Translation: Original published in Finnish on 12/22/2025 at 7:53 am EET.

Relais' subsidiary Team Verkstad has agreed to acquire Landströms Bygg & Plåt i Gällivare AB (LBP). The acquired company specializes in damage repair for heavy commercial vehicles in Northern Sweden. In our view, the small acquisition is fully in line with Relais' strategy and value creation model.

Damage repair expertise from a mining industry hub

Relais announced on Friday that its group company Team Verkstad is acquiring 100% of LBP's share capital. The company is located in Gällivare, northern Sweden, which is a significant hub for the mining and heavy industries. LBP employs five people, and for the financial year ending in August 2025, its revenue was roughly 19.1 MSEK (around 1.7 MEUR) and its adjusted EBIT was some 4.7 MSEK (~0.4 MEUR), corresponding to a margin of nearly 25%. In our assessment, the acquisition target's very good profitability stems from its specialization in damage repair and a strong local market position.

The purchase price mechanism commits the seller

The total purchase price of the acquisition was not disclosed, but 11 MSEK of the purchase price will be paid with Relais Group shares, which we estimate will serve as a commitment mechanism for LBP's entrepreneur-owner. The subscription price of the shares will be determined based on the volume-weighted average price of Relais Group's share over the 20 trading days preceding the closing date. The closing of the transaction is expected to take place on February 2, 2026, at which point the company will be consolidated into the Relais Group.

A bolt-on acquisition in line with the strategy

The acquisition is a typical bolt-on acquisition for Relais, strengthening its geographical coverage and service network in its main markets. In addition, the acquisition brings process expertise to the Group regarding customer entities for damage repair through insurance companies. At the same time, the acquisition provides a means of reallocating capital to growth in line with Relais' value creation model. We estimate this will occur with a good return on capital, i.e., higher than the cost of capital, as we believe Relais has maintained disciplined acquisition pricing. Overall, we view the transaction positively, although due to its small size, its impact on the Group's financials as a standalone transaction is minor. At the revenue level, LBP accounted for less than 0.5% of our estimated Relais Group revenue for 2026e. We will include the small acquisition in our forecasts in connection with the next update and once the average price of the shares used as payment can be estimated.