Modine Manufacturing Company · NYSE:MOD
Modine Manufacturing — Investor Presentation (August 2025)
35 slides from Modine Manufacturing's investor presentation, August 2025
Slide 1: Investor Presentation
Investor Presentation August 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: Financial Profile
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: Business Segments and Product Groups
Business Segments and Product Groups PERFORMANCE TECHNOLOGIES CLIMATE SOLUTIONS Percent of Sales FY2025: Percent of Sales FY2025: 16% 28% 21% 10% 25% Heavy-Duty On-Highway Heat Transfer HVAC Data Centers Equipment Applications Solutions Technologies Heat exchangers for heavy- Heat exchangers for Hea
Slide 10: Performance Technologies
Performance Technologies Performance Technologies provides engineered products and solutions that enhance fuel economy, minimize harmful emissions and increase reliability in harsh environments Performance Technologies’ Product Groups FY2025 Sales Sales & Adjusted EBITDA Margin Heavy-Duty On-Highway
Slide 11: Performance Technologies - Our 80/20 Journey
Performance Technologies- Our 80/20 Journey • Evolving the business portfolio by applying 80/20 principles ean Up & Simplif Cl y • Simplifying product groups to remove cost and complexity • Heavy-Duty Equipment includes off-highway and stationary power Simplification Segmentation products • On-Highw
Slide 12: Climate Solutions
Climate Solutions Climate Solutions provides energy-efficient, safe, climate-controlled solutions, and components for a wide range of mission-critical applications Climate Solutions’ Product Groups FY2025 Sales Sales & Adjusted Air-Cooled Liquid-Cooled Advanced EBITDA Margin Heat Transfer Applicatio
Slide 13: 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 14: 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 15: 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 16: 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 EBITDA 14.0% mix shift $2,408 Sales Outlook: $300 Outlook: $2,29
Slide 17: Free Cash Flow Conversion
Free Cash Flow Conversion Free Cash Flow as % of Sales Free Cash Flow Drivers • Planning for higher Capex spending during FY26 • Includes $100M incremental investment in data FY25-26 Operating center capacity over the next 12-18 months cash flow margin 5.0% Drivers 9-11% • Higher capacity is require
Slide 18: 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 19: Evolving Portfolio Through Strategic Acquisitions and Divestitures
Evolving Portfolio Through Strategic Acquisitions and Divestitures 2005 2016 2022 2023 2023 2024 2024 Acquisition of Acquisition of Divestiture of Acquisition of Divestiture of Acquisition of Acquisition of Airedale Air Luvata Heat Austrian Napps three German TMGcore, adding Scott Springfield Condit
Slide 20: 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 21: Appendix
Appendix
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: Modine Revenue Breakdown FY2025
Modine Revenue Breakdown FY2025 Revenue by Geography Revenue by End Market Other Asia 8% 1% Heating EMEA 6% Light Vehicle 27% 11% Indoor Air Coolers Quality 6% 4% Commercial Vehicle 16% Coils HVAC&R Performance Climate 13% Technologies Solutions 44% 56% Americas Coatings 65% 2% Heavy-Duty 16% Data C
Slide 28: 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 29: 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 30: 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 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Modine Manufacturing Company Adjusted EBITDA (In millions) Twelve months ended March 31, 2025 2024 2023 Net earnings $ 185.5 $ 163.4 $ 153.6 Interest expense 26.4 24.1 20.7 Provision (benefit) from income taxes 68.5 51.2 (28.3) Depreciation and amortization expense 77.7 56.1
Slide 32: 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 Company sold three automotive businesses based in Germany during fiscal 2024 and, as
Slide 33: 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, 2024 Climate Performance Corporate and Climate Performance Corporate and Solutions Technologies eliminations Total Solut
Slide 34: 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 35: 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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