摩丁制造 2024年度报告

PURPOSEOur Purpose We are driven by our purpose of Engineering a Cleaner, Healthier World™. We achieve this through our Mission that meets demand for cleaner, more efficient thermal management.Throughout our journey, we’re committed to the Values that have guided us since our founding. VALUESOur Values MISSIONOur Mission Technology DrivenWe innovate and invest in technology to Reduce Water andEnergy ConsumptionEngineering solutions that conserve deliver high-quality solutions that helpcustomers achieve their goals. energy and water resources. Integrity CommittedWe uphold the highest ethical standards, Improve Indoor Air QualityInnovating HVAC solutions that clean act honorably, and follow through on ourcommitments. indoor air and create healthier spaces. Use EnvironmentallyFriendly Refrigerants Results Oriented We pursue excellence, take risks, and actwith urgency to meet commitments anddrive success. Advancing the use of natural refrigerantsto reduce environmental impact. Enable Cleaner-Running VehiclesEnabling the development of People CentricWe encourage different views, reward zero-emission vehicles andimproving the efficiency ofinternal combustion engines. performance, and strive to make a positiveimpact by treating everyone with dignity. Team Focused Lower Harmful EmissionsDesigning technologies that lower We collaborate to deliver value, celebratesuccess, and build capabilities for ouremployees and company. harmful emissions and improveair quality. SHAREHOLDERSDear Shareholders, This past year we launched a new vision statement:Always evolving our portfolio of products in pursuit ofhighly engineered, mission-critical thermal solutions.We purposefully chose a vision that reflects how we aretransforming our company today and how we will continue to position Modine for enduring success well intothe future. “Always evolving” means there is no end point. Rather, we are committed to always evaluating andchanging our product portfolio by investing in our highest growth, highest margin businesses to expand in diversemarkets that require mission-critical thermal solutions. Our vision supports our purpose ofEngineering a Cleaner,Healthier World, along with our Mission and Values. Furthermore, we identifiedour five strategic pillars to value creation, which we consider to be key contributors toour recent success and core to our transformation: Deep Expertise in Thermal Management1 We have been proven leaders in thermal management for more than a century. Our talented engineershave developed strong relationships with our customers and provided the technology and expertiseneeded to solve complex thermal challenges. Highly Engineered, Mission-Critical Thermal Solutions2 Segmentation is central to our strategy and helps us adjust our portfolio to ensure that we are properlyaligned with our customers and markets. This allows us to rapidly invest in products and technologiesto support growth in key markets and to exit product lines that are not aligned with our transformation. Secular Mega-Trends Driving Long-Term Growth Many of the markets we serve are favorably impacted by secular mega-trends,including the growing need for advanced cooling to support high-performancecomputing. There has been a great deal of speculation about trends indata center construction, but demand for our energy-efficient data centercooling products remains strong and supports our positive outlook forthis business. Elevating the Tenets of Our 80/20 Discipline4 The practice of 80/20 is a continuous, repeatable cycle. Through thiscycle our decentralized organizational structure drives customer-centric innovation that fosters accountability and an entrepreneurialspirit, and helps attract, develop, and retain talent. Evolving Our Portfolio of Products to Compound Shareholder ValueEach of these pillars support our ability to continue evolving ourproduct portfolio to compound shareholder value. This links directlyto our vision statement and describes how we will continue to strivefor higher returns for our shareholders. RECORD YEARThird Consecutive Record Year In Fiscal 2025, we reported ourthird consecutive year of record revenues andadjusted EBITDA. Our net sales of $2.6 billion increased 7% from the prior yearand adjusted EBITDA increased 25% to $392 million. Our Climate Solutions segment had another outstanding year.Revenue growthwas driven by our Data Centers business, including the benefit from the ScottSpringfield Manufacturing (“SSM”) acquisition and significant organic growth. Intotal, Data Centers revenue grew 119% from the prior year. The investments we’ve made in the Climate Solutions segment are paying off.After completing the SSM acquisition in March 2024, we expanded capacityto meet growing demand from one of our key hyperscale customers. Thisdrove considerable revenue growth as we were better positioned to servicethis customer and increase market share. We also launched operations at ournew si