Modulaire - comment

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

Aengus McMahon26 November 2025MODULAIRE

Modulaire Group – Some time yet

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

Aengus McMahon19 September 2025MODULAIRE

Modulaire - comment

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

Aengus McMahon14 August 2025MODULAIRE

Modulaire Group - comment

A successful refinancing operation, with the new TLB and SSN both being upsized and priced within the initial price talk. The TLB was

Aengus McMahon3 July 2025MODULAIRE

Modulaire Group - comment

Modulaire's new €1bn TLB pushes bank maturities out to June 2031 from June 2028. The cost of the new TLB is similar at 7% (margin is 25bp higher

Aengus McMahon24 June 2025MODULAIRE

Modulaire Group - comment

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

Aengus McMahon23 May 2025MODULAIRE

Modulaire Live Discussion is now available on Modulaire’s page, here.

Modulaire - Speaking Volumes

Please find our new analysis, here.

Modulaire protected cash flow by cutting capex, and with assets that can last 25 years or more, it is a trick that they repeat whilst they wait for