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• A specialized 'Bosch' or 'Magna' for thermal management, building the critical heating and cooling systems for vehicles, industrial equipment, and buildings.
• Like 'Rockwell Automation' for temperature, Modine provides the essential, unseen thermal systems that keep everything from trucks to data centers running efficiently.
• A 'Vertiv' or 'Schneider Electric' specializing in advanced cooling for data centers, electric vehicles, and critical industrial processes.

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• HVAC & Refrigeration Products: Modine offers a diverse range of heating, ventilation, air conditioning, and refrigeration equipment for commercial, residential, and data center markets, including precision cooling systems, geothermal heat pumps, and various coils.
• Industrial Heat Transfer Components: Modine provides specialized heat exchangers, unit heaters, and other thermal products designed for a variety of commercial and industrial applications, such as heavy equipment, power generation, and commercial refrigeration.
• Vehicle Thermal Management Systems: Modine manufactures components and complete systems for engine and powertrain cooling in automotive, commercial, and off-highway vehicles, including radiators, charge air coolers, and oil coolers.

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Modine Manufacturing (MOD) primarily sells its thermal management solutions to other companies, operating on a Business-to-Business (B2B) model. The company does not publicly disclose the names of its specific major customers due to a diversified customer base and the confidential nature of supplier-customer relationships.

However, Modine's customer base consists mainly of Original Equipment Manufacturers (OEMs) and Aftermarket Distributors across a variety of industrial sectors. The key categories of companies Modine serves include:

• Original Equipment Manufacturers (OEMs): These are companies that integrate Modine's thermal management components into their final products. Modine supplies OEMs across several major industries, including:

  • Heavy-Duty and Off-Highway Vehicle Manufacturers: Producing equipment for agriculture, construction, mining, and defense sectors. Examples of prominent public companies in these sectors (these are illustrative of the type of customers Modine serves, not confirmed specific customers):
    • Caterpillar Inc. (CAT)
    • Deere & Company (DE)
    • CNH Industrial N.V. (CNHI)
  • Commercial Vehicle Manufacturers: Companies making trucks, buses, and other commercial transport vehicles. Examples:
    • PACCAR Inc (PCAR)
    • Daimler Truck Holding AG (DTGFF)
  • Data Center Cooling and HVAC&R (Heating, Ventilation, Air Conditioning, and Refrigeration) Equipment Manufacturers: Companies producing systems for data centers, commercial heating, ventilation, air conditioning, and industrial refrigeration. Examples:
    • Carrier Global Corporation (CARR)
    • Trane Technologies plc (TT)
    • Vertiv Holdings Co (VRT)
  • Industrial Equipment Manufacturers: Producers of various industrial machinery, including power generation, material handling, and compressor equipment.

• Aftermarket Distributors: These companies distribute Modine's thermal management replacement parts to independent service channels and end-users for maintenance and repair of existing equipment. Modine works with a network of distributors globally to ensure parts availability.

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Neil D. Brinker President and Chief Executive Officer

Neil D. Brinker was appointed President and Chief Executive Officer and a member of Modine's Board of Directors in December 2020. Before joining Modine, he served as President and Chief Operating Officer of Advanced Energy Industries, Inc. from May 2020, and as Executive Vice President and Chief Operating Officer from June 2018. Mr. Brinker also spent six years in various senior leadership roles at IDEX Corporation. He possesses expertise in Business Development, Integration, Mergers & Acquisitions, Marketing Management, Human Resources, Engineering, and Manufacturing Operations. He holds a Master of Engineering from the University of Michigan, an MBA from Eastern Michigan University, and a BSME from Michigan State University.

Michael B. Lucareli Executive Vice President and Chief Financial Officer

Michael B. Lucareli was named Executive Vice President and Chief Financial Officer in May 2021. Prior to this, he 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, including Manager, Business Development and Investor Relations; Director, Financial Operations and Analysis; Managing Director, Financial Operations; and Vice President, Corporate Treasurer. Before his tenure at Modine, he was the 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, also holding a Chartered Financial Analyst (CFA) designation.

