Third Quarter Fiscal 2023

FINANCIAL 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

View entire presentation