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Q1/2025 Interim Report January–March 2025 13 May 2025 1
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PRESENTING TODAY 2 Arni Ekholm Group CEO Thomas Ekström Group CFO Jan Popov Managing Director of Raskone Ltd Responsible for the development of the Commercial Vehicle Repair and Maintenance business area
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3 READY FOR THE NEXT LEVEL
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AGENDA • Business Review • Financial Review • Events after the Review Period • Focus: Repair and Maintenance • Outlook 2025 • Relais Group as an Investment • Q&A 4
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THE RELAIS GROWTH STORY 32 6 42 8 54 8 59 9 60 8 72 8 99 13 129 19 238 28 261 26 284 29 323 37 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Illustrative combined 20241 >400 ~46 ABR move to new premises Acquisition of AWIMEX Startax Latvia and Lithuania established Startax / JA merger Extension of logistics centre with 6,000 sqm Acquisition of: ABR and Huzells Acquisition of: SEC Scandinavia TD Tunga Delar Sverige Net sales, EURm Other milestoneMarket entry/ M&A Acquisition of: Skeppsbrons Ecofoss S-E-T Comparable EBITA, EURm Acquisition of: Adita AutoMateriell Nordic Lift JTC Acquisition of: Asennustyö M. Ahlqvist Team Verkstad Sverige N O T E : F I N A N CI A L S FR O M 2 0 2 1 O N W A R D S A RE I F R S F I GU R E S , W H I L E 2 0 2 0 A N D E A R L I E R A R E F A S F I GU R E S ; 1 ) I L L U S T R A T I V E U N A U D I T E D I M P A C T O F L A T E S T A N N O U N CE D A C Q U I SI T I O N S O N A N A N N U A L BA S I S , BE F O R E A N Y SY NE R G I E S ( CL O S I N G P E N D I N G, E ST I M A T E D C L O SI N G I N Q 2 / 2 0 2 5 ) 5 Acquisition of: Maskin-Teknisk JA Tools JA Elektro Acquisition of: Strands Group Raskone Lumise STS Sydhamnens Trailer Service Trucknik Acquisition of: Matro Group1 Team Verksted1 Lastvagnsdelar1
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CONSOLIDATING THE VEHICLE AFTERMARKET IN THE NORDICS 6 Vehicles Demolition and Recycling Supporting Services Maintenance and RepairManufacturing Import and Reselling of Vehicles Customizing and Equipping Import & Wholesale of Parts and Equipment • 19 million vehicles • Stable, growing market • Growing complexity of spare parts and components driving value • Electrification and other new power line technologies an opportunity • E-commerce increasing last mile deliveries • Digital disruption offering new opportunities Market Drivers Pre-market End-of-lifeAftermarket – Vehicle Life Cycle Enhancement * E ST I M A T E D B Y M A N A G E M E N T Estimated aftermarket size ca. 20 billion EUR in the Nordics* Relais Group Target Market
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Technical Wholesale and Products (65% of Net sales) Spare Parts Nearly 1,300 professionals in 6 countries Lighting and Equipment Commercial Vehicle Repair and Maintenance (35% of Net sales) 35% 38% 27% 7 RELAIS GROUP COMPANIES
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DRIVERS OF PROFITABLE GROWTH JOURNEY Acquire new growth platforms Bolt-ons in existing business areas Operational excellence Organic growth New business areas within the vehicle aftermarket Transformational M&A in existing business areas Geographical expansion Critical competence New products / services New vehicle types Continuous enhancement of operations Procurement efficiencies Working capital optimisation Above market growth Pricing strategies Diversifying customer base Expanding product and service offerings New vehicle types A top consolidator in the Northern European vehicle aftermarket. Scalable platform with strong growth potential. 8
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9 Q1 BUSINESS REVIEW: READY FOR THE NEXT LEVEL
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Q1/2025 • Despite the exceptionally strong comparison quarter, boosted by the extremely cold weatherin 2024 we managed to reach the same net sales level as the last year. • The gross profit rosesimultaneously mainly due to the growing weight of the Repair and Maintenance business of the Group’s total sales. • The comparable EBITA declined with 5% from the last year’s record high level, which was expected due to the negative effect that the warm winter had on the sales of certain product groups in the highly profitable technical wholesalebusiness area. 10
