Engineering a Cleaner, Healthier World - Financial Overview

Financial 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

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