Translation: Original published in Finnish on 12/23/2025 at 7:40 am EET.

Relais' subsidiary Strands Group will acquire 70% of Qpax AB. The acquired company specializes in the design and manufacture of auxiliary light bars installed in light commercial vehicles. In our view, the small acquisition is fully in line with Relais' strategy and value creation model.

Product business from Sweden

Relais announced on Monday that its group company Strands Group has agreed to acquire 70% of the Swedish company Qpax AB from its entrepreneur-owners. The acquired company specializes in the design and manufacture of aluminum auxiliary light bars installed in light commercial vehicles. However, to our understanding, the final products are manufactured through a subcontractor network. In the 2024 financial year, the acquired company's revenue was roughly 19.6 MSEK (~1.8 MEUR) and EBIT was approximately 2.7 MSEK (~0.25 MEUR), corresponding to an EBIT margin of almost 14%, which is a very good level. Historically, Qpax has grown profitably, more than doubling its revenue from 2020 levels (~0.8 MEUR) while maintaining an average EBIT margin of around 10%. The acquisition price was not published.

Bolt-on acquisition in line with the value creation model

The acquisition is a typical bolt-on play for Relais, strengthening the Group's product portfolio. We estimate that the acquisition aims for value creation through two avenues: both by reallocating capital with an attractive return on capital (i.e. a moderate valuation level for the acquisition) and by investing in the profitable growth of the acquired business in the future. To our understanding, Qpax's market has until now been purely Sweden, whereas Relais' group platform offers an effective channel for pursuing growth in the group's main markets, the Nordic countries. Based on Qpax's historical figures, we believe that this organic growth, once realized, will be value-creating.

We view the acquisition positively, although due to its small size, its impact on the Group's financials as a standalone transaction is minor. At the revenue level, Qpax (based on 2024 figures) represents less than 0.5% of our estimated Relais Group revenue for 2026e. The closing of the acquisition is expected to take place on January 2, 2026, provided that certain customary conditions for the completion of the acquisition are met. Qpax will be reported as part of Relais Group starting approximately in January 2026, so we will include the acquisition in our forecasts in the near future.