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C HA N G E P E R CE NT A GE S A RE CA L C UL A T E D O N E X A CT F I G U RE S BE FO R E RO U N D I N G U P T O M I L L I O N S O F E U RO S11 Q1 / 2025 Net sales MEUR 82.8 +0% vs. Q1/2024 Comparable EBITA MEUR 9.2 -5% vs. Q1/2024 Earnings per share, basic (EUR) 0.32 0.21 in Q1/2024 (growth: +51%) Profit for the period MEUR 5.9 +51% vs. Q1/2024 Return on capital employed (ROCE) 21.0% 16.7% in Q1/2024 (growth +26%) Return on equity (ROE) 19.1% 14.0% in Q1/2024 (growth: +36%)
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Q1/2025: TECHNICAL WHOLESALE AND PRODUCTS • Technical Wholesale and Products had a net sales change of -6%, organic -6%. • Sales of our Scandinavian units were generally in line with last year, with only a minor decline in the sales of spare parts for heavy commercial vehicles in Sweden. This was offset by the strong performance of our Norwegian workshop equipment business. • The Finnish and Baltic units were negatively affected by the warm winterwhen compared to the extremely cold Q1 of 2024. • Finnish and Baltic wholesale companies have a higher share of product groups where the demand is correlated with extreme temperatures, both low and high. 12
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Q1/2025: LIGHTING • Q1 was yet another period of net sales growth for Lighting product group, increasing 4%. • Strands continued its strong performance, driven by export sales. • Online business in Finland had also a positive start to the year. 13 PÄIVITETTÄVÄ
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Q1/2025: REPAIR AND MAINTENANCE • The net sales of Repair and Maintenance grew with 12%, organic being -1%. • The acquisitions of M Ahlqvist in Finland and T eam Verkstadin Sweden made a strong contribution to our total sales, the customer demand remaining at previous year’s level in both countries. • Both M Ahlqvist and T eam Verkstad have fully met the expectations which we had when we acquired them, and there is still good synergy potential left for both in the future. 14
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Q1 SALES BY SEGMENT Q1/2024 % of net sales ◼ Scandinavia ◼ Finland & Baltics 41.2% 58.8% 43.8% 56.2% 15 Q1/2025 % of net sales • The Scandinavian markets were less affected by the warm winter conditions than the Finnish and Baltic markets. • The Scandinavian segment reached a net sales growth of 5% (organic: +1%). • Finland and Baltics faced a sales decline of -6% (organic: -11%). • On a Group level the net sales were in line with last year’s quarter one (organic: -4%), supported by the effect of the acquisitions made later during last year. EURm ◼ 46.5 ◼ 36.3 EURm ◼ 48.7 +5% ◼ 34.1 -6%
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Q1 SALES BY BUSINESS AREA Q1/2024 % of net sales Q1/2025 % of net sales ◼ Technical Wholesale and Products ◼ Commercial Vehicle Repair and Maintenance EURm ◼ 56.9 ◼ 25.9 EURm ◼ 53.7 -6% ◼ 29.1 +12% 64.8% 35.2% 68.8% 31.2% 16
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Q1 SALES BY PRODUCT GROUP Q1/2024 % of net sales Q1/2025 % of net sales ◼ Repair and Maintenance ◼ Equipment EURm ◼ 25.9 ◼ 14.8 ◼ 17.2 ◼ 24.4 EURm ◼ 29.1 ◼ 15.4 ◼ 15.7 ◼ 22.0 18.9% 26.6% 31.3% 29.5% ◼ Lighting ◼ Spare Parts 20.8% 17.8% 18.6% 35.2% 17 N O T E : T O T A L S O F P R O D U C T G R O UP S M A Y N O T A D D U P D U E T O M I N O R O T H E R S A L E S
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FINANCING • On 28 March we announced the signing of a EUR 140 million long-term financing agreement with our main bank. • The new financing agreement has a maturity of three years, with two one-year extension options, and it consists of a EUR 110 million multi-currency term loan, a revolving credit facility of EUR 10 million, and an uncommitted term loan facility of EUR 20 million. • The new facilities will be used for refinancing the existing debt, financing of acquisitions as well as for general corporate purposes. • We feel that with the strong support of our main bank, including the additional bridge loan granted to finance the Team Verksted deal, we are well positioned to continue the implementation of our growth strategy. 18
