ESGS Report 2022
Sustainable modular solutions 
for a low carbon future

Abbreviations:
ABC training
Anti-bribery corruption training
ESGS
Environment, Social, Governance and Sustainability
SBU
Strategic Business Unit
SDG
Sustainable Development Goal
TCFD
Task Force on Climate-related Financial Disclosures
UNGC
United Nations Global Compact
Modulaire Group “Modulaire” is a leading provider of modular services and infrastructure, offering flexible,  
cost-effective, high quality and timely solutions to help customers efficiently meet their needs for space and  
remote accommodation in a variety of end-markets.
Modulaire has over 292,000 modular space  
and portable storage units and 4,400 remote 
accommodation rooms. We serve around 49,000 
customers through an extensive network of 212 
branches and depots (including 15 assembly facilities) 
across 23 countries in Europe and Asia-Pacific. 
Modulaire 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, Algeco 
Chengdong in China, Ausco and NET Modular in 
Australia, and Portacom in New Zealand.
This is our third annual Environment, Social, 
Governance and Sustainability (ESGS) report, which 
shares our ESGS themes, actions, and progress from 
1 January 2022 to 31 December 2022, unless 
otherwise stated. The focus areas are noted within 
our materiality matrix and meet the needs of our 
business strategy. All our operations are in scope 
unless otherwise stated. 
We continue to integrate the Task Force on 
Climate-related Financial Disclosures (TCFD) 
framework within our reporting structure, believing 
in the fundamental importance of its principles of 
effective disclosure. We include distinct sections  
for each of the TCFD four pillars: Governance, 
Strategy, Risk Management, and Metrics and Targets. 
By adhering to these principles and staying abreast  
of latest reporting developments, Modulaire will 
ensure that reporting practices remain aligned with 
international sustainability standards.
www.modulairegroup.com
Front cover: Algeco units (France), Biodiversity Plan (Germany), ESGS training 
programme (Nordics), UNGC Flag Day celebrations
Contents
About this report 
2
Group CEO introduction 
3
Our safety culture
4
Our approach 
5
Governance
8
Strategy
10
Risk Management
19
Metrics and Targets
22
Key actions for 2023
35
Performance data 
36
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Modulaire Group ESGS Report 2022
About this report

Group Chief Executive Officer’s introduction
Performance Highlights 2022
26% reduction
Scope 1 & Scope 2 market-
based emissions vs 2020 
54% Renewable  
Energy
460 hours
ABC training
4,616 hours
Volunteering
362 hours
Cybersecurity training
Participated  
in 3 UN days
International Women’s Day
World Day for Safety and 
Health at Work
World Mental Health Day
Completed
Supply Chain Survey
TCFD Climate Scenarios
I am pleased with our progress this year based on our five strategy 
and performance pillars. Safety remains our number one priority  
and I am pleased to report we achieved our target for zero fatalities. 
However, we fell short on the targeted reduction to the lost time 
incident frequency rate. A company-wide safety survey and observation 
training for almost 1,000 managers was completed to ensure a continuing 
emphasis on our safety performance, and we have revised our safety 
plan to further reduce incidents. 
Operational 
Excellence
Mergers and 
Acquisitions
Safety and 
ESGS
Growth
People
Our Strategy Pillars:
Our ambitious goal of achieving Net Zero by 2050 is encouraging 
our teams to work with passion and pride, finding new ways to 
reduce our environmental impacts and delivering social value to the 
communities in which we operate. Many of these achievements are 
shared in this ESGS report, including reducing our Scope 1 and 2 
market based emissions by 26%.
It is encouraging to see the progress we are already making on 
decoupling our operations from fossil fuels. By pursuing operational 
excellence, we are increasing the long-term resilience of our 
business, with focus on electrification and renewable energy sources 
now embedded across the business. 
Together, our people are innovating with new low carbon solutions 
that reduce our own emissions and those of our customers, as we 
work to create value through excellence in everything we do. 
Space-as-a-service model is a paradigm shift in the way the infrastructure 
industry works. It allows customers to increasingly demand spaces 
which are aligned with their ESG and Sustainability commitments. 
The same is true of our own investors. 
From fixed solar roof panels for our modular units, to freestanding 
electric vehicle charge points, we are sharing details of some of 
these exciting value-added products and services in this report, 
which are already delivering positive results. 
These activities are only possible through the talent and dedication of 
our people around the world. We continue to invest in a culture that 
brings together the very best of our employees, with their unique 
skills, experiences and abilities. I was pleased to take part in our 
celebrations for International Women’s Day in March, where we held 
an open and honest discussion on breaking the barrier to achieving 
gender equality (UN SDG 8). We have increased awareness in our 
workforce around unconscious bias and will continue to drive forward 
change in our sector for this important area.
In this report we share our actions to further embed ESGS into our 
business strategy, culture, and daily operations. We also commit to 
sharing this information with our stakeholders through our 
communication channels.
I continue to believe there are significant opportunities to help our 
customers, suppliers, and stakeholders to address the challenges 
of climate change and to deliver growth in the low carbon and 
circular economy.
Modulaire is committed to safe and sustainable operations. We work to maximise the life cycle of our units, reducing waste, energy and costs and to help our 
customers meet their ESGS obligations.
“By pursuing operational excellence, we are 
increasing the long-term resilience of our 
business, with policies on electrification and 
renewable energy sources now embedded 
across the business.”
Mark Higson 
Group Chief Executive Officer
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Modulaire Group ESGS Report 2022
CEO introduction

Safety continues to be our number one priority across the Group. It forms a key part of our first Strategy Pillar, Achieving Zero Harm and Leading on Sustainability. 
In 2022, we invested considerable time and effort in a comprehensive review of our safety processes and approach, together with the training of over 1,000 managers 
and supervisors on Safety Leadership Essentials. The focus of the review and training was to provide the tools and approaches to help move the Group from a 
reactive approach to safety, to a proactive one, where people are looking out for safety issues and for each others wellbeing. 
Advancing our Safety Culture 
“Personally I am very proud to work  
for a company that puts safety and  
ESG highest on the agenda. It is the 
responsibility of all of us to look out  
for each other and ensure that all  
of our colleagues go home  
safely every day.”
Steinar Aasland
Managing Director, Nordics
Achieving Zero Harm 
We have developed a 5 Year Safety Plan, which consists of four key themes as set out below, along with associated actions, 
that we will deliver against in order to improve our safety performance to World Class levels:
In 2022, the Group also celebrated World Safety Day with 
activities and events across the Group. 
In recent years, the Group has seen a significant reduction in 
the Lost Time Accidents Frequency Rate (LTAFR), as can be 
seen in the table below. 
Year
LTAFR
2019 
0.88
2020 
0.80
2021 
0.66
2022 
0.66
•	 Visible, Felt Leadership - Leaders live Safety Values. 
They listen & speak to hearts and minds of colleagues 
and demonstrate consistent commitment to safety first. 
•	 Standards & Processes - Safety management 
processes are embedded into the business and are 
consistent across the Group with appropriate 
adaptation to local risk profiles or regulations. They 
are simple, well communicated and understood, easily 
accessible and implemented effectively.
•	 Best Practices & Innovation - Processes/supporting 
technology are in place to support & sustain the 
safety management system. We continually improve 
performance by identification and sharing of internal 
and external best practice and digitalization of 
operations/safety. 
•	 Organisation & Safety Skill Development - We 
empower and engage all our people to put safety 
first. We provide the appropriate safety knowledge, 
competence and confidence for people to perform 
their roles effectively.
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Modulaire Group ESGS Report 2022

“We have turned our passion  
for sustainability into action.”
Angèle Brucker
Managing Director 
Eastern, Northern and  
Southern Europe
Through our Strategy Pillar One, we work as one team to 
achieve Zero Fatalities safety and to lead on ESGS. These 
two performance objectives run side by side throughout our 
business activities and processes. Together, we seek to 
reduce or mitigate our environmental and social impacts and 
to improve governance and our sustainable practices.
To achieve our ESGS purpose we have developed a 
companywide ESGS policy and objectives to shape our 
decision-making and actions at all levels. They are underpinned 
by three frameworks that provide ambitious approaches and 
governance, the United Nations Global Compact Principles, 
the United Nations Sustainable Development Goals and the 
Task Force on Climate-related Financial Disclosures for 
strong and environmental governance.
ESGS Purpose
Environmental 
•	 Provide customers with sustainable and circular 
solutions (Loops within Loops)
•	 Help to improve the sustainability performance of 
our supply chain
•	 Design and deliver safe, energy-efficient, low-carbon 
solutions to our customers using clean and innovative 
technology where possible
•	 Reduce our environmental (energy, carbon, water 
and waste) impacts onsite and off-site, and work on 
climate adaption and biodiversity
Social value
•	 For employees, contractors and visitors, provide a 
safe, inclusive, diverse and motivating environment
•	 Promote organisational change management to meet 
ESGS commitments
•	 Empower our employees to add value for our 
customers, suppliers and communities
•	 For communities, act responsibly and create social 
value through our group initiatives and focused  
local programmes 
Governance 
•	 Strict compliance with applicable local legislation  
for ESGS
•	 All Group functions and business units to contribute 
and report on Modulaire’s ESGS commitments  
and targets
•	 Achieve sustainable growth and robust business 
performance through responsible corporate governance 
and an open dialogue with all stakeholders
•	 Meet sustainability objectives
•	 Support commitments to the UN Sustainable 
Development Goals (4, 5, 9, 11, 12, 13), the UN Global 
Compact Principles (Human Rights, Labour, Environment 
and Anti-Corruption) and the Task Force on Climate-
related Financial Disclosures framework to establish the 
Net Zero and Climate Adaptation plans
Our ESGS purpose
At Modulaire, we create smart spaces for people to work, learn and live. We want to help generate economic prosperity, do social good and contribute to 
environmental responsibility. Where we can make a difference, we will, with our products and our people. 
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Modulaire Group ESGS Report 2022
Our approach

Loops within Loops
Our approach
Loops within Loops is our sustainable circular business 
model. It simply means we use innovative sustainable 
design solutions to produce modular units that can 
stay in service longer, going round and round again. 
This reduces the use of virgin materials, minimising 
resources and waste. By designing in sustainability 
and designing out waste, we produce a circular 
product that can be reused, refurbished, remade  
and assembled. We do this to meet the expectations 
of our stakeholder groups who want maximum value 
with minimum impact.
Our sustainable modular solutions contribute to an 
advancing circular economy. Whilst we are in the 
early stages of realising the full potential benefits  
of our activities, the steps that we are taking to 
better understand the risks and opportunities of  
the transition to a low carbon economy are bringing 
measurable benefits to our customers, the environment 
and the societies in which we operate.
See Loops within Loops in action below:
Our People
Customers
Society
Our Investors
Planet
Raw Materials 
& Components
Residual 
Waste
Deployment & 
Redeployment
Sustainable Design  
& Green Materials
Recycle & 
Upcycle
Use, Upgrade 
& Reuse
Production & 
Refurbishment
Our Suppliers
Op
er
ati
ng
 R
es
po
nsi
bly
 
