Ahead of Relais Q3, due on 2 November, we maintain our estimates intact. We model Q3E sales up 9% y/y, driven by acquisitions and a slightly positive organic growth. Despite a more challenging macro environment and FX headwinds, we expect positive y/y margin development in Q3E and model adjusted EBITA of EUR 9.1m with margin up 70bp y/y to 13.0%. For Q3E, we are in line with Refinitiv consensus on sales and 1% ahead on adjusted EBITA.
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