Form 8-K
8-K — MODINE MANUFACTURING CO
Accession: 0001104659-26-086644
Filed: 2026-07-24
Period: 2026-07-24
CIK: 0000067347
SIC: 3714 (MOTOR VEHICLE PARTS & ACCESSORIES)
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — mod-20260724x8k.htm (Primary)
EX-99.1 (mod-20260724xex99d1.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: mod-20260724x8k.htm · Sequence: 1
Modine Manufacturing Company_July 24, 2026
0000067347false00000673472026-07-242026-07-24
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 24, 2026
Modine Manufacturing Company
(Exact Name of registrant as specified in its charter)
Wisconsin
001-01373
39-0482000
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
1500 DeKoven Avenue, Racine, Wisconsin
53403
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code:
(262) 636-1200
(Former name or former address, if changed since last report.)
N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each Class
Trading Symbol
Name of each exchange
on which registered
Common stock, par value $0.625
MOD
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
Effective April 1, 2026, Modine Manufacturing Company (the “Company”) reorganized its Climate Solutions segment and split it into two separate operating segments: 1) Data Centers and 2) Commercial HVAC. The Company believes that managing these businesses independently will allow it to better deploy its 80/20 strategy focused on capitalizing on growth opportunities, particularly in the Data Centers business, and optimizing profit margins and cash flow.
Beginning with its reporting for the first quarter of fiscal 2027, the Company will report the financial results of its three operating segments: 1) Data Centers; 2) Commercial HVAC and 3) Performance Technologies. The Company’s revised reporting segments are consistent with how the Company’s chief operating decision maker is assessing operating performance and allocating capital resources following the realignment of its segment structure. The segment realignment had no impact on the financial results of the Performance Technologies segment or the Company’s consolidated financial position, results of operations, and cash flows.
In January 2026, the Company and Gentherm Incorporated (“Gentherm”) announced that they had entered into definitive agreements whereby the Company will spin-off and simultaneously combine its Performance Technologies segment businesses with Gentherm in a Reverse Morris Trust transaction. The Company anticipates this transaction will close by the end of calendar 2026, subject to approval by Gentherm’s shareholders and other customary closing conditions. Since the pending spin-off does not constitute a sale under U.S. GAAP, the Company has not classified the assets and liabilities of its Performance Technologies segment as held for sale. The Company expects, however, to classify the Performance Technologies segment as a discontinued operation starting in the period the transaction is completed.
The Company is furnishing this Form 8-K to provide investors with unaudited historical segment operating and adjusted financial results, consistent with its new reporting structure. The schedules in Exhibit 99.1 to this Current Report on Form 8-K provide unaudited financial information on the basis of the Company’s new reporting segments for the previously-reported quarters and full year fiscal 2026.
The segment realignment discussed above and presented in Exhibit 99.1 hereto does not represent a restatement of previously issued financial statements. The information in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.
Non-GAAP Financial Disclosures
Adjusted EBITDA and adjusted EBITDA margin, as used in Exhibit 99.1 hereto, are not measures defined in generally accepted accounting principles (“GAAP”). These non-GAAP measures are used by management as performance measures to evaluate the Company’s overall financial performance and liquidity. These measures are not, and should not be viewed as, substitutes for the applicable GAAP measures, and may be different from similarly-titled measures used by other companies.
The Company defines adjusted EBITDA as net earnings excluding interest expense, the provision or benefit for income taxes, depreciation and amortization expenses, other income and expense, restructuring expenses, impairment charges, pension termination charges, acquisition and disposition costs, and certain other gains or charges. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of net sales. The Company believes that adjusted EBITDA and adjusted EBITDA margin provide relevant measures of profitability and earnings power. The Company views these financial metrics as being useful in assessing operating performance from period to period by excluding certain items that it believes are not representative of its core business. Adjusted EBITDA, when calculated for the business segments, is defined as operating income excluding depreciation and amortization expenses, restructuring expenses, impairment charges, and certain other gains or charges.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
The following exhibits are being furnished herewith:
99.1
Recast unaudited segment financial information – for the quarter ended June 30, 2025; the quarter ended September 30, 2025; the quarter ended December 31, 2025; and the quarter and fiscal year ended March 31, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MODINE MANUFACTURING COMPANY
(Registrant)
By:
/s/ Michael B. Lucareli
Michael B. Lucareli
Executive Vice President, Chief Financial Officer
Date: July 24, 2026
3
EX-99.1
EX-99.1
Filename: mod-20260724xex99d1.htm · Sequence: 2
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.
3
SOURCE: Modine
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com
4
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v3.26.1
Document and Entity Information
Jul. 24, 2026
Cover [Abstract]
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Entity File Number
001-01373
Entity Registrant Name
Modine Manufacturing Company
Entity Central Index Key
0000067347
Entity Incorporation, State or Country Code
WI
Entity Tax Identification Number
39-0482000
Entity Address, Address Line One
1500 DeKoven Avenue
Entity Address, City or Town
Racine
Entity Address, State or Province
WI
Entity Address, Postal Zip Code
53403
City Area Code
262
Local Phone Number
636-1200
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Common stock, par value $0.625
Trading Symbol
MOD
Security Exchange Name
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-Name Securities Act
-Number 230
-Section 425
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