W
or
ki
ng
 t
og
et
he
r
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Modulaire Group ESGS Report 2022

Our overarching goal is to be the global modular services and infrastructure leader. Our solutions enable people to work and learn productively and improve 
communities - but we want to achieve a truly circular economy. Our Loops Within Loops business model serves customers and stakeholders by helping to 
address some of the risks we face as climate change reshapes the economy.
Key principles
Our current approach
less carbon emissions vs traditional 
construction1
c.73%
Minimise embodied  
carbon
20x
96%
Units can be reused, on average, up to 
20x or more during their lifecycle1
Conserve resources, increase 
efficiency and source sustainably
Units are up to 96% recyclable1
Design to eliminate waste and for 
ease of maintenance and reuse
Loops within Loops approach
Manage any waste sustainably and at 
the highest practicable point of the 
waste hierarchy
Advancing the circular economy
Circularity
By minimising resource consumption and operating in  
as many ‘circular loops’ as possible, our modular solutions 
are less intensive than traditional construction, with a 
lower carbon footprint.
Adaptability
By being fully reusable, flexible, reconfigurable 
and recyclable, our units can adapt to changing 
demands and shifting demographics to meet 
climate change adaptation and demands.
Leasing
By leasing out assets, they remain under our control  
for their full lifecycle. We can innovatively manage 
environmental issues, such as recycling and waste,  
to minimise environmental and social impacts.
“Our low carbon solutions are 
meeting the needs of customers 
with Net Zero and Social Value 
ambitions. We have started our 
drive to a low-carbon world; by 
providing products and services that 
will meet our customer expectations 
and enable environmental and 
social stewardship.”
Alexis Salmon-Legagneur
Director-General, ALGECO
1.	 2020 Product footprint analysis of a typical Modulaire unit is based on:
•	 Stage A1-A5 (sourcing, manufacturing and transporting to site) approximately 200 (kgCO2e/m2) v 700- 800 (kgCO2e/m2) for a traditional build. This equates to 
approximately 73% less carbon emissions compared to a traditional build.
•	 In use (B1-B6) and end of life (C1-C4) emissions total 210 kgCO2e/m2. This equates to approximately 65% less carbon emissions compared to a traditional build
•	 For the whole life footprint (410 kgCO2e/m2), details for an equivalent traditional build are difficult to ascertain due to the lack of benchmarks which include B6 data
•	 Product footprint calculated in accordance with EN 15978:2011. Modulaire typical unit based on Advance 8000 two classroom unit assembled in France. Typical 
benchmarks for education buildings based on Whole Life-Cycle Carbon Assessments Guidance (Mayor of London, October 2020). Whole life figure provided in this 
guidance exclude any allowance for energy consumed during the in-use phase.
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Modulaire Group ESGS Report 2022

We recognise that we must conduct business ethically, considering 
environmental and community goals, as well as being a good 
employer, as we focus on the growth and success of our business. 
Our Executive team and Board are fully committed to running 
Modulaire in a way that our employees, customers, shareholders 
and suppliers can be proud of and take our commitments to all our 
stakeholders seriously. We already have strong governance 
structures in place and moving forward, we will monitor and 
disclose more ESGS-related data, making further improvements  
to our performance as we listen, learn, and develop.
Our Modulaire Group Board of Directors provides ESGS 
oversight and is responsible for approving material ESGS 
initiatives, disclosures and reports. The Board established an 
ESGS Committee and benefits from its dedicated oversight of 
our ESGS programme.
The ESGS Committee reviews our performance, commitments 
and key performance indicators, meeting twice a year to 
make recommendations to the Board. Chaired by our Group 
CEO, it is responsible for defining Modulaire’s ESGS purpose 
and implementing strategy. 
Managing our approach
We are a responsible business and comply with all legal requirements of the countries where we operate with the highest degree of integrity and ethics. 
Responsible conduct is a critical element of our corporate culture and embedded in our strategy. 
The Board
Environment, Social, Governance  
and Sustainability Committee
Group Function/SBU/OBU representations  
and relevant subject experts, including safety leads 
Environment, Social, Governance  
and Sustainability Forum
Our governance structure
“We believe that strong governance 
backed by strong leadership  
provides ESGS strategic  
intent, direction and action.” 
James Odom
Group General Counsel 
Our Group General Counsel and Director of ESGS are 
together responsible for the ESGS function, policy and 
strategy. They ensure implementation and the provision of 
any necessary resources. Our Strategic Business Units (SBUs) 
have responsibility for coordinating, supporting, reporting 
and implementing the ESGS initiatives. 
In line with best practice, we update our ESGS policy and 
documentation, or generate new documentation, on an ongoing 
basis to ensure compliance and for continuous improvement.
Delivering on our commitments
Our commitment to ESGS is championed at every level of 
Modulaire, from our shareholders, Board, senior leaders,  
and management teams, to all our assembly sites and 
branches. The delivery of ESGS strategy is incorporated into 
key processes including business performance review, 
internal audit and risk management. This helps to identify 
risks and opportunities and enables us to assign the 
appropriate level of accountability to ensure we meet our 
objectives and KPIs. 
Our SBUs ensure that local policies and procedures are 
consistent with the ESGS policy, and that data reported to 
the Group is accurate and maintained. In 2022, the following 
have been created or updated to align with new strategy  
and frameworks: 
•	 Electrification Policy
•	 Equality, Diversity and Inclusion Policy
•	 Modern Slavery and Human Trafficking  
Compliance Statement
Governance
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Modulaire Group ESGS Report 2022

Modulaire has a framework of policies, processes and programs 
in place to identify and reduce potential human rights impacts, 
including modern slavery and human trafficking. 
We are committed to improving our supplier governance 
framework to include enhanced visibility through the  
supply chain. 
Our approach
Our modern slavery risk assessment considers the three key 
modern slavery risk factors of:
•	 Vulnerable populations
•	 High-risk sectors
•	 High-risk geographies
Our Modern Slavery Statement can be read on our 
website: www.modulairegroup.com/modern-slavery-act
Our focus for 2023 is the roll out of our Responsible Sourcing 
Policy and screening suppliers with our new assessment process 
and training the procurement team. We will request our direct 
suppliers to cascade human rights and modern slavery standards 
down the supplier’s own supply chains. 
Respecting Human Rights
Governance
Reviewing our risks
Based on risk factors we have identified, there are varying 
levels of modern slavery risk exposure across our business: 
Our suppliers: we can potentially be exposed to modern 
slavery risk if it is present in our supply chain. For example, 
goods from high risk countries or base-skill workers engaged 
in high risk category services such as cleaning or building 
maintenance. Based on our supply chain profile, the risk of 
modern slavery in direct suppliers remains relatively low.  
We recognise that the risk of modern slavery may increase 
further down our supply chain (Tiers 2 and below) where  
we have lower visibility and generally lower ability to influence.
Our people: we can potentially be exposed to modern 
slavery risk as an employer. However, as the majority of our 
workforce is directly employed, the risk of causing modern 
slavery in our role as an employer is low. 
Customers: there may be a risk of exposure to modern 
slavery through the leasing services, for example, units 
provided to clients operating in sectors with base-skill labour 
and long, complex supply chains (such as construction sectors) 
can present a higher risk of exposure to modern slavery. 
1. Governance
2. Policy framework
•	 Code of Ethics
•	 Modern Slavery Statement
•	 Environmental and Social Governance Policy 
•	 Supplier Code of Conduct
•	 	United Nations Global Compact membership
•	 Whistleblowing Policy 
•	 Anti-Bribery and Corruption Policy
•	 Cyber Security Policy
3. Key processes and controls to mitigate  
human rights risks across our value chain
•	 Modern Slavery Statement
•	 Code of Ethics and Anti-Bribery Training
•	 ESGS Awareness Training
•	 Supplier Code of Conduct 
•	 Supplier Assessment
•	 Raising Concerns – Whistleblowing Hotline
•	 Continuous Improvement
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Modulaire Group ESGS Report 2022

Our ESGS strategy
The Modulaire ESGS strategy represents our strategic and tactical intent to establish ESGS commitments uniformly across our group. 
Environmental
Social
Governance
Target Net Zero by 2050 using our Loops within Loops model 
1.	Be part of the circular economy by leasing, redeploying  
and end of life reuse
2.	Drive sustainable design and manufacturing
3.	Act on climate risks and opportunities
Measure and deliver on Social Value 
1.	Place safety at the top of our agenda, supported by wellbeing 
programmes and training
2.	Create smart places for people to work, learn and live
3.	Ensure diversity and inclusion remain key values in every 
aspect of our business
Continue to strengthen our approach to governance
1.	Maintain our strong compliance focus: 
•	 code of ethics, anti-bribery and corruption policy
•	 policies for suppliers, corporate citizenship,  
data protection and cyber security 
•	 whistleblowing hotline 
2.	Active oversight by the Board and Executive of ESGS 
3.	Achieve ISO certifications for Environment
ESGS strategic objectives  
– our call to action
In our strategy, we set out ambitious objectives and targets 
aligned to the United Nations Sustainable Development Goals, 
the United Nations Global Compact and meeting the Net Zero 
approach established by the Task Force on Climate-related 
Financial Disclosures. It builds on our stakeholder engagement 
and materiality assessment, addressing the risk and growth 
opportunities identified for our business.
We focus on the 5 R process: Refuse, Reduce, Reuse, Repair, 
Recycle. This approach has enabled us to establish our transitional 
circular business model – Loops within Loops – where materials 
are retained in use at their highest value for as long as possible, 
then reused or recycled, leaving minimal residual waste. 
The Modulaire ESGS strategy features three key Sustainability 
pillars: Environment, Social and Governance (ESG), with circularity, 
adaptability and leasing at the core. We are committed to 
deepening our understanding and advancing our approach to 
climate-related risks and opportunities over time.
Strategy
“Our long-term goal is to maintain 
the value of materials and 
resources indefinitely, with 
minimum residual waste.”
Kristian Grimsbo
Marketing & ESG Director  
Nordics
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Modulaire Group ESGS Report 2022

