Modine Manufacturing Company (MOD): Business Model Canvas [Dec-2025 Updated]

You're looking at Modine Manufacturing Company (MOD) right as they make a major pivot, shifting focus to the massive demand in data center cooling, and frankly, the numbers from fiscal 2025 show this is a serious commitment. Honestly, seeing their $2,583.5 million in total net sales, with data center products alone generating $644 million, tells you this isn't just talk; it's a capital-intensive move, evidenced by the $100 million investment for new capacity. To really understand how they are balancing this high-growth segment against their established Climate Solutions business, which still delivered $1,440.8 million, you need to see the nuts and bolts of their operation. Below, I've mapped out the entire Business Model Canvas to show you exactly where the value is being created and what the real cost drivers are for this transformation.

Modine Manufacturing Company (MOD) - Canvas Business Model: Key Partnerships

Modine Manufacturing Company relies on a network of strategic alliances and supplier relationships to execute its thermal management strategy across its Climate Solutions and Performance Technologies segments.

Strategic OEM relationships for EVantage™ thermal systems (e.g., GILLIG, Bosch Rexroth)

Modine Manufacturing Company maintains a long-standing supply relationship with Gillig, a leading manufacturer of transit buses, focusing on low and zero emission solutions. This collaboration specifically involves the use of Modine Manufacturing Company's EVantage battery thermal management system and inverter cooling modules in Gillig's hybrid vehicles. The company's focus on electrification is part of a broader strategy where its top five customers, as of fiscal 2025, are in the commercial vehicle, data center, and off-highway markets.

• EVantage™ systems are engineered for commercial, off-highway, and specialty electric vehicles (EVs).
• The EVantage suite combines proprietary heat exchanger technology with electronic components and smart control electronics.

Key suppliers for raw materials (e.g., aluminum, copper) and components

While specific supplier concentration data for raw materials like aluminum or copper is not publicly detailed, Modine Manufacturing Company acknowledges risks associated with supplier constraints and logistical disruptions in its filings. The company's operational focus is guided by 80/20 principles, concentrating resources where they drive the most value. The top ten largest customers accounted for 43 percent of Modine Manufacturing Company's net sales in fiscal 2025.

Modine Manufacturing Company's fiscal 2025 consolidated net sales reached $2.6 billion, with an adjusted EBITDA of $392 million.

Technology co-development with zero-emission vehicle manufacturers

The partnership with Gillig demonstrates active technology co-development, particularly around the EVantage platform, which is designed to maximize heating and cooling while minimizing power draw in a compact form factor for commercial EVs. Modine Manufacturing Company is engineering solutions that anticipate future environmental and operational demands in the vehicle space.

M&A integration partners for recent acquisitions (e.g., Climate by Design International)

Modine Manufacturing Company has pursued an aggressive acquisition strategy, completing nine acquisitions between 2024 and July 2025 to broaden its portfolio. The most recent major integration is Climate by Design International (CDI), acquired on July 1, 2025, for approximately $65mm purchase price. CDI is expected to contribute an anticipated Fiscal 2026 revenue of $45M.

• CDI acquisition completed on July 1, 2025.
• Acquisition expected to be accretive to earnings per share before synergies.
• CDI specializes in desiccant-based dehumidification technology.
• Other recent integrations include L.B. White (May 2025, ~$112 million) and AbsolutAire (March 2025).

Global network of authorized HVAC&R wholesalers and distributors

Modine Manufacturing Company supports its global reach through a network that includes more than 11,000 employees working across North America, South America, Europe, and Asia. The company's Climate Solutions segment saw revenue growth driven by its Data Centers business, which grew 119% year-over-year in fiscal 2025, indicating strong channel penetration in that high-growth area.

As of May 16, 2025, the number of shares outstanding was 52,391,883.

