EX-99.1 2 ef20035674_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1
INVESTOR DAY September 11, 2024

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” statements, as defined in the Private Securities Litigation Reform Act of 1995. The actual results, performance or achievements of Modine, its operating segments, and the product groups within its operating segments 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, 2024 and under Forward-Looking Statements in Item 7 of Part II of that same report and in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. 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, 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, increases in interest rates or 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 military conflicts, including the current conflicts in Ukraine and in the Middle East and heightened tensions in the Red Sea; the overall health and pricing focus of 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 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 (“IT”) systems; the impact of a material weakness identified in our internal controls related to IT system access in Europe on our financial reporting process; 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. 2

Future Ready, Purpose Driven Neil Brinker President and CEO 4

Always evolving our portfolio of products in pursuit of highly engineered, mission-critical thermal solutions Engineering A Cleaner, Healthier World Integrity Committed People Centric Technology Driven Results Oriented Team Focused Reduce Water & Energy Consumption Lower Harmful Emissions Enable Cleaner Running Vehicles Use Environmentally Friendly Refrigerants Improve Indoor Air Quality 5 OUR VISION OUR PURPOSE OUR VALUES OUR MISSION

REDUCING OUR IMPACT ENABLING OUR CUSTOMERS Our Purpose: Engineering a Cleaner, Healthier World Strategy and Products Benefit Our Company, Our Customers, and the Planet of decreases in intensity of Scope 1 and Scope 2 GHG emissions, and water use 100% certified renewable electricity in operations at our Leeds, UK facility EVantage Battery thermal management systems deliver maximum cooling at the lowest power draw 44% data center energy savings by deploying our advanced cooling technology rd Consecutive Year 3 Sustainability Spotlight: UN Global Compact Signatory to largest global sustainability initiative Developing forward-looking targets for carbon, water, and waste Advancing supply chain sustainability Continued commitment to governance, ethics, and integrity Solar Photovoltaic installations in Changzhou, China and Pontevico, Italy Electric Solutions AmpDawg Unit Heater and MEL Series Infrared Heater provide electric alternatives for residential and commercial 6

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 cycle powered by multiple secular mega-trends Elevating our 80/20 discipline by influencing daily decision- making and strategic resource and capital allocation 80 20 Evolving our portfolio to compound shareholder value by focusing on high-growth, high-margin businesses for sustainable growth and returns 80 20 7

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 meeting customers’ unique needs Advanced technical test centers and lab capabilities driving product development Proprietary technology and footprint creates ongoing value for our customers 80 20 8

Building on More Than 100 Years of Thermal Industry Expertise xpanding Our Thermal M 1916 Acquisition of Airedale Air Conditioning in the UK Acquisition of Luvata Heat Transfer Systems adding coils (HTP), coolers, and coatings product offerings Acquisition of Napps Technology including Jetson branded chillers Divestiture of three German automotive locations Acquisition of TMGcore immersion cooling IP and technology Acquisition of Scott Springfield Manufacturing, adding evaporative cooling technology to our data center product offering 1928 2005 2016 2023 2023 2024 2024 Heating Division is established and Modine becomes a public company Modine founded, focusing on thermal management for autos and early tractors VEHICULAR FOCUS DIVERSIFICATION FOCUS 80/20 DISCIPLINE AND TECHNOLOGY FOCUS 80 20 9

Our Evolving 80/20 Journey Through Segmentation 80/20 is the foundation of our transformation The business portfolio will continually evolve while applying 80/20 principles through time As our revenue mix shifts, segmentation is critical to alignment Modine will be realigning the six product groups; which is a standard and planned element of 80/20 The realignment of our product groups will further improve our product and market focus; further increasing our rate of growth and profitability 80/20 is a continuous process of alignment with a focus on growth and margin improvement 80 20 Simplification Segmentation Focused Growth Performance Culture Efficiency Strategy Alignment 80/20 Value Creatio n 10

Coils, Coolers & Coatings 25% Data Centers & Commerical IAQ… Heavy-Duty Equipment 23% On-Highway Applications 29% Modine At-a-Glance 12 Positioned for Growth with Strong Product Portfolio and Global Footprint Performance Technologies Climate Solutions 38 Employees $2.4B $314M FY2024 FY2024 Sales Adjusted EBITDA Facilities in 14 Europe: 15 ~11,40 Manufacturing Americas: 16 Countries1 Asia: 7 0 Modine Headquarters Performance Technologies Facility Climate Solutions Facility 80 20 3% 1As of March 31, 2024, excludes Coatings locations Revenue percentages are estimates. Recast product group sales information will be provided with Q1 FY26 results. See appendix for Non-GAAP reconciliations

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 demand for cleaner, more efficient thermal management Electrification Solving the critical thermal transition to zero-emission mobility with smart electric components and technology Low Global Warming Potential Refrigerant Regulations Tighter regulation of refrigerants driving demand for new, higher performing equipment Clean, Healthy Indoor Air Quality Growing emphasis on health and safety in schools, and public buildings driving demand for clean air solutions 80 20 13

Elevating the Tenets of 80/20 80 20 Powered by 80/20 Commitment Decentralized Segmented Businesses Segmented portfolio enables greater agility and improved responsiveness to customer needs Customer Centric OInnngooivngatpiroonduct innovation to provide a positive experience and build long-term relationships Entrepreneurial Spirit Fostering an entrepreneurial spirit to enhance accountability, agility, and responsiveness Capital Allocation Shifting business mix to higher-growth, higher-margin opportunities 14

