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Relais issued a profit warning and pre-released Q2 numbers this morning. Q2 top line was 5% below Refinitiv consensus (-3% versus Nordea). Q2 EBITA of EUR 3.7m was 48% below consensus and 37% below Nordea estimates. Organic growth was negative in Q2 (we had modelled flat growth) and was burdened by weak market conditions, especially in early Q2. Weak profitability is due to weak mix, and higher salary and other operating expenses. In addition, high COVID-19 absences, FX and poor availability of mechanics in the commercial vehicle and maintenance business had negative impact. Given pre-released Q2 numbers and weak macroeconomic outlook, we believe consensus EBITA estimates will be cut at least 10%. We note that H2 is more important for Relais with higher share of higher margin lighting sales. Q2 report is due on Thursday (11 August) and could shed more information ahead of the important H2.
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