Relais Group Oyj · OMXHEX:RELAIS
Relais Group Oyj — H1 2025 Earnings Presentation
46 slides from Relais Group Oyj's earnings presentation, Aug 14, 2025
Slide 1: Half-Year Financial Report January–June 2025
Half-Year Financial Report January–June 2025 14 August 2025 Q2/2025 1
Slide 2: Presenting Today
PRESENTING TODAY Arni Ekholm Thomas Ekström Group CEO Group CFO 2
Slide 3: A Solid Performance
A SOLID PERFORMANCE 3
Slide 4: Agenda
AGENDA • CEO Review • Financial Review • Events after the Review Period • Relais Group as an Investment • Q&A 4
Slide 5: The Relais Growth Story
Acquisition of: THE RELAIS GROWTH STORY Matro Group1 Team Verksted1 Acquisition of: Lastvagnsdelar1 Adita 2 HCV workshops AutoMateriell from Wetteri1,2 Acquisition of: Autodelar Sweden1 Nordic Lift Strands Group JTC Acquisition of: Raskone Lumise Asennustyö M. Acquisition of: STS Sydhamnens Trailer
Slide 6: Relais Group Companies
RELAIS GROUP COMPANIES Technical Wholesale and Products (63% of H1/25 Net sales) More than 1,600 Spare Parts professionals in 8 countries* 28% Lighting and Equipment 35% Commercial Vehicle Repair and Maintenance (37% of H1/25 Net sales) 37% 6 N O T E : * T E A M V E R K S T E D , L VD , M A T R O ,
Slide 7: In Less Than 5 Years Relais Group Has Grown From 0 to 61 Workshops
IN LESS THAN 5 YEARS RELAIS GROUP HAS GROWN FROM 0 TO 61 WORKSHOPS RELAIS GROUP IS THE BIGGEST OPERATOR OF INDEPENDENT COMMERCIAL VEHICLE WORKSHOPS IN THE NORDICS * *Management estimate 2025
Slide 8: CEO Review: A Solid Performance
CEO REVIEW: A SOLID PERFORMANCE 8
Slide 9: Our Acquisition Driven Business Model Proved Its Resilience
OUR ACQUISITION DRIVEN BUSINESS MODEL PROVED ITS RESILIENCE Our business is predominantly focused on the commercial vehicle aftermarket, which by nature is more defensive and less cyclical than many other vehicle and mobility related businesses. Commercial vehicles need to be running even during wea
Slide 10: Net Sales and Comparable EBITA
Q2 / 2025 H1 / 2025 Net sales 82.9 165.7 MEUR +12% vs. Q2/2024 +6% vs.H1/2024 Comparable EBITA 7.6 16.7 MEUR +3% vs. Q2/2024 -2% vs. H1/2024 Earnings per share, 0.08 0.41 basic (EUR) 0.18 in Q2/2024 (change: -55%) 0.39 in H1/2024 (change: +5%) Profit for the period 1.5 7.3 MEUR -55% vs. Q2/2025 +2%
Slide 11: Major Steps Taken to Reach Strategic Objectives
MAJOR STEPS TAKEN TO REACH STRATEGIC OBJECTIVES As a sector focussed and competent compounder it is vital that we at all times have a healthy pipeline of acquisition targets. We also need to have the ability to make things happen and execute the deals having a strong strategic fit and a good value c
Slide 12: Strategic Acquisitions
STRATEGIC ACQUISITIONS OUR DETERMINED AND DISCIPLINED EFFORTS HAVE RESULTED IN SEVERAL ACQUISITIONS WHICH HAVE A MATERIAL IMPACT IN REACHING OUR GROWTH TARGETS In early July we finalized the In June, we finalized the In early July we announced the acquisition of Matro Group in acquisition of the Nor
Slide 13: 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 During this autumn we will review our existing strategic and financial objectives and make a solid plan for the next strategy period starting as of January 2026. The new strategic and fi
Slide 14: Outlook for 2025
OUTLOOK FOR 2025 Despite the certain softness in the markets during H1, we start to also see some cautious positive signals in the demand of our products and services. • The commercial vehicles need to be up and running and with our large geographical coverage with workshops in strategic locations i
Slide 15: Management Team
MANAGEMENT TEAM (1 APRIL 2025) Arni Ekholm Johan Carlos Thomas Ekström Juan Garcia Jan Popov Sebastian Seppänen Juri Viitaniemi Group CEO Managing Director of Group CFO Regional Managing Director of Managing Director of Director M&A and Business Director Compliance, Legal Strands Group AB Scandinavi
Slide 16: Financial Review
FINANCIAL REVIEW 16
Slide 17: Net Sales and EBITA
NET SALES AND EBITA SIGNIFICANT CONTRIBUTION FROM COMPANIES ACQUIRED IN 2024 AND 2025 LOWER NET SALES AND EBITA EXCLUDING IMPACT OF ACQUIRED COMPANIES POSITIVE IMPACT FROM EXCHANGE RATES Net sales EBITA MEUR +12% MEUR -1% 100 10 9.7 10.0 90.7 9.1 9.0 82.8 82.9 8.4 80.9 82.8 8.0 8.0 7.7 7.8 80 73
Slide 18: Gross Profit and Gross Margin
GROSS PROFIT AND GROSS MARGIN STABLE ORGANIC DEVELOPMENT POSITIVE IMPACT FROM ACQUISITIONS MEUR/% MEUR/% 60.0 100.0 + Acquisitions in 2024 and 2025 49.1 90.0 added to both gross profit and gross 47.7 81.8 50.0 45.4 45.7 80.0 73.6 margin 41.5 40.7 70.0 + Increased weight of Repair and 40.0 61.4 35.