Modulaire Group employs more than 4,400 people, working across 23 countries. We are committed to supporting 
the United Nations Global Compact and broader society; we will continue to champion Environment, 
Social value, Governance and Sustainability within our business and support our stakeholders.
Global standards for global business
“The global standards we have 
adopted encourage and direct 
best practice such as improved  
risk management, increasing trust 
in our business and investor 
support. It also increases 
engagement with our stakeholders 
and most importantly, our people 
are proud to participate.”
Inder Poonaji
ESG and Sustainability Director
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Modulaire Group ESGS Report 2022

While working through our Loops within Loops business model, we 
act on six UN SDGs that complement our business purpose, vision 
and operations. They are SDG 12 (Responsible Consumption and 
Production); SDG 9 (Industry Innovation and Infrastructure); SDG 
13 (Climate Action); SDG 4 (Quality Education); SDG 5 (Gender 
Equality) and SDG 11 (Sustainable Cities and Communities).  
These goals have been integrated into our everyday activities 
through our services, projects and customer portfolio. 
We became signatories to the UNGC in April 2021 and are 
currently updating policies and practices to reflect the ten Principles. 
The UNGC supports the SDGs of Agenda 2030, as adopted by the 
UN member states in 2015. As a signatory to the UNGC, Modulaire 
Group reports annually on its progress in the area of sustainable 
corporate governance against the ten Principles in the form of a 
Communication on Progress report. 
United Nations Global Compact
We became signatories to TCFD in May 2021 and based our 
roadmap to Net Zero on the recommendations of the TCFD 
report. We are sharing our progress towards meeting these 
recommendations in this report. As a signatory to TCFD, this 
non-financial declaration combines aspects and reporting on the 
following key issues: stakeholder concerns in the materiality matrix, 
environmental, social and governance factors, including business 
ethics and compliance, anti-corruption and bribery. 
Aligning with positive frameworks
We make our ESGS strategy and performance transparent by 
measuring and communicating it against three external global 
standards – the United Nations Sustainable Development 
Goals, the United Nations Global Compact Principles and the 
Task Force on Climate-related Financial Disclosures. We do 
this so our investors, customers, suppliers and society at large 
can understand our approach to sustainability and assess our 
progress. We share our ESGS performance data on our 
website and in this report. 
We support the Paris Agreement’s aims on climate change 
and contribute through our ESGS strategy to achieve Net 
Zero emissions across our value chain by 2050.
United Nations Sustainable 
Development Goal
Task Force on  
Climate-related Financial 
Disclosures 
1.	To achieve long-term success, we are transitioning to a 
sustainability strategy with circularity at its core, providing 
modular space for people to work, learn and live. 
2.	We work in collaboration with our stakeholders to create 
and develop shared value for people and the planet. We create 
products that make a positive difference to society while 
contributing to our ongoing success. 
3.	We conduct business with a focus on ethical, environmental 
and community goals, whilst being a good employer and 
fostering a diverse and inclusive culture.
Our ESG & Sustainability purpose framed against UN SDGs 
Strategy
We are contributing to the global community.
We are delivering for social good.
We are taking climate action for Net Zero.
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Modulaire Group ESGS Report 2022

Understanding our social value
Social Value is the contribution that an 
organisation makes to society by delivering 
economic prosperity, social good and 
environmental responsibility. It forms a  
part of our Loops within Loops business 
strategy and can be measured by proxy  
or actuals, through quantitative and 
qualitative approaches. 
At Modulaire, we are in the process of 
listening, engaging and collaborating with our 
stakeholders to learn more about the social 
value our activities can deliver. Our key 
social focus areas are to deliver modular 
solutions by providing smart spaces that 
benefit the communities where we operate, 
to provide a safe and healthy working 
environment for our employees worldwide, 
and to foster a diverse and inclusive culture. 
We amplify our social value by aligning our 
actions with those of international change-
makers like the United Nations Sustainable 
Development Goals and the United Nations 
Global Compact. By doing so, we can 
makea positive contribution to the social 
infrastructure meeting society’s 
changing needs.
Strategy
Equality, Diversity  
and Inclusion
SMEs
Social Enterprises
Local Suppliers
Apprentices, 
Trainees, Graduates
Training
Health and wellbeing
Innovation
Circularity
Nature
Net Zero
Job Creation
Safe Spaces
Community  
and Charity
Product Innovation
Low Carbon 
Products
Scope 3
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Modulaire Group ESGS Report 2022

Pathway to Net Zero
We are reducing our environmental impacts, decoupling fossil fuels from our operations and driving energy efficiency to 
reach Net Zero by 2050. It is an ambitious target and needs commitment across our business, backed by credible actions.
We understand climate change is one of the most critical global 
priorities impacting the world today and we are mitigating our risk, 
whilst embracing new opportunities. We depend on materials and 
energy to make our units. Our programmes for resource efficiency, 
electrification, renewable energy and sustainability awareness, are all 
key to our ESGS strategy, whilst supporting the people in our supply 
chain and preparing for the future. It is inspiring our people to deliver 
robust results with purpose across our pathway to Net Zero.
As called for in the Paris Agreement, to keep global warming at no 
more than 1.5°C, global carbon emissions need to reduce by 45%  
by 2030 and reach Net Zero by 2050. Modulaire Group is targeting 
Net Zero by 2050; however, we are confident that once we have 
completed the actions outlined in our 2028 Climate Action Plan,  
we will be able to bring that target date forward.
Powering up with renewable electricity
We are working to power our business with 
renewable electricity and in many parts of the world, 
the sun is one of the best energy sources. In Madrid, 
we have installed solar panels at our depot that are 
able to generate and supply one third of our energy 
needs onsite, whilst the remainder is supplied through 
renewable electricity certificates. Madrid was the 
perfect choice for this project thanks to its sunny 
climate and mature panel market. The investment 
delivers a competitive return and reduces CO2 
emissions onsite by 25t every year. 
Sustainability Linked Finance
Modulaire works in major private and public sectors and has raised 
approximately €3 billion in sustainability-linked financing, backing its 
credentials. Investors want to ensure that assets are future-proofed 
against tightening regulations and the changing climate. This financing 
incentivises our business to achieve ambitious sustainability 
performance targets, which are aligned to our Net Zero plans. 
Technology is changing fast in our sector, especially on the 
sustainability front, whether it is installed EV chargers on site, 
the latest solar PV units on roofs or IoT monitoring devices 
measuring air quality. This facility enables our operations to  
invest in low carbon solutions with speed.
Our leasing space-as-a-service business model ensures that we can 
act fast and offer the most up-to-date solutions to customers. 
“The green bond has enabled us to bring 
on line emission reduction technology 
and low carbon solutions with greater 
confidence and at a faster pace.”
Sebastien Denis
Responsible Marketing Innovation 
/Innovation Marketing Manager
“Here at Modulaire Group we thrive on 
continuous improvement targets, it’s part 
of our values. And Net Zero by 2050 is 
the ultimate target! It’s a key feature of 
Operational Excellence – the elimination 
of waste in all our operational activities 
through the development of our people. 
Together we are identifying so many 
opportunities to recover, repair and reuse 
parts and materials.”
Tim Jones
Head of Operational Excellence
Strategy
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Modulaire Group ESGS Report 2022

Raw Materials 
& Components
Residual 
Waste
Deployment & 
Redeployment
Sustainable Design  
& Green Materials
Recycle & 
Upcycle
Use, Upgrade 
& Reuse
Production & 
Refurbishment
Targeting Net Zero: benefits to our stakeholders
Strategy
Our People
Customers
Society
Our Investors
Planet
Our Suppliers
Po
sit
ive
 e
ng
ag
em
en
t
Le
ad
er
sh
ip
 a
pp
ro
ac
h
Innovation, resilience  
and positive engagement
Reducing risk and 
increasing opportunities 
for capital investment
Innovative low carbon 
products, services and 
solutions
Safe spaces for people 
to work, learn and live
Environmental 
responsibility and climate 
action for 1.5°C goal 
Key: 
Environmental
Governance
Social
Resilience, support  
and partnerships for 
emerging technologies
15
Modulaire Group ESGS Report 2022

2022
•	 Implement Internal Climate Change and Circular Design Key 
Principles Protocols for new modular space unit designs
•	 Greening of Supply Chain and ESG Protocols for Suppliers
•	 Establish Climate Adaptation Plans for each SBU
•	 Biodiversity Impacts Protocols for Modulaire sites
•	 Frankfurt Branch assessment for BREEAM 
Resource Efficiency
2023
•	 5% absolute reduction in Scope 1 and 2 emissions (vs 2020)
•	 Source 100% Renewable Energy for the Group where 
available and applicable
•	 Initiate Group Operational Carbon baseline tonnes of annual 
Scope 3 for 2022
Low Carbon Solutions
2024
•	 7.5% absolute reduction in Scope 1 and 2 emissions (vs 2020)
•	 Roll out our strategy to reduce or mitigate Scope 3 emissions
•	 Continuous innovation of low carbon solutions for customers
2030
2050
Innovation & Scale
Net Zero carbon of our end-to-end supply chain by 2050 
to meet the Paris Agreement goal of 1.5°C.
Our commitment for environmental responsibility and 
climate action is to minimise carbon emissions for our 
company and customers and manage our material risk 
and opportunities. 
Net Zero
•	 10% absolute reduction in Scope 1 and 2 emissions (vs 2020) 
•	 Reduce the embedded carbon footprint (Stage A1-A5)  
of a typical Modular Space Unit (vs 2020)1
•	 Reduce waste to landfill by 50% per typical unit (vs 2020)
•	 Reduce our water consumption by 10%
•	 Life Cycle Analysis of all newly manufactured Modular 
Space Units 
2025
Environmental
•	 Reduce Scope 1 & 2 GHG emissions by 30-40%
•	 Reduce Scope 3 emissions by 30-40%
•	 Progress towards total circularity of units
•	 Technology for carbon removal
•	 100% renewable energy where available and applicable
•	 Transform new product portfolio to Net Zero carbon
Our Net Zero Plan
1 See page 7
16
Modulaire Group ESGS Report 2022

