I think teamwork is everything, and so getting a group of people together, especially a diverse group of people, letting everyone feel that they're in a comfort environment and that they can open up and say what they mean. Someone will have an idea, and then three people add to it, and that combination will get to the right solution that'll solve problems. Sense of ownership is everything. We want a team to own it. We want them to own the strategy, own the decisions, you know, own the business. I think that's important for the vertical. It's important for the teams within the vertical. When you own it, you make the decisions, you drive to it, and you make sure it's successful. We want to make sure every meeting, everyone is encouraged to participate. We're hearing from everyone, and- Good morning. I'm Kathy Powers, Vice President, Treasurer, and Investor Relations at Modine. It is my pleasure to welcome all of you to our Investor and Analyst Day, which we're proudly holding in our corporate headquarters in Racine, Wisconsin. I wanna sincerely thank all of you for joining us today, particularly those of you who have joined us here in person. It's been over two years since our last Investor Day, and a lot has changed. I'm pleased to say that we have delivered on our commitments and are looking forward to sharing our vision for the future. Before we get started, I'd like to share a notice regarding forward-looking statements. Our presentation will include forward-looking statements that involve known and unknown risks, uncertainties, and other factors. These may cause actual results to be materially different from any future results, performance, targets, or achievements expressed or implied by these statements. For a description of these factors, please refer to the company's filings with the Securities and Exchange Commission. Additionally, this presentation contains non-GAAP financial measures. Reconciliation of GAAP to non-GAAP financial measures can be found in the appendix to the slide presentation, which was filed with the Securities and Exchange Commission on Form 8-K this morning, and also posted on our website. Before reviewing the agenda, I'd like to cover a few basic housekeeping items. There are several fire exits throughout this space. Please make note of these exits in case of an emergency. In case we need to seek shelter from inclement weather, there are multiple shelters outside of this room. Modine employees are on site and will assist in escorting you to emergency reporting areas or shelters if needed. Restrooms are located to my right, through the double doors, and also in the tech center lobby. Now, to review our agenda. I'll be turning it over to Neil Brinker, our President and CEO, who will provide an update to our strategy to evolve our portfolio for sustainable growth and returns. Then Adrian Peace and Eric McGinnis will cover their respective segments, Performance Technologies and Climate Solutions. After a short break, we'll have a panel discussion featuring some of our general managers from our growth businesses. Then Mick Lucarelli, our CFO, will cover the financials, including presenting our new financial targets. Neil will wrap up before moving on to your questions. So we have a lot to cover today, so I'm gonna turn things over to Neil. All right. Welcome, everyone. Appreciate it. Thanks for making the trip to our wonderful headquarters in Racine, Wisconsin. I'm certain you'll find the experience today to be very valuable, as we outline our vision and strategy over the next couple of years, and we highlight some of the very exciting products and markets that we serve. I wanna thank all the presenters and the leadership team, and everyone that has assisted with getting this Investor Day launch ready to go for today. You did a great job. It looks amazing, and I really appreciate the effort and energy that went into it. We wanted to bring you here to highlight our world-class capabilities. Behind me, in our wind tunnel, is a full-size electric commercial vehicle. This has just recently gone through some tests. In any given week, you might find an e-fire truck, an e-school bus, or any specialty vehicles we support with our Advanced Solutions group. We've used this space for indoor air quality, our data center business, our HVAC business as well. We've had many products in this space, from chillers to air handling units. It's a multifunctional space we can use across Modine. Now, I've talked in the past a lot about how we've retrofitted existing infrastructure to support current markets, trends, and technologies. We've not only done this in our factories, but we're retooling our labs and our design centers to support our engineering components and our highly engineered system solutions. We've also have environmental chambers here, refrigeration labs, several labs on the second floor with our structural durability testing chambers. We've got a nice outfit here in Racine. But this is just a sample of what we have worldwide across several continents and many different countries. So again, I appreciate you coming here. We're excited to discuss where we've been and the progress we've made and where we're going. So let's dig in. So two and a half years ago, we felt it was extremely important to establish our purpose, our mission, and our values as a guiding light for the true north of how we'll transform the company. As you know, you go through massive change, structural change, organizational change, you have to have a purpose behind that mission. This was very important for Modine and the stakeholders, our customers, our communities, our employees. We wanted to stay connected with the new direction of the company as to the why, our purpose. We also wanted to make sure that we stay connected to the what, which is our mission, and the who, which are our values. And now, today, with the timing and the when, will be our FY 2027 goals. Regarding the vision, this is a new launch as of today. So our vision is a window into where we're going as we continue to transform the company. We'll always evolve our portfolio. This is truly aligning behind 80/20 methodology. So our vision, always evolving our portfolio of products in pursuit of highly engineered mission-critical solutions. Now, we've displayed that we've been able to do this successfully. We'll continue to do that. We'll talk a little bit more about that later today. Our purpose, our true north, our compass, engineering a cleaner, healthier world. Our mission, the things that we're doing around reducing water and energy consumption, lowering harmful emissions, enabling cleaner running vehicles, improving indoor air quality, all the things that are inside of our mission, you'll see they're tied to the secular tailwinds that we have and the hyper-growth markets that have us very interested in where we're developing today. And then our values, it's core to our fabric of who we are as a company. Integrity, committed, people-centric, technology-driven, results-oriented, and team-focused. This is part of the DNA of who we are. So here are some very specific examples of how we're delivering on our purpose, mission, and values. Together, we are focused on enabling our customers through sustainable solutions in the most demanding mission-critical markets, from E-Mobility solutions that keep commercial EVs on the road, to our advanced cooling systems combined with our hardware and software to keep data centers operating efficiently across the globe, all while continuing to evolve our portfolio through strategic acquisitions and investments that drive growth for today and tomorrow. So an example of how we enable our customers today, our EVantage product group, the battery thermal management system, and our electronics cooling package. Now, we are absolutely enabling our customers to improve their range and life of the battery. 44% savings in data centers. You know, when you look at a Data Center and the operating cost of a Data Center, 40%+ of that is in cooling, is powering the HVAC equipment. We provide very efficient products, and we're enabling our customers to help them meet their sustainability goals. Electric solutions, not only on the road, but electric solutions that we see in our heater business. We've launched new product development with our Amp Dawg. Our infrared, our infrared heating products are also tied to some trends that we're seeing in permitting around decarbonization, so having electric, electric heaters is extremely helpful in that regard. Not only does our purpose statement drive behavior and new product development, it also encourages us to act internally on our own business and infrastructure. So if you look at the bottom where we're reducing impact on the slide, this is our third consecutive year in a row where we've decreased our intensity of Scope 1 and Scope 2 greenhouse gas emissions. Three years in a row. We set those targets out at the beginning of the transformation. We've been able to hold to those targets and exceed. You see, we've done some work on the solar side. We've taken advantage of government incentives. We've deployed a little capital so that we can reduce the operating expenses in our facilities by going solar. And then we are using 100% certified renewable electricity in our Leeds facility. And just recently, yesterday, there was a press release where we signed with the United Nations Global Compact, the world's largest voluntary corporate sustainability initiative, and this creates a platform for us to partner with our customers and suppliers and communities going forward. So we're proud of partnering with UN Global Compact. So as we prepared our update from June of 20... June 20th from 2022, our IR message was spent, and we spent significant time analyzing the keys to our most recent success. We challenged ourselves with really understanding what were the pillars or the fundamentals that powered the success over the past few years. We analyzed the results and where we leveraged our position. We called out five specific value creation drivers. These are core to the transformation. I'll go into detail on each one of these, each of the five pillars, but in a summary, here's what it is. We're really privileged to be experts in thermal management. We capitalized on that deep expertise in thermal management to deliver the differentiated solutions that we have today. When there's an issue in thermal management, regardless of the industry, if there's a complex problem, people call Modine. Leveraging our portfolio of highly engineered, mission-critical thermal solutions to accelerate growth. As you recall from the previous Investor Day in New York, we identified this as a core area where we needed to shift the business into system solutions. We had those businesses. They were a bit starved. They were starved from capital, they were starved with resources, and we pulled those businesses out, we fueled their growth, and we've been successful with that. So that's another pillar in terms of the success, in terms of the transformation. We're entering a multi-year growth cycle powered by multiple secular megatrends. I'll talk a little bit about those megatrends, but again, they're tied directly to our mission statement. We're elevating our 80/20 discipline by influencing daily decision-making, whether that's around strategic or capital allocation, whether that's a tactical decision or a strategic decision. We are really driven with 80/20. It's in our core. And then evolving our portfolio to compound shareholder value by focusing on high-growth, high-margin businesses. We've displayed that over the last few years through seven deals, four acquisitions, three divestitures. We're constantly evolving the portfolio. We're evolving the portfolio of products. It's just what we do. So let's go a little bit deeper into strategic pillar one, our expertise in deep thermal management. Really, really pleased to and blessed to be part of an organization that has a century of leadership in thermal management. It's just incredible. I mean, these labs are an example of it. It's built into our processes, it's built into our systems, it's built into our culture. It's what we do. We're core experts in this space, and we have... You know, being experts in thermal management, it, it results in these very strong relationships with the leading companies. We've got strong relationships across many diverse markets with many customers. We have relationships with customers that last decades. We have a handful of customers where we have relationships that have lasted over a century. Imagine that, a hundred years of doing business with a customer. We've got more than one. And the, the trust that's been built and the, the ability to understand and communicate, it's just incredible. We're patent-protected and fit for purpose. We do this because we're experts in this space. We're innovators. We're innovators in this space. We've got thousands of patents globally. We have advanced technical test centers and lab capabilities, and this has been a real shift for Modine in the last few years in terms of our capital deployment into our research labs. We went really strong with capital deployment in our Data Center space and our indoor air quality space, commercial indoor air quality. We're gonna continue to invest in those areas. We see this as a differentiator. And our proprietary technology and footprint creates ongoing value for our customers. So this is what I mean in terms of pillar one, our deep expertise in thermal management. We have a right to win in this space. We've been doing it for over a hundred years. And as we continue to retool, and we continue to align behind our best opportunities, this really gives us the edge. So a little bit deeper into pillar one, our deep expertise in thermal management. We'll go back a long time. I will go back to 1916 when the company was formed. 