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• On 14 March 2025, Relais published a Sustainability Report prepared in accordance with the European Sustainability Reporting Standards (ESRS) and the Finnish Accounting Act as part of the Report of the Board of Directors. • In the first quarter, Relais continued its planned development measures related to sustainability. • Ongoing efforts included, among other things, the roadmap work for climate targets, which is expected to be completed during the first half of the year. 19 SUSTAINABILITY
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20 FINANCIAL REVIEW
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Net sales MEUR 53.5 52.1 58.7 73.5 62.1 58.6 64.8 75.2 69.0 64.1 70.3 80.9 82.8 74.2 74.9 90.7 82.8 0 20 40 60 80 100 Q121 Q321 Q122 Q322 Q123 Q323 Q124 Q324 Q125 EBITA MEUR 21 NET SALES AND EBITA FAIRLY STABLE PERFORMANCE DESPITE MILD WINTER; NET SALES FLAT, E BITA -7% 5.7 4.1 8.0 8.0 5.7 3.4 7.7 6.2 7.5 4.8 8.4 7.8 9.7 7.3 9.1 10.0 9.0 0 2 4 6 8 10 Q121 Q321 Q122 Q322 Q123 Q323 Q124 Q324 Q125 +0% -7% ± Flat net sales overall – Decreased organic net sales in both businesses, especially in Technical Wholesale and Products due to mild winter + Slight organic net sales growth in Scandinavia + Acquired net sales growth in Commercial Vehicle Repair and Maintenance in Finland and Sweden (M Ahlqvist and Team Verkstad Sverige) – EBIT A decreased in both businesses ± No material impact from the change in the average EUR/SEK exchange rate
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GROSS PROFIT AND GROSS MARGIN CONTINUED SIGNIFICANT IMPROVEMENT IN BOTH GROSS PROFIT AND GROSS MARGIN 22 + Increased weight of Repair and Maintenance + Improved gross margins in both Technical Wholesale and Products & Repair and Maintenance 20.5 28.1 32.1 38.2 41.139.9% 45.3% 46.5% 46.2% 49.6% 0 10 20 30 40 50 60 Q121 Q122 Q123 Q124 Q125 MEUR/% Gross profit Gross profit %
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OPERATING EXPENSES INCREASE MOSTLY DRIVEN BY ACQUISITIONS FAIRLY STABLE OPEX % 23 13.8 19.9 21.6 25.3 28.6 25.8% 32.1% 31.3% 30.6% 34.5% 0 5 10 15 20 25 30 35 40 Q121 Q122 Q123 Q124 Q125 MEUR/% Opex Opex %
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45.0 54.3 63.6 61.0 67.1 67.8 69.7 62.7 59.4 56.2 58.4 67.1 68.8 62.2 67.4 68.2 75.9 0 10 20 30 40 50 60 70 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MEUR 2021 2022 2023 2024 NET WORKING CAPITAL NWC TURNOVER CONTINUED TO BE ABOVE PRY HIGHER INVENTORIES IN TECHNICAL WHOLESALE, MILD WINTER AND DECREASED SPARE PART AND EQUIPMENT SA LES MEUR 3/25 3/24 12/24 Inventories 84.3 73.1 83.7 Trade and other receivables 47.8 48.2 42.2 Trade and other payables 56.2 52.5 57.7 T otal net working capital 75.9 68.8 68.2 Inventory turnover 3.8 4.0 4.1 NWC turnover 4.5 4.4 4.8 + NWC turnover due to a more favourable sales mix of higher margin and net working capital light Repair and Maintenance – Inventory turnover due to higher inventory levels and decreased spare parts and equipment sales – Consolidated inventories in the Technical Wholesale and Products business in FIN & SWE due to decreased spare parts and equipment sales caused by mild winter – Acquired inventories (M Ahlqvist and Team Verkstad Sverige) – Increased sourcing and sales unit prices inflated NWC value +10% 2025 Q1 24
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5.3 0.6 -0.4 7.7 2.4 2.9 6.2 17.2 11.0 6.7 4.6 8.4 4.6 9.5 13.4 16.4 2.7 -2 0 2 4 6 8 10 12 14 16 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MEUR 2021 2022 2023 2024 CASH FLOW AND CASH CONVERSION CF FROM OPERATIONS BEFORE CHANGE IN NWC FLAT CHANGE IN NWC NEGATIVE HIGHER INTEREST PAYMENTS LOWER TAX PAYMENTS MEUR Q1/25 Q1/24 2024 CF before change in NWC 13.3 13.9 52.5 Change in NWC -7.8 -5.9 -4.2 CF from net financials -2.9 -3.4 -13.5 CF from operations 2.7 4.6 34.8 Free Cash Flow 0.6 3.5 30.1 Cash conversion 5% 26% 58% Q1 ± Profitability flat – Development in net working capital – CF from net financials mixed in the components: – Higher paid interest expenses following refinancing of old debt at end of March + Lower income taxes paid due to periodization issue: T o be cumulatively balanced in Q2 -43% Q1 2025 25