Ongoing Evolution of the Portfolio to Compound Value 80 20 Our Portfolio Management Historical – ‘22 •AIpnpitriaol aincvhestments to diversify end markets, reduce automotive exposure Airedale acquired in 2005 Luvata acquired in 2016 • • • • • PORTFOLIO Colors refer to Business Segments Performance Technologies and Climate Solutions 15 On-Highway (Automotive) Heating & School IAQ Coils, Coolers & Coatings Heavy-Duty Equipment On-Highway (Commercial Vehicle)

Ongoing Evolution of the Portfolio to Compound Value - - Investing in our highest growth end markets Rationalizing exposure to legacy automotive business Leveraging 80/20 to optimize performance of legacy growth businesses • • Our Portfolio Management Today – ‘24 •Approach E-Mobility PORTFOLIO On-Highway (Automotive) Data Centers & Commercial IAQ Coils, Coolers & Coatings Heavy-Duty Equipment On-Highway (Commercial Vehicle) 80 20 Colors refer to Business Segments Performance Technologies and Climate Solutions 16

Ongoing Evolution of the Portfolio to Compound Value - - • • • High-growth portfolio driven by hyper-growth products and end markets Core growth businesses delivering highly profitable returns for reinvestment in areas of high-growth Focused gr Our Portfolio Management •Approach Tomorrow – ‘27 PORTFOLIO Data Centers & Commercial IAQ Heating & School IAQ Coils, Coolers & Coatings Heavy-Duty Equipment On-Highway (Commercial Vehicle) 80 20 Colors refer to Business Segments Performance Technologies and Climate Solutions 17

Leveraging Core Competency of Thermal Management Across High-Growth End Markets 80 20 Deep Thermal Management Expertise Over a century of leadership in thermal management Mission-Critical Products Portfolio of highly engineered, mission-critical thermal solutions 80/20 Discipline Enhanced 80/20 discipline driving daily decision-making and strategic resource allocation Evolving Portfolio Mix Evolving portfolio mix to compound for sustainable growth Strategic framework drives success in all market environments… …and delivers multi-year growth powered by strong secular Mega-Trends Energy Transition High-Performance Computing Clean, Healthy Indoor Air Quality Zero Failure Power Needs Electrification 80 20 18

Exceeded 2022 Investor Day Targets as We Unlocked Value What We Delivered Financial Targets Exceeded FYE March 2024 8.4% FY22 – FY24 Revenue CAGR 13.1% FY24 Adjusted EBITDA Margin What We Promised Initial Transformation Targets Established June 2022 Investor Day FY22-24 Revenue CAGR : 6-8% FY24 Adjusted EBITDA Margin: 10- See appendix for the full GAAP income statement and Non-GAAP reconciliations 19 12%

New FY27 Financial Targets 10% – 13% Revenue CAGR 16% – 18% Adjusted EBITDA Margin Accelerate targeted growth through strategic resource and capital allocation Complete exit of non-strategic businesses Pursue new market opportunities Continue mix shift with product line management powered by 80/20 20

Rev Fire Group Video 21

Performance Technologies Adrian I. Peace President, Performance Technologies 22

StrateCagpiitcalizPiniglolnaorusr dDeerpievxpinertgiseVinathluermealCmraenaagetmioennt to deliver systems solutions and activate significant market opportunities while climbing the technology staircase Leveraging our portfolio of highly engineered, mission-critical thermal solutions to drive competitive differentiation Entering a multi-year growth cycle powered by multiple secular mega- trends such as decarbonization, electrification, and clean energy generation and storage Elevating our 80/20 discipline to reduce complexity, drive product innovation, and continue to focus on improving margins and accelerating growth in key markets Evolving our portfolio to compound shareholder value by focusing capital and resources on strategic, high-growth E-Mobility and power generation Ev(GoelvneSe&t)Pmivaorkte: ts80/20-Powered Innovation to Deliver Accelerated Growth and Best-in-Class Returns 80 20 23

Our Evolving 80/20 Journey Through Segmentation 24 Simplification Segmentation Focused Growth Performance Culture Efficiency Strategy Alignment 80/20 Value Creatio n The business portfolio will continue to evolve by applying 80/20 principles There is a natural progression to segmentation Aligning the organization to better serve key customers Allocating resources to the best opportunities Improving agility around fast-moving, evolving markets such as Power Generation and E-Mobility Rationale for Performance Technologies segmentation Evolve product-based to market-facing groups to align differentiated product/technology with customer needs Accelerate innovation and growth while continuing to delight our strategic key customers Leverage global manufacturing capabilities and highly talented workforce Create opportunities to deploy Modine technology in new markets

Performance Technologies Segment Overview Engineer solutions to maximize fuel economy, minimize harmful emissions, and increase reliability for the energy systems that power our world Exploring Emerging Markets and Technologies to Deliver Profitable Long-Term Growth 41% 54% 5% Performance Technologies Performance Technologies Product Groups FY24 Sales $1,321M Heavy-Duty Equipment On-Highway Applications E-Mobility Heavy-Duty Equipment $546M On-Highway Applications $705M E-Mobility $ 70M Sales values are estimates, recast product group sales information will be provided with Q1 FY26 results 25

