Results were in line with our model, but continuing problems in the UK business, and weakness in France will see the SUNs softer today. Free cash flow

Operationally, a good quarter with margins better than we expected, leading to a better-than-expected cash flow turn out. However, the

Please find our slightly updated model here.

The Modulaire story hasn’t changed much in the last few quarters. Revenue and cash flows are not deteriorating further, but are not

Things aren’t getting worse at Modulaire, but management acknowledges that the UK and French divisions are unlikely to see much improvement before

Please find our updated analysis here.

Operational performance at Modulaire has been poor since Q3 2024, and although the comparisons will be easier in H2 2025, we do not expect any

Q2 results fell below our expectations due to continued weakness in the UK and French construction markets. Although the Q2 results were poor, they

The results were below our estimates, but an improving gross margin and stable unit sales will keep the bonds from widening as