Exhibit 99.1
Modine Manufacturing Company
Segment operating results
Recast for segment realignment (unaudited)
(In millions)
| | | | | | | | | | | | | | | |
| | Three months ended | | Twelve months ended | |||||||||||
| | June 30, 2025 | | September 30, 2025 | | December 31, 2025 | | March 31, 2026 |
| March 31, 2026 | |||||
Net sales: | | | | | | | | | | | | | | | |
Data Centers | | $ | 183.7 | | $ | 225.0 | | $ | 297.6 | | $ | 401.9 | | $ | 1,108.2 |
Commercial HVAC | | | 214.2 | | | 232.9 | | | 252.5 | | | 274.2 | | | 973.8 |
Performance Technologies | |
| 285.5 | |
| 286.3 | |
| 266.0 | |
| 294.0 | |
| 1,131.8 |
Segment total | |
| 683.4 | |
| 744.2 | |
| 816.1 | |
| 970.1 | |
| 3,213.8 |
Corporate and eliminations | |
| (0.6) | |
| (5.3) | |
| (11.1) | |
| (15.7) | |
| (32.7) |
Net sales | | $ | 682.8 | | $ | 738.9 | | $ | 805.0 | | $ | 954.4 | | $ | 3,181.1 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended |
| | Twelve months ended | | ||||||||||||||||||||||||
| | June 30, 2025 | | | September 30, 2025 | | | December 31, 2025 | | | March 31, 2026 |
| | March 31, 2026 | | |||||||||||||||
| | $’s | | % of sales | | | $’s | | % of sales | | | $’s | | % of sales | | | $’s | | % of sales |
| | $’s | | % of sales | | |||||
Gross profit: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Data Centers | | $ | 54.7 | | 29.8 | % | | $ | 54.9 | | 24.4 | % | | $ | 71.1 | | 23.9 | % | | $ | 93.5 |
| 23.3 | % | | $ | 274.2 | | 24.7 | % |
Commercial HVAC | | | 58.2 | | 27.2 | % | | | 57.1 | | 24.5 | % | | | 63.9 | | 25.3 | % | | | 70.7 |
| 25.8 | % | | | 249.9 | | 25.7 | % |
Performance Technologies | | | 51.9 | | 18.2 | % | | | 54.1 | | 18.9 | % | | | 50.1 | | 18.9 | % | | | 48.7 |
| 16.5 | % | | | 204.8 | | 18.1 | % |
Segment total | |
| 164.8 | | 24.1 | % | |
| 166.1 | | 22.3 | % | |
| 185.1 | | 22.7 | % | |
| 212.9 |
| 21.9 | % | |
| 728.9 | | 22.7 | % |
Corporate and eliminations | |
| 0.6 | | - | | |
| (1.2) | | - | | |
| 1.0 | | - | | |
| 1.8 |
| - | | |
| 2.2 | | - | |
Gross profit | | $ | 165.4 | | 24.2 | % | | $ | 164.9 | | 22.3 | % | | $ | 186.1 | | 23.1 | % | | $ | 214.7 |
| 22.5 | % | | $ | 731.1 | | 23.0 | % |
| | | | | | | | | | | | | | | |
| | Three months ended | | Twelve months ended | |||||||||||
| | June 30, 2025 | | September 30, 2025 | | December 31, 2025 | | March 31, 2026 |
| March 31, 2026 | |||||
Operating income: | | | | | | | | | | | | | | | |
Data Centers | | $ | 34.7 | | $ | 35.9 | | $ | 52.0 | | $ | 71.9 | | $ | 194.5 |
Commercial HVAC | | | 32.2 | | | 26.3 | | | 31.3 | | | 36.8 | | | 126.6 |
Performance Technologies | |
| 26.5 | |
| 29.7 | |
| 25.8 | |
| 27.7 | |
| 109.7 |
Segment total | |
| 93.4 | |
| 91.9 | |
| 109.1 | |
| 136.4 | |
| 430.8 |
Corporate and eliminations | |
| (17.7) | |
| (18.4) | |
| (19.8) | |
| (32.5) | |
| (88.4) |
Operating income | | $ | 75.7 | | $ | 73.5 | | $ | 89.3 | | $ | 103.9 | | $ | 342.4 |
1
Modine Manufacturing Company