1916 and nineteen 2018, we had the Heating business, but you're talking about an eighty-five-year period before we get into two thousand, where the company was primarily focused on the vehicular markets. And it made sense. I mean, the vehicular markets were what continued to have the company evolve and grow over time. This expertise in thermal management that we learned in the vehicular side can be applied in many places. Physics are physics when it comes to heat and thermal management, whether you're on wheels or you're not on wheels. So we have eighty-five years of doing quite well, growing tremendously and globally, then globalization hit. You know, the business started to look a little bit more commoditized. It became very cyclical, and, you know, in 2005- 2016, there was a deliberate attempt to diversify the revenue of the company, diversify the revenue away from just being one market-focused, vehicular. That diversification went through the acquisition of Airedale as well as Luvata. That added roughly $600 million-$700 million of new revenue in the markets that we didn't serve. Prior to the before we made those acquisitions when we were in the vehicular market. So you add that $600 million-$700 million of new revenue, that brings in new markets, new customers, new technologies. You've diversified your revenue. You fast-forward to where we're at today, we've made some very strategic acquisitions around technologies to support our strategic initiatives. The Napps acquisition, which you'll see some of the product out back, TMGcore, so we're focused on single-phase and two-phase liquid cooling immersion for Data Centers, and Scott Springfield, which checked a lot of boxes for us when we made that acquisition. It added an additional capability and technology to our portfolio. It added capacity for us to service the Data Center market to get to where we have about $1 billion of capacity for future growth. It added indoor air quality technology to the business, so Scott Springfield was key and critical, and another hyperscaler. So when we think about what we've done in the last three years, is we've unlocked the value through the acquisitions that we used through the diversification focus from 2005- 2016, a deliberate attempt to do that, and you can see that on the Data Center side. And then we've added in technologies to complement our strategic initiatives. So again, 100 years of thermal expertise because of what we knew, what we grew, and what we know in the vehicular side, that allowed us to expand into these new markets and diversify. It's because of our core. So let's highlight strategic pillar number two. Remember, number two is leveraging our portfolio of highly engineered, thermal solutions. So the picture on the left, this is the structure and the process of how we segment the product groups. This is how it works, right? We start with simplification. We take a business, we look at the products, we look at the markets, we look at the intersection, and we say, "These is the areas where we want to focus based on profitability, based on technology, or based on where we want to differentiate, and then we simplify it." We go through a very deliberate process of saying, "SKU by SKU, product by product, what is it that we want to focus our attention on?" We can't do everything. We can't resource everything. It's not economical to try to fund everything, so what are the things that we want to do and we want to do really, really well and build a moat? So that's part of the simplification process. The second process is the segmentation. The result of the segmentation are the product groups that you're so familiar with, the six product groups that we have today. You simplify, you sort it, you clean it up, and then you move into, "Let's make sure that we align the best resources behind each one of these and set a strategy." We set the strategy, and then it's delivered by our performance culture, a high-performing business. We have remarkable leadership here, fantastic general managers and engineers and support functions. Some of the best that I've ever worked for, and I've worked for some pretty great companies. Focused growth, this is driven through our tactical and strategic execution, and then once we get that in place, we try to drive some efficiency. That's what we do. This is behind the scenes, what is 80/20 in terms of segmentation, product group alignment, and why we do what we do. It's data-driven. We take the information from our ERP, we take the information from VOC, and we look at the products, and we look at the customers, and we say, "This is where we have the right to win. Let's resource it." We originally did this in the transformation very early. You fast-forward to where we're at today, we're a very different business. We used inputs in 2021 that were very different when we had the original six product groups than what we are today. We've evolved, you know, just a few short years. The revenue's slightly different. We have focused in different areas. So it forced us to go back through this, clean it up, simplify it, transition, mix, shift, and then grow. It's core to our business in terms of the transformation. The business portfolio will continue to evolve as we bring in different revenue and different customers, we acquire companies. It, the mix is changing. So Modine will be realigning the six product groups, which is a standard and planned element of 80/20. This is very normal. It's very normal to go through this process. Typically, every two to three years, you have to look at it. The realignment of our product groups will further improve our product and market focus, which further increases our rate to growth and profitability. We want to get aligned behind our customers. It's our greatest opportunity for success. We align behind our customers and their needs, and we solve for their problems, then we can grow profitably. So we had to go through this process again, and I'll walk through that in terms of the next slide. So here we are. Our two segments, which remain the same, Performance Technologies and Climate Solutions. We'll continue to do this, but I want to be very transparent what we're doing here and why we're doing it, so that's important. Please note, there are no changes, no changes to the segment reporting, the results or the guidance. No change. What's new here is we're slightly adjusting our revenue reporting in the six product groups. Again, this new structure connects us much better with our markets and customers, which always should be the end goal, connecting with our customers, solving the problems. That's what we do. So on the left, under Performance Technologies, we have combined where we had air and liquid. We had the two different technologies, air and liquid. We've combined those together to go to market in Heavy Duty Equipment and On-Highway Applications. So when you see Heavy Duty Equipment, think of mining equipment, agricultural equipment, large tractors, excavating equipment. That's what we're doing with air and liquid technologies. It made sense. We combined the two. We have similar customers. We have processes that overlap in facilities and factories, similar engineering. We wanted to bring that together, so we have a better solution for that end market. The On-Highway Applications, same thing. We brought the liquid cooling technologies and the air cooling technologies. We've merged them together because we have similar customers, and we, which requires similar demands. So our On-Highway Applications, think automotive, think commercial vehicle. Then we have the E-Mobility, which is our BTMS, our ECP, or the EVantage product group. That's relatively unchanged. If we go to the climate solution side, where we had HDE, we had HVAC & R, and we had Data Centers, we've made some adjustments there as well. As we brought in new acquisitions, we've won new customers, we're winning in new markets, the revenue mix has shifted. Because the revenue mix has shifted, we needed to go through this process and combine where it makes sense for synergies, where it makes sense to drive better products and solutions for our customers. So we've combined our Coils, Coolers, and Coatings business. We've combined our Heating and School Indoor Air Quality, and then our Data Centers and our Commercial IAQ. So a very normal process. Typically, you have to reinvent yourself through your product groups every three, four years. You may do it sooner or faster, depending on how fast you may potentially exit some revenue or how fast you acquire new revenue, but this is the new structure as we go forward. So here's the infrastructure supporting pillar two. We're very well positioned for growth with strong product portfolio and a global footprint. We had $2.4 billion in sales in FY 2024, $314 million of Adjusted EBITDA in 2024, a record for the company, a 100-year record, which was coming off of the previous year, which was a record for the company. 38 manufacturing facilities in 14 countries. We're very diverse, and over 11,000 employees. We've added capacity to support growth in key markets. We're excited about products that are. We've exited products that are not aligned with our overall transformation. We're retooling the facilities, that's an important note, utilizing the existing infrastructure, where we have our employees, where we have facilities, where we have equipment, and we can quickly retool to support a different market based on our core technologies. And we've positioned for growth with strong product portfolio and global footprint, where this is a real differentiator for us. And you'll see that today when you go out and you talk to the folks, and we're talking from station to station, you'll hear that because we have this global footprint, it gives us an upper edge on some of the competition. So as we move to strategic pillar number three, multi-year growth cycles powered by megatrends. We've aligned the organization through 80/20 segmentation. Again, we're focusing in the most critical areas where we've earned the right to grow. These markets have us very excited, and again, we've realigned the org for maximum support. So when we think about these secular megatrends that are driving long-term value, we're thinking about high-performance compute. There's some very unique solutions that require unique, complex thermal management and high-performance compute. This is clearly a megatrend that we are aligning behind through acquisitions, through new product development, and through growth that's being fueled by resources and capital. Global emission standards and regulations. This has been around for decades at Modine. This is always evolving, as I don't see us going backwards in terms of emission regulations. Those continuing that will continue to tighten, and when they tighten, it requires innovation. We develop new product on the vehicular side, and we're some of the best in the world that can do that. Electrification, particularly on the specialty vehicles, we like this trend. Things that go out in a route, and they come back, and they're not depending on an infrastructure. They return every day. Think of a school bus, think of a municipal bus, think of last-mile delivery vehicles. That's right in the sweet spot of what we do. Low global warming potential refrigerant regulations, I mean, that's been around for since the nineties, since the Montreal Protocol, and was reinvented with the Kigali Agreement, and then most recently adopted by the United States, adopting European standards for stepping down to lower and lower GWP. We have some very innovative design centers that are helping support that, not only in Grenada, Mississippi, with our coils business, but as our coolers business in Italy as well. And then clean, healthy indoor air quality. I think we all know that's not gonna go away, and it's important, and especially in the areas that we serve, particularly in our K through twelve schools. We've aligned the organization to support these trends. This list of markets and trends are not limited, as new markets emerge and develop. We'll analyze and determine if Modine can differentiate in new markets, and we would add these new markets to the list of the ones that we currently serve today. Equally, if a market were to collapse or a technology were to commoditize, we'd make the necessary adjustments and redeploy our resources to the next best opportunity. So this can be an evolving list, typically tied back to our mission statement, but this is where we see the opportunity to continue to transform and grow. So let's move to strategic pillar number four, elevating our 80/20 discipline. We've learned so much over the last few years. We've really advanced our knowledge relative to the intersection of 80/20, our business, our customers, and our culture. It's in everything we do. It really is. I challenge you as you talk to the leadership team, outside of this session today, if they would say anything different, I doubt they would. We've moved the organization and from an-- the beginning of, "Let's try 80/20? Let's try 80/20 and see if we can get that to work," to the very beginning, if we go back two and a half years ago. It's part of our DNA because we've seen the success. We believe in it. We're committed to it. So the tenets of 80/20, decentralizing decentralized, segmented businesses, so, so important. So important. When you hire the talented people that we have, when you hire these brilliant business leaders that we have, the worst thing you could do is smother them with bureaucracy, smother them with transactions, and having to go from department to department and negotiate amongst themselves in order to get things done. We don't do that with a decentralized model. That's why those six product groups are so important, so that we can give them the resources and the capital, so they can drive their business. Another tenet of 80/20 is customer-centric innovation. We flip the pyramid, right? It's not top-down decision-making. The decision-making should be done at the front line of defense, which is with our customers, developing product, developing new technologies, innovating with our customers. The only way to do that is to empower the organization to be customer-centric, so you have to push the decision-making down to the leaders. We have an entrepreneurial spirit. We have extremely talented folks that we've brought in from many different backgrounds, diverse backgrounds, some of the best diversified industrial companies in the world, and they're attracted to Modine. Why do they like Modine? Because of this. We support this entrepreneurial spirit. This is how we attract, how we retain, and how we develop talent. This is, again, a differentiator for us as we as folks come to Modine and we acquire talent. Then a major, a massively important lever is capital allocation. As we shift business mix to higher growth markets, capital resource allocation is a big element of 80/20 and how we view the world through that lens. Lastly, pillar five, the fifth pillar, our ongoing evolution of the portfolio to compound value. Remember, this is tied to the very first slide that I showed you. Very first slide, our purpose, our mission, our values. This is the vision piece, how we have to be flexible, and we can continue to evolve the company. You know, you go back to the initial approach, historically, where we started in 2022. We had that initial investment to diversify the end markets. We had the Airedale, we had the Luvata effects, and we had the core vehicular business, and we said, "Look, we got to unlock the value in these businesses. We got to simplify," and that's exactly what the team did in the first year, and they did an amazing job in terms of driving profitability and making sure that we understood what we wanted to do and what we wanted to exit. You know, fast-forward and advance to where we're at today, we're gonna continue to invest in those high-end growth markets. We're gonna rationalize the exposure that we have in the automotive business, and we're gonna leverage 80/20 to optimize the footprint, so you can see the wheel on the right starts to adjust. You see some growth in the Data Center side, you see E-Mobility come into play, and this, again, is as we're evolving our products, tying it back to our customers' needs, you see this evolution of the portfolio. This is, again, the fifth pillar. And then lastly, you know, where we're gonna be in 2027, the further evolution of our portfolio. This will be a high-growth portfolio driven by hyper-growth products. Again, it's important why we're tied back to those secular tailwinds. Core growth business is delivering highly profitable returns and then focused M&A around to accelerate our growth in these key markets. So this is the evolution of the portfolio, and it's an ongoing evolution of the portfolio. So if we bring it all together into one slide, bring it all together, those five strategic pillars, it's that core expertise. We're really, really blessed to have a hundred years of deep thermal management expertise. We're experts in this space. This is our core. It's our identity. It's who we are. You tie that back with mission-critical products and our product groups to be able to deliver on systems and solutions and advanced engineering components and, and modules, and you put an 80/20 discipline around it, it's pretty powerful. And then you're flexible to where you can evolve the, the product portfolio and the mix, and you align it behind these mega trends. This is the formula we're gonna use. This is the formula that has got us to this point.... You take this formula, you overlay it with Modine's culture, it's a very powerful equation. Very powerful equation, and this is what's gonna propel us going forward. From the last Investor Day to today, what have we done? We had the jump-off point where we started when we did the last Investor Day. We were at 7.7% EBITDA company. We stood in front of you a couple of years ago at the 7.7% EBITDA company and said, "We, we'd grow our revenue CAGR 6%-8%, and we would have an Adjusted EBITDA margin in the range of 10%-12%." That's what we said. What we delivered was a CAGR of revenue CAGR of 8.4%, and we exceeded the Adjusted EBITDA margin, as well as the revenue CAGR to 13.1%. We went from 7.7%- 13.1% in a matter of a couple of years. We did that. We exceeded Adjusted EBITDA margin, but we even exceeded revenue while we walked away from around $400 million of revenue. So we still exited $400 million of revenue and grew by 8.4%. So here's the new financial targets. 