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CASH FLOW SUMMARY Q1 ± Profitability flat − Development in net working capital Cash flow from operations 2.7 EUR million (4.6) Cash flow from investing activities -887 EUR 1,000 (-744) Cash flow from financing activities 18.0 EUR million (-3.3) · Cash flow from investing activities was EUR -0.9 (-0.7) million consisting of investments in intangible and tangible asset ± Normal repayments of lease liabilities EUR -3.4 (-3.3) million + Proceeds from non-current loans of EUR 109.6 (0.0) million – new SFA – Repayment of non-current loans EUR 92.2 (0.0) million – previous SFA + Proceeds from current loans (RCF) EUR 4.0 (0.0) million 26
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INTEREST-BEARING NET DEBT CLEARLY LOWER LEVERAGE DUE TO INCREASED LTM EBITDA AND FLAT NET DEBT SIGNIFICANTLY HIGHER CASH & HIGHER UNUSED CREDIT FACILITIES DUE TO NEW SFA MEUR 3/25 3/24 Loans from financial institutions, l-t 102.2 87.6 Loans from financial institutions, s-t 11.0 7.0 Loans from financial institutions, total 113.2 94.6 Lease liabilities 62.0 59.7 Other liabilities 0.4 0.6 Gross debt 175.7 154.9 Cash and bank 29.4 10.3 Net debt 146.3 144.6 Net debt excl. lease liabilities 84.3 84.9 Net debt to LTM EBITDA (leverage) 2.86 3.15 Undrawn RCF 4.6 5.6 Undrawn uncommitted facility 20.0 15.5 Cash+unused credit facilities 54.0 31.4 27 Lease liabilities Net debt excl lease liabilities 0 20 40 60 80 100 120 140 160 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MEUR 112 130 132 140 146 156 157 147 143 144 144 151 145 147 147 141 2021 2022 2023 2024 +1% 146 Q1 2025
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(EUR 1,000) Q1/2025 Q1/2024 2024 Financial income Foreign exchange gains/losses 7,104 -2,057 2,364 Interest income 53 56 159 Other financial income – 138 193 Changes in fair values – – – Financial income total 7,157 2,251 2,715 Financial expenses Foreign exchange gains/losses -5,688 -3,132 -3,216 Interest expenses -1,750 -1,976 -8,264 Other financial expenses -364 -259 -467 Changes in fair values – – – Financial expenses total -7,802 -5,367 -11,947 Net financial expenses -645 -3,117 -9,232 28 • Net interest expensesincreased in Jan-Dec due to the decrease in reference interest rates on interest- bearing loans • Exchange rate net gain due to significantly strengthened SEK at the end of the quarter • FX net gains/losses originate in the change in the euro value of the SEK denominated interest-bearing loans and SEK denominated group internal interest- bearing loan receivables during the review period NET FINANCIALS NET INTEREST EXPENSES LOWER DUE TO LOWER REFERENCE RATES NET FX GAIN ON SEK LOANS AND INTERNAL SEK LOAN RECEIVABLES
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BALANCE SHEET AND FINANCIAL POSITION 31 MARCH 2025 Net gearing 114.5 % (129.4) Total assets 364.3 EUR million (324.0) Equity ratio 35.2 % (34.7) Total equity 128.2 EUR million (111.7) Cash assets 29.4 EUR million (10.3) Interest-bearing net debt 146.7 EUR million (144.6) 29
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30 RETURN SIGNIFICANT IMPROVEMENTS IN ALL KEY CAPITAL RETURN METRICS ROCE 21.0% (16.7%) RONWC 49.1% (40.6%) ROE 19.1% (14.0%)
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Relais Group aims to reach a pro forma* comparable EBITA of 50 MEUR by the end of 2025 7-NOV-24 31 * I N C L U D I N G L A T E S T12 M O N T H S ( = " R U N R A T E " )C O M P A R A B L E E B I T A O F A C Q U I RE D B U S I N E S S E S LONG TERM FINANCIAL TARGET 31
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EVENTS AFTER THE REVIEW PERIOD 32
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ACQUISITIONS • As a competence-based compounder,we aim to constantly have a strong pipeline of promising companies to acquire – potential companies having: • a stable financial track record; • a well- managed business with a highly committed team; • a solid path for future profit growth as a member in the Relais family. • Two major deals in April: • Matro Group in Belgium • Team Verksted and Lastvagnsdelar in Norway 33
