Production of Airedale® Chillers for Data Center Customers Begins at New Texas Facility

RACINE, Wis., Nov. 11, 2026 — Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today announced that it has commenced commercial production of Airedale® chillers at a new purpose-built advanced manufacturing facility in Grand Prairie, Texas. The 682,000-square-foot facility is dedicated to manufacturing state-of-the-art 2MW and 3MW chillers with free cooling for the data center market, directly supporting the rapidly expanding infrastructure needs of the world's leading hyperscale cloud providers, colocation operators, and high-density AI computing environments.

"The launch of our Grand Prairie facility is an important milestone in the plan we announced last year to expand U.S. manufacturing capacity for Airedale cooling technologies," said Neil D. Brinker, President and CEO. "Scaling our capacity close to our customers enables us to partner with them to deliver the right highly engineered cooling solutions to help them advance their progress and achieve their performance objectives."

The Grand Prairie site is expected to become the largest Airedale chiller manufacturing facility within the organization's global footprint. The first production line began operations this month, and the company is targeting four operational 2MW production lines by the end of the current fiscal year, subject to equipment commissioning, workforce readiness, and other operational considerations. The facility currently operates one shift, with plans to systematically scale to a fully operational, three-shift model.

In addition to chillers, Airedale offers a comprehensive portfolio of mission-critical thermal management solutions, including dry coolers, coolant distribution units (CDUs), and intelligent controls, engineered to optimize efficiency across diverse data center thermal architectures. Airedale's purpose-built, premium systems address the most complex, high-density thermal demands of today's data center operators while maximizing energy and water efficiency.

About Modine
For more than 100 years, Modine has solved the toughest thermal management challenges for mission-critical applications. Our purpose of Engineering a Cleaner, Healthier World™ means we are always evolving our portfolio of technologies to provide the latest heating, cooling, and ventilation solutions. Through the hard work of more than 9,000 employees worldwide, our businesses advance our purpose with systems that improve air quality, reduce energy and water consumption, and use environmentally friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, Europe, and Asia. For more information about Modine, visit www.modine.com.

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Forward-Looking Statements
This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "intends," "projects," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's most recent Annual Report on Form 10-K. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to geopolitical tensions and military conflicts, including the conflict between the U.S. and Iran, broadening military conflicts in the Middle East and ongoing conflict between Russia and Ukraine, inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, and public health threats; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; the potential impacts of opposition to data center development from local communities, environmental or other advocacy groups and/or governmental authorities; the impact of delays by major customers for product or program launches or delays or constraints in construction projects that incorporate our products and services; our ability to realize the sales growth and return on investments anticipated in our Data Centers segment and our ability to execute on other organic growth opportunities and acquisitions; our ability to efficiently manage working capital and the potential adverse effects on cash flows from increases in working capital to support the rapid growth of our Data Centers segment; our ability to realize anticipated benefits from and the various risks associated with our strategic initiatives, including the recently-completed spin-off of the Performance Technologies business on October 1, 2026, and our continued application of 80/20 principles across our businesses; our ability to successfully exit portions of our business that do not align with our strategic plans; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses, particularly in our Data Centers segment, while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and product warranty and liability claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology systems; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets and the impact of changes in tax regulations; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements.

SOURCE Modine