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Relais Group (RELAIS) investor relations material
Relais Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 2025 net sales of EUR 101.1 million (+35% year-over-year) and all-time high comparable EBITA of EUR 10.9 million (+19%), driven by both acquisitions and organic growth.
Completed four major acquisitions in 2025, including Team Verksted, Lastvagnsdelar, Autodelar, and Matro Group, expanding pro forma net sales above EUR 400 million and workforce to nearly 1,700 across eight countries.
Now the largest independent commercial vehicle workshop operator in the Nordics, with 62 specialized workshops.
Strong organic growth in Scandinavia and robust performance in Technical Wholesale and Products, while Commercial Vehicle Repair and Maintenance saw significant acquired growth.
Announced CEO succession, with Christian Johansson Gebauer to take over in January 2026, and distributed an additional EUR 0.20 per share dividend.
Financial highlights
Q3 2025 net sales: EUR 101.1 million (+35%); comparable EBITA: EUR 10.9 million (+19%); comparable EBITA margin: 10.8% (down from 12.2%).
January–September 2025 net sales: EUR 266.8 million (+15%); comparable EBITA: EUR 27.7 million (+6%); comparable EBITA margin: 10.4% (down from 11.3%).
Q3 2025 EPS: EUR 0.31 (+19%); Q1–Q3 2025 EPS: EUR 0.75 (+15%).
Gross margin improved to 48.4% in Q3 and 49.0% YTD, supported by higher-margin acquisitions, despite temporary negative impact from inventory step-up amortizations.
Interest-bearing net debt at EUR 200 million; net debt to LTM EBITDA at 3.74x; equity ratio improved to 36.5%.
Outlook and guidance
Well positioned to continue strategy execution in Q4 and beyond, with stable demand, a strong acquisition pipeline, and cautious optimism about market conditions.
No numeric guidance for 2025, but long-term target remains pro forma comparable EBITA of EUR 50 million by end of 2025.
Strategic and financial objectives to be reviewed for the next period starting 2026.
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