# EDGAR Filing Document

**Accession Number:** 0000067347
**File Stem:** 0001104659-26-010338
**Filing Date:** 2026-2
**Character Count:** 62291
**Document Hash:** 27e5792459d7c383dc3c99ddd3c57f3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-010338.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001104659-26-010338

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260204

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MODINE MANUFACTURING CO
- **CENTRAL INDEX KEY:** 0000067347
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 390482000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01373
- **FILM NUMBER:** 26598883

**BUSINESS ADDRESS:**
- **STREET 1:** 1500 DEKOVEN AVE
- **CITY:** RACINE
- **STATE:** WI
- **ZIP:** 53403
- **BUSINESS PHONE:** 2626361200

**MAIL ADDRESS:**
- **STREET 1:** 1500 DEKOVEN AVE
- **CITY:** RACINE
- **STATE:** WI
- **ZIP:** 53403

?xml version='1.0' encoding='ASCII'? Modine Manufacturing Company_February 4, 2026

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 4, 2026**

**Modine Manufacturing Company**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Wisconsin** | **001-01373** | **39-0482000** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |

---

---

| | |
|:---|:---|
| **1500 DeKoven Avenue, Racine, Wisconsin** | **53403** |
| (Address of principal executive offices) | (Zip Code) |

---

---

| | |
|:---|:---|
| Registrant's telephone number, including area code: | **(262) 636-1200** |
| (Former name or former address, if changed since last report.) | **N/A** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.625 par value | MOD | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Information to be Included in the Report**

**Item 2.02 Results of Operations and Financial Condition**

On February 4, 2026, Modine Manufacturing Company (the "Company") issued a press release announcing the results of operations and financial condition for the third quarter ended December 31, 2025.

During a conference call scheduled to be held at 11:00 a.m. Eastern Time on February 5, 2026, the Company's President and Chief Executive Officer, Neil D. Brinker, and Executive Vice President, Chief Financial Officer, Michael B. Lucareli, will discuss the Company's results for the third quarter ended December 31, 2025.

Attached to this Current Report on Form 8-K as Exhibit 99.1 and 99.2, respectively, is a copy of the Company's press release in connection with the announcement and a copy of the presentation that the Company intends to use in connection with its third quarter earnings call. The information in this Item 2.02, including Exhibit 99.1 and 99.2, is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01** **Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

The following exhibits are being furnished herewith:

---

| | |
|:---|:---|
| [99.1](mod-20260204xex99d1.htm) | Press Release dated February 4, 2026 announcing the results of operations and financial condition for the third quarter ended December 31, 2025. |
| [99.2](mod-20260204xex99d2.htm) | February 5, 2026 earnings call presentation. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Modine Manufacturing Company** | **Modine Manufacturing Company** |
|  | By:  | /s/ Neil D. Brinker |
|  | Neil D. Brinker | Neil D. Brinker |
|  | President and Chief Executive Officer | President and Chief Executive Officer |
| Date: February 4, 2026 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](mod-20260204xex99d1001.jpg)

**NEWS RELEASE**

**FOR IMMEDIATE RELEASE**

**Modine Reports Third Quarter Fiscal 2026 Results**

*Ongoing execution of planned production ramp for Data Center products drives top-line growth of 51% in Climate Solutions segment; raising full-year outlook for revenue and earnings*

**Racine, WI – February 4, 2026 –** Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported financial results for the quarter ended December 31, 2025.

**Third Quarter Highlights:**

● Net sales of $805.0 million increased $188.2 million, or 31 percent, from the prior year

● Successfully terminated the U.S. pension plan, resulting in a $116.1 million non-cash charge

● Net loss of $46.8 million including the non-cash pension termination charge; loss per share of $0.90 decreased $1.66 from the prior year

● Adjusted EBITDA of $119.6 million increased $32.3 million, or 37 percent, from the prior year

● Adjusted earnings per share of $1.19 increased $0.27, or 29 percent, from the prior year

**Increased Fiscal 2026 Outlook:**

● Net sales growth between 20 percent and 25 percent

● Adjusted EBITDA range of $455 million to $475 million, resulting in growth between 16 percent and 21 percent

"Modine delivered another quarter of outstanding performance, with 21 percent organic sales growth driven by a 78 percent increase in data center sales," said Modine President and Chief Executive Officer, Neil D. Brinker. "The capacity expansion for data center products remains on schedule, with new production lines contributing to a 31 percent sequential increase in sales compared to the second fiscal quarter. Margins in the Climate Solutions segment improved sequentially this quarter, as expected, and we remain confident that we are on pace for a strong fourth quarter as more production lines are commissioned to keep pace with the strong demand."

Brinker continued, "Last week we made an important and historic announcement regarding the pending spin off and combination of our Performance Technologies business with Gentherm. This marks a major milestone in our strategic transformation, including a significant acceleration of our strategy to evolve our portfolio to drive long-term value for our shareholders, customers and employees. The combination of Performance Technologies with Gentherm will create a scaled leader in thermal management and solutions, while Modine will become a pure-play climate solutions company, focused on the high-growth data center and commercial HVAC and refrigeration markets.

**Third Quarter Financial Results**

Net sales increased 31 percent to $805.0 million, compared with $616.8 million in the prior year. Sales growth was driven by higher sales in the Climate Solutions segment, driven by strong demand from data center customers and sales from acquired businesses. Performance Technologies sales increased 1 percent from the prior year, as lower volumes were offset by favorable pricing and foreign exchange impact.

