Modine Manufacturing Company · NYSE:MOD
Modine Manufacturing — Investor Presentation (November 2025)
38 slides from Modine Manufacturing's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation November 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements, including information about future financial performance and market conditions, accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” “projects,” and other similar “forward-looking” stat
Slide 3: Our Vision, Purpose, Mission, Values
OUR OUR OUR OUR VISION PURPOSE MISSION VALUES Always evolving Engineering A Cleaner, Reduce Water & Energy Integrity our portfolio of Healthier World Consumption Committed products in pursuit of highly Lower Harmful People Centric engineered, Emissions mission-critical Technology Driven Enable Clean
Slide 4: Modine At-a-Glance
Modine At-a-Glance $2.6B FY2025 Sales $392M FY2025 Adjusted EBITDA 41 Manufacturing Facilities in 14 Countries1 Americas: 18 Europe: 15 Asia: 8 ~11,300 Employees Heavy-Duty Equipment 16% Data Centers 25% Performance Climate Technologies Solutions On-Highway 44% 56% Applications 28% Heat Transfer Sol
Slide 5: Strategic Pillars Driving Value Creation
Strategic Pillars Driving Value Creation Capitalizing on our deep expertise in thermal management to deliver differentiated solutions and sustained market leadership Leveraging our portfolio of highly engineered, mission-critical thermal solutions to accelerate growth Entering a multi-year growth cy
Slide 6: Deep Expertise in Thermal Management
Deep Expertise in Thermal Management HIGHLY ENGINEERED, MISSION-CRITICAL thermal solutions to meet the needs of our customers Over a century of leadership in thermal management Strong relationships with leading companies across many diversified industries Patent-protected, fit-for-purpose innovation
Slide 7: Secular Mega-Trends Driving Long-Term Growth
Secular Mega-Trends Driving Long-Term Growth High-Performance Computing Rapid expansion of AI fueling explosive data center growth, with commensurate need for cooling solutions Global Emission Standard Regulations Provide thermal components and systems to shift to low-carbon energy solutions driving
Slide 8: 80/20 Strategy
80/20 is Repetitive and Timeless Clea n Up & Simplify n Up & Simplify Clea Simplification Segmentation • Our 80/20 journey is a High Margin & High Growth 80/20 Fo cus e d G Strategy n Up & Simplify Simplification Segmentation Efficiency Value Alignment repetitive cycle Clea Creation hi ft 80/20 • Ea
Slide 9: Evolving Portfolio Through Strategic Acquisitions and Divestitures
Evolving Portfolio Through Strategic Acquisitions and Divestitures Entry into DC market - Divestiture of Austrian (2021) Confirmed plan to exit Acquisitions of AbsolutAire Acquisition of Airedale and German (2023) automotive $250M of incremental and L.B. White, adding in the UK manufacturing facilit
Slide 10: Business Segments and Product Groups
Business Segments and Product Groups PERFORMANCE TECHNOLOGIES CLIMATE SOLUTIONS FY2025 Percent of Sales FY2025 Percent of Sales 16% 28% 21% 10% 25% Heavy-Duty On-Highway Heat Transfer HVAC Data Centers Equipment Applications Solutions Technologies Heat exchangers for Heat exchangers for Heat exchang
Slide 11: Performance Technologies
Performance Technologies Performance Technologies provides engineered products and solutions that enhance fuel economy, minimize harmful emissions and increase reliability in harsh environments Product Groups Heavy-Duty On-Highway 3-Year Financial Performance Equipment Applications (Transformation B
Slide 12: Performance Technologies – Strategic Priorities to Increase Profitability
Performance Technologies – Strategic Priorities to Increase Profitability • Evolving the business portfolio by applying 80/20 principles ean Up & Simplif Cl y • Simplifying product groups to remove cost and complexity Simplification Segmentation • Heavy-Duty Equipment includes off-highway and statio
Slide 13: Climate Solutions
Climate Solutions Climate Solutions provides energy-efficient, safe, climate-controlled solutions, and components for a wide range of mission-critical applications Product Groups Air-Cooled HVAC Heat Transfer Applications Liquid-Cooled Data Centers Advanced 3-Year Financial Performance Solutions Tec