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34 ~550 companies monitored Actively evaluate large pipeline of potential opportunities – number of companies monitored constantly growing Targeted list of companies that are identified to be interesting and potentially actionable Prioritised targets identified – seek to engage with selected companies Historically completed an average of 3-4 acquisitions per year ~170 identified acquisition candidates 50+ priority targets Dialogue with 10-20 companies ✓ ✓ ✓ ✓ ACQUISTION PIPELINE METRICS
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THROUGH THE ACQUISITION OF MATRO GROUP WE CONSIDERABLY EXPAND OUR FOOTPRINT IN THE EUROPEAN TRUCK ACCESSORIES MARKET
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MATRO GROUP • A distributor of truck accessories with well-established market position in the Benelux and Germany. • Established in 1988 • A profitable and growing business: In 2024, Net sales EUR 18.7 million and EBITDA EUR 3.7 million. • Own brand of truck accessories, NEDKING • A long-term customer of Strands, and the acquisition will enable deeper cooperation to better serve our customers across Europe. • Employs approximately 20 people, head-office in Herentals, Belgium. • Matro Group comprises of the Belgian companies Matro- Industrial & Truck-Accessories N.V . and SN Truckstyling B.V., as well as the Dutch company Car & Truck Care Netherland B.V . 36
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KEY BENEFITS OF THE ACQUISITION: 37 The acquisition of Matro Group will enable accelerated growth in the truck accessories market across Europe for Relais Group. Together, Strands and Matro are better positioned to also grow in new market segments. Matro Group has developed its own brand within Truck Accessories, NEDKING. Leveraging its own success in brand development, Strands can support the accelerated growth of Nedking branded products across Europe. As part of Relais Group, Matro Group can benefit from Strands’ learnings in professionalising sourcing activities.
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38 FOCUS: REPAIR AND MAINTENANCE
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RELAIS GROUP IS THE BIGGEST OPERATOR OF INDEPENDENT COMMERCIAL VEHICLE WORKSHOPS IN THE NORDICS IN LESS THAN 5 YEARS RELAIS GROUP HAS GROWN FROM 0 TO 61 WORKSHOPS
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TEAM VERKSTED HOLDING AS • Team Verksted Holding consists of the commercial vehicle repair and maintenance chain Team Verksted and the heavy spare parts specialist wholesaler Lastvagnsdelar (LVD). • Team Verksted operates a nationwide multibrand workshop chain, offering maintenance and service for trucks, trailers, and buses. • Team Verksted has 21 own and 3 franchise workshops across Norway. • LVD distributes spare parts and accessories for the heavy vehicle sector, specifically for trucks, buses, and trailers in Norway. • In 2024, the consolidated revenue of Team Verksted Holding was approximately NOK 834 million, out of which Team Verksted was NOK 758 million, and LVD NOK 119 million 1. • Team Verksted has approximately 330 employees and LVD 20. • The headquarter of Team Verkstad Holding is located in Oslo. 40 1 T H E D I F F E R E N CE T O C O N SO L I D A T E D R E V E N U E O F T H E S U M O F T H E S E B E I NG A R E S U L T O F E L I M I N A T I O N S.
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KEY BENEFITS OF THE ACQUISITION: 41 The acquisition of Team Verksted expands Relais Group’s commercial vehicle repair and maintenance workshop network to 61 workshops across Finland, Norway and Sweden, enabling a unique value proposition to fleet customers and transport operators in the Nordic region. The acquisition unlocks material synergy potential of up to an estimated NOK 30 million annually, over the coming years. The synergies are primarily expected to come from sharing of best practices and resulting operational efficiencies in the workshop business, and shared purchases, internal sourcing, and cross sales. Team Verksted serves as a Norwegian platform for further acquisitive growth in the Commercial Vehicle Repair and Maintenance business. Through the acquisition of Lastvagnsdelar Relais gets a bigger share of the entire commercial vehicle value chain and gets a new channel to distribute the Group’s own brands in the Norwegian marketplace.
