Relais Group (RELAIS) Q4 2024 earnings summary

Executive summary

• Achieved record net sales, EBITDA/EBITA, net profit, and EPS in 2024, marking the best financial performance in company history despite challenging economic conditions in Finland and Sweden.

• Sales have tripled and profits more than doubled since 2019, with disciplined acquisitions and strong organic growth across all segments.

• Outperformed the OMX Helsinki 25 index by 3.4x since IPO, with total shareholder return reaching 101% and €30 million in dividends distributed.

• Strategic focus on acquisitions, organic growth, and operational excellence continues to drive shareholder value.

• Board proposes a maximum dividend of €0.50 per share for 2024, split between April and November.

Financial highlights

• Net sales grew 13% to €322.6 million, with comparable EBITDA/EBITA up 27% to €36.8 million and margin improving to 11.4%.

• EPS increased 35% year-over-year to €1.02; net profit reached €18.5 million.

• Gross margin rose from 45.4% to 46.9%.

• Cash flow from operations rose to €34.8 million; cash conversion improved to 58%.

• Net debt reduced to €141.3 million; net gearing at 120%; equity ratio improved to 35.6%.

Outlook and guidance

• No numeric guidance for 2025; expects stable market demand and aims to accelerate acquisitions.

• Confident in continuing the growth story in 2025 and beyond, with a focus on disciplined M&A and value creation.

• Long-term target remains: pro forma comparable EBITDA/EBITA of €50 million by end of 2025.