Segment adjusted financial results
Recast for segment realignment (unaudited)
(In millions)
| | | | | | | | | | | | | | | | |
| | Three months ended June 30, 2025 | | |||||||||||||
| | Data | | | | Performance | | Corporate and | | | | | ||||
| | Centers | | Commercial HVAC | | Technologies | | eliminations | | Total | | |||||
Operating income | | $ | 34.7 | | $ | 32.2 | | $ | 26.5 | | $ | (17.7) | | $ | 75.7 | |
Depreciation and amortization expense | |
| 5.7 | | | 5.5 | | | 7.5 | | | 0.3 | |
| 19.0 | |
Restructuring expenses (a) | |
| 0.2 | | | 1.1 | | | 3.5 | | | — | |
| 4.8 | |
Acquisition and integration costs (d) | |
| — | | | — | | | — | | | 1.9 | |
| 1.9 | |
Adjusted EBITDA | | $ | 40.6 | | $ | 38.8 | | $ | 37.5 | | $ | (15.5) | | $ | 101.4 | |
| | | | | | | | | | | | | | | | |
Net sales | | $ | 183.7 | | $ | 214.2 | | $ | 285.5 | | $ | (0.6) | | $ | 682.8 | |
Adjusted EBITDA margin | |
| 22.1 | % |
| 18.1 | % |
| 13.1 | % |
| | |
| 14.9 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Three months ended September 30, 2025 | | |||||||||||||
| | Data | | | | Performance | | Corporate and | | | | | ||||
| | Centers | | Commercial HVAC | | Technologies | | eliminations | | Total | | |||||
Operating income | | $ | 35.9 | | $ | 26.3 | | $ | 29.7 | | $ | (18.4) | | $ | 73.5 | |
Depreciation and amortization expense | |
| 4.4 | | | 7.0 | | | 7.8 | | | 0.5 | |
| 19.7 | |
Restructuring expenses (a) | |
| 0.5 | | | 1.9 | | | 0.6 | | | 0.1 | |
| 3.1 | |
Impairment charge (b) | | | — | | | — | | | 4.1 | | | — | | | 4.1 | |
Acquisition and integration costs (d) | |
| — | | | — | | | — | | | 3.4 | |
| 3.4 | |
Adjusted EBITDA | | $ | 40.8 | | $ | 35.2 | | $ | 42.2 | | $ | (14.4) | | $ | 103.8 | |
| | | | | | | | | | | | | | | | |
Net sales | | $ | 225.0 | | $ | 232.9 | | $ | 286.3 | | $ | (5.3) | | $ | 738.9 | |
Adjusted EBITDA margin | |
| 18.1 | % |
| 15.1 | % |
| 14.7 | % |
| | |
| 14.0 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Three months ended December 31, 2025 | | |||||||||||||
| | Data | | | | Performance | | Corporate and | | | | | ||||
| | Centers | | Commercial HVAC | | Technologies | | eliminations | | Total | | |||||
Operating income | | $ | 52.0 | | $ | 31.3 | | $ | 25.8 | | $ | (19.8) | | $ | 89.3 | |
Depreciation and amortization expense | |
| 4.3 | | | 7.9 | | | 7.9 | | | 0.3 | |
| 20.4 | |
Restructuring expenses (a) | |
| 0.3 | | | 1.6 | | | 5.6 | | | — | |
| 7.5 | |
Disposition costs (e) | | | — | | | — | | | — | | | 2.4 | | | 2.4 | |
Adjusted EBITDA | | $ | 56.6 | | $ | 40.8 | | $ | 39.3 | | $ | (17.1) | | $ | 119.6 | |
| | | | | | | | | | | | | | | | |
Net sales | | $ | 297.6 | | $ | 252.5 | | $ | 266.0 | | $ | (11.1) | | $ | 805.0 | |
Adjusted EBITDA margin | |
| 19.0 | % |
| 16.2 | % |
| 14.8 | % |
| | |
| 14.9 | % |
| | | | | | | | | | | | | | | | |
See the next page for information on restructuring expenses and other adjustments.