10%-13% revenue CAGR, 16%-18% Adjusted EBITDA. We're gonna continue to pursue new markets. We're gonna continue to shift our mix with our products. They'll be definitely powered by 80/20. We'll accelerate targeted growth through strategic resources and capital allocation, and we'll complete exit of our non-strategic businesses to get to these numbers. I think about these numbers, and we still have several hundred million dollars of revenue that we'll continue to exit, which means we have to overperform in other parts of the business beyond 10%-13% CAGR in order to make up for that difference. The 16%-18%, if we hit the 18% Adjusted EBITDA margin target, if we can get there, in less than five years, that would be a thousand basis point improvement. The team's aligned behind this. We have set our internal goals and our focus on this. 16%-18% will be, if we get there by FY 2027, it'll be the new baseline. It'll be the new baseline. We'll come back, and we'll set another set of targets, which will be then our next baseline. And we'll do it again, and we'll do it again, and we'll do it again. So these KPIs, we believe, will result in significant shareholder value creation, and we're excited to share them with you today. Next, I'll be turning the presentation over to Adrian Peace, President of our Performance Technologies segment. However, before he takes stage, let's hear from one of our EVantage customers, Roger Lackore, from REV Fire Group. Thanks. The idea of electrification in fire trucks is not new. About four years ago, we started the development of the Vector all-electric fire truck. The motors on board are 600 horsepower and 3,500 foot-pounds of torque. It can go fast, it can get to the fire quickly, it can pump for long periods of time. The most important thing about a fire truck is it has to be reliable. To make it reliable, the design has to be tested and engineered well, and one of the most important things about our partnership with Modine is that they can bring that expertise in terms of cooling packages to the design. Modine's been around a long time. I've been working with them since the 1990s, and it's been amazing to watch them grow with the rest of the industry through the science that they bring to the table. All right. Good morning. So my name is Adrian Peace. I'm the leader of the Performance Technologies business, and I'm really honored today to represent the women and men of our organization who've just done a tremendous job over the last couple of years. So I'm super excited to talk to you about how our business has performed over the last several years and also our vision for this business as we go forward. So since our last Investor Day, you know, Performance Technologies has worked diligently to optimize our business and create shareholder value through 80/20 initiatives in full alignment with what Neil just talked about, which is Modine's strategic pillars, while strongly supporting our purpose of engineering a cleaner, healthier world. Performance Technologies continues to climb the technology staircase, transitioning from basic components to high-margin systems while supporting our customers as they support decarbonization, electrification, and clean energy generation and storage. These global secular megatrends allow us to capitalize on our highly engineered portfolio of differentiated thermal management solutions. We have aligned our product portfolio to address the challenges created as technologies shift to rely less on fossil fuels, and also to address the challenges created as technologies shift to rely less on fossil fuels. Apologize. Essentially, we're satisfying the need for cleaner, more energy-efficient solutions. 80/20 has been a core strategic lever that has driven measurable progress, including delivering 8% average annual revenue growth since our last Investor Day. In addition, we have delivered 600 basis points of EBITDA improvement through operational excellence, including optimizing our plants, improving labor efficiency, leveraging our procurement spend, and ensuring that we are laser-focused on delighting our customers and focusing on the products that drive 80% of our growth and profitability. We've spent the last two years evolving. We've evolved our portfolio, we've evolved, you know, our alignment to 80/20, and also in building our talent that Neil alluded to as well. And we feel confident that Performance Technologies is poised to deliver compounded shareholder value through continued growth and margin improvement. So, as I mentioned earlier, and you're gonna hear this a lot, you know, 80/20 has been a key facilitator of the commercial and operational and financial improvements that we've delivered over the past two years. It's also shaped how we think about our business moving forward. We leverage segmentation to ensure appropriate focus on strategic priorities and to ensure that our resources are aligned to maximize return and to capitalize on fast-moving evolutionary markets, so as we pivot from simplification towards focused growth, we will transition from a product organization to market-facing groups to ensure that we approach our strategic customers with an accelerated innovation agenda that capitalizes on hard market trends and best leverages our global manufacturing capabilities, so just to update you on Performance Technologies, the business will re-segment into three end markets, product groups: our Heavy Duty Equipment, On-Highway Application s, and E-Mobility, so let me briefly just touch on, you know, why we're doing this. And when we did our 2022 segmentation, we segmented into air and liquid-cooled products in our Advanced Solutions business based on product technologies that supported a transition from a regionally aligned organization and also a really complex organization. So to kind of give you some context to what I'm talking about, you know, we've eliminated over 50% of our product codes from 2022 to where we are today. So as we've evolved towards a less complex, more customer-focused organization, our market segmentation drives focus on high-growth markets fueled by mega trends and supports innovations towards a system-based portfolio of products. So for more than a century, our thermal management expertise has allowed us to understand and develop products and solutions to meet the latest industry trends. We understand how to create energy-efficient solutions that ensure critical equipment lasts longer, facilitating a cleaner, healthier world. You know, this is particularly important as we move towards electrification and also alternative fuel sources. So as we stand here today, the makeup of the business is 54% On-H ighway, 41% Heavy Duty Equipment, and 5% E-Mobility. But we envision, you know, an organizational structure that looks completely different, that looks drastically different, and we are super excited to dive in today and kind of paint the vision for how we plan to continue to evolve and pivot Performance Technologies. So let's start with the Heavy Duty Equipment group. In this group, we're super proud of this organization because this organization is the one that had the, the longest journey. You know, this group is essentially four end markets. However, through our segmentation, we've identified synergies and technologies with similar customers that make this alignment strategic for Modine. Stationary power generation, or genset, as we call it, was identified as a hyper-growth market early on in our segmentation process. We have a dedicated team that has fueled our growth trajectory in this market. Modine genset growth has been a case study for the use of 80/20 and a success story for focusing your best resources on your best opportunities. In our agricultural business, we like our market position and have targeted programs for growth there. We have been diligent on maximizing efficiencies in this space by focusing heavily on supply chain excellence that has allowed us to continue to develop and win programs. By leveraging our technology and innovations, we continue to grow share while achieving margin expansion, so we continue to have runway also with our construction and our mining business, where our history has been predominantly in the large tonnage space. While copper brass is still in use in some of these legacy markets, we see opportunities in continued product line management and product evolution. So these customer partnerships have been symbiotic, you know, as we collaborate to upgrade technology and deepen connectivity with our customers. So let's talk about this word, innovation, and because innovation's at the core of everything that we do. Our customers benefit from increased usable space in and around the engine while not sacrificing improvements in fuel economy. So we also remain focused on future-ready programs needs such as fuel cell and also hydrogen, using our adjacent optimized technologies. Our target markets for agriculture exist globally. However, we focus primarily in North America, Europe, and also in Brazil, where there are large-scale agricultural operations. We are seeing continued farm consolidation in the market, bringing with it unique rental models and creative ways to optimize equipment. So when you think about this in tandem, a combine harvester and tractors, they're getting bigger, and they have more technology, more innovation and automation, and yes, they also have a move towards autonomous. So this market's evolving quickly, and we're in the right place to align our technologies and global infrastructure to solve our customers' sustainability goals. So we are working actively to align our manufacturing footprint with that of our ag customers, and you're gonna hear some of that as you tour some of the stations outside. This team has done the hard work with simplification and product line exits, and as you know, we've begun the process of pivoting away from some of our legacy automotive platforms. As we exit some of these low-margin programs, we are liberating capacity and space to grow where we have added platforms in targeted end markets at higher margins and have shifted our portfolio to accretive margins. You know, on this slide, I wanna go a little bit deeper and get a little bit more specific on our genset business and essentially the overall market with respect to gensets. So while all of the genset applications have an attractive growth rate, our areas of focus are commercial and industrial applications that range from a global growth CAGR at 8% for industrial, to the hypergrowth Data Center market at 12%. Our play is in providing backup power cooling, you know, protecting uptime, protecting efficiency, lowering operating costs. But what makes our application unique is we have built a diversified business model that will grow with the entirety of the market, utilizing our differentiated technology. So one of the drivers for growth in our genset business is the fact that we were an early mover in aluminum technology, the first major player doing it at scale. So conventionally, when you think about this, it's a two- or 3 MW generator, and these have traditionally been copper brass. There are a plethora of benefits from Modine's proprietary aluminum technology: smaller form factor, less material, lighter weight, just more cost-effective, and also better quality. So Modine's genset business is growing at an accelerated pace with a 30%+ CAGR over the next three years, because we were an early mover with our aluminum technology innovation. While in-region sourcing has helped us to mitigate supply chain challenges and control our cost, we are leveraging our expertise to drive value for our customers where they are and where they need us to be, so next, I wanna talk about our on-highway group, and this represents the legacy of Modine, right, and this team has just done a tremendous job. We have a 100+ years of experience with these technologies. Extensive knowledge within our teams globally that have been cultivated over the years have led to a number of unique products that solve critical customer applications, like custom-designed cooling modules and our commercial vehicle braking system that we call the retarder cooler. This is a unique design that is mandated in Europe and also in China. We're excited for the future prospects of this business, given our strong customer partnerships with tier one global manufacturers, enabling their future designs in support of alternative fuels. Our customers value our differentiated product availability, supply chain stability, and world-class global quality, so in addition to these new opportunities, we continue to leverage 80/20 to reduce complexity in our operations, while continuing to focus on our top customers and their most critical challenges, so let me briefly just touch on profitability in our on-highway business, so global markets continue to tighten regulations on vehicle emissions, driving the need for advanced thermal management technologies, but we're in a prime position to work with our top-tier global customers in developing the technologies they need to ensure their sustainability goals are met, so 80/20 has given us a lens to think about our commercial vehicle platform differently. We have enhanced our ability to focus on and develop trusted advisor status with strategic customers, driving enhanced levels of product innovation. This focus has enabled differentiated growth and higher levels of profitability. We have taken great strides rationalizing and improving the profitability of the automotive product portfolio. We continue to selectively look at strategic options for this business, including further product line simplification and/or divestiture of non-strategic products. So now let's transition to our E-Mobility group. And you often, you know, as