Slide 14: Climate Solutions – Leveraging Data Center Market Growth
Climate Solutions – Leveraging Data Center Market Growth • Provider of full system solutions for data center cooling with a suite of products designed to deliver flexible solutions and superior service to global colocation operators and hyperscale customers • Centralized smart building management sy
Slide 15: A Complete Data Center Solution Provider
A Complete Data Center Solution Provider Fan Walls Chillers Our Right to Win in Global Data Centers Air Handling Units • We create, deliver, monitor and maintain CRAC / CRAH data center cooling systems for hyperscale, Dry Cooler colocation and neocloud customers globally • Our tailored systems solut
Slide 16: Leveraging Technology in Data Centers
Leveraging Technology in Data Centers Key Market Drivers Key Strategic Objectives Leverage industry expertise to expand product • Exponential computing power needs from high-density computing portfolio, capacity and geographic reach to meet applications drives need for new the data center cooling ne
Slide 17: Modine Services in Data Centers
Modine Services in Data Centers System Design Technology & Innovation • 50 years of cooling Product and System design • ACISTM building (BMS) & power systems (PMS) • Intelligent cooling systems design for high-density allows full monitoring and facilities management of environments the data center –
Slide 18: Financial Trends
Financial Trends (In millions) Revenue and YOY % Growth $500 Adjusted EBITDA and Adjusted EBITDA Margin • Rate of earnings growth has 18.0% $392 outpaced revenue growth, 16.0% $400 resulting from 80/20 driven $2,583 $314 15.2% Adjusted EBITDA14.0% mix shift $2,408 Sales Outlook: $300 Outlook: $2,298
Slide 19: Exceeding Our Goals and Building Trust in Management
Exceeding Our Goals and Building Trust in Management Previous Financial Actual Financial Results More Than Doubled Targets for FY22 – FY24 FY24 FY25 Adjusted EBITDA FY22-FY25 (Announced at 2022 Investor Day) +35% CAGR $392M Revenue 6 - 8% 8.4% 7.3% $314M CAGR CAGR YOY Adjusted $212M EBITDA 10 - 12%
Slide 20: Increasing Free Cash Flow Conversion
Increasing Free Cash Flow Conversion Free Cash Flow as % of Sales Free Cash Flow Drivers ~6% - 8% • Targeted capital allocation is accelerating revenue growth, including $100M of incremental capex for data center Operating capacity expansion in FY26 cash flow margin 5.3% 9-11% • Revenue growth and p
Slide 21: Capital Allocation Priorities
Capital Allocation Priorities 1 Investment in Organic Growth • Allocate capital to growth businesses • Target capital spending of 3% to 6% of sales 2 Restructuring • ~$15M cash spend annually through FY27 Acquisition & Divestiture Targets - FY25-FY27 • Fully funded through ongoing operations, no ext
Slide 22: Well-Positioned for Success
Well-Positioned for Success Delivering end-market diversification for business resiliency through economic cycles Providing strategic flexibility through strong free cash flow and Fiscal 2027 Financial Targets balance sheet Furthering focus on organic and inorganic investment to achieve revenue and
Slide 23: Appendix
Appendix
Slide 24: Heavy-Duty Equipment Overview
Heavy-Duty Equipment Overview • Provider of specialized solutions to meet the unique demands of heavy-duty agricultural, construction, and mining equipment and stationary power generation customers • Leveraging 80/20 strategies will continue to enable: - Compelling growth in the stationary power gen
Slide 25: On-Highway Applications Overview
On-Highway Applications Overview • Provider of heat exchangers that provide optimal thermal management for engines and powertrains focused on lowering carbon emissions and improving efficiency • Strategic relationships with global manufacturers that leverage thermal expertise and global footprint to
Slide 26: Heat Transfer Solutions Overview
Heat Transfer Solutions Overview • World’s largest independent manufacturer of heat transfer coils, used in a variety of applications and markets • Provider of commercial refrigeration coolers leveraging low-GWP natural refrigerants • Market leader in anti-corrosion coating products and application
