#1MODINE Engineering a Cleaner, Healthier World Ⓡ Investor Presentation June 2023#2Forward-Looking Statements MODINE Engineering a Cleaner, Healthier World 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. Modine's actual results, performance or achievements 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, 2023. 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, rising energy costs, along with supply chain challenges or supplier constraints, 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, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties about the impact of regulatory and/or policy changes, including those related to tax and trade, COVID-19, the military conflict in Ukraine and other matters, that have been or may be implemented in the U.S. or abroad; the impact of COVID-19 on the national and global economy, our business, suppliers, customers, and employees; the overall health and pricing focus of our customers; our ability to successfully execute our strategic and operational plans, including applying 80/20 principles to our business; our ability to effectively and efficiently modify our cost structure in response to sales volume increases or decreases and complete restructuring activities and realize benefits thereon; 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 program launches, unexpected volume increases or decreases, and product transfers; 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; the nature of and Modine's significant exposure to the vehicular industry and the dependence of this industry on the health of the economy; 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 systems; costs and other effects of environmental investigation, remediation or litigation; 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#3Investment Highlights ENGINEERING A CLEANER HEALTHIER WORLD™ We are unlocking value by shifting resources, focusing on end markets with favorable trends, driving for system and value differentiation and pivoting towards our best opportunities. 80 3%/20 100+ year legacy in thermal management 80/20 as a core part of our DNA and a tool to unlock value Products & solutions that help improve our environment Shifting focus to systems. Csolutions versus components Strategy to accelerate top-line growth CAGR to 8-10% by 2025-27 Margin expansion goal to increase by at least 500 bps (2022-27) MODINE Engineering a Cleaner, Healthier World Ⓡ 3#4OUR PURPOSE ENGINEERING A CLEANER, HEALTHIER WORLD™ Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. Improve Indoor Air Quality OUR MISSION Reduce Water & Energy Consumption Lower Harmful Emissions Enable Use Cleaner Environmentally Running Friendly Vehicles Refrigerants OUR VALUES • Integrity Committed People Centric • Technology Driven Results Oriented •Team Focused MODINE Engineering a Cleaner, Healthier World Ⓡ 4#5Modine at a Glance * FY2023 Sales $2.3 Billion 11,300 Employees MODINE Engineering a Cleaner, Healthier World FY2023 Adjusted EBITDA* $212.1 Million FY2023 Free Cash Flow* $56.8 Million | 36 Manufacturing facilities in 14 countries+ Headquartered in Racine, WI R&D and technical centers in: Racine, WI - Grenada, MS Leeds, UK Guadalajara, Spain Bonlanden, Germany Sao Paulo, Brazil Chennai, India See appendix for Non-GAAP reconciliations + Excludes coatings facilities. 5#6Business Segments and Product Groups PERFORMANCE TECHNOLOGIES Air-Cooled Applications Liquid-Cooled Applications BATERY ELECTRIC BATTERY ELECTRIC Advanced Solutions Heat Transfer Products CLIMATE SOLUTIONS MODINE Engineering a Cleaner, Healthier World HVAC & Refrigeration Data Centers Air-cooled heat exchangers for vehicular, stationary power and industrial applications Liquid-cooled heat exchangers for engine, stationary power and industrial applications Thermal systems and components for electric vehicles, and factory-applied and aftermarket coatings Heat exchangers and components for a variety of applications Heating, ventilation, air conditioning and refrigeration systems for commercial and select residential applications Software-optimized free cooling solutions that help save water and energy, and use refrigerants with low global warming potential 6#7Modine Revenue Breakdown FY2023 Sales by Product Group Sales by Geography