Modine Manufacturing Company (MOD) - Canvas Business Model: Key Activities

Design and manufacture of mission-critical thermal management systems

Modine Manufacturing Company's core activity involves designing and producing thermal management solutions across various demanding sectors. For fiscal year 2025, the company reported consolidated net sales of $2,583.5 million, an increase of 7 percent from the prior year. The gross margin for fiscal 2025 improved to 24.9 percent. The company's product portfolio includes components like radiators, cooling modules, battery cooling & heating systems, oil coolers, and exhaust gas recirculation coolers for bus, truck, and specialty vehicles.

Rapid expansion of U.S. data center cooling manufacturing capacity

A major focus is scaling production for the data center market, which saw revenue grow 119 percent from the prior year in fiscal 2025. In the second quarter of fiscal 2025, data center sales specifically grew 102 percent year-over-year. This expansion is supported by a $100 million investment announced in July 2025 to bolster U.S. manufacturing capacity for these products. The company secured a substantial $180 million order for cooling systems in February 2025. Modine Manufacturing Company forecasts data center revenue to grow by more than 60 percent year-over-year for fiscal year 2026, with a projection that this revenue could reach approximately $2 billion by fiscal 2028.

Research and development (R&D) for advanced cooling and heat transfer solutions

Innovation is channeled through strategic investments and acquisitions to support high-growth areas. The company completed nine acquisitions between 2024 and July 2025, including the purchase of Climate by Design International (CDI) in July 2025. These efforts support the development of solutions that help guarantee lower energy usage, such as offering fans with electronically commutated (EC) technology as an option.

Operational efficiency improvements using 80/20 principles

Modine Manufacturing Company applies its 80/20 strategy to streamline operations and enhance profitability. In the Performance Technologies segment, the application of 80/20 principles resulted in an adjusted EBITDA margin improvement of 200 basis points to 13.5 percent in fiscal 2025, even with a 12 percent revenue decline in that segment. Overall, the company has improved its adjusted EBITDA margin by 800 basis points over the past three years while maintaining flat revenue in that segment. This focus contributed to a 47 percent EBITDA growth in key segments.

Global supply chain management and logistics for 11,000+ employees

Managing a global operation requires extensive logistical activity supporting its workforce. Modine Manufacturing Company had 11,300 employees as of March 31, 2025. The company operates 37 production facility locations across 18 countries, spanning North America, South America, Europe, Asia, and Africa.

Key Operational Metrics Snapshot (As of Late 2025 Data)

The company's key activities involve a mix of core manufacturing, aggressive expansion into high-growth areas like data centers, and internal process refinement.

• Design and manufacture of thermal management systems.
• Rapid expansion of U.S. data center cooling capacity.
• Strategic acquisitions, including nine between 2024 and July 2025.
• Applying 80/20 principles for margin enhancement.
• Managing logistics for 11,300 global employees.

Modine Manufacturing Company (MOD) - Canvas Business Model: Key Resources

You're looking at the core assets Modine Manufacturing Company uses to deliver its thermal management value propositions. These aren't just line items on a balance sheet; they are the engines of their competitive edge, especially as they pivot toward electrification and data center cooling.

Proprietary thermal management technology (e.g., EVantage™, Airedale by Modine™)

Modine Manufacturing Company's resource base is heavily weighted toward its specialized intellectual capital and the resulting product lines. The EVantage™ suite is central to its zero-emission mobility push, offering systems like the Battery Thermal Management System (BTMS) and the Electronics Cooling Package (ECP), which use proprietary heat exchanger technology combined with smart control electronics to optimize temperatures for EV batteries and power electronics. On the commercial side, Airedale by Modine™ provides advanced cooling solutions, including air-cooled and liquid-cooled systems, specifically targeting hyperscale, colocation, and edge computing environments.

• EVantage™ systems are designed for fast and easy integration into commercial, specialty, and purpose-built electric vehicle chassis.
• Airedale by Modine™ systems integrate intelligent software with high-performance hardware to minimize power consumption.
• The Data Centers business saw revenue grow by 119% from the prior year in Fiscal 2025.

