olivLaw · European equity research
Relais Group Oyj RELAIS.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Relais Group is a Finnish group that provides repair and maintenance services for heavy vehicles, along with technical and vehicle lighting products in the Nordics and the Baltics. In 2025 the group grew through acquisitions, but its comparable margin fell and net debt rose sharply. Revenue reached 383.4 million euros.
At the close of 05 Nov 2026, Relais Group Oyj (RELAIS.HE) stock was 11.85 EUR (−0.84% on the day), with dividend yield 2.53%, beta 0.53, 52-week range 11.75–17.70 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.4
- weak (30–45)
- Bollinger (20, 2)
- 11.62 – 13.23
- in the lower half of the band · %B 0.14 · band width 13.0%
- SMA 50 / 200
- 13.31 / 14.68
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.41 / -0.40
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.6% | −0.6% | −9.9 pp | — |
| 3 months | −17.1% | −4.2% | −13.0 pp | — |
| 6 months | −19.4% | +4.3% | −23.7 pp | — |
| Year to date | −29.0% | +7.5% | −36.6 pp | — |
| 1 year | −25.2% | +9.9% | −35.2 pp | −1.2% |
| 3 years | +3.5% | +49.8% | −46.4 pp | +6.8% |
| 5 years | −52.6% | +42.8% | −95.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 284.3 m | 322.6 m | 383.4 m |
| Revenue YoY | unavailable | +13.5% | +18.8% |
| Net income | 13.7 m | 18.5 m | 15.5 m |
| Net income YoY | unavailable | +34.9% | −16.5% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 4.8% | 5.7% | 4.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 34.2 m EUR
- Financial debt
- 126.9 m EUR
- Net debt
- 92.7 m EUR
- Equity
- 180.6 m EUR
- Total assets
- 493.0 m EUR
- Debt / equity
- 0.70x
- Current ratio
- 2.03x
- ROE
- 10.4%
- ROA
- 3.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 284.3 m | 322.6 m | 383.4 m | esef· 18 Mar 2026verified |
| Operating income | 25.1 m | 33.0 m | 29.5 m | esef· 18 Mar 2026verified |
| Interest expense | 8.9 m | 11.9 m | 20.2 m | esef· 18 Mar 2026verified |
| Pre-tax income | 17.7 m | 23.8 m | 19.6 m | esef· 18 Mar 2026verified |
| Income tax | 4.0 m | 5.2 m | 3.9 m | esef· 18 Mar 2026verified |
| Net income | 13.7 m | 18.5 m | 15.5 m | esef· 18 Mar 2026verified |
| Dividend per share | — | 0.44 | 0.30 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.7 m | 9.6 m | 34.2 m | esef· 18 Mar 2026verified |
| Receivables | 41.4 m | 40.6 m | 52.8 m | esef· 18 Mar 2026verified |
| Inventories | 74.1 m | 83.7 m | 102.2 m | esef· 18 Mar 2026verified |
| Current assets | 129.2 m | 135.5 m | 191.1 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 4.9 m | 5.6 m | 11.4 m | esef· 18 Mar 2026verified |
| Goodwill | 120.1 m | 120.1 m | 155.0 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 13.1 m | 12.0 m | 34.2 m | esef· 18 Mar 2026verified |
| Total assets | 329.1 m | 330.2 m | 493.0 m | esef· 18 Mar 2026verified |
| Accounts payable | 46.8 m | 53.7 m | 61.9 m | esef· 18 Mar 2026verified |
| Short-term debt | 7.1 m | 7.0 m | 13.7 m | esef· 18 Mar 2026verified |
| Long-term debt | 88.8 m | 83.8 m | 113.2 m | esef· 18 Mar 2026verified |
| Current liabilities | 74.3 m | 77.3 m | 94.3 m | esef· 18 Mar 2026verified |
| Total liabilities | 218.5 m | 212.7 m | 312.3 m | esef· 18 Mar 2026verified |
| Equity | 110.7 m | 117.6 m | 180.6 m | esef· 18 Mar 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 30.6 m | 34.8 m | 33.9 m | esef· 18 Mar 2026verified |
| Investing cash flow | -8.0 m | -7.2 m | -53.6 m | esef· 18 Mar 2026verified |
| Financing cash flow | -27.0 m | -27.7 m | 44.2 m | esef· 18 Mar 2026verified |
| Dividends paid | 7.3 m | 8.0 m | 9.1 m | esef· 18 Mar 2026verified |
| Share repurchases | 0 | 1.0 m | 0 | esef· 18 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.08 – 5.56 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)4.08 – 5.56 (Mid 4.71)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.0% | 60 (vs peers) | 38% |
| Net margin · Quality | 4.0% | 51 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality57/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Relais Group Oyj (RELAIS.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 383.4 m EUR in 2025; YoY growth 18.8%; net margin 4.0%; ROE 12.9%.