you think about it, you often hear this quote, that the, "The best ability is availability," and I'll come back to that in just a second. But this group, what this group has done is, they were essentially born right here in this room behind me, right where this truck is located here, in this wind tunnel of our technology center. We had a strategic OEM customer, similar to the truck that you see behind me, who... and these are concept vehicles, but who found that their vehicle was missing its performance targets. We had a couple of engineers who freed themselves up, made themselves available to work with this customer and design a system that today is in over 80% of their electric fleet. So that, that's how this is born. That's how this is happening, and so our engineers, our team, we made this team available, and if you think about 80/20, it's all about focus. We made this team available, and that is how they're getting this done. This group is focused on the conversion from ICE to zero-emission commercial vehicles, largely electric and fuel cell. So we are seeing significant conversion today in North America and in Europe, in short-haul applications, particularly transit bus, school bus, last-mile freight delivery, and marine ports. The E-Mobility team designs a full plug-and-play system to provide cooling in three main thermal loops: the battery system, the power electronics, and passenger comfort. We design our systems to provide the best cooling capacity and minimize power draw, because with an e-vehicle, power is everything. So this allows the vehicle to support the longest possible range, while also protecting battery life and longevity. We are also focused on OEMs in North America and in Europe, in our heavy-duty applications as well. These tend to be applications where the vehicle is in use 16+ hours per day. This is significantly different than passenger auto, which is generally only in use about 10% of the day or even less. We have designed a system that starts with Modine's heat exchangers, and then we put proprietary smart electric product around it to complete the system, including firmware, diagnostics, and software for maintenance. This is yet just another great example of Modine climbing up that technology staircase and providing more content per vehicle. So I think it's important to note that our E-Mobility business is growing rapidly and as, you know, commercial vehicle electrification continues, and this is why we're forecasting a 35%-45% revenue CAGR, significantly outpacing the market. At the heart of E-Mobility is the continued drive towards zero emissions and electrification. We see regulations and incentives in both the North America and European markets that establish electric vehicle applications. We anticipate the E-Mobility market will outpace global gross domestic product as conversion from internal combustion engine to electrification continues. Modine has been playing in E-Mobility since 2018, when we started development of the battery thermal management system just behind me. Today, we're engaged in over 60 different customers in over 130 different programs around the world. So early mover advantage, this has given us insight into the needs of our customers, which allows us to deliver a robust product development roadmap, driving differentiation into our systems and also owning the intellectual property of the critical components that make up those systems. We began our initiative to stand up a global footprint, which was announced earlier this year, by bringing EVantage to Europe. Now we have a factory and a team dedicated to E-Mobility in Europe, and we've had some early wins taking our North American solutions and targeting similar applications. And just last month, you know, we won a large European bus manufacturer program that will ship from our new E-Mobility facility early next year. So as electrification continues, we see new and different markets emerging. There are opportunities to continue to expand into adjacent applications, which we have been doing with standard products, allowing us to develop into new applications and customers. So just think about this for a second: It's new markets, it's new products, it's new customers, and that's a heavy focus of what this team is doing in E-Mobility. So I just want to give a little bit of reality to this, because the reality of E-Mobility is electrification is happening in waves. You know, we aren't going to go from zero to a hundred percent electrified overnight. So we see the E-Mobility market continuing to grow for many years at a very high growth rate. Today, there is a heavy emphasis on short-haul applications that move people and freight, like school bus, transit bus, last mile delivery, vans, and short-haul freight. Also, there's a heavy electrification in ports with short-haul applications like container handlers and locomotives. In both cases, the short-haul applications fit very well with electrification, where the vehicle can charge at night and operate during the day. So we also see this wave taking off in the specialty vehicle market. You know, things like refuse trucks, fire trucks, cement trucks, street sweepers. Use cases for military applications are also emerging as a way of enabling silent operations during missions. So we see that as a key growth area over the next several years. So focusing on this chart that you see here, Modine today is engaged with all of these markets encircled in green. We are working with customers who are well into the production of these vehicles. We also have early engagements with customers who are beginning to... their proof-of-concept vehicles in markets that are just starting their electrification journey, as you can see on the right-hand side of the slide. So we see opportunities in future markets where there are still early days in electrifying, they will be electrifying last. We continue to explore and work with our early adopters in the flight, rail, and marine spaces as well. We will continue to assess how and when the applications will emerge to ensure we assist these customers with their electrification goals. So yeah, I get excited when we talk about our performance over the last couple of years, and I think about the potential for this business to continue to deliver sustained performance over the next few years. This incredible team, leveraging 80/20 and our rapidly expanding commercial acumen, has delivered 8% top-line CAGR since we published our targets in 2022. This is a full 100 basis points above our high side target and has been fueled by aggressive simplification, product portfolio, reconciliation, and also market-based pricing and improvements with our commercial terms. We continue to work aggressively on operational excellence in parallel, simplifying our plants, leveraging fixed cost, improving labor efficiency, driving procurement activities to optimize our spend. We're also ensuring that our 80/20 lean efforts are focused on our most strategic programs for the highest possible return. This rigor has resulted in a 600 basis points improvement since 2022. Truly remarkable result! So we spent some time talking a little bit about our achievements over the last two years. I want to spend a little bit of time on our revenue drivers going forward. We feel confident in the revenue CAGR that we are targeting for fiscal year 2027. We see Heavy Duty Equipment continuing to expand into the core, growing at market rate. On our on-highway bus applications, our commercial vehicle business will continue to grow at market rate as well. We continue to pivot revenue away from legacy automotive components and towards higher EBITDA, differentiated technologies where Modine is known as a market leader. E-Mobility will continue to innovate through the electrification wave, growing aggressively in markets we have penetrated. So with the continued conversion from internal combustion engine to electric vehicle across a diverse range, we see our addressable market for thermal management systems growing to over $2 billion by 2030. So perhaps the most striking element of our journey in Performance Technologies is the EBITDA progression that we have driven and have actions in place to sustain. We have global capacity today to support our growth targets. We have deeply embedded the tenets of commercial excellence throughout the entire organization, and we've seen great improvement in strategic volumes, improved mix, and accretive margin performance through our system offerings. In partnership with our commercial efforts, our operational teams are driving laser-focused, 80/20, lean execution on our largest programs for our most strategic customers. This enables world-class quality, on-time delivery, generates capacity in our plants, and creates a safer environment for our employees while supporting an EBITDA performance and mitigating cost pressures. So 80/20 simplification and segmentation has helped us to identify areas of high potential. We have also freed up overhead to redeploy to continuous improvement, commercial excellence, and the pursuit of adjacent markets and innovative systems. We feel confident that Performance Technologies is well-positioned to be a material contributor to Modine's overall value. So as I wrap up, I think it's important to understand that this business is well-positioned to perform. We will continue to expand our margin profile while shifting our product mix to ensure more profitable Performance Technologies. 80/20 will continue to be our compass, and our people will be the conduit to delighting our customers as we partner to engineer a cleaner, healthier world. Thank you. Before we move on, I'd like to turn it over to Eric McGinnis, our leader of Climate Solutions. Before Eric comes up, I want to show a video from one of his customers. Thank you. We have a very integrated approach to sustainability, so it's not enough that any single system dominates all of the systems that we employ in our Data Centers, whether it's for cooling, whether it's for our electrical systems, our concrete, all of the materials that we use, all need to be selected with a mind for sustainability. We had experience with Modine overseas, in the United Kingdom in particular. We were looking at launching Corscale in the United States, so it was a very timely discussion. We got to be Modine's launch customer here because we had a lot of different requirements that were very different than the incumbent manufacturers that were stateside already were focused on. So from the get-go, been in a very focused partnership on kind of next generation, you know, leading-edge cooling systems. Thanks, Adrian. What a great story. So welcome, everyone, to Racine, Wisconsin. My name is Eric McGinnis. I'm excited to walk you through the accelerated growth we're going to go through with the Climate Solutions segment. So in Climate Solutions, we have quickly moved through the complexity reduction and now are poised for growth with actions supported by these strategic pillars. First, we leverage our deep expertise in thermal management to connect customers with their highly engineered, mission-critical thermal solutions. Our key customers are in markets that have tailwinds, driven by mega trends like hyperconnectivity and tackling climate change. This gives us great confidence that we are entering a multi-year growth cycle to enable strong revenue growth. This, combined with our 80/20 discipline, ensures that we create focus necessary to accelerate profitable growth and rally our capital and resources behind the best growth opportunities. When we first launched 80/20, one of the first steps was segmenting, that Neil talked about earlier, and decentralizing the decision-making. We're clear, we've clearly demonstrated this effort and unlocked tremendous value within our businesses, and our portfolio will continue to evolve through this process. As we look forward, we are applying the same principles to further hone in our segmentation, including aligning the organization to better serve customers, improving agility to serve fast-moving, evolving markets, and allocating resources to the best opportunities. In Climate Solutions, we first began that shift from product to market-facing groups when our segment was created. Now we are taking another step towards pure market-facing groups in the next round of segmentation. With this change, we will focus on expanding key customer relationships, technology expertise, and leverage our manufacturing capabilities and workforce skill set to better serve our key end markets.... Through this sub-segmentation, we now have over 20 entrepreneurial leaders making fast decisions, each very focused around their business unit and being the first to quote and first to follow up, which gives us a competitive advantage. Our initial round of segmentation was extremely successful, and we're excited to demonstrate the next round of segmentation we'll produce. Moving forward, the Climate Solutions segment will be made up of three groups that provide safe, energy-efficient, climate-controlled solutions for a wide array of critical applications. These include Coils, Coolers, and Coatings, Heating, and School IAQ, and Data Center and Commercial IAQ. By joining Commercial IAQ and Data Center, we can leverage manufacturing centers of excellence to reap manufacturing synergies, while keeping an isolated commercial focus on adjacent markets, including enterprise, edge, and telecom. By sharing chiller and air handling unit technology, we will be able to not only accelerate our Data Center support, but also keep key end markets that rely on the same technologies. Within these product groups, we have over 20 distinct PNLs that are hyper-focused on their customers, technologies, and end markets. Over the next few slides, we will dive into each of these product groups and why we're excited about the new combination. Let's dive into Coils, Coolers, and Coatings first. This re-segmentation joins together three businesses that rely on similar technologies and serve related end markets and customers. We manufacture coils that provide heat transfer, coatings that protect coils from corrosion, and coolers that apply these coils and coatings to commercial applications using low GWP refrigerants. This grouping will allow us to focus on selling packaged solutions through our cooler commercial teams, in addition to our traditional channels. Coils is the largest portion, where we are a leading independent manufacturer, serving a wide array of OEMs and a growing aftermarket demand. Our transformation over the last 24 months improved the coils business from a single-digit EBITDA to MIS and upper teens EBITDA today. We're also seeing strong demand for coil coatings, with our newly offered ten-year warranty for OEMs and adaptable aftermarket solutions. This group currently is the largest portion of Climate Solutions segment. Having achieved market leadership positions, we expect this group to grow at market level rates with an increased focus on selling solutions versus components to unlock even more value. From our market-leading coil position, we are close to customers and understand the changing dynamics and market drivers that they are experiencing. F-gas regulation in both Europe and North America are requiring manufacturers to shift away from high GWP solutions into low GWP. We support our customers through new coil designs to meet these