Modine Manufacturing (MOD): what its 10-K says it depends on

Customers

Ten largest customers

concentrated in · 49 percent of our consolidated net salesnamed as a risk

Our ten largest customers, some of which are conglomerates or otherwise affiliated with one another, accounted for 49 percent of our consolidated net sales in fiscal 2026.Business (Item 1)

Also named by AMKR, CAG, MCK, MRVL, PWR, SANM, USAC

Data center market

earns from · 35 %named as a risk

The success of our Data Centers business relies on the growth of our current and prospective customers’ data centers.Risk factors (Item 1A)

Also named by ECG, GNRC, TXN, VRT

Undisclosed strategic data center customer (long-term capacity agreement)

earns from · more than $4 billionnamed as a risk

We expect to sell more than $4 billion of data center cooling products to this customer during calendar years 2027 through 2029.Risk factors (Item 1A)

Undisclosed global technology customer (Climate Solutions)

earns from · approximately 11 percent of our salesnamed as a risk

In fiscal 2026, one global technology customer in our Climate Solutions segment accounted for approximately 11 percent of our sales.Business (Item 1)

Top ten customers trade receivables

concentrated in · 53 percent of our trade accounts receivablenamed as a risk

At March 31, 2026, 53 percent of our trade accounts receivable was concentrated with our top ten customers.Market risk (Item 7A)

Stellantis

earns from

Our top customers across both of our segments, listed alphabetically, include: Carrier; Caterpillar; Deere; Stellantis (including Chrysler, Fiat, PSA-Peugeot-Citroen, and VM Motori); Trane; Volkswagen (including Audi, MAN, Porsche, Scania, and International); and Volvo (including Mack Trucks and Renault Trucks).Business (Item 1)

Also named by ACHR, ALLY, AN, BWA, LEA, THO

Caterpillar

earns from

Our top customers across both of our segments, listed alphabetically, include: Carrier; Caterpillar; Deere; Stellantis (including Chrysler, Fiat, PSA-Peugeot-Citroen, and VM Motori); Trane; Volkswagen (including Audi, MAN, Porsche, Scania, and International); and Volvo (including Mack Trucks and Renault Trucks).Business (Item 1)

Also named by APLD, FIX, GNRC, RBC, TRMB

Volkswagen

earns from

Our top customers across both of our segments, listed alphabetically, include: Carrier; Caterpillar; Deere; Stellantis (including Chrysler, Fiat, PSA-Peugeot-Citroen, and VM Motori); Trane; Volkswagen (including Audi, MAN, Porsche, Scania, and International); and Volvo (including Mack Trucks and Renault Trucks).Business (Item 1)

Also named by AN, BWA, LEA, THO

Carrier

earns from

Our top customers across both of our segments, listed alphabetically, include: Carrier; Caterpillar; Deere; Stellantis (including Chrysler, Fiat, PSA-Peugeot-Citroen, and VM Motori); Trane; Volkswagen (including Audi, MAN, Porsche, Scania, and International); and Volvo (including Mack Trucks and Renault Trucks).Business (Item 1)

Also named by FIX

Trane

earns from

Our top customers across both of our segments, listed alphabetically, include: Carrier; Caterpillar; Deere; Stellantis (including Chrysler, Fiat, PSA-Peugeot-Citroen, and VM Motori); Trane; Volkswagen (including Audi, MAN, Porsche, Scania, and International); and Volvo (including Mack Trucks and Renault Trucks).Business (Item 1)

Also named by FIX

Deere

earns from

Our top customers across both of our segments, listed alphabetically, include: Carrier; Caterpillar; Deere; Stellantis (including Chrysler, Fiat, PSA-Peugeot-Citroen, and VM Motori); Trane; Volkswagen (including Audi, MAN, Porsche, Scania, and International); and Volvo (including Mack Trucks and Renault Trucks).Business (Item 1)

Volvo

earns from

Our top customers across both of our segments, listed alphabetically, include: Carrier; Caterpillar; Deere; Stellantis (including Chrysler, Fiat, PSA-Peugeot-Citroen, and VM Motori); Trane; Volkswagen (including Audi, MAN, Porsche, Scania, and International); and Volvo (including Mack Trucks and Renault Trucks).Business (Item 1)

Other companies

SOFR

exposed to its price · approximately $3 millionnamed as a risk

Based upon our outstanding debt with variable interest rates at March 31, 2026, a 100-basis point increase in interest rates would increase our annual interest expense in fiscal 2027 by approximately $3 million.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Gentherm Incorporated

approximately 40 percent of the combined companynamed as a risk

The pending spin-off of our Performance Technologies segment businesses and simultaneous combination with Gentherm may not be completed as currently planned.Risk factors (Item 1A)