Heavy-Duty Equipment Overview Heat Exchangers Provider of specialized solutions to meet the unique demands of heavy-duty agricultural, backup and prime power generation, construction, and mining equipment Leveraging 80/20 strategies will continue to enable: Compelling growth in the GenSet market as thermal modules transition to aluminum, providing greater performance and efficiency Margin improvement in agricultural, construction, and mining markets FY24 Revenue $546M 3-year Revenue CAGR 7% – 11% Custom Designed Cooling Modules Agricultural Equipment Stationary Power Generation Construction Equipment Mining Equipment Products and Solutions Key End Markets Sales values are estimates, recast product group sales information will be provided with Q1 FY26 results 26

Innovating Heavy-Duty Equipment Emissions, durability, alternate fuels, and cost continue to drive a need for innovative technology Global population and income growth driving need for agriculture and construction equipment to meet needs for infrastructure and food Rapid electrification, aging power infrastructure, and data center demand driving need for backup power, fueling growth in GenSets Leveraging Industry-Leading Thermal Expertise to Lead in the Heavy-Duty Equipment Market Leverage product innovations in targeted markets to differentiate, expand margins, and gain share Align manufacturing footprint to best serve top customers via 80/20 Drive profitable growth by aligning product mix with multiple high- growth secular mega-trends Key Market Drivers Key Strategic Objectives 80 20 27

Commercial Hospital Data Center Industrial Oil & Gas Telecom Mining Diverse Genset Market Enabling Uninterrupted Energy Supply For Mission-Critical Applications GenSet Proliferation and Expansion GenSets are sold into a diverse range of applications, including the high-growth data center market Focus on this attractive market has led to new customer relationships and share gains Customers benefit from differentiated aluminum technology Modine GenSet 3-Year Growth CAGR 30% 8% – 12% Global GenSet Market Growth 28

FY24 Revenue $705M 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 deliver high-quality, cost-effective thermal solutions Rationalize portfolio through product line simplification of highly competitive automotive component offerings while targeting strategic customers in the commercial vehicle business for improved profitability and innovation Products and Solutions 3-year Revenue CAGR (10%)–(15%) Automotive Key End Markets Specialty Vehicle Commercial Vehicle EV & ICE Chillers, Oil Coolers, Condensers Custom Designed Cooling Modules Air Coolers Commercial Vehicle Braking System Retarder Cooler Liquid Charge- The picture can't be displayed. Sales values are estimates, recast product group sales information will be provided with Q1 FY26 results 29

Improving On-Highway Applications Profitability Greater attention on emissions driving demand for advanced engine technology Stringent performance regulations have driven the need for more cost effective and seamlessly integrated solutions Limited ceiling for growth and margin accretion due to commoditizing automotive component market Utilizing 80/20 to Optimize Our Product Portfolio Develop technologies and provide innovative solutions that maximize energy efficiency for strategic customers Apply 80/20 principles to optimize commercial vehicle platform and enhance strategic customer focus to drive product innovation, growth, and profitability Evolve portfolio by rationalizing automotive product lines through divestiture and product line simplification Key Market Drivers Key Strategic Objectives The picture can't be displayed. 80 20 30

FY24 Revenue $70M E-Mobility Overview Battery Thermal Management Systems Electronic Cooling Packages Truck and Last Mile Delivery Specialty Vehicle and Off-Highway Transit and Coach Bus Fuel Cell Stack Cooling Package Products and Solutions Key End Markets 3-year Revenue CAGR 35% – 45% Provide advanced thermal systems that maximize cooling capacity at minimum power draw to extend range and safety of commercial and specialty EV vehicles Target EV vehicle OEMs in North America and Europe with plug-and-play systems for high-use, heavy-duty applications that demand enhanced reliability and durability Grow market position by leveraging our proprietary, patented technologies to address thermal management challenges in zero-emission mobility Sales values are estimates, recast product group sales information will be provided with Q1 FY26 results 31

Accelerating E-Mobility Growth Electrification mega-trend driving demand for thermal solutions in multiple EV applications Regulations are further incentivizing adoption of EV technology across market segments E-Mobility market expected to outpace global GDP growth through 2030 and beyond Leverage early mover advantage to drive differentiation and own IP of components and systems to protect our position Capitalize on customer relationships and thermal expertise to capture outsized growth from electrification of commercial and specialty vehicles Leverage global manufacturing footprint to service customers in North America and Europe. Expand into adjacent applications as electrification gains momentum by leveraging IP-protected standard Multiple Long Term Mega-TprerondduscDtsriving Demand for E-Mobility Products Key Market Drivers Key Strategic Objectives 80 20 32

E-Mobility Market Potential E-Mobility Technology Can be Adopted by Many Diverse End-Market Applications SHORT HAUL People & Freight SHORT HAUL Specialty SHORT HAUL Ports FUTURE MARKETS Flight, Marine, Rail, Storage/Charging, E- Work OFF HIGHWAY Agriculture & Constructio n OFF HIGHWAY Military LONG HAUL Freight 33

Strong Performance Relative to Targets 34 1 12.1% Adjusted EBITDA margin before move of Coatings business to Climate Solutions See appendix for the Non-GAAP reconciliations, segment results have been recast for Coatings business move to Climate Solutions Revenue 5% – 7% 2022 Investor Day Phase 1 FYT2a4 rRgeevetnsue CAGR 10% – 12% 2022 Investor Day Phase 1 FY24 ATdajurgsteedtsEBITDA Margin 8% CAGR $1,321M $1,125M Adjusted EBITDA Margin 11.5% 1 5.5% 600 BPS

