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Relais Group Plc Interim Report January-September 2026 (unaudited): Strong EBITA growth in two business areas - efficiency measures underway in Technical Wholesale
Relais Group Plc
Stock Exchange Release 28 October 2026, 9:00 a.m. EET
This release is a summary of Relais Group's Interim Report January-September 2026. The full interim report is attached to this release and is available on our website at https://relais.fi/en/for-investors/ir-publications/reports-and-presentations/.
JULY-SEPTEMBER 2026 IN BRIEF
- Net sales totalled EUR 111.5 million (July-September 2025: 101.1), change +10%
- Adjusted EBITA was EUR 11.5 (10.9) million, change +5%
- Adjusted EBITA margin was 10.3 (10.8) %
- Adjusted EPS excl. acquisitions, basic was EUR 0.32 (0.39)
- Net cash flow from operations was EUR 4.8 (6.6) million
JANUARY-SEPTEMBER 2026 IN BRIEF
- Net sales totalled EUR 340.9 million (January-September 2025: 266.8), change +28%
- Adjusted EBITA was EUR 32.4 (27.7) million, change +17%
- Adjusted EBITA margin was 9.5 (10.4) %
- Adjusted EPS excl. acquisitions, basic was EUR 0.94 (0.93)
- Net cash flow from operations was EUR 22.0 (9.1) million
KEY FIGURES
| EUR 1,000 unless otherwise stated | 7-9/ 2026 | 7-9/ 2025 | Change | 1-9/ 2026 | 1-9/ 2025 | Change | 12 months rolling | Change | 1-12/ 2025 |
| Net sales | 111,462 | 101,065 | +10% | 340,943 | 266,762 | +28% | 457,575 | +19% | 383,394 |
| EBITDA | 16,292 | 14,392 | +13% | 47,841 | 39,167 | +22% | 63,808 | +16% | 55,134 |
| EBITA | 9,839 | 8,832 | +11% | 27,785 | 24,983 | +11% | 37,724 | +8% | 34,922 |
| EBITA margin | 8.8% | 8.7% |
| 8.1% | 9.4% |
| 8.2% |
| 9.1% |
| Adjusted EBITA 1) 2) | 11,512 | 10,914 | +5% | 32,385 | 27,663 | +17% | 43,138 | +12% | 38,416 |
| Adjusted EBITA margin 1) 2) | 10.3% | 10.8% |
| 9.5% | 10.4% |
| 9.4% |
| 10.0% |
| Operating profit | 7,630 | 7,084 | +8% | 21,572 | 21,495 | 0% | 29,611 | 0% | 29,534 |
| Profit for the period | 3,152 | 3,427 | -8% | 9,536 | 10,760 | -11% | 14,480 | -8% | 15,704 |
| Earnings per share, basic, € | 0.11 | 0.18 | -38% | 0.35 | 0.59 | -40% | 0.57 | -29% | 0.81 |
| Adj. EPS excl. acquisitions, basic, € 1) 2) | 0.32 | 0.39 | -18% | 0.94 | 0.93 | +1% | 1.30 | 0% | 1.29 |
| Cash flow from operations | 4,833 | 6,647 | -27% | 21,996 | 9,087 |
| 46,858 | +38% | 33,949 |
| Net Debt to EBITDA, LTM |
|
|
| 4.01 | 3.74 | +7% |
|
| 3.80 |
| Net Debt to EBITDA, LTM (non-IFRS) 2) |
|
|
| 5.02 | 4.33 | +16% |
|
| 4.42 |
| Return on net working capital 2) 3) |
|
|
| 43.1% | 44.5% |
|
|
| 41.5% |
| Return on capital employed 2) 3) |
|
|
| 10.6% | 12.2% |
|
|
| 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 ON THE THIRD QUARTER OF 2026
Strong EBITA growth in two business areas - efficiency measures underway in Technical Wholesale
ADJUSTED EBITA INCREASED BY 5 PERCENT TO EUR 11.5 MILLION
In the third quarter, Products and Solutions and Commercial Vehicle Services delivered strong earnings growth, increasing adjusted EBITA by 31 and 23 percent respectively. Technical Wholesale remained below our expectations, and restoring its profitability is my highest operational priority. Group adjusted EBITA increased by 5 percent to EUR 11.5 million, with an adjusted EBITA margin of 10.3 percent (10.8). Acquisitions contributed 5 percentage points, while organic adjusted EBITA declined by 1 percent due to Technical Wholesale and higher central costs. Reported EBITA was EUR 9.8 million (8.8).