Gross profit increased $36.5 million to $186.1 million and gross margin decreased by 120 basis points to 23.1 percent. The decrease in gross margin was primarily driven by lower gross margin in the Climate Solutions segment, which resulted primarily from higher temporary costs related to the capacity expansion for data center products. Gross margin in the Performance Technologies segment increased 110 basis points to 18.9 percent driven by favorable pricing.

------

Selling, general and administrative ("SG&A") expenses increased $7.3 million to $89.3 million. The increase was primarily due to higher spending to support growth and acquisitions in Climate Solutions, partially offset by the positive impact of cost saving initiatives in Performance Technologies.

Operating income increased $30.0 million to $89.3 million, compared to $59.3 million in the prior year. This increase was primarily driven by higher earnings on increased revenues in the Climate Solutions segment. The Company recorded $7.5 million of restructuring expenses during the quarter, primarily severance expenses related to headcount reductions and costs related to equipment transfers. The Company also recorded a $116.1 million non-cash pension termination charge related to the successful termination of its primary U.S. pension plan. Adjusted EBITDA, which excludes restructuring expenses, the pension termination charge and certain other charges, interest expense, the provision for income taxes, and depreciation and amortization expense, was $119.6 million, an increase of $32.3 million, or 37 percent, compared to $87.3 million in the prior year.

Loss per share was $0.90, compared with earnings per share of $0.76 in the prior year, a decrease of $1.66. Adjusted earnings per share was $1.19, compared with adjusted earnings per share of $0.92 in the prior year, an increase of $0.27, or 29 percent.

**Third Quarter Segment Review**

● Climate Solutions segment sales were $544.6 million, compared with $360.8 million one year ago, an increase of 51 percent. Data center sales increased 78 percent from the prior year, and HVAC Technologies sales increased 48 percent, including $42.8 million of incremental sales from acquired businesses. The segment reported gross margin of 24.8 percent, which was 380 basis points lower than the prior year. This decline included the planned and temporary impacts related to the rapid expansion of manufacturing capacity for data center products, along with unfavorable sales mix. The segment reported operating income of $83.2 million, a 33 percent increase from the prior year, and adjusted EBITDA of $97.4 million, an increase of 29 percent from the prior year.

● Performance Technologies segment sales were $266.0 million, compared with $262.2 million one year ago, an increase of 1 percent. This increase primarily resulted from higher sales to automotive customers, partially offset by lower sales to stationary power and commercial vehicle customers. The segment reported gross margin of 18.9 percent, which was 110 basis points higher than the prior year, primarily due to the positive impact of cost recoveries from pass-through pricing and improved operating efficiencies. The segment reported operating income of $25.8 million, a 63 percent increase from the prior year, and adjusted EBITDA of $39.3 million, a 38 percent increase from the prior year.

**Balance Sheet & Liquidity**

Net cash provided by operating activities for the nine months ended December 31, 2025 was $53.8 million, a decrease of $104.7 million compared to the prior year. Free cash flow for the nine months ended December 31, 2025 was negative $47.4 million, a decrease of $149.6 million from the prior year. This decrease was due to an increase in working capital, primarily related to higher inventory balances and higher capital expenditures to support growth in Data Centers. Cash payments for restructuring activities, funding of the U.S. pension plan in connection with its termination, acquisition and disposition costs, and certain other costs totaled $39.5 million during the nine months ended December 31, 2025.

Total debt was $615.8 million as of December 31, 2025. Cash and cash equivalents totaled $98.7 million as of December 31, 2025. Net debt was $517.1 million as of December 31, 2025, an increase of $237.9 million from the end of fiscal 2025. This increase resulted from borrowings to fund growth in working capital, acquisitions and capital expenditures.

**Outlook**

"Based on our strong performance this quarter and continued momentum within our Climate Solution segment during the start of the fourth quarter, we are raising our outlook for both revenue and adjusted EBITDA," said Brinker. "This confidence is anchored in the exceptional growth of our Data Centers business, where we now expect revenue to increase by more than 70 percent year-over-year. Given the strong demand for our products, coupled with our ability to successfully execute on our planned capacity expansion, we are also raising our multi-year outlook for Data Center sales to 50 to 70 percent annual growth for the next two years, putting us solidly ahead of our $2 billion revenue target for fiscal year 2028."

Based on current exchange rates and market conditions, Modine provides its revised outlook for Fiscal 2026:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal 2026** | &nbsp;&nbsp;**Current Outlook** |
| &nbsp;&nbsp;**Net Sales** | &nbsp;&nbsp;+20% to 25% |
| &nbsp;&nbsp;**Adjusted EBITDA** | &nbsp;&nbsp;$455 to $475 million |

---

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**Conference Call and Webcast** 

Modine will conduct a conference call and live webcast, with a slide presentation, on Thursday, February 5, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss its third quarter fiscal year 2026 financial results. The webcast and accompanying slides will be available on the Investor Relations section of the Modine website at www.modine.com. Participants are encouraged to log on to the webcast and conference call about ten minutes prior to the start of the event. A replay of the slides and the audio will be available on or after February 5, 2026, on the investor section of Modine's website at http://www.modine.com. An audio only replay will be available through midnight on February 12, 2026, by dialing 877-660-6853 (international replay 201-612-7415) and entering the Conference ID# 13757387. A transcript of the call will be posted to the company's website on or after February 9, 2026.

**About Modine** 

For more than 100 years, Modine has solved the toughest thermal management challenges for mission-critical applications. Our purpose of Engineering a Cleaner, Healthier World™ means we are always evolving our portfolio of technologies to provide the latest heating, cooling, and ventilation solutions. Through the hard work of more than 11,000 employees worldwide, our Climate Solutions and Performance Technologies segments advance our purpose with systems that improve air quality, reduce energy and water consumption, lower harmful emissions, enable cleaner running vehicles, and use environmentally friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe, and Asia. For more information about Modine, visit www.modine.com.

