Relais Group Oyj: Relais Group Plc Financial Statements Review January-December 2025 (Unaudited): Strong cash flow from operations and slightly improved comparable EBITA in the fourth quarter
Relais Group Plc, Stock Exchange Release 13 February 2026, 9:00 a.m. EET
This release is a summary of Relais Group's Financial Statement Review January-December 2025. The full release is attached to this release and is available on our website at https://relais.fi/en/investors/.
OCTOBER-DECEMBER 2025 IN BRIEF
- Net sales totalled EUR 116.6 million (October-December 2024: 90.7), change +29%
- Comparable EBITA was EUR 10.8 (10.6) million, change +2%
- Comparable EBITA margin was 9.2 (11.7) %
- Comparable earnings per share, basic was EUR 0.26 (0.41)
- Net cash flow from operations was EUR 24.9 (16.4) million
JANUARY-DECEMBER 2025 IN BRIEF
- Net sales totalled EUR 383.4 million (January-December 2024: 322.6), change +19%
- Comparable EBITA was EUR 38.4 (36.8) million, change +5%
- Comparable EBITA margin was 10.0 (11.4) %
- Comparable earnings per share, basic was EUR 1.00 (1.06)
- Net cash flow from operations was EUR 33.9 (34.8) million
- The Board of Directors proposes a dividend of EUR 0.30 (0.50) per share to be paid for 2025 in two equal instalments in April and November 2026
2026 OUTLOOK AND LONG-TERM FINANCIAL TARGET
Relais Group does not provide a numeric guidance for the financial year 2026. The company had at the end of the year a long-term financial target published on 2 March 2023, according to which it aims to reach a pro forma comparable EBITA of EUR 50 million by the end of the year 2025. At the end of 2025 the illustrative combined pro forma comparable EBITA, as if Relais would have owned the acquired companies from the beginning of the year, was approximately EUR 45 million (unaudited).
KEY FIGURES
| (EUR 1,000 unless stated otherwise) | 10-12/ | 10-12/ | Change | 1-12/ 2025 | 1-12/ 2024 | Change |
| Net sales | 116,632 | 90,682 | +29% | 383,394 | 322,606 | +19% |
| Gross profit | 56,007 | 41,596 | +35% | 186,789 | 151,219 | +24% |
| Gross margin | 48.0% | 45.9% |
| 48.7% | 46.9% |
|
| EBITDA | 15,967 | 14,293 | +12% | 55,134 | 51,863 | +6% |
| Comparable EBITDA 1) | 16,781 | 14,878 | +13% | 58,628 | 52,490 | +12% |
| EBITA | 9,940 | 10,008 | -1% | 34,922 | 36,126 | -3% |
| EBITA margin | 8.5% | 11.0% |
| 9.1% | 11.2% |
|
| Comparable EBITA 1) | 10,753 | 10,593 | +2% | 38,416 | 36,753 | +5% |
| Comparable EBITA margin 1) | 9.2% | 11.7% |
| 10.0% | 11.4% |
|
| Operating profit | 8,039 | 9,035 | -11% | 29,534 | 32,983 | -10% |
| Profit for the period | 4,944 | 6,733 | -27% | 15,704 | 18,533 | -15% |
| Earnings per share, basic | 0.22 | 0.37 | -42% | 0.81 | 1.02 | -21% |
| Comparable earnings per share, basic 1) | 0.26 | 0.41 | -36% | 1.00 | 1.06 | -6% |
| Cash flow from operations | 24,862 | 16,365 | +52% | 33,949 | 34,837 | -3% |
| Net working capital |
|
|
| 94,742 | 68,208 | +39% |
| Net working capital |
|
|
| 4.7 | 4.8 | -1% |
| Interest-bearing net debt |
|
|
| 209,614 | 141,283 | +48% |
| Net Debt to EBITDA, LTM |
|
|
| 3.80 | 2.72 | +40% |
| Interest-bearing net debt excluding lease liabilities |
|
|
| 105,748 | 82,672 | +28% |
| Net Debt excluding lease liabilities to EBITDA, LTM |
|
|
| 1.92 | 1.59 | +21% |
| Equity ratio |
|
|
| 36.7% | 35.6% |
|
| Return on net working capital |
|
|
| 42.9% | 53.4% |
|
| Return on equity |
|
|
| 10.5% | 16.2% |
|
| Return on capital employed |
|
|
| 11.5% | 13.2% |
|
| Employees, end of period |
|
|
| 1,687 | 1,278 | +32% |
| Employees, average |
|
|
| 1,501 | 1,169 | +28% |
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
CEO CHRISTIAN GEBAUER COMMENTS THE FOURTH QUARTER AND YEAR 2025
On January 19, 2026, I assumed the role of CEO at Relais Group. During the first weeks, I have had the opportunity to visit our companies, learning more about our businesses and meeting and talking to as many people as possible. I would like to thank the Board and the organization for the warm welcome and the commitment I have encountered across the Group.
2025 was marked by an exceptionally strong acquisition pace, with eight new companies joining the Group. However, underlying market conditions remained soft, particularly within some segments of the Commercial vehicle repair & maintenance in Sweden and Finland. With a broader platform and increased scale, we see clear opportunities to further improve efficiency and profitability across the portfolio. Net sales for the full year totalled EUR 383 million, with a comparable EBITA margin of 10% and cash flow from operations of EUR 34 million.
Fourth quarter
Total net sales increased by 29%, driven by acquisitions. Organic net sales declined by 2% in a continued challenging market.