Electric Vehicle charging points 
Our new EV chargers are stand-mounted, which means our 
customers can decide exactly where and when power is 
needed. Built with reliability, safety and climate resilience  
in mind, they feature proven IP65 rated hardware and can  
be used in extreme temperatures from -30°C to 55°C. 
“ESGS is no longer just a nice to have, it’s 
become a must have for any responsible 
business today. At Modulaire Group,  
we understand that being environmentally 
and socially responsible is not only the 
right thing to do, but it’s also good for 
business. By focusing on ESGS factors, 
we are able to create products and 
innovate in ways that not only meet the 
needs of our customers but also benefit 
society as a whole. We believe that this 
approach will lead to a more sustainable 
future and drive long term success for 
our company.”
David Muntañola
Group Commercial Director
Strategy
Hydrotreated Vegetable Oil 
powered generators 
We have introduced a range of turnkey HVO-powered 
generators for customers seeking to reduce environmental 
impacts onsite. HVO offers a low carbon, low emission 
alternative to conventional diesel. With advanced telemetry  
as standard, customers access accurate real-time data 
reporting for fuel management and GPS location. 
Innovating low carbon solutions for customers
17
Modulaire Group ESGS Report 2022

“We’ve already started to roll out some  
of these innovations to other restaurants, 
but what is exciting about Market Drayton 
is the fact it will act as a blueprint for our 
future new builds. We believe that our food 
needs to be served in restaurants that are 
sustainable for the future. Market Drayton 
is a big step towards making that a reality.”
Beth Hart
Vice President, Supply Chain and Brand Trust, McDonald’s
“This is a landmark project for McDonald’s 
and the building industry as a whole. 
Achieving a Net Zero carbon build 
confirms that the ambitious targets  
set for the built environment are 
achievable using our modular and 
offsite solutions.”
Graham Stevenson
Construction Manager Algeco UK
McDonald’s Restaurant 
UKGBC Net Zero Carbon Building
Our UK team has delivered the UK’s first carbon Net Zero 
McDonald’s restaurant in Market Drayton, utilising a modular 
solution. It was the first building in the country to meet the 
UK Green Building Council’s Net Zero Carbon Framework, 
minimising environmental impact and achieving a Net Zero build.
Building modules were constructed using a steel-framed 
system, a totally recyclable material, and sourced from a UK 
supplier with certified Environmental Policy Declarations. 
Sustainable features include sheep’s wool insulation, with 
cladding, ceiling, floor and wall tiles made from recycled 
plastic, a rainwater harvesting system, wind turbine electricity 
generation and photovoltaic car park lighting. The kitchen 
incorporates a heat exchange that feeds into the dining area 
for energy efficiency. The restaurant was 80% completed in 
our factory before being transported to site, minimising waste 
and maximising quality control, efficiency and speed of construction. 
‘Plug and Play’ PV solar panels 
In 2022, we introduced a new customer solution, supplying  
solar panels on a fixed rooftop frame for our modular units. 
The panels are helping to build climate resilience and reduce 
energy costs by reducing reliance on the local electricity grid. 
Each system is adjustable and programmable according 
to energy usage needs, with a design that facilitates 
rainwater flow. 
Strategy
18
Modulaire Group ESGS Report 2022

Level of stakeholder concern
Managing our ESGS Risks
We believe in an open dialogue with our stakeholders and meet them regularly to listen to feedback. We assess the ESGS risks, issues and trends for our business and 
use a materiality matrix to map the results, showing us the levels of stakeholder concern, measured against the level of importance they represent to our business.
Our materiality consultation process covers both internal 
and external stakeholder groups, including employees, 
customers, investors, partners and local communities.  
We have also conducted a desktop review to assess risk  
and sustainability megatrends to provide a broad spectrum. 
This process helps us to understand changing opinions or 
needs and to scan the horizon for emerging opportunities.  
It ensures we focus on the right trends and allocate resources to 
the most critical areas. The results are reviewed by our ESGS 
Committee, where issues are assessed twice a year.
•	 Net Zero carbon from our 
end-to-end supply chain by 
2050 and Circularity
•	 Sustainable design
•	 Resource efficiency
•	 Operational  
environmental 
management
•	 Health and safety
•	 Talent management 
•	 Supporting communities
•	 Diversity and inclusion
•	 Employee wellbeing 
•	 Corporate citizenship
•	 Cybersecurity
•	 Corporate Governance
•	 Ethics
Our Material issues
Additional ESGS issues were raised concerning our industry,  
relating to energy performance, materials used in the production  
of modular buildings, safety and the carbon impact of logistics.  
Our ESGS strategy makes consideration of all the topics.
Environmental
Social
Governance
We have identified and prioritised the most critical ESGS 
issues for Modulaire Group as follows:
Employee 
wellbeing 
Diversity  
and inclusion
Talent 
management
Health  
and safety
Resource 
efficiency
Climate 
change
Sustainable  
circular design
Environmental 
management system
Cyber security
Key:
Governance
G-1 Cyber security
G-2 Corporate governance and ethics
G-3 Environmental management system
Social
S-1 Health and safety
S-2 Talent management
S-3 Supporting communities
S-4 Diversity and inclusion
S-5 Employee wellbeing
S-6 Employee corporate citizenship
Environmental
E-1 Sustainable circular design 
E-2 Carbon impact of logistics
E-3 Climate change
E-4 Materials used in production
E-5 Resource efficiency
E-6 Circular buildings
Materials used 
in production
Carbon impact 
of logistics
Employee 
corporate 
citizenship 
Corporate  
governance  
and ethics
Supporting 
communities
Circular 
buildings
Level of importance to Modulaire 
Our Materiality matrix
Risk Management
19
Modulaire Group ESGS Report 2022

This year we conducted a review of climate-related risks and 
opportunities across the Modulaire Group and are sharing 
the results in this report. Using the best practice framework 
of the Task Force on Climate-related Financial Disclosures 
(TCFD), we assessed both the physical and transition risks 
and opportunities for our business. 
Physical risk
Physical risk refers to the direct impacts of climate change  
on Modulaire’s assets, operations, and supply chain from 
extreme heat, wildfire, extreme rainfall, riverine flooding  
and sea level rise/coastal flooding. Hazards were assessed 
using scenario data produced by downscaled global climate 
models. Hazard exposure was measured at each of 
Modulaire’s operating assets including offices, depots, 
manufacturing facilities, as well as those for key suppliers.
Transition risk and opportunity
Transition risk and opportunity refers to the potential 
impacts of a low carbon transition on demand for our 
services, or the impact of carbon pricing on our operating 
costs. Data from sources such as the International Energy 
Agency (IEA) World Energy Outlook and the Network for 
Greening the Financial System (NGFS) was used to 
understand the policy, market, and technology implications  
of a transition in the sectors and geographies where we 
operate. We assessed the potential for increased demand  
for low carbon building solutions and increases in demand 
from our core market sectors. The analysis was conducted  
at a regional level in our core operating regions.
Assessing our climate-related risks
Using scenario planning
Risk Management
Physical and transition impacts were assessed under two scenarios: 
The scenarios were applied for the short term (2020-30), medium term (2030-40) and long term (2040-50). 
A higher warming or current policies scenario,  
with minimal climate policy, leading to an increase in 
global average temperatures of 3.2°C - 5.4°C by 2100 
(relative to a pre-industrial period). 
3.2°C - 5.4°C
A lower warming scenario, where global average 
emissions are reduced to Net Zero by 2050, driven by 
the implementation of climate policies globally. Warming 
is limited to a 1.6°C – 3.2°C rise in global average 
temperatures by 2100. 
1.6°C - 3.2°C
20
Modulaire Group ESGS Report 2022

Building business resilience
The scenario planning analysis showed us there are immense 
opportunities for Modulaire Group. It reinforces the importance  
of our business strategy Loops within Loops to thrive in a low carbon 
transition. Our modular solutions will be a key part in the emissions 
reduction and climate resilience strategies of our customers 
and communities.
While we face transition and physical risks, the scenario analysis 
suggested revenue opportunities could meaningfully exceed the 
operating and capital risks of all scenarios assessed. We are 
confident climate risks can be addressed with our Biodiversity and 
Climate Change Adaptation Plan. We will use this analysis to inform 
our Climate Change Adaptation Plan and address risks at facilities 
that are most impacted. Further, our carbon reduction strategy  
will enable us to minimize carbon pricing risks.
Our Climate risks and opportunities (TCFD approach)
Risk/Opportunity
Description
Current policy /  
Higher warming scenario
Net Zero Lower  
warming scenario 
Transition opportunity: 
Increased revenue from 
demand for low carbon 
and resilient building 
solutions
Customers will need infrastructure and building services 
that are resilient to climate impacts, and that help meet 
emissions reduction targets. Our modular services 
provide options promoting circular design, with lower 
embodied carbon and they require less energy to 
operate than traditional buildings - increased demand 
will generate significant revenue opportunities. 
Opportunity
High Opportunity
Transition risk: 
Carbon pricing
Carbon pricing may impact the cost of fuel, as well as 
the cost of heating and cooling at our facilities. It may 
also increase the price of raw materials that may have 
high embodied carbon. The risk is deemed low, based 
on our business model and our climate transition 
planning. Our commitment to circularity and Net Zero 
carbon emissions should allow us to minimize the 
potential impact of carbon pricing. 
Low Risk
Low Risk
Physical risk: 
Operating impacts from 
high heat, carbon pricing, 
extreme rainfall 
Our facilities globally (depots, warehouses, 
manufacturing locations, etc.) may experience 
operational impacts from increasing exposure to 
extreme heat and extreme rainfall. Extreme heat in 
particular can lead to increased health and safety risks 
associated with heat stress, and potentially decreased 
worker productivity. Extreme rainfall can lead to 
localised flooding, which can impact the ability of our 
facilities to operate. The risks are highest in our Asia 
Pacific locations and in Southern Europe. 
The risk was deemed low to moderate as, while some 
facilities may be highly exposed to extreme heat and 
rainfall, our operations have the ability to adapt their 
activities to minimize the risk to workers and 
productivity. For example, during periods of high heat, 
our facilities can shift operating hours to earlier in the 
day to avoid work during peak temperatures. 
Low/Moderate Risk
Low/Moderate Risk
Risk Management
“We have found the TCFD risk assessment 
framework has provided tangible results 
for Modulaire. The approach it delivers  
is robust and strategic and we are already 
utilising the outcome as part of our 5 
pillar strategy.”
Dietmar Muller
Managing Director, DACHS
21
Modulaire Group ESGS Report 2022

