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.
Fiscal year 2025 · change from previous year
Development 2025–2025
Business
Share of revenueLong-term rental of adaptable modular buildings configured for schools and daycare centers.
Direct sales, turnkey installations, and divestment of reconditioned modular units to municipalities.
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.
Finnish municipalities procuring long-term school and daycare modular spaces to handle demographic shifts.
Regional public authorities seeking adaptable, leased healthcare and social care space outside major city hubs.
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.
High leverage and rising interest costs require a stable, long-term capital base to fund new module stock investments.
Broadens revenue streams and secures longer, predictable lease tenures with wellbeing service counties.
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.
- 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
- 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
- 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 itemsWhen 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.
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.
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.
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Last updated: 24/10/2026