Comparable EBITA for the quarter was EUR 10.8 million, slightly above last year. The comparable EBITA margin was 9.2 (11.7) %, reflecting underutilization of resources due to market conditions with lower volume and investment in organic growth initiatives like new sites in some operating companies.
Profitability in the quarter was also impacted by non-cash adjustments to inventory obsolescence reserves and to certain cost accruals. Additionally, some margin dilution from the deliberate shift in business mix towards Repair and Maintenance was seen in the quarter, which carries lower margins but stronger capital efficiency.
Improving EBITA growth and capital efficiency will be our top priorities in 2026.
Segments
The acquisitions had a significant effect on the financial performance of our segments and business areas during the year. The Scandinavian segment grew its net sales in Q4 by 46% (organically -4% with constant exchange rates). The Finland and Baltic segment increased organically by 1%.
Business Areas
Commercial Vehicle Repair and Maintenance increased net sales by 63% in the quarter, driven by recent acquisitions of Team Verksted in Norway and selected workshops. Organically net sales was -4% driven mainly by a weak trailer market in Sweden.
Technical Wholesale and Products business increased net sales by 13% in the quarter, primarily driven by recent acquisition of Matro Group. Organically net sales was -1% driven by strong comparables in the fourth quarter of 2024. Regarding the vehicle lighting products group, the net sales growth continued, with strong performance from Strands and as well as our e-commerce platform Lumise.
Commercial Vehicle Repair and Maintenance business has a structurally lower EBITA-margin than Technical Wholesale and Products. This is reflected in the Group level EBITA-margin as the weight of the Repair and Maintenance area has grown based on the recent acquisitions of Team Verksted and selected workshops. At the same time, it is a capital-light, highly cash-generative model where our workshop excellence program has consistently improved profitability in acquired companies, supporting higher returns on capital over time.
Acquisitions that enhance our market positions
Relais Group's 2025 acquisitions substantially strengthened our market position and broadened our operational footprint, with eight new companies added to the Group with a combined annual net sales of approximately EUR 113 million. The purchases of Team Verksted and LVD in Norway consolidated the Group's leadership in the Nordic heavy vehicle workshop market, while the acquisition of Matro Group opened access to the European truck accessories segment. Autodelar enhanced ABR's position in Sweden, and additional workshop acquisitions in Finland and Sweden expanded the Group's service network. Strands Group's majority acquisition of Qpax further strengthened the product offering. Together, these transactions reinforced Relais Group's strategic platform and support continued profit growth.
We continue to evaluate a strong pipeline of relevant acquisition opportunities. As of the publication of this report, we have already closed two acquisitions in the first quarter of the new year. In 2026, we will also have a strong focus on operational excellence across the Group, driving increased efficiency and profitability while accelerating organic growth.
CEO initial reflections
Over time, Relais Group has built a solid platform for profitable growth based on entrepreneurship, decentralized leadership and close customer relationships. These characteristics continue to emphasize the Group's performance and resilience as we are operating in a structurally resilient aftermarket business. As CEO, my focus will be on driving profitable growth and disciplined capital allocation while continuing to develop the decentralized model that has served Relais Group well. Together with our businesses and employees, I look forward to further developing the Group, reaching our full potential and delivering long-term shareholder value.
Outlook
Relais Group has a strong platform and a proven track record and we will continue to execute on our strategy in 2026 and beyond. We expect the demand situation for our products and services to be on a stable level, but with continued market uncertainty. We have a robust pipeline of relevant acquisition opportunities that we continuously evaluate, while maintaining a strong focus on operational excellence and profitability across the Group.
We have initiated a strategic update to further strengthen our value creation model and will present the findings before the summer. As part of this process, we will also set new long-term financial targets that reflect our strategy, the market opportunities we see and our long-term ambitions.
I warmly thank all our almost 1,700 professionals for strong dedication and contribution during the year. I also thank our customers, shareholders and business partners for your continued support.
EVENTS AFTER THE REVIEW PERIOD
- Completion of the acquisition of a majority share in Qpax AB
- Christian Johansson Gebauer assumes the position as CEO of Relais Group, former CEO Arni Ekholm will be proposed to be nominated as member of the Board of Directors
- Completion of the acquisition of Landströms Bygg & Plåt i Gällivare AB
- The Board of Directors of Relais Group has resolved on a directed share issue following an acquisition completed by group company Team Verkstad
FINANCIAL CALENDAR FOR 2026
Relais Group Plc will publish the following financial reports during 2026:
- Interim Report January-March 2026, 13 May 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.
Relais Group Plc's Annual Report 2025 will be published on Thursday, 12 March 2026 on the Company's website.
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 Friday, 13 February 2026, at 10:00 a.m. EET. The webcast can be followed at https://relais.events.inderes.com/q4-2025
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, CEO
Email: christian.gebauer@relais.fi
Telephone: +358 10 5085 800
Distribution:
Nasdaq Helsinki
Key Media
Relais Group
Relais Group is a leading compounder and acquisition platform on the commercial vehicle aftermarket in Northern Europe. We have a sector focus in vehicle life cycle enhancement and related services. We also serve as a growth platform for the companies we own.
We are a profitable company seeking strong growth. We carry out targeted acquisitions in line with our growth strategy and want to be an active player in the consolidation of the aftermarket in our area of operation. Our acquisitions are targeted at companies having a good strategic fit with our group companies.
Our net sales in 2025 were EUR 383.4 (2024: 322.6) million. In 2025 we made seven 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.