Relais Group Oyj · OMXHEX:RELAIS
Relais Group Oyj — Investor Day (May 2026)
61 slides from Relais Group Oyj's investor day presentation, May 20, 2026
Slide 1: Capital Markets Day 2026
CAPITAL MARKETS DAY 2026 20 MAY
Slide 2: Disclaimer
DISCLAIMER The following applies to this presentation, the oral presentation of the information in this presentation by Relais Group Plc (the “Company” or “Relais”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Info
Slide 3: Agenda for today
AGENDA FOR TODAY 01 Opening words 02 Relais strategy – We turn growth into returns 03 Technical Wholesale 04 Commercial Vehicle Services 05 Products and Solutions 06 Financials 07 Closing remarks 08 Q&A
Slide 4: Present today
PRESENT TODAY Christian Gebauer Juan Garcia Jan Popov Johan Carlos President & CEO Head of Business Area Head of Business Area Head of Business Area Technical Wholesale Commercial Vehicle Services Products and Solutions Thomas Ekström Sebastian Seppänen CFO M&A & Business Development
Slide 5: Relais strategy
Relais strategy We turn growth into returns Christian Gebauer President & CEO
Slide 6: Questions I wish to answer today
QUESTIONS I WISH TO ANSWER TODAY 01 02 03 04 What is Why is our How Relais turns What is the next Relais? niche attractive? growth into phase we are returns? entering?
Slide 7: A leading European serial acquirer in the vehicle aftermarket
A LEADING EUROPEAN SERIAL ACQUIRER IN THE VEHICLE AFTERMARKET Relais acquires and develops niche-leading businesses in the vehicle aftermarket Our three cornerstones: • Local entrepreneurship • Focused M&A • Disciplined capital allocation Delivering long-term EBITA growth with improving return on ca
Slide 8: A decentralized platform of local niche leaders
A DECENTRALIZED PLATFORM OF LOCAL NICHE LEADERS COMMERCIAL VEHICLE SERVICES ~1,700 professionals across 8 countries PRODUCTS AND SOLUTIONS TECHNICAL WHOLESALE
Slide 9: What it means to be a local niche leader
WHAT IT MEANS TO BE A LOCAL NICHE LEADER Attract the best people Become the preferred partner Deliver superior customer value Earn leading margins
Slide 10: Profit growth with strong cash generation
PROFIT GROWTH WITH STRONG CASH GENERATION Cash flow from Net sales Adjusted EBITA operations RONWC ROCE Q1/2026 119.0 12.8 10.4 42.5% 11.1% EUR million EUR million EUR million +44% YoY +40% YoY (Q1/2025: 2.7) (Q1/2025: 53.0%) (Q1/2025: 13.9%) 2025 383.4 38.4 33.9 41.5% 11.1%
Slide 11: Our niche is resilient and fragmented
OUR NICHE IS RESILIENT AND FRAGMENTED
Slide 12: Attractive niche with resilient demand and high fragmentation
ATTRACTIVE NICHE WITH RESILIENT DEMAND AND A HIGH DEGREE OF FRAGMENTATION Pre-market Vehicle aftermarket End-of-life Import / Vehicle Spare parts and Maintenance Supporting Manufacturing Reselling of Demolition customization equipment and repair services Vehicles Fragmented market Resilient demand R
Slide 13: Turning growth into returns
TURNING GROWTH INTO RETURNS
Slide 14: Our value creation model
OUR VALUE CREATION MODEL Buy well Develop well Reallocate capital well • Acquire local niche leaders at • Preserve local entrepreneurship • Actively reallocate capital to attractive valuations and accountability maximize returns on capital employed • Improve EBITA & cash flow with Relais playbook an
Slide 15: Decentralized execution with clear accountability
DECENTRALIZED EXECUTION WITH CLEAR ACCOUNTABILITY LOCAL Local leaders close to customers drive better decisions ENTREPRENEURSHIP CLEAR Freedom comes with full accountability for performance ACCOUNTABILITY COMMERCIAL Pricing, mix and margins drive EBITA growth SHARPNESS CASH FLOW MINDSET Cash generat
