On this page of StockholderLetter.com we present the latest annual shareholder letter from MODINE MANUFACTURING CO — ticker symbol MOD. Reading current and past MOD letters to shareholders can bring important insights into the investment thesis.
2026 REPORT ANNUAL
PURPOSE Our Purpose MISSION Our Mission We are driven by our purpose of Engineering a Cleaner, Healthier World . We achieve this through our Mission that meets demand for cleaner, more efficient thermal management. Throughout our journey, we re committed to the Values that have guided us since our founding. Use environmentally friendly refrigerants Advancing the use of natural refrigerants to reduce environmental impact. Reduce water and energy consumption Enable cleaner-running vehicles Engineering solutions that conserve energy and water resources. Enabling the development of zero-emission vehicles and improving the efficiency of internal combustion engines. Improve indoor air quality Lower harmful emissions Innovating HVAC solutions that clean indoor air and create healthier spaces. Designing technologies that lower harmful emissions and improve air quality. VALUES Our Values Results oriented We pursue excellence, take risks, and act with urgency to meet commitments and drive success. Technology driven We innovate and invest in technology to deliver high-quality solutions that help customers achieve their goals. People centric We encourage different views, reward performance, and strive to make a positive impact by treating everyone with dignity. Integrity committed We uphold the highest ethical standards, act honorably, and follow through on our commitments. Modine 2026 Annual Report Team focused We collaborate to deliver value, celebrate success, and build capabilities for our employees and company.
A Letter to Our Shareholders Dear Shareholders, This past fiscal year marked a period of tremendous accomplishment and strategic transformation for Modine. We reported our fourth consecutive year of record-breaking revenue and adjusted EBITDA, a testament to the hard work and dedication of our entire team. More importantly, we took decisive actions to accelerate the evolution of our portfolio, positioning Modine for sustained, high-quality growth as a more focused, high-performing company. Nearly two years ago, we introduced our new vision statement: Always evolving our portfolio of products in pursuit of highly engineered, mission-critical thermal solutions. In Fiscal 2026, we brought that vision to life through significant strategic actions that will reshape our company for years to come. Modine 2026 Annual Report
A Landmark Transformation The most significant step in our transformation was the announcement of our plan to spin off our Performance Technologies (PT) segment and combine it with Gentherm. This transaction provides an ideal home for the PT business and its talented team, while allowing Modine shareholders to participate in its future success. For Modine, this move allows us to concentrate our attention on our high-growth Climate Solutions businesses, creating a premier, highly focused climate solutions company. This was a historic decision, and we are confident it is the right transaction at the right time to maximize value for our shareholders. We also strengthened our portfolio through three strategic acquisitions AbsolutAire, L.B. White, and Climate by Design International. These acquisitions added key products, new end markets, and valuable channel partners to our Climate Solutions businesses, expanding our portfolio with core technologies. Modine 2026 Annual Report In addition, this was a pivotal year for our Data Centers business. Our above-market growth was a direct result of our differentiated products, strong customer partnerships, and investments to expand our product portfolio and production capacity. We are investing over $100 million to expand production capacity in North America, including a third facility in Calgary, AB, a new location in Dallas, TX, and the conversion of existing facilities in Grenada, MS, Franklin, WI, and Jefferson City, MO. These projects are moving forward simultaneously, and I am pleased to report they are progressing well and on schedule to be completed later this year. We are also making significant investments in new product development, largely driven by customer requirements. We designed, industrialized, and delivered our first modular data centers this year, working with a strategic customer that required speed and flexibility in their approach to the market. In addition, we are making enhancements to our line of premium, energy-efficient chillers. Our stainless steel chiller is designed to eliminate the need for in-row coolant distribution units (CDUs), improving system efficiency and freeing up space in the data center hall for additional IT racks.
Furthermore, we are pushing the boundaries of innovation with our groundbreaking 3-megawatt chiller, which we believe will be a game-changer for handling higher heat loads. This expansion to our TurboChill chiller platform provides industry-leading heat rejection capabilities and features an expanded operating range for free cooling, lowering energy consumption. These products position us exceptionally well as the industry shifts toward higher temperature and higher heat density thermal architectures. It is these deep partnerships that led to a landmark long-term capacity agreement with a key strategic customer to supply over $4 billion of data center cooling products between 2027 and 2029. This agreement is a testament to our strategy of investing in product development, testing facilities, and production capacity to support this rapidly growing market, validating our position as a technology leader. Technology and innovation have always been our key differentiators, and we now have the ability to deliver these products at the scale required to support the demands of industry leaders. All of these product development activities have been in response to solving our customers unique needs for data center cooling in a rapidly changing environment. Fourth Consecutive Record Year In Fiscal 2026, we continued our track record of exceptional financial performance. Our strategic initiatives drove full-year revenue growth of 23% and adjusted EBITDA of $471.0 million, a 20% increase from the prior year. Our Climate Solutions segment delivered another outstanding, record-breaking year, with revenues increasing 43%. This growth was led by our Data Center business, where sales surged 73% to cross the $1.1 billion mark. The demand for our energy-efficient data center cooling products remains incredibly strong, and we see no signs of a slowdown. Our Performance Technologies segment is making excellent progress preparing for the planned spin-off, which we expect to close before the end of the calendar year. The team has worked diligently to improve this business, increasing margins even in the face of challenging markets. We are excited for the road ahead for the PT team as part of a new, combined company with Gentherm. Adj. EBITDA Net Sales ($ in Millions) $2.3B $2.4B 2023 2024 ($ in Millions) $392M $3.2B $2.6B $471M $314M $212M Modine 2026 Annual Report 2025 2026 2023 2024 2025 2026
 • shareholder letter icon 6/18/2026 Letter Continued (Full PDF)
 • stockholder letter icon 7/7/2023 MOD Stockholder Letter
 • stockholder letter icon 7/1/2024 MOD Stockholder Letter
 • stockholder letter icon 7/1/2025 MOD Stockholder Letter
 • stockholder letter icon More "Auto Parts" Category Stockholder Letters
 • Benford's Law Stocks icon MOD Benford's Law Stock Score = 93


