Relais Group Plc Interim Report January-March 2026 (unaudited): solid start to the year
Relais Group Plc
Stock Exchange Release 13 May 2025, 9:00 a.m. EEST
This release is a summary of Relais Group's Interim Report January-March 2026. The full release is attached to this release and is available on our website at https://relais.fi/en/investors/.
JANUARY-MARCH 2026 IN BRIEF
- Net sales totalled EUR 119.0 million (January-March 2025: 82.8), change +44%
- Adjusted EBITA was EUR 12.8 (9.2) million, change +40%
- Adjusted EBITA margin was 10.8 (11.1) %
- Adjusted earnings per share, basic was EUR 0.38 (0.34)
- Net cash flow from operations was EUR 10.4 (2.7) million
KEY FIGURES
| (EUR 1,000 unless stated otherwise) | 1-3/2026 | 1-3/2025 | Change | 12 months rolling | Change | 1-12/2025 |
| Net sales | 119,004 | 82,798 | +44% | 419,599 | +9% | 383,394 |
| EBITDA | 17,981 | 12,999 | +38% | 60,116 | +9% | 55,134 |
| EBITA | 11,777 | 8,953 | +32% | 37,746 | +8% | 34,922 |
| EBITA margin | 9.9% | 10.8% | 9.0% | 9.1% | ||
| Adjusted EBITA 1) 2) | 12,831 | 9,182 | +40% | 42,065 | +9% | 38,416 |
| Adjusted EBITA margin 1) 2) | 10.8% | 11.1% | 10.0% | 10.0% | ||
| Operating profit | 9,791 | 8,147 | +20% | 31,179 | +6% | 29,534 |
| Profit for the period | 6,951 | 5,857 | +19% | 16,798 | +7% | 15,704 |
| Earnings per share, basic | 0.32 | 0.32 | +0% | 0.81 | +0% | 0.81 |
| Adjusted earnings per share, basic 1) 2) | 0.38 | 0.34 | +13% | 1.08 | +5% | 1.04 |
| Cash flow from operations | 10,353 | 2,661 | 41,641 | +23% | 33,949 | |
| Net Debt to EBITDA, LTM | 3.55 | 2.86 | +24% | 3.80 | ||
| Net Debt to EBITDA, LTM (non-IFRS) 2) | 4.15 | 2.37 | +75% | 4.42 | ||
| Return on net working capital 2) 3) | 42.5% | 53.0% | 41.5% | |||
| Return on capital employed 2) 3) | 11.1% | 13.9% | 11.1% |
The change percentages in the tables have been calculated on exact figures before the amounts were rounded to millions of euros.
1) Excluding IACs and purchase price allocation adjustments and amortisations (PPAs) as applicable
2) Alternative Performance Measure ("APM")
3) The calculation formula of this key figure has been changed starting from the Q1 2026 interim report. The comparison period key figure has been restated accordingly.
CEO CHRISTIAN GEBAUER COMMENTS THE FIRST QUARTER OF 2026
Solid start to the year
The first quarter of 2026 marked a solid start to the year. In a still uncertain operating environment, we delivered a good financial performance, with net sales of EUR 119 million, an adjusted EBITA margin of 10.8% and cash flow from operations of EUR 10.4 million.
Cash flow improved compared to the prior year, reflecting a stronger focus on working capital management. While it is still early in the year, the development provides initial signs that our priorities are beginning to translate into results.
We also continued to make progress in onboarding and value creation initiatives related to previously completed acquisitions.
While profitability remained broadly stable year-on-year, the quarter showed encouraging progress in operational execution. We continue to see clear potential to further improve profitability and capital efficiency over time. Our focus remains clear: to drive EBITA growth, strengthen cash flow and continue to allocate capital selectively.
Business area performance
As we announced in February, we have transitioned from a geographically organized management structure to a business area-based operating and management structure. From this quarter onwards, we manage and report our operations through three distinct business areas, enabling clearer strategic steering, improved transparency, and a more disciplined capital allocation across the group.