We measure our performance to keep improving. We learn from the results, understanding more 
about where to best employ our resources and the training our people may need to succeed. 
Measuring our performance
To deliver the objectives of our ESGS strategy, we have  
defined a clear set of actions with associated targets 
scheduled to 2050. We measure progress against these 
targets using Key Performance Indicators (KPIs).  
We review our local and group progress on a monthly 
basis, seeking continuous improvement and share 
findings across our business through our Global ESGS 
Forum. You can read about our Environment, Social  
and Governance targets in this report.
Setting environment metrics and targets
We have set interval targets for 2025, 2028 and 2030 to 
consistently measure progress, with the key ESGS metric being 
total GHG emissions across our operations. This is reported 
for our direct Scope 1 (e.g. fuel use) emissions and our indirect 
Scope 2 (e.g. purchased electricity) emissions. Our reduction 
targets for 2025 and 2028 are connected to our Sustainability 
Linked Financing, which has enabled us to accelerate our 
approach to emissions reduction focusing on factories, 
assembly sites, logistics and awareness training programmes.
	* These reduction targets are market based on Scope 1 and 2.
By 2050
Net 
Zero
emissions
By 2028
15.8%
reduction
Scope 1 & 2 emissions 
Target
2.5%
reduction
in tCO2e yoy*
By 2025
10%
reduction
Scope 1 & 2 emissions

Protecting the environment 
We work responsibly and seek to promote environmental stewardship. On our sites, this means using a high level of operational controls to reduce pollution and 
noise. At several sites we are already using natural climate adaptation features including sustainable drainage to prevent flooding and rainwater harvesting to conserve 
water. We have introduced Climate Adaptation Plans at each of our Strategic Business Units and Biodiversity Impacts Protocols for all Modulaire sites. Offsite, we are 
enabling volunteering opportunities for our people, who are making a positive difference to protect and sustain the environment in their local communities.
As we continue to reduce our own direct environmental impacts, 
we are also reducing those of our customers. The cyclical nature of 
our modular leasing solutions means our units can have a life of over 
30 years and can be reused 20 times or more. It ensures that most 
of the material used in the assembly of our units has an ongoing life 
with very little residual waste. We estimate that up to 96% of our 
materials are recyclable and that our typical modular space unit uses 
73%1 less of the embodied carbon of a traditional building. Over the 
coming years, we will focus on activities to keep materials within 
these loops, providing our customers with sustainable, low carbon 
and circular products and services.
Progress against our environmental KPIs
Of our six environmental 2022 KPIs, we have achieved five. One further KPI is ongoing in 2023.
KPI
Progress
Status
Reduce Group total gross Scope 1 and 2 market-based emissions in metric tonnes CO2e by 2.5% 
(vs baseline 2020) 
Achieved
l
Implement Internal Climate Change and Circular Design Key Principles Protocols for new modular space 
unit designs
Achieved
l
Greening of Supply Chain and ESGS Protocols for Suppliers
Achieved
l
Establish Climate Adaptation Plans for each Strategic Business Unit (SBU)
Achieved
l
Biodiversity Impacts Protocols for Modulaire sites
Achieved
l
Design and build new Frankfurt branch using Best Available Technology (BAT) for Sustainability to achieve 
outstanding accreditation
Ongoing
l
Our environmental focus continues around resource efficiency  
and the procurement of renewable energy. We have reviewed 
approaches and made progress in purchasing renewable energy, 
concluding the purchase of renewables in Australia (64% of the total 
energy consumed in Australia). We have also completed a study on 
resource efficiency with an action plan for implementation.
Two significant climate change KPIs: Establish Climate Adaptation 
Plans for each SBU and Biodiversity Impacts Protocols for Modulaire 
sites, were completed and consolidated into a single document, 
Biodiversity and Climate Adaptation Protocols. Along with further 
work on Climate Change Risks and Opportunities, we have now 
established focus areas of work for all countries; for example, our 
Australian colleagues participated in National Tree Planting Day, an 
activity organised by PlanetArk for the Brisbane City Council and 
local catchment networks. Our employees planted over 800 trees  
to provide shade and cover and help in carbon sequestration. 
We have developed an ESGS Awareness programme for all 
employees in 2022. The short training activity provides awareness 
and encourages employees to participate in sharing ideas to reduce 
energy, water and waste. Each SBU has carried out a pilot and 
ongoing sessions with positive feedback.
To combat rising waste disposal costs and improve material 
management, Poland introduced the 5R program to enhance the 
utilisation of materials. The team reached an 80% reduction in waste 
cost per unit delivered and a 90% reduction in waste to landfill in kg 
compared to the start of the project.
“Electrification is an exciting opportunity for 
Modulaire to reduce fossil fuel dependency 
across our operations. We want to electrify 
and change our energy sources to 
renewables onsite and offsite. It builds our 
resilience, benefits the environment and 
delivers social value for our communities  
by improving health and wellbeing, with  
less air pollution and noise.”
Letian Ma
ENSE SESG Manager,  
Algeco, Netherlands
Metrics and Targets
1 Whole life (excl. B6 heating and lighting during rental) approx 350 (kgCO2e/m2) v 900-1,100 (kgCO2e/m2) traditional build. 
l Achieved
l Ongoing
l Not achieved
Key
23
Modulaire Group ESGS Report 2022

Measuring our Carbon Footprint
We measure the carbon footprint of our operations and a typical product to identify our impacts and determine opportunities for cost and carbon savings on our 
path to Net Zero emissions.
Our Operational Carbon Footprint* 
We engaged PricewaterhouseCoopers LLP (‘PwC’) to provide 
Independent Limited Assurance over our 2022 greenhouse gas 
emissions data, in accordance with the ISAE3000 and ISAE3410 
standards. The numbers subject to assurance are shown by the 
symbol ∆ in the table, 2020 and 2021 figures are included  
for comparison.
The PwC Independent Limited Assurance Report and our detailed 
reporting criteria can be viewed on the Modulaire website.  
We are able to disclose our carbon emissions as follows:
GHG emissions data for the reporting period of 1st January 
2022 to 31st December 2022
As the Directors of Modulaire we confirm that we are solely 
responsible for the preparation of the ESGS Report including  
this Directors’ Statement and for reporting the ESG performance 
metrics in accordance with the reporting criteria set out within  
this document.
We confirm, to the best of our knowledge and belief, that we have:
•	 designed, implemented and maintained internal controls and 
processes over information relevant to the measurement, 
evaluation and preparation of ESG performance metrics that is 
free from material misstatement, whether due to fraud or error; 
•	 established objective reporting criteria for preparing and 
presenting the ESG performance metrics, including clear definition 
of the entity’s organisational boundaries, and applied them 
consistently;
•	 presented information, including the reporting criteria, in a 
manner that provides relevant, complete, reliable, unbiased/ 
neutral, comparable and understandable information;
•	 reported the ESG performance metrics in accordance with  
the reporting criteria.
Metrics and Targets
2020** 
1st January 
31st December 
(tCO2e)
2021
1st January
31st December 
(tCO2e)
2022 
1st January 
31st December 
(tCO2e)
Scope 1 
Greenhouse  
Gas Emissions 
15,345
16,111
Þ 15,559
Scope 2 
Greenhouse  
Gas Emissions  
- location based 
method (tCO2e)
10,927
11,663
Þ 10,844
Scope 2 
Greenhouse  
Gas Emissions  
- market based 
method (tCO2e)
12,801
13,781
∆ 5,193
Total  
(Market Based)
28,146
29,892
20,752
* The Corporate GHG footprint calculated in accordance with the WRI/WBCSD GHG Protocol 
Corporate Accounting and Reporting Standard.
** We have restated in 2021 as a result of acquisitions in line with our methodology statement 
– see our website
James Odom 
Group General Counsel
For and on behalf of the Board of Directors of BCP V Modular 
Services Holding III Limited
24
Modulaire Group ESGS Report 2022

Biodiversity plan in action
With help from the Nature and Biodiversity Conservation 
Union in Germany, we have implemented a planting scheme 
to support Biodiversity and promote wellbeing at our Algeco 
HQ site in Kehl. Our people helped to plant wildflowers, 
berry bushes and create raised beds. These features will 
enhance nesting sites for animals such as birds, butterflies  
and bees. Every month, maintenance is carried out by people 
from a local disability workshop.
Energy savings in France 
In Saint Amour, teamwork has been key to reviewing our 
energy efficiency, with a focus on natural gas as the most 
significant contribution to the site’s carbon footprint. 
Together, our employees identified actions to optimise the 
temperature in the painting oven which has resulted in a 30% 
annual reduction in natural gas consumption and associated 
cost savings. 
Switching on electric vehicles 
We are decarbonising our business and promoting 
electrification where feasible. In Italy, Algeco has introduced 
seven electric forklifts of different tonnage to serve our 
operations across the country and achieving 40% coverage. 
The electrification of the forklift fleet reduces the site’s annual 
diesel consumption by over 80,000 litres, whilst also reducing 
noise and pollution for our people.
Metrics and Targets
Reducing environmental impacts
25
Modulaire Group ESGS Report 2022

Materials not Waste in Poland
To improve material management and combat rising waste disposal 
costs in Poland, our team introduced the 5R methodology: Refuse; 
Reduce; Reuse; Repair and; Recycle. As a result, changes included 
buying recyclable fitted carpets, Rockwool waste repurposed as 
insulation for the warehouse, and materials such as wooden 
boards, PVC flooring and Styrofoam reclaimed by suppliers to give 
them a second life. The team achieved a significant 80% reduction 
in waste cost per unit delivered and a 90% reduction in waste to 
landfill in kg compared to the start of the project. 
National Tree Planting Day
Many hands made light work of planting approximately 800 
trees in Brisbane, where our sites participated in National Tree 
Planting Day, an activity organised by PlanetArk for the city 
council and local catchment networks. Our Ausco employees 
assisted with administration and managing aspects and helped 
coordinate the movement of approximately 120 other 
volunteers. The trees and plants will provide valuable shade 
cover and create vital urban green spaces that will benefit 
native wildlife, mitigate the effects of urban heat sinks and 
contribute to the sequestration of carbon. Local indigenous 
plants were selected to withstand natural phenomena such  
as the recent floods experienced in Brisbane.
Metrics and Targets
“Improvement is always possible. We used 
5R to challenge ourselves, saying, ‘What if 
we ask producers, not recycling companies’. 
It has given us great results. We have 
formed new partnerships, reduced our 
environmental impacts, reduced costs  
and improved our waste segregation.”
Jakub Łazowy
Country Manager, Poland 
Winner of the Modulaire Senior Leaders of Tomorrow Award
Reusable modular unit 
covers, Sweden
26
Modulaire Group ESGS Report 2022