MOD Shareholder/Stockholder Letter Transcript:

2026 REPORT
ANNUAL

PURPOSE
Our Purpose
MISSION
Our Mission
We are driven by our purpose of Engineering a Cleaner, Healthier
World   . We achieve this through our Mission that meets demand
for cleaner, more efficient thermal management. Throughout our
journey, we   re committed to the Values that have guided us
since our founding.
Use environmentally friendly refrigerants
Advancing the use of natural refrigerants
to reduce environmental impact.
Reduce water and energy consumption
Enable cleaner-running vehicles
Engineering solutions that conserve
energy and water resources.
Enabling the development of zero-emission vehicles and
improving the efficiency of internal combustion engines.
Improve indoor air quality
Lower harmful emissions
Innovating HVAC solutions that clean
indoor air and create healthier spaces.
Designing technologies that lower harmful
emissions and improve air quality.
VALUES
Our Values
Results oriented
We pursue excellence, take risks, and act with
urgency to meet commitments and drive success.
Technology driven
We innovate and invest in technology
to deliver high-quality solutions that
help customers achieve their goals.
People centric
We encourage different views, reward performance,
and strive to make a positive impact by treating
everyone with dignity.
Integrity committed
We uphold the highest ethical
standards, act honorably, and follow
through on our commitments.
Modine 2026 Annual Report
Team focused
We collaborate to deliver value, celebrate success, and
build capabilities for our employees and company.