Performance Technologies FY27 Revenue Drivers Automotive product line simplification continue3s5 E-Mobility Heavy- Duty Equipment On- Highway Applicatio ns $1,321M Key Drivers Electrification wave for E-Mobility continues ~ 40% CAGR Power generation hyper-growth driven by technology advances and mission-critical applications Commercial vehicle, agriculture, construction, and mining growing at market rate Revenue FY24 - FY27 Revenue CHAeGavRy-Duty Equipment On-Highway Applications E-Mobility 7% – 11% (10%) – (15%) 35% – 45% FY24 FY27 0% – 3% CAGR $1.3B - $1.4B

Performance Technologies FY27 Adjusted EBITDA Drivers Volume Mix/Pricing Operation al Excellence Key Drivers Commercial Excellence – Innovation, 80/20 informed go-to-market strategies and industry-appropriate terms enable sustainable growth Product mix shifting with growth of higher EBITDA products Product line simplification facilitates redeployment of overhead to high margin product portfolio Operational Excellence & 80/20 Lean deployment solidifies margin accretion Global capacity & footprint enables growth with strategic customers 15% – 18% 11.5% Adjusted EBITDA Margin FY24 FY27 ~350 – 650 bps improvement 36 See appendix for the Non-GAAP reconciliations

Compelling Long-Term Growth Opportunity Entering a multi-year growth cycle powered by multiple secular mega-trends in energy generation and electrification Elevating our 80/20 discipline to reduce complexity, drive product innovation, and continue focus on improving margins and accelerating growth in key markets Evolving our portfolio to compound shareholder value by focusing capital and resources on strategic, high- growth E-Mobility and power generation (GenSet) markets Leveraging our portfolio of highly engineered, mission- critical thermal solutions to drive competitive differentiation Capitalizing on our deep expertise in thermal management to deliver systems solutions and activate significant market opportunities while climbing the technology staircase 80 20 37

Corscale Video 38

Accelerating Growth in Climate Solutions 39 Eric McGinnis President, Climate Solutions

StrateCgaipcitaPliziinlglaonrosurDdereipveixnpegrtisVeainltuheermCalrmeanaatgeiomennt to deliver differentiated solutions, build market leadership and provide unmatched customer service Leveraging our portfolio of highly engineered, mission-critical thermal solutions to accelerate growth, expand our market reach, and drive profitability Entering a multi-year growth cycle powered by multiple secular mega- trends in high-performance computing and indoor air quality with significant upside remaining Elevating our 80/20 discipline in daily decision-making to drive product innovation, market segmentation, and customer focus to accelerate profitable growth on strategic high-growth Data Center and Commercial IAQ markets 80 20 Compounding shareholder value through focusing capital and resources Highly Aligned with Strategic Pillars to Drive Sustainable Growth 40

Simplification Segmentation Focused Growth Performance Culture Efficiency Strategy Alignment 80/20 Value Creatio n Our Evolving 80/20 Journey Through Segmentation The business portfolio will continually evolve while applying 80/20 principles There is a natural progression to segmentation Aligning the organization to better serve customers Allocating resources to the best opportunities Improving agility around fast-moving, evolving markets Rationale for Climate Solutions segmentation Continued shift from product-based to market- facing groups to align common products to address targeted markets Accelerate growth by focusing on expanding key customer relationships Leverage manufacturing capabilities and workforce 41 skill set

Climate Solutions Segment Overview Climate Solutions provides energy-efficient, safe, climate-controlled solutions, and components for a wide range of critical applications Mission-Critical Thermal Solutions for High-Growth End-Markets 55% 18% 27% Climate Solutions Climate Solution’s Product Groups FY24 Sales $1,108M Coils, Coolers & Coatings $606M Heating & School IAQ $200M Data Centers & Commercial IAQ $302M Coils, Coolers & Coatings Heating & School IAQ Data Centers & Commercial IAQ Sales values are estimates, recast product group sales information will be provided with Q1 FY26 results 42

World’s largest independent manufacturer of heat transfer coils, used in a variety of applications and markets, estimate ~30% market share Provider of commercial refrigeration coolers leveraging low-GWP natural refrigerants Market leader in anti-corrosion coating products and application services to OEMs and distributors Aim to reposition the portfolio by increasing the focus on higher-margin products and systems Coils, Coolers & Coatings Overview OE & et Aftermark Coils FY24 Revenue $606M 3-year Revenue CAGR 0% – 5% Refrigeration Performance Commercial and Residential HVAC Commercial Coatings Heat Pumps Data Center Cooling Products and Solutions Refrigeration Coolers while optimizing the margin on lower-margin component salKees ybyEanpdpMlyinagrk8e0t/s20 principles Sales values are estimates, recast product group sales information will be provided with Q1 FY26 results 43

Repositioning the Portfolio to Increase Profitability and Growth Coils, Coolers & Coatings Increasing Focus on High Margin Products to Reposition the Portfolio 80 20 Key Market Drivers Key Strategic Objectives Leverage global manufacturing footprint, production capability, broad product portfolio, and strong global customer relationships to increase share in growing markets 44 Increase share in refrigeration coolers by providing solutions that support environmentally friendly low GWP refrigerant systems Utilize 80/20 discipline to enhance commercial excellence, improve profitability, and focus operations to drive competitive cost structure F-Gas regulation requiring shift to low GWP natural refrigerants (CO2 & R454B) in mature economies Regulation aimed at reducing dependency on natural gas through electrification creating need for new heat exchanger coil solutions High performance computing demand and infrastructure buildout drives increased demand for specialized coils

