Relais Group Oyj · OMXHEX:RELAIS
Relais Group Oyj — Q3 2025 Earnings Presentation
42 slides from Relais Group Oyj's earnings presentation, Oct 22, 2025
Slide 1: Interim Report January–September 2025
Interim Report January–September 2025 22 October 2025 Q3/2025 1
Slide 2: Presenting Today
PRESENTING TODAY Arni Ekholm Thomas Ekström Group CEO Group CFO 2
Slide 3: Agenda
AGENDA • CEO Review • Financial Review • Events after the Review Period • Relais Group as an Investment • Q&A 3
Slide 4: A Compounder in the North European Commercial Vehicle Aftermarket
A COMPOUNDER IN THE NORTH EUROPEAN COMMERCIAL VEHICLE AFTERMARKET Relais Group Target Market Pre-market Aftermarket – Vehicle Life Cycle Enhancement End-of-life Import and Import & Customizing and Maintenance Supporting Demolition Manufacturing Reselling of Wholesale of Parts Equipping and Repair Se
Slide 5: Relais Group Companies
RELAIS GROUP COMPANIES Technical Wholesale and Products (62% of Q1-Q3/25 Net sales) Almost 1,700 Spare Parts professionals in 8 countries* 26% Lighting and Equipment 36% Commercial Vehicle Repair and Maintenance (38% of Q1-Q3/25 Net sales) 38% 5 N O T E : * T E A M V E R K S T E D , L VD , M A T R O
Slide 6: The Relais Growth Story
Acquisition of 1): THE RELAIS GROWTH STORY Matro Group Team Verksted Acquisition of: Lastvagnsdelar Adita 2 HCV workshops AutoMateriell from Wetteri Acquisition of: Autodelar Sweden Nordic Lift Strands Group JTC Acquisition of: Raskone Lumise Asennustyö M. Acquisition of: STS Sydhamnens Trailer Ahlq
Slide 7: Drivers of Profitable Growth Journey
DRIVERS OF PROFITABLE GROWTH JOURNEY Acquire new growth platforms A competent New business areas within Transformational M&A compounder in the the vehicle aftermarket in existing business areas Northern European Bolt-ons in existing business areas commercial vehicle aftermarket. Geographical Critica
Slide 8: CEO Review: A Record Strong Quarter
CEO REVIEW A RECORD STRONG QUARTER: HIGHEST QUARTERLY NET SALES AND COMPARABLE EBITA IN THE HISTORY OF RELAIS GROUP 8
Slide 9: Net Sales and Comparable EBITA
Q3 / 2025 Q1-Q3 / 2025 Net sales 101.1 266.8 MEUR +35% vs. Q3/2024 +15% vs. Q1-Q3/2024 Comparable EBITA 10.9 27.7 MEUR +19% vs. Q3/2024 +6% vs. Q1-Q3/2024 Comparable earnings per 0.31 0.75 share, basic (EUR) 0.26 in Q3/2024 (change: +19%) 0.65 in Q1-Q3/2024 (change: +15%) Profit for the period 3.4 1
Slide 10: The Scale of Our Business Operations Has Changed Substantially During Q3
THE SCALE OF OUR BUSINESS OPERATIONS HAS CHANGED SUBSTANTIALLY DURING Q3 As a result of Team Verksted and Lastvagnsdelar these acquisitions, our pro forma net sales is In June, we acquired Team Verksted and Autodelar Lastvagnsdelar in Norway, which significantly over EUR 400 million and we strengthe
Slide 11: The Acquisitions Had a Significant Effect on Our Segments
THE ACQUISITIONS HAD A SIGNIFICANT EFFECT IN THE FINANCIAL PERFORMANCE OF OUR SEGMENTS AND BUSINESS AREAS +64% The Scandinavian segment grew +2% The Finland and Baltic its net sales by 64% (organically segment grew organically by +5% with constant exchange rates), 2%, which is clearly above the as m
Slide 12: Technical Wholesale and Products
TECHNICAL WHOLESALE AND PRODUCTS +21% • Business area performed very well, reaching a net sales growth of +21% (organically +7% with constant exchange rates). • The spare parts and equipment sales developed favourably in Sweden and Norway, where especially the workshop equipment sales were strong. •
Slide 13: Commercial Vehicle Repair and Maintenance
