Relais Q1 adjusted EBITA of EUR 12.8m was up 40% y/y and came 5% above Modular Finance consensus of EUR 12.3m. Organic sales growth was 7% y/y in Q1 (Nordea +7%) owing to positive demand and cold winter supporting Technical Wholesale and demand for premium lighting products in Products and Solutions. Net sales were EUR 119.0m (+44% y/y), 4% above consensus and supported by acquisitions.
Overall, the Q1 EBITA beat was driven by strong development in all segments (organic adjusted EBITA growth: 16% y/y). Gross margin came 190bp above our expectation. Operating cash flow was strong at EUR 10.4m (EUR 2.7m a year ago).
Relais does not give short-term outlook for 2026 but notes positive early results of its increased operational performance focus and active M&A pipeline.
On initial take, we expect consensus to make small positive estimate revisions on the back of the Q1 beat.