Heating & School IAQ 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 Provider of specialty retrofit indoor air quality products to the North American K-12 school market with industry leading after-sale support Aim to maintain leading market share position with applications in defensible, niche markets, while accelerating growth organically through new product development, and inorganically through Products and Solutsitorantsegic acquisitions Key End Markets Commercial & Residential Unit Heaters Vertical & Horizontal Unit Ventilators Commercial Heating Residential Heating Indoor Air Quality - Schools FY24 Revenue $200M 3-year Revenue CAGR 5% – 10% Sales values are estimates, recast product group sales information will be provided with Q1 FY26 results 45

Accelerating Heating & School IAQ Growth Defending Our Leading Share and Expanding Market Reach through New Product Development Key Market Drivers Key Strategic Objectives Defend market leading position and strong brand recognition in heating by expanding product portfolio with new electric and hydronic products, while protecting share in gas-fired products 46 Invest in the growing school IAQ and heating markets with new product development, and expand geographic reach through strategic channel development Target incremental growth through acquisitions to consolidate fragmented, niche markets Comfort and indoor air quality requirements in schools driving demand for energy efficient solutions Building electrification creating demand for electric and hydronic alternatives for unit heaters Sustainability initiatives and energy transition demanding energy efficiency and lower water consumption

Data Centers & Commercial IAQ 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 Modine’s current product portfolio combined with recent acquisitions provides additional products and technologies to grow in Commercial IAQ markets, including healthcare, and pharma Aim to leverage the Airedale brand to expand into telecom and edge applications, while supporting rapid growth by investing in capacity and technology Fan Wall Cooling Distribution Unit (CDU) FY24 Revenue $302M 3-year Revenue CAGR 45% – 55% Immersion Cooling Chiller CRAC /CRA H BMS/ Controls Edge and Telecom Commercial IAQ Products and Solutions Key End Markets Colocation Data Centers Hyperscale Data Centers Sales values are estimates, recast product group sales information will be provided with Q1 FY26 results 47

Leveraging Technology in Data Centers & Commercial IAQ Combining Data Center and Commercial IAQ Brings a Wide Product Range to Attractive End Markets Key Strategic Objectives Provide the most efficient data center cooling products optimized with controls to reduce total cost of ownership and help customers meet sustainability targets Leverage industry expertise to expand product portfolio with next- generation liquid-cooled technology to meet the data center cooling needs of new and existing customers today and in the future 48 Expand system sales in Commercial IAQ to edge, telecom and enterprise applications by offering full portfolio of solutions including Scott Springfield, Napps and Airedale products Key Market Drivers Desire to meet sustainability goals and reduce data center operating costs fuels demand for energy and water-efficient thermal solutions Scarce energy resources and higher demand are increasing lead times and stretching market capacity Exponential computing power needs from high-density computing applications drives need for new technologies to meet increased data center cooling demands

4,000 6,000 8,000 10,000 12,000 14,000 16,000 Sum of Revenues ($ millions) Data Center Cooling Market Growth 49 Positioned to Win Today and Tomorrow for Data Center Cooling Solutions 1Source: OMDIA Core Data Center Business Emerging Data Center Growth Technologies Air Cooling Air conditioning units specifically designed to cool air in and around the server racks within the data center This represents the largest part of today’s market Liquid Cooling Direct to Chip 1 Phase Immersion 2 Phase Immersion Data Center Cooling Market by Solution Type1 Liquid Cooled Air Cooled 2024 2025 2026 2027

A Complete Data Center Solution Provider Today The market for air-cooling solutions continues to grow as demand for data services increases. Our portfolio of indoor and outdoor equipment, optimized via intelligent controls, is designed to deliver maximum uptime Our Right to Win in Global Data Ce• nWteercsreate, deliver, monitor, and maintain data center cooling systems for key, strategic accounts globally including colocation and hyperscale customers We can deliver complete system solutions with controls and monitoring to optimize performance and reduce energy consumption, reducing the total cost of ownership CRAC / CRAH Chillers Fan Walls Controls Air Handling Units Delivering Tailored Solutions to Meet Today’s Growing Need for Data Center Cooling and energy efficiency Standard Density Data Center 50

A Complete Data Center Solution Provider Today and Tomorrow High-performance compute data centers will require liquid cooling at the chip but will not remove the need for the air-cooling solutions we provide today Our Right to Win in Global Data Ce• nAtes rnsew IT applications like AI result in higher heat-loads at the chip level, we are expanding our solutions to serve a new era of liquid and hybrid air/liquid data centers We support hybrid and liquid cooling with tailored products, delivering optimized performance and the highest efficiency level, from outdoor heat rejection to indoor server and chip optimization CRAC / CRAH Chillers Fan Walls CDUs Controls Liquid Immersion Air Handling Units Positioned to Provide Air-Cooled and Liquid-Cooled Solutions to the High-Performance Compute Data Center Dry Cooler High Density Data Center 51