Liquid-Cooled Applications Advanced Solutions 6% 21% HVAC&R 14% Performance Technologies 56% Climate Solutions 44% Air-Cooled Applications 29% Asia, 10% MODINE Engineering a Cleaner, Healthier World Sales by End Market Other 2% Heating 6% Light Vehicle 17% Indoor Air Coolers 6% Quality 2% Data Centers 7% EMEA, 35% Specialty Vehicle Systems 4% Commercial Vehicle 13% Performance Technologies 56% Climate Solutions 44% Coils (HTP) 23% Heat Transfer Products (HTP) 23% Americas, 55% Off Highway 18% Data Centers 7% Coatings 2% 7#8Transformation Update: Status FOCUS the Organization Ⓒ FOCUS THE ORGANIZATION ◉ ◉ Make 80/20 a core part of our DNA Build a high-performance organization ■ Simplify and segment the business MODINE Engineering a Cleaner, Healthier World Completed segmentation Mature 80/20 rollout in Climate Solutions, recently launched in Performance Technologies MODINE Engineering a Cleaner, Healthier World PERFORM and Deliver ACCELERATE Profitable Growth Expand Margin Profile and Build Growth Engine አተ PERFORM AND DELIVER ■ Launch the Modine Business Cycle Maximize share of target markets Simplify and improve operating margins We Are Here Focusing resources on key end markets: - EV systems - Data centers IAQ, heating, coolers Heat pumps Stationary power ACCELERATE PROFITABLE GROWTH Shift to systems solutions versus components Promote geographic expansion ■ Pursue opportunistic M&A Building capabilities in business development Pursuing M&A to support product and technology strategies in Climate Solutions segment 8#9Financial Snapshot: Progressing Towards Targets Net Sales Adjusted EBITDA & EBITDA Margin MODINE Engineering a Cleaner, Healthier World $2.1B 12% $2.3B FY22 FY23 $212M $159M 34% 9.2% 7.7% FY22 +150bps FY23 FY2022 Launch Revenue: $2.1B EBITDA Margin: 7.7% FY2024 Outlook Revenue Growth: 4-10% Adj. EBITDA $240M-$260M EBITDA Margin: 10-12% See appendix for Non-GAAP reconciliations Reported record sales and adjusted EBITDA in FY23 FY24 outlook in line with June 2022 Investor Day targets FY2025-27 Targets Revenue: 8-10% CAGR EBITDA Margin: 13-15% 9#10Performance Technologies Performance Technologies provides technologies and services that enhance fuel efficiency and durability, improve battery performance and prolong the life of components in harsh environments FY2023 Sales Sales & Adjusted EBITDA Margin Liquid-Cooled 38% Advanced Solutions 11% $1.3B Air-Cooled 51% $1.2B 12% $1.3B Air-Cooled Applications Liquid-Cooled Applications Segment Targets MODINE Engineering a Cleaner, Healthier World Advanced Solutions BATERY ELECTRIC DESENECES BATTERY ELECTRIC Launch FY 2022 Phase 1 FY 2024 Phase 2 FY 2027 Revenue $1.2 billion 5-7% CAGR 0-3% CAGR 7.6% 6.2% +140bps EBITDA Margin 6.2% 10-12% 14-16% CapEx % of Sales 2.5% 2.0-2.5% 1.5-2.0% FY23 10 FY22 See appendix for Non-GAAP reconciliations#1122 Air Cooled Applications 6 Markets Products MODINE Engineering a Cleaner, Healthier World Grow/maintain stationary power and higher margin vehicular business, optimize low margin business shutterst Off-Highway Power Generation erstoc Commercial Vehicle Radiators Charge-Air Coolers Modules Brands MODINE Engineering a Cleaner, Healthier World Market Opportunities Decarbonization and the focus on alternative fuels is creating needs for more advanced cooling technologies Growth in data centers, electrification and microgrid have increased demand for reliable backup power, resulting in growth in the power generation market Competitive Advantage As OEMs de-risk their supply chain, our global product designs and manufacturing footprint provide "in region for region" stability Our legacy of technical thermal management and engineering expertise makes us a supplier of choice as customers innovate with alternative fuels and renewables 11#12Liquid Cooled Applications MODINE Engineering a Cleaner, Healthier World Grow/maintain higher margin vehicular business, rationalize or improve low margin business, facilitate transition to EV Commercial Vehicle Off-Highway Automotive Market Opportunities Decarbonization and focus on renewables creating needs for more advanced cooling technologies Need to minimize wasted or "lost" energy in power infrastructure and industrial processes Markets Products Liquid-cooled charge-air coolers Brands MODINE Engineering a Cleaner, Healthier World EGR Coolers Aluminum & stainless- steel oil coolers ® Competitive Advantage Leveraging more than 100 years of thermal expertise, we work with our customers to develop cost effective, integrated solutions that increase fuel economy, lower emissions, and support the transition to electrification. 