#1MODINE Engineering a Cleaner, Healthier World THIRD QUARTER FISCAL 2023 FEBRUARY 2, 2023#2NEIL BRINKER President and Chief Executive Officer MODINE Engineering a Cleaner, Healthier World MICK LUCARELI Executive Vice President and Chief Financial Officer KATHY POWERS Vice President, Treasurer, and Investor Relations 2#3Forward Looking Statement 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, 2022 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 quarters ended June 30, 2022 and September 30, 2022. 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, the COVID-19 pandemic, the military conflict in Ukraine and other matters, that have been or may be implemented in the U.S. or abroad; the impact of the COVID-19 pandemic 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. 3 MODINE Engineering a Cleaner, Healthier World#4CLIMATE SOLUTIONS ge Simplification Efficiency 囧 Focused Growth E Segmentation Value Creation Strategy Alignment Performance Culture Climate Solutions Well along on 80/20 journey Expanding NA footprint for Data Center products Sharpening commercial acumen ■ ■ Developing relationships with top sales prospects - Providing exceptional service to drive brand loyalty Strengthening distribution model MODINE Engineering a Cleaner, Healthier World - Simplifying product offering through SKU reduction Improving Heat Transfer Products (HTP) margin profile - Reducing SKUs and improved pricing model Expanding capacity for growing European heat pump market Implementing 80/20 throughout the organization Creating focused factories Rationalize low-margin product lines to increase capacity ▪ Renew focus on new product development 4#5PERFORMANCE TECHNOLOGIES ge Simplification Efficiency 囧 Focused Growth E Segmentation Value Creation Strategy Alignment Performance Culture Performance Technologies ▪ Launched 80/20 in the latter half of 2022 ▪ Well along in training the workforce ■ Leadership team in place and working on segmentation ▪ Focused on pricing to offset inflationary pressures Negotiated cost recovery with key customers Improved EBITDA margins incrementally for past two quarters Building order book in Advanced Solutions/EV Systems Implementing 80/20 throughout the organization Improving commercial terms where possible Rationalizing product lines ■ ■ MODINE Engineering a Cleaner, Healthier World - Improving cost structure through supply chain optimization Sharpening quoting filters for new programs Expect to see incremental benefits from 80/20 actions in FY24 5#6CLIMATE SOLUTIONS (In millions) $227.3 Q3 FY22 $23.9 Net Sales 10.5% 9% Adjusted EBITDA & EBITDA Margin* $35.4 $248.6 48% Q3 FY23 14.2% Q3 FY22 Q3 FY23 * See appendix for the full GAAP income statement and Non-GAAP reconciliations 68% Data Centers ■ 3% HVAC&R ■ MODINE Engineering a Cleaner, Healthier World Strong demand in chillers including NA expansion Higher sales to school and commercial refrigeration markets, partially offset by 80/20 product rationalization 2% Heat Transfer Products ▪ Modest growth across global markets, with some softness in residential markets ▪ Excellent earning conversion on the higher sales ▪ 370 bps margin improvement driven by higher revenues in our key markets and 80/20 initiatives ▪ Lower SG&A as a percentage of sales, reduced 50 bps ▪ Data centers and HVAC&R markets remain strong Anticipating further weakness in Q4 across residential heating and HVAC markets 6#7PERFORMANCE TECHNOLOGIES (In millions) $282.0 Q3 FY22 $17.3 Net Sales 6.1% 13% Adjusted EBITDA & EBITDA Margin* $317.8 48% Q3 FY23 $25.6 8.1% Q3 FY22 Q3 FY23 * See appendix for the full GAAP income statement and Non-GAAP reconciliations 17% Advanced Solutions ■ ■ 10% Liquid-Cooled Applications ■ Growing product sales to electric vehicles ■ MODINE Engineering a Cleaner, Healthier World 15% Air-Cooled Applications Higher sales to commercial vehicle customers partially offset by ongoing challenges in China Strong demand in off-highway and commercial vehicle markets ▪ 48% Adjusted EBITDA growth, including a 200 bps margin improvement Earnings growth driven primarily by higher revenues and commercial pricing; partially offset by inflationary factors ▪ Lower SG&A as a percentage of sales, reduced 30 bps Anticipating further margin improvements and higher volume across our end markets next quarter 7#8FINANCIAL REVIEW (In millions) Net Sales Gross Profit % of net sales SG&A expenses % of net sales Operating Income % of net sales Adjusted EBITDA* % of net sales Adjusted EPS* Q3 FY23 $560.0 97.6 17.4% 58.0 10.3% 39.5 7.1% 53.3 9.5% $0.48 Q3 FY22 $502.2 74.6 14.9% 50.3 10.0% 79.4 15.8% 39.3 7.8% $0.31 * See appendix for the full GAAP income statement and Non-GAAP reconciliations (In millions) Net Sales $502.2 Q3 FY22 12% $560.0 Q3 FY23 Adjusted EBITDA & EBITDA Margin* $53.3 $39.3 7.8% MODINE Engineering a Cleaner, Healthier