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Here are 1-2 brief analogies to describe Modine Manufacturing (MOD):

• Like Carrier for commercial HVAC, but also a critical supplier of cooling systems for automotive and heavy industrial equipment.
• The Parker-Hannifin of heat transfer systems, supplying specialized heating and cooling components for buildings, vehicles, and machinery.

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• HVAC Heating Products: Modine provides unit heaters, duct furnaces, infrared units, and various hydronic heating components for commercial and industrial applications.
• HVAC Ventilation & Air Conditioning: The company offers makeup air units, rooftop ventilation units, air-handling units, chillers, and precision cooling systems for data centers.
• Heat Transfer Coils & Coolers: Products include microchannel, heat recovery, and plate fin coils, alongside units for cooling fluids, transformer oil, and brine.
• Protective Coatings: Modine supplies specialized coatings designed to enhance the corrosion resistance of its heat transfer components.
• Automotive & Off-Highway Powertrain Cooling: Comprehensive systems and components are provided for managing engine, transmission, and auxiliary fluid temperatures in vehicles.
• Battery & Electronics Thermal Management: Integrated solutions are offered for cooling electric vehicle batteries and critical electronic packages.

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Modine Manufacturing (symbol: MOD) sells primarily to other companies (B2B). The company's major customers fall into the following categories:

• Original Equipment Manufacturers (OEMs): This includes manufacturers of heating, ventilation, and cooling (HVAC) systems; automobile, truck, bus, and specialty vehicles; agricultural, industrial, and construction equipment; and other commercial and industrial equipment.
• Construction Architects and Contractors: These professionals utilize Modine's HVAC and hydronic products for building applications.
• Wholesalers of Heating Equipment: These companies act as distributors for Modine's heating solutions.

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Neil D. Brinker President and Chief Executive Officer

Neil D. Brinker was named President and Chief Executive Officer and a member of Modine's Board of Directors in December 2020. Before joining Modine, Mr. Brinker served as President and Chief Operating Officer of Advanced Energy Industries, Inc. from May 2020, and Executive Vice President and Chief Operating Officer from June 2018. He also spent six years with IDEX Corporation in various senior leadership roles, including Group President. Earlier in his career, he held management roles at Danaher Corporation and operations roles at General Motors. Mr. Brinker holds a Bachelor of Science in Mechanical Engineering from Michigan State University, a Master of Engineering from the University of Michigan, and a Master of Business Administration from Eastern Michigan University.

Michael B. (Mick) Lucareli Executive Vice President and Chief Financial Officer

Michael B. (Mick) Lucareli was appointed Executive Vice President and Chief Financial Officer in May 2021. He previously served as Vice President, Finance and Chief Financial Officer since July 2010. Mr. Lucareli joined Modine in August 1999 and has held various leadership positions within the company, including Manager, Business Development and Investor Relations; Director, Financial Operations and Analysis; Managing Director, Financial Operations; and Vice President, Corporate Treasurer. Prior to Modine, Mr. Lucareli was Director of Research at Alpha Investments Group and a securities analyst and portfolio manager at Associated Investment Management Group. He earned a bachelor's degree in economics from the University of Wisconsin-Madison and a Master of Business Administration (MBA) from Loyola University in Chicago.

Eric S. McGinnis President, Climate Solutions

Eric S. McGinnis was named President, Climate Solutions in April 2022, overseeing Modine's Heating, Indoor Air Quality, Data Center, Heat Transfer Products, and Global Coolers and Power & Process businesses. Prior to this role, he was Vice President, Building HVAC since August 2021. Mr. McGinnis spent 11 years with General Electric, where he held various business leadership roles, including General Manager of its Commercial and Industrial Motors business and General Manager of GE Motors' first joint venture in China. He holds a Bachelor of Science in Mechanical Engineering from Michigan State University.

Kathleen T. Powers Vice President, Treasurer, Investor Relations and Tax

Kathleen T. Powers was named Vice President, Treasurer, Investor Relations and Tax in July 2016. She joined Modine in October 2011 as Vice President, Treasurer and Investor Relations, and took on responsibility for the corporate tax function in 2016. Before Modine, Ms. Powers was the Director of Global Treasury for Diversey, Inc. Her prior experience includes various financial leadership roles at CNH Global, including Treasurer of CNH Capital Europe, and work in public accounting at Arthur Andersen LLP. Ms. Powers holds a bachelor's degree in Accounting and Management from the University of Wisconsin-Madison and a Master of Business Administration (MBA) from Marquette University.

Erin J. Roth Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer

Erin J. Roth was appointed Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer in November 2023. In this role, she leads Modine's global Legal, Compliance, and Sustainability teams. Her previous experience includes leadership roles at Wabash National Corporation and MacLean-Fogg Company (now a subsidiary of MasTec, Inc.). Earlier in her career, Ms. Roth practiced law at Barnes & Thornburg, focusing on complex commercial and intellectual property litigation. She holds a Bachelor of Science in Accounting from Butler University and a Juris Doctorate from the Georgetown University Law Center.

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Key Risks to Modine Manufacturing (MOD)

1. Disruption from the Transition to Electric Vehicles (EVs) and Alternative Powertrains: A significant portion of Modine's Heavy Duty Equipment and Automotive segments relies on powertrain cooling products for internal combustion engines (ICE), including engine cooling modules, radiators, charge air coolers, and various oil and fuel coolers. The accelerating global shift from ICE vehicles to electric vehicles and other alternative powertrains presents a substantial risk if the demand for these traditional components declines faster than Modine can expand its market share and offerings in battery thermal management systems and electronics cooling packages for EVs. This transition could lead to reduced demand for existing product lines and necessitate significant investment in new technologies and manufacturing capabilities.