12#13Advanced Solutions Markets Products Brands MODINE Engineering a Cleaner, Healthier World Invest in growth of EV Systems business to improve mix and offset revenue decline in air and liquid cooled applications BATTERY ELECTR A Bus & Truck Specialty Vehicle & Off Highway Last Mile Delivery Coatings Battery Thermal Management System GulfClean Electronics Cooling Package Fuel Cell E-Coat-Epoxy Stack Cooling electrodeposition Package service Spray Coating- Licensee and DIY MODINE EVantage ElectroFin heat transfer coatings InsituⓇ Engineering a Cleaner, Healthier World Market Opportunities Government policies and incentives supporting energy source decarbonization and emission management Accelerating focus on renewables, which are becoming cost-competitive with fossil fuels EV components & systems FY23 revenue - $50 million, targeting 5-year CAGR of 40-50% Competitive Advantage Modine's EV systems accelerate electrification by delivering optimal thermal performance and ease of integration Our coatings products extend the life of equipment and components by preventing corrosion 13#14Climate Solutions Climate Solutions provides energy-efficient, safe, climate-controlled solutions and components for a wide range of critical applications. FY2023 Sales Heat Transfer Products 52% $1.0B Data Centers 15% HVAC&R 33% See appendix for Non-GAAP reconciliations Sales & Adjusted EBITDA Margin Heat Transfer Products HVAC & Refrigeration MODINE Engineering a Cleaner, Healthier World Data Centers $1.0B $0.9B Segment Targets Launch Phase 1 FY 2022 FY 2024 Phase 2 FY 2027 11% Revenue $0.9 billion 6-8% CAGR 14.6% 15-20% CAGR 10.9% +370bps EBITDA Margin 10.9% 13-15% 15-17% CapEx % of Sales 1.1% 2.5-3.0% 2.5-3.0% FY22 FY23 14#15Heat Transfer Products Markets Products MODINE Engineering a Cleaner, Healthier World Use 80/20 to simplify product offering and reduce operational complexity; Expand European footprint to support heat pump market demand Commercial & Residential HVAC Refrigeration Data Centers Heat Pumps Heat Transfer Coils ரு MODINE Heatcraft® Brands Engineering a Cleaner, Healthier World heat transfer coils MODINE® Market Opportunities Government incentives driving growth in European heat pump market, - FY23 revenue - $50M, targeting 5-year CAGR of 20-30% Industrial and data center facility demand with increasing regulation for low-GWP refrigeration systems Competitive Advantage Global leader in independent coil manufacturing market with ~30% market share Strong brand recognition and broad product offering Global footprint with dedicated production capacity to strategic partners and markets + 15#16ă HVAC & Refrigeration Markets MODINE Engineering a Cleaner, Healthier World Drive growth supported by competitive advantage, develop next generation products, supplement with M&A Effinity Heating Indoor Air Quality Refrigeration Products Commercial & Residential Unit Heaters Brands MODINE Engineering a Cleaner, Healthier World CO2 Unit Coolers Air-Cooled Condensers School Unit Ventilators ECO TM heat transfer coolers MODINE Airedale by MODINE Dry Coolers Coiltech® industrial heat transfer MODINE Market Opportunities Enhanced focus on energy efficiency, food safety & quality in the cold chain. Government commitments to phase out HFCS in air conditioning and refrigeration by 2036 Government funding for school infrastructure improvements in North America to provide safe indoor environments - FY23 revenue - $60 million, targeting 5-year CAGR of 15-25% Competitive Advantage High-efficiency coolers employ CO2 and other natural refrigerants School unit ventilators provide superior indoor air quality for students, creating healthier, quieter, and more energy-efficient classrooms Market leader in niche heating end markets 16#17Data Centers Markets Products Brands MODINE Engineering a Cleaner, Healthier World Promote geographic expansion to new markets, utilize 80/20 to gain share of wallet with key