Relais Group (RELAIS) Q2 2025 earnings summary

Executive summary

• Achieved solid H1 and Q2 2025 performance with net sales up 12% in Q2 to EUR 82.9 million and 6% in H1 to EUR 165.7 million, mainly driven by acquisitions despite soft market demand.

• Strategic acquisitions in the Nordics and Benelux expanded the footprint, making the company the largest independent commercial vehicle workshop operator in the region with 63 workshops.

• CEO transition announced, with the current CEO set to retire in March 2026 and a search for a successor underway.

Financial highlights

• Q2 2025 net sales reached EUR 82.9 million (+12% YoY); H1 2025 net sales EUR 165.7 million (+6% YoY); Q2 comparable EBITA EUR 7.6 million (+3% YoY), H1 comparable EBITA EUR 16.7 million (-2% YoY).

• Q2 gross profit rose 15% to EUR 40.7 million; gross margin improved to 49.1% from 47.7% YoY.

• Q2 EPS EUR 0.08 (down 55% YoY); H1 EPS EUR 0.41 (up 5% YoY); ROCI/ROCE at 12.7% and ROE at 12.3%.

• Interest-bearing net debt increased to EUR 226.9 million (up 55% YoY); net debt to LTM EBITDA at 4.36x; equity ratio declined to 27.7%.

• Cash flow from operations for H1 2025 was EUR 2.4 million, down from EUR 14.1 million YoY.

Outlook and guidance

• Cautiously positive signals for H2 2025, with improving demand in June and July and positive outlook for spare parts and equipment.

• No numeric guidance for 2025; long-term target remains EUR 50 million pro forma comparable EBITA by end of 2025.

• Strategic and financial objectives to be reviewed in autumn, with new targets to be announced for 2026 onward.