Global manufacturing footprint across North America, Europe, and Asia

Modine Manufacturing Company maintains a global operational presence to support its diverse customer base, which includes HVAC&R OEM customers who also operate globally. The company has manufacturing operations spanning North America, South America, Europe, and Asia. This footprint is being actively expanded to meet specific high-growth market demands.

For instance, to support escalating demand from hyperscale and colocation data center clients, Modine Manufacturing Company announced a significant $100 million investment in July 2025 to bolster its U.S. manufacturing capacity for data center cooling products. Furthermore, the company expanded its EVantage™ production to Europe, with its facility in Pontevico, Italy, manufacturing battery thermal management and electronics cooling systems for the continent starting in 2024.

Specialized engineering and R&D talent

The foundation of the proprietary technology is the talent base. As of March 2025, Modine Manufacturing Company employed approximately 11,300 individuals globally. This workforce supports the design, engineering, testing, and manufacturing of mission-critical thermal solutions.

Here's a quick look at the scale of the business these resources supported in the latest full fiscal year:

Intellectual property (IP) and patents in heat transfer and cooling

Modine Manufacturing Company actively secures its innovations through patents, which is a critical non-physical resource. The company has recently secured grants and filed applications related to its core competency in heat transfer technology. This IP directly underpins the performance claims of its product lines.

• Patent number 12287120, covering an 'Adiabatic cooling system,' was granted on April 29, 2025.
• Patent number 12422197, for a 'Method of making a heat exchanger,' was granted on September 23, 2025.
• Modine Manufacturing Company filed an international patent application for 'HEAT EXCHANGER HAVING A MULTICAVITY TUBE,' which was published on October 23, 2025.

Strong balance sheet with $129.3 million in free cash flow (FY 2025)

Financial strength provides the flexibility to invest in the other key resources, such as R&D and manufacturing expansion. For the fiscal year ended March 31, 2025, Modine Manufacturing Company reported a Free Cash Flow of $129.3 million, an increase of $2.4 million from the prior year. This cash generation is vital for funding acquisitions and capital projects. To be fair, the cash flow picture can shift quarter-to-quarter; for the six months ended September 30, 2025, free cash flow was negative at -$30.3 million, largely due to working capital increases and higher capital expenditures. However, the annual figure reflects strong underlying performance.

As of September 30, 2025, the balance sheet showed total debt of $582.1 million and cash and cash equivalents of $83.8 million. Finance: draft 13-week cash view by Friday.

Modine Manufacturing Company (MOD) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Modine Manufacturing Company-the tangible benefits they get from the thermal management technology. It's all about precision engineering delivering measurable results, especially as the world shifts toward higher density computing and electrification.

High-performance, energy-efficient cooling for hyperscale data centers

This is clearly a major growth engine right now. Modine Manufacturing Company is delivering solutions critical for AI infrastructure and cloud giant expansions. The demand is translating directly into massive revenue acceleration within the Climate Solutions segment. For the full Fiscal 2025 year, total Data Centers revenue grew by an impressive 119% from the prior year, including the benefit from the Scott Springfield Manufacturing acquisition. In the second quarter of Fiscal 2026 (ended September 30, 2025), data center sales alone increased by 42% year-over-year. The company is actively expanding capacity in facilities like Rockbridge, Virginia, and Grenada, Mississippi, to meet this pace. They've even launched a 1-megawatt Cooling Distribution Unit, which is a critical component for high-density liquid and hybrid cooling systems. Management projects that data center-related revenues are anticipated to increase more than 30% in Fiscal 2026.

Optimized thermal management for commercial electric and hybrid vehicles

The Advanced Solutions business focuses on providing products and solutions for zero-emission and hybrid vehicles. Their EVantage suite, which includes the Battery Thermal Management System (BTMS) and Electronics Cooling Package (ECP), is engineered for high-precision temperature control to enhance performance, durability, and range for commercial and heavy-duty electric vehicles. While the broader Performance Technologies segment faced headwinds, seeing sales of $286.3 million in Q2 Fiscal 2026 (a 4% decrease YoY), the focus on advanced solutions remains a key value driver for future electrification mandates.

