Relais Q2 adjusted EBITA of EUR 7.6m was up 3% y/y and came 2% above LSEG Data & Analytics consensus of EUR 7.5m. Organic sales growth was -2% y/y in Q2 (in line with our expectation), weighted down by a softer market conditions. Net sales were EUR 82.9m (+12% y/y), 5% above consensus expectations and supported by acquisitions. Gross margin came 120bp below consensus expectations while it was up 140bp y/y to 49.1%, likely burdened to some extent by slightly softer repair and maintenance. Operating cash flow declined owing to mild winter impact on net working capital and was EUR -0.2m (EUR 9.5m a year ago) which combined with acquisition of Team Verksted took leverage to 4.4x. Relais does not give short-term outlook for 2025 but notes cautious positive signs of demand improvement for H2. On initial take, we expect consensus to make minor positive estimate revisions.

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