London Metal Exchange

exposed to its price

When applicable, however, these contract provisions are limited to the underlying cost of the material based upon a relevant pricing source, such as the London Metal Exchange, American Metal Market, or Platts index, and typically do not include related metals premiums or fabrication costs.Business (Item 1)

Also named by SNEX

Places

Non-U.S. sales

earns from · approximately 47 percent of our salesnamed as a risk

In fiscal 2026, approximately 47 percent of our sales were generated in countries outside the U.S.Market risk (Item 7A)

Also named by WTS

Mexico

operates innamed as a risk

Certain of our current manufacturing facilities in Mexico operate under the Mexican Maquiladora (IMMEX) program, which provides for reduced tariffs and eased import regulations.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

China

depends onnamed as a risk

Regarding imported goods and raw materials, increased tariffs or taxes on purchases from countries, such as China, could materially impact our results of operations if we cannot effectively source such goods and raw materials from other suppliers in the U.S. or alternative countries.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Canada

operates innamed as a risk

We have been rapidly expanding manufacturing capacity for data center products, including leasing new manufacturing facilities in the U.S. and in Canada and purchasing equipment necessary for new and expanded production lines.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Hazards

Iran conflict

named as a risk

Geopolitical tensions and military conflicts, including the conflict between the U.S. and Iran, as well as related regional instability or proxy conflicts, could negatively impact or cause significant business disruptions in the global markets we operate in.Risk factors (Item 1A)

Also named by CAH, DELL, DRVN, WSM

Commodities and inputs

Aluminum

exposed to its pricenamed as a risk

To further mitigate our exposure, from time to time we enter into forward contracts to hedge a portion of our forecasted aluminum and copper purchases.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Copper

exposed to its pricenamed as a risk

To further mitigate our exposure, from time to time we enter into forward contracts to hedge a portion of our forecasted aluminum and copper purchases.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Steel

exposed to its pricenamed as a risk

Increases in costs of materials, including aluminum, copper, steel and stainless steel (nickel), other raw materials and purchased components, could place significant pressure on our results of operations and cash flows.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Nickel

exposed to its pricenamed as a risk

We use a limited number of suppliers for certain raw materials, including aluminum, copper, steel and stainless steel (nickel), and third-party parts and components required to make our products.Risk factors (Item 1A)

Also named by ALSN, ATI, BWA, CRS, FLS, HON, HWM, LNG and 4 more

Refrigerants

depends onnamed as a risk

To produce the products we sell, we purchase raw materials and supplies including aluminum, copper, steel and stainless steel (nickel), brass, refrigerants, and gases such as natural gas, helium, and nitrogen.Market risk (Item 7A)

Also named by TT

Data center product components

depends onnamed as a risk

We began experiencing supply shortages of certain data center product components in the fourth quarter of fiscal 2026, which are negatively impacting our production schedules for the first quarter of fiscal 2027.Risk factors (Item 1A)

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk

The completion of the pending Reverse Morris Trust transaction is also subject to obtaining opinions and a private letter ruling from the IRS regarding its qualification as a tax-free transaction for U.S. federal income tax purposes.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Laws and programs

OECD Pillar Two

subject to · at least 15 percentnamed as a risk

Enactment of this regulation could result in an increase in our income tax expense and adversely impact our results of operations, cash flows and financial condition.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

U.S. tariffs (IEEPA Ruling)

subject tonamed as a risk

There is also uncertainty with regard to the IEEPA Ruling, including the availability and timing of refunds, the potential for new tariffs to be invoked under alternative laws, the impacts on trade agreements between the U.S. and other countries, and the expectations of customers, suppliers, and others impacted by the tariffs.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Mexican Maquiladora (IMMEX) program

subject tonamed as a risk

We could be adversely affected by changes in the IMMEX program or our failure to comply with its requirements.Risk factors (Item 1A)

U.S. EPA Greenhouse Gas Phase 3 regulations

subject tonamed as a risk

If these regulations are significantly rolled back or eased, it would likely dampen the anticipated surge of heavy-duty truck orders prior to the new regulations going into effect.Business (Item 1)

Inflation Reduction Act

While dealer inventory remains relatively high, we anticipate that large-scale infrastructure development projects, including those for data centers and AI, and projects incentivized by government programs, such as the Inflation Reduction Act in the U.S., will benefit the construction equipment markets.Business (Item 1)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more