Slide 1: Financial Statements Review 2025
Financial Statements Review 2025 13 February 2026 Q4/2025 1
Slide 2: Presenting Today
PRESENTING TODAY Christian Gebauer Thomas Ekström Group CEO Group CFO 2
Slide 3: Christian Gebauer
CHRISTIAN GEBAUER • Former Business Area President at Ratos • Proven track record in building and scaling decentralized businesses • Strong believer in entrepreneurship & decentralized operating model • Extensive M&A experience, including bolt-on and platform development • Long-term passion for the
Slide 4: CEO's Initial Impressions of Relais
CEO’S INITIAL IMPRESSIONS OF RELAIS • Solid business platform with leading niche companies • Impressive growth journey since IPO • Strong, long-term shareholder base • Decentralized culture that can be further enhanced • Disciplined capital allocation as a core value driver o Strengthening culture a
Slide 5: Relais Group Companies
RELAIS GROUP COMPANIES Technical Wholesale and Products (61% of FY 25 Net sales) Almost 1,700 Spare Parts professionals in 8 countries* 25% Lighting and Equipment 36% Commercial Vehicle Repair and Maintenance (39% of FY 25 Net sales) 39% 5 N O TE: * TE A M V E R KS T ED , L V D , MA T R O , S N TR U
Slide 6: 8 New Companies Added to the Group
8 NEW COMPANIES ADDED TO THE GROUP Annual Annual sales sales Company Country Business area Announced (EURm)*(EURm)* Qpax Sweden Technical Wholesale & Products Q4/25 2 LBP Sweden CV Repair & Maintenance Q4/25 2 TJF Sweden CV Repair & Maintenance Q4/25 3 2 HCV Workshops Finland CV Repair & Maintenance
Slide 7: Net Sales Q4
NET SALES Q4 NET SALES GROWTH BY 29%, ORGANIC GROWTH -2% MEUR +29% 130 117 110 101 91 90 81 83 83 83 74 75 74 75 69 70 70 62 65 64 59 59 54 52 50 30 10 -10 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 + Acquired net sales con
Slide 8: Comparable EBITA Q4
COMPARABLE EBITA Q4 SLIGHTLY INCREASING EBITA WITH MARGIN DECLINE +2% MEUR 15 15% 10.6 10.9 10.8 9.7 10 9.2 9.2 10% 8.3 8.6 8.0 7.9 7.6 7.8 7.6 7.4 7.3 6.2 6.2 4.8 4.8 5 5% 3.8 0 0% Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/2
Slide 9: Q4 and FY 2025 Key Figures
Q4 / 2025 FY 2025 Net sales 116.6 383.4 MEUR +29% vs. Q4/2024 +19% vs. FY 2024 Comparable EBITA 10.8 38.4 MEUR +2% vs. Q4/2024 +5% vs. FY 2024 Comparable earnings per 0.26 1.00 share, basic (EUR) 0.41 in Q4/2024 (change: -36%) 1.06 in FY 2024 (change: -6%) Profit for the period 4.9 15.7 MEUR -27% vs
Slide 10: 2025 – High Acquisition Activity in a Softer Market
2025 – HIGH ACQUISITION ACTIVITY IN A SOFTER MARKET • High acquisition activity: eight new companies joining the group • Market conditions remained soft • Untapped earnings capacity, potential to improve efficiency and profitability • Comparable EBITA margin of 10.0% (11.4%) • Underutilization of re
Slide 11: Financial Review
FINANCIAL REVIEW 11
Slide 12: EBITA and Comparable EBITA
EBITA AND COMPARABLE EBITA SEVERAL FACTORS IMPACTING Q4 AND 2025 SIZEABLE IACS IN 2025 MEUR Acquired companies 15 + Positive impact from acquired EBITA – Low EBITA contribution of workshops in Norway in Q4 10.6 10.9 10.8 ─ Negative impact of some costs incurred as part of the onboarding 9.7 of new
Slide 13: Items Affecting Comparability (IACs)
ITEMS AFFECTING COMPARABILITY (IACS) Q4/25 Q4/24 2025 2024 Comments TVH & Matro companies, Autodelar, TJ Transaction related costs of acquisitions 0,4 0,6 1,0 0,6 Fordonsservice, Wetteri workshops, Qpax Amortization of acquisition-related TVH & Matro companies, Autodelar, TJ inventory fair-value adj
