Modulaire - comment

Q4 25 Underlying EBITDA of €133m is about at the market consensus, and we expect cash EBITDA to be above the €116m we forecast. The Q4 24 flash figure was €142m, so YoY the figures are down a little over 6%. The decline is slowing (Q2 -11%, Q3 -8%, Q4 -6%). The utilisation rates are not recovering fast, but should have bottomed out. Our thesis remains that the company has the liquidity to fund itself through to the expected recovery in H2 2026. The FY results call is on 27th April 2025.