Slide 27: HVAC Technologies Overview
HVAC Technologies Overview • North America’s leading unit heater manufacturer, used in greenhouse, garage and various other end-use applications with strong brand recognition, established sales channels, and expansive product offering which was recently expanded through acquisitions of AbsolutAire a
Slide 28: Data Centers Overview
Data Centers Overview • Provider of full system solutions for data center cooling with a suite of products designed to deliver flexible solutions and superior service to global colocation operators and hyperscale customers • Centralized smart building management systems that remotely monitor perform
Slide 29: Modine Revenue Breakdown FY2025
Modine Revenue Breakdown FY2025 Revenue by Geography Revenue by End Market Asia 8% Other 1% EMEA Heating Light Vehicle 6% 27% Indoor Air 11% Coolers Quality 6% 4% Commercial Vehicle 16% Coils HVAC&R Performance Climate 13% Technologies Solutions Americas 44% 56% Coatings 65% 2% Heavy-Duty 16% Data C
Slide 30: Performance Technologies Re-segmentation Effective FY26
Performance Technologies Re-segmentation Effective FY26 HEAVY-DUTY EQUIPMENT ON-HIGHWAY APPLICATIONS NEW PROODUCT $422M FY25 Sales $721M FY25 Sales GROUPS • Off-Highway • Automotive (ICE and EV) • GenSets • Commercial Vehicle • Specialty Vehicle Systems (ICE) • EV Systems (Specialty and Commercial V
Slide 31: Climate Solutions Re-segmentation Effective FY26
Climate Solutions Re-segmentation Effective FY26 HEAT TRANSFER SOLUTIONS HVAC TECHNOLOGIES DATA CENTERS $539M FY25 Sales $257M FY25 Sales $644M FY25 Sales NEW PRODUCT GROUPS • OE and Aftermarket Coils • Heating Products • Data Center Cooling Products • Refrigeration Coolers • School IAQ • Edge & Tel
Slide 32: Revenue Re-segmentation Effective FY26
Revenue Re-segmentation Effective FY26 Modine Manufacturing Company Re-segmentation of Segment Product Groups Revenue (unaudited) (In millions) Three months ended Climate Solutions product groups: Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY 2025 FY 2024 HVAC Technologies $ 50.0 $ 69.5 $ 72.5 $ 65.0 $ 257.0 $
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Modine Manufacturing Company Adjusted EBITDA (In millions) Twelve months ended March 31, 2025 2024 2023 2022 Net earnings $ 185.5 $ 163.4 $ 153.6 $ 86.3 Interest expense 26.4 24.1 20.7 15.6 Provision (benefit) from income taxes 68.5 51.2 (28.3) 15.2 Depreciation and amortiza
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations (a) Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions and plant consolidation activities and equipment transfer costs. (b) The net impairment reversal during fiscal 2022 primarily relates to the Company's liquid-
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Modine Manufacturing Company Segment adjusted financial results (unaudited) (In millions) Twelve months ended March 31, 2025 Twelve months ended March 31, 2022 Climate Performance Corporate and Climate Performance Corporate and Solutions Technologies eliminations Total Solut
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations (a) Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions and plant consolidation activities and equipment transfer costs. (b) The net impairment reversal during fiscal 2022 primarily relates to the Company's liquid-
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations Free cash flow (In millions) Twelve months ended March 31, 2025 2024 2023 Net cash provided by operating activities $ 213.3 $ 214.6 $ 107.5 Expenditures for property, plant and equipment (84.0) (87.7) (50.7) Free cash flow $ 129.3 $ 126.9 $ 56.8 Net Sales $ 2,583.5 $ 2,407.8
Slide 38: Forward-Looking Non-GAAP Financial Measures
Forward-Looking Non-GAAP Financial Measures This presentation includes forward-looking projections of non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, and free cash flow. The projections are based on management’s expectations of future financial results. For example, t
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