Eric S. McGinnis President, Climate Solutions

Eric S. McGinnis serves as President, Climate Solutions. Before joining Modine, he was President, Industrial Systems at Regal Beloit Corporation. During his 17 years at Regal Beloit, he held increasing responsibilities, including Vice President, Business Development (M&A and Strategy) and Vice President, Commercial Motors. Prior to that, Mr. McGinnis spent 11 years at General Electric in various business leadership roles, such as 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.

Mark D. Hudson Vice President, Corporate Controller

Mark D. Hudson was appointed Vice President, Corporate Controller in September 2012. In this role, he leads Modine's global accounting and reporting functions. Before joining Modine, Mr. Hudson served as Vice President of Corporate Finance at Fiserv, Inc.

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 corporate tax in 2016. She leads Modine's global treasury, investor relations, and tax functions. Prior to Modine, Ms. Powers was Director of Global Treasury for Diversey, Inc., and also worked in public accounting at Arthur Andersen LLP. She holds a bachelor's degree in Accounting and Management from the University of Wisconsin-Madison and an MBA from Marquette University.

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The key risks to Modine Manufacturing's business include increased competition, high customer concentration, and economic and regulatory challenges.

1. Increased Competition: Modine operates in a highly competitive industry for thermal management solutions. The growing demand for heat transfer systems has led to an influx of competitors investing in new and innovative products, which could make it difficult for Modine to differentiate its offerings. This heightened competition poses a risk to the company's market share and profitability.
2. High Customer Concentration: Modine Manufacturing is significantly reliant on a small number of large customers, with nearly 39% of its total revenue derived from its top five customers. This concentration limits Modine's pricing power and makes the company vulnerable to fluctuations in margins, especially if these major customers exert pressure or reduce their business.
3. Economic and Regulatory Challenges: Modine's financial performance and operations can be adversely affected by the global economic environment and evolving regulatory landscape. Economic downturns, trade tensions, and fluctuations in currency exchange rates can impact demand for the company's products and its cost structures. A recession could intensify the effects of increased competition, further harming Modine's financial performance. Additionally, changes in environmental, health, and safety regulations may necessitate significant investments to ensure compliance. Historically, Modine's stock has also demonstrated less resilience compared to the broader market during economic downturns.

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Modine Manufacturing (MOD) operates in several key addressable markets through its Climate Solutions and Performance Technologies segments. The addressable markets for their main products and services are as follows:

Climate Solutions

• Data Center Cooling: The global data center cooling market was valued at USD 21.58 billion in 2024 and is expected to reach USD 76.30 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 17.10% during the forecast period. Another estimate valued the global market at USD 18.7 billion in 2023, projected to reach USD 80.1 billion by 2033, with a CAGR of 15.7%. The U.S. data center cooling market is expected to be valued at USD 4.75 billion by 2025.
• HVAC&R Heat Exchangers / Industrial Heat Transfer Products: The global heat exchanger market size was estimated at USD 18.90 billion in 2024 and is projected to reach USD 32.96 billion by 2033, growing at a CAGR of 6.6% from 2025 to 2033. Another report indicated the global heat exchanger market size was estimated at USD 17.3 billion in 2024 and is expected to grow from USD 18.7 billion in 2025 to USD 38.6 billion in 2034, at a CAGR of 8.4%. The North America heat exchanger market size exceeded USD 4.8 billion in 2023 and is predicted to reach USD 8.5 billion by 2032.