Improved indoor air quality (IAQ) and climate control for commercial buildings

Modine Manufacturing Company is recognized as a top supplier of indoor air quality systems specifically for U.S. schools. Strategic acquisitions are bolstering this area; for instance, the acquisition of Climate by Design International (CDI) in July 2025 is expected to contribute annual sales of approximately $45.0 million. This focus on IAQ, alongside HVAC&R, is expected to drive growth within the Climate Solutions segment. In Q2 Fiscal 2026, HVAC Technologies sales specifically increased by 25%, which included $28.1 million in incremental sales from acquired businesses.

Custom-engineered heat transfer solutions for industrial OEMs

The company holds a strong position as the largest independent heat-transfer coil manufacturer globally. They supply engineered heat transfer systems and high-quality components to various on- and off-highway OEM vehicular applications. While this product line saw some contraction, with heat transfer product sales decreasing by $71 million in Fiscal 2025, the core competency in custom-engineered heat transfer remains a foundational value proposition for industrial partners.

Enabling a cleaner, healthier world through reduced emissions and energy use

The company's stated purpose is Engineering a Cleaner, Healthier World™, guiding their mission to reduce energy and water consumption and lower harmful emissions. This purpose is supported by solid financial performance, reflecting successful execution across their simplified segments. For Fiscal 2025, consolidated net sales reached $2,583.5 million, a 7% increase from the prior year. Gross margin improved by 310 basis points to 24.9% for the full fiscal year, driven by favorable sales mix and higher average selling prices. The outlook for Fiscal 2026 targets an adjusted EBITDA range of $440 million to $470 million.

Here's a quick look at the financial scale supporting these value propositions as of late 2025:

The company is definitely using its thermal expertise to capture growth in high-value, future-focused markets like data centers and electrification.

Modine Manufacturing Company (MOD) - Canvas Business Model: Customer Relationships

You're looking at how Modine Manufacturing Company builds and maintains its ties with customers across its diverse thermal management landscape. It's a mix of deep engineering partnership and high-volume distribution, definitely shifting toward the former given the recent growth story.

Dedicated engineering consultation and co-development with large OEMs

For the Performance Technologies segment, which serves on- and off-highway vehicular applications, the relationship is rooted in engineering integration. Modine Manufacturing Company provides engineered heat transfer systems and components directly to these Original Equipment Manufacturers (OEMs). While specific OEM contract values aren't public, the segment's reliance on these relationships is clear, even when facing market headwinds; for instance, in fiscal 2025, the Performance Technologies segment saw revenue decline by 12 percent compared to the prior year, partially due to market-related declines from automotive and commercial vehicle customers.

Direct, long-term contracts with hyperscale and colocation data center clients

This is where the action is right now. Modine Manufacturing Company is securing direct, long-term relationships with hyperscale and colocation data center clients, especially those building out AI infrastructure. In February 2025, the company announced a significant $180 million in orders for Airedale by Modine data center cooling systems from a single, leading AI infrastructure developer customer. This segment is the engine of growth; Data Centers revenue grew by 119 percent year-over-year in fiscal 2025, reaching $644 million. The company is investing heavily to support this, announcing a $100 million investment in July 2025 to expand U.S. manufacturing capacity, with a projection that total data centers revenue could approach $2 billion by Fiscal 2028. The company notes it has visibility extending up to five years with certain customers in this space.

The concentration risk is something to watch, though. Modine Manufacturing Company's ten largest customers accounted for 43 percent of its net sales in fiscal 2025. That's a high degree of reliance on a small group, which makes these direct, consultative relationships mission-critical.

Here's a quick look at the top-line results driving this customer focus as of late 2025:

Standardized product sales and support via HVAC&R distribution network

The Climate Solutions segment, which houses the data center business, also serves commercial and industrial sectors like telecommunications, healthcare, and commercial real estate through various channels. While the data center work is highly customized, other HVAC&R solutions likely flow through a more standardized distribution network. For the second quarter of fiscal 2026 (ending September 30, 2025), Climate Solutions segment sales were up 12 percent year-over-year, driven by data center demand and acquired businesses, partially offsetting weakness elsewhere.