Setting new standards in Denmark 
Sustainability is a key focus in our project for Copenhagen 
Municipality called ‘Nytteindsatsen’. It is large office building to 
serve more than 180 citizens and 20 employees, and will also 
be used for new and practical return to work courses for the 
unemployed. The building features 20 of our KUBUS modules 
and has been equipped with solar cells on the roof and bigger 
heat pumps. It complies with all Danish BR18 regulations for 
permanent construction and the beautiful outside facade was 
created in collaboration with the Danish architect Kullegaard.dk 
to elegantly blend into the surroundings.
Vertical farming in France
We have supplied over 200 units for the world’s leader in  
the production of premium insect-based ingredients, who are 
creating a large vertical farm. The unique complex covers an 
area of some 45,000 m² and 36 metres high, built to breed 
meal worms, and with a built-in automated food processing 
unit. The space-efficient vertical construction uses 30 times 
less land than standard cattle farming.
Award-winning EcoLogic units, UK
In November 2022, Advanté’s EcoLogic Solar range was awarded 
two International Green Apple Awards, the Champion Award 
for Building & Construction: Innovation, and a GOLD Award 
for Building & Construction: Science. The units are self-
contained static cabins powered by EcoLogic Solar hybrid 
technology. With a full-roof solar array, they bring renewable 
energy to sites, reducing carbon emissions, noise and fuel 
costs. As a result, Advanté’s winning paper was published in 
The Green Book, the leading international work of reference 
on environmental best practices.
Metrics and Targets
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Modulaire Group ESGS Report 2022

Delivering for social good
Our modular solutions are designed with a social purpose – we create smart spaces 
where people work, learn and live. They are frequently used for schools, healthcare 
facilities, housing and other vital social infrastructure. To do this effectively, we seek to 
understand the difference we are making to people’s lives and the changes we are making 
to the planet. We call this social value. 
Modulaire volunteering 
programme in action 
A visit to a local home 
for the elderly to provide 
companionship, Italy

Promoting equality, diversity and 
inclusion
Modulaire is committed to encouraging equality, diversity  
and inclusion (EDI) and eliminating unlawful discrimination.  
We extend this commitment to our customers, suppliers, 
stakeholders and members of our communities where we 
operate. We seek to create a fair and inclusive workplace 
environment where people can be free to be themselves  
no matter what their identity or background. We believe that 
diversity is fundamental to our work and to our future.  
We welcome new perspectives, recognising that they will 
drive our performance and our growth. We will ensure that 
each employee is respected and valued so that everyone can 
reach their fullest potential and contribute. 
Providing a safe and healthy workplace
We are committed to ensuring the continuous improvement of 
health and safety at work and will ensure it remains a core business 
value. We believe that all incidents of personal injury and 
occupational ill health are preventable. All employees, contractors 
and visitors have a right to expect a safe place of work and 
Modulaire is committed to providing the highest standards of 
occupational health and safety to safeguard the wellbeing of all 
those working, visiting or living near our operations.
Progress against our Social KPIs
Of our seven Social 2022 KPIs, we have achieved five.
KPI
Progress
Status
Zero Fatalities
Achieved
l
Completion of a global employee safety survey
Achieved
l
Reduce Lost Time Incident Frequency Rate per 100,000 by 15%
Not achieved
l
Paid Voluntary Time of 5,000 hours per annum
Not achieved
l
Develop a Graduate/Apprentice/Trainee Programme in all SBUs 
Achieved
l
Participate and undertake three UN Days: March 8th - International Women’s Day; 
April 28th – World Day for Safety and Health at Work; October 10th – World Mental Health Day 
Achieved
l
l Achieved
l Ongoing
l Not achieved
Key
Metrics and Targets
Social purpose and actions
We made good progress on all our Social targets, with five 
out of the seven KPIs achieved, including most importantly 
Zero Fatalities. Progress is accelerating with a continuing 
emphasis on our safety performance, we have developed  
a revised Safety Plan to help drive further reductions. 
On 25th March 2022, a detailed annual report - Communication 
on Progress (COP) - was submitted to the United Nations 
Global Compact, sharing our progress against the ten United 
UNGC Principles. The Modulaire COP report qualified at a 
Global Compact Advanced level and is available to all on the 
UNGC website.
A key objective in Q1 2022 was to focus on Sustainable 
Development Goal 5 (Gender Equality). On 8th March 2022, 
International Women’s Day was celebrated across our business 
with activities and discussions focusing on gender equality.  
Each of our six regions organised workshops and awareness 
sessions based on the theme “Break the Bias”.
Algeco France 
helping to 
distribute  
toys for NGO 
Les Restaurants 
du Coeur.
Our Strategic Business Units celebrated World Safety Day 
with talks from experts and in Germany, our people created 
and shared a video to mark World Mental Health Day on 
10th October 2022. In the film, our Group HR Director, SBU 
Managing Director and ESG Manager shared information 
about the importance of keeping mentally and physically 
healthy and the actions we can take. 
Our people around the world have volunteered many hours  
to support social activities in local communities. In October,  
a volunteering programme took place in Italy at depots including 
San Gemini, Bari, and Marcignago, where around 200 employees 
cleaned green areas and the streets, and visited a local home for 
the elderly to provide companionship.
All SBUs have now developed programmes for Graduates, 
Apprentices and Trainees. Our Beverwijk site in the Netherlands 
was selected as part of the annual Industrial Study Tour for the 
manufacturing post-grads at the Institute for Manufacturing, 
University of Cambridge.
29
Modulaire Group ESGS Report 2022

Stakeholders
Theme
Output
Qualitative
Quantitative (#)
 Coverage
Our people 
EP
Apprentices, 
trainees, graduates
Provides Education, 
experience, and salary for 
future leaders
No of Apprentices, 
trainees, graduates 
employed
92
Group
SG
Health & wellbeing
Supports a healthier and 
happier workforce
World Mental Health 
Day – See page 31
1
Group
SG
Health & wellbeing
Supports a healthier and 
happier workforce
Employee Assistance 
Programme
All employees
Group
SG
Equality, diversity & 
inclusion
Promotes education and 
fair opportunities
Females at Board and 
Senior Management level
24%
Group
SG
Equality, diversity & 
inclusion
Promotes education and 
fair opportunities
Overall proportion of 
female employees
21%
Group
Our Investor
Innovation
Promotes Loops within 
Loops
New low carbon 
products – See page 17
–
Group
Our suppliers
SG
Social enterprises
Promotes social prosperity
See page 31
4
UK
Customer
EP
Low carbon 
products
Promotes social innovation
See page 17
–
Group
Society 
SG
Job creation
Promotes local skills and 
employment
No. of net jobs created
173
Group
SG
Safe spaces
Supports healthier, safer 
and more resilient 
communities
See page 27
–
Group
SG
Community & 
charity
Supports and builds 
resilient communities and 
environment
Paid Volunteering Days
4,616
Group
Planet 
ER
Net zero
Helps decarbonising and 
safeguarding of our Planet 
and improves working 
efficiencies
See page 14
–
Group
ER
Nature
Help nature and increase 
environment responsibility
See page 26
–
Group
EP-Economic Prosperity, SG- Social Good, ER-Environmental Responsibility
Our Social Value baseline
Metrics and Targets
Different people are affected by different aspects of our 
business every day. We want to understand the worth and 
importance they place on these aspects and impacts.  
It enables us to deliver for social good, providing solutions 
that create social value for our people and our stakeholders.
Our approach is to:
•	 Embed social value as part of business process and ESGS 
policies, as an added lens to our Loops within Loops model
•	 Work with our stakeholders to improve understanding of 
social value
•	 Capture data and intelligence, including qualitative, 
quantitative, comparative and environmental changes
•	 Collect information to express the amount of value 
created or preserved using collected or proxy data 
•	 Demonstrate the social value generated through our 
business activity
We are developing ways to measure the social value created 
or preserved from our actions and activities. It is a new focus 
for our business and we will advance it over time. We have 
set a baseline and platform to measure our efforts and 
highlight areas for improvement. We will capture data and 
relevant proxys over the coming year and test our findings 
with our stakeholder groups.
30
Modulaire Group ESGS Report 2022
Measuring Social Value

Promoting good health & wellbeing
We value our people and believe that a healthy active lifestyle 
can make a positive contribution to wellbeing. In the Nordics, 
a social initiative called Algeco Sports was introduced to 
challenge and inspire employees to get physically active inside 
and outside of work. Over 20% of staff participated, resulting 
in positive employee feedback. The team also introduced 
education days regarding life balance, mental health and safety. 
These activities help to deliver our ESGS purpose and also 
align with our commitment to UN SDGs, building a strong 
sense of purpose for our people. 
New flexible learning solutions
In Germany, the Algeco Academy was developed in 
partnership to improve our focus and approach to learning 
and development. It aims to make professional standard 
training accessible to all colleagues. In September 2022, an 
online learning management system was launched delivering 
different formats such as e-learning, live sessions and booking 
with external providers. It has received great feedback, in 
particular around how it supports our people to manage their 
learning flexibly.
Supporting graduate training
Our UK Carnaby manufacturing facility welcomed 
postgraduates from the University of Cambridge, studying for 
an MPhil in Industrial Systems, Manufacture and Management, 
who were eager to learn about how offsite construction is 
transforming the built environment. 
The students took a tour of the facility and discovered more 
about how to utilise Lean Manufacturing, along with Design 
for Manufacturing and Assembly, and how to deliver 
efficiencies and value that are well beyond those achieved by 
conventional onsite construction. 
Promoting Social Enterprises
Algeco UK has sourced and introduced a range of products 
from Social Enterprises, offering our customers the same 
specifications (or better), whilst making a positive impact for 
social good. 
Social Enterprises are businesses that reinvest most of their 
profits into social or environmental initiatives and projects. 
They often employ people who face barriers to finding work 
elsewhere, so benefit local communities in multiple ways.
The new Algeco product range includes building signage, 
drinking water dispensers, period products and flooring.  
We are offering internal and external signage from a Social 
Enterprise that provides job opportunities for vulnerable 
people where more than 75% of the workforce has a disability 
or a health condition. The flooring is made by a zero waste 
management Social Enterprise that redirects discarded carpet 
tiles, grades them and supplies them to community 
organisations and businesses across the UK.
These partnerships are delivering benefits for all parties and 
each product generates a Social Return on Investment report 
via the supplier, providing the audit trail organisations may 
need to demonstrate social value.
Metrics and Targets
“I am proud to be a part of a company 
with leaders who possess great expertise 
in sustainability and social responsibility.  
I have great confidence that the decisions 
they make within Algeco contributes to a 
sustainable and better world.”
Grisel Garcia 
HSE OBU Sweden
31
Modulaire Group ESGS Report 2022
Social initiatives