**Forward-Looking Statements** 

This press release 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" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended March 31, 2025. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, public health threats, and international political and military conflicts; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; our ability to successfully realize anticipated benefits, including improved profit margins and cash flow, from our strategic initiatives and our application of 80/20 principles across our businesses; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to accelerate growth organically and through acquisitions and successfully integrate acquired businesses; our ability to successfully exit portions of our business that do not align with our strategic plans; various risks related to the proposed Reverse Morris Trust transaction with Gentherm; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and warranty claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology systems; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements.

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**Non-GAAP Financial Disclosures**

Adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, net debt, free cash flow, organic sales and organic sales growth (which are defined below) as used in this press release are not measures that are defined in generally accepted accounting principles (GAAP). These non-GAAP measures are used by management as performance measures to evaluate the Company's overall financial performance and liquidity. These measures are not, and should not be viewed as, substitutes for the applicable GAAP measures, and may be different from similarly titled measures used by other companies.

**Definition – Adjusted EBITDA and adjusted EBITDA margin** 

The Company defines adjusted EBITDA as net earnings excluding interest expense, the provision or benefit for income taxes, depreciation and amortization expenses, other income and expense, restructuring expenses, impairment charges, pension termination charges, acquisition and disposition costs, and certain other gains or charges. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of net sales. The Company believes that adjusted EBITDA and adjusted EBITDA margin provide relevant measures of profitability and earnings power. The Company views these financial metrics as being useful in assessing operating performance from period to period by excluding certain items that it believes are not representative of its core business. Adjusted EBITDA, when calculated for the business segments, is defined as operating income excluding depreciation and amortization expenses, restructuring expenses, impairment charges, and certain other gains or charges.

**Definition – Adjusted earnings per share**

Diluted earnings per share plus restructuring expenses, impairment charges, pension termination charges, acquisition and disposition costs, and excluding changes in income tax valuation allowances and certain other gains or charges. Adjusted earnings per share is an overall performance measure, not including costs associated with restructuring and acquisitions and certain other gains or charges.

**Definition – Net debt**

The sum of debt due within one year and long-term debt, less cash and cash equivalents. Net debt is an indicator of the Company's debt position after considering on-hand cash balances.

**Definition – Free cash flow** 

Free cash flow represents net cash provided by operating activities less expenditures for property, plant and equipment. Free cash flow presents cash generated from operations during the period that is available for strategic capital decisions.

**Definition – Organic sales and organic sales growth** 

Net sales and net sales growth can be impacted by acquisitions, dispositions, and foreign currency exchange rate fluctuations. The Company defines organic sales as external net sales excluding the impact of acquisitions and the effects of foreign currency exchange rate fluctuations. Organic sales growth represents the percentage change of organic sales compared to prior year external net sales, excluding the impact of dispositions. The effect of exchange rate changes is calculated by using the same foreign currency exchange rates as those used to translate financial data for the prior period. The Company adjusts for acquisitions and dispositions by excluding net sales in the current and prior periods, respectively, for which there are no comparable sales in the reported periods. These sales growth measures provide a more consistent indication of our performance, without the effects of foreign currency exchange rate fluctuations or acquisitions and dispositions.

**Forward-looking non-GAAP financial measure**

The Company's fiscal 2026 guidance includes adjusted EBITDA, as defined above, which is a non-GAAP financial measure. The fiscal 2026 guidance includes the Company's estimates for interest expense of approximately $30 to $34 million, a provision for income taxes of approximately $72 to $76 million, and depreciation and amortization expense of approximately $77 to $82 million. The non-GAAP financial measure also excludes certain cash and non-cash expenses or gains. These expenses and gains may be significant and include items such as restructuring expenses (including severance and equipment transfer costs), impairment charges, pension termination charges, acquisition and disposition costs, and certain other items. These expenses for the first nine months of fiscal 2026 are presented on page 8. Estimates of other expenses and gains for the remainder of fiscal 2026 are not available due to the low visibility and unpredictability of these items.

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**Modine Manufacturing Company**

**Consolidated statements of operations (unaudited)**

(In millions, except per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended December 31,  | Three months ended December 31,  | Nine months ended December 31,  | Nine months ended December 31,  |
|  | **2025** | 2024 | **2025** | 2024 |
| Net sales | $**805.0** | $616.8 | $**2226.7** | $1936.3 |
| Cost of sales | **618.9** | 467.2 | **1710.3** | 1458.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | **186.1** | 149.6 | **516.4** | 477.8 |
| Selling, general & administrative expenses | **89.3** | 82.0 | **258.4** | 250.6 |
| Restructuring expenses | **7.5** | 8.3 | **15.4** | 18.2 |
| Impairment charge | **—** |  | **4.1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | **89.3** | 59.3 | **238.5** | 209.0 |
| Interest expense | **(8.9)** | (6.2) | **(23.0)** | (21.1) |
| Pension termination charge | **(116.1)** |  | **(116.1)** |  |
| Other (expense) income – net | **(2.8)** | 1.1 | **(8.5)** | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Loss) earnings before income taxes** | **(38.5)** | 54.2 | **90.9** | 187.2 |
| Provision for income taxes | **(8.3)** | (13.0) | **(41.2)** | (51.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (loss) earnings** | **(46.8)** | 41.2 | **49.7** | 135.4 |
| Net earnings attributable to noncontrolling interest | **(0.6)** | (0.2) | **(1.5)** | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (loss) earnings attributable to Modine** | $**(47.4)** | $41.0 | $**48.2** | $134.4 |
| Net (loss) earnings per share attributable to Modine shareholders – diluted | $**(0.90)** | $0.76 | $**0.90** | $2.49 |
| Weighted-average shares outstanding – diluted | **52.8** | 53.9 | **53.7** | 53.9 |