World Q3 FY22 36% 9.5% Q3 FY23 ▪ Sales growth of 18%, excluding a negative $30M FX impact; driven by volume and pricing ▪ Gross profit margin improved 250 bps on favorable volume and pricing, partially offset by ongoing inflationary factors ▪ SG&A up mostly due to higher incentive compensation, professional services, and certain variable costs 7.0% 6.7% ▪ Prior year Operating Income included $57M impairment reversals ▪ 36% adjusted EBITDA growth; a 170 bps margin improvement ▪ Solid adjusted EPS growth, up 55% year-over-year 8#9CASH FLOW AND METRICS Cash Flow and Metrics Free Cash Flow Net Debt (as of December 31) Leverage Ratio (as of December 31) Capital Expenditures Q3 FY23 YTD $32.7 million $307.6 million 1.6x $35.2 million Modine Maintains Strong Balance Sheet & Liquidity ▪ Free cash flow in the quarter was relatively flat (negative $0.4M), primarily due to higher levels of working capital * See appendix for the full GAAP income statement and Non-GAAP reconciliations MODINE Engineering a Cleaner, Healthier World ▪ Continued with the anti-dilutive share repurchase plan; with 100,000 shares purchased this quarter and 300,000 on a year-to-date basis ▪ Net debt decreased $25M YTD; increased $7M during the quarter including a negative FX impact ▪ Cash balance of $82M Leverage ratio improved to 1.6x; anticipating a further reduction by fiscal year-end 9#10FISCAL 2023 OUTLOOK (In millions) 7 Adjusted EBITDA* ■ ■ Net sales Holding the Full Year Revenue and Adjusted EBITDA Outlook Holding guidance after a solid Q3; balancing earnings tailwinds with ongoing economic uncertainties ■ Guidance $2,170 to $2,300 $190 to $200 ■ Comments +6% to +12% +20% to +26% Slightly reduced outlook for HVAC&R due to weaknesses in products sold into the residential market Key Assumptions: ▪ Estimated interest expense of $20 - $21 million ▪ Estimated capex of $60 - $65 million Adjusted tax rate percentage in the mid 20s Depreciation and amortization expense of approximately $55 - $57 million * See appendix for the full GAAP income statement and Non-GAAP reconciliations Anticipating ongoing sequential Adjusted EBITDA and margin improvements in Q4 FY23 Global Sales Outlook Climate Solutions Data Centers HVAC & Refrigeration Heat Transfer Products Performance Technologies Advanced Solutions Liquid-Cooled Applications Air-Cooled Applications MODINE Engineering a Cleaner, Healthier World +50% - 60% +0% - 5% +0% - 5% +15% - 25% +5% - 10% +10% - 15% 10#11MODINE Engineering a Cleaner, Healthier World APPENDIX 11#12Q3 GAAP INCOME STATEMENT (In millions) Net sales Cost of sales Gross profit Selling, general & administrative expenses Restructuring expenses Impairment charges (reversals) - net Operating income Interest expense Other expense - net Earnings before income taxes Provision for income taxes Net earnings Net earnings attributable to noncontrolling interest Net earnings attributable to Modine $ $ Q3 2023 560.0 462.4 97.6 58.0 0.1 39.5 (5.9) (0.4) 33.2 (8.5) 24.7 (0.2) 24.5 $ Q3 2022 502.2 427.6 74.6 50.3 2.1 (57.2) 79.4 (3.8) (1.1) 74.5 (0.1) 74.4 (0.3) $ 74.1 MODINE Engineering a Cleaner, Healthier World 12#13* NON-GAAP RECONCILIATIONS Modine Manufacturing Company Adjusted financial results (unaudited) (In millions, except per share amounts) Net earnings Interest expense Provision for income taxes Depreciation and amortization expense Other expense - net (a) Restructuring expenses (b) Impairment charges (reversals) - net (c) Loss on sale of assets Environmental charges (d) (e) Strategic reorganization and automotive exit costs Adjusted EBITDA Net earnings per share attributable to Modine shareholders - diluted (a) Restructuring expenses Impairment charges (reversals) - net (b) Loss on sale of assets (c) (d) Environmental charges (e) Strategic reorganization and automotive ex it costs (f) Debt amendment costs aluati allow ances (g) Adjusted earnings per share See next slide for footnotes regarding these adjustments $ $ Three months ended December 31, 2022 2021 24.7 5.9 8.5 13.4 0.4 0.1 - 0.3 53.3 0.46 $ 0.01 - 0.01 $ 0.48 74.4 3.8 0.1 13.8 1.1 2.1 (57.2) 1.2 39.3 1.41 0.04 (1.01) 0.03 (0.16) 0.31 $ Nine months ended December 31, 2022 2021 63.3 14.7 19.8 40.7 4.1 2.2 1.8 146.6 1.20 0.04 0.03 - 0.01 1.28 $ $ 77.8 11.8 7.4 40.4 1.6 3.0 (55.7) 6.6 3.6 5.6 102.1 1.46 0.05 (0.94) 0.13 0.07 0.11 (0.22) 0.66 MODINE Engineering a Cleaner, Healthier World 13#14NON-GAAP RECONCILIATIONS (a) Restructuring expenses primarily consist of employee severance expenses related to targeted headcount reductions and equipment transfer costs. The tax benefit related to restructuring expenses during both the first nine months of fiscal 2023 and fiscal 2022 was $0.3 million. (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 during the third quarter of fiscal 2022. On (d) (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. There