Relais Group (RELAIS) CMD 2026 summary

Strategic direction and business model

• Transitioning from M&A-driven growth to prioritizing sustained EBITA growth and returns, with a new target of 13%+ return on capital employed and double-digit EBITA growth.

• Emphasis on disciplined capital allocation, local entrepreneurship, and operational excellence across three business areas: Technical Wholesale, Commercial Vehicle Services, and Products & Solutions.

• Decentralized structure empowers local management, enhances accountability, and supports tailored decision-making for performance and returns.

• Expansion beyond the Nordics with selective acquisitions in Europe, focusing on entrepreneur-led niche leaders and value creation.

• 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 €119.0m (+44% YoY), adjusted EBITA €12.8m (+40% YoY), and cash flow from operations €10.4m.

• New financial targets set for double-digit EBITA growth and ROCE above 13% annually on average over a business cycle, with a dividend policy of 30% of fully diluted EPS.

• Return on working capital (RONWC) at 42.5% and ROCE at 11.1% in Q1/2026, with ongoing benchmarking for improvement.

• Healthy financial position with equity ratio near 37% and leverage at 3.5x, demonstrating ability to delever after acquisitions.

• Capital freed from underperforming areas is prioritized for organic growth, acquisitions, and shareholder returns.

Business area highlights

• Technical Wholesale serves as a stable, cash-generating platform, leveraging data, AI, and benefiting from electrification and regulatory trends.

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

• Products & Solutions builds premium brands from functional products, scaling niche leaders internationally and driving margin and ROCE improvement.

• Each area uses tailored playbooks to drive operational improvements and margin enhancement.