We were impressed by Consti’s solid operative progress ahead of a more challengingH2. In the bigger picture, we believe the final decision in the long-standing dispute is abig step forward as it derisks the company.

Demand is improving somewhat faster than we expectedThe EUR 35.5m in Q2 revenue was close to our EUR 36.0m estimate and had a favorable tilt towards services (EUR 16.3m vs our EUR 12.0m estimate), but EBIT nonetheless remained EUR -1.0m (vs our EUR 1

Solid growth driven by Industrial MeasurementsVaisala reported its Q2 results, which with the preliminary figures given ahead of the quarter did not come as a larger surprise.

Relais updated its financial targets in May, with a EUR 500m top-line target by 2026 on a pro forma basis. The recalibrated strategy relies on a combination of strong growth through acquisitions and faster than market average growth.