Relais Group Plc Half-Year Financial Report January-June 2026 (unaudited): Strong cash generation and focus on improving returns
Relais Group Plc
Stock Exchange Release 13 August 2026, 9:00 a.m. EEST
This release is a summary of Relais Group's Half-Year Financial Report January-June 2026. The full release is attached to this release and is available on our website at https://relais.fi/en/for-investors/ir-publications/reports-and-presentations/.
APRIL–JUNE 2026 IN BRIEF
- Net sales totalled EUR 110.5 million (April–June 2025: 82.9), change +33%
- Adjusted EBITA was EUR 8.0 (7.6) million, change +6%
- Adjusted EBITA margin was 7.3 (9.1) %
- Adjusted EPS excl. acquisitions, basic was EUR 0.12 (0.15)
- Net cash flow from operations was EUR 6.8 (-0.2) million
JANUARY–JUNE 2026 IN BRIEF
- Net sales totalled EUR 229.5 million (January–June 2025: 165.7), change +38%
- Adjusted EBITA was EUR 20.9 (16.7) million, change +25%
- Adjusted EBITA margin was 9.1 (10.1) %
- Adjusted EPS excl. acquisitions, basic was EUR 0.61 (0.54)
- Net cash flow from operations was EUR 17.2 (2.4) million
KEY FIGURES
| EUR 1,000 unless otherwise stated | 4–6/ 2026 |
4–6/ 2025 |
Change | 1–6/ 2026 |
1–6/ 2025 |
Change | 12 months rolling | Change | 1–12/ 2025 |
| Net sales | 110,477 | 82,899 | +33% | 229,481 | 165,697 | +38% | 447,178 | +17% | 383,394 |
| EBITDA | 13,568 | 11,775 | +15% | 31,549 | 24,774 | +27% | 61,909 | +12% | 55,134 |
| EBITA | 6,168 | 7,198 | -14% | 17,945 | 16,150 | +11% | 36,717 | +5% | 34,922 |
| EBITA margin | 5.6% | 8.7% | 7.8% | 9.7% | 8.2% | 9.1% | |||
| Adjusted EBITA 1) 2) | 8,042 | 7,566 | +6% | 20,873 | 16,749 | +25% | 42,540 | +11% | 38,416 |
| Adjusted EBITA margin1) 2) | 7.3% | 9.1% | 9.1% | 10.1% | 9.5% | 10.0% | |||
| Operating profit | 4,150 | 6,264 | -34% | 13,941 | 14,410 | -3% | 29,065 | -2% | 29,534 |
| Profit for the period | -566 | 1,476 | 6,385 | 7,333 | -13% | 14,756 | -6% | 15,704 | |
| Earnings per share, basic, € | -0.09 | 0.08 | 0.24 | 0.41 | -42% | 0.64 | -21% | 0.81 | |
| Adj. EPS excl. acquisitions, basic, € 1) 2) | 0.12 | 0.15 | -20% | 0.61 | 0.54 | +14% | 1.37 | +6% | 1.29 |
| Cash flow from operations | 6,810 | -221 | 17,163 | 2,440 | 48,672 | +43% | 33,949 | ||
| Net Debt to EBITDA, LTM | 3.65 | 4.36 | -16% | 3.80 | |||||
| Net Debt to EBITDA, LTM (non-IFRS)2) | 4.35 | 3.59 | +21% | 4.42 | |||||
| Return on net working capital 2) 3) | 42.8% | 47.7% | 41.5% | ||||||
| Return on capital employed 2) 3) | 10.8% | 12.8% | 11.1% |
The change percentages in the tables have been calculated on exact figures before the amounts were rounded to millions of euros.
1) Excluding IACs and purchase price allocation adjustments and amortisations (PPAs) as applicable
2) Alternative Performance Measure (“APM”)
3) The calculation formula of this key figure has been changed starting from the Q1 2026 interim report.
The comparison period key figure has been restated accordingly.
CEO CHRISTIAN GEBAUER COMMENTS THE SECOND QUARTER OF 2026
Strong cash generation and focus on improving returns
Net sales in the second quarter increased by 33 percent to EUR 110.5 million. Acquisitions contributed 25 percentage points, exchange rates 3 percentage points, and organic growth was 4 percent. For the first half of the year, net sales totaled EUR 229.5 million, an increase of 38 percent, with organic growth of 6 percent.
Cash generation was a clear highlight of the quarter. Operating cash flow was EUR 6.8 million compared to EUR -0.2 million last year, while cash flow from operations for the first half reached EUR 17.2 million compared to EUR 2.4 million. Cash conversion to EBITDA reached 99.6 percent. Gross margin improved to 50.8 percent from 49.1 percent. Working capital, cash conversion and capital discipline have been among our main focus areas during the first half of the year, and the progress is now visible in our results. We still see further potential to improve.
While growth and cash generation developed well, profitability did not progress as we expected. Adjusted EBITA increased to EUR 8.0 million from EUR 7.6 million, but the adjusted EBITA margin declined to 7.3 percent from 9.1 percent. Reported EBITA was EUR 6.2 million and profit for the period was EUR -0.6 million. Three factors explain the majority of the margin pressure during the quarter.
First, change in expected credit loss provisions had an approximately EUR 0.6 million negative effect during the quarter, compared to a similar positive effect in the corresponding period last year. The year-on-year impact was therefore approximately EUR 1.2 million. Technical Wholesale was the business area most affected. This effect burdens adjusted EBITA.
Second, we continued to invest in organic growth initiatives, primarily within Technical Wholesale. Several initiatives remain in ramp-up phase and volume development has not yet fully matched the increased cost base. We remain confident in the long-term returns from these investments, but we are equally committed to acting decisively where performance does not develop according to plan.