Winning The Data Center of Today And Tomorrow Winning Solution for Today’s Data Center Thermal Management Needs Leading provider of air-cooled data center thermal management solutions Air-cooled solutions make up majority of today’s data center thermal management systems Precision Fan Chiller Air Wall Emerging Technologies for the Deploying Capital for the Future of Data Data Center of Tomorrow Center Thermal Management Solutions Increasing data center • Liquid cooled solutions expected to density & heat output grow at 42% CAGR 2024-2027 Newest chip technology • Purchased TMGcore’s intellectual requires more robust cooling property to establish an industry Liquid cooled solutions fit leading immersion cooling technology platform the bill EdgeBox Liquid Immersion Cooling TMGcore’s cutting-edge two-phase immersion cooling system enables autonomous and highly efficient thermal management for the most extreme computing applications Conditioni OurngFamily of Solutions is Tailored to Serve the Core Market of Today and the New Technology of The Future Air Cooled 52 Direct-to-chip & Immersion Cooling

Revenue $1,108M $955M Adjusted EBITDA Margin 18.8%1 11.6% 8% CAGR 720 BPS 6% – 8% 2022 Investor Day Phase 1 FTY2a4rgReevtesnue CAGR 13% – 15% 2022 Investor Day Phase 1 FY24 AdTjausrtgeed tEsBITDA Margin Outstanding Financial Performance Ahead of Targets 53 118.3% Adjusted EBITDA margin before move of Coatings business to Climate Solutions See appendix for the Non-GAAP reconciliations, segment results have been recast for Coatings business move to Climate Solutions

Climate Solutions FY27 Revenue Drivers 54 Data Centers & Commercial IAQ Heating & School IAQ Coils, Coolers & Coatings $1.1B Key Drivers Data Center revenue growing at above market rates across current and new customers Commercial IAQ leveraging edge and telecom relationships Heating and School IAQ benefiting from new products and market growth, potential for acquisitions Coils, Coolers and Coatings rebalancing product portfolio Revenue FY24 - FY27 Revenue CAGR Data Centers & Commercial IAQ Heating & School IAQ Coils, Coolers & Coatings 0% – 5% 45% – 55% 5% – 10% 18% – 22% CAGR $1.8B - $2.0B

Climate Solutions FY27 Adjusted EBITDA Drivers Volume Operation al Excellence 18.8% Commercial Excellence - Volume primarily driven by Data Center and Commercial IAQ revenue growth Product mix shifting with margin benefitting from 80/20 activities in Coils, Coolers & Coatings and growth of higher EBITDA products Operational excellence more than offsets inflation 80/20 focus creating operational efficiencies, including lowering labor and procurement costs Adjusted EBITDA Margin Key Drivers 20% - 23% Mix/Pricing ~120 – 420 bps improvement 55 See appendix for the Non-GAAP reconciliations

Compelling Long-Term Growth Opportunity Lead by an Experienced Leadership Team with Proven Track Record of Success Delivering top line growth and margin expansion through 80/20 discipline focused on product innovation and customer focus 80 20 Leading provider of highly specialized, mission-critical thermal management solutions for key end-markets Capitalizing on our deep expertise in thermal management to deliver superior service, differentiated solutions and market leadership Well-positioned to accelerate growth driven by megatrends in high-density computing and indoor air quality Proactively enhancing returns by allocating capital and resources to high-growth markets 56

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Athenor Video 58

Panel Discussion

Airedale Video 60

Financial Review 61 Mick Lucareli EVP & Chief Financial Officer

Key Messages Capitalizing on deep expertise in thermal management to drive end-market diversification and business resiliency through any economic cycle Leveraging strong balance sheet and free cash flow to enable strategic flexibility and optionality Building on proven track record of revenue growth and margin expansion resulting from focus on strong markets supported by secular mega-trends Relentlessly leveraging 80/20 principles to continuously deliver margin expansion and drive optimal business mix Prudently allocating capital to optimize the business portfolio to achieve long-term financial goals and compound shareholder value 80 20 62

A Proven Ability to Meet or Exceed Financial Targets Exceeded Financial Targets and Nearly Doubled Adjusted EBITDA Since 2022 Investor Day Previous Financial Targets for FY22 – FY24 (Announced at DRaey)venue 20226In-ve8st%or CAGR Adjusted EBITDA Margin 10 - 12% FCF % of Sales 3 - 5% Actual FY24 Financial Results $159M 63 See appendix for the full GAAP income statement and Non-GAAP reconciliations FY22 FY24 Nearly Doubled Adjusted EBITDA $314M 8.4% CAGR 13.1% 5.3%

80/20 Includes Multiple, Repetitive Phases 80/20 is the foundation of our transformation, including the strong financial improvements It is an evergreen process, which will increase shareholder value over an extended time horizon Implementing 80/20 is a multi-phased process that will drive long-term financial improvements Modine’s strong financial performance to date will continue to compound as we move through the current and future 80/20 phases Simplification Segmentation Focused Growth Performance Culture Efficiency Strategy Alignment 80/20 Value Creatio n 64