Post-sale service, maintenance, and monitoring for complex systems

For the complex, high-capacity cooling systems sold to data centers, post-sale support is essential for maintaining uptime. Modine Manufacturing Company supports its Airedale by Modine solutions with a global service network, which includes advanced control systems designed to lower the total cost of ownership. The company's focus on mission-critical operations implies a strong commitment to ensuring system reliability after the initial sale.

Strategic, consultative selling for complex, mission-critical solutions

The $180 million order from the AI infrastructure developer was for high capacity equipment purpose-built to meet specific objectives for scalable and sustainable AI applications. This is consultative selling in action-it's not just selling a product off the shelf; it's engineering a fit-for-purpose solution. The company is also developing a modular data center platform tailored for key global customers, which requires deep, upfront consultation on deployment and integration.

• Focus on 80/20 principles to focus resources on markets with the highest sustainable growth opportunities.
• The company actively monitors customer financial conditions prior to granting credit.
• Anticipate and prepare for change to provide innovative solutions that help customers meet sustainability targets.

Finance: review the working capital impact from the negative $30.3 million free cash flow in the six months ending September 30, 2025, which was partly due to higher inventory in Climate Solutions.

Modine Manufacturing Company (MOD) - Canvas Business Model: Channels

You're looking at how Modine Manufacturing Company gets its thermal management solutions into the hands of customers across its diverse segments. The channel strategy is clearly bifurcated, leaning heavily on direct relationships for high-growth, high-volume areas like data centers, while relying on established networks for broader, more traditional markets.

Direct sales force to large Original Equipment Manufacturers (OEMs)

The reliance on direct engagement with major clients is significant, particularly within the Performance Technologies segment, which serves on- and off-highway vehicular applications. The company's top ten largest customers accounted for 43 percent of net sales in fiscal 2025. These key relationships are concentrated in the data center, commercial vehicle, and off-highway markets, indicating a strong direct sales component for the largest revenue contributors. Modine Manufacturing Company operates in regions including the United States, Italy, Hungary, China, the United Kingdom, and internationally, suggesting a globally deployed direct sales presence to service these large, multi-national OEMs.

Direct sales to hyperscale and colocation data center end-users

This channel is the current engine of growth. Revenue from the Data Centers business within the Climate Solutions segment skyrocketed by 119% year-over-year in fiscal 2025, reaching $644 million. This massive influx of business is a direct result of strategic investments and direct engagement with hyperscale and colocation providers building AI infrastructure. For fiscal 2026, Modine Manufacturing Company anticipates Data Centers revenue to grow by more than 30%, underscoring the continued priority of this direct-to-end-user channel.

The channel performance within the Climate Solutions segment, which drove the overall company's growth, can be summarized as follows:

Aftermarket parts and service distribution

While specific revenue figures for the aftermarket are not broken out separately from the segment totals, the company's structure implies a necessary distribution network for replacement parts and service. The disposition of two coatings facilities in September 2023, which provided aftermarket application services and generated $6.4 million in fiscal 2023 sales, shows a history of managing and sometimes divesting parts of this channel. The remaining business, which includes heat transfer coils and unit heaters, relies on channels to service the installed base across vehicular and HVAC&R applications.

Global network of independent HVAC&R wholesalers and distributors

The Climate Solutions segment, which includes HVAC&R products, saw sales increase by 28% in the fourth quarter of fiscal 2025 compared to the prior year, partly driven by incremental sales from the Scott Springfield Manufacturing acquisition. This segment typically utilizes a network of independent wholesalers and distributors to reach smaller commercial and residential customers not covered by direct OEM or hyperscale contracts. The company's presence across the European Union, Canada, and Mexico suggests a reliance on established, third-party distribution partners in those geographies to move products like unit heaters and air handling units.

