Relais (Q3 initial take): Two strong business areas, Technical Wholesale holds it back - Redeye

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.

Länk till analysen i sin helhet: https://www.redeye.se/research/1189488/relais-q3-initial-take-two-strong-business-areas-technical-wholesale-holds-it-back?utm_source=finwire&utm_medium=RSS