customers, pursue M&A to gain technology Colocation DC Hyperscale DC Telecom Air-Cooled & Liquid- Cooled Chillers Fan Walls Computer Room Air Conditioners Airedale by MODINE Airedale TurboChill Free C ACIS Building Management Product/System Controls Cloud Services ☐ Market Opportunities Increased data center investment to improve power density and meet growing demand Focus on balancing data center resource requirements for energy and water Centralized smart building management systems that remotely monitor performance and energy consumption FY23 revenue of $150 million, targeting 5-year CAGR of 15-25% Competitive Advantage Airedale provides flexible, high-efficiency free cooling technology to reduce energy and water consumption in data centers Recently brought chiller production to North America with a new state-of-the-art facility in Virginia World class testing facilities in North American and the EU 17#18Financial Transformation ■ Launched 80/20 Initiative Simplification Treating businesses differently Reallocating people and capital Margin improvement over top-line growth Target 10-12% EBITDA Within the Next 12 Months MODINE Engineering a Cleaner, Healthier World Much stronger financial profile; higher margins, cash flow, and enterprise value Flexibility for Additional Acquisitions and Divestitures Move towards median diversified industrial performance Exceed Modine's historical high-water mark We Are Here FY 2022 FY 2023 FY 2024 Revenue $2.1 billion $2.3 billion EBITDA 7.7% Margin FCF% of Sales 4-10% 9.2% 10-12% - Bolt-on and transformational acquisitions FY 2025-27 8-10% CAGR 13-15% (1.4%) 2.5% 3-5% 6-8% See appendix for Non-GAAP reconciliations 18#19Improving Free Cash Flow as a % of Sales ~6-8% MODINE Engineering a Cleaner, Healthier World FY2024 Drivers ■ Operating cash flow margin: 5-7% Capital spending: ~3% of sales ~3-5% Anticipate cash restructuring: ~$20- $30M per year 2.5% FY2023 FY2024 FY25-27 Drivers Operating cash flow margin: 8-10% Capex spending: ~3% of sales Anticipate cash restructuring: ~$10-15M per year FY2025-27 Restructuring cash required to complete rationalization of targeted portions of the Performance Technologies segment Capital spending remains below historical levels, with an emphasis on Climate Solutions and Advanced Solutions Strong cash flow and the positive impact on net debt, provides significant capacity for acquisitions See appendix for Non-GAAP reconciliations 19#20Disciplined Capital Allocation Prioritization ا Capital Spending × Restructuring Mandatory and Optional Debt Repayment Strategic Acquisitions Share Repurchase MODINE Engineering a Cleaner, Healthier World Reallocate capital to growth businesses Target capital spending at ~3% of sales ~$20-30M cash spend next year ~$10-15M cash spend annually in years 2 through 4 Fully fund through operating cash flow, lower capital spending, cost reductions, and improved pricing Manageable mandatory debt repayments. Plenty of debt capacity and covenant flexibility to execute on strategic M&A transactions Anti-dilutive share repurchase plan Will evaluate additional repurchases based on cash flow, economic climate, and competing cash needs 20 20#21Strategic Acquisitions Today FY2024 Build Acquisition Pipeline Bolt-On Targets (Revenue: $25-100M) Ⓒ Ideal Targets اشا FY2025-27 Transformational Targets (Revenue: $300-500M) Financial Discipline ■ Expand product portfolio ■ Broaden systems and service solutions in growth verticals ■ Reach new geographies Key target areas: - Heating - IAQ - Data Centers EV systems ☐ ☐ Short-term focus on bolt-on targets Longer-term focus on transformation targets Target inorganic growth of $400-$600M over next 5 years Free cash flow should provide debt capacity to fund larger transactions Covenants provide flexibility- would plan to rapidly reduce debt back to responsible leverage range Utilize 80/20 to drive synergies and extract value 21 24#22Financial Targets FOCUS FY 2023 PERFORM FY 2024 Outlook ACCELERATE FY 2025-27 Targets Revenue $2.3 billion 6-8% CAGR 8 - 10% CAGR EBITDA 9.2% 10-12% Margin 13-15% FCF% 2.5% 3-5% 6-8% of Sales MODINE Engineering a Cleaner, Healthier World 80/20 mindset underlying all key decisions Revenue growth Driven by market growth and pricing actions Targeted inorganic growth