Slide 16: The next phase: profitable growth with stronger returns
THE NEXT PHASE: PROFITABLE GROWTH WITH STRONGER RETURNS
Slide 17: Strong growth platform with focus on increasing returns
STRONG GROWTH PLATFORM WITH FOCUS ON INCREASING RETURNS +20% CAGR 38.4 36.8 28.3 28.9 25.8 18.7 14% 13 12% 12% 11% 10% 10% 2019 2020 2021 2022 2023 2024 2025 Adj. EBITA, EURm ROCE, % Note: IFRS from 2021 onwards, local GAAP before that. For 2022 onwards ROCE has been recalculated according to curren
Slide 18: Our playbook for higher returns on capital
OUR PLAYBOOK FOR HIGHER RETURNS ON CAPITAL Why ROCE matters What drives ROCE How do we improve ROCE • ROCE is a measure of value creation • Organic profit growth • We see clear potential for higher returns on capital • Higher ROCE means higher-quality • Disciplined capital allocation growth • Focus
Slide 19: A sharper operating model for high returns
A SHARPER OPERATING MODEL FOR HIGH RETURNS What we reinforce What we clarify What we avoid • Clear EBITA and ROONWC • Organic EBITA growth as first • Prolonged underperformance ownership at company level priority • Unclear financial accountability • Monthly performance reviews • Clear accountability
Slide 20: Building a more scalable M&A engine
BUILDING A MORE SCALABLE M&A ENGINE Each BA is responsible for building an Extensive coverage acqusition pipeline by leveraging our unique across our niches market insights in fragmented niches We use our networks to find attractive acquisition Internal deal sourcing complemented opportunities, and
Slide 21: Why entrepreneurs choose us
WHY ENTREPRENEURS CHOOSE US Join a group of niche leaders, Freedom to run your business companies they know and respect Continue profitable growth Simple and pragmatic way of working Continuous development support Keep local brand and culture
Slide 22: Significant runway for continued capital allocation
SIGNIFICANT RUNWAY FOR CONTINUED CAPITAL ALLOCATION Number of commercial vehicles on the road: # of commercial vehicles as x a multiple of Finland 1.6x 1.0x Finland Sweden 1.4x ~450,000 ~720,000 commercial vehicles commercial vehicles 0.9x Norway Denmark 14.9x ~650,000 ~400,000 3.0x 7.5x commercial
Slide 23: Financial targets and dividend policy
FINANCIAL TARGETS AND DIVIDEND POLICY Dividend Double digit Above 30% of fully EBITA growth rate 13% diluted EPS Annually, on average over ROCE Annually, on average over a business cycle a business cycle
Slide 24: Our path to stronger value creation for 2026-2028
OUR PATH TO STRONGER VALUE CREATION FOR THE STRATEGY PERIOD 2026-2028 Scale the model • Scale from a stronger foundation • Accelerate selective M&A • Drive sustained ROCE improvement Improve quality of growth • Organic EBITA growth • Margin improvement • Selective M&A Building the foundation • Build
Slide 25: The Relais investment case
THE RELAIS INVESTMENT CASE 01 02 03 04 A decentralized An attractive niche with A proven operating Next phase: profitable platform of local niche resilient demand model for value growth with stronger leaders creation returns
Slide 26: Technical Wholesale
Technical Wholesale Juan Garcia Head of Technical Wholesale Business Area
Slide 27: Your need – our solution
YOUR NEED – OUR SOLUTION 65 000 m2 Warehouse space in >200 000 6 countries SKUs ~500 15 Employees Companies
Slide 28: Stable cash generator of Relais Group
STABLE CASH GENERATOR OF RELAIS GROUP Key figures, EURm and % of net sales 215.9 204.6 • Technical Wholesale serves as a stable cash-generating platform and a trusted long-term home for 10.8% 10.7% entrepreneur-led companies. • Provides predictability, stability and reliability for the whole Group.