---

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**Condensed consolidated balance sheets (unaudited)**

(In millions)

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | March 31, 2025 |
| <u>Assets</u> |  |  |
| Cash and cash equivalents | $**98.7** | $71.6 |
| Trade receivables | **569.1** | 478.9 |
| Inventories | **542.9** | 340.9 |
| Other current assets | **93.0** | 69.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **1303.7** | 961.2 |
| Property, plant and equipment – net | **479.6** | 390.5 |
| Intangible assets – net | **203.4** | 146.7 |
| Goodwill | **293.4** | 233.9 |
| Deferred income taxes | **43.6** | 67.0 |
| Other noncurrent assets | **159.2** | 118.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**2482.9** | $1917.6 |
| <u>Liabilities and shareholders' equity</u> |  |  |
| Debt due within one year | $**45.1** | $54.1 |
| Accounts payable | **390.3** | 290.8 |
| Other current liabilities | **160.8** | 196.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **596.2** | 541.0 |
| Long-term debt | **570.7** | 296.7 |
| Other noncurrent liabilities | **186.2** | 161.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1353.1** | 999.4 |
| Total equity | **1129.8** | 918.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities & equity**  | $**2482.9** | $1917.6 |

---

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**Modine Manufacturing Company**

**Condensed consolidated statements of cash flows (unaudited)**

(In millions)

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| | | |
|:---|:---|:---|
|  | Nine months ended December 31,  | Nine months ended December 31,  |
|  | **2025** | 2024 |
| **Cash flows from operating activities:** |  |  |
| Net earnings | $**49.7** | $135.4 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | **59.1** | 58.5 |
| &nbsp;&nbsp;Impairment charge | **4.1** |  |
| &nbsp;&nbsp;Pension termination charge | **116.1** |  |
| &nbsp;&nbsp;Stock-based compensation expense | **14.1** | 16.7 |
| &nbsp;&nbsp;Deferred income taxes | **0.1** | 8.5 |
| &nbsp;&nbsp;Other – net | **6.3** | 5.2 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable | **(56.4)** | (11.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(161.3)** | 13.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **93.8** | (19.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | **(71.8)** | (48.1) |
| **Net cash provided by operating activities** | **53.8** | 158.5 |
| **Cash flows from investing activities:** |  |  |
| Expenditures for property, plant and equipment | **(101.2)** | (56.3) |
| Payments for business acquisitions, net of cash acquired | **(182.4)** | (3.4) |
| Other – net | **3.5** | 0.6 |
| **Net cash used for investing activities** | **(280.1)** | (59.1) |
| **Cash flows from financing activities:** |  |  |
| Net increase (decrease) in debt | **258.3** | (60.6) |
| Purchases of treasury stock | **(6.8)** | (12.3) |
| Other – net | **0.1** | 0.5 |
| **Net cash provided by (used for) financing activities** | **251.6** | (72.4) |
| Effect of exchange rate changes on cash | **1.7** | (3.2) |
| **Net increase in cash, cash equivalents and restricted cash** | **27.0** | 23.8 |
| Cash, cash equivalents and restricted cash – beginning of period | **71.9** | 60.3 |
| **Cash, cash equivalents and restricted cash – end of period** | $**98.9** | $84.1 |

---

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**Modine Manufacturing Company**

**Segment operating results (unaudited)**

(In millions)

------

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended December 31,  | Three months ended December 31,  | Nine months ended December 31,  | Nine months ended December 31,  |
|  | **2025** | 2024 | **2025** | 2024 |
| Net sales: |  |  |  |  |
| &nbsp;&nbsp;Climate Solutions | $**544.6** | $360.8 | $**1396.4** | $1084.5 |
| &nbsp;&nbsp;Performance Technologies | **266.0** | 262.2 | **837.8** | 868.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment total** | **810.6** | 623.0 | **2234.2** | 1953.2 |
| &nbsp;&nbsp;Corporate and eliminations | **(5.6)** | (6.2) | **(7.5)** | (16.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net sales** | $**805.0** | $616.8 | $**2226.7** | $1936.3 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended December 31,  | Three months ended December 31,  | Three months ended December 31,  | Three months ended December 31,  | Nine months ended December 31,  | Nine months ended December 31,  | Nine months ended December 31,  | Nine months ended December 31,  |
|  | **2025** | **2025** | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
|  | $'s | % of sales | $'s | % of sales | $'s | % of sales | $'s | % of sales |
| Gross profit: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Climate Solutions | $**135.1** | **24.8%**  | $103.1 | 28.6% | $**360.0** | **25.8%**  | $310.2 | 28.6% |
| &nbsp;&nbsp;Performance Technologies | **50.1** | **18.9%**  | 46.7 | 17.8% | **156.1** | **18.6%**  | 170.3 | 19.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment total** | **185.2** | **22.9%**  | 149.8 | 24.0% | **516.1** | **23.1%**  | 480.5 | 24.6% |
| &nbsp;&nbsp;Corporate and eliminations | **0.9** |  | (0.2) |  | **0.3** |  | (2.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | $**186.1** | **23.1%**  | $149.6 | 24.3% | $**516.4** | **23.2%**  | $477.8 | 24.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended December 31,  | Three months ended December 31,  | Nine months ended December 31,  | Nine months ended December 31,  |
|  | **2025** | 2024 | **2025** | 2024 |
| Operating income: |  |  |  |  |
| &nbsp;&nbsp;Climate Solutions | $**83.2** | $62.4 | $**212.3** | $186.9 |
| &nbsp;&nbsp;Performance Technologies | **25.8** | 15.8 | **82.0** | 78.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment total** | **109.0** | 78.2 | **294.3** | 265.0 |
| &nbsp;&nbsp;Corporate and eliminations | **(19.7)** | (18.9) | **(55.8)** | (56.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | $**89.3** | $59.3 | $**238.5** | $209.0 |

