Relais publishes its Q3 result on Thursday at about 9:00 am. In Q3, we expect the company's net sales to remain on an upward trajectory, driven by inorganic growth. By contrast, we expect profitability to have declined as a result of, e.g., a change in the net sales structure. We have updated our estimates to take into account the company's transition to IFRS reporting. In addition to these accounting changes, we have revised our short-term financing cost estimates upwards to reflect rising interest rates.