Slide 29: Strong market position
STRONG MARKET POSITION Technical Wholesale operates in resilient aftermarket segments with Resilient market high barriers of entry. Operates primarily in on-road vehicles market (trucks, busses, LCVs and passenger cars). Business is supported by long-term trends such as increasing Favourable trends
Slide 30: Electrification creates new opportunities
ELECTRIFICATION CREATES NEW OPPORTUNITIES Vehicle fleet The vehicle fleet changes slowly as the average changes slowly age of vehicles is more than a decade Passenger cars ahead Electrification has progressed further in passenger of commercial vehicles cars than in commercial vehicles In CVs, city b
Slide 31: Strategic priorities
STRATEGIC PRIORITIES Strengthen local market leading companies through Scale operational excellence (i.e. logistics, knowledge sharing and purchasing power). Support organic growth through expanded assortment, Disciplined growth availability and service levels. Explore adjacent Expand into adjacent
Slide 32: Value creation levers
VALUE CREATION LEVERS Higher gross margin through mix, pricing and private brand (Nordic Parts Development – NPD) Clear path to EBITA Growth from selected expansion initiatives, including HTD and Awimex internationalization growth and ROCE Improved working capital efficiency through improvement bett
Slide 33: Commercial Vehicle Services
Commercial Vehicle Services Jan Popov Head of Commercial Vehicle Services Business Area
Slide 34: We are selling uptime
WE ARE SELLING UPTIME Commercial Vehicle Services consists of companies that 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,
Slide 35: Biggest operator of independent commercial vehicle workshops in the Nordics
RELAIS GROUP IS THE BIGGEST OPERATOR OF INDEPENDENT COMMERCIAL VEHICLE WORKSHOPS IN THE NORDICS 3 >60 ~1,100 Countries Service Employees locations Main truck authorizations:
Slide 36: Consistent growth in net sales and EBITA
CONSISTENT GROWTH IN NET SALES AND EBITA Key figures, EURm and % of net sales • Commercial Vehicle Services’ growth has been based on both acquisitions and strong operational performance 170.3 148.7 • In Q1/2026, net sales grew by 74% driven by acquisitions of Team Verksted, Wetteri 8.0% workshops,
Slide 37: Cash flow engine for Relais Group
CASH FLOW ENGINE FOR RELAIS GROUP The workshop model is characterized by short billing cycles, limited working Strong cash capital requirements, and moderate reinvestment needs resulting in cash conversion conversion that is consistently high across market conditions. Capital-light Very small invent
Slide 38: Case Raskone – systematic development leads to strong return on capital
CASE RASKONE – SYSTEMATIC DEVELOPMENT OF BUSINESS LEADS TO STRONG RETURN ON CAPITAL Net working Cash conversion Personnel Operational Operational capital (3 year average) satisfaction (1-5) EBITA EBITA-% 2025 5.5 M€ 9.2% -0.9 M€ 103% 4.06 Vs. Vs. Vs. Vs. Vs. 2017 -0.3 M€ -0.5% 0.4 M€ -54% 3.36 5.5 W
Slide 39: Strategic priorities – maximize customer uptime
STRATEGIC PRIORITIES – MAXIMIZE CUSTOMER UPTIME Drive operational excellence and margin resilience through Operational excellence improved workshop utilization, productivity, and customer retention. Strengthen customer stickiness and aftermarket share through Customer value focus service quality, co
Slide 40: Value creation levers
VALUE CREATION LEVERS Higher margins through better efficiency and utilization Clear path to EBITA Consolidation benefits across the network growth and ROCE Improved capital efficiency improvement Significant margin upside by building on the strong platform, capturing synergies and scaling selective
Slide 41: Products and Solutions
Products and Solutions Johan Carlos Head of Products and Solutions Business Area
Slide 42: Necessary products. Wanted brands
NECESSARY PRODUCTS. WANTED BRANDS Need-to-have functionality. Want-to-have identity. • Functional need Products that help users work better every day. • Emotional demand Design, identity and pride in the vehicle. • Brand power Users actively choose the brands they trust. Functional stability + emoti
Slide 43: Transforming brands through engagement
TRANSFORMING BRANDS THROUGH ENGAGEMENT A community that drives Scalable brand with Transforming local brands organic demand significant potential into global leaders 320k+ 50+ 0.6MEUR Followers across socials Countries 15M+ 6 >35MEUR Views on YouTube Continents Through organic growth www.rela is.fi
Slide 44: Business overview
BUSINESS OVERVIEW Key figures, EURm and % of net sales 42.0 From brand preference to shareholder value. 36.8 • Build preference Premium brands users actively choose. 23.1% 22.4% • Create pricing power Less interchangeable. More control over value. 9.4 • Scale with discipline 8.5 Margins, ROCE and pr
Slide 45: Where we play — and how we win
WHERE WE PLAY — AND HOW WE WIN Where we play Passion • Proprietary brands for vehicles and users Serve and develop with • Functional products with emotional potential passion and team spirit to win the hearts of all the drivers in the world • Accessories, components, software and services • Aftermar
Slide 46: Strategic priorities
STRATEGIC PRIORITIES People Acquiring ‘hidden gems’ with unique DNA and market desire. Transforming niche leaders into international icons via our Building brands industrial platform. International A self-funding engine fuelled by strict capital allocation. Building the best portfolio of products, b
Slide 47: Value creation levers
VALUE CREATION LEVERS Innovation & Product Creation: The engine of our growth. Creating 'must-have' products that ensure we are the primary choice for passionate users. Clear path to EBITA Scalable Brand Power: Scaling proven concepts to new markets while protecting their growth and ROCE unique DNA.
