Relais Group Oyj 202608130848 flash

Commissioned research: Relais Group Oyj – Solid top line development while costs above expectations Marketing material commissioned by Relais Group Oyj

Relais Q2 adjusted EBITA of EUR 8m was up 6% y/y and came 14% below Modular Finance consensus of EUR 9.4m. There were EUR 0.6m higher credit loss provisions and if adjusting for these, Q2 EBITA missed by 8%. Organic sales growth was 4% y/y in Q2 (Nordea +2%) with broad based growth. All segments beat our top line estimates. Net sales were EUR 110m (+33% y/y), 2% above consensus. Overall, the Q2 EBITA miss was driven, in addition to credit loss allowances, by organic growth investments and relocation of Raskone flagship workshop (organic adjusted EBITA growth: -13% y/y). Gross margin came 20bp below our expectation. Operating cash flow was strong at EUR 6.8m (EUR - 0.2m a year ago). Relais does not give short-term outlook for 2026 but notes satble market conditions in Q2. On initial take, we expect consensus to make small negative estimate revisions on the back of the Q2 miss while solid organic growth can be viewed positively.

Actual NDA est. Deviation Consensus Deviation Actual Actual EURm Q2 2026 Q2 2026E vs. actual Q2 2026E vs. actual Q1 2026 q/q Q2 2025 y/y Sales % 107.9 3 2% 119.0 -7% 82.9 33% Gross profit % 61.3 -8% 40.7 Gross margin 50.8% 51.0% -0.2pp 51.5% -0.7pp 49.1% 1.7pp Adj. EBITA 8.0 9.4 (1.4) -15% 9.4 -1.3 -14% 12.8 -37% 7.6 6% Adj. EBITA margin 7.3% 8.7% -1.4pp 8.7% -1.4pp 10.8% -3.5pp 9.1% -1.8pp EBITA 6.2 9.1 -3.0 -32% 9.4 -3.2 -34% 11.8 -48% 7.2 -14% EBITA margin 5.6% 8.4% -2.9pp 8.7% -3.1pp 9.9% -4.3pp 8.7% -3.1pp EBIT 4.2 7.1 -3.0 -42% 7.3 -3.2 -43% 9.8 -58% 6.3 -34% EBIT margin 3.8% 6.6% -2.8pp 6.8% -3.0pp 8.2% -4.5pp 7.6% -3.8pp PTP - % 4.7 -5.2 -110% 8.7 -106% 1.9 -126% EPS - % % 0.31 0.08

Segments (EURm) Net sales Commercial Vehichle Services % 50.7 -9% 31.7 46% Technical Wholesale % 58.6 -7% 46.1 18% Products and Solutions % 12.7 -4% 5.7 112% Centralized functions and other 1.0 1.2 -0.2 -13% 1.3 -19% 0.7 52% Eliminations -3.5 -2.8 -0.7 25% -4.2 -17% -1.2 181% TOTAL % 119.0 -7% 82.9 33%

Adjusted EBITA Commercial Vehichle Services 2.9 3.5 -0.5 -15% 4.6 -36% 2.6 14% Technical Wholesale 3.8 5.3 -1.4 -27% 6.3 -39% 4.6 -17% Products and Solutions 2.6 2.2 0.4 16% 3.1 -16% 1.3 103% Centralized functions and other -1.2 -1.5 0.3 -20% -1.2 6% -0.9 38% TOTAL 8.0 9.4 -1.4 -15% 12.8 -37% 7.6 6%

Adjusted EBITA margin Commercial Vehichle Services 9.0% 7.7% 1.3pp 9.0% 0.0pp 8.1% 0.9pp Technical Wholesale 10.8% 9.9% 0.9pp 10.8% 0.0pp 10.0% 0.8pp Products and Solutions 24.2% 20.0% 4.2pp 24.2% 0.0pp 22.0% 2.2pp TOTAL 7.3% 8.7% -1.4pp 10.8% -3.5pp 9.1% -1.8pp

Source: Company data, LSEG Data & Analytics and Nordea estimates

Summary Table - Key Figures EURm E 2027E 2028E Total revenues EBITDA (adj.) EBIT (adj.) EBIT (adj.) margin 8.62% 8.95% 10.4% 8.61% 9.12% 9.78% 9.99% EPS (adj.) EPS (adj.) growth -24.2% 8.76% 36.5% -6.09% 22.7% 16.9% 9.50% DPS EV/Sales EV/EBIT (adj.) P/E (adj.) P/BV Dividend yield 3.92% 3.26% 3.76% 1.80% 2.31% 2.97% 3.30% FCF yield before AD, lease adj 7.46% 5.19% 5.92% -14.3% 4.03% 12.0% 12.9% Net interest bearing 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

Joni Sandvall Associate Director Nordea | Investment Banking & Equities | Equity Research Finland Tel: E-mail:

Completion date: 13/08/2026 08:48 CEST As of today, Nordea Abp holds no positions of 0.5% or more of shares issued by Relais Group Oyj. This report has not been reviewed by the Issuer prior to publication. Nordea analysts do not hold shares in the companies that they cover. No holdings or other affiliations by analysts or associates.

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