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Relais Group

13.70 EUR

-0.72 %

3,831 following
Corporate customer

RELAIS

NASDAQ Helsinki

Automobiles

Consumer Goods & Services

-0.72 %
-10.16 %
-17.96 %
-17.47 %
-14.91 %
-2.49 %
+26.27 %
-18.93 %
+86.39 %

Relais Group is an importer and wholesaler for the automotive industry. The group focuses mainly on the development of automotive electronic equipment for trucks. Examples of products that the company supplies include lighting products, applications for warning lights, camera systems, and other spare parts for heavy vehicles. The largest operations are found in the Nordic and Baltic markets, with customers in the aftermarket industry.

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Market cap
253.41M EUR
Turnover
35.02K EUR
P/E (adj.) (26e)
10.69
EV/EBIT (adj.) (26e)
10.92
P/B (26e)
1.89
EV/S (26e)
1.11
Dividend yield-% (26e)
2.77 %
Coverage
Recommendation
Accumulate
Target price
18.00 EUR
Updated
15.02.2026
Disclaimer
Petri Gostowski
Petri Gostowski

Co. Head of Research

Latest research

Latest analysis report

Released: 16.02.2026

Latest extensive report

Released: 18.06.2025

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
14.4
2026

General meeting '26

15.4
2026

Half year dividend

13.5
2026

Interim report Q1'26

Risk
Business risk
Valuation risk
Low
High
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Third party research

Relais Group: We expect margins to rebound in H1 - Nordea

Relais' Q4 was soft, with the top line and adjusted EBITA below LSEG Data & Analytics consensus. The company noted low utilisation of resources due to market conditions, while we believe the warm start to the winter hampered performance. Given its elevated...

Relais Group
Third party research

Relais Group: Soft demand visible in Q4 earnings - Nordea

Relais Q4 adjusted EBITA of EUR 10.8m was up 2% y/y and came 16% below LSEG Data & Analytics consensus of EUR 12.8m. Organic sales growth was -2% y/y in Q4 (Nordea +1%) owing to continued tough market conditions. Net sales were EUR 117m (+29% y/y), 2...

Relais Group
Third party research

Relais: Weather impacting near-term earnings - Nordea

Relais outperformed the market in Q3 and we expect a similar performance for Q4. However, the warm start to winter in the Nordics likely burdened the top-line and margin development in Q4, which we expect to reverse in H1, thanks to a long, cold period...

Relais Group
Forum discussions
I have also been keeping an eye on Relais for a few years, but every time I look closer, I decide to leave the ownership to others for now. Relais’s return on invested capital doesn’t seem to be edging upwards. For a fast-growing serial acquirer, it might be lower at first, sure,...
3/12/2026, 8:48 AM
by Verneri Pulkkinen
41
Good pushback! Responding quickly during my lunch break. I agree regarding the return on capital metrics; they are drifting in the wrong direction! These are the kinds of blemishes of an early-stage serial acquirer that a long-term investor has to look past In my opinion, the weak...
3/12/2026, 9:41 AM
by JP199
33
Last week, the serial acquirers’ festival was held in Stockholm, organized by Redeye. Here is Christian’s presentation. The video sheds some light on the topic of capital efficiency, which has recently been discussed constructively in the thread. redeye.se Relais Group: Group CEO...
3/22/2026, 2:35 PM
by hiirimatto
24
My current thesis is that investors are currently placing a bit too much weight on the figures of a single quarter. As has been noted, weather and extreme cold have a significant impact on Relais. Q4 was warm; the severe frosts essentially began at the turn of the year and lasted...
3/12/2026, 9:43 AM
by investori86
23
I agree that future profitability development will play a major role in whether Relais will be an excellent investment going forward or something below that. On the other hand, if the company moves forward in that regard, I’d rather own the stock already before the profitability ...
3/16/2026, 2:13 PM
by Kotipuutarhuri
20
ilmarinen.fi Ilmarisen suhdanneindeksi Ilmarisen suhdanneindeksi antaa ajantasaista tietoa Suomen talouden kehityksestä. Tutustu suhdanneindeksiin täältä! Transport is the strongest performer among the sectors, with the headcount growing by more than 2% in January–February compared...
3/16/2026, 7:25 AM
by OttoJ
16
Here is the group structure from page 103 as a reminder for myself and others. Luckily, there is no entrance exam for shareholders.
3/12/2026, 8:18 AM
by P-H Compton
15
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