---

------

**Modine Manufacturing Company**

**Adjusted financial results (unaudited)**

(In millions, except per share amounts)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended December 31,  | Three months ended December 31,  | Nine months ended December 31,  | Nine months ended December 31,  |
|  | **2025** | 2024 | **2025** | 2024 |
| Net (loss) earnings | $**(46.8)** | $41.2 | $**49.7** | $135.4 |
| Interest expense | **8.9** | 6.2 | **23.0** | 21.1 |
| Provision for income taxes | **8.3** | 13.0 | **41.2** | 51.8 |
| Depreciation and amortization expense | **20.4** | 19.4 | **59.1** | 58.5 |
| Other expense (income) – net | **2.8** | (1.1) | **8.5** | 0.7 |
| Restructuring expenses <sup>(a)</sup> | **7.5** | 8.3 | **15.4** | 18.2 |
| Impairment charge <sup>(b)</sup> | **—** |  | **4.1** |  |
| Pension termination charge <sup>(c)</sup> | **116.1** |  | **116.1** |  |
| Acquisition and disposition costs <sup>(d)</sup> | **2.4** | 0.1 | **7.7** | 2.0 |
| Environmental charges <sup>(e)</sup> | **—** | 0.2 | **—** | 0.3 |
| **Adjusted EBITDA** | $**119.6** | $87.3 | $**324.8** | $288.0 |
| Net (loss) earnings per share attributable to Modine shareholders – diluted | $**(0.90)** | $0.76 | $**0.90** | $2.49 |
| Restructuring expenses <sup>(a)</sup> | **0.11** | 0.12 | **0.23** | 0.29 |
| Impairment charge <sup>(b)</sup> | **—** |  | **0.08** |  |
| Pension termination charge <sup>(c)</sup> | **1.92** |  | **1.92** |  |
| Acquisition and disposition costs <sup>(d)</sup> | **0.03** | 0.04 | **0.11** | 0.15 |
| Tax law changes <sup>(f)</sup> | **0.01** |  | **0.07** |  |
| **Adjusted earnings per share** <sup>(g)</sup> | $**1.19** | $0.92 | $**3.31** | $2.93 |
| ____ |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Restructuring expenses primarily consist of employee severance expenses and equipment transfer costs. The tax benefit related to restructuring expenses during the third quarter of fiscal 2026 and fiscal 2025 was $1.5 million and $1.7 million, respectively. The tax benefit related to restructuring expenses during the first nine months of fiscal 2026 and fiscal 2025 was $3.0 million and $2.5 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) During the second quarter of fiscal 2026, the Company recorded a $4.1 million non-cash asset impairment charge related to its technical service center and administrative support facility in Germany, which it expects to sell during the fourth quarter of fiscal 2026 or the first quarter of fiscal 2027. There was no tax impact associated with this impairment charge.

&nbsp;&nbsp;&nbsp;&nbsp;(c) During the third quarter of fiscal 2026 and in connection with the previously-announced plan termination, the Company recorded a non-cash pension termination charge of $116.1 million to recognize actuarial losses that were included within accumulated other comprehensive loss on its consolidated balance sheet . The tax benefit related to the pension termination charge was $13.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the first nine months of fiscal 2026, the Company incurred $5.3 million of acquisition and integration costs, primarily related to its acquisitions of Climate by Design International and L.B. White. These costs primarily include fees for transaction advisory services, legal, accounting, and other professional services and costs directly associated with integration activities. The acquisition costs also include $1.3 million for the impact of inventory purchase accounting adjustments. The fiscal 2026 costs also include $2.4 million of strategic disposition costs, primarily for legal and other professional services related to the proposed Reverse Morris Trust transaction with Gentherm. The fiscal 2025 costs relate to the Company's acquisition of Scott Springfield Manufacturing, including $1.6 million for the impact of an inventory purchase accounting adjustment. In addition, for purposes of calculating adjusted EPS for the first nine months of fiscal 2025, the Company adjusted for $8.0 million of incremental amortization expense recorded in the Climate Solutions segment associated with an acquired order backlog intangible asset. The tax benefit related to the acquisition and disposition costs during the third quarter of fiscal 2026 and 2025 was $0.7 million and $0.6 million, respectively. The tax benefit related to the acquisition and disposition costs for the first nine months of fiscal 2026 and 2025 was $1.5 million and $2.2 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Environmental charges, including related legal costs, are recorded as SG&A expenses at Corporate and relate to previously-owned facilities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The provisions of the One Big Beautiful Bill Act, which was enacted in July 2025, negatively impacted the Company's income tax expense for the third quarter and first nine months of fiscal 2026 by $0.6 million and $3.7 million, respectively. The higher income tax expense was primarily due to impacts related to state deferred taxes and the utilization of foreign tax credits.

&nbsp;&nbsp;&nbsp;&nbsp;(g) For calculating GAAP diluted earnings per share for the third quarter of fiscal 2026, the Company excluded 1.0 million of potentially-dilutive securities, since including them would have decreased the loss per share. For calculating adjusted earnings per share, the potentially-dilutive securities were included. As a result, GAAP diluted earnings per share plus the adjustments do not sum to the total adjusted earnings per share for the third quarter of fiscal 2026.

