Modine Manufacturing Company (NYSE:MOD) Q2 2024 Earnings Conference Call November 2, 2023 11:00 AM ET Company Participants Kathy Powers – Vice President, Treasurer and Investor Relations Neil Brinker – President and Chief Executive Officer Mick Lucareli – Executive Vice President and Chief Financial Officer Conference Call Participants Matt Summerville – D.A. Davidson Chris Moore – CJS Securities Jeff Van Sinderen – B. Riley Securities Tim Moore – EF Hutton Kathy Powers Good morning, and thank you for joini ...

| --- | --- | --- | --- | --- | --- | |-------|-----------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | Second Quarter Fiscal 2024 | | | | | | | November 2, 2023 | | | | | MICK LUCARELI Executive Vice President and Chief Financial Officer Forward-Looking Statements 3 FY2025-27 Targets ▪ Solid sales growth of 7%, driven by increases in both Climate Solutions and Performance Technologies segments ▪ Second quarter results are clearly ahead of our adjusted EBI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 1-1373 MODINE MANUFACTURING COMPANY (Exact name of registrant as specified in its charter) Wisconsin 39-0482000 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q 1500 DeKoven Avenue, Racine, Wisconsin 53403 (Address of principal executive offices) (Zip Code) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 1-1373 MODINE MANUFA ...

Financial Data and Key Metrics Changes - The company reported record sales of $618 million for the fourth quarter, an increase of 8% year-over-year and 11% on a constant currency basis [50] - Adjusted EBITDA for the quarter was $66 million, up 16% from the prior year, resulting in a record annual adjusted EBITDA of $212 million, a 34% increase [74] - Free cash flow generated in the fourth quarter was $24 million, totaling $57 million for the fiscal year [93] Business Line Data and Key Metrics Changes - The Climate Solutions segment saw a revenue increase of 11% year-over-year, with data center sales up 60% [51][52] - Performance Technologies segment revenue increased by 12%, with air-cooled products showing significant growth [57] - Adjusted EBITDA margin for the Climate Solutions segment improved to 14.6%, up 370 basis points from the prior year [53] Market Data and Key Metrics Changes - The company noted strong growth in the data center market, particularly in North America, with expectations for continued double-digit growth [52][120] - The HVAC&R sales in the Climate Solutions segment decreased by 9% due to lower heating product sales, offset by higher cooler sales [75] - The Performance Technologies segment is experiencing steady market growth, particularly in gensets and electric vehicles, despite some softening in certain sectors [59][100] Company Strategy and Development Direction - The company is focusing on operational targets to improve gross margins and enhance cost control and productivity [55] - There is an emphasis on new product development and technology acquisitions to support growth, particularly in Climate Solutions [19][20] - The company is implementing a product rationalization strategy through its 80/20 initiative, which is expected to lead to revenue attrition in certain areas [86][97] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory in the data center market, with expectations for revenue growth of 15% to 25% in fiscal 2024 [98] - The company anticipates continued momentum in Performance Technologies, driven by strong demand for electric vehicle systems and components [100] - Management highlighted the importance of stability in the workforce, which has improved productivity and margins [33] Other Important Information - The company expects capital expenditures to be approximately $70 million for the fiscal year [139] - The effective tax rate is projected to be around 26% for the new year, with interest expenses estimated between $23 million and $25 million [17] Q&A Session Summary Question: What is the expected revenue attrition from the 80/20 rationalization? - Management indicated that they are still assessing the impact and expect to provide firmer ranges in the coming months [87] Question: How much of the data center business is in North America versus Europe? - The majority of data center revenue is from Europe, but North America is growing at a faster rate [120] Question: What are the expectations for cost savings from the European restructuring? - Management expects further margin improvement and cost savings from the restructuring efforts [110] Question: What is the outlook for the heat pump market? - The company anticipates sales in the heat pump market to double over the next three years, currently valued at over $50 million [118] Question: How does the company view the internal combustion engine business? - Management sees potential growth in the internal combustion engine market and is investing in infrastructure to support this segment [145]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 1-1373 MODINE MANUFACTURING COMPANY (Exact name of registrant as specified in its charter) Wisconsin 39-0482000 (State or ot ...

Financial Performance - Q4 FY23 - Net sales increased to $618.1 million, up 8% year-over-year[27] - Adjusted EBITDA grew by 16% to $65.5 million, with a margin improvement of 70 bps to 10.6%[27] - Adjusted EPS increased by 18% year-over-year to $0.67[27] Financial Performance - Fiscal Year 2023 - Net sales reached $2.3 billion, a 12% increase[8] - Adjusted EBITDA increased by 34% to $212.1 million[8] - Free cash flow was $56.8 million, up by $85.6 million[8] - Adjusted EPS increased by 59% to $1.95[8] Segment Performance - Climate Solutions - Fiscal Year 2023 net sales were $1.0 billion, up 11%[10] - Fiscal Year 2023 adjusted EBITDA was $148.0 million, up 49%[10] - Data Centers revenue increased by 60% due to product expansions in North America[10] - Adjusted EBITDA margin improved by 370 bps to 14.6%[10] Segment Performance - Performance Technologies - Q4 FY23 net sales increased by 13% to $364.1 million[91] - Adjusted EBITDA increased by 51% to $33.3 million, with a margin of 9.1%[17, 92] Fiscal Year 2024 Outlook - Net sales are projected to grow by 4% to 10%, reaching $2.4 billion to $2.5 billion[38] - Adjusted EBITDA is expected to be between $240 million and $260 million, a 13% to 23% increase[38]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 1-1373 MODINE MANUFACTURING COMPANY (Exact name of registrant as specified in its charter) (State or other jurisd ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1500 DeKoven Avenue, Racine, Wisconsin 5 ...

☑ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K Commission file number 1-1373 MODINE MANUFACTURING COMPANY (Exact name of registrant as specified in its charter) Wisconsin 39-0482000 (State or ot ...