Relais Group (RELAIS) Q1 2026 earnings summary

Executive summary

• Net sales grew 44% year-over-year to EUR 119 million in Q1 2026, with 7% organic growth and strong acquisition impact.

• Adjusted EBITA/EBITDA rose 40% to EUR 12.8 million, including 16% organic growth and a margin of 10.8%.

• Operating cash flow improved to EUR 10.4 million, with a cash conversion rate of 67%.

• Growth was supported by both acquisitions and organic performance across all business areas.

• The group transitioned to a business area-based structure, enhancing strategic steering and capital allocation.

Financial highlights

• Net sales increased from EUR 82.8 million in Q1 2025 to EUR 119 million in Q1 2026.

• Adjusted EBITA margin was 10.8%, slightly down due to higher share of commercial vehicle services.

• Free cash flow reached EUR 12.0 million in Q1 2026.

• Net debt increased to EUR 213.5 million, with net debt to LTM EBITDA at 3.55.

• Gross margin improved to 51.5% from 49.6% a year earlier.

Outlook and guidance

• Focus remains on EBITA growth, cash flow, and capital efficiency for 2026.

• Disciplined capital allocation and ongoing evaluation of acquisition opportunities.

• Increased seasonality expected due to larger share of commercial vehicle services, especially in Q2.

• Management remains confident in the long-term outlook, citing a resilient business model and strong cash generation.