2
Modine Manufacturing Company
Segment adjusted financial results (continued)
Recast for segment realignment (unaudited)
(In millions)
| | | | | | | | | | | | | | | | |
| | Three months ended March 31, 2026 | | |||||||||||||
| | Data | | | | Performance | | Corporate and | | | | | ||||
| | Centers | | Commercial HVAC | | Technologies | | eliminations | | Total | | |||||
Operating income | | $ | 71.9 | | $ | 36.8 | | $ | 27.7 | | $ | (32.5) | | $ | 103.9 | |
Depreciation and amortization expense | |
| 4.7 | | | 8.0 | | | 7.5 | | | 0.4 | |
| 20.6 | |
Restructuring expenses (a) | |
| 0.1 | | | 2.8 | | | 2.2 | | | 0.1 | |
| 5.2 | |
Loss on sale of assets (c) | | | — | | | — | | | — | | | 3.9 | | | 3.9 | |
Disposition costs (e) | |
| — | | | — | | | — | | | 12.5 | |
| 12.5 | |
Adjusted EBITDA | | $ | 76.7 | | $ | 47.6 | | $ | 37.4 | | $ | (15.6) | | $ | 146.1 | |
| | | | | | | | | | | | | | | | |
Net sales | | $ | 401.9 | | $ | 274.2 | | $ | 294.0 | | $ | (15.7) | | $ | 954.4 | |
Adjusted EBITDA margin | |
| 19.1 | % |
| 17.4 | % |
| 12.7 | % |
| | |
| 15.3 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Twelve Months Ended March 31, 2026 | | |||||||||||||
| | Data | | | | Performance | | Corporate and | | | | | ||||
| | Centers | | Commercial HVAC | | Technologies | | eliminations | | Total | | |||||
Operating income | | $ | 194.5 | | $ | 126.6 | | $ | 109.7 | | $ | (88.4) | | $ | 342.4 | |
Depreciation and amortization expense | |
| 19.1 | | | 28.4 | | | 30.8 | | | 1.4 | |
| 79.7 | |
Restructuring expenses (a) | |
| 1.1 | | | 7.4 | | | 11.9 | | | 0.2 | |
| 20.6 | |
Impairment charge (b) | | | — | | | — | | | 4.1 | | | — | | | 4.1 | |
Loss on sale of assets (c) | | | — | | | — | | | — | | | 3.9 | | | 3.9 | |
Acquisition and integration costs (d) | |
| — | | | — | | | — | | | 5.3 | |
| 5.3 | |
Disposition costs (e) | |
| — | | | — | | | — | | | 15.0 | |
| 15.0 | |
Adjusted EBITDA | | $ | 214.7 | | $ | 162.4 | | $ | 156.5 | | $ | (62.6) | | $ | 471.0 | |
| | | | | | | | | | | | | | | | |
Net sales | | $ | 1,108.2 | | $ | 973.8 | | $ | 1,131.8 | | $ | (32.7) | | $ | 3,181.1 | |
Adjusted EBITDA margin | |
| 19.4 | % |
| 16.7 | % |
| 13.8 | % |
| | |
| 14.8 | % |
____
| (a) | Restructuring expenses primarily consist of employee severance expenses and equipment transfer costs. |
| (b) | During the second quarter of fiscal 2026, the Company recorded a $4.1 million non-cash asset impairment charge related to its technical service center and administrative support facility in Germany, which it expects to sell during fiscal 2027. |
| (c) | During the fourth quarter of fiscal 2026, the Company recorded a $3.9 million loss resulting from the settlement of a loan facility that it provided in connection with the sale of its Austrian automotive business in fiscal 2022. |
| (d) | Acquisition and integration costs primarily relate to the acquisitions of Climate by Design International and L.B. White and include fees for transaction advisory services, legal, accounting, and other professional services and costs directly associated with integration activities. The acquisition costs also include $1.3 million for the impact of inventory purchase accounting adjustments. |
| (e) | Disposition costs primarily relate to the pending Reverse Morris Trust transaction with Gentherm Incorporated and include fees for legal, accounting, tax, and other professional services and other costs directly related to the transaction. |
|
|
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SOURCE: Modine
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com
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