Relais Group (RELAIS) CMD 2026 summary

Strategic direction and business model

• Transitioning from M&A-driven EBITA growth to prioritizing sustained returns, with a new ROCE target above 13% and double-digit EBITA growth over the business cycle.

• Emphasizing disciplined capital allocation, local entrepreneurship, and operational excellence across Technical Wholesale, Commercial Vehicle Services, and Products & Solutions.

• Maintaining a decentralized structure, empowering local management with accountability for returns and performance.

• Selective expansion beyond the Nordics, focusing on acquiring and developing niche leaders with strong brands and technical expertise.

• Strategic priorities include scaling operations, exploring adjacent markets, and maintaining a focus on cash flow and ROONWC.

Financial performance and targets

• Net sales reached €383.4 million in 2025, with Q1/2026 net sales at €119.0 million (+44% YoY), adjusted EBITA €12.8 million (+40% YoY), and cash flow from operations €10.4 million.

• ROCE at 11.1% in Q1/2026, with a target above 13% annually on average; RONWC at 42.5%.

• Dividend policy set at 30% of fully diluted EPS, with proposals considering equity, acquisition opportunities, liquidity, and growth plans.

• Proven ability to delever after acquisitive growth, with net debt/LTM EBITDA at 3.55x in Q1/2026.

• Capital efficiency and working capital management are strategic priorities, with benchmarking across companies to drive improvements.

Business area highlights

• Technical Wholesale leverages data and AI for smarter decisions, targets EBITA margin improvement, and operates in resilient aftermarket segments with high barriers to entry.

• Commercial Vehicle Services is the largest independent workshop operator in the Nordics, focusing on uptime, operational excellence, and selective consolidation.

• Products & Solutions builds premium brands, scaling niche leaders internationally and driving margin and ROCE improvement through innovation.

• Electrification and new driveline technologies are seen as opportunities, with slow fleet renewal cycles providing stability.

• Completed eight acquisitions in 2025, employing about 1,700 professionals across eight countries.