Third, Raskone’s relocation to its new flagship workshop in Tuusula, one of the biggest workshops in Europe, had a temporary negative impact on profitability. This impact was isolated to Q2. The investment strengthens our long-term market position, and customers have responded positively to the new facility.
Despite this, adjusted EBITA increased and cash generation improved significantly compared to the previous year. Excluding the effect of the change in expected credit loss provisions and the organic growth investments, our underlying operational performance remained healthy and in line with our expectations.
Return on capital employed was 10.8 percent, below our long-term target of above 13 percent. This primarily reflects acquisitions completed during 2025 and early 2026, where the capital employed is already included in our figures while the full earnings contribution is not yet reflected in the rolling twelve-month numbers. Improving ROCE is a direct consequence of executing onboarding of acquired companies well, profitability improvements and disciplined capital allocation. It remains one of the measures I follow most closely.
BUSINESS AREA PERFORMANCE
Following our transition to a business area structure, we now manage and report the Group through three distinct business areas: Commercial Vehicle Services, Products and Solutions, and Technical Wholesale. This provides greater transparency, clearer accountability, and a stronger basis for capital allocation decisions.
Technical Wholesale delivered good organic sales development, supported by growth initiatives across several companies. Profitability was affected by both the investments we are making and by expected credit loss provisions. While margin development was disappointing in the quarter, we expect improved contribution from the growth initiatives as they mature and volumes increase.
Products and Solutions continued to perform well, delivering both sales growth and earnings growth. The business area benefits from the strong performance of Strands Group as well as the contribution from recently acquired companies. Our focus remains on strengthening proprietary premium brands, improving product mix, and developing scalable growth platforms across the portfolio.
Commercial Vehicle Services delivered earnings growth, although profitability was temporarily affected by the Raskone relocation and by a timing effect related to the consolidation of Team Verksted. Team Verksted was consolidated from the beginning of June 2025, which means that the seasonally weaker months of April and May were not included in last year’s second quarter but are included in this one. Team Verkstad Sverige continued to improve its profitability, demonstrating that the actions initiated earlier this year are beginning to deliver results.
Across the Group, we have sharpened our focus on the businesses with the largest gap to their potential. Our objective is straightforward: growth must ultimately translate into stronger profitability, improved returns, and higher cash generation. The actions taken during the first half had only a limited financial effect in the second quarter, but we expect a more meaningful contribution during the second half of the year.
STRENGTHENING OUR DECENTRALIZED OPERATING MODEL
During the quarter, we decided to discontinue two central IT development projects that no longer fit our decentralized operating model. This resulted in a non-cash write-down of approximately EUR 0.9 million reported as an item affecting comparability. The decision reflects our focus on disciplined capital allocation and local accountability.
EXECUTING ON OUR STRATEGY
We continue to execute on the priorities presented at our Capital Markets Day in May: EBITA growth, return on capital employed above 13 percent over time, and disciplined capital allocation focused on long-term value creation.
In July, we announced the acquisition of a 70 percent stake in tershine, a premium vehicle care brand with a strong market position, attractive profitability, and a loyal customer base. The transaction strengthens our Products and Solutions business area and is a good example of the focused, disciplined M&A approach that remains a core part of the Relais strategy.
Six months into the role, my main conclusion is clear: Relais owns a platform with significant untapped potential. Through years of disciplined acquisitions, we have assembled market-leading niche businesses, strong local positions, and capable management teams across the European vehicle aftermarket.
Acquisitions remain an important part of our strategy and our pipeline remains active. At the same time, I believe a significant share of the value creation ahead lies within the businesses we already own. Successfully onboarding acquisitions, supporting local management teams and improving profitability across the portfolio are where our attention is focused today.
OUTLOOK
Market conditions were broadly stable during the quarter. As always in our diverse portfolio, demand continues to vary between markets and operating companies.
Looking ahead, our priority is clear: converting growth into improved profitability and stronger returns, while continuing to allocate capital where we see the highest long-term value creation potential.
I would like to thank our employees for their commitment, and our customers, shareholders, and partners for their continued trust.
Christian Gebauer, President and CEO
2026 OUTLOOK
Relais Group does not provide a numeric guidance for the financial year 2026.
EVENTS AFTER THE REVIEW PERIOD
- Acquisition of tershine AB
- Share subscriptions with stock options 2023a and 2023b
- Share issue
FINANCIAL CALENDAR FOR 2026
Relais Group Plc will publish the following financial reports during 2026:
- Interim Report January-September 2026, 28 October 2026
The reports will be published at approximately 9:00 a.m. Finnish time on the above dates.
INVITATION TO THE WEBCAST
Relais Group’s CEO Christian Gebauer and Interim CFO Sebastian Seppänen will present the result to the media, investors and analysts at a webcast on Thursday, 13 August 2026, at 10:00 a.m. EEST. The webcast can be followed at https://relais.events.inderes.com/q2-2026
Presentation material and video will be available on the company’s website at
www.relais.fi/en after the event.
Relais Group Plc
Board of Directors
FURTHER INFORMATION:
Christian Gebauer, President and CEO
Email: christian.gebauer@relais.fi
Telephone: +358 10 5085 800
DISTRIBUTION:
Nasdaq Helsinki
Key Media
www.relais.fi
RELAIS GROUP
Relais Group is a serial acquirer focused on the vehicle aftermarket in Europe. The Group creates value by identifying, acquiring and developing leading businesses with strong cash flows, clear niche positions and long-term growth potential.
Our net sales in 2025 were EUR 383.4 (2024: 322.6) million. In 2025 we made eight acquisitions. We employ approximately 1,700 professionals in eight different countries. The Relais Group share is listed on the Main Market of Nasdaq Helsinki with the stock symbol RELAIS.