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Relais reported Q1 adjusted EBITA of EUR 6.1m, 36% below Refinitiv consensus estimates and 32% below Nordea estimates, respectively. Net sales were EUR 61.9m, 19% and 17% below consensus and Nordea, respectively. Reported EBIT was EUR 2.5m, 49% below consensus. The market situation was exceptionally challenging during the Q1, with less favorable weather conditions, extensive sick leaves causing lower invoicing in workshops, lower market demand owing to cost increases and cautiousness of the transport sector customers. Market situation has somewhat improved in March after exceptionally challenging January-February, while outlook remains blurry. Our initial take is that consensus EBITA estimates could come down clearly after the Q1 report.
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