Commercial Vehicle Services consists of leading suppliers of repair, maintenance, and service solutions for commercial vehicles and industrial equipment. Market conditions remained stable during the quarter. Adjusted EBITA improved, supported by operational improvement measures implemented in Team Verkstad Sverige and a strong performance in Raskone. Following the acquisitions completed in 2025, Commercial Vehicle Services now represents a larger share of the group. As a result, the group's quarterly seasonality has become somewhat more pronounced. In this business area, the second quarter typically includes fewer working days than other quarters.
Products and Solutions consist of companies with scalable branded products and solutions for vehicle users across international markets. During the first quarter, focus areas included strengthening operational scalability and profitability to support sustainable growth. Net sales and earnings development were supported by continued organic performance, particularly in Strands Group, as well as the consolidation of recently acquired companies.
Technical Wholesale brings together leading distributors of spare parts, vehicle equipment, and technical solutions primarily for commercial vehicles and professional mobility. For the business area, the first quarter was strong with 12% organic net sales growth and solid earnings development. Performance was supported by both healthy market demand and internal improvement initiatives. During the quarter, we initiated measures in Startax to streamline the product assortment and increase focus on higher-return product categories. These actions support improved capital efficiency and profitability over time.
Still uncertainty in the operating environment
Market conditions remained broadly stable during the first quarter, although uncertainty in the external environment remains elevated. Demand continued to vary across markets and business areas, and we maintain a strong focus on execution, cost discipline and adaptability.
Positive long-term outlook
It is encouraging to see early signs that our increased focus on operational performance, cash conversion and capital discipline is starting to be reflected in our results. Going forward, consistency over time remains a key priority.
We remain confident in our long-term outlook. Our business model is resilient, supported by a diversified earnings base and strong cash generation. We will continue to advance our active M&A pipeline and pursue selective, value-accretive opportunities with discipline.
I would also like to remind our shareholders and other investors of our ongoing strategic update. At our Capital Markets Day in May, we will present the outcome of our strategic review and provide more detail on our priorities and long-term financial targets.
I warmly thank all our professionals for your continued dedication and contribution during the quarter. I also thank our customers, shareholders, and business partners for your continued support.
Christian Gebauer
President and CEO
2026 OUTLOOK
Relais Group does not provide a numeric guidance for the financial year 2026.
EVENTS AFTER THE REVIEW PERIOD
- Resolutions of the Annual General Meeting
- Acquisition of Service-Ekspressen AS
- Directed share issues following the acquisition of Service-Ekspressen AS
- Change in the Management team
- Comparative financial information according to the new segment structure
- Capital Markets Day 20 May 2026 at 2:00 pm (EEST)
- The Board of Directors of Relais Group Plc resolved on new stock option plans
FINANCIAL CALENDAR FOR 2026
Relais Group Plc will publish the following financial reports during 2026:
- Half-Year Financial Report January-June 2026,
13 August 2026 - Interim Report January-September 2026,
28 October 2026
The reports will be published at approximately 9:00 a.m. Finnish time on the above dates.
INVITATION TO THE WEBCAST
Relais Group's CEO Christian Gebauer and CFO Thomas Ekström will present the result to the media, investors and analysts at a webcast on Wednesday, 13 May 2026, at 10:00 a.m. EEST. The webcast can be followed athttps://relais.events.inderes.com/2026-q1
Presentation material and video will be available on the company's website at www.relais.fi/en
after the event.
Relais Group Plc
Board of Directors
Further information:
Christian Gebauer, President and CEO
Email: christian.gebauer@relais.fi
Telephone: +358 10 5085 800
Distribution:
Nasdaq Helsinki
Key Media
www.relais.fi
Relais Group
Relais Group is a serial acquirer focused on the vehicle aftermarket in Northern Europe. The Group creates value by identifying, acquiring and developing leading businesses with strong cash flows, clear niche positions and long-term growth potential.
Our net sales in 2025 were EUR 383.4 (2024: 322.6) million. In 2025 we made eight acquisitions. We employ approximately 1,700 professionals in eight different countries. The Relais Group share is listed on the Main Market of Nasdaq Helsinki with the stock symbol RELAIS.