------

**Modine Manufacturing Company**

**Segment adjusted financial results (unaudited)**

(In millions)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended December 31, 2025 | Three months ended December 31, 2025 | Three months ended December 31, 2025 | Three months ended December 31, 2025 | Three months ended December 31, 2024 | Three months ended December 31, 2024 | Three months ended December 31, 2024 | Three months ended December 31, 2024 |
|  | Climate <br>Solutions | Performance <br>Technologies | Corporate and <br>eliminations | <br>Total | Climate <br>Solutions | Performance <br>Technologies | Corporate and <br>eliminations | <br>Total |
| Operating income | $83.2 | $25.8 | $(19.7) | $89.3 | $62.4 | $15.8 | $(18.9) | $59.3 |
| Depreciation and amortization expense | 12.3 | 7.9 | 0.2 | 20.4 | 12.2 | 7.1 | 0.1 | 19.4 |
| Restructuring expenses <sup>(a)</sup> | 1.9 | 5.6 |  | 7.5 | 1.1 | 5.5 | 1.7 | 8.3 |
| Impairment charge <sup>(a)</sup> |  |  |  |  |  |  |  |  |
| Acquisition and disposition costs <sup>(a)</sup> |  |  | 2.4 | 2.4 |  |  | 0.1 | 0.1 |
| Environmental charges <sup>(a)</sup> |  |  |  |  |  |  | 0.2 | 0.2 |
| **Adjusted EBITDA** | $97.4 | $39.3 | $(17.1) | $119.6 | $75.7 | $28.4 | $(16.8) | $87.3 |
| **Net sales** | $544.6 | $266.0 | $(5.6) | $805.0 | $360.8 | $262.2 | $(6.2) | $616.8 |
| **Adjusted EBITDA margin** | 17.9% | 14.8% |  | 14.9% | 21.0% | 10.8% |  | 14.2% |
|  | Nine months ended December 31, 2025 | Nine months ended December 31, 2025 | Nine months ended December 31, 2025 | Nine months ended December 31, 2025 | Nine months ended December 31, 2024 | Nine months ended December 31, 2024 | Nine months ended December 31, 2024 | Nine months ended December 31, 2024 |
|  | Climate  | Performance  | Corporate and  |  | Climate  | Performance  | Corporate and  |  |
|  | Solutions | Technologies | eliminations | Total | Solutions | Technologies | eliminations | Total |
| Operating income | $212.3 | $82.0 | $(55.8) | $238.5 | $186.9 | $78.1 | $(56.0) | $209.0 |
| Depreciation and amortization expense | 34.9 | 23.2 | 1.0 | 59.1 | 36.7 | 21.3 | 0.5 | 58.5 |
| Restructuring expenses <sup>(a)</sup> | 5.6 | 9.7 | 0.1 | 15.4 | 2.8 | 13.7 | 1.7 | 18.2 |
| Impairment charge <sup>(a)</sup> |  | 4.1 |  | 4.1 |  |  |  |  |
| Acquisition and disposition costs <sup>(a)</sup> |  |  | 7.7 | 7.7 |  |  | 2.0 | 2.0 |
| Environmental charges <sup>(a)</sup> |  |  |  |  |  |  | 0.3 | 0.3 |
| **Adjusted EBITDA** | $252.8 | $119.0 | $(47.0) | $324.8 | $226.4 | $113.1 | $(51.5) | $288.0 |
| **Net sales** | $1396.4 | $837.8 | $(7.5) | $2226.7 | $1084.5 | $868.7 | $(16.9) | $1936.3 |
| **Adjusted EBITDA margin** | 18.1% | 14.2% |  | 14.6% | 20.9% | 13.0% |  | 14.9% |
| ____ |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) See the Adjusted EBITDA reconciliations on the previous page for information on restructuring expenses and other adjustments.

------

**Modine Manufacturing Company**

**Net debt (unaudited)**

(In millions)

------

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | March 31, 2025 |
| Debt due within one year | $**45.1** | $54.1 |
| Long-term debt | **570.7** | 296.7 |
| Total debt | **615.8** | 350.8 |
| Less: cash and cash equivalents | **98.7** | 71.6 |
| **Net debt** | $**517.1** | $279.2 |

---

------

**Free cash flow (unaudited)**

(In millions)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended December 31,  | Three months ended December 31,  | Nine months ended December 31,  | Nine months ended December 31,  |
|  | **2025** | 2024 | **2025** | 2024 |
| Net cash provided by operating activities | $**24.7** | $60.7 | $**53.8** | $158.5 |
| Expenditures for property, plant and equipment | **(41.8)** | (16.0) | **(101.2)** | (56.3) |
| **Free cash flow** | $**(17.1)** | $44.7 | $**(47.4)** | $102.2 |

