Nasdaq HelsinkiRental & Leasing ServicesIFRS · EUR

KoskiRent Oyj

KoskiRent Oyj is a Finnish provider of relocatable and adaptable modular space solutions, specializing in the leasing of temporary and long-term public infrastructure buildings. The company's portfolio primarily comprises educational facilities, including schools and daycare centers, managed through circular re-leasing and turnkey project delivery models across Finland.

Revenue1.9m EUR
Operating profit (EBIT)-1.6m EUR
EBIT margin-85.7%

Fiscal year 2025 · change from previous year

Development 2025–2025

-5051015m EUR2025: 1.9 m EUR2025: EBIT -1.6 m EUR2025TTM 2026: 14 m EURTTM 2026: EBIT 2.3 m EURTTM142.3
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Educational Space Leasing75 %

Long-term rental of adaptable modular buildings configured for schools and daycare centers.

Turnkey Modular Contracts & Project Sales20 %

Direct sales, turnkey installations, and divestment of reconditioned modular units to municipalities.

Social & Healthcare Infrastructure5 %

Specialized adaptable premises leased to public regional welfare and healthcare authorities.

Customers

KoskiRent primarily serves Finnish municipalities and public sector authorities facing demographic shifts and school facility renovations. Clients procure flexible modular spaces to address fluctuating pupil counts or indoor air quality issues without committing to permanent construction. The customer base is expanding into regional wellbeing services counties requiring agile social and healthcare facilities outside urban centers.

Municipal Education Authorities

Finnish municipalities procuring long-term school and daycare modular spaces to handle demographic shifts.

Wellbeing Services Counties (Hyvinvointialueet)

Regional public authorities seeking adaptable, leased healthcare and social care space outside major city hubs.

Municipalities via Turnkey Acquisition

Local governments purchasing tailored, pre-used modular infrastructure via turnkey projects.

Strategy

KoskiRent focuses on improving portfolio utilization rates through the circular re-leasing and relocation of modular premises. The company is actively diversifying beyond educational spaces into healthcare and social infrastructure tenders. To support larger-scale asset expansion, management is pursuing long-term growth financing and capital structure optimization.

Capital Structure & Growth FinancingShort term

High leverage and rising interest costs require a stable, long-term capital base to fund new module stock investments.

Diversification into Social InfrastructureMedium term

Broadens revenue streams and secures longer, predictable lease tenures with wellbeing service counties.

Circular Portfolio Lifecycle ManagementLong term

Reusing and re-leasing modules extends asset useful life, improves capital efficiency, and optimizes returns.

Geography

KoskiRent operates exclusively within Finland, serving municipalities and public entities across the country. Operations are concentrated in growing urban areas where demographic pressure creates sustained demand, alongside regional municipalities needing agile infrastructure. Module manufacturing and delivery are coordinated through domestic partnerships, including main partner M-Partners Ltd.

Risks

KoskiRent faces operational concentration risk due to its high reliance on key construction partner M-Partners Ltd for modular manufacturing. Financially, the company has significant exposure to floating-rate debt and tight credit conditions in real estate-linked financing. Demand is also susceptible to municipal budgetary constraints, changing public procurement rules, and demographic headwinds such as declining national birth rates.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Interest Rate and Refinancing Constraints1Subcontractor Concentration on M-Partners Ltd2Fair Value Fluctuations of Module Stock3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Interest Rate and Refinancing ConstraintsImpact: CriticalLikelihood: High

    A significant portion of debt carries variable interest rates, driving financial expenses and tightening free cash flow amid restrictive credit markets.

    Exposure: Variable-rate debt and corporate bond maturities

  2. Subcontractor Concentration on M-Partners LtdImpact: HighLikelihood: Medium

    Operational disruptions, capacity constraints, or contract renegotiations with M-Partners could delay customer deliveries and raise costs.

    Exposure: Modular space manufacturing and supply chain

  3. Fair Value Fluctuations of Module StockImpact: MediumLikelihood: High

    Valuation adjustments on investment properties under IAS 40 directly impact total comprehensive income and balance sheet ratios.

    Exposure: Carrying value of investment properties

Accounting

Judgemental items
IAS 40 / IAS 2 Reclassification

When modules are earmarked for turnkey delivery (such as the Vöyri project), assets shift from investment property to inventory at fair value.

Impact: Shifts capital asset bases, triggers one-off revenue/gain recognitions, and alters gross margin patterns.

IFRS 15 Over-Time Revenue Recognition

Turnkey projects require stage-of-completion accounting based on incurred costs relative to total estimated project costs.

Impact: Introduces volatility depending on project timing and milestone completion across quarters.

Fair Value Measurement of Module Stock

Quarterly revaluations of modular properties generate non-cash gains or losses that directly impact net profit.

Impact: Drives material fluctuations in total comprehensive income and loan-to-value (LTV) metrics.

Publicly listed companies with a comparable business focus.

Last updated: 24/10/2026