Relais Group Oyj · OMXHEX:RELAIS
Relais Group Oyj — Q1 2026 Earnings Presentation
26 slides from Relais Group Oyj's earnings presentation, May 13, 2026
Slide 1: Interim Report Q1 2026
Interim Report Q1 2026 13 May 2026 Q1/2026 1
Slide 2: Presenting Today
PRESENTING TODAY Christian Gebauer Thomas Ekström Group CEO Group CFO 2
Slide 3: Q1 2026 – A Solid Start of the Year
Q1 2026 – A SOLID START OF THE YEAR • Net sales growth of 44% to EUR 119 million, including 7% organic growth • Adjusted EBITA growth of 40% to EUR 12.8 million, including 16% organic growth • Operating cash flow increased to EUR 10.4 million, with cash conversion of 67% • Adjusted EBITA margin rema
Slide 4: Net Sales Q1
NET SALES Q1 NET SALES UP 44%, INCLUDING 7% ORGANIC GROWTH Net sales (EURm) and organic growth (%) Q1 2026 +44% • Net sales increased by 44%, including 7% organic 140 35% growth 116.6 119.0 30% 120 • Organic growth was primarily driven by Technical 101.1 25% Wholesale and Products and Solutions 100
Slide 5: Adjusted EBITA Q1
ADJUSTED EBITA Q1 ADJUSTED EBITA GROWTH BY 40%, INCLUDING 16% ORGANIC GROWTH Adjusted EBITA (EURm) and Adj. EBITA margin (%) Q1 2026 +40% • Adjusted EBITA increased 40%, including 16% organic growth 14 30% 12.8 • Organic EBITA growth across all business areas 12 25% 10.9 10.8 10.6 • Adjusted EBITA m
Slide 6: New Segment Structure
NEW SEGMENT STRUCTURE The companies are leading Commercial suppliers of repair, maintenance, and service Vehicle solutions for commercial Services vehicles and industrial equipment Products Companies with scalable branded products and and solutions for vehicle users Solutions across international ma
Slide 7: Segment – Commercial Vehicle Services
SEGMENT – Commercial Vehicle Services Q1 2026 Segment Highlights Adjusted EBITA and Adj. EBITA Margin • Net sales increased by 74%, supported by the acquisitions completed in 2025 • Adjusted EBITA increased by 90%, with margin improvement to 5 4.6 25% 9.0% 4.5 4.0 4 20% • Demand stable across Finlan
Slide 8: Segment – Products and Solutions
SEGMENT – Products and Solutions Q1 2026 Segment Highlights Adjusted EBITA and Adj. EBITA Margin • Net sales increased by 69%, supported by the acquisitions of Matro Group and QPAX 3.5 100% 3.1 • Adjusted EBITA increased by 42% 90% 3 2.7 • Strands delivered strong organic growth, supported by contin
Slide 9: Segment – Technical Wholesale
SEGMENT – Technical Wholesale Q1 2026 Segment Highlights Adjusted EBITA and Adj. EBITA Margin • Net sales increased by 21% and adjusted EBITA by 19% • 12 out of 14 companies delivered net sales growth 8 25% 6.9 • Performance supported by healthy market conditions and internal 7 6.3 improvement initi
Slide 10: Acquisitions Completed During the Past 12 Months
ACQUISITIONS COMPLETED DURING THE PAST 12 MONTHS Annual sales Company Country Segment Closing (EURm)* Service-Ekspressen Technical Wholesale Q2/26 3 QPAX Products and Solutions Q1/26 2 Landströms Bygg&Plåt Commercial Vehicle Services Q1/26 2 TJ Fordonsservice Commercial Vehicle Services Q4/25 3 2 HC
Slide 11: QPAX – Premium Aluminium Bars
QPAX – PREMIUM ALUMINIUM BARS • Leading Nordic premium brand within aluminium Sales and EBIT Margin, Example Products bars and vehicle accessories SEKm* 25.0 40% • Strong growth and profitability, with a sales 35% CAGR of 22% since 2021 20.0 +22% 19.6 30% • Attractive niche with high customer engage
Slide 12: Financials
FINANCIALS 12
Slide 13: Cash Flow and Cash Conversion
CASH FLOW AND CASH CONVERSION SIGNIFICANT IMPROVEMENT IN CASH FLOW FROM OPERATIONS SIGNIFICANT POSITIVE CHANGE IN EBITDA MODERATE INCREASE IN NWC CASH CONVERSION IMPROVED MEUR Q1/26 Q1/25 2025 MEUR CF before change in NWC 18.4 13.3 54.4 30 300% Change in NWC -4.3 -7.8 0.3 24.9 25 250% CF from n
Slide 14: Net Working Capital
NET WORKING CAPITAL SIGNIFICANT INCREASE FROM ACQUIRED COMPANIES EXCLUDING ACQUISITIONS NWC DECREASE 2 MEUR AND INVENTORY UNCHANGED INVENTORY TURNOVER IMPROVES AND NWC TURNOVER LOWER MEUR MEUR 3/26 3/25 Inventories 101.2 84.3 120 120% Trade and other receivables 67.9 47.8 105 101 Trade and other
Slide 15: Cash Flow Summary 1-3/2026
CASH FLOW SUMMARY 1-3/2026 Cash flow from Cash flow from Cash flow from operations investing activities financing activities 10.4 -6.8 -4.9 EUR million EUR million EUR million (2.7) (-0.9) (18.0) + Significant improvement in EBITDA · Acquisition of shares in ─ Repayments of lease liabilities EUR -4.