Net sales increased by 10 percent to EUR 111.5 million. Acquisitions contributed 6 and exchange rates 2 percentage points, and organic growth was 2 percent. Gross margin improved to 49.8 percent (48.4), but operating costs grew faster than sales, primarily in Technical Wholesale, where volume growth has not kept pace with the cost base.
Cash flow has improved significantly year to date. For the first nine months, cash flow from operations more than doubled to EUR 22.0 million (9.1). In the third quarter, it was EUR 4.8 million (6.6), reflecting higher working capital and taxes paid. Return on capital employed was 10.6 percent (12.2), below our target of above 13 percent. Closing that gap requires us to improve both earnings and capital efficiency across the Group, with Technical Wholesale as the immediate priority.
BUSINESS AREA PERFORMANCE
Products and Solutions continued to perform strongly. Net sales increased by 24 percent to EUR 14.2 million, and adjusted EBITA by 31 percent to EUR 3.1 million. Most of the earnings growth came from existing businesses, where we see results of the implementation of the business area's value creation playbook. Pricing, product mix and cost discipline are factors improving the financials. We consolidated tershine from the beginning of August. The onboarding is progressing well, and preparations are under way for tershine's most important sales season in the fourth quarter.
Commercial Vehicle Services increased adjusted EBITA by 23 percent to EUR 5.0 million, with the margin improving to 10.9 percent (9.7). Net sales increased by 10 percent to EUR 45.6 million. Earnings growth came from both acquisitions and existing workshops, supported by disciplined cost control. Demand softened toward the end of the quarter, particularly in Norway. In Finland, workshop consolidations aimed at improving profitability, reduced sales in the short term.
Technical Wholesale increased net sales by 7 percent to EUR 54.3 million, despite localized market weakness, and improved its gross margin. Adjusted EBITA decreased to EUR 4.7 million (5.3), with the margin declining to 8.7 percent (10.5).
Our Technical Wholesale companies remain among the most profitable in their markets. With that said, current profitability is below the level we expect, and we are therefore accelerating efficiency measures, with full effect expected during 2027.
EXECUTING ON OUR STRATEGY
Acquisitions remain central to our strategy. At the same time, creating value requires us to continuously improve earnings and returns from the businesses we already own.
Products and Solutions and Commercial Vehicle Services demonstrate this well. Pricing measures have improved gross margins in Products & Solutions, while cost control has strengthened profitability in our workshops. In Technical Wholesale, our immediate priority is to improve earnings and returns on the investments already made, company by company.
Market conditions were mixed during the quarter. Demand was largely stable, but softened in some markets toward the end of the period. As in any diverse portfolio, development varies between markets and operating companies.
Our priorities for the remainder of the year are clear: execute the efficiency measures in Technical Wholesale and maintain working capital discipline through the high season. Across the Group, our focus is on ensuring that growth translates into higher earnings, stronger cash flow and better returns on capital.
I would like to thank our employees for their work during the quarter, 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.
INVITATION TO THE WEBCAST
Relais Group's CEO Christian Gebauer and Interim CFO Sebastian Seppänen will present the results to the media, investors and analysts at a webcast on Wednesday, 28 October 2026, at 14:00 EET. The webcast can be followed at https://relais.events.inderes.com/q3-2026.
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 protected]
+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.