Slide 1: Half-Year Financial Report January–June 2026
HALF-YEAR FINANCIAL REPORT JANUARY–JUNE 2026 13 August 2026
Slide 2: Presenting Today
PRESENTING TODAY Christian Gebauer Sebastian Seppänen President & CEO Interim CFO Director, M&A and Business Development www.relais.fi www.relais.fi © 2026 Relais — All rights reserved 13 August 2026 2
Slide 3: CEO Review
CEO REVIEW Christian Gebauer President & CEO
Slide 4: 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 5: 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 www.relais.fi www.relais.fi © 2026 Relais — All rights reserved 13 August 2026 5
Slide 6: Our Path to Stronger Value Creation for the Strategy Period 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 7: Financial Targets and Dividend Policy
FINANCIAL TARGETS AND DIVIDEND POLICY Double digit Above Dividend 30% of fully EBITA growth rate 13% diluted EPS Annually, on average over ROCE Annually, on average over a business cycle a business cycle www.relais.fi www.relais.fi © 2026 Relais — All rights reserved 13 August 2026 7
Slide 8: Q2 2026: Strong Cash Generation and Focus on Improving Returns
Q2 2026: STRONG CASH GENERATION AND FOCUS ON IMPROVING RETURNS WHAT WENT WELL • Net sales +33%, organic growth 4% • Cash flow from operations EUR 6.8 million (-0.2) • Cash conversion 99.6% WHAT IMPACTED ADJUSTED PROFITABILITY • EUR 1.2 million year-on-year ECL headwind, primarily in Technical Wholes
Slide 9: Group Organic Growth Returned to +4%
GROUP ORGANIC GROWTH RETURNED TO +4%, SUPPORTED BY TECHNICAL WHOLESALE AND P&S NET SALES (€M) AND ORGANIC GROWTH (%) POSITIVE DRIVERS: • Acquisitions across all three business areas 15 00. +33% 35 % • Broad-based organic growth in Technical Wholesale • Products & Solutions grew, supported by Strands
Slide 10: Group Adjusted EBITA Increased Despite Temporary Profitability Headwinds
GROUP ADJUSTED EBITA INCREASED DESPITE SIGNIFICANT TEMPORARY PROFITABILITY HEADWINDS ADJUSTED EBITA (€M) AND ADJUSTED EBITA MARGIN (%) POSITIVE DRIVERS: • Acquisitions across all three business areas • Products & Solutions: Strands strong growth +6% 35 % 14 .0 • CVS: Improved profitability in Team V
Slide 11: Segment Structure
SEGMENT STRUCTURE Leading suppliers of repair, COMMERCIAL maintenance, and service solutions for commercial VEHICLE SERVICES vehicles and industrial equipment. Companies with scalable PRODUCTS AND branded products and solutions for vehicle users SOLUTIONS across international markets. Leading distri
Slide 12: CVS: Earnings Improved Despite Temporary Headwinds
CVS: EARNINGS IMPROVED DESPITE TEMPORARY HEADWINDS NET SALES (€M) ADJUSTED EBITA (€M) AND ADJUSTED EBITA MARGIN (%) 80 .0 +46% 10 .0 50 % 9.0 45 % +14% 70 .0 8.0 40 % 60 .0 50.7 7.0 35 % 50 .0 46.7 46.2 41.3 6.0 30 % 40 .0 5.0 4.6 25 % 31.7 4.0 4.0 20 % 2.9 30 .0 2.6 2.5 10% 3.0 15 % 20 .0 9% 2.0 8%
Slide 13: P&S: Continues to Perform Well
P&S: CONTINUES TO PERFORM WELL NET SALES (€M) ADJUSTED EBITA (€M) AND ADJUSTED EBITA MARGIN (%) 20 .0 +112% 10 .0 50 % 18 .0 16 .0 9.0 8.0 +103% 45 % 40 % 14 .0 12.3 12.7 12.2 7.0 35 % 12 .0 11.4 6.0 30 % 24% 22% 22% 21% 10 .0 5.0 21% 25 % 8.0 4.0 20 % 5.7 3.1 2.7 2.6 6.0 3.0 2.4 15 % 4.0 2.0 1.3 10
Slide 14: TW: Sales Growth Offset by ECL Provisions and Growth Investments
TW: SALES GROWTH OFFSET BY ECL PROVISIONS AND GROWTH INVESTMENTS NET SALES (€M) ADJUSTED EBITA (€M) AND ADJUSTED EBITA MARGIN (%) 80 .0 +18% 10 .0 50 % 70 .0 9.0 -17% 45 % 60.4 58.6 8.0 40 % 60 .0 54.5 6.9 50.9 7.0 6.3 35 % 50 .0 46.1 6.0 5.3 30 % 40 .0 5.0 4.6 25 % 3.8 4.0 20 % 30 .0 3.0 10% 10% 11
Slide 15: tershine: Another Leading Niche Business Joins Relais Group
TERSHINE: ANOTHER LEADING NICHE BUSINESS JOINS RELAIS GROUP tershine – a premium vehicle care brand with strong market position • Strong premium brand with loyal customer base • Attractive profitability and growth profile • Excellent fit with Products & Solutions strategy • Significant opportunity f
Slide 16: Acquisitions Completed During the Past 12 Months
ACQUISITIONS COMPLETED DURING THE PAST 12 MONTHS Company Country Segment Closing Annual sales* terhsine Products and Solutions Q3/26 EUR 14M Service-Ekspressen Technical Wholesale Q2/26 EUR 3M QPAX Products and Solutions Q1/26 EUR 2M Landströms Bygg & Plåt Commercial Vehicle Services Q1/26 EUR 2M TJ
Slide 17: Financials
FINANCIALS Sebastian Seppänen Interim CFO Director, M&A and Business Development