regulations while achieving the same performance and efficiency as we do today. Additionally, a portion of this business serves end markets that have strong tailwinds, like high-performance computing and energy-efficient infrastructure. Given these drivers, we have developed these key strategic objectives that will allow us to continue to win. We will leverage our global manufacturing footprint, product portfolio, and customer relationships to increase share in growing markets. We will be a leader in developing solutions, including our industry-leading warranty on coated coils, expedited replacement programs, and engineering low GWP refrigerant cooling systems. We will continue to utilize 80/20 discipline to build key customer relationships and raving fans, and maintain cost competitiveness through focused operations. Now that we have turned around the coils profitability, we're very focused on growing our aftermarket coils business as well. We will extend the life of our coils with warranty coatings and combine these products with our coolers offering for robust solutions. As refrigerants drive regulations, which will expedite the replacement cycle, we're confident that the market demand will be present for our full system solutions in this group. Next, we turn to our Heating and School IAQ group. We are a unit heater market leader in North America in residential garages, greenhouses, and many other commercial Heating applications. Our heating focus is twofold: continue to leverage our strong installed base of reliable gas-fired unit heaters in decarbonization-resilient applications, and to provide heating products for customers ready to move towards electric, hydronic, and other decarbonization-friendly solutions. We also provide high-efficiency indoor air quality units to school classrooms that provide ventilated clean air, heating, and cooling in a package unit. These products utilize technology, including heat pump and energy recovery, to provide clean air into classrooms, and specifically designed for retrofit applications with single-room control. Currently, the smallest revenue group within Climate Solutions, but we're seeing above-market growth for this business as we leverage our strong brand recognition for replacement heaters and industry-leading after-sale support. As we look at the market drivers, we're excited about our position in North America market. After government funding like ESSER and CARES Act expire, we see continued high interest in indoor air quality schools, driven by high demand from school districts. Additionally, there continues to be strong drivers for high-efficiency solutions, including heat pump in the HVAC space. We serve this through the highest efficiency gas-fired unit heaters, newly developed electric unit heaters, and unit ventilators that meet and exceed efficiency standards. In fact, we are already ready to support the new U.S. law on refrigerants that goes into effect January first, with our revamped school IAQ products. Given these drivers, our strategic objectives are well aligned. We are expanding our Heating product portfolio in response to the decarbonization trend, introducing new products like our recently launched Amp Dawg, which you can see in the back of the room. At the same time, we continue to serve decarbonization resilient markets, and we continue to gain share with our new products and gas-fired unit heaters. We will continue to invest in these HVAC growth markets and access to them through strategic channel development. With these strategies, we saw organic potential in this business to 5%-10%. An additional upside through focus on targeted strategic acquisitions that support both decarbonization solutions as well as the increase in decarb resilient markets. Now, let's talk Data Centers and Commercial IAQ. So we're very excited about this new group. Today, we primarily provide a wide array of air-cooled products like chillers, computer room air conditioners, fan walls, and dry coolers. Our recent acquisition of Scott Springfield earlier this year gave us access to air handling units with evaporative technology. Supported with field service, all these products achieve top-level PUE and WUE performance through the deployment of our BMS controls, which optimizes the full Data Center operation. We are looking to increase liquid cooling demand. We are launching a previously organically developed CDU. There is a high level of early interest in this product from five current customers, two of which are hyperscalers, and we are now currently in production. Additionally, with the acquisition of TMGcore, we have single-phase and two-phase immersion cooling solutions. Today, we focus currently on crypto, edge, and government applications, while we prove out this technology for Data Centers. We have a number of strategic relationships globally with colocation operators and hyperscale customers. In fact, we're happy to share that in addition to the two hyperscalers we serve today, we're in the final discussions with a third hyperscaler, and we anticipate doing business later this fiscal year. Joining our Data Center business is a newly formed Commercial IAQ business, bringing together two recent acquisitions, Napps chillers and Scott Springfield air handling units. This business will provide smaller capacity solutions to applications including enterprise, edge, and telecom. By joining these two businesses together, we will be well suited to leverage chiller manufacturing centers of excellence, in-region air handling unit manufacturing, while capturing synergies and keeping the commercial teams isolated. FY 2024, this product group had $302 million in revenue, but our superior products and solutions and strong strategic relationships gives us confidence in our ability to grow revenue by 45%-55% annually over the next three years. On the growth side drivers, Data Center operators have strong desire to meet sustainability goals for energy and water in the face of continuously growing demands for data storage and computing. Efficient Data Center cooling is key to meeting these goals. Additionally, the acceleration of AI and high-performance computing is driving the need for new cooling technologies to meet increased Data Center demands. Given these drivers, we are actioning the following strategic objectives: We leverage our deep industry expertise and thermal knowledge to expand our product portfolio to meet the needs of new and existing customers today and in the future. We must provide the most efficient Data Center cooling products, optimized with our controls, to reduce total cost of ownership while meeting sustainability goals. The joining of the recent acquisition of Scott Springfield and Napps, joined with Airedale, will provide system solutions to mission-critical applications that stretch beyond Data Centers. Across this group, we are focused on allocating capital and resources to meet capacity needs and focus product innovation to accelerate profitable growth.... Now let's take a look at the Data Center market. We have technologies to offer across the spectrum of liquid and air cooling today, and this market view is a strong reflection of why we're excited about both. Overall, the Data Center cooling market is forecast to grow at a very strong 18% CAGR through 2027. Liquid cooling technologies like direct to chip and immersion, and you'll see examples of that in our product showcase, are better suited to handle the high-performance computing load that is required by AI and the newest chip designs. These technologies are forecast to grow at a 38% CAGR to 2027 as more new high-performance chips get deployed. We are well-positioned to capture that growth. The majority of the market today is air cooling, which makes up the majority of our current business. Even as liquid cooling technology takes off, the overall growth in Data Center market will continue to require even more air cooling installations than today, and is expected to continue to grow at a double-digit rate. We are excited to help our customers make the transition to hybrid Data Centers that requires liquid cooling technologies, but there will be plenty of runway for the air cooling technologies that we have been deploying for over a decade. As we reviewed earlier, here's what we provide to the air-cooled Data Center of today. As shown in this pictorial, today's Data Center utilizes CRAC, CRAH, fan walls, chillers, as well as indoor and outdoor air handling units to provide cooling through the hall, all of which we provide today. These products achieve top-level optimization through development of our in-house controls and are installed, commissioned, and maintained by our in-house service teams. With this ability to provide full cooling solutions to hyperscale and colocation Data Centers, a single 100 MW facility creates approximately a $60 million potential for Modine when the full suite of products are utilized. The growth of AI presents a great opportunity for us, as data will need to be created and managed at unprecedented levels. This creates further opportunities for our core products as Data Centers become more IT dense, but it also creates new markets, with liquid and hyperscale Data Centers set to grow in popularity. We have developed tailored solutions for this new era, including CDUs and liquid cooling immersion through our acquisition of TMGcore. High-performance compute Data Centers will require liquid cooling at the chip but will not remove the need for air cooling solutions we provide today. Because of this, we're ready to provide both air-cooled and liquid-cooled solutions to the next-gen Data Centers. To conclude the deep dive on Data Center, today, we win in the Data Center space with primarily air-cooled technologies. Tomorrow, we will win with a combination of air-cooled and liquid-cooled technologies. We have strategically positioned ourselves to continue to win today, to be the Data Center cooling supplier of choice with the right technologies for the future. By providing both air-cooled and liquid-cooled solutions to the Data Center customers, we will be seen as the trusted partner to pair the right cooling solutions with the design of each future Data Center. We're not an air-cooled company or a liquid-cooled company. We're a Data Center cooling company that is ready with the solutions needed. Now, pivoting to our financials. I couldn't be more proud of our team and how we've achieved our three-year goals in two years. From the target presented in our 2022 Investor Day, we have hit the high end of the revenue improvement range with an 8% CAGR, including pruning non-profitable products through 80/20 product line simplification. We have also exceeded our 13%-15% EBITDA target with the fiscal year 2024 EBITDA of 18.8%, a 720 basis points improvement from where we were just two fiscal years earlier. This improvement unlocked the value of segmentation and rigorous application of 80/20. We now have a new baseline to apply 80/20 with these new three segmented groups to achieve the next level of performance within the segment. Now, let's look at our forward new targets. From our new base of $1.1 billion of revenue, we anticipate 18%-22% revenue CAGR for the full Climate Solutions segment through fiscal 2027. This is largely driven by increased Data Center demand for our air-cooled solutions, with liquid cooling solutions providing significant additional revenue in the back half of this projection. We have targeted 45%-55% revenue CAGR for the Data Center and Commercial IAQ group over this period, which drives the strategy of expanding production capacity. Heating and School IAQ has revenue target of 5%-10% CAGR, driven by market share gains and new product development. Coils, Coolers, and Coatings has a target of near GDP growth, with focus on adding our customers' transition from high GWP to low GWP refrigerants and selling solutions versus components. While there are clear tailwinds and opportunities that we are well positioned to take advantage of within Data Centers and Commercial IAQ, we are also excited about the upside potential to our two other groups of Heating and School IAQ and Coils, Coolers, and Coatings. Overall, Climate Solutions is positioned to more than double our growth rates than we achieved in the previous few years. As we look at targeted EBITDA for Climate Solutions, we see the largest drivers of improvement will be driven by volume increases across the segment, led by Data Center. One of the common themes we see through all of our groups is our ability to sell fewer components and more solutions to our customers. This continued trend provides us with favorable pricing and mix versus the current book of business. I'm very proud of our team's ability to improve EBITDA to 18.8% over these past two years, and we will continue to improve productivity through stronger fixed cost absorption. We will drive operational excellence with Lean, 80/20, and Kaizen principles, and control our SG&A costs while supporting stronger sales growth outlook. Overall, we're excited to target an Adjusted EBITDA range in fiscal year 2027 between 20% and 23%. To summarize in Climate Solutions, we are proactively enhancing our returns by allocating capital and resources to our high-growth markets, and we'll continue to use 80/20 discipline to deliver differentiated solutions to our customers. Our leadership team and over 6,000 employees have demonstrated the ability to drive above-market growth while improving rapid margin improvement over the last few years. This entire team gives me great confidence in achieving our future growth targets and financials. Thank you. I'll now return back to Kathy. All right. We are going to take a short break. Let's come back at five minutes past the hour, so 15 minutes. Thanks. [Foreign language]. [Foreign language]. ... [Foreign language]. So we hope you all are enjoying our customer testimonial videos, including this one featuring our European coolers business. One of the benefits of having our Investor Day here in Racine is that we've brought a number of our business leaders in so that you have the opportunity to meet and talk to them about their businesses. Right now on stage, we have four of those leaders who run some of our high-growth businesses. And I'd also like to introduce a couple that are in our audience, Mike Postma, who runs our HDE business, and Art Laszlo, who runs our Liquid Cooled Applications business. These guys are both 80/20 experts, so if you have interest in learning more about the application of 80/20 in our business, seek them out after the program. Now I would like to introduce Gina Bonini, Matt Powell, Jon Schlemmer, and Rob Bedard. And I will let them introduce themselves. So please, introduce yourself, let us know how long you've been with Modine, the business that you run, and where you came to us from. Gina? All right. Hi, I'm Gina Bonini. So I'm the Vice President and General Manager of E-Mobility. I've been with Modine just about three years, coming up on my anniversary, and previously I was the General Manager of Microelectronics for Fortive, formerly Danaher Company. Hi, my name is Matt Powell. I'm the Vice President and General Manager for our Air-Cooled Applications business. This is also my three-year anniversary month with Modine, so a lot of us started about the same time, and before this, I spent the majority of my time with Danaher and also a plastics