Engineering a Cleaner, Healthier World

Improving Free Cash Flow as a % of Sales ~6-8% MODINE Engineering a Cleaner, Healthier World 2.5% FY2023 FY2024 Drivers ■ Operating cash flow margin: 5-7% Capital spending: ~3% of sales Potential cash restructuring: ~$10-$15M ~3-5% FY2024 FY25-27 Drivers Operating cash flow margin: 8-10% Capex spending: ~3% of sales Potential 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 22 22

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