Slide 14: Gross Profit and Gross Margin
GROSS PROFIT AND GROSS MARGIN STABLE ORGANIC DEVELOPMENT POSITIVE IMPACT FROM ACQUISITIONS TEMPORARY NEGATIVE IMPACT OF ACQUIRED INVENTORY STEP -UP AMORTISATIONS IN 2025 MEUR/% MEUR/% + Acquisitions in 2024 and 2025 added to 100 80% 400 80% both gross profit and gross margin + Mix: Increased wei
Slide 15: Operating Expenses
OPERATING EXPENSES INCREASE MOSTLY DRIVEN BY ACQUISITIONS INCREASED OPEX % DUE TO INCREASED RELATIVE SHARE OF FIXED COST IN INTENSIVE REPAIR & MAINTENANCE MEUR/% MEUR/% 100 80% 150 120% 135 125 100% 75 60% 102 100 80% 88 83 50 36% 40% 75 60% 67 32% 42 30% 30% 31% 50 40% 28 24 24 25 22 20% 25 20% 0
Slide 16: Cash Flow and Cash Conversion
CASH FLOW AND CASH CONVERSION RECORD CASH FLOW FROM OPERATIONS IN Q4 SIGNIFICANT POSITIVE CHANGE IN NWC HIGHER TAX PAYMENTS MEUR Q4/25 Q4/24 2025 2024 MEUR CF before change in NWC 14.1 13.9 54.4 52.5 30 +51% Change in NWC 14.2 6.8 0.3 -4.2 24.9 CF from net financials -3.5 -4.3 -20.7 -13.5 25 CF f
Slide 17: Net Working Capital
NET WORKING CAPITAL SIGNIFICANT INCREASE FROM ACQUIRED COMPANIES EXCLUDING ACQUISITIONS NWC INCREASE 7 MEUR AND INVENTORY INCREASE 1 MEUR INVENTORY AND NWC TURNOVER AT LAST YEAR’S LEVEL MEUR MEUR 12/25 12/24 +39% 120 Inventories 102.2 83.7 Trade and other receivables 54.7 42.2 105 Trade and othe
Slide 18: Cash Flow Summary 1-12/2025
CASH FLOW SUMMARY 1-12/2025 Cash flow from Cash flow from Cash flow from operations investing activities financing activities 33.9 -53.6 44.2 EUR million EUR million EUR million (34.8) (-7.2) (-27.7) + Comparable EBITDA increased · Acquisition of shares in Team + Raising a multicurrency term loan of
Slide 19: Interest-Bearing Net Debt
INTEREST-BEARING NET DEBT TERM LOANS RAISED 68 MEUR TERM LOANS REPAID 37 (HYBRID BOND PROCEEDS)45 MEUR LEASE LIABILITIES ADDED (ACQUISITIONS) INCREASED LEVERAGE, LTM EBITDA COMPONENT INCLUDES ONLY 6-7 MONTHS OF TEAM VERKSTED AND MATRO EBITDA SIGNIFICANTLY IMPROVED CASH POSITION MEUR MEUR 12/2
Slide 20: Net Financials
NET FINANCIALS LOWER INTEREST EXPENSES ON LOANS HIGHER INTEREST EXPENSES ON LEASES FX NET GAIN FOLLOWING STRENGTHENING OF THE SEK Q4 (EUR 1,000) Q4/25 Q4/24 2025 2024 + Lower interest expenses on loans due to lower average interest rates following Financial income the decrease in EURIBOR and STIB
Slide 21: Balance Sheet and Financial Position December 2025
BALANCE SHEET AND FINANCIAL POSITION 31 DECEMBER 2025 Total assets Right of use assets Inventories & receivables Goodwill 493.0 M€ 100.2 M€ 156.9 M€ 155.0 M€ (330.2) (56.1) (125.9) (120.1) Interest-bearing liabilities Total equity Lease liabilities Payables (excl. lease liabilities) 180.6 M€ 139.9 M
Slide 22: Return 1-12/2025
RETURN 1-12/2025 ACQUISITIONS NOT YET VISIBLE IN THE RETURNS RONWC 42.9% (53.4%) ROCE 11.5% (13.2%) ROE 10.5% (16.2%) 22
Slide 23: Dividend Proposal for 2025
BOARD OF DIRECTORS DIVIDEND PROPOSAL FOR 2025 Dividend | AGM • The Board of Directors will propose to the Annual General Meeting to be held on 14 April 2026 that a dividend of EUR 0.30 (0.50) per share to be for 2025 in two equal instalments in April and November 2026 • Earnings per share, basic wer
Slide 24: Long Term Financial Target 2025
