Redeye provides its initial take on Relais' Q3 2026 report, which showed net sales 4% below our estimate and 1% below consensus, while adjusted EBITA of EUR11.5m came in 21% above our estimate and 5% above consensus. Commercial Vehicle Services and Products and Solutions grew adjusted EBITA by 23% and 31%, respectively, but Technical Wholesale's margin fell further and organic growth slowed to 2%. We view the report as better than we expected on earnings, but leverage is now high.
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