Relais Q3 adjusted EBITA of EUR 10.9m was up 19% y/y and came 5% below LSEG Data & Analytics consensus of EUR 11.5m. Organic sales growth was 4% y/y in Q3 (Nordea +1%) despite tough market conditions. Net sales were EUR 101.1m (+35% y/y), in line with consensus expectations and supported by acquisitions. Gross margin came 180bp below consensus expectations, burdened by amortisation of inventory fair value changes related to PPAs of acquisitions. Operating cash flow was EUR 6.6m (EUR 4.3m a year ago). Leverage at 3.7x impacted by the EUR 50m hybrid debt. Relais does not give short-term outlook for 2025 but notes cautious positive signs from the market. In addition we note comments around positive start of the lighting season which we view as supportive for Q4. On initial take, we expect consensus to make minor negative estimate revisions on the back of slight adjusted EBITA miss.
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