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Relais Group

14.85 EUR

-4.50 %

3,831 following
Corporate customer

RELAIS

NASDAQ Helsinki

Automobiles

Consumer Goods & Services

-4.50 %
-12.13 %
-11.08 %
-10.81 %
-9.45 %
-1.33 %
+32.00 %
-12.65 %
+102.04 %

Relais Group is an importer and wholesaler for the automotive industry. The group focuses mainly on the development of automotive electronic equipment for trucks. Examples of products that the company supplies include lighting products, applications for warning lights, camera systems, and other spare parts for heavy vehicles. The largest operations are found in the Nordic and Baltic markets, with customers in the aftermarket industry.

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Market cap
274.68M EUR
Turnover
46.09K EUR
P/E (adj.) (26e)
EV/EBIT (adj.) (26e)
P/B (26e)
EV/S (26e)
Dividend yield-% (26e)
Coverage
Recommendation
Accumulate
Target price
Updated
15.02.2026
Disclaimer
Petri Gostowski
Petri Gostowski

Co. Head of Research

Latest research

Latest analysis report

Released: 16.02.2026

Latest extensive report

Released: 18.06.2025

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
14.4.
2026

General meeting '26

15.4.
2026

Half year dividend

13.5.
2026

Interim report Q1'26

Risk
Business risk
Valuation risk
Low
High
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Third party research

Relais Group: We expect margins to rebound in H1 - Nordea

Relais' Q4 was soft, with the top line and adjusted EBITA below LSEG Data & Analytics consensus. The company noted low utilisation of resources due to market conditions, while we believe the warm start to the winter hampered performance. Given its elevated...

Relais Group
Third party research

Relais Group: Soft demand visible in Q4 earnings - Nordea

Relais Q4 adjusted EBITA of EUR 10.8m was up 2% y/y and came 16% below LSEG Data & Analytics consensus of EUR 12.8m. Organic sales growth was -2% y/y in Q4 (Nordea +1%) owing to continued tough market conditions. Net sales were EUR 117m (+29% y/y), 2...

Relais Group
Third party research

Relais: Weather impacting near-term earnings - Nordea

Relais outperformed the market in Q3 and we expect a similar performance for Q4. However, the warm start to winter in the Nordics likely burdened the top-line and margin development in Q4, which we expect to reverse in H1, thanks to a long, cold period...

Relais Group
Forum discussions
Inderes Relais Group Oyj: Johdon liiketoimet - Christian Johansson Gebauer - Inderes Relais Group Oyj, Johtohenkilöiden liiketoimet, 18.2.2026 klo 15.00____________________________________________IlmoitusvelvollinenNimi: Christian Johansson GebauerAsema: Toimitusjohtaja Liikkeeseenlas...
2/18/2026, 1:32 PM
by JP199
37
I have also been keeping an eye on Relais for a few years, but every time I look closer, I decide to leave the ownership to others for now. Relais’s return on invested capital doesn’t seem to be edging upwards. For a fast-growing serial acquirer, it might be lower at first, sure,...
3/12/2026, 8:48 AM
by Verneri Pulkkinen
36
Good pushback! Responding quickly during my lunch break. I agree regarding the return on capital metrics; they are drifting in the wrong direction! These are the kinds of blemishes of an early-stage serial acquirer that a long-term investor has to look past In my opinion, the weak...
3/12/2026, 9:41 AM
by JP199
28
Today, I sat down with Petri in front of the cameras to go through Relais’ latest updates and how they are navigating even a softer market. And there was plenty to discuss, with over 20 minutes of content! Inderes Relais: Defensiivinen sarjayhdistelijä - Inderes Aika: 19.02.2026 ...
2/19/2026, 2:20 PM
by Tomi Valkeajärvi
21
My current thesis is that investors are currently placing a bit too much weight on the figures of a single quarter. As has been noted, weather and extreme cold have a significant impact on Relais. Q4 was warm; the severe frosts essentially began at the turn of the year and lasted...
3/12/2026, 9:43 AM
by investori86
20
I returned as a shareholder yesterday when the share price dipped. I’ve been reading through reports and thinking that this start will certainly be a good one for the full year. As Aarni noted in 2024, a good start to the year usually carries the company through a good spring/summer...
3/12/2026, 8:24 AM
by OttoJ
12
Here is the group structure from page 103 as a reminder for myself and others. Luckily, there is no entrance exam for shareholders.
3/12/2026, 8:18 AM
by P-H Compton
11
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