manufacturer called Amcor. Good morning. I'm Jon Schlemmer, the Vice President and General Manager of our Heating business. And like Gina and Matt, this is my three-year anniversary with the company as well. And prior to joining Modine, I was the Chief Operating Officer at Regal Beloit Corporation. Hello, everyone. I'm Rob Bedard. I'm the Vice President and General Manager for our Data Center business in North America. I've been with Modine for 11 years, and I joined Modine after completing a PhD in Fluid Dynamics. All right. Thank you. All right, Gina, we're gonna start out with you. So you had a unique task when you came to Modine. You were given a product, which Adrian had talked about, and a handful of talented engineers, and were given a task to build a book of business. So what are the greatest challenges that you faced in this interesting project you've been undertaking? Yes. Thank you. So first I'll say it was an extremely talented set of engineers with a heavy entrepreneurial spirit. And it was really coming in, it was like coming to a startup within a company that I knew I would get paid, 'cause I've spent enough time in Silicon Valley, I know what can happen with startups. So it was an amazing opportunity to come in and really start to look at what markets we could enter and what customers we could pursue, what vehicles we could be a part of. It's been a real opportunity to go from a startup to a scale-up. So when I came in, the team had already built the first BTMS, or Battery Thermal Management System. We knew we had a right to win. Since then, it's about continuously assessing new markets, identifying where there's markets we wanna participate, do we have a right to win, building the right product, and pursuing customers. But we've had to stay focused and consistently prioritize, and in the early years, we walked away from business because we just didn't have the capacity to service. In the last year or so, we've put some investment into my organization, and we've been growing rapidly, which allows us to go out there and go after more markets and customers and products. But that level of scale-up is its own unique challenge, and I'll say it's definitely been a wild ride for us to go through that level of growth. So you talked about opportunities, and obviously Adrian had put up the chart with all the pictures on it. What do you think are the greatest opportunities for this business? Yes. So over the last couple of years, we've been on that double-digit growth trajectory. Going forward, we're communicating 35%-45% growth, and we have a solid line of sight to that level of growth. But what's been fascinating to me as we go out to these different markets is seeing the similarities in technology stack and the ability to take our product and apply it into new markets. And when I look forward, I'm seeing adjacencies such as autonomous, and I'm seeing new markets that Modine can enter for the first time. Locomotive, air, marine; the technology stack at its core is very similar. So it's been an exciting experience to see not only the growth we're on right now with those markets that today are electrifying, but seeing where the future will take us and just that level of innovation and evolution that's happening in E-Mobility. 'Cause this is really, truly a foundational technology inflection in a market, and we're seeing the market go through some interesting growth and opportunities with new players coming in. ... Thanks, Gina. We really like that CAGR on your business, so keep it up. Moving to Matt. So when we had our last Investor Day, I'm not sure we even used the word gensets, and now we're talking about it as one of our greatest opportunities. What's happened over the last two years that have sort of brought us to where we are today? Right. Thanks, Kathy. So just to set the stage on the business a little bit, Modine has been selling solutions into the genset market for about 25 years. We have an installed base of about 50,000 units globally. The last 2 years, Data Center happened to us, and Adrian had alluded earlier to the fact that we had launched a new, you know, first mover in the aluminum space, with aluminum heat exchangers into gensets and large-scale gensets, and that happened to be the segment that was specced into Data Centers, right? So our largest customer was out winning market share and pulling us through. In early 2022, when I think the rest of the investor community was starting to learn about AI and Data Center opportunities, we were already waist-deep in orders, and our customers were asking us, "We need you to immediately double." And then three to four months later, "We need you to double again." Here we are, two and a half years later, and we're up on our top-line sales about 500%, right? Huge thanks to the team. If you can imagine what that does to a factory and building out that capacity and the supply chain especially, and we also stood up a business unit, right? As Adrian and Neil alluded to, we stood up a dedicated genset business unit, and on top of all the operational things I just talked about, we also had to get the sales team energized, because if this was happening to one OEM, it was happening to all of them, right? So we had to get in front of that, and we've now won more business with more OEMs, so. So what gives us the right to win in these markets? What is, what's special about Modine? Yeah. So we have a first-mover advantage at the moment, and we're capitalizing on that, right? We have the ready-now capacity in our manufacturing plants to deliver this demand, and we have a very robust sales funnel for the next four to five years just with Data Center, right? So that is a big component of it. And the supply chain is no small feat either, right? Our team identified very early on what we needed to manufacture in-house, and we've already invested in the equipment, the automation of that equipment, the talent, the people, and the training. And that's not just for North America, that's globally, 'cause we do, as Neil said earlier, have a global footprint, and that's another big value selling point for us. Coming out of the pandemic, almost all manufacturers are worried about their supply chain agility, right? They want to diversify. We can offer that to them in-house by saying that we can make the same product in multiple locations, whether it's India, China, Brazil, Eastern Europe, or the US. Same product, and we can help them with that, and that's a big component too. But then also, we're known as the industry innovators. That's really the position we hold in our markets. And while we were the first mover with aluminum, our teams have already been filing provisional patents around what's coming next, the next generation, and we've got new products being built and tested, you know, as we speak. Great. Thanks, Matt. All right, moving on to Jon, so our Heating business is one of our legacy business. We've been in this business for a very, very long time. Last year, the market was down a little bit. This year, in the first quarter, we saw that come back, and part of the revenue increase wasn't only market, but also share capture. What is our strategy going forward for continuing to capture share where we already have such a strong position in the market? Thanks, Kathy. The Heating team's really entirely focused on growth, and I would highlight three initiatives that are around our growth strategy in the Heating business. The first initiative is to focus on growing our gas-fired unit heater business. The gas-fired part of our business is really the core of the Heating business today, and it's where we enjoy a market leadership position in North America. But we believe there's room for continued growth in that segment of our business by focusing on perfect service to our customers. That allows us to continue to keep that market leadership position and then to grow from there, and then also to focus on expanding and refreshing our product offering. The second initiative around growth is to expand our product offering of non-gas-fired Heating products. We've talked a lot about decarbonization and electrification today. That provides a growth opportunity for our Heating business that we can capitalize on by expanding our product offering. Some great examples of this are the Amp Dawg electric unit heater and our new line of electric infrared Heating products, which you'll see as part of the product demonstration and tour this afternoon. Then I'd say the third initiative that we're taking on is to explore targeted M&A opportunities, which can help us grow our business inorganically, and we're focusing in two key areas. One is to look at businesses that can expand our electric Heating products, and the second is to look at businesses that are in markets that are resilient to the decarbonization trend. Both are really good opportunities for us to explore with M&A. It's a really exciting time for the Heating business. Great. Thanks, Jon. All right, moving on to Rob. First off, I want to congratulate you and the entire Data Center team on a spectacular quarter with a 138% year-over-year increase in revenue and 99% organic growth. So really a great quarter.... We've been investing in the Data Center space for quite some time, adding capacity, adding testing facilities and labs. How do these investments give us a strategic advantage in the market? Yeah, thanks, Kathy. So I think as we think about the investment we've made in testing, it's a number of different things, so I'll kind of break those out. There's the classic piece of why you imagine we have testing. So there's the R&D portion. We want to develop a product, we need to be able to prove its performance, we need to validate. We need to experiment so that we can create new products and new technologies. So we have a lab for that purpose. The second piece is more Data Center specific. So Data Centers are critical environments by nature, and our customers have expectations for performance, for efficiency, for uptime. And so one of the things we go through with customers is during a kind of selection phase and then on an order arriving, we, that customer will come into our facilities. Every plant can test the product that they build, and the customer will work through a test with us. They'll check that it does the performance they want. They'll check it meets the efficiency that they want. They can run scenarios. These are fully climate-controlled chambers, so if they have, "We might see this when we deploy this equipment," they can run through that scenario and understand what things look like. So it's really an opportunity for them to fully understand the piece of equipment that we're supplying. And then finally, this is linked to that Data Center piece again. Finally, the... And this is a separate facility, but we've put a lot of investment into testing on what we call our end-of-line test. So every single product that we make, every single product that goes into a Data Center, goes through a complete end-of-line test. So that's part of what we can do to, again, thinking about reliability, uptime that Data Centers require. We do that end-of-line test to make sure that we're maintaining the highest level of reliability and quality, and that we're placing the best possible product into the field. All right, Rob, one more question for you. We get a lot of questions about the development of the liquid cooling market, and we're demonstrating some of our products. One of those questions is whether there's gonna be one single solution for liquid cooling. What are your thoughts on that? Yeah, it's. That's a really good question. I don't think there will be. I think it's unlikely. The reason I think that is if we look at our history, so under the Airedale by Modine brand, we've been doing air cooling equipment for 50 years in Data Centers. And in that 50-year period of air cooling, we've never seen a coalescence around one particular technology. To this day, we have different air-side products that we deploy into the space. The reason for that is, well, a number of reasons. So some of it is scale. You might want to do things differently at different scales. Some of it's the type of load that you put into a Data Center. And so as we think about a future where we've got air, liquid, and hybrid kind of air and liquid working together, those same factors are still at play. So depending on the type of load, depending on the scale, perhaps even depending on the location you're going to deploy to, there will be different solutions that we can work through. And that's one of the things that we get really excited about, is working with customers on exactly the challenge that they're facing and what type of solution they need. 'Cause we've got the full product basket, we can tailor that solution to exactly what they need. All right. Great. I wanna thank all you guys for joining us, Gina, Matt, Jon, Rob. Before turning it over to Mick, we have one more video featuring our School Indoor Air Quality products. I trust Modine because they have a long history of quality products. I feel comfortable with them. It's not the only type of unit that I've looked into, and I use a lot of my gut feelings and actually experiences that I've had over the years with different equipment, and I'm confident in the Modine equipment. The partnership is really important to me because it gives me a sense of security knowing that we have products that I can rely on and people that I can call and take care of issues, and that is really important when you're dealing with a lot of things during the day. The quality of this project and how it came out with each individual unit, I'm very impressed with. Okay, good morning, everybody. It's nice to see so many friendly faces and longtime supporters of the company and the transformation. So I'm the last formal presentation, and then we will jump into questions and answers. As you've heard from the other presenters, these five pillars are the foundation of our transformation and are intertwined throughout the businesses. I wanna highlight, from a financial perspective, the critical elements of these pillars. First, we have a diversified business portfolio that allows us to be resilient across different markets and economies. We're also operating from a position of strength, especially in terms of the balance sheet and cash flow. In fiscal 2022, we introduced our new segment structure and leadership team, and since that time, it's been this team that's built a track record of delivering on targeted results. 