Slide 18: Adjusted EBITA Margin Q-on-Q Bridge
ADJUSTED EBITA MARGIN Q-ON-Q BRIDGE Adjusted EBITA margin impacted by ECL, growth investments and temporary relocation effects ADJUSTED EBITA MARGIN (% OF NET SALES AND PPTS) ADJUSTED EBITA MARGIN +1 Adjusted EBITA margin was impacted by the change 1 in expected credit losses (non-cash item). 9.1% 2
Slide 19: Items Affecting Comparability
ITEMS AFFECTING COMPARABILITY Items affecting comparability amounted to EUR 1.9 million in the quarter ADJUSTED EBITA TO EBITA BRIDGE (EUR MILLION) ITEMS AFFECTING COMPARABILITY +1 Discontinuation of two central IT development 1 projects that no longer fit our decentralized 8.0 operating model – Non
Slide 20: Cash Flow and Cash Conversion
CASH FLOW AND CASH CONVERSION Strong cash generation CASH FLOW FROM OPERATING ACTIVITIES (€M) €M Q2/26 Q2/25 2025 AND CASH CONVERSION (%) CF before change in NWC 13.9 11.9 54.4 Change in NWC 1.7 -2.3 0.3 30 .0 10 00% 24.9 25 .0 CF from net financials -8.8 -9.8 -20.7 80 0% CF from operations 6.8 -0.2
Slide 21: Net Working Capital
NET WORKING CAPITAL Positive impact from efficiency measures NET WORKING CAPITAL (€M) AND RONWC (%) €M 30 June 30 June 31 Dec 2026 2025 2025 Inventories 106.2 99.3 102.2 12 00. 1 Trade and other receivables 60.2 62.1 54.7 105.0 0.9 101.2 10 0.0 94.7 94.7 96.1 0.8 Trade and other payables 70.1 66.7 6
Slide 22: Cash Flow Summary Q2 2026
CASH FLOW SUMMARY Q2 2026 CASH FLOW FROM CASH FLOW FROM CASH FLOW FROM OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES +6.8 -1.0 -11.9 EUR million EUR million EUR million (-0.2) (-20.7) (+11.3) COMMENTS: COMMENTS: COMMENTS: • Cash flow before change in NWC EUR 13.9 • Consists predomin
Slide 23: Net Debt
NET DEBT Net debt slightly below last year 30 June 30 June 31 Dec €M 2026 2025 2025 INTEREST-BEARING NET DEBT (€M) AND NET DEBT / LTM EBITDA Loans from financial institutions, l-t 109.6 137.9 113.2 Loans from financial institutions, s-t 13.8 9.0 13.7 25 00. 9.0x Loans from financial inst., total 123
Slide 24: Net Financials
NET FINANCIALS Net financials increase slightly driven by higher lease interest COMMENTS: €M Q2/26 Q2/25 2025 • Interest expenses on loans, net of the change in fair value Financial income of floating to fixed interest swaps, were EUR -1.8 (-1.4) Foreign exchange gains 1.5 -1.2 10.1 million Interest
Slide 25: EPS Summary Q2
EPS SUMMARY Q2 ADJ. EPS EXCL. EPS, BASIC ACQUISITIONS -0.09 0.12 EUR EUR (0.08) (0.15) COMMENTS: COMMENTS: • Decreased due to increased • Decreased due to hybrid bond amortization of acquisition related interest intangible assets • Decreased due to hybrid bond interest www.relais.fi www.relais.fi ©
Slide 26: Return Q2 2026
RETURN Q2 2026 ROWNC and ROCE impacted by acquisitions – return component only includes partial year profit RONWC ROCE ROE 42.8% 10.8% 7.1% (47.7%) (12.8%) (12.3%) www.relais.fi www.relais.fi © 2026 Relais — All rights reserved 13 August 2026 26
Slide 27: Events After the Review Period
EVENTS AFTER THE REVIEW PERIOD July 28: Acquisition of tershine AB July 29: Share subscriptions with stock options 2023A and 2023B July 31: The Board of Directors of Relais Group resolved on directed share issues following tershine’s acquisition www.relais.fi www.relais.fi © 2026 Relais — All rights
Slide 28: Focus 2026: Profitable Growth and Stronger Cash Flow
FOCUS 2026: PROFITABLE GROWTH AND STRONGER CASH FLOW Profitable growth Operational Working capital & cash flow discipline discipline generation Speed in execution Lower inventory Pricing and assortment Better receivables management Profitability focus Tight capital control Disciplined capital deploy
Slide 29: Outlook for 2026
OUTLOOK FOR 2026 • Market conditions were broadly stable during the quarter. As always in our diverse portfolio, demand continues to vary between markets and operating companies. • Looking ahead, our priority is clear: converting growth into improved profitability and stronger returns, while continu
Slide 30: Summary of Q2 2026
SUMMARY OF Q2 2026 Strong cash generation and solid organic sales growth • Net sales +33%, organic +4% • Cash conversion 99.6% Profitability impacted by three factors: • ECL provisions, EUR 1.2 million swing y-o-y • Organic growth investments • Raskone flagship workshop relocation The priority is un
Slide 31: Relais
RELAIS
Slide 32: Thank You.
THANK YOU.