---

------

**Organic sales and organic sales growth (unaudited)**

(In millions)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended December 31, 2025 | Three months ended December 31, 2025 | Three months ended December 31, 2025 | Three months ended December 31, 2025 | Three months ended December 31, 2024 | Three months ended December 31, 2024 | Three months ended December 31, 2024 | |
|  | <br>External <br>Sales | Effect of <br>Exchange Rate <br>Changes | <br>Effect of<br>Acquisitions | <br>**Organic**<br>**Sales** | <br>External <br>Sales | <br>Effect of <br>Dispositions | Sales<br>Excluding<br>Dispositions | <br>**Organic**<br>**Sales**<br>**Growth** |
| Net sales: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Climate Solutions | $542.0 | $(9.3) | $(42.8) | $**489.9** | $360.7 | $— | $360.7 | **36%** |
| &nbsp;&nbsp;Performance Technologies | 263.0 | (7.0) |  | **256.0** | 256.1 |  | 256.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Sales | $805.0 | $(16.3) | $(42.8) | $**745.9** | $616.8 | $— | $616.8 | **21%** |
|  | Nine months ended December 31, 2025 | Nine months ended December 31, 2025 | Nine months ended December 31, 2025 | Nine months ended December 31, 2025 | Nine months ended December 31, 2024 | Nine months ended December 31, 2024 | Nine months ended December 31, 2024 |  |
|  |  | Effect of  |  |  |  |  | Sales | **Organic**  |
|  | External  | Exchange Rate  | Effect of | **Organic** | External  | Effect of  | Excluding | **Sales** |
|  | Sales | Changes | Acquisitions | **Sales** | Sales | Dispositions | Dispositions | **Growth** |
| Net sales: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Climate Solutions | $1393.4 | $(20.5) | $(80.9) | $**1292.0** | $1084.3 | $— | $1084.3 | **19%** |
| &nbsp;&nbsp;Performance Technologies | 833.3 | (13.3) |  | **820.0** | 852.0 |  | 852.0 | **(4)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Sales | $2226.7 | $(33.8) | $(80.9) | $**2112.0** | $1936.3 | $— | $1936.3 | **9%** |

