Relais Group

Relais announced today that Joonas Mäkipeska has been appointed as a new CFO, starting no later than February 2027. Current interim CFO Sebastian Seppänen continues as interim CFO until then and will thereafter remain a member of the group management...

Relais' Q2 adjusted EBITA of EUR 8m fell 14% short of Modular Finance consensus despite a 2% top-line beat. Q2 organic growth of 4% came in ahead of our forecast, although higher credit loss allowances, organic growth investments and one-off relocation...

Relais Q2 adjusted EBITA of EUR 8m was up 6% y/y and came 14% below Modular Finance consensus of EUR 9.4m. There were EUR 0.6m higher credit loss provisions and if adjusting for these, Q2 EBITA missed by 8%. Organic sales growth was 4% y/y in Q2 (Nordea...

Ahead of Relais' Q2 report, we include the tershine acquisition in our estimates and take a slightly more cautious near-term view on a seasonally slow Q2. We expect solid underlying demand, with 2% y/y organic growth for Q2, while acquisitions in Commercial...