Boels Rental reports resilient 2025 performance in challenging markets

Boels Rental, one of Europe’s leading equipment rental companies, reflects on a challenging 2025. On a like-for-like basis revenue remained close to flat, where the reported revenue showed growth due to the Riwal acquisition in 2024. Several markets faced challenging economic conditions and uncertainty that affected e.g. construction, infrastructure and industrial projects. While other markets exceeded performance expectations. Over the years Boels has proven to be a resilient rental company that is capable of dealing with those market conditions.

A resilient foundation for growth

In 2025 Boels has solidified its foundation with the continuous integrations of Cramo, Riwal and Manlift. This is boosting Boels’ operational excellence as one group, with an integral international footprint in 27 countries with 800+ depots.

Boels’ ability to diversify and adapt to changing markets is backed by continuous CapEx investments. In 2025 Boels invested € 424.5 million in fleet and other assets, on top of €640.1 million Capex in 2024 (including acquisitions). Boels’ fleet, workforce, and service offering continue to underpin strong performance across a broad spectrum of construction and non-construction end markets.

Adapting to constant change

During 2025 Boels has been able to adapt to changing market dynamics, re-calibrating business focus on flexibility, performance and ultimately profitability. This carries through into 2026 with a re-shaped Group Management Board. As of April 1^st 2026 the current board members Pierre Boels (CEO), René Olsthoorn (CFO) and Guy Cremer (CPO) will be accompanied by the following new members: Lars Reehorst (COO), Erik Damoiseaux (CBO), Manon Douven (CHRO) and Bob de Leeuw (CTO).

Pierre Boels, CEO of Boels Rental adds “I am proud of the achievements we have collectively made in a difficult and challenging  2025. The focused efforts on serving the customers, operational excellence and sustained CapEx investments have contributed to the robust foundation for continued growth. I am confident that our re-shaped Group Management Board and their teams have the leadership and focus required to execute our strategy effectively and respond to evolving market dynamics, driving profitable growth in the years ahead.”

I am proud of the achievements we have collectively made in a difficult and challenging 2025. The focused efforts on serving the customers, operational excellence and sustained CapEx investments have contributed to the robust foundation for continued growth

Sustainability efforts continued in 2025

Boels continued its alignment with the Corporate Sustainability Reporting Directive (CSRD) in 2025. This progress is further built upon through the 2026–2030 Sustainability Plan, which includes updated sustainability policy, actions and targets. In 2025, Boels Group and several of its entities have once again been recognised by EcoVadis for their sustainability performance. Boels Belgium and Cramo Sweden were awarded the Gold Medal, a distinction achieved by only 5% of companies evaluated by EcoVadis.  Cramo Finland achieved the Silver Medal and Boels Group (entity Boels Topholding B.V.) was awarded the Bronze Medal, positioning the Group among the top 35% of sustainable companies worldwide.

Outlook for 2026

The European Rental Association (ERA) market reports estimate that the equipment rental market, where Boels is active, will reach a € 34 billion market size in 2026. Growth projections for 2026 vary widely across different markets, with a total growth forecast of 2,3% across all of Europe. René Olsthoorn, CFO Boels Rental, comments: “Boels plans to keep growing in 2026, building on our resilient foundation of continuous investment and ability to adapt to market dynamics and opportunities. Although market expectations as reported by the ERA are positive, global uncertainty in general and the war in Iran in particular may negatively impact economic activity in the markets we operate in. Despite these uncertainties, we remain confident in our robust business model and our ability to add value to customers.”

Boels plans to keep growing in 2026, building on our resilient foundation of continuous investment and ability to adapt to market dynamics and opportunities