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Relais Group (RELAIS) investor relations material

Relais Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Achieved solid H1 and Q2 2025 performance with net sales up 12% in Q2 and 6% in H1, mainly driven by acquisitions despite soft market demand.

  • Expanded geographic footprint in the Nordics and Benelux through major acquisitions, strengthening position as the largest independent commercial vehicle workshop operator.

  • Commercial vehicle aftermarket focus, emphasizing defensive market characteristics and resilience to economic cycles.

  • CEO transition announced, with retirement set for March 2026 and management responsibilities being reallocated.

Financial highlights

  • Q2 2025 net sales reached €82.9M (+12% YoY); H1 2025 net sales €165.7M (+6% YoY), with growth primarily from acquisitions.

  • Q2 comparable EBITA €7.6M (+3% YoY); H1 comparable EBITA €16.7M (-2% YoY); H1 EPS €0.41 (+5% YoY); Q2 EPS €0.08 (-55% YoY).

  • Return on capital employed (ROCE) at 12.7% and return on equity (ROE) at 12.3% for H1 2025.

  • Gross margin stable or improved, supported by acquisitions and increased repair and maintenance business.

  • Interest-bearing net debt increased to €226.9M (up 55% YoY); net debt/EBITDA at 4.36x; equity ratio declined to 27.7%.

Outlook and guidance

  • Cautiously positive signals for H2 demand, with some market recovery observed and positive signals in spare parts and equipment.

  • Expectation of continued growth through organic initiatives and further acquisitions, leveraging expanded market reach.

  • Inventory levels expected to normalize by year-end, with no significant risk of obsolescence.

  • Strategic and financial objectives to be reviewed in autumn, with new five-year plan and targets for 2026 onward.

  • Long-term target remains €50M pro forma comparable EBITA by year-end 2025.

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Frequently asked questions

Relais Group imports and wholesales vehicle electrical equipment and spare parts in the Nordic and Baltic countries. The Group also provides logistics services and technical product support. Customer oriented service is the key factor in the success of Relais. In addition to the mechanical spare parts, we supply a very wide range of electrical equipment, such as batteries, accessories, lights, wipers, starters, alternators and electronics for most vehicles.

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