Performance Technologies

• Automotive Thermal Management (including EV Thermal Management): The global automotive thermal management market size was valued at USD 96.78 billion in 2024 and is expected to reach approximately USD 181.29 billion by 2034, growing at a CAGR of 6.47% from 2025 to 2034. Another source valued the global market at USD 106.3 billion in 2024, projected to grow to USD 182.81 billion by 2033 with a CAGR of 6.21%. The North America automotive thermal management market size was USD 39.59 billion in 2024 and is expected to reach around USD 74.17 billion by 2034.
• Electric Vehicle Battery Thermal Management Systems: The global electric vehicle battery thermal management systems market size was estimated at USD 5.41 billion in 2024 and is projected to reach USD 29.09 billion by 2030, growing at a CAGR of 32.9% from 2025 to 2030.

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Modine Manufacturing (MOD) is poised for significant revenue growth over the next two to three years, driven primarily by its strategic focus on high-growth markets and targeted investments. The key drivers are:

1. Expansion in the Data Center Market: Modine anticipates substantial revenue increases from the data center sector, with projections to reach potentially $2 billion by fiscal year 2028. This growth is supported by a $100 million investment in expanding manufacturing capacity specifically for the North American data center business. The company is also developing modular data center solutions and has a strong demand pipeline extending up to three years.
2. Strategic Acquisitions and Organic Growth in Climate Solutions: Modine has been actively acquiring companies like AbsolutAire, L.B. White, and Climate by Design International (CDI) to enhance its product offerings in the HVAC sector and strengthen its Climate Solutions portfolio. This segment has shown outstanding results with significant sales and EBITDA improvements. The company is employing a strategic focus on organic growth complemented by these acquisitions to diversify and strengthen its business portfolio.
3. Focus on High-Growth, High-Margin Businesses through 80/20 Methodology: Modine is deliberately evolving its portfolio to concentrate on high-growth, high-margin businesses for sustainable growth and returns. This strategy, guided by its 80/20 methodology, aims to continuously improve its business mix and allocate resources to its greatest opportunities, including high-performance computing, electrification, and indoor air quality.
4. Increased Manufacturing Capacity: Beyond the data center specific investments, Modine has also increased production capacity in facilities like Rockbridge, Virginia, and Grenada, Mississippi, in response to strong demand for chillers. These capacity expansions are crucial to meet the accelerating demand in key growth areas, particularly within the Climate Solutions segment.
5. New Product Launches, particularly Modular Data Center Cooling Solutions: The company has launched new modular data center cooling solutions in North America, which are designed for rapid deployment to meet evolving customer needs. This innovation in product offerings is expected to contribute to revenue growth by addressing specific market demands efficiently.

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Share Repurchases

• Modine's Board of Directors authorized a new share repurchase program of up to $100 million on March 6, 2025.
• Approximately $64.7 million in share repurchases were made between March 2021 and June 2025.
• By September 30, 2025, $18.4 million had been repurchased under the $100 million program announced in March 2025.

Share Issuance

• No significant share issuances for capital raising were reported within the last 3-5 years.

Inbound Investments

• No major inbound investments from third-parties (e.g., strategic partners or private equity firms) were reported within the last 3-5 years.

Outbound Investments

• In July 2025, Modine acquired Climate by Design International (CDI) for $65 million, enhancing its commercial indoor air quality (IAQ) solutions.
• Modine acquired L.B. White in May 2025 for approximately $112 million, expanding its HVAC portfolio.
• In February/March 2024 (Q4 Fiscal Year 2024), Modine acquired Scott Springfield Manufacturing, expanding its data center cooling and commercial IAQ offerings. Modine also acquired Napps Technology in 2023.

Capital Expenditures

• Capital expenditures totaled $77.70 million in Fiscal Year 2025, $56.10 million in Fiscal Year 2024, and $54.50 million in Fiscal Year 2023.
• In Fiscal Year 2023, capital spending in the Climate Solutions segment included investments supporting strategic growth initiatives, such as expanding its data center business, while Performance Technologies focused on tooling and equipment for new programs.
• Modine announced a $100 million investment over 12-18 months, starting around July 2025, to expand U.S. manufacturing capacity across four sites, primarily focused on data center cooling products. This investment is aimed at achieving $2 billion in data center revenues by fiscal 2028.