Slide 16: Interest-Bearing Net Debt
INTEREST-BEARING NET DEBT NO LOANS RAISED IN THE QUARTER LEVERAGE LOWER, LTM EBITDA COMPONENT INCLUDES ONLY 6-10 MONTHS OF ACQUIRED COMPANIES’ EBITDA STABLE CASH POSITION DESPITE 5 MEUR USED FOR ACQUISITION MEUR MEUR 3/26 3/25 250 10x 227 Loans from financial institutions, l-t 112.8 102.2 210 21
Slide 17: Net Financials
NET FINANCIALS LOWER INTEREST EXPENSES WHEN INCLUDING THE FAIR VALUE CHANGE OF FLOATING TO FIXED INTEREST SWAPS HIGHER INTEREST EXPENSES ON LEASES Q1 (EUR 1,000) Q1/26 Q1/25 2025 2024 + Lower interest expenses when including the fair value change of floating to Financial income fixed interest swaps
Slide 18: Balance Sheet and Financial Position 31 March 2026
BALANCE SHEET AND FINANCIAL POSITION 31 MARCH 2026 Total assets Right of use assets Inventories & receivables Goodwill 511.8 M€ 101.7 M€ 169.6 M€ 156.9 M€ (364.3) (59.3) (132.1) (124.8) Interest-bearing liabilities Total equity Lease liabilities Trade and other payables (excl. lease liabilities) 187
Slide 19: Return 1-3/2026
RETURN 1-3/2026 ACQUISITIONS NOT FULLY VISIBLE IN THE LTM RETURNS RONWC 42.5% (53.0%) ROCE 11.1% (13.9%) ROE 15.0% (19.1%) 19
Slide 20: Events After the Review Period
EVENTS AFTER THE REVIEW PERIOD Acquisition of Service-Ekspressen AS • Relais Group acquired 100% of Service-Ekspressen AS on 16 April 2026 • SE consolidated into Technical Wholesale / AutoMateriell workshop equipment business from April 2026 • Norway-based provider of maintenance, calibration and sp
Slide 21: Focus 2026: Profitable Growth and Stronger Cash Flow
FOCUS 2026: PROFITABLE GROWTH AND STRONGER CASH FLOW Operational Profitable growth Working capital discipline Cash generation discipline • Speed in execution • Lower inventory • Pricing and assortment • Better receivables management • Profitability focus • Tight capital control Disciplined capital d
Slide 22: Outlook for 2026
OUTLOOK FOR 2026 • Our focus for 2026 is clear: EBITA growth, stronger cash flow and improved capital efficiency. We continue to see potential to further improve profitability and capital efficiency over time. • We maintain a disciplined approach to capital allocation and continue to evaluate a robu
Slide 23: Q1 2026 Summary
Q1 2026 SUMMARY • Solid start of the year with stable demand across most end-markets • Growth supported by acquisitions and organic profit growth across all business areas • Improved operating cash flow driven by better working capital management • Adjusted EBITA margin remained stable, with continu
Slide 24: Welcome to Capital Markets Day 20 May 2026
WELCOME TO CAPITAL MARKETS DAY 20 MAY 2026 AT 14.00 FINNISH TIME / 13.00 CEST 24
Slide 25: Q&A
Q&A 25 13-May-26
Slide 26: Relais
RELAIS