Relais Group (RELAIS) Q4 2025 earnings summary

Executive summary

• Net sales grew 19% to EUR 383.4 million in 2025, driven by eight acquisitions, despite a decline in organic growth.

• New CEO appointed in January 2026, emphasizing a decentralized business model and disciplined capital allocation.

• Transitioning to three business areas: Commercial Vehicle Services, Products and Solutions, and Technical Wholesale, effective Q1 2026.

• Board proposes a dividend of EUR 0.30 per share for 2025, down from EUR 0.50, representing 35% of EPS.

• Cash flow from operations remained strong at EUR 33.9 million.

Financial highlights

• Q4 2025 net sales grew 29% year-over-year to EUR 116.6 million; full-year net sales up 19% to EUR 383.4 million.

• Comparable EBITA for Q4 was EUR 10.8 million (+2%); full-year EUR 38.4 million (+5%).

• Gross margin improved to 48.7% for the year (from 46.9%).

• Basic EPS for 2025 was EUR 0.81 (down 21%); profit for the year was EUR 15.7 million.

• Record Q4 operating cash flow of EUR 24.9 million, driven by positive net working capital changes.

Outlook and guidance

• Demand expected to remain stable in 2026, but market uncertainty persists.

• Focus for 2026 on operational excellence, profitability, and capital efficiency; robust M&A pipeline but selective approach due to leverage.

• Updated strategy and new financial targets to be presented before summer 2026.