Relais Q3 adjusted EBITA of EUR 11.5m was up 5% y/y and came 5% above Modular Finance consensus of EUR 11m. Organic sales growth was 2% y/y in Q3 (Nordea +4%). Net sales were EUR 111m (+10% y/y), 1% below consensus. Products and Solutions missed our estimate while other operating segments beat. We believe there could be slightly different seasonality in acquired businesses which could explain the deviation. Gross margin came 70bp below our expectation while adjusted EBITA margin beat by 20bp. The company continues to address margin softness in Technical Wholesale where top line growth has not been sufficient to offset organic investments higher cost base. Operating cash flow was down slightly to EUR 4.8m (EUR 6.6m a year ago). Relais does not give short-term outlook for 2026 but notes softening market conditions towards end of Q3, especially in Norway. We believe this relates to normalisation of diesel tax in the country and could be a temporary issue. On initial take, we expect consensus to make muted estimate revisions on the back of the Q3.