The estimated value range is 4.08–5.56 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.71 EUR, the price of 11.85 EUR leaves a potential of -60.3% (value / price − 1) and a margin of safety of -151.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- Interest coverage: 1.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
| GLA1V.HEGlaston Oyj Abp | 42.1 m | 35.4 | 1.8% | 0.6% | −4.2% | −12% / −32% |
1- and 3-year price returns: for RELAIS.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Relais Group is a Finnish group that provides repair and maintenance services for heavy vehicles, along with technical and vehicle lighting products in the Nordics and the Baltics. In 2025 the group grew through acquisitions, but its comparable margin fell and net debt rose sharply 1. Revenue reached 383.4 million euros 1.
SWOT
Strengths
- The group has grown quickly through acquisitions and has an extensive workshop presence in several Nordic countries.
- Revenue from maintenance services is growing strongly, supporting a more recurring profile.
- Sales margin is high, and working capital is managed with steady turnover.
Weaknesses
- Comparable margin fell in 2025, partly due to acquisition integration and inventory.
- Net debt rose significantly and financing costs are increasing.
- Organic revenue declined in Finland and the Baltics, showing reliance on acquisitions.
Opportunities
- Integrating acquired workshops could improve resource use and margins.
- Growth in the lighting category and Strands products could support sales.
- The Nordic heavy vehicle service market offers room for further acquisitions.
Threats
- Demand in heavy freight could fall, which would reduce service volumes.
- Swings in the Swedish krona could affect reported results.
- Financing pressure and interest costs could limit investment flexibility.
Risks
- Acquisition integration riskhigh
Integrating several new companies could delay synergies and affect margins, especially if inventory is hard to manage.
- Rising debthigh
Net debt and lease liabilities rose sharply, increasing sensitivity to financing costs.
- Currency exposuremedium
Swedish krona operations can generate unrealised exchange differences in reported results.
- Weak demand in Finland and the Balticsmedium
Falling organic revenue in these areas could persist if the regional economy stays weak.
- Matro Group optionlow
The synthetic option and its valuation depend on estimates of future profitability, which could change the value of the liability.
Investment thesis
What would need to be true (bull case)
- If acquisition integration succeeds, margins could recover and service revenue could grow more steadily.
- Growth in repair and maintenance services suggests a more recurring revenue base.
- The lighting category grew strongly and could keep contributing to sales.
What would break the thesis
- Comparable margin fell in 2025, and cost pressure could persist if integration is delayed.
- Net debt rose sharply, which could limit capacity for further acquisitions.
- Organic revenue declined in Finland and the Baltics, a sign that growth depends on acquisitions.
What to watch
- Trend in comparable EBITA margin after acquisition integration2026
- Level of net debt and financing costs2026
- Organic revenue in Finland and the Balticsnext annual report
- Status of the synthetic option linked to Matro Groupnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Relais Group offers repair and maintenance for heavy commercial vehicles through its own workshops, as well as technical product distribution and vehicle lighting 1. The business is organised in two main areas, and growth in 2025 was driven largely by acquisitions of workshops and companies in Sweden, Norway and Finland 1. In 2025 the group reported revenue of 383.4 million euros and EBITA of 34.9 million euros 1.
The company integrated a large number of acquisitions in 2025, bringing headcount to 1,687 at year end 1. The cost and capital structure changed, with new bank financing, a bridge loan and a hybrid bond issue 1.
Relais Group is listed on Nasdaq Helsinki and publishes its annual results together with a governance and remuneration report 1.
Segments
Market context
The group operates in commercial vehicle services and component distribution across the Nordics and the Baltics. Organic revenue grew 1 percent in Scandinavia and fell 3 percent in Finland and the Baltics in 2025 1. Total growth came mainly from acquisitions rather than organic volumes 1.
Lower volumes left resources underused, which pressured operating margins 1. The Swedish krona exchange rate was favourable for reported revenue but weighed on EBITA 1.
Trends
- Growth through acquisitionsmixed
Acquisitions of workshops and distributors expanded the group but diluted margins and increased debt, making integration a critical factor.
- Weak organic demand in Finland and the Balticsheadwind
Falling organic revenue in Finland and the Baltics points to softer demand in the group's traditional markets.
- Growth in maintenance servicestailwind
The repair and maintenance segment grew quickly, which could support more recurring revenue if workshop integration succeeds.
- Higher financing costsheadwind
Net debt and lease liabilities rose, and the hybrid bond carries its own cost, which could limit net margins.
Competitive position
The market for heavy vehicle repair and technical distribution is fragmented, with regional operators and national chains. Relais competes on local workshop presence and component availability, and the analysed sources do not detail competitors' exact positions.
The group's competitive position depends on its ability to integrate acquisitions and keep inventory efficient, reflected in margin levels and working capital turnover 1.
- Regional heavy vehicle service operators
Independent workshops in the Nordics and Baltics competing for the same maintenance services.
- Technical parts distributors
Distributors competing on components and accessories for commercial fleets.
- Vehicle lighting suppliers
Manufacturers and distributors of lighting equipment competing in the vehicle segment.
- National truck service networks
Networks offering standardised service that can compete for the same fleets.
News & filings
In the press
- Je nai jamais pris de vacances : à Massignac , Stéphanie Crouton solde la caisse de son épicerie et passe le relaisSurge — GDELT DOC · 25 Sept 2026 · RO
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Relais Group Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.