Here are Tommi’s comments on Relais’s new strategy and financial targets. ![]()
Relais published its updated strategy and new financial targets for the years 2026–2028 this morning. As we anticipated in connection with the Q1 report, a target measuring return on capital was included in the company’s new financial targets, reflecting the new CEO’s emphasis on capital efficiency. Although the target of over 13% for return on capital employed (ROCE) fell slightly short of our expectation of over 15%, it is still a clear step up compared to the company’s historical performance. We believe that including return on capital in the targets is an excellent move, as the goals are now fully aligned with the positive development of shareholder value. The strategic guidelines also appear disciplined, which we consider sensible after a period of rapid growth. At the Capital Markets Day, we will look for insight into the actions intended to achieve these numerical targets.