---

------

SOURCE: Modine

Kathleen Powers

(262) 636-1687

kathleen.t.powers@modine.com

------

## Exhibit 99.2

#### Exhibit 99.2

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter Fiscal 2026 February 5, 2026  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEIL BRINKER President and Chief Executive Officer MICK LUCARELI Executive Vice President and Chief Financial Officer KATHY POWERS Vice President, Treasurer, and Investor Relations 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-Looking Statements 3 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" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended March 31, 2025. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, public health threats, and international political and military conflicts; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; our ability to successfully realize anticipated benefits, including improved profit margins and cash flow, from our strategic initiatives and our application of 80/20 principles across our businesses; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to accelerate growth organically and through acquisitions and successfully integrate acquired businesses; our ability to successfully exit portions of our business that do not align with our strategic plans; various risks related to the proposed Reverse Morris Trust transaction with Gentherm; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and warranty claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology systems; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this presentation, and we do not assume any obligation to update any forward-looking statements.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Technologies Spin-off Announcement 4 ▪ Significant progress evolving our business portfolio by investing in high-growth, high-margin businesses and executing strategic divestitures ▪ Recently announced our plan to spin-off the Performance Technologies segment and combine with Gentherm; with Modine shareholders owning 40% of the combined company ▪ The combined business will open attractive markets for Gentherm and provide a renewed focus on investment and growth for Performance Technologies ▪ Transaction values business at $1 billion or a 6.8x multiple on trailing LTM adjusted EBITDA\*, a valuation that recognizes the hard work done to improve segment margins ▪ Allows Modine shareholders to participate in future synergies and strong earnings conversion when market volumes recover ▪ Secures an ideal home for the segment while maximizing shareholder value and accelerating Modine's transformation ▪ Modine becomes a pure-play climate solutions company focused on attractive, high-growth markets \* Represents LTM September 30, 2025 EBITDA, including estimated standalone costs and other adjustments |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Technologies ▪ Performance Technologies revenues increased 1%, driven by commercial execution and cost recoveries, volumes remain down ▪ Adjusted EBITDA margin increased 400 bps to 14.8% – Driven by cost containment and operational efficiencies taken over past quarters, including shifting resources to Climate Solutions ▪ Preparing the business for spin-off and combination with Gentherm along with necessary regulatory approvals ▪ Historic and pivotal time for Modine as we continue our portfolio transformation, allowing both segments to focus and grow in attractive markets in line with our strategy 5 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climate Solutions 6 ▪ Delivered 51% revenue growth, including contributions from recent acquisitions –Organic growth of 36%, including a 78% increase in Data Centers ▪ Data Center capacity expansion is proceeding on schedule; supporting a sequential margin improvement – Launched chiller lines in Leeds, UK, Grenada, MS and Jefferson City, MO – Expect four additional lines in the fourth quarter – Launched production in Franklin, WI for AHUs and modular data centers ▪ New capacity is flexible, providing opportunity to change product mix in response to demand ▪ Hybrid technologies including free cooling can reduce energy consumption required to run mechanical cooling processes, including next generation chip designs ▪ Further increasing outlook for data center revenues; expect 50 to 70% annual growth over the next two years, comfortably exceeding $2 billion target for FY28 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 FY25 Q3 FY26 Net Sales Q3 FY25 Q3 FY26 Adjusted EBITDA & EBITDA Margin\* Performance Technologies $262.2 $266.0 $28.4 $39.3 (In millions) Heavy-Duty Equipment ▪ Primarily driven by lower GenSet revenue due to customer dual sourcing, partially offset by other customers On-Highway Applications ▪ Higher sales demand for legacy ICE automotive products, partially offset by lower demand for CV products and softness in EV specialty vehicle and bus products ▪ Flat revenue; mostly driven by continued market weakness and the strategic exit from lower-margin business ▪ 400 bps improvement in adjusted EBITDA margin primarily due to improved operating efficiencies and cost reductions, along with pricing from tariff recovery and our normal pass-through mechanisms ▪ 80/20 cost reduction actions taken to reorganize the business resulted in nearly $7M lower SG&A expenses ▪ Modest improvement in full year FY26 margin is expected 6% 10.8% 14.8% \* See appendix for the full GAAP income statement and Non-GAAP reconciliations 7 -3% |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 FY25 Q3 FY26 Net Sales Climate Solutions 8 $360.8 $544.6 (In millions) Data Centers ▪ Strong organic growth driven by hyperscale and colocation customers across North America and Europe HVAC Technologies ▪ Acquisitions contributed $43M along with stronger heating, partially offset by lower indoor air quality product sales Heat Transfer Solutions (HTS) ▪ Growth mainly driven by coils volume and coatings demand from the aerospace industry 78% 48% 14% Q3 FY25 Q3 FY26 Adjusted EBITDA & EBITDA Margin\* $75.7 $97.4 21.0% 17.9% ▪ Adjusted EBITDA growth from strong sales growth and acquisitions ▪ Q3 FY26 margin improved from the previous quarter, as expected; planned data center sales growth is beginning to absorb the incremental costs – Additional costs mostly tied to the expansion of several data center facilities and multiple new production lines, along with the integration of recent acquisitions ▪ Positioned for continued margin improvement in Q4, as capacity expansion capitalizes on the robust sales outlook for Data Centers \* See appendix for the full GAAP income statement and Non-GAAP reconciliations |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 FY25 Q3 FY26 Adjusted EBITDA & EBITDA Margin\* Q3 FY25 Q3 FY26 Net Sales Financial Review (In millions) Q3 FY26 Q3 FY25 Net Sales $805.0 $616.8 Gross Profit 186.1 149.6 % of net sales 23.1% 24.3% SG&A expenses 89.3 82.0 % of net sales 11.1% 13.3% Operating Income 89.3 59.3 % of net sales 11.1% 9.6% Adjusted EBITDA\* 119.6 87.3 % of net sales 14.9% 14.2% Adjusted EPS\* $1.19 $0.92 (In millions) $616.8 $805.0 $87.3 $119.6 ▪ 31% sales growth due strong sales increases in Data Centers and HVAC Technologies, including recent acquisitions ▪ Gross profit increased 24%; driven by higher data center sales volume along with improved margin in PT ▪ SG&A lower 220 bps; dollar increase driven by CS acquisitions and data center growth investment, partially offset by PT cost savings initiatives ▪ Adjusted EBITDA growth of 37%, including a 70 bps margin increase ▪ Adjusted EPS increased 29% 14.2% 14.9% \* See appendix for the full GAAP income statement and Non-GAAP reconciliations 9 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Flow and Metrics Cash Flow and Metrics Q3 FY26 YTD Free Cash Flow ($47 million) Net Debt (as of December 31) $517 million Leverage Ratio (as of December 31) 1.2x Capital Expenditures $101 million ▪ Free cash flow was negative in the quarter, as anticipated; includes additional inventory build to support future data center delivery schedules, capital spending for capacity expansion and funding of the U.S. pension plan for $15M ▪ Net debt increased $238M from the prior fiscal year end March 31, driven by acquisitions and the data center ramp ▪ Leverage ratio remains low at 1.2x, anticipating further decline by fiscal year end ▪ Anticipating capital expenditures to be in the range of $150M to $180M for FY26 ▪ Balance sheet remains strong to support both organic growth and acquisition initiatives \* See appendix for the full GAAP income statement and Non-GAAP reconciliations 10 Modine Maintains Strong Balance Sheet & Liquidity |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2026 Outlook Metrics Guidance Comments Net Sales +20% to +25% $3.10B to $3.23B Adjusted EBITDA\* $455M to $475M +16% to +21% FY26 Segment Sales Outlook Climate Solutions +40% to +45% Performance Technologies Flat to (7%) \* See appendix for the full GAAP income statement and Non-GAAP reconciliations Raising Revenue and Earnings Outlook ▪ Raising the expected revenue growth and earnings outlook; driven by an increasing data center outlook ▪ Anticipating revenue growth of 20% to 25% – Raising the Climate Solutions revenue outlook: +40% to +45% ; from +35% to +40% – Expecting Climate Solutions data center sales to grow more than 70% this year; expect to exceed our $2 billion revenue target in FY28 – Holding the Performance Technologies revenue outlook; expect end markets will remain depressed ▪ Raising adjusted EBITDA range due to the higher data center revenue ▪ The teams have worked very hard to execute on our 80/20 strategy, while delivering another year of record results ▪ Updated interest, depreciation and income tax assumptions included in the appendix 11 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix 12 |

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| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP Income Statement 13 |

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| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliations\* 14 \* See the footnotes on slide 15 for additional information regarding these adjustments. |

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| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliations 15 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliations 16 (a) See the adjusted financial results on slide 14 and related footnotes on slide 15 for additional information regarding these adjustments. |

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| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliations 17 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliations 18 |

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| &nbsp;&nbsp;![GRAPHIC](mod-20260204xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-Looking Non-GAAP Financial Measure 19 The Company's fiscal 2026 guidance includes adjusted EBITDA, which is a non-GAAP financial measure. The full-year fiscal 2026 guidance includes the Company's estimates for interest expense of approximately $30 to $34 million, a provision for income taxes of approximately $72 to $76 million, and depreciation and amortization expense of approximately $77 to $82 million. The non-GAAP financial measure also excludes certain cash and non-cash expenses or gains. These expenses and gains may be significant and include items such as restructuring expenses (including severance and equipment transfer costs), impairment charges, pension termination charges, acquisition and disposition costs, and certain other items. These expenses for the first nine months of fiscal 2026 are presented on slide 14. Estimates of other expenses and gains for the remainder of fiscal 2026 that will be excluded for the non-GAAP financial measure are not available due to the low visibility and unpredictability of these items.  |

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