Slide 19: Operating Expenses
OPERATING EXPENSES INCREASE MOSTLY DRIVEN BY ACQUISITIONS FAIRLY STABLE OPEX % EXCLUDING ACQUISITIONS MEUR/% MEUR/% 40.0 60.0 58.1 35.1 35.6 35.0 33.4 34.2 50.7 31.1 50.0 29.5 43.0 30.0 40.7 25.4 40.0 25.0 20.8 21.4 30.0 35.1 20.0 30.0 33.7 32.3 32.3 16.2 28.4 15.0 20.0 10.0 10.0 5.0 0.0 0.0 Q221
Slide 20: 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 6/25 6/24 12/24 Inventories 99.3 79.2 83.7 Trade and other receivables 62.0 44.7 42.2 MEUR +52%
Slide 21: Cash Flow and Cash Conversion
CASH FLOW AND CASH CONVERSION EBITDA STABLE CHANGE IN NWC NEGATIVE PARTLY CAUSED BY NO DIVIDEND PAYABLE LOWER TAX PAYMENTS REALIZED FX LOSS IN H1 DUE TO REPAYMENT AND REFINANCING OF SEK LOANS IN MARCH 2025 MEUR Q2/25 Q2/24 H1/25 H1/24 2024 MEUR CF before change in NWC 11.9 11.3 25.2 25.2 52.5 C
Slide 22: Cash Flow Summary 1-6/2025
CASH FLOW SUMMARY 1-6/2025 Cash flow from Cash flow from Cash flow from operations investing activities financing activities 2.4 -21.6 29.3 EUR million EUR million EUR million (14.1) (-2.9) (-11.5) ± EBITDA unchanged · Acquisition of the shares in Team Verkstad – Repayment of EUR 92.9 million − Deve
Slide 23: 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 ter
Slide 24: Loans Raised and Repaid in H1
LOANS RAISED AND REPAID IN H1* 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 loans repaid 28 M
Slide 25: Interest-Bearing Net Debt
INTEREST-BEARING NET DEBT NEW TERM LOANS 17 MEUR IN REFINANCING IN MARCH AND BRIDGE LOAN 37 MEUR IN JUNE – USED FOR TEAM VERKSTAD (JUNE) AND MATRO ACQUISITIONS (JULY) 40 MEUR LEASE LIABILITIES FROM TEAM VERKSTAD IN JUNE (MOSTLY WORKSHOPS AT STRATEGIC LOCATIONS) INCREASED LEVERAGE - LTM EBITDA COMPON
Slide 26: Net Financials
NET FINANCIALS LOWER INTEREST EXPENSES ON LOANS HIGHER INTEREST EXPENSES ON LEASESLARGE FX CHANGES DUE TO LARGE MOVEMENTS IN SEK Q2 – Overall significant increase in net financial expenses (EUR 1,000) Q2/25 Q2/24 H1/25 H1/24 2024 Financial income + Lower interest expenses on loans due to lower av
Slide 27: Balance Sheet and Financial Position 30 June 2025
BALANCE SHEET AND FINANCIAL POSITION 30 JUNE 2025 Total assets Total equity Interest-bearing net debt 438.4 121.4 226.9 EUR million EUR million EUR million (331.1) (107.9) (146.7) Net gearing Equity ratio Cash assets 186.9 27.7 19.7 % % EUR million (135.9) (32.6) (9.4) 27
Slide 28: Return 1-6/2025
RETURN 1-6/2025 FAIRLY STABLE DEVELOPMENT RETURN COMPONENT OF LATEST ACQUISITIONS NOT YET VISIBLE IN THE RETURNS RONWC 43.3% (51.3%) ROCE 12.7% (12.9%) ROE 12.3% 28 (13.1%)
Slide 29: Events After the Review Period
EVENTS AFTER THE REVIEW PERIOD 29
Slide 30: Acquisition of Autodelar Sweden AB
Completion of the Acquisition of two Acquisition of acquisition of heavy commercial Autodelar 70 percent of vehicle workshops Sweden AB the shares from Wetteri in Matro Group Auto Oy
Slide 31: Relais Group as an Investment
RELAIS GROUP AS AN INVESTMENT
Slide 32: 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 33: Substantial Shareholder Value Creation