Slide 48: Financials
Financials Thomas Ekström CFO
Slide 49: Profit growth with strong cash generation
PROFIT GROWTH WITH STRONG CASH GENERATION Cash flow from Net sales Adjusted EBITA operations RONWC ROCE Q1/2026 119.0 12.8 10.4 42.5% 11.1% EUR million EUR million EUR million +44% YoY +40% YoY (Q1/2025: 2.7) (Q1/2025: 53.0%) (Q1/2025: 13.9%) 2025 383.4 38.4 33.9 41.5% 11.1% www.rela is.fi
Slide 50: Healthy financial position
HEALTHY FINANCIAL POSITION Net debt / LTM Net debt Total assets Equity ratio Net debt EBITDA (non-IFRS) Q1/2026 511.8 36.7% 213.5 3.55 157.7 EUR million EUR million EUR million 2025 493.0 36.7% 209.6 3.80x 155.7 www.rela is.fi
Slide 51: We have delivered profitable growth
WE HAVE DELIVERED PROFITABLE GROWTH Net sales and adjusted EBITA, EUR million 1 • We have delivered profitable growth • We have succeeded in both organic and inorganic growth 383 323 284 261 238 129 99 28.3 25.8 28.9 36.8 38.4 13.0 18.7 2019 2020 2021 2022 2023 2024 2025 2 2 6 3 4 2 8 Net sales Adj.
Slide 52: Net working capital is a strategic asset
NET WORKING CAPITAL IS A STRATEGIC ASSET Net working capital, EUR million • Inventory is a strategic asset for us – It enables us to serve our customers RONWC in Q1/2026 • • Key is to balance product availability with capital efficiency Increased focus on capital efficiency – Benchmarking provides a
Slide 53: Strong cash flow
STRONG CASH FLOW Operating cash flow, EUR million • Strong cash flow – Good and stable profit, predictable maintenance capex Cash conversion in Q1/2026 and NWC control • As mentioned, increased NWC focus means potential to improve 67% 34.8 33.9 28.8 30.6 13.2 2021 2022 2023 2024 2025 Operating cash
Slide 54: Proven ability to delever following growth spurts
PROVEN ABILITY TO DELEVER FOLLOWING GROWTH SPURTS – CREATING HEADROOM FOR FURTHER GROWTH Net debt to rolling 12-month EBITDA (IFRS) Two major, transformative History of rapid acquisitive acquisitions closed Continue to create growth temporarily increased Slower acquisition pace, in Q2 and Q3/2025 he
Slide 55: Closing remarks
Closing remarks Christian Gebauer President & CEO
Slide 56: Relais as an investment
RELAIS AS AN INVESTMENT Competent serial acquirer Track record of successful with a clear focus on M&A in a highly fragmented the commercial vehicle industry with significant aftermarket acquisition opportunities Exposure to large, Scalable platform across resilient and structurally diversified busi
Slide 57: Substantial shareholder value creation
SUBSTANTIAL SHAREHOLDER VALUE CREATION ~136% total shareholder return Outperforming OMX Helsinki by • Relais shares have since IPO 1 ~1.3x since IPO1 significantly outperformed the market since the IPO 2.36 136% • Since the IPO, we have returned EUR 41 million 104% to shareholders in dividends and s
Slide 58: Financial targets and dividend policy
FINANCIAL TARGETS AND DIVIDEND POLICY Dividend Double digit Above 30% of fully EBITA growth rate 13% diluted EPS Annually, on average over ROCE Annually, on average over a business cycle a business cycle
Slide 59: Clear direction. Clear accountability. Performance and growth.
Clear direction. Clear accountability. Performance and growth.
Slide 60: mR HPSS
mR HPSS 2
Slide 61: Thank you
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