Relais: New CEO starting in January - Nordea

Relais announced today that Christian Johansson Gebauer, former head of Ratos Construction & Services (SEK 16bn sales and SEK 1.4bn adjusted EBITA in 2024) is starting as new CEO no later than 19 January. Mr. Gebauer is Swedish citizen and has background from industry through Toyota and McKinsey & Company. We do not expect any material changes to the current strategy (ending in 2025) with M&A high in the agenda. We note Relais has increased growth ambitions outside Finland which we believe Mr. Gebauer fits well. In addition, we believe a Swedish CEO could increase the interest towards the company outside Finnish capital markets.

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