A Letter to
Our Shareholders
Dear Shareholders,
This past fiscal year marked a period
of tremendous accomplishment and
strategic transformation for Modine. We
reported our fourth consecutive year of
record-breaking revenue and adjusted
EBITDA, a testament to the hard work
and dedication of our entire team. More
importantly, we took decisive actions to
accelerate the evolution of our portfolio,
positioning Modine for sustained,
high-quality growth as a more focused,
high-performing company.
Nearly two years ago, we introduced our
new vision statement: Always evolving our
portfolio of products in pursuit of highly
engineered, mission-critical thermal
solutions. In Fiscal 2026, we brought
that vision to life through significant
strategic actions that will reshape
our company for years to come.
Modine 2026 Annual Report

A Landmark Transformation
The most significant step in our transformation
was the announcement of our plan to spin off
our Performance Technologies (PT) segment
and combine it with Gentherm. This transaction
provides an ideal home for the PT business and its
talented team, while allowing Modine shareholders
to participate in its future success. For Modine, this
move allows us to concentrate our attention on our
high-growth Climate Solutions businesses, creating
a premier, highly focused climate solutions company.
This was a historic decision, and we are confident it
is the right transaction at the right time to maximize
value for our shareholders.
We also strengthened our portfolio through three
strategic acquisitions   AbsolutAire, L.B. White, and
Climate by Design International. These acquisitions
added key products, new end markets, and
valuable channel partners to our Climate Solutions
businesses, expanding our portfolio with
core technologies.
Modine 2026 Annual Report
In addition, this was a pivotal year for our Data Centers
business. Our above-market growth was a direct result of
our differentiated products, strong customer partnerships,
and investments to expand our product portfolio and
production capacity. We are investing over $100 million
to expand production capacity in North America, including
a third facility in Calgary, AB, a new location in Dallas, TX,
and the conversion of existing facilities in Grenada, MS,
Franklin, WI, and Jefferson City, MO. These projects are
moving forward simultaneously, and I am pleased to report
they are progressing well and on schedule to be completed
later this year.
We are also making significant investments in new product
development, largely driven by customer requirements. We
designed, industrialized, and delivered our first modular
data centers this year, working with a strategic customer
that required speed and flexibility in their approach to the
market. In addition, we are making enhancements to our
line of premium, energy-efficient chillers. Our stainless
steel chiller is designed to eliminate the need for in-row
coolant distribution units (CDUs), improving system
efficiency and freeing up space in the data center hall
for additional IT racks.

Furthermore, we are pushing the boundaries of innovation
with our groundbreaking 3-megawatt chiller, which we
believe will be a game-changer for handling higher heat
loads. This expansion to our TurboChill    chiller platform
provides industry-leading heat rejection capabilities and
features an expanded operating range for free cooling,
lowering energy consumption. These products position
us exceptionally well as the industry shifts toward higher
temperature and higher heat density thermal architectures.
It is these deep partnerships that led to a
landmark long-term capacity agreement with a
key strategic customer to supply over $4 billion
of data center cooling products between 2027
and 2029. This agreement is a testament to our
strategy of investing in product development,
testing facilities, and production capacity to
support this rapidly growing market, validating
our position as a technology leader. Technology
and innovation have always been our key
differentiators, and we now have the ability to
deliver these products at the scale required to
support the demands of industry leaders.
All of these product development activities have been in
response to solving our customers    unique needs for data
center cooling in a rapidly changing environment.
Fourth Consecutive Record Year
In Fiscal 2026, we continued our track record of exceptional financial performance. Our strategic initiatives drove
full-year revenue growth of 23% and adjusted EBITDA of $471.0 million, a 20% increase from the prior year.
Our Climate Solutions segment delivered another outstanding, record-breaking year, with revenues increasing 43%. This
growth was led by our Data Center business, where sales surged 73% to cross the $1.1 billion mark. The demand for our
energy-efficient data center cooling products remains incredibly strong, and we see no signs of a slowdown.
Our Performance Technologies segment is making excellent progress preparing for the planned spin-off, which we expect
to close before the end of the calendar year. The team has worked diligently to improve this business, increasing margins
even in the face of challenging markets. We are excited for the road ahead for the PT team as part of a new, combined
company with Gentherm.
Adj. EBITDA
Net Sales
($ in Millions)
$2.3B
$2.4B
2023
2024
($ in Millions)
$392M
$3.2B
$2.6B
$471M
$314M
$212M
Modine 2026 Annual Report
2025
2026
2023
2024
2025
2026


shareholder letter icon 6/18/2026 Letter Continued (Full PDF)
 

MOD Stockholder/Shareholder Letter (MODINE MANUFACTURING CO) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.