80/20 is at the heart of everything we do. It's not just a tool, and we're building it into our corporate culture. Last, we're raising the bar for our team, and we believe the new financial targets will drive significant shareholder value. In June of 2022, we hosted Modine's first-ever Investor Day, and with a new leadership team, we established some ambitious goals. We wanted to generate organic revenue growth while exiting a significant amount of business. In addition, we planned to increase margins by three to five hundred basis points and generate excess cash along the way to further strengthen the balance sheet. We closed the first phase of our transformation at the end of fiscal 2024, exceeding all of these targets. Over the two-year period, the team was able to add more than five hundred basis points of margin, while nearly doubling Modine's Adjusted EBITDA. As we look forward to the next phase of our transformation, I want to emphasize that 80/20 is at the core of everything we do, and 80/20 is a repetitive process that never ends. As Neil described, it flows through several phases, with early results from simplification and segmentation, then planting seeds for future growth, and eventually driving additional value through operating efficiencies. Our general managers are doing this on a daily basis, and we plan to restart the process from a total company perspective every few years. This includes this resegmentation of the product groups to ensure the teams are laser-focused on specific objectives and capturing all new growth opportunities. This graphic is meant to depict Modine's journey, but it could easily depict any large company. The horizontal axis represents time and the general 80/20 maturity phases, with an initial focus on simplifying the business, then moving to a greater growth focus. The vertical axis represents the typical financial profile, moving from a lower margin, lower growth or turnaround profile to a higher margin, higher growth profile. When starting 80/20, most companies are likely dealing with both margin and growth challenges. Through simultaneous fix, sell, and growth strategies across our businesses, margins will continue to improve as we make investments to support future growth. With time, margins will improve and organic growth will accelerate as the portfolio evolves. As the other team members presented, we're realigning our product groups beginning next fiscal year, but this will have no impact on our current business segment reporting. And last, as the graph depicts, we're three years into the journey, but very early overall in the 80/20 maturity cycle. Great companies have proven that this can be done repeatedly over decades, driving long-term shareholder value. As we look ahead to the new financial targets, we're focused on fiscal 2027. This equates to a three-year horizon or about two and a half years from where we sit today. For simplicity, we are laser-focused on two value-driving metrics: growth, with a three-year average annual growth goal of 10%-13%, and profitability, with an Adjusted EBITDA margin target of 16%-18%. The new margin target will result in another 300-500 basis point improvement. I want to highlight, too, that these targets include planned exits, but no new acquisitions. Also, I'm pleased to report that both the growth and the profitability targets have been increased from what we previously shared in 2022. It's clear that these growth and profitability targets can drive significant earnings growth and shareholder value, with potential upside from acquisitions. As we break down the revenue outlook further, it's important to understand 80/20 and our segment strategies. The graph is largely consistent with the message we shared at our last Investor Day, with rapid growth in Climate Solutions and lower growth in Performance Technologies. We launched 80/20 first in Climate Solutions, primarily as a growth enabler to capture several high-growth market opportunities and improve our commercial acumen. We then launched 80/20 in Performance Technologies a full year later, as we knew certain aspects would be more challenging, and Performance Technologies has driven a great deal of margin and earnings, but still has a significant opportunity for incremental improvement as we continue to strengthen the business mix. For this reason, their top-line growth reflects a mix of high growth in certain targeted markets, offset by approximately $300 million of planned revenue exits. As we mature with 80/20, the rate of overall revenue growth is increasing through an acceleration of organic growth, along with the benefits from recent acquisitions. The margin bridge for Adjusted EBITDA is also consistent with Modine's 80/20 maturity and where each business sits in the cycle. We want Performance Technologies to remain heavily focused on large increases in margin and earnings, while evolving the portfolio to a more favorable mix. Climate Solutions will remain focused on margin improvement, but can drive more value by reinvesting to maximize growth. While this graph summarizes the improvement by segment, I want to point out that each product group and business line have their own objectives, which is a key element of our strategy. The operational elements of our margin improvement are relatively balanced, and that's a good thing, especially since many of these areas are within our control. As I described on previous slides, most of the volume impact is expected to come from Climate Solutions. Both business segments should benefit from pricing and mix, which are intertwined and at the heart of 80/20. Lastly, our process breakdown breaks down or segments the company into much smaller pieces, allowing each team to focus on specific value drivers, and as we mature, we will further simplify the business to extract value from other areas across labor, overhead, material, or procurement. With the new financial targets, we anticipate that our free cash flow will improve, both in terms of dollars and as a percentage of sales. The improvements are expected to be driven by higher EBITDA margin, resulting in a higher operating cash flow, while holding targeted capital spending in the 3% range. I want to point out that capital spending is not necessarily a bad thing if the associated growth and margins support a high return on investment. We have some high growth businesses, like Data Centers, that are spending well above our 3% target level. We may be a cycle or two away, but at some point, the CapEx ratio may go higher as we build a larger mix of high growth businesses. Last, it's hard to predict cash needs for restructuring, but given that we're still in early phases of 80/20, we're assuming an average annual cash impact of approximately $15 million. As previously mentioned, the balance sheet remains quite strong and improved from where we started our transformation. In terms of capital priorities, we plan to invest in organic growth opportunities along with emerging venture businesses. Plus, we will address restructuring needs, which can be critical to achieving our margin improvement targets. In addition, we will continue to look for high-quality, accretive acquisitions to accelerate our strategic transformation. Therefore, we're currently maintaining a lower leverage ratio and plenty of dry powder to support our acquisition funnel. Currently, we believe that the capital priorities will drive the greatest long-term shareholder value, and in terms of the leverage ratio over the next two to three years, we anticipate our leverage ratio may fluctuate with acquisitions, but we maintain a long-term goal of keeping the ratio between one and 2.5x. Our strategic objectives for business development are very clear and focused. We want to add new products and technologies in targeted businesses, accelerate growth in Data Centers, Heating, IAQ, explore new and adjacent markets, and divest non-strategic businesses and products. As we build our funnel of opportunities, we've established a clear criteria for our team to sort and rank targets. In addition, we're building robust processes to ensure successful integration and synergy capture to quickly achieve our financial targets. Ultimately, 80/20 can be a competitive advantage for Modine as we further build our business development capabilities. Over the next two to three years, we have several goals for acquisitions and divestitures. First, we'd like to acquire $200 million-$400 million of revenue. We believe this is a realistic target, while largely offsetting the $300 million of planned exits. To repeat, we've built the exits into the future targets, but have not included any new acquisitions, and from a leverage standpoint, we have debt covenant flexibility to support a leverage ratio up to 3.25, but would only do so with clear plans to move back into our targeted range within a year. This is the same model we did when completing Modine's largest acquisition in 2016 of Luvata, and were successful in quickly de-leveraging the company. Currently, we believe most of the acquisition opportunities may be small- to mid-size, much like the last several transactions, which will further allow us to maintain a strong balance sheet. I started the financial overview by pointing out that the strategic pillars are aligned across the company. Maintaining a diversified portfolio, combined with 80/20, is an important part of our future success. Revenue growth and higher margins will drive earnings and free cash flow, and we'll leverage cash flow and the balance sheet to execute on targeted acquisitions, which can be additive to the financial targets while accelerating our transformation. We firmly believe that these financial targets presented today should drive more than 20% annualized earnings growth and significant shareholder value creation over the next two and a half years. So with that, I'll turn it back over to Neil for a wrap-up, and we'll begin a question and answer period. So thank you very much. Thanks, Mick. Appreciate it. Those are exciting numbers. That's an exciting part of the presentation. So it starts with this. We go back to the core of who we are, our vision, our purpose, our mission, our values. We're excited to have launched the vision today with you, and we always will fall back on, on these four key categories. And it comes back to these five strategic pillars. Yeah, I hope you saw that throughout the whole presentation. All of us are incredibly aligned behind our deep expertise in thermal management and leveraging it, our mission-critical products that we have through thermal solutions that we talked about in our product groups, entering these massive hypergrowth markets that are very exciting, our discipline and our focus with 80/20, and then the evolution of our portfolio over time. It's exciting time. I wanna thank the panel. You guys did an amazing job. That's just a glimpse. It's just a glimpse of the talent that we have in this organization. Strong business acumen, experts in their space, true leaders in the organization, and that effect cascades down into the organization. I'd like to thank everybody that's helped us with the investor deck today, this presentation. You've done a great job. I wanna thank Eric and Adrian for your leadership in the transformation. Pretty amazing results, which you guys were able to show. Mick, with the numbers and the go-forward plan on how we're thinking about it, I think is awesome. Kathy, thank you very much for everything that you've done to get us to this point. You're doing a great job with our investor relations. So now I'd like to invite Mick and Adrian and Eric back on stage to take some questions, and if anyone on the webcast would like to ask a question, please submit it through the portal, and we'll read it out loud here in the room. After you guys. Good job. Thank you. Cliff Ransom from Ransom Research. I'd like to ask any of you who are graduates of Danaher, whether there's anything in 80/20, in terms of culture creation, that is as powerful as Hoshin Kanri? I think that's me. Yeah. All right. So it's a good question. There's, you know, I spent some time at Danaher, it's a fantastic organization, great culture, lean culture, and, you know, not only lean, but Hoshin planning and some other elements of the business. But when it comes to 80/20 and how we think about it, 80/20 is more broad. It's not just a tool, it's a philosophy. And if you do 80/20 right, and you get your area, you get your business focused and your product line focused, the way to drive efficiency, I think, is to deploy lean. I think that's a good technique, and it's a good tool to maximize your output and to maximize the potential. But I think it starts with 80/20, 'cause you can go do lean in the wrong areas. You can go do lean in things that you're not gonna grow. You can go do lean... 'cause lean applies anywhere, but if you apply lean around the focused areas that have been identified through 80/20 and the intersections of products and our customers, I think that's where you really unleash the power of the two combined. Thank you. Hi, Jeff Van Sinderen from B. Riley Securities. Just wanted to touch on the Data Center business for a minute. I think there might be some focus there. You're getting a third hyperscaler. How many more could you potentially get? Could you grow that business segment even faster? Not that your growth isn't great as it is, but wondering, if you aim to, could you accelerate it even more, and what would you need to do that? Yeah, I'll take that question and turn it over to you, Eric. I think that's a great question. It's something that it's at the forefront of our strategy, always. We wanna continue to grow that market. What's put us in a position to be very successful in that space is our most recent acquisitions with Scott Springfield that adds the evaporative cooling, our acquisition of TMGcore assets, which is very clear to the market and very clear to our customers that we're very forward-looking with advanced technologies. The industry isn't there yet, but we believe it'll evolve, so we're working with them in terms of trying to help them on the R&D side of emerging cooling. But certainly, we have the product groups, we have the product set, we have the global capacity, and we have the direction to go secure business across all the hyperscalers. We're doing it quite well with a couple of them. We've got that third one queued up, and we continue to have conversations with the other two as well. Considering we have the products and we have the relationships and a superior technology, my belief, I believe that we'll be able to continue to advance our growth inside of that market. Yeah. I would just add that, you know, we started a few years ago, really making progress with colocation providers, and these hyperscalers continue to lease that space, and they were able to get in those and see our technology and our product offering and our efficiency in the space that they were leasing from these colos, and now they want to take that back inside on the Data Centers that they build, and so we've been successful with two, we'll be successful with the third, and we continue to talk to with four and five, but it also takes time to get through their testings and before we become approved, but yeah, we're actively going after more. I'll just add one more thing to that, Jeff, is that there's still a lot of room to grow with the ones we have. Yeah. There's still a lot of capacity. There's still... I mean, not only the growth that they are seeing to support AI and to support the initiative, but just the overwhelming consumption of data, that we can still grow within those hyperscalers today. We're not at, you know, majority market share. Hi, Ryan Burns, TD Cowen. Thanks for taking the question. Actually, I have two, and they're related. Firstly, could you maybe tell us, you exceeded the guidance that you expected for FY 2024 initially. Could you maybe give us a little bit of pieces from, hey, when you were setting those, what were, like, the big drivers? Data centers, clearly one, but in terms of how the world shaped a little different or Modine came in different from what you kind of initially thought, could you spread a little bit of, of light on that? And then secondarily, you've given us some comments