80/20 is Repetitive and Timeless Modine in the Early Phases of 80/20 Journey, with Rapid Improvements Already Achieved High Margin & High Financial Profile Low Margin & Low Growth Modine’s 80/20 Maturity Model Starting Point Current Progress 80/20 Value Creation Simplification Segmentation Focused Growth Performance Culture Efficiency Strategy Alignment 80/20 Value Creation Simplification Segmentation Focused Growth Performance Culture Efficiency Strategy Alignment 80/20 Value Creation Simplification Segmentation Focused Growth Performance Culture Efficiency Strategy Alignment Clean Up & Simplify Transition & Mix Shift Focused Growth & Innovation Business portfolio will continually evolve over time, while transforming Modine’s financial profile As part of this process, the six product groups will be realigned beginning with the new fiscal year (April 2025) Revenue grouping will change, but there will be no impact or changes to current business segment reporting Realignment of our product groups will sharpen our product and market focus; increasing growth and profitability

Establishing New Financial Targets; FY25 – FY27 Evolving 80/20 Maturity; Increasing Financial Targets Resulting in 20-25% Earnings Growth 16% - 18% Adjusted EBITDA Margin 10% - 13% FY24 – FY27 CAGR Revenue Growth Margin Improvement Increasing the revenue growth from our previous goal of 8 to 10% Significant margin improvement; ~300 to 500 basis points over the next three years 66

Revenue Drivers | A Portfolio Shift to Higher-Growth Businesses Climate Solutions $2.4B Key Assumptions Revenue growth will be primarily driven through Climate Solutions; including a 45-55% CAGR in the Data Center & Commercial IAQ product group Performance Technologies is focused on evolving the portfolio through targeted growth and exit strategies, versus overall revenue growth Outlook assumes approximately $300M of revenue exits in Performance Technologies through FY27 Revenue projections are solely based on Aggressive Plan to Drive 10% to 13% Reveonrguaen Gc rgorowwtthh 10% – 13% Revenue CAGR Revenue Performance 18% - 22% CAGR Technologies 0% - 3% CAGR $3.2B - $3.5B 67

Margin Drivers | 80/20 Driving Improvements Across The Organization Revenue Growth and Portfolio Mix Shift Expected to Drive Margin Improvement Over Three Years Climate Solutions 13.1% Key Assumptions The 80/20 evolution and maturity across Modine is a critical element of the anticipated margin improvements Anticipating the largest margin increase through Performance Technologies, given the heavy focus on transforming the portfolio to a more favorable business mix Climate Solutions margin improvement resulting from a combination of revenue growth, business mix and operational excellence 16% - 18% Adjusted EBITDA Margin Performan ce Technologi es +120 - 420bps +350 - 650bps ~300 – 500 bps improvement 68 See appendix for the full GAAP income statement and Non-GAAP reconciliations

Margin Drivers | Commercial and Operational Improvements Focus on Commercial and Operational Excellence Expected to Result in Significant Margin Improvement Over Next Three Years Volume Mix/Pricing Operation al Excellence 13.1% Key Assumptions Margin improvement heavily driven by commercial excellence, which includes volume growth, improving mix, and favorable pricing 80/20 maturity beginning to deliver additional margin improvements through operational excellence Operational excellence represents the intersection of 80/20 and “Lean”, with improvement costs and efficiency across labor, material, and overhead businesses 16% - 18% Adjusted EBITDA Margin ~300 – 500 bps improvement 69 See appendix for the full GAAP income statement and Non-GAAP reconciliations

Increasing Free Cash Flow Conversion Higher Free Cash Flow Conversion From Significant Margin Improvement and Disciplined Capital Spending 5.3% FY24 FY27 FY25-27 Drivers Operating cash flow 9-m1a1rg%in Capex spending ~3% of sales Anticipate cash res~tr$uc1tu5rMing per year 8% 70 See appendix for the full GAAP income statement and Non-GAAP reconciliations Free Cash Flow as % of Sales ~6% - Free Cash Flow Drivers Targeted capital allocation is accelerating revenue growth Revenue growth and positive mix shift driving a higher cash flow margin Restructuring cash required to complete rationalization of targeted portions of the Performance Technologies segment Strong cash flow and the positive impact on net debt, provides significant capacity for acquisitions

Balance Sheet and Capital Allocation Priorities 71 Strong Balance Sheet Well-positioned to Support Future Acquisitions and Investments in Organic Growth Capital Allocation Priorities 1 Investment in Organic Growth Allocate capital to growth businesses Target capital spending at ~3% of sales 2 3 Restructuring ~$15M cash spend annually through FY27 Fully funded through ongoing operations, no external financing needed Strategic Acquisitions Adequate balance sheet flexibility to execute strategic M&A 4 Share Repurchase Evaluate additional repurchases based on cash flow, macro climate, and other cash needs Balance Sheet Positi(o$MnM, 6/30/2024) Balance Sheet Liquidity Cash & Cash Equivalents $73 Total Debt $436 Net Debt $363 Available Credit Current Available Credit $164 Excess Borrowing Capacity¹ $758 Leverage Ratio Net Debt / Adj. EBITDA 1.1x Target Leverage 1.0x-2.5x ¹Based on debt covenant restrictions as of 6/30/24 See appendix for the full GAAP income statement and Non-GAAP reconciliations

Structured Approach to Acquisitions and Divestitures 72 Targeting Opportunistic Acquisitions that Solidify Market-leading Positions STRATEGIC PRIORITIES & FOCUS AREAS CLEAR CRITERIA Highly engineered, mission-critical products Clear market growth drivers; tied to mega trends Fragmented market composition Accretive margin profile and EPS accretive within 12 months DISCIPLINED PROCESS Leverage 80/20 as competitive differentiator to increase value Standardized valuation approach, utilizing multiple methods with a strong return on capital focus Rigid return expectations and clear hurdle rates Established integration framework to maximize success Expand product portfolio by adding to current systems solutions Exploring new adjacent markets, with mission-critical thermal needs, leveraging our core competencies Divest non- strategic businesses to improve business mix Targeted acquisition markets – Data Centers, Heating, and Commercial IAQ Secure next- generation technology to meet market demand

