% | ||
| Profit before tax | -708 | -1,152 | -3,563 | -2,511 | -3,952 | ||
| EBITDA | 458 | 103 | 345.6% | -1,209 | -37 | 1,143 | |
| EBITDA of revenue, % | 11.4% | 4.9% | -21.4% | -0.9% | 14.1% | ||
| Adjusted EBITDA | 1,486 | 1,635 | -9.1% | 2,720 | 3,336 | -18.5% | 6,091 |
| Adjusted EBITDA of revenue, % | 36.8% | 78.3% | 48.3% | 80.5% | 75.0% | ||
| Cash flow before change in working capital (FFO) | 193 | 373 | -48.3% | 215 | 825 | -73.9% | 1,139 |
| FFO of revenue, % | 4.8% | 17.9% | 3.8% | 19.9% | 14.0% | ||
| Interest-bearing liabilities | 51,255 | 50,446 | 1.6% | 51,255 | 50,446 | 1.6% | 50,880 |
| Interest covering ratio (ICR) | 1.1 | 1.0 | 10.7% | 1.1 | 1.0 | 10.7% | 1.2 |
| Return on equity (ROE), % | -6.8% | -11.9% | -20.0% | -13.0% | -12.7% | ||
| Return on investment (ROI), % | 3.0% | 0.5% | -2.6% | 0.0% | 1.2% | ||
| Equity ratio, % | 31.7% | 35.1% | 31.7% | 35.1% | 34.0% | ||
| Gearing ratio, % | 162.2% | 146.9% | 162.2% | 146.9% | 152.6% | ||
| Loan-to-value ratio, % | 57.3% | 54.6% | 57.3% | 54.6% | 55.2% | ||
| Personnel at the end of period | 7 | 6 | 16.7% | 7 | 6 | 16.7% | 7 |
| Portfolio performance metrics | |||||||
| Investments in module stock | 77,693 | 84,042 | -7.6% | 77,693 | 84,042 | -7.6% | 83,947 |
| Utilization rate, % | 78.3% | 90.6% | 78.3% | 90.6% | 83.6% | ||
| Weighted average unexpired lease term (WAULT), y | 3.0 | 2.9 | 3.4% | 3.0 | 2.9 | 3.4% | 3.0 |
| Remaining lease payments under contracts | 18,386 | 23,737 | -22.5% | 18,386 | 23,737 | -22.5% | 21,439 |
| Gross investments in modules | 36 | 1,881 | -98.1% | 175 | 3,652 | -95.2% | 4,153 |
Comments by Mika Koski,
CEO of KoskiRent
Efforts to secure new agreements and growth financing continued
During the second quarter of 2026, we continued to systematically develop our business and build the next phase of growth. Our key priorities were improving the utilization rate of our existing portfolio, winning new customers, and strengthening the conditions for future growth.
We are particularly pleased to have won new lease agreements after the end of the reporting period. Once implemented, these agreements will improve the utilization rate of our current portfolio and strengthen our rental cash flow. The utilization rate is improving particularly through the relocation and re-leasing of existing premises. This is an important demonstration of the effectiveness of our business model: the adaptability of relocatable and modifiable premises to different needs and their reusability extends their lifecycle, improves capital efficiency and supports the principles of circular economy. The new agreements strengthen our position as we enter the next phase of growth.
Securing growth financing remains one of our key strategic priorities. We have worked hard on our growth financing during the reporting period, and we continue to actively work toward finding a comprehensive, long-term solution. Our aim is to establish a financing base that supports the development of our current portfolio while enabling us to pursue new growth opportunities on a larger scale than before.
Social infrastructure offering taking shape
The core of our current business remains in schools and daycare units, where we see significant opportunities to increase our market share. At the same time, we are systematically expanding into new social infrastructure customer segments, especially space solutions for social and healthcare services.
The market study conducted at the end of 2025 and our experience from the first tender processes have reinforced our view of the market's potential. Based on these insights, we have continued to develop our offering. Our new space concepts designed for social infrastructure are expected to be completed during the third quarter of this year. The completion of these concepts is an important step, as it expands our ability to participate in new tenders and serve wellbeing services counties in their evolving space needs.
We see an attractive long-term growth opportunity in the social and healthcare segment. The typically long lease agreements can also increase the predictability of our portfolio and support stable rental cash flow.
Strong foundation for the next phase of growth
The long-term growth drivers in our operating environment have remained strong. Urbanization, population aging and regional demographic changes are increasing municipalities' and wellbeing services counties' need to adapt their service networks. At the same time, the public sector's need to avoid unnecessary long-term real estate risks supports demand for flexible leased space solutions.
Over the past few months, we have taken concrete steps in the right direction. New agreements are strengthening our current portfolio and our social infrastructure offering is progressing toward commercialization. If we secure a long-term financing solution, we will be well positioned to accelerate our growth and capitalize on market opportunities on a larger scale than before.
Mika Koski
CEO of KoskiRent Plc
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
About KoskiRent
KoskiRent Plc is a Finnish service company, established in 2013, specialising in rental solutions and space services for the public sector under the Modulo brand. We design healthy, sustainable, and adaptable facilities-built by our trusted subcontractor network and owned, leased, and managed by us for medium and long-term use. Our relocatable modular spaces, used mainly as schools and kindergartens, provide flexible, efficient, and sustainable space solutions tailored to meet the diverse needs of users. KoskiRent Plc currently operates 22 units across Finland. The facilities meet the same standards as permanent construction while offering municipalities greater flexibility, faster delivery, more cost-efficient use of resources, and adaptability throughout their life cycle.
