Europe’s Boels Group’s Revenue Jumps 7.5 Percent in 2025
Boels, one of Europe’s largest equipment rental companies, posted 2025 revenue growth because of Boels’ acquisition of Riwal in 2024. Group revenue totaled €1,862.4 million (+7.5 percent compared to 2024.)
Group EBITDA was €590.0 million (-0.4 percent compared to 2024). 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.
Boels said the company in 2025 focused efforts on improving operational excellence and integration of Cramo, Riwal and Manlift operations, thus solidifying its foundation.
“I am proud of the achievements we have collectively made in a difficult and challenging 2025,” said CEO Pierre Boels “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.”
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 were recognized by EcoVadis for their sustainability performance. Boels Belgium and Cramo Sweden were awarded the Gold Medal, a distinction achieved by only 5 percent 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 percent 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 percent across all of Europe.
“Boels plans to keep growing in 2026, building on our resilient foundation of continuous investment and ability to adapt to market dynamics and opportunities,” said René Olsthoorn, chief financial officer, Boels Rentals. “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.”
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.