LONG TERM FINANCIAL TARGET 2025 Relais Group aims to reach a pro forma* comparable EBITA of 50 MEUR by the end of 2025 ~45 MEUR achieved 24 24 7-NOV-24 * I N C L U D I N G LA TE S T 1 2 MO N TH S I L LU S TR A T I V E C O M B I N ED C O MP A R A B L E EB I T A OF AC QU I R ED B U SI NESSE S
Slide 25: Outlook for 2026
OUTLOOK FOR 2026 • Relais Group has a solid business platform, a strong track-record and is well positioned to continue the implementation of its proven strategy during 2026 and onwards. • We consider the demand situation for our products and services to be on a stable level, however the market has
Slide 26: We Are Transitioning to a Business Area Structure
WE ARE TRANSITIONING TO A BUSINESS AREA STRUCTURE We will manage and monitor our operations to achieve * clearer strategic steering * improved transparency * more disciplined capital allocation It is designed to Effective immediately: new segments in Q1 2026 * enhance both organic and acquisitive gr
Slide 27: Commercial Vehicle Services Business Area
COMMERCIAL VEHICLE SERVICES BUSINESS AREA The companies are leading suppliers of repair, maintenance, and service solutions for commercial vehicles and industrial equipment. These companies create value through a strong focus on availability, safety, and total cost of ownership, where reliability an
Slide 28: Products and Solutions Business Area
PRODUCTS AND SOLUTIONS BUSINESS AREA Companies with scalable branded products and solutions for vehicle users across international markets. The companies create value through innovation, strong market positioning, and international scalability. Johan Carlos OUR MARKETS OUR COMPANIES 28
Slide 29: Technical Wholesale Business Area
TECHNICAL WHOLESALE BUSINESS AREA Leading distributors of spare parts, vehicle equipment, and technical solutions primarily for commercial vehicles and professional mobility. These companies create value through scale, strong local market leadership, and disciplined execution in resilient aftermarke
Slide 30: Q&A
Q&A 30 13-Feb-26
Slide 31: Relais
RELAIS
Slide 32: Appendix
APPENDIX 32 13-Feb-26
Slide 33: Financing Agreements
FINANCING AGREEMENTS* Long-term financing agreement • On 28 March a EUR 140 million long-term financing agreement was signed • Maturity of three years, with two one-year extension options • EUR 110 million multi-currency term loan, a revolving credit facility of EUR 10 million, and an uncommitted te
Slide 34: Synthetic Forward Option
SYNTHETIC FORWARD OPTION* • As part of the Matro Group acquisition Relais entered into a shareholder agreement that according to IFRS includes a synthetic forward option to acquire the remaining 30 per cent of shares in Matro Group • The option is divided into two components according to IFRS: 1) Th
Slide 35: Loans Raised and Repaid in January-December
LOANS RAISED AND REPAID IN JANUARY-DECEMBER* New term loans raised 28 March Amount in Currency currency Fx rate Amount in EUR Reference rate Margin SEK 366 000 000,00 0,093215 34 116 690,00 STIBOR 3 m 2,0 % EUR 75 883 310,00 75 883 310,00 EURIBOR 6m 2,0 % All total in EUR 110 000 000,00 Old term loa
Slide 36: Hybrid Bond
HYBRID BOND* • On 18 September Relais Group notified that it will issue new unsecured, unguaranteed, subordinated, and perpetual hybrid capital securities on 25 September 2025 • Aggregate nominal amount EUR 50 million • Fixed interest of 7.875 per cent per annum from the issue date to the reset date