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  • Resilient performance during COVID-19 pandemic, revenue 2021 increased by 11.3% to € 1,303.7 million
  • Ten-years growth track-record, CAGR 2012-2021: 19.3%.
  • Normalized EBITDA 2021 improved by 5.8% to € 425 million
  • EBT: €59,5
  • Despite increased Capex levels, further reduction of the net debt position and improvement of net debt/EBITDA ratio to 3.3
  • Positive outlook for 2022

Pierre Boels, CEO: “Boels is a resilient and ambitious company”

“Boels is known for its resilient business model that enables sustainable growth. This statement certainly came into effect in 2021. Despite COVID-19, Boels can look back on a great 2021. Together with all our nearly 6,900 employees across Europe we were able to achieve strong growth figures.

EBITDA has improved significantly compared to the prior year. Simultaneously, these results are the proof of the fact that Boels was able to successfully integrate the Cramo acquisition of 2020. We are now the number two rental specialist in Europe and the eighth largest in the world. These results are mirroring our leading positions in the rental markets in the Benelux, Northern and Central Europe, and the Nordics

Boels is an ambitious company. Every five years we want to double in size, and this has been successfully rolled-out in the last four decades. The CAGR (average annual growth) in the last ten years was 19.3%. At the same time, we are, and will remain, a family business: entrepreneurial, close to our customers and with a can-do mentality. We go for the long-term.”

“At the same time, we are, and will remain, a family business: entrepreneurial, close to our customers and with a can-do mentality. We go for the long-term.”

Financial performance

2021 was an excellent year. The total reported EBITDA increased by 13.2%, from € 373.4 million in 2020 to € 422.2 million in 2021. This increase in sales, is primarily the result of strong recovery from the pandemic in our key markets. The normalised and comparable 12 months EBITDA showed an improvement of 5.8% from € 401.7 million in 2020 to € 425.0 million in 2021 or 32.6% of comparable sales (2020: 33.0%).

Despite our increased Capex levels, Boels was able to further reduce its net debt position and improve its net debt/EBITDA ratio, which ended at 3.3 (2020: 3.6). The company’s credit ratings from S&P/Fitch/Moody’s of BB-/BB-/B1 improved to a stable outlook.

View annual report

Resilient business model that enables sustainable growth

Boels is both a generalist and a specialist service provider for markets across Europe. We embrace a resilient multi-asset life cycle approach anchored around a diversified product and customer base. We are active in dozens of market sectors and segments, as well in 18 European countries, covering numerous regions and cities. By such a geographical reach, we are able to service our 260,000 customers. With over 790,000 rental items and our extensive network of 725 depots, we offer our customers access to the largest, newest and widest range of top-quality equipment and tools in Europe.

“Boels is ready for of the next growth phase”

Investing in sustainability and digitalisation

2021 was a year where we kept on investing in sustainability and digitalisation. Boels is at the forefront of the rental industry by creating value for our customers and ourselves through a connected fleet and smart use of data. Our fleet value now exceeds € 2.0 billion, with a weighted average fleet age of 55 months, the newest in the market. We invested significantly in low emission equipment. By developing new apps and a multichannel commercial approach we are able to optimise management of rental equipment.

Our rental concept allows our customers and their end clients to meet their targets in terms of costs, efficiency, quality, safety and the reduction of their carbon footprint and therefore CSR objectives. That is why, sustainability and the circular, sharing economy are at the very heart of our business, in everything we do. Do you know that 80% of our fleet is powered by electrical energy and is thus emission free?

More about our sustainable fleet

Jan Piet Valk, CFO: “positive outlook: Boels is ready for of the next growth phase”

“Despite the macro-economic and political uncertainties, we started the year very successfully with very significant (double digit) growth versus last year across all our businesses in the first quarter, both in our revenue and profitability and clearly see an impact of the continued investments in our fleet, our people and in streamlining our operations.
Total cost of ownership for our customers will again exceed the total cost of rentalship, meaning that we see favorable market conditions. Boels is heading for further growth, both organic and by add-on acquisitions. For instance, at the end of 2021 we acquired Eekels Pompen in the Netherlands, adding high-end pumps to our rental portfolio.

Looking at 2022 and beyond, Boels is facing the future with confidence. We are ready for the next growth phase.”