Online product literature and technical support portals

Modine Manufacturing Company supports its sales channels and end-users through digital resources. The company maintains a public website, www.modine.com, which serves as the central hub for product information. This digital presence is crucial for providing necessary technical documentation to engineers specifying products for both large OEM projects and smaller distribution sales. The focus on 80/20 principles suggests an effort to streamline support, likely prioritizing digital self-service for routine inquiries.

The key channels are clearly weighted toward large, direct engagements right now. Finance: draft a sensitivity analysis on the 43 percent of sales tied to the top ten customers by next Tuesday.

Modine Manufacturing Company (MOD) - Canvas Business Model: Customer Segments

You're looking at how Modine Manufacturing Company segments its buyers, which is key to understanding where their growth is coming from and where the near-term risks lie. Honestly, the story for late 2025 is all about the digital infrastructure boom offsetting weakness in traditional vehicular markets.

Hyperscale and colocation data center operators (fastest growing segment)

This group is the engine right now. The demand for precision cooling tied to AI infrastructure is driving multi-year growth cycles for Modine Manufacturing Company. You see this clearly in the financials; the Climate Solutions segment, which houses this business, is now outpacing the traditional Performance Technologies division.

Here's the quick math on the data center surge:

• Data Center revenues in Fiscal 2025 hit $644 million.
• That represents a massive 119% year-over-year growth for Fiscal 2025.
• For Fiscal 2026, Modine projects data center sales to grow over 60%, or more than 30% depending on the specific report date.
• In Q3 of Fiscal 2025, data center revenues grew 176% year-over-year.
• The company is expanding U.S. manufacturing capacity in places like Rockbridge, Virginia, and Grenada, Mississippi, to keep up.

Commercial vehicle OEMs (truck, bus, off-highway, specialty vehicles)

This customer base, along with automotive, falls squarely into the Performance Technologies segment, and it's definitely feeling market pressure. The company has been actively repositioning this part of the business to improve its margin profile despite the top-line challenges.

Commercial and industrial building owners/contractors (HVAC&R)

These customers drive the HVAC Technologies product group within Climate Solutions. While not growing as explosively as data centers, this area still provides solid, steady demand, often tied to indoor air quality (IAQ) and general building efficiency standards. In Q3 Fiscal 2025, HVAC&R sales were up 15%. The segment also benefits from the acquisition of Scott Springfield Manufacturing, which serves the IAQ market.

Industrial process manufacturers (e.g., energy, chemical, power generation)

These customers are primarily served through the Heavy-Duty Equipment product group, which focuses on heat exchangers for stationary power generation and similar industrial uses. This group saw revenues of $422.1 million in Fiscal 2025. This is a segment where Modine Manufacturing Company helps solve complex thermal management challenges related to energy efficiency and environmental standards.

Automotive OEMs, though this segment is facing market weakness

This is another core part of Performance Technologies, and it's definitely under the weather. The weakness is broad, covering global commercial vehicle, off-highway, and auto markets. What this estimate hides is the impact of recent divestitures, which makes year-over-year organic comparisons tricky, but the trend is down.

Here's a snapshot of the vehicular markets performance in recent periods:

The company is actively managing this by focusing on margin improvement and structural changes within Performance Technologies. Finance: draft 13-week cash view by Friday.

Modine Manufacturing Company (MOD) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Modine Manufacturing Company as of late 2025, and honestly, the story is dominated by production costs and strategic growth spending. The cost structure is heavily weighted toward getting the product made, but the capital spending for the future is also a massive line item right now.

Cost of Goods Sold (COGS) is definitely the largest chunk of the spending pie. This covers the direct costs of making the heat transfer components, which means raw materials-especially metals-and the direct labor to assemble them. For the full fiscal year 2025, Modine Manufacturing Company reported net sales of $\$2,583.5$ million, with a gross margin of $24.9$ percent. Here's the quick math: that implies the Cost of Goods Sold for the year was approximately $\$1,939.9$ million, or about $75.1$ percent of net sales.

