Relais Group (RELAIS) Q1 2026 earnings summary

Executive summary

• Net sales grew 44% year-over-year to EUR 119 million in Q1 2026, with 7% organic growth and strong acquisition impact.

• Adjusted EBITA rose 40% to EUR 12.8 million, with 16% organic growth and a margin of 10.8%.

• Operating cash flow increased to EUR 10.4 million, with a cash conversion rate of 67%.

• Growth was supported by both acquisitions and organic performance across all business areas.

• Stable demand observed across most key markets, with continued focus on profitable growth and cash flow.

Financial highlights

• Adjusted EBITA margin was 10.8%, slightly down due to higher share of commercial vehicle services.

• Free cash flow reached EUR 12.0 million in Q1 2026.

• Net debt increased to EUR 213.5 million, with net debt to LTM EBITDA at 3.55.

• Equity ratio improved to 36.7%.

• Return on net working capital was 42.5%; ROCE at 11.1%; ROE at 15.0%.

Outlook and guidance

• Focus remains on EBITA growth, cash flow, and improving capital efficiency throughout 2026.

• Disciplined capital allocation and ongoing evaluation of acquisition opportunities.

• Increased seasonality expected due to larger share of commercial vehicle services, especially in Q2.

• Management confident in long-term outlook, citing resilient business model and strong cash generation.