Significant margin expansion Volume, pricing and operational improvements Incremental 200-300 bps from stronger mix and continued growth in targeted markets Targeting improved free cash flow at 5 - 7% of sales over the next five years Higher operating margins and cash flow Reallocating capex- target ~3% of sales Improved financial profile will result in a higher CFROIC, targeting 13 - 15% within five years See appendix for Non-GAAP reconciliations 22 22#23Officially launched 80/20 during Fiscal 2022 Financial Trends Revenue MODINE Engineering a Cleaner, Healthier World Adjusted EBITDA and Adjusted EBITDA Margin $260 $2,500 $2,298 $212 $1,976 $2,050 $174 $1,808 $165 $159 9.1% 9.2% 8.8% 7.7% 2020 2021 2022 2023 2024 2020 2021 Adjusted EBITDA ★ 2022 $29 Free Cash Flow $117 2023 -Adjusted EBITDA Margin Net Debt and Leverage Ratio $408 $412 2024 $333 $297 $286 $57 2.4 2.3 2.1 1.9 2019 ($13) 2020 2021 ($29) 2022 2023 * Our fiscal 2024 guidance is based on our guidance ranges recently presented. See appendix for Non-GAAP reconciliations. 1.4 2019 2020 2021 2022 2023 Net Debt Leverage Ratio 23#24Transformation Underway FOCUS the Organization ă MODINE PERFORM Engineering a Cleaner, Healthier World ACCELERATE Profitable Growth and Deliver Expand Margin Profile and Build Growth Engine FY2022 Launch Revenue: $2.1B EBITDA Margin: 7.7% A FOCUS THE ORGANIZATION ■ ■ Make 80/20 a core part of our DNA Build a high-performance organization Simplify and segment the business PERFORM AND DELIVER ◉ Launch the Modine Business Cycle Maximize share of target markets Simplify and improve operating margins ACCELERATE PROFITABLE GROWTH ■ ■ Shift to systems solutions versus components Promote geographic expansion Pursue opportunistic M&A FY2024 Outlook Revenue Growth: 4-10% Adj. EBITDA $240M-$260M EBITDA Margin: 10-12% MODINE Engineering a Cleaner, Healthier World FY2025-27 Targets Revenue: 8-10% CAGR EBITDA Margin: 13-15% See appendix for Non-GAAP reconciliations 24 24#25MODINE Engineering a Cleaner, Healthier World APPENDIX#26Non-GAAP Reconciliations Modine Manufacturing Company Adjusted EBITDA Twelve months ended March 31, (In millions) MODINE Engineering a Cleaner, Healthier World 2023 2022 2021 2020 Net earnings (loss) $ 153.6 $ 86.3 $ (209.5) $ (2.0) Interest expense 20.7 15.6 19.4 22.7 Provision (benefit) from income taxes (28.3) 15.2 90.2 12.4 Depreciation and amortization expense 54.5 54.8 68.6 77.1 Other expense - net 4.4 2.1 2.2 4.8 (a) Restructuring expenses 5.0 24.1 13.4 12.2 Impairment charges (reversals) - net (b) (55.7) 166.8 8.6 Loss (gain) on sale of assets (c) 6.6 (0.8) Strategic reorganization costs (d) 3.4 6.7 Automotive separation and exit strategy costs (e) 2.6 6.6 39.2 Environmental charges (f) 2.2 3.8 0.4 0.2 Adjusted EBITDA $ 212.1 $ 158.8 $ 164.8 $ 174.4 Net Sales Adjusted EBITDA margin * See next slide for footnotes regarding these adjustments $ 2,297.9 $2,050.1 $1,808.4 $1,975.5 9.2% 7.7% 9.1% 8.8% 26#27Non-GAAP Reconciliations (a) Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions and plant consolidation activities and equipment transfer costs. (b) The net impairment reversals during fiscal 2022 primarily relate to the Company's liquid-cooled automotive business. During the third quarter of fiscal 2022, the Company and the prospective buyer terminated an agreement for the sale of the business and the Company remeasured its previously impaired long-lived assets to the lower of (i) carrying value, had held for sale classification never been met, or (ii) fair value. As a result, the Company recorded a $57.2 million impairment reversal. This impairment reversal was partially offset by other net impairment charges related to assets held for sale. The fiscal 2021 impairment charges also primarily related to the liquid-cooled automotive business in connection with it being classified as held for sale in fiscal 2021. During fiscal 2020, the Company recorded asset impairment charges totaling $8.6 million, primarily related to manufacturing facilities in Austria and Germany. (c) The Company's sale of its air-cooled automotive business in Austria closed on April 30, 2021. As a result of the sale, the Company recorded a $6.6 million loss on sale at Corporate during the first quarter of fiscal 2022. During fiscal 