Relais' Q1 2026 adjusted EBITA of EUR 12.8m was 5% above Modular Finance consensus and sales were 4% ahead. Organic sales growth was strong at 7% y/y, partly supported by a cold winter. We believe the company has further margin improvement potential for 2026 following multiple acquisitions in 2025-26. Its CDM event on 20 May could shed more light on its growth targets during the next strategy period. We make minor negative estimate revisions, and derive a slightly lower fair value range of EUR 17.6-21.5 (17.7-21.6).
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