COMMERCIAL VEHICLE REPAIR AND MAINTENANCE • The sales development was extremely strong with a growth of + 62% during the quarter. • This strong growth is attributed to the acquired Norwegian workshop chain, Team Verksted AS, which has had a truly flying start as a new member of the Relais family. •
Slide 14: Relais Group Now Operates 62 Specialized Heavy Commercial Vehicle Workshops
RELAIS GROUP NOW OPERATES 62 SPECIALIZED HEAVY COMMERCIAL VEHICLE WORKSHOPS ACROSS FINLAND, NORWAY AND SWEDEN. RELAIS GROUP IS THE BIGGEST OPERATOR OF INDEPENDENT COMMERCIAL VEHICLE WORKSHOPS IN THE NORDICS * *MAN AG EMEN T ES TI MATE 20 25
Slide 15: Growth Strategy
GROWTH STRATEGY • Our growth strategy is based on reaching earnings growth through a combination of acquisitions, organic growth and functional excellence. • Basically, we allocate capital and aim to make the capital work harder for us to create value for our shareholders. • Having sustainable finan
Slide 16: Financial Review
FINANCIAL REVIEW 16
Slide 17: Net Sales and EBITA
NET SALES AND EBITA SIGNIFICANT POSITIVE IMPACT FROM COMPANIES ACQUIRED INCREASED NET SALES AND LOWER EBITA EXCLUDING IMPACT OF ACQUIRED COMPANIES POSITIVE IMPACT FROM EXCHANGE RATES SIZEABLE IACS Net sales EBITA MEUR +35% MEUR -3% 101 15 100 91 81 83 83 83 80 74 75 74 75 10.0 69 70 9.7 65 64
Slide 18: Items Affecting Comparability (IACs)
ITEMS AFFECTING COMPARABILITY (IACS) kEUR Q3/25 Q3/24 1-9/25 1-9/24 2024 Comments Transaction costs of acquisitions 255 618 571 Amortization of acquisition-related 1 691 1 691 Team Verksted, LVD, Matro companies inventory fair-value adjustments (step-up) 1) Non-recurring items including contingent 1
Slide 19: 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 MEUR/% MEUR/% + Acquisitions in 2024 and 2025 added to 60 140 both gross profit and gross margin 130.8 48.4 120 + Increased weight of h
Slide 20: Operating Expenses
OPERATING EXPENSES INCREASE MOSTLY DRIVEN BY ACQUISITIONS INCREASED OPEX % DUE TO INCREASED SHARE OF MORE FIXED COST INTENSIVE REPAIR & MAINTENANCE MEUR/% MEUR/% 40 100 93.2 35.2 90 35 31.4 28.6 80 74.3 29.3 30 28.3 25.4 70 63.6 25 23.5 59.0 60 20.6 20 18.3 50 44.9 14.9 40 15 30 35.0 10 31.3 32.0
Slide 21: Net Working Capital
NET WORKING CAPITAL SIGNIFICANT INCREASE FROM ACQUIRED COMPANIES HIGHER INVENTORIES IN TECHNICAL WHOLESALE; MILD WINTER & LOWER SPARE PART SALES NO DIVIDEND PAYABLES IN JUNE 2025 COMPARED TO PRY MEUR MEUR 9/25 9/24 12/24 120 +56% Inventories 107.3 84.3 83.7 105 Trade and other receivables 62.9 4
Slide 22: Cash Flow and Cash Conversion
CASH FLOW AND CASH CONVERSION EBITDA INCREASED CHANGE IN NWC NEGATIVELY IMPACTED BY NO DIVIDEND PAYABLE COMPARED TO PRY HIGHER TAX PAYMENTS YTD REALIZED FX DIFFERENCES MEUR Q3/25 Q3/24 Q1-Q3/ Q1-Q3/ 2024 MEUR 25 24 CF before change in NWC 15.0 13.4 40.3 38.6 52.5 Change in NWC -3.9 -8.0 -14.0 -
Slide 23: Cash Flow Summary 1-9/2025
CASH FLOW SUMMARY 1-9/2025 Cash flow from Cash flow from Cash flow from operations investing activities financing activities 9.1 -37.2 56.9 EUR million EUR million EUR million (18.5) (-3.7) (-15.4) + EBITDA increased · Acquisition of the shares in + Raising a multicurrency term loan of EUR 109.6 mil
Slide 24: 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 25: 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 26: 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
Slide 27: Loans Raised and Repaid in January-September
LOANS RAISED AND REPAID IN JANUARY-SEPTEMBER* 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 lo
Slide 28: Interest-Bearing Net Debt
