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% below consensus and supported by acquisitions. Gross margin came 20bp above consensus expectations. Operating cash flow was strong at EUR 25m (EUR 16m a year ago). DPS proposal of EUR 0.30 came below consensus of 0.47. Relais does not give short-term outlook for 2026 but notes stable demand situation. In addition, the company notes robust M&A pipeline and it will transit into three reporting segments which we view positively as it increases visibility into operations and increases accountability. On initial take, we expect consensus to make negative estimate revisions to the tune of mid-single-digits.
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