Relais Group Oyj 202607300700 fullreport

Commissioned Equity Research • 30 July 2026

Consumer Goods Relais Group Oyj Finland

Key Data Seasonally slower quarter ahead Stock country Finland Bloomberg RELAIS FH Ahead of Relais' Q2 report, we include the tershine acquisition in our Reuters RELAIS.HE estimates and take a slightly more cautious near-term view on a seasonally Share price, close EUR 15.0 Free float 42.1% slow Q2. We expect solid underlying demand, with 2% y/y organic growth for Market cap. (m) EUR 283.3 Q2, while acquisitions in Commercial Vehicle Services have likely increased Company website Next report date 13 August 2026 seasonality. After the acquisition of tershine, we believe Relais is focusing on improving near-term organic growth and lowering leverage. We derive an unchanged DCF- and multiples-based fair value range of EUR 17.6-21.5. Performance 21 We expect 2% organic growth for Q2 18 We model Q2 organic growth of 2% y/y, with 30% y/y reported growth, supported EUR 15 by multiple acquisitions in 2025. Following the acquisitions in Commercial Vehicle 12 Services, the probability of seasonality affecting Relais has likely increased. 9 Hence, the impact of a seasonal slowdown in Q2 due to multiple public holidays is Jan 2024 Jan 2025 Jan 2026 likely more material compared to earlier years. In addition, organic expansion Relais Group Oyj might have increased costs in the short term ahead of the ramp-up of utilisation Finland OMX Helsinki All-Share (Rebased) ratios. We expect Q2 adjusted EBITA of EUR 9.4m, up 24% y/y, and a margin Source: LSEG Data & Analytics decline of 40bp y/y. Furthermore, we forecast that cash flows will be impacted by preparation for the important lighting season. We are 1% above LSEG Data & Valuation Approach (EUR/SHARE) Analytics consensus on the top line and 6% below on adjusted EBITA for Q2.

DCF 17.1 20.9 tershine to support growth and margins 2027E P/E 17.3 21.2 While we take a slightly more cautious view on near-term underlying profitability, we expect the acquisition of a majority share in tershine to support the top line 2027E EV/EBIT 18.3 22.4 and margin development. In 2025-26, tershine's net sales amounted to SEK 155m, Nordea fair with EBIT of SEK 29m (a ~19% margin, GAAP), while the company has had a sales 17.6 21.5 value CAGR of 30% since 2020-21. We believe Relais can maintain tershine's high growth pace through (e.g.) a wider distribution network. We raise our 2026-28 top-line estimates by 2-3% and those for adjusted EBITA by 1-3%. Estimate Changes EURm 2026E 2027E 2028E Targeting higher capital returns Total revenue 2% 3% 3% Following the acquisition spree, Relais aims to raise its ROCE to above 13%. We EBITDA (rep.) 1% 2% 2% EBIT (adj.) 1% 4% 4% currently forecast 12.6% for 2028E. In addition, the company is targeting double- PTP 2% 4% 4% digit annual EBITA growth, while we forecast a CAGR of 15% until 2028 EPS (rep. EUR) 2% 5% 4% EPS (adj. EUR) 2% 5% 4% (consensus is at 13%). Relais continues to be valued at a ~30% discount to our DPS (ord. EUR) -13% 0% -9% auto parts and Nordic compounders weighted peer group. We derive an Source: Company data and Nordea estimates unchanged DCF- and multiples-based fair value range of EUR 17.6-21.5.

Nordea IB & Equity - Analysts Joni Sandvall

Sanna Perälä Summary Table - Key Figures EURm E 2027E 2028E Total revenue EBITDA (adj.) EBIT (adj.) EBIT (adj.) margin 8.62% 8.95% 10.4% 8.61% 9.12% 9.78% 9.99% EPS (adj. EUR) EPS (adj.) growth -24.2% 8.76% 36.5% -6.09% 22.7% 16.9% 9.50% DPS (ord. EUR) EV/Sales EV/EBIT (adj.) P/E (adj.) P/BV Dividend yield (ord.) 3.92% 3.26% 3.76% 1.80% 2.33% 3.00% 3.33% FCF yield before A&D, lease-adj. 7.46% 5.19% 5.92% -14.3% 4.07% 12.1% 13.1% Net debt Net debt/EBITDA ROCE 10.6% 10.1% 13.5% 12.8% 11.3% 12.4% 12.6% Source: Company data and Nordea estimates

MARKETING MATERIAL COMMISSIONED BY Relais Group Oyj

Estimate revisions Estimate revisions (eps and dps in eur)

New estimates Old estimates Difference % EURm Q2 2026E 2026E 2027E 2028E Q2 2026E 2026E 2027E 2028E Q2 2026E 2026E 2027E 2028E Sales % 2% 3% 3% Gross profit % 1% 3% 3% Gross margin 51.0% 50.7% 50.8% 50.9% 51.0% 50.7% 50.8% 50.9% 0.0pp 0.0pp 0.0pp 0.0pp Adj. EBITA % 1% 3% 3% Adj. EBITA margin 8.7%…