INTEREST-BEARING NET DEBT TERM LOANS RAISED 68 MEUR TERM LOANS REPAID 37 MEUR WITH PROCEEDS FROM HYBRID BOND 40 MEUR LEASE LIABILITIES ADDED IN JUNE (TEAM VERKSTED) INCREASED LEVERAGE, LTM EBITDA COMPONENT INCLUDES ONLY 3-4 MONTHS OF TEAM VERKSTED AND MATRO EBITDA 14 MEUR OF END OF PERIOD CA
Slide 29: Net Financials
NET FINANCIALS LOWER INTEREST EXPENSES ON LOANS HIGHER INTEREST EXPENSES ON LEASES FX GAIN FOLLOWING STRENGTHENING OF THE SEK Q3 (EUR 1,000) Q3/25 Q3/24 Q1- Q1- 2024 + Lower interest expenses on loans due to lower average interest rates following Q3/25 Q3/24 the decrease in EURIBOR and STIBOR ref
Slide 30: Balance Sheet and Financial Position 30 September 2025
BALANCE SHEET AND FINANCIAL POSITION 30 SEPTEMBER 2025 Total assets Total equity Interest-bearing net debt 488.0 178.1 200.0 EUR million EUR million EUR million (337.7) (112.8) (146.6) Net gearing Equity ratio Cash assets 112.3 36.5 38.4 % % EUR million (130.0) (33.4) (9.1) 30
Slide 31: Return 1-9/2025
RETURN 1-9/2025 FAIRLY STABLE DEVELOPMENT RETURN COMPONENT OF LATEST ACQUISITIONS NOT YET VISIBLE IN THE RETURNS RONWC 40.4% (51.1%) ROCE 11.2% (12.7%) ROE 9.7% 31 (14.1%)
Slide 32: Long Term Financial Target
LONG TERM FINANCIAL TARGET Relais Group aims to reach a pro forma* comparable EBITA of 50 MEUR by the end of 2025 We will review our existing strategic and financial objectives and make a solid plan for the next strategy period starting in 2026. The new strategic and financial objectives will be ann
Slide 33: Events After the Review Period
EVENTS AFTER THE REVIEW PERIOD 33
Slide 34: Events After the Review Period
EVENTS AFTER THE REVIEW PERIOD • On 1 October 2025, Raskone completed the acquisition of two heavy commercial vehicle workshops from Wetteri Auto Oy. The workshops will become part of Raskone and will be reported as part of Relais Group's Finland & Baltics segment from 1 October 2025. • On 3 October
Slide 35: Christian Johansson Gebauer – The New CEO
CHRISTIAN JOHANSSON GEBAUER – THE NEW CEO • Gebauer will assume the position no later than 19 January 2026. • He has a strong track record of leading decentralized organizations like Relais. • His last role was at Ratos AB, where he ran the business area Construction & Services. • He has extensive e
Slide 36: Relais Group as an Investment
RELAIS GROUP AS AN INVESTMENT
Slide 37: Relais Group as an Investment
RELAIS GROUP AS AN INVESTMENT Competent compounder with a clear focus on the commercial vehicle aftermarket Track record of successful M&A in a highly fragmented industry with significant acquisition opportunities Exposure to large, resilient and structurally growing markets Scalable platform across
Slide 38: Substantial Shareholder Value Creation
SUBSTANTIAL SHAREHOLDER VALUE CREATION Relais’ absolute total shareholder return (TSR) vs. market index ✓Relais shares have delivered significant shareholder returns since the IPO in Outperforming OMX Helsinki by ~2.3x since IPO1 October 2019, outperforming the OMX ~143% total shareholder return Hel
Slide 39: Outlook for 2025
OUTLOOK FOR 2025 Relais Group is in good shape and well positioned to continue the successful implementation of our strategy also during Q4 and beyond. We see some cautious positive signs in the market, and consider the demand situation for our products and services to be on a stable level. We conti
Slide 40: Q&A
Q&A 40 22-Oct-25
Slide 41: Relais
RELAIS
Slide 42: Earnings per Share (EPS)
EARNINGS PER SHARE (EPS) EUR 1.50 EUR 1.25 EUR 1.00 EUR 0.75 EUR 0.50 0.35 0.37 0.32 0.29 0.26 0.24 0.26 EUR 0.25 0.21 0.2 0.21 0.16 0.18 0.18 0.11 0.08 0.02 0.02 0.01 EUR 0.00 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 EPS (Quar