2024: Steady growth and first expansion outside Europe
In 2024 we have pushed boundaries, both literally and figuratively. We added three strategic bolt-on acquisitions with Riwal as the largest expansion in fleet, expertise and markets. This step not only expanded our geographical footprint but also strengthened our market position. By the end of 2024, we serve customers in 27 countries with almost 8,500 employees. In total we were able to deliver 11.6% revenue growth and 7.6% normalised EBITDA growth. A solid foundation to build further on in 2025.
Pierre Boels, CEO Boels Group:
“Even though some markets faced various challenges, we can continue to report positive results. We always aim at strengthening our position and the acquisition of Riwal was an important milestone’’’
€ 592.4m normalised EBITDA
11.6% revenue growth
27 countries
8,432 employees
One Boels Group
By sharing resources and expertise across divisions we gain a stronger, more resilient position. Furthermore, our expansion into diverse markets and customer segments allow us to withstand challenges in individual markets, ensuring stability and adaptability. By moving beyond traditional construction rentals to areas such as maintenance, installation and event
services, we mitigate risks tied to specific market fluctuations.
Financial performance
Due to our ability to adapt to changing market conditions and driven by our skilled people, we have continued to grow our business in 2024. In 2023 and 2024, we invested significantly in CapEx and M&A resulting in higher debt and a higher asset level. These investments have fueled our EBITDA growth. Additionally we made changes to further strengthen our financing structure by successfully issuing €600 million in Senior Secured Notes, and extending our Term Loan B.
Sustainability
The obligations of CSRD has challenged us during 2024. Following our Double Materiality Assessment (DMA) outcomes, we have been focused on compliance. To achieve this, we have made significant efforts and recognised increased cooperation throughout our organisation. In this report, we share our progress by following the European Sustainability Reporting Standards (ESRS) guidelines. This proactive approach will bring us in line with the CSRD requirements in the future.
René Olsthoorn, CFO Boels Group:
“The trend of renting equipment is spreading to more markets, market segments and customer segments. Risks tied to market fluctuations are therefore reduced which benefits the financial health of our company”