“We are proud to support a project that’s 
empowering local communities.  
It’s reducing pollution, creating employment 
opportunities for vulnerable women and 
building new classrooms that make 
education more accessible for children.”
Irina Kuzminykh and Veerle Leduc
Algeco Benelux 
Supporting communities in 
Côte d’Ivoire
As a part of our commitment to ensure social value, Algeco 
Belgium and Netherlands continues to support a UNICEF 
project which aims to reduce plastic waste. The project is a 
women-led recycling market that transforms Côte d’Ivoire’s 
plastic waste into safe and sustainable building materials at low 
cost. The successful project has now brought over 13,000 
students to classrooms in Côte d’Ivoire with over 250 
classrooms built.
“I am proud to be a part of a global 
company that supports local work.  
We give our time to charity, for example, 
the local nursing home, the mothers’ aid 
organization, and the fight against cancer. 
It makes me happy that we can be 
professional in construction, a good partner 
for our customers, but also grounded 
enough to give to those in need.” 
Anja Grove 
Project manager OBU Denmark
World safety and health at work day
As part of our Safety journey to Zero Fatalities, our whole 
group participated in the World Day for Safety and Health  
at Work on 28 April, which promotes the prevention of 
occupational accidents and diseases. In 2022, the day had a 
specific focus on enhancing social dialogue towards a culture 
of safety and health and in the Nordics, our teams engaged in 
talks, reflections and completed practical tasks around safety 
behaviours, life-saving rules, wearing PPE, incidents, accidents 
and near misses. Employees were encouraged to identify 
opportunities for continuous improvement and in Denmark, 
a First Aid course was carried out including resuscitation and 
defibrillator techniques. 
Watch our video here: #letsacttogether
Celebrating International  
Women’s Day
On March 8th 2022, we celebrated International Women’s 
Day across our business, underlining our commitment to 
achieving gender equality. Our site managers in France gave  
a dedicated speech about the importance of the day and our 
people participated in a ‘selfie’ fundraising challenge raising 
more than €3300 for NGO Toutes à l’école to support 
high-quality education for girls in Cambodia.
Metrics and Targets
Build your own training centre
Our team in France have built their own training centre in St 
Amour to train colleagues in electrical plumbing skills.  
The training is delivered voluntarily by existing managers, with 
content that is being generated by experienced colleagues and 
supported by HR. The training is open to all employees who 
want to develop their skills and so far 49 people have 
received 1,700 hours of electrical training.
32
Modulaire Group ESGS Report 2022

We have made progress in these areas with two out of the three 
KPIs achieved. We conducted a supply chain audit to assess the 
performance of our key first-tier suppliers (representing 80% of 
our purchasing spend). The audit was based on the United 
Nations Global Compact’s four areas: labour and human rights, 
environment, anti-corruption and business ethics and sustainable 
procurement, with a particular focus on Modern Slavery.  
Around 42% of targeted suppliers responded. The assessment 
enabled us to review associated ESG issues and exposure to 
material ESG risks. Based on the results, we are launching a 
mandatory ESGS screening questionnaire for all suppliers in 2023. 
We have made substantial progress against the commitment to 
our design and assembly facilities by achieving the ISO 14001 
standard at all facilities, except in New Zealand, where we are 
awaiting audit and certification. We are proud that the Nordics 
successfully obtained ISO certificates (9001, 14001, and 45001) 
whilst recently merging four businesses that use different systems 
and working methods and operating in five countries.  
These certifications bring benefits such as trust, safety, quality  
and sound environmental management.
“We are working with our suppliers  
to continue building understanding and 
awareness of sustainability and disclosure 
systems and frameworks. Our mandatory 
screening process will be a strong focus  
in the year ahead.” 
Elsa Delliére
ESG Director,  
Algeco France
Metrics and Targets
Demonstrating responsible governance
We have completed Cyber training for all computer users, 
although further education and other initiatives are underway.
Our business in France has been awarded a Gold rating in  
the sustainability survey assessment conducted by EcoVadis.  
This recognition places them among the top 5% of companies 
assessed in our industry regarding sustainability performance. 
EcoVadis is the world’s most trusted provider of business 
sustainability ratings. It assesses over 90,000 companies,  
from over 160 countries, across 200 business sectors, on 
corporate policies, initiatives and achievements in four key 
areas: Environment, Labor & Human Rights, Ethics, and 
Sustainable Procurement.
Progress against our Governance KPIs
We have achieved two of our three Governance 2022 KPIs. One further KPI is ongoing in 2023.
KPI
Progress
Status
Commence group-wide Supply Chain audit for modern day slavery
Achieved
l
All design and assembly facilities to achieve ISO 14001
Ongoing
l
Rollout of Cyber Security Training
Achieved
l
l Achieved
l Ongoing
l Not achieved
Key
33
Modulaire Group ESGS Report 2022

“Being a fundamental part of the 
Reconciliation Action Plan journey since 
2016 has been insightful, enjoyable, and 
educational. I acknowledge and admire 
the tenacity and endurance of a Peoples 
and Culture that has survived for over 
60,000 years and their deep connection 
to country. I get great satisfaction being 
part of a business providing opportunity 
for self-empowerment for First Nations 
Peoples to prosper and contribute, which 
flows on to generate social and economic 
equality to build a better fabric of society 
for all Australians.”
Leanne McKellar
Bid Administrator at Ausco Modular
ESGS forum
In 2021, we introduced a global forum for our people to 
learn and share more about our ESGS priorities and 
activities. The online events are open to everyone across 
our business and regularly achieve over 200 people 
attending from across the world in different time zones. 
Led by our ESGS team, the monthly forum provides an 
overview of our regional achievements, new focus areas 
and shares inspiring stories from inside and outside of 
our business. We invite industry experts, customers and 
suppliers to share their thoughts and knowledge with the 
forum, communicating best practice and supporting our 
innovation process.
Reconciliation Action Plan (RAP) 
We are making a meaningful contribution to reconciliation 
with practical actions and goals to drive greater equality  
and understanding of First Nation cultures and traditions  
in Australia. The AUSCO Modular RAP is a voluntary 
commitment, made to sustainably and strategically advance 
reconciliation by fostering genuine care, respect and 
understanding. It is supported by a new artwork called 
“Building Connections”, based on the five human needs: 
access to water, food, air, sleep and shelter. The circular 
shape references traditional shelters from both Aboriginal  
and Torres Strait Islander Cultures with wood, bark, rock, 
leaves and earth represented in the patterning. 
Working together, learning together
“I love it because it’s accountable, pacey 
and positive. I get to understand more about 
how we’re making a difference and creating 
value in our business and communities.“
Janin Wascinski
ESG Manager
Metrics and Targets
Building Connections by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji), 
We are 27 Creative
34
Modulaire Group ESGS Report 2022

We will ensure that transparency and integrity are at the heart of these next steps – we will prioritise the swift and consistent reductions in emissions that our 
commitments rely upon. 
Our focus for the future
Our Action Plan for 2023
Electrification
Social value
Risk 
management
Environmental targets
1.	Reduce absolute Scope 1 and 2 emissions in metric tonnes CO2e by 5% (vs 2020)
2.	Initiate Group Operational Carbon tCO2e baseline tonnes of annual Scope 3
3.	Source 100% Renewable Electricity where available and appropriate
Social targets
1.	Increase overall female participation at Board and Senior Management level (vs 2020)
2.	Increase the overall proportion of female employees (vs 2020)
3.	Map gender wage gap for all SBUs where legislated 
4.	Participate, action and undertake three UN days: March 21st - International Day for the Elimination  
of Racial Discrimination; June 5th - World Environment Day; December 10th - Human Rights Day.
Governance targets
1.	Screen for ESGS criteria for new and renewed supplier contracts
2.	Progress Cyber Security Training 
3.	Update Materiality Assessment
To build a complete picture of our risks and opportunities and 
ensure conformity with the TCFD recommendations, Modulaire 
Group intends to commit to several important actions:
•	 Key areas of climate-related focus for Modulaire Group are 
the provision of good quality, verifiable ESGS data, as well 
as renewable energy and resource efficiency across energy, 
logistics, waste, and water. 
•	 Update a full suite of climate-related risks and 
opportunities, including financial quantification where 
appropriate and detailed Climate Adaptation Plans. 
Modulaire Group will be able to justify why climate-related 
risk management decisions are made.
•	 Calculate our entire GHG inventory, including all Scope 3 
categories providing a 360 vantage of our emissions 
footprint, allowing us to set and track our value chain 
impact and feed into the risk management processes.
35
Modulaire Group ESGS Report 2022
Key actions for 2023

Environment KPIs
A baseline for reporting progress
2022
Target
Dept.
Materiality level
Baseline
2021
2022
SDG
UNGC
TCFD
Status
Implement Internal Climate Change and Circular Design Key Principles 
Protocols for new modular space unit designs
by 2022
CASS
H(E-1,E-3, G-3)
2021
–
Yes
9,11, 12,13
7-9
S
l
Greening of Supply Chain and ESG Protocols for Suppliers
by 2022
CASS
H(E-1-6)
2021
–
Yes
9,11, 12,13
7-9
S,RM,M
l
Establish Climate Adaptation Plans for each SBU
by 2022
ESGS
H(E-1,E-3, G-3)
2021
–
Yes
13
7-9
S
l
Biodiversity Impacts Protocols for Modulaire sites
by 2022
ESGS
H(E-3)
2021
–
Yes
13
7-9
S
l
Frankfurt Branch assessment for BREEAM
by 2022
DE SBU
H(E-3, E-5)
2021
–
–
9,11, 12,13
7-9
S,G
l
2023
Target
Dept.
Materiality level
Baseline
2022
2023
SDG
UNGC
TCFD
Status
5% absolute reduction in Scope 1 and 2 emissions (vs 2020)*
by 2023
SBU
H(E1-6)
2020
26% 
reduction
–
9,11,12,13
7-9 G,S,RM,M
–
Initiate Group Operational Carbon baseline tonnes of annual Scope 3
by 2023
ESGS
H(E-2, E-5)
2023
–
–
13
7-9
S,M
–
Source 100% Renewable Electricity for the Group where available and applicable
by 2023
SBU
H(E-3)
2023
–
–
9,12,13
7-9
S,M
–
2024
Target
Dept.
Materiality level
Baseline
2023
2024
SDG
UNGC
TCFD
Status
7.5% absolute reduction in Scope 1 and 2 emissions (vs 2020)*
by 2024
SBU
H(E1-6)
2020
–
–
9,11,12,13
G,S,RM,M
–
Rollout a Group-wide strategy to reduce or mitigate Scope 3 emissions
by 2024
ESGS
H(E-3, E4)
2022
–
–
9,11, 12,13
12
S,M
–
	* Targets have been amended to provide better clarification based on priorities
Key
(E-1) Sustainable circular design H
(E-2) Carbon Impact on Logistics H
(E-3) Climate Change H
(E-4) Material used in Production M
(E-5) Resource Efficiency M
(E-6) Circular Building M
H – High
M – Medium
SBU – Strategic Business Unit
CASS – Centre for Asset Sourcing and Supply
ESGS – ESG Sustainability
SDG – United Nations Sustainable Development Goal 
TCFD – Task Force on Climate-related Financial Disclosures 
UNGC – United Nations Global Compact
l Achieved
l Ongoing
l Not achieved
Key
36
Modulaire Group ESGS Report 2022
Performance data