SUBSTANTIAL SHAREHOLDER VALUE CREATION Relais’ absolute total shareholder return (TSR) vs. market index ✓Relais shares have delivered Outperforming OMX Helsinki by ~2.9x since IPO1 significant shareholder returns since ~154% total shareholder return the IPO in October 2019, since IPO1 outperforming
Slide 34: Q&A
Q&A 34 14-Aug-25
Slide 35: Appendix
RELAIS APPENDIX
Slide 36: Consolidating the Vehicle Aftermarket in the Nordics
CONSOLIDATING THE VEHICLE AFTERMARKET IN THE NORDICS 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 Services and Re
Slide 37: Drivers of Profitable Growth Journey
DRIVERS OF PROFITABLE GROWTH JOURNEY Acquire new growth platforms A top consolidator in New business areas within Transformational M&A the Northern the vehicle aftermarket in existing business areas European vehicle Bolt-ons in existing business areas aftermarket. Scalable platform Geographical Crit
Slide 38: Sustainability
SUSTAINABILITY • On 14 March 2025, Relais published a Sustainability Report prepared in accordance with the European Sustainability Reporting Standards (ESRS) and the Finnish Accounting Act as part of the Report of the Board of Directors. • During the review period, Relais continued its planned deve
Slide 39: Acquisitions
QUISITIONS = AC
Slide 40: Acquisitions
ACQUISITIONS • As a competence-based compounder, we aim to constantly have a strong pipeline of promising companies to acquire – potential companies having: • a stable financial track record; • a well- managed business with a highly committed team; • a solid path for future profit growth as a member
Slide 41: Through the Acquisition of Matro Group We Expand Our Footprint
THROUGH THE ACQUISITION OF MATRO GROUP WE CONSIDERABLY EXPAND OUR FOOTPRINT IN THE EUROPEAN TRUCK ACCESSORIES MARKET
Slide 42: Matro Group
MATRO GROUP • A distributor of truck accessories with well-established market position in the Benelux and Germany. • Established in 1988 • A profitable and growing business: In 2024, Net sales EUR 18.7 million and EBITDA EUR 3.7 million. • Own brand of truck accessories, NEDKING • A long-term custom
Slide 43: Key Benefits of the Acquisition
KEY BENEFITS OF THE ACQUISITION: The acquisition of Matro Group has developed its own As part of Relais Matro Group will Together, Strands and brand within Truck Group, Matro Group enable accelerated Matro are better Accessories, NEDKING. can benefit from growth in the truck positioned to also Lever
Slide 44: Team Verksted Holding AS
TEAM VERKSTED HOLDING AS • Team Verksted Holding consists of the commercial vehicle repair and maintenance chain Team Verksted and the heavy spare parts specialist wholesaler Lastvagnsdelar (LVD). • Team Verksted operates a nationwide multibrand workshop chain, offering maintenance and service for t
Slide 45: Key Benefits of the Acquisition
KEY BENEFITS OF THE ACQUISITION: The acquisition unlocks material synergy The acquisition of Team potential of up to an Through the Verksted expands Relais estimated NOK 30 acquisition of Group’s commercial Team Verksted serves as million annually, over the Lastvagnsdelar Relais vehicle repair and a
Slide 46: Relais
RELAIS