Engineering a Cleaner, Healthier World

Disciplined Capital Allocation Prioritization ا Capital Spending MODINE Engineering a Cleaner, Healthier World Reallocate capital to growth businesses Target capital spending at ~3% of sales Strategic Acquisitions Plenty of debt capacity and covenant flexibility to execute on strategic M&A transactions × Restructuring Mandatory and Optional Debt Repayment ~$10-15M potential cash spend in FY24 ~$10-15M potential cash spend annually in years 2 through 4 Manageable mandatory debt repayments Share Repurchase ■ Anti-dilutive share repurchase plan Will evaluate additional repurchases based on cash flow, economic climate, and competing cash needs 23

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