2025
Target
Dept.
Materiality level
Baseline
2020
2025
SDG
UNGC
TCFD
Status
10% absolute reduction in Scope 1 and 2 emissions (vs 2020)*
by 2025
SBU
H(E1-6)
2020
28,146** tCO2e
–
9,11,12,13
7-9
G,S,RM,M
Reduce Scope 1 and 2 market-based emissions intensity ratio Tonnes (91 kg CO2e per Unit) (vs 
baseline 2020)
by 2025
ESGS
H(E-2,E-3)
2020
91 kg tCO2e  
per unit
–
13
7-9
S,M
–
Reduce Group embedded carbon footprint (A1-A5) of a typical Modular Space Unit by 20% 
(baseline 2020)
by 2025
CASS
H(E-1-6)
2020
200 kgCO2e/m2
–
9,11,12,13
7-9
G, S,RM,M
–
Reduce waste to landfill by 50% per typical unit (vs 2020 baseline)
by 2025
SBU
H(E-1)
2020
83 kg/unit
–
9,11,12,13
7-9
S,M
–
Reduce water consumption by the Group by 10% per typical unit
by 2025
SBU
M(E-5)
2020
0.83 m3/Unit 
–
9,11,12,13
7-9
S,M
–
Complete Life Cycle Assessment of all newly manufactured Modular Space Units in our portfolio 
by 2025
by 2025
CASS
H(E-1-6)
2020
–
–
9,11,12,13
7-9
G, S,RM,M
–
	* Targets have been amended to provide better clarification based on priorities
**	Rebaselined 2021
Environment KPIs
Performance data
Key
(E-1) Sustainable circular design H
(E-2) Carbon Impact on Logistics H
(E-3) Climate Change H
(E-4) Material used in Production M
(E-5) Resource Efficiency M
(E-6) Circular Building M
H – High
M – Medium
SBU – Strategic Business Unit
CASS – Centre for Asset Sourcing and Supply
ESGS – ESG Sustainability
SDG – United Nations Sustainable Development Goal 
TCFD – Task Force on Climate-related Financial Disclosures 
UNGC – United Nations Global Compact
37
Modulaire Group ESGS Report 2022

2022
Target
Dept.
Materiality Level
Baseline
2021
2022
SDG
UNGC
TCFD
Status
Paid Voluntary Time – 5,000 hrs pa. 
by 2022
HR
H(S-3)
2022
0
4,616
4,5,11
1-6
–
l
Completion of a global employee safety survey
by 2022
HR
H(S-2)
2022
–
Yes
4,5,11
1-6
–
l
Develop a Graduate/Apprentice/Trainee Programme in all SBUs
by 2021
HR
H(S-2)
2022
–
92
4,5
1-6
–
l
Group participate and undertake three UN Days:  
March 8th – International Women’s Day;  
April 28th – World Day for Safety and Health at Work;  
October 10th – World Mental Health Day 
3 UN dates by 2022
HR
M(S-6)
2022
–
Yes
4,5,11,9,13
1-6
–
l
Zero Fatalities
Zero
HR
H(S-1)
2021
1
0
4,9,11
1-6
RM
l
Reduce Lost Time Incident Frequency Rate (LTIFR) per 100,000 by 15%
by 2022
HR
H(S-1)
2021
0.66
0.66
4,9,11
1-6
RM
l
2023
Target
Dept.
Materiality level
Baseline
2020
2023
SDG
UNGC
TCFD
Status
Increase overall female participation at Board and Senior Management level
by 2023
HR
M(S-4)
2020
25.2%
–
4,5,11
1-6
–
–
Increase overall proportion of female employees
by 2023
HR
M(S-4)
2020
12.6%
–
4,5,11
1-6
–
–
Map gender wage gap for all SBUs where legislated
by 2023
HR
M(S-4)
2022
–
–
4,5,11
1-6
–
–
Paid Voluntary Time – 5,000 hrs pa.*
by 2023
HR
H(S-3)
2022
–
–
4,5,11
1-6
–
–
Group participate and undertake three UN Days: 
March 21st – International Day for the Elimination of Racial Discrimination;
June 5th – World Environment Day;
December 10th – Human Rights Day
by 2023
HR
M(S-6)
2023
–
–
4,5,11,9,13
1-6
–
–
2024
Target
Dept.
Materiality level
Baseline
2023
2024
SDG
UNGC
TCFD
Status
Paid Voluntary Time – 5,000 hrs pa.* 
by 2024
HR
H(S-4)
2024
–
–
1,6
1-6
–
–
Group participate and undertake three UN Days:
March 8th – International Women’s Day;
April 28th – World Day for Safety and Health at Work;
5th June – World Environment Day
by 2024
HR
M(S-6)
2024
–
–
4,5,11,9,13
1-6
–
–
	* Targets have been amended to provide better clarification based on priorities
Social KPIs
Performance data
Key
(S-1) Health & Safety H
(S-2) Talent Management H
(S-3) Supporting Communities M
(S-4) Diversity & Inclusion M
(S-5) Employee Wellbeing M
(S-6) Employee Corporate Citizenship M
38
Modulaire Group ESGS Report 2022

2022
Target
Dept.
Materiality level
Baseline
2021
2022
SDG
UNGC
TCFD
Status
Commence group-wide Supply Chain audit for modern day slavery
by 2022
CASS
H(G-2)
2022
–
Yes
4,5,9,11
1-10
RM
l
All design and assembly facilities to achieve ISO 14001/ISO 9001
by 2022
CASS
H(G-2)
2022
–
–
4,5,9,11,12
1-10
RM
l
Rollout of Cyber Security Training
by 2022
IT
H(G-1)
2022
–
362 hours
4,5,9,11,13
1-10
RM
l
2023
Target
Dept.
Materiality level
Baseline
2023
2024
SDG
UNGC
TCFD
Status
Screen for ESGS criteria for new and renewed contract for Suppliers 
by 2023
CASS
H(G-2)
2023
–
–
4,5,9,11
1-10
RM
–
Progress Cyber Security Training 
by 2023
IT
H(G-1)
2023
–
–
4,5,9,11,13
1-10
RM
–
2024
Target
Dept.
Materiality level
Baseline
2023
2024
SDG
UNGC
TCFD
Status
Implementation of CSRD
by 2024 ESGS & 
Finance
H(G-2)
2024
–
–
4,5,9,11,13
1-10 G,S,RM,M
–
Key
(G-1) Cyber security H
(G-2) Corporate Governance & Ethics M
(G-3) Environmental Management Systems L
Governance KPIs
Performance data
39
Modulaire Group ESGS Report 2022

Units can be  
reused, on average, 
20x 
or more during  
their lifecycle
Units are up to
96% 
recyclable
c.73% 
less carbon  
emissions  
vs traditional  
construction
At Modulaire Group, we are committed to creating 
smart spaces for people to work, learn and live, with 
circularity and sustainability driving our approach. 
The spaces we create meet the needs of customers 
across a number of sectors including construction, 
public administration, energy and natural resources, 
as well as industry, business services and 
infrastructure. With operations in 23 countries,  
and over a quarter of a million units, we can design 
and deliver unique spaces wherever and whenever 
our customers need them. As the drive increases  
for companies to be more accountable for their 
footprint, sustainability is at the heart of all our 
solutions, without the permanence of our offering 
compromised. Combining unrivalled skill and 
adaptability, we enable people to work and learn 
productively, whilst increasing social value. 
Faster, smarter, modular.
We are Europe and Asia Pacific’s 
leading specialist in modular services 
and infrastructure.
Denmark 
Estonia 
Finland 
Norway  
Sweden
Eastern Europe
Czech Republic 
Hungary 
Poland 
Romania 
Slovakia
China
Chengdong
Australasia
Australia  
New Zealand
UK
Western Europe
Austria 
Belgium 
France 
Germany 
Italy 
Luxembourg 
Netherlands 
Portugal 
Spain
Nordics
Corporate 
Office
40
Modulaire Group ESGS Report 2022

Our ESGS Team
ESGS team
Inder Poonaji
ESG and Sustainability Director 
Modulaire Group
Jenny Winckworth
Sustainability and ESG Lead Ausco
Letian Ma
ENSE SESG Manager  
Algeco Netherlands
Elsa Delliére
ESG Director  
Algeco France
Kristian Grimsbo
Marketing & ESG Director 
Nordics
Giang Tran
ESG & Sustainability Manager 
Algeco UK
Janin Wascinski
ESG Manager  
Algeco DACHS
Mihir Badhwar
Group ESGS Intern 
Modulaire Group
Sam Tegala
Group HR Business Partner 
Modulaire Group
James Odom
Group General Counsel
41
Modulaire Group ESGS Report 2022

Corporate Office, 8th Floor, 262 High Holborn, London WC1V 7NA
Task Force for Climate-related Financial Disclosures 
(TCFD) statement 
For the current reporting period, disclosures are consistent with  
the TCFD recommendation. Where disclosures do not apply to 
Modulaire Group or where a complete disclosure is still under 
development, an explanation is provided here:
Disclosure statement
•	 Risk assessment timeframes – Modulaire Group has reviewed 
climate-related risks and opportunities across the business 
which are included in this report. An updated materiality matrix 
will be included in our 2023 reporting.
•	 Climate scenarios – To plan for the transition to a zero carbon 
economy, Modulaire Group will build on quantified outcomes 
of TCFD Strategy a) disclosure. This report includes the results 
of our analysis.
•	 Scope 3 emissions – Our 2023 ESGS report will include Scope 
3 figures meeting the recommended guidelines of the TCFD 
Metrics & Target b) disclosures.
We published further information on ESGS financial matters on our 
website, particularly related to our sustainability-linked financing  
and related limited assurance of data in accordance with the 
recommendations of the TCFD initiated by the Financial Stability Board. 
www.modulairegroup.com