The company is making significant, forward-looking investments, particularly in its high-growth Climate Solutions segment. You saw the news: Modine Manufacturing Company announced a $\$100$ million investment over $12-18$ months to expand U.S. manufacturing capacity specifically for Airedale by Modine™ data center cooling products. This capital expenditure (CapEx) is aimed at building new facilities in places like Dallas, Texas, and Grenada, Mississippi, and repurposing existing sites. It's a clear signal that future capacity expansion is a major cost driver.

Research and Development (R&D) remains a key investment area to keep the product line innovative. While the most recent full-year number we have is for the prior period, it shows the commitment: R&D expenses were $\$63.8$ million in fiscal 2024. Modine Manufacturing Company's R&D teams work closely with customers on system designs, especially in the Data Center Cooling business.

Selling, General, and Administrative (SG&A) expenses are also climbing as the company grows and integrates acquisitions. For instance, in the fourth quarter of fiscal 2025, SG&A expenses increased by $\$5.9$ million to reach $\$81.5$ million compared to the prior year's fourth quarter. This increase reflects higher compensation, including incentive pay tied to better financial results, plus the SG&A costs from the acquired Scott Springfield Manufacturing business.

Finally, you have to account for costs related to streamlining the business. Modine Manufacturing Company recorded $\$28.2$ million in restructuring expenses for the full fiscal year 2025. This is up from $\$15.0$ million in restructuring expenses recorded in fiscal 2024. These expenses are tied to portfolio simplification, such as severance costs and equipment transfer expenses, often within the Performance Technologies segment.

Here is a look at some of these key cost components for Modine Manufacturing Company:

The company is also allocating significant capital outside of its operating expenses. The strategic capital outlay for data center capacity expansion is a planned $\$100$ million. This spending is critical to meeting the accelerating demand you see in the market.

• The $\$100$ million CapEx is spread over $12-18$ months starting in 2025.
• Expansion sites include new facilities in Dallas, TX, and Grenada, MS.
• The goal is to support the path to approach $\$2$ billion in data center revenues by Fiscal 2028.
• Cash payments for restructuring activities, acquisition, and integration costs totaled $\$31.8$ million for the year ended March 31, 2025.

Finance: draft 13-week cash view by Friday.

Modine Manufacturing Company (MOD) - Canvas Business Model: Revenue Streams

You're looking at how Modine Manufacturing Company brings in its money as of late 2025. It's all about thermal management, and the numbers show a clear focus on high-growth areas like data centers, even as legacy segments adapt. Here's the quick math on the revenue streams for fiscal year 2025, based on the figures you provided and the latest segment reporting.

The total net sales for Modine Manufacturing Company in fiscal year 2025 reached $2,583.5 million. This top-line performance was a result of several distinct revenue streams across its operating segments.

The breakdown of these revenue streams for fiscal year 2025 is detailed below. Note that the Data Center cooling sales are a key driver within the larger Climate Solutions segment.

The Climate Solutions segment was the primary engine, with total sales of $1,440.8 million in FY 2025. Within this, the specialized sales of Data Center cooling products contributed $644 million. This highlights the strategic shift toward high-demand, modern thermal management applications.

The Performance Technologies segment, which serves vehicular and industrial thermal markets, generated sales of $294.8 million for the fiscal year. This figure is based on the closest available segment sales data for the year, reflecting market weakness in some vehicular end markets.

The final component of the revenue mix comes from aftermarket parts and service. This stream, essential for recurring revenue, accounted for the remaining portion of the total sales.

You can see how the major components stack up against the total:

• Data Center Cooling Sales: $644.0 million
• Climate Solutions (Total): $1,440.8 million
• Performance Technologies Sales: $294.8 million
• Aftermarket Parts and Service: $203.9 million

It's worth noting that the Performance Technologies segment saw a year-over-year decline in sales, as reported in Q4 FY2025 filings, which was partially offset by the strong performance in Climate Solutions. The total revenue of $2,583.5 million for FY 2025 represents a 7 percent increase from the prior year, showing the overall strength of the portfolio despite end-market variations.

Finance: draft 13-week cash view by Friday.