2020, the Company sold a previously- closed manufacturing facility in Germany and, as a result, recorded a gain of $0.8 million. (d) Strategic reorganization costs, recorded as SG&A expenses at Corporate, primarily consist of severance-related expenses and professional service fees for recruiting key senior management positions and the Company's implementation of 80/20. The fiscal 2022 costs include recruiting fees for new segment vice presidents and business unit general managers and severance-related expenses for the outgoing executives as part of the transition. The fiscal 2021 costs include severance and benefit-related expenses associated with our previous CEO's separation agreement and costs directly associated with the search for his successor. (e) Automotive separation and exit strategy costs consist of costs directly associated with the Company's review of strategic alternatives for its automotive businesses, including costs to prepare the businesses for sale. These costs were recorded at Corporate and are primarily related to accounting, legal, and IT professional services. (f) Environmental charges, including related legal costs, are recorded as SG&A expenses and relate to previously-owned U.S. manufacturing facilities. MODINE Engineering a Cleaner, Healthier World 27#28Non-GAAP Reconciliations Modine Manufacturing Company Segment adjusted financial results (unaudited) (In millions) Operating income Depreciation and amortization expense Restructuring expenses (a) (a) Impairment charges (reversals) – net - Loss on sale of assets (a) Environmental charges (a) Strategic reorganization and automotive exit costs Adjusted EBITDA Twelve months ended March 31, 2023 Twelve months ended March 31, 2022 Climate Solutions Performance Corporate and Climate Performance Corporate and Technologies eliminations Total Solutions Technologies eliminations Total $ 124.1 $ 65.6 $ (39.3) $ 150.4 $ 73.4 $ 77.4 $ (31.6) $ 119.2 21.7 31.8 1.0 54.5 23.6 29.9 1.3 54.8 2.2 2.8 5.0 2.2 21.9 24.1 0.3 (56.0) (55.7) 6.6 6.6 2.2 2.2 3.8 3.8 (a) 6.0 6.0 $ 148.0 $ 100.2 $ (36.1) $ 212.1 $ 99.5 $ 73.2 $ (13.9) $ 158.8 $ 1,011.9 14.6% $ 1,316.2 $ 7.6% (30.2) $2,297.9 9.2% $ 910.5 $ 1,172.4 $ (32.8) $2,050.1 10.9% 6.2% 7.7% Net sales Adjusted EBITDA margin (a) See the Adjusted EBITDA reconciliation on the previous two slides for information on restructuring expenses and other adjustments. MODINE Engineering a Cleaner, Healthier World 28#29Non-GAAP Reconciliations Free cash flow (In millions) Twelve months ended March 31, 2023 2022 2021 2020 2019 Net cash provided by operating activities $ 107.5 $ 11.5 $ 149.8 $ 57.9 $ 103.3 Expenditures for property, plant and equipment (50.7) (40.3) (32.7) (71.3) (73.9) Free cash flow $ 56.8 $ (28.8) $ 117.1 $ (13.4) $ 29.4 Net Sales $ 2,297.9 $ 2,050.1 FCF % of Net Sales 2.5% -1.4% $ 1,808.4 6.5% $ 1,975.5 -0.7% $ 2,212.7 1.3% Net debt (In millions) March 31, 2023 March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2019 Debt due within one year $ 23.4 $ 29.4 $ 23.3 $ 30.4 $ 67.5 Long-term debt 329.3 348.4 311.2 452.0 382.2 Total debt 352.7 377.8 334.5 482.4 449.7 Less: cash and cash equivalents 67.1 45.2 37.8 70.9 41.7 Net debt $ 285.6 $ 332.6 $ 296.7 $ 411.5 $ 408.0 MODINE Engineering a Cleaner, Healthier World 29 29#30Non-GAAP Reconciliations MODINE Engineering a Cleaner, Healthier World Forward-looking non-GAAP financial measures This presentation includes forward-looking projections of non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin, and free cash flow as a percentage of sales. The projections are based on management's expectations of future financial results. For example, the Company's fiscal 2024 guidance for adjusted EBITDA is based upon the Company's estimates for interest expense of approximately $23 to $25 million, a provision for income taxes of approximately $38 to $45 million, and depreciation and amortization expense of approximately $58 to $62 million. Adjusted EBITDA also 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 costs and plant consolidation and relocation expenses), impairment charges and certain other items. Estimates of these expenses and gains for fiscal 2024 and beyond are not available due to the low visibility and unpredictability of these items. 30