Boels finds growth in slower 2023

Boels Rental has reported 5.6% growth in revenues to €1.55 billion for 2023, led by its business in the Netherlands where sales rose by 9.6% to €373 million.

EBITDA profits were up 5.9% to €550.5 million, while net profit was €69.3 million. In 2022 Boels reported an 11% increase in revenues to €1.5 billion, with EBITDA profits of €525.4 million.

Pierre Boels, CEO, Boels Rental: “We look to the future with great confidence.” (Photo: Boels Rental)

The results do not include Riwal, which Boels is in the process of acquiring and which is currently under review by competition authorities.

Boels, which also owns the Cramo business in the Nordic region and Baltic States, said it had made gross investments of €543.6 million during 2023, including the acquisition of five businesses.

A €400 million bond was issued during the year, as well as a €100 million loan agreement with the European Investment Bank (EIB). Boels said these multi-year facilities would diversify its debt profile and strengthen its financial robustness.

Jan Piet Valk, CFO, said; “Our ability to adapt to changing market conditions, combined with our excellent people and ability to make significant investments, have enabled us to continue to grow our business.”

The CEO of Boels, Pierre Boels, said the European rental market was seeing a structural shift from ownership to rental; “In recent years, Boels has developed into a single source supplier of rental equipment and services for every project.

“The value we add with this is valuable for our customers and therefore also for Boels. Not only in the Netherlands, but in all countries where we are located.”

He added that the business was looking to the future with great confidence; “Our strategy is focused on adding value for our customers. In addition, the combination of our company, the business model and the financing opportunities we have makes us ready for future growth.”

Boels Rental and its subsidiary Cramo have a network of more than 730 branches in 18 countries, with more than 7,200 employees. If the Riwal deal is confirmed, it will add 65 rental locations in Europe, the Middle East and India, as well as 1,200 staff.

Boels to buy Riwal Mega deal adds €314 million in revenues and 65 branches