on where you expect this business to go over the next three years. If it looks different than what that math would imply, what is the most likely way that it looks different, and why? That's a good question. Thanks for that, Ryan. I'll take the first part, Mick, if you want to take the second part. You know, we set the goals originally in FY 2022 in New York. By the way, that was our first investor day for the company in a hundred-year history. So we went out to New York, we set the targets, and we wanted to make sure that we were able to achieve the targets because our credibility was on the line. We've got a new leadership team, a new CEO, two new presidents. We're doing something drastically different with the company, a complete overhaul and change, focused on our core, what we do well, but really a transformation to the truest sense. We wanted to make sure that we were able to achieve these targets. We wanted to make sure that we wanted to drive our mantra internally, which is beat and exceed, so that we could build that credibility in anticipation of this investor day. So that was the strategy. Where we actually saw some additional upside beyond what we originally anticipated, we assumed we would see a lot more exit revenue in the first part of the transformation. My experience in 80/20 is that you're gonna get X% relative to your overall top line. We factored that in, but our commercial teams, our GMs, our VP GMs, these guys here, did an incredible job securing the business while we were able to manage some commercial excellence programs around contracts and other techniques that we use to support that. So we saw more upside there than I anticipated, and it actually didn't fall in line with my experiences with 80/20. You'd see much more substantial revenue walk, but it didn't, 'cause the team, our team, Modine's most valuable asset, did an amazing job to make sure that we maintain those products and those customers. Yeah, two quick adds to what Neil said. And just to add, and I think, you know, it's proven out that companies that truly embrace 80/20 can drive a tremendous amount of shareholder value. The complexity that goes behind forecasting and planning and guiding is really complex. Just I've never dealt with anything quite like it. So if you imagine just what Neil said, and in a case where we've targeted a piece of business that's non-strategic or below a financial target, there's only a few paths it can go, right? I mean, we're gonna get a higher price point and drive the margin up. We shut the product line down, we divest it, and we always try to take a middle of the road approach, but predicting. It keeps happening. It will keep happening under the waterline as we transform the portfolio. A lot of complexity to that. And then as far as what can be the upside in the next phase, I think unless Neil, Eric, or Adrian feel different, it'll be volume. We know, and this team and their team are laser focused on those margin improvement drivers, where I think, as Neil said, phase I, or if it happens, phase II, I think upside would be as if we over drove on the top line growth. Thank you. Noah Kaye from Oppenheimer. Thanks for a great presentation today. A couple of questions. The first one is around the resegmentation into market-facing groups. I guess it goes back to the old adage that you should make what you can sell, not the other way around. But I wanna understand, maybe you can help us draw out, maybe across the segments, you know, some of the operating synergies or productivity benefits you expect to gain from this resegmentation, and then related on the topic of innovation.... With thermal management as kind of your core competency, you've been able, I think, at times, under the way the organization is currently constructed, to identify new verticals, you know, new high growth opportunities because of your innovation, your product groups. How do you manage to keep that innovation cycle going and find new markets while you're doing this shift? Yeah, that's a good question, Noah, and thanks for that. I'll let Adrian and Eric go a little bit deeper in terms of the synergies, and they're the ones that have essentially put together the, what we call the pressure test. We take the products, we take the markets, we take the revenue, and we look at it, we aggregate it, and we say: What makes sense? What aligns with the factories? What aligns with our customers? What aligns with the development? What aligns with our NPD funnel, new product development funnels? And that's essentially what they did, and they married these up where they made sense. Remember, prior on the performance technology side, it was air and liquid. In my opinion, technology focus is the number two approach. You always wanna go market facing. So we kinda graduated into market facing because of the experience that we've gained in 80/20 over the last few years. On the climate solution side, because of the acquisitions and the new revenue, and the new customers, we're forced to kinda do that, and I think Eric can talk through, you know, some more details on that. Relative to innovation, you're right, that's what we do. Not only do we have to be forward-looking with innovation and making sure that we can attach this to markets that are attractive and accretive and overall to the strategy of the business. To be honest with you, Noah, there's some things that we have done probably five, maybe 10 years in advance, that we're literally resurrecting, and the markets are here today, and we solve for that problem. We have patents in this space from five, ten years ago, and we're bringing it back, and we're gonna commercialize it, so we honestly, in some cases, have already solved for it. That's pretty exciting. There's some really interesting work that's going on in the background for that, but not only are we looking forward, but we can go back and look at what we've done, and it's relevant today, and these commercial experts, these general managers, these leaders of these organizations are finding that, and they're taking it to market, and I'll let you guys elaborate. Yeah, I think, as you think about simplification in the way that we leverage our footprint, one of the things that we've been able to do, and 80/20 kinda shined a light on this for us, is really optimizing our plants and key processes that we have in our plants. I earlier alluded to our heavy duty business, where they've done a fantastic job, and they probably had the furthest to go with respect to this. But they've just done. It would be a Harvard Business Review of how you focus on certain technologies, and how you leverage your plants and leverage certain operations within your plants to drive margin expansion, and also drive that connectivity with the customers as well. We've dedicated some plants with their specific operations. What this allowed us to do was to uncover a gem like gensets. Again, we've been doing it for over 25 years, but prior to us being able to focus on a particular operation, we were able to kinda find that, and we saw that there was this market evolution that was taking place as well. We attacked, married the two together and then dedicated a team to kinda go after it. So we just kinda did a student body right in terms of dedicating a team to go and focus on that, and I think that's how we've kinda optimized, you know, some of the opportunities with our business. We've similarly, we've done the same thing with our E-Mobility team, where when Gina and the team came in, there was already a product that was there. We focused that team and focused on what we're doing. Now we're marrying that with the footprint expansion that makes sense for where our customers need us to be, and now we're sending that off on a nice growth trajectory. Yeah, for us in CS, we wanted to be very focused around markets and customers, and if we can widen our product basket to customers where we have great relationships- Yeah. That's gonna be an easy sell. It's better to add more products to a current customer than go get a new customer. And so that was a big part of bringing these segments, a little bit different than we had in the past. Second, it provided manufacturing synergies. You know, these GMs are very focused on productivity, doing things better tomorrow than they're doing it today. And so by bringing chillers together, and AHUs together, it's gonna get those manufacturing synergies that we can leverage against our supply chain, have common plants, and that was number two. And then third was all about technology. We have specific technology around air handling units that we are now sharing globally, chiller sharing globally, and there's synergies between coil and Heating that we're putting together. So it was around, that'll be very forward-facing to customers and markets, and that comes with great manufacturing synergies and then a technology expertise where we can move even faster. Very helpful. Just one for Mick. Obviously, not updating fiscal 2025 guidance today, but from a top-line perspective, your CAGR growth rate through 2027 is higher than the guide for this year. If you could touch on how you think about the pace of divestitures, which is obviously, you know, I think a drag of about four points or so on total growth for this year. Is that expected to be ratable? And assuming that's the case, you know, just help us understand how you think through what drives acceleration in the top-line growth rate over the next couple of years. Yeah, great question, Noah. From a divestiture standpoint or a wind down, it's a little bit tied to what Neil and I were saying a minute ago. I think the best way we guide and advise people to think about it is average of about $100 million a year of business that we'll exit. And, as the business development team works with the GMs, that as we've proven out, those can be in very small bites, and they can be in somewhat larger bites. But I think right now, the way we've modeled it and, our best feedbacks, think of it as- ... you know, a level load linear approach, as we go forward to do it that way. From an acceleration standpoint, a couple big drivers, really a heavy piece on Performance Technologies. So this is another year in transition for Performance Technologies, and beginning next year, we see a big uptick in the ag construction side. Genset launch, you heard a lot from Adrian and Matt on that side. Gina and the E-Mobility team, big launches the next two years. So, obviously, heavy Data Center growth on Eric's side. We do expect to accelerate growth in the other areas around indoor air quality, and you heard from Jon on Heating. So that I'd say, probably a more continuous or steady state, high growth rate in climate. As I hit pretty hard in my presentation, Adrian's business is evolving, and we'll start to see organic growth accelerated in PT after about two to three years of heavy, you know, weeding the garden. Just wanted to circle back a little bit on the service part of your business. How do you think about that and potentially growing the service business? Are there areas where you could maybe do more software-based? I'm just wondering if there are opportunities in services. I think, you know, Adrian has some examples of that, particularly with the markets that he's leaning in towards that are high growth, and Eric, you also have some examples of that. You wanna go first, Adrian or Eric? I'll go first. All right. So, you know, we're very excited about our service businesses. So we have our in-house. We like to do service controls, installations with our own people and become experts at that. And so, you know, we have service personnel in Heating and IAQ. We handle all of our own warranty claims, if there are any. But where we use a lot of services and controls is within Data Center. And so, give you an example, in the U.K. alone, we have eighty-seven service personnel in the U.K., maintaining, installing, commissioning Data Centers with our full realm of products now as well. We also have around sixty people that just does controls, that they're, you know, half that is probably developing in-house controls, the other half is out there selling it and installing it. And so... And those teams are growing in the U.S., they're growing in other parts of the world. But for us to focus on service and maintaining, commissioning, and controls is a differentiator that we think we have in the market. Couple that with our full product basket, those two really separate us apart from others today. I think, Eric, from a service standpoint, if, as you look at E-Mobility and what we're doing, clearly what we're doing from a software perspective, whether it's, within the vehicle and passenger thermal management systems or, just the battery thermal management systems, what we're doing from a service perspective around software will be a key differentiator for us as we continue to go forward as well. And we see that as something that's going to be a distinct advantage for our company going forward. Good questions. Flo, yes. Just... Oh, Flo at DC Capital. Thanks for taking the question. Just looking at how you've resegmented the two main segments, it sort of looks like there's one main mature market growing component and then sort of two smaller, faster growing components. How are you thinking about the performance objectives within those groups? It almost looks like within each, there's sort of the mature, maybe the target is cash generation that can then be used to fund the growth. Yeah. in the, you know, faster growing, younger divisions. And if that's the case, how has the resegmentation led to changes in the compensation structure for the people who have those divisions? Good, good questions. You're right, we have changed the compensation structures based on which segment you sit in. They're controlling their own destiny. Prior to 80/20, prior to the transformation, we had one compensation plan that was global for everybody. We decided to carve that up and put it into the segments where they can make the most impact and influence their own incentives. So we did make that change. When we think about each of these product groups, they have a different mission. You know, you can be hypergrowth, you can be growth at market rate or a little bit more, you can be a turnaround, you could be an optimize. There's all kinds. You can be a startup, you can be a venture. So we categorize each one of these product groups differently so that they know what their objectives are and what targets are important for the company. If we treated them all the same, they'd act the same, and we wouldn't get differentiation. We want them to, we want them to act differently, and that's why we set their goals, their KPIs, and their compensation based on how we see them fitting into the strategic profile of the company and where we want to take it on the new goals that we've launched today. Thank you. Cliff Ransom, again, Ransom Research. Can you talk a little bit about the application of 80/20 to the transactional world? I'm thinking here of Carpet land, HR, mid, God forbid, finance and accounting, SI OP, et cetera. Can you talk about your experience in these first couple of years applying that into that area as opposed to market segmentation or actual manufacturing? Yeah, I'll take that first, and then whatever you guys want to add. Often I think people think of a misconception that you apply 80/20 into the functