Modulaire Group presents this half-year update in relation to the operations of the Group, and the update covers some of the highlights of the first half of 2025 including details of the Group’s performance and other major developments across the Group.

Financial overview

We are seeing strong demand in the Nordics and Southern Europe and the pipeline in Germany is starting to recover.  Good pipeline of opportunities in defence, energy, infrastructure and public sector. 

The YTD performance showed resilience amid a challenging economic backdrop. Margin increased in H1 YoY by 60bps, due primarily to improved sales GM rates and to a lesser extent leasing and servicing margin improvements, offset by some timing effects of large contracts being prepared in Q2 for H2 deployment resulting in a lower Q2 margin.

In addition, the Group refinanced in July 2025, extending the maturity of €1.9bn of debt from 2028 to 2031. In addition, we have extended €303m of the RCF commitment to 2031.

Operational Excellence

The Group is continuing to deliver multi-year transformational projects. The Business Process Optimisation (BPO) project includes the implementation of a new Enterprise Resource Planning (ERP) system. The BPO project is progressing into the build and test phases ahead of mobilisation preparation for the pilot market in 2026.

The Group commenced a new programme “Project One” which will deliver increased functional maturity in our major areas of operational and commercial performance resulting in better financial results including cost savings.

The UK transformation plan continued through H1 2025 to deliver cost savings alongside commercial synergies.

Executive team

Subsequent to H1, the Group announced that Pavan Pattada decided to step down as Group CEO to return to the United States to pursue new opportunities. The Board has initiated a formal process to appoint a permanent successor. In the interim, oversight of the business will be led by Chairman Richard Ingram, working in close partnership with Modulaire’s Executive Committee to ensure continued strategic and operational alignment.

Emma Cunningham has been appointment as Chief Operating Officer and Steven Cast has moved to the role of Operations Director, UK and BPO. 

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business helps customers find the right space solution, no matter what their requirements. Modulaire has operations in 23 countries, with over ~330,000 modular space and portable storage units, and 5,000 remote accommodation rooms. The company operates as Algeco, its largest brand, across much of Europe and the United Kingdom. Other operating brands include Advanté in the United Kingdom, Altempo in France, Ausco and NET Modular in Australia, and Portacom in New Zealand.

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For further information:

Investor relations

investorrelations@modulairegroup.com