Ahead of Relais Q1, we maintain our estimates intact. Against tough comps, we model 1% y/y organic growth, mainly supported by lighting, and repair and maintenance sales. Owing to warm winter weather, we expect equipment and spare part sales to decline y/y while we expect only 20bp y/y decline in adjusted EBITA margin to 11.5%. We are 2% above LSEG Data & Analytics consensus on top line and 6% above on adjusted EBITA for Q1. The focus in the report is likely to be on market outlook where we expect the company to reiterate its view of stable market conditions. In addition, we note two acquisition announced during April which we believe act as a growth platform for Relais in new geographies. Following announced acquisitions and given the financial target to reach EUR 50m pro forma EBITA is for 2025, we expect the company to host a CMD event later this year.
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