was no tax impact associated with this transaction. Environmental charges, including related legal costs, are recorded as SG&A expenses at Corporate and relate to a previously-owned U.S. manufacturing facility. (e) The fiscal 2022 amounts include costs recorded at Corporate associated with the Company's strategic reorganization and automotive exit strategy. During the first nine months of fiscal 2022, the Company recorded SG&A expenses totaling $3.1 million related to recruiting new senior management and the Company's implementation of 80/20. In addition, the Company recorded $2.5 million of costs associated with its review of strategic alternatives for its automotive businesses, including costs to prepare the businesses for sale. These costs were primarily recorded as SG&A expenses and consisted of accounting, legal, and IT professional services. There were no tax benefits related to the strategic reorganization or automotive exit strategy costs during the first nine months of fiscal 2022. a year-to-date basis, this impairment reversal was partially offset by net impairment charges related to assets held for sale. The tax charges related to the net impairment reversals during the third quarter and first nine months of fiscal 2022 were $4.3 million and $6.1 million, respectively. (f) In October 2022, the Company amended and extended its primary debt agreement in the U.S. that provides for a five-year revolving credit facility and term loans. In connection with the credit agreement modification, the Company recorded $0.7 million of costs as interest expense during the third quarter of fiscal 2023. There was no tax benefit associated with these costs. (g) During fiscal 2022, the Company reversed valuation allowances on deferred tax assets in Italy, China, and the Netherlands. These reversals were partially offset by a valuation allowance established on other deferred tax assets in China. As a result, the Company recorded net income tax benefits totaling $8.2 million and $11.4 million during the three and nine months ended December 31, 2021, respectively. MODINE® Engineering a Cleaner, Healthier World 14#15NON-GAAP RECONCILIATIONS Segment Adjusted EBITDA and margin (In millions) Climate Solutions Operating income Depreciation and amortization expense (a) Restructuring expenses Adjusted EBITDA Net sales Adjusted EBITDA margin Three months ended December 31, 2021 $ $ $ 2022 30.2 5.2 35.4 248.6 14.2% $ $ $ 16.8 5.6 1.5 23.9 227.3 10.5% Performance Technologies Operating income Depreciation and amortization expense (a) Restructuring expenses Impairment charges (reversals) - net (a) Adjusted EBITDA Net sales Adjusted EBITDA margin (a) See the adjusted financial results on slides 13 and 14 for additional information regarding these adjustments. Three months ended December 31, 2021 $ MODINE Engineering a Cleaner, Healthier World $ $ 2022 17.4 8.1 0.1 25.6 317.8 8.1% $ $ $ 66.1 7.8 0.6 (57.2) 17.3 282.0 6.1% 15#16NON-GAAP RECONCILIATIONS Free cash flow (unaudited) (In millions) Net cash provided by operating activities Expenditures for property, plant and equipment Free cash flow Net debt (unaudited) (In millions) Debt due within one year Long-term debt Total debt Less: cash and cash equivalents Net debt $ $ $ Three months ended December 31, 2022 2021 11.8 $ (12.2) (0.4) December 31, 2022 30.9 358.9 389.8 82.2 307.6 $ $ $ 26.4 (10.3) 16.1 September 30, 2022 36.2 334.4 370.6 70.1 300.5 $ $ $ Nine months ended December 31, 2022 2021 March 31, 2022 67.9 $ (35.2) 32.7 29.4 348.4 377.8 45.2 332.6 $ MODINE Engineering a Cleaner, Healthier World 7.4 (30.7) (23.3) 16#17NON-GAAP RECONCILIATIONS Net sales - constant currency (unaudited) (In millions) Climate Solutions Performance Technologies Segment total Corporate and eliminations Net sales $ $ Net Sales 248.6 317.8 566.4 (6.4) 560.0 Effect of Exchange Rate Changes $ Three months ended December 31, 2022 $ 13.7 16.5 30.2 30.2 $ Net Sales - Constant Currency 262.3 334.3 596.6 (6.4) 590.2 $ 2021 Net Sales 227.3 282.0 509.3 (7.1) 502.2 MODINE Engineering a Cleaner, Healthier World 17#18NON-GAAP RECONCILIATIONS MODINE Engineering a Cleaner, Healthier World The Company's fiscal 2023 guidance includes adjusted EBITDA, which is a non-GAAP financial measure. The full-year fiscal 2023 guidance for adjusted EBITDA is based upon the Company's estimates for interest expense of approximately $20 to $21 million, a provision for income taxes of approximately $27 to $31 million, and depreciation and amortization expense of approximately $55 to $57 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. These expenses for the first nine months of fiscal 2023 are presented on slide 13. Estimates of these expenses and gains for the remainder of fiscal 2023 are not available due to the low visibility and unpredictability of these items. 18