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42 MAXIMIZING CUSTOMER SUCCESS THROUGH UPTIME THESE CORE STRENGTHS ARE THE KEY DRIVERS FOR OUR CONTINUED PROFITABLE GROWTH Comprehensive fleet coverage • End-to-end services to all types of commercial vehicles – regardless of make, age or model • With 61 workshops soon to be across the Nordics, will ensure that our services are always close to customers Proven framework for Workshop Excellence • Comprehensive toolbox for turning good workshops into excellent workshops • Success lies in the details, where even smallest process improvements contribute to enhancing efficiency & customer loyalty Flexibility & Agility • Lean organization enables fast response to customer needs, new opportunities and market changes • Development of new services that create added value to our customers
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WORKSHOPS: ONE OF RELAIS GROUP'S THREE PILLARS OF STRENGTH 43 Defensive & Resilient High Cash Conversion Capital-Light Business Distributors for Relais Group’s brand & wholesale companies
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MANAGEMENT TEAM
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CHANGES IN THE MANAGEMENT TEAM • On 18 March we announced that we had decided to assign specific responsibility areas to certain Management T eam members. • With the introduction of these new responsibility areas, we aim to speed up the decision-making process and the implementation of the Group’s strategy and M&A activities across both of Relais Group’s geographical segments. • With these changes we have a great potential to further support and accelerate the profitable growth of Relais Group. Johan Carlos Juan Garcia Jan Popov 45 Managing Director of Strands Group, is now in addition to his current tasks responsible for the development of our Products and Brands business, including the strategic brand development across all business areas. Regional Managing Director of Scandinavia, is now in addition to his current tasks be responsible for the development of our Technical Wholesale business area. Managing Director of Raskone, is now in addition to his current tasks responsible for the development of our Commercial Vehicle Repair and Maintenance business area.
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MANAGEMENT TEAM (1 APRIL 2025) 46 Arni Ekholm Group CEO Johan Carlos Managing Director of Strands Group AB Responsible for the development of the Products and Brands business area, including the strategic brand development across all business areas. Thomas Ekström Group CFO Juan Garcia Regional Managing Director of Scandinavia Responsible for the development of the Technical Wholesale business area. Jan Popov Managing Director of Raskone Ltd Responsible for the development of the Commercial Vehicle Repair and Maintenance business area. Sebastian Seppänen Director M&A and Business Development Juri Viitaniemi Director Compliance, Legal and HR
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47 OUTLOOK 2025
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• Our long-term target is to reach a comparable proforma EBIT A run rate of EUR 50 million by the end of 2025. This target includes the full year effect of acquisitions made this year . • Upon closing the announced Matro and T eam Verksted / Lastvagnsdelar deals, we will add approximately EUR 9 million more to Relais’ EBIT Aon an annual basis. As a result of this, Relais becomes a group of companies employing over 1,600 professionals in nine countries, having around EUR 400 million net sales annually. • And we are not stopping there. We are constantly working on various interesting acquisition cases and aim to produce even more deals. In addition, our super professional teams are working very hard to boost our organic growth and to realize the untapped synergy potential that we have identified within the Group. We are ready for the next level. OUTLOOK FOR 2025 48
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RELAIS GROUP AS AN INVESTMENT
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Competentcompounder with a clear focus on the vehicle aftermarket Track record of successful M&A in a highly fragmented industry with significant acquisition opportunities Exposure to large, resilient and structurally growing markets Consistent, strong and profitable organic revenue growth with cash-generative business model Scalable platform across diversified business areas with strong growth potential Decentralisedmodel that enhances entrepreneurial culture and values 50 RELAIS GROUP AS AN INVESTMENT
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S O U RC E : N A S D A Q , D A T A A S P E R CL O S I N G V A L U E 1 2 M A Y 2 0 2 5 N O T E : 1 ) T O T A L S H A R E HO L D E R RE T UR N C A L C U L A T E D A S V A L U E O F SH A R E S P L U S A L L P A I D D I VI D E N D S . T O T A L S H A RE H O L D E R R E T U R N A S SU M E S € 1 . 0 I N V E S T M E N T A T I P O SU B S CR I P T I O N P RI C E ( N O T RA N S A C T I O N CO S T S O R T A X E S A R E C O N S I D E R E D ) . 51 SUBSTANTIAL SHAREHOLDER VALUE CREATION ~121% total shareholder return since IPO1 Outperforming OMX Helsinki by~2.7x since IPO1 ✓Relais shares have delivered significant shareholder returns since the IPO in October 2019, outperforming the OMX Helsinki 25 GI ✓Since the IPO, we have returned EUR 35 million to shareholders in dividends and share repurchases ✓The success of Relais’ past acquisitions has created a strong foundation to generate further M&A opportunities Relais’ absolute total shareholder return (TSR) vs. market index Illustrative €1 investment at IPO Value of investment 1.00 2.21 OMXH25GI 121% 45%
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13-May-25 52 Q&A