2. Sensitivity to Economic Cycles and Demand Volatility in Key End Markets: Modine Manufacturing serves diverse industries that are highly susceptible to economic fluctuations, including automotive, truck, bus, and specialty vehicle OEMs; agricultural, industrial, and construction equipment OEMs; and the broader construction and HVAC markets. Economic downturns, reduced consumer and business spending, or disruptions in these cyclical end markets can directly lead to decreased demand for Modine's engineered heat transfer systems and components, impacting sales volumes, revenue, and profitability.

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Modine Manufacturing Company participates in several addressable markets for its heat transfer systems and components. The market sizes for its main products and services are as follows:

Commercial HVAC Systems

The global commercial HVAC system market was valued at approximately USD 72.03 billion in 2025. This market is projected to grow to about USD 119.76 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 5.90% during the forecast period. Another estimate indicates the global commercial HVAC market size was valued at around USD 61.88 billion in 2023 and is projected to reach USD 120.63 billion by 2032, growing at a CAGR of roughly 7.70% between 2024 and 2032. Asia Pacific dominated the commercial HVAC system market with a share of 49.80% in 2025.

Data Center Cooling

The global data center cooling market size was valued between USD 11.65 billion and USD 26.31 billion in 2025. It is projected to grow significantly, with estimates reaching between USD 30.99 billion and USD 128.31 billion by 2034/2033. One source indicated the market was valued at USD 18.78 billion in 2025 and is projected to reach USD 54.18 billion by 2034. North America held a significant share, with the U.S. market expected to be valued at USD 5.26 billion by 2026.

Automotive Thermal Management Systems

The global automotive thermal management system market size was valued between US$ 82.6 billion and USD 105.84 billion in 2025. It is projected to reach US$ 173.8 billion by 2036. Another estimate projects the market to grow from USD 112.9 billion in 2025 to reach USD 182.81 billion by 2033. The Asia Pacific region dominated this market in 2025, holding a revenue share of 41%.

Automotive Battery Thermal Management Systems

The global automotive battery thermal management system market size was valued between USD 3.83 billion and USD 4.2 billion in 2025. It is projected to reach USD 19.98 billion by 2034. Asia Pacific dominated the global market with a share of 45.93% in 2025.

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Modine Manufacturing Company (MOD) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Expansion in Data Center Cooling Solutions: Modine is making significant investments to expand its capacity for data center cooling products, driven by the increasing demand for AI and high-density computing. The company announced a multi-year $100 million investment in July 2025 to scale production of its Airedale by Modine™ data center cooling solutions, including new manufacturing facilities in Franklin, Wisconsin, and Grand Prairie, Texas. Management is guiding for 50-70% annual growth in the data center business over the next two fiscal years, with anticipated total data center revenues approaching $2 billion by fiscal year 2028.

2. Growth in Commercial Indoor Air Quality (IAQ) and Broader Climate Solutions Offerings: Modine is strategically expanding its Climate Solutions portfolio beyond core cooling through a series of acquisitions. Between 2024 and July 2025, Modine completed nine acquisitions, including Scott Springfield Manufacturing, Napps Technology, AbsolutAire, L.B. White, and Climate by Design International. These acquisitions enhance its capabilities in areas such as direct-fired heating, specialty heating and ventilation, desiccant dehumidification, and critical process air handling, diversifying its offerings and expanding its market reach within the commercial HVAC sector.

3. Increased Adoption of Electric Vehicle (EV) Thermal Management Systems: Modine is positioning itself to capitalize on the growing global commercial electric vehicle market with its EVantage™ thermal management systems. The company expanded production of these battery thermal management and electronics cooling systems to its facility in Pontevico, Italy, starting in 2024, to serve heavy-duty, commercial, and specialty vehicle manufacturers in Europe. This addresses the unique thermal management needs of commercial EV batteries, supporting optimal performance, durability, range, and safety.

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Share Repurchases

• Modine's Board of Directors authorized a new $100 million share repurchase program effective March 7, 2025, which does not expire and replaced a previous program that had expired in November 2024.
• The company repurchased $18 million of common stock in fiscal year 2025.
• Modine repurchased $13 million of its common stock in fiscal year 2024.

Outbound Investments

• Modine acquired Scott Springfield Manufacturing for $184.1 million on March 1, 2024, with an additional $2.4 million paid in July 2024 for working capital adjustments.
• The company entered into a definitive agreement to acquire L.B. White for approximately $112 million, with the transaction expected to close on May 31, 2025.
• Modine plans to spin off and simultaneously combine its Performance Technologies business with Gentherm in a Reverse Morris Trust transaction, valued at approximately $1.0 billion, which is anticipated to close in the fourth quarter of calendar 2026.

Capital Expenditures

• Capital expenditures totaled $84 million in fiscal year 2025, with $53 million allocated to the Climate Solutions segment, primarily for expanding data center cooling product capacity, and $30 million to the Performance Technologies segment for tooling and equipment related to vehicular customer programs.
• In fiscal year 2024, capital expenditures were $88 million.
• Modine announced a new $100 million investment over 12-18 months (from July 29, 2025) to expand its U.S. manufacturing capacity for data center cooling products, including a new facility in Dallas, TX, expansion in Grenada, MS, and potential repurposing of existing sites.