Acquisition & Divestiture Targets¹ 73 Margin & Earnings: Year one accretive Business Exits/Divestitures: ̴ $300M Target Leverage Range: 1.0x-2.5x Acquired Revenue: $200M-$400M Fiscal 2027 financial targets do not include incremental acquisitions Maximum Leverage Flexible debt covenants support post-acquisition leverage of 3.00-3.25x, would plan to de- leverage to the target range within the first year ¹Targets based on future acquisition and divestiture activity from 2024 Investor Day through FY27

Well-Positioned for Success Delivering end-market diversification for business resiliency through any economic cycle Providing strategic flexibility through strong free cash flow and balance sheet Furthering focus on organic investment to achieve revenue and EBITDA growth, with M&A providing upside to targets Leveraging 80/20 to deliver growth and improve business mix through operational and commercial excellence to achieve long-term financial goals and compound shareholder value Allocating capital to optimize the business portfolio 80/20 Maturity Supporting New Financial Targets, Resulting in 20% to 25% Annual Earnings Growth Fiscal 2027 Financial Targets 10% ‒ 13% Revenue Growth 16% ‒ 18% Adjusted EBITDA Margin 80 20 74

Closing Remarks Neil Brinker President and CEO 75

Always evolving our portfolio of products in pursuit of highly engineered, mission-critical thermal solutions Engineering A Cleaner, Healthier World Integrity Committed People Centric Technology Driven Results Oriented Team Focused Reduce Water & Energy Consumption Lower Harmful Emissions Enable Cleaner Running Vehicles Use Environmentally Friendly Refrigerants Improve Indoor Air Quality 76 OUR VISION OUR PURPOSE OUR VALUES OUR MISSION

Compelling Long-Term Investment Opportunity Entering a multi- year growth cycle powered by multiple secular mega-trends Elevating our 80/20 discipline by influencing daily decision-making and strategic resource and capital allocation Evolving our portfolio to compound shareholder value by focusing on high-growth, high- margin businesses for sustainable growth and returns Leveraging our portfolio of highly engineered, mission-critical thermal solutions to accelerate growth Capitalizing on our deep expertise in thermal management to deliver differentiated solutions and sustained market leadership 80 20 77

Question & Answer

Appendix

GAAP Income Statements 2

Non-GAAP Reconciliations 3 See the Adjusted EBITDA reconciliation footnotes on the next slide for information on restructuring expenses and other adjustments.

Non-GAAP Reconciliations 4

Non-GAAP Reconciliations 5 See the Adjusted EBITDA reconciliation footnotes on the previous slide for information on restructuring expenses and other adjustments.

Non-GAAP Reconciliations 6

Performance Technologies Re-segmentation Effective FY26 7 CURRENTPRODUCT GROUPS NEWPRODUCT GROUPS AIR-COOLED PRODUCTS LIQUID-COOLED PRODUCTS ADVANCED SOLUTIONS HEAVY-DUTY EQUIPMENT ON-HIGHWAY APPLICATIONS E-MOBILITY $702M FY24 Sales $492M FY24 Sales $127M FY24 Sales $546M FY24 Sales $705M FY24 Sales $70M FY24 Sales AC- Auto AC- Commercial Vehicle AC- Off-Highway AC- GenSets LC- Auto LC- Commercial Vehicle LC- Off-Highway EV Systems EV Auto Specialty Vehicle Systems Off-Highway GenSets Automotive (ICE and EV) Commercial Vehicle EV Systems (Specialty and Commercial Vehicles) Specialty Vehicle Systems (ICE) Product group sales include intersegment sales. Sales by the new product groups are estimates and recast information will be provided with Q1 FY26 results.

Climate Solutions Re-segmentation Effective FY26 8 CURRENTPRODUCT GROUPS NEWPRODUCT GROUPS HEAT TRANSFER PRODUCTS HVAC&R DATA CENTERS COILS, COOLERS & COATINGS HEATING & SCHOOL IAQ DATA CENTERS & COMMERCIAL IAQ $473M FY24 Sales $341M FY24 Sales $294M FY24 Sales $606M FY24 Sales $200M FY24 Sales $302M FY24 Sales OE and Aftermarket Coils Anti-Corrosive Coatings Heating Products Refrigeration Coolers School IAQ Commercial IAQ Data Center Cooling Products Edge & Telecom OE and Aftermarket Coils Refrigeration Coolers Anti-Corrosive Coatings Heating Products School IAQ Data Center Cooling Products Edge & Telecom Commercial IAQ Product group sales include intersegment sales. Sales by the new product groups are estimates and recast information will be provided with Q1 FY26 results.

Forward-Looking Non-GAAP Financial Measure 9 The Company’s presentation includes a fiscal 2027 adjusted EBITDA margin target. Adjusted EBTIDA margin is a non-GAAP financial measure and includes the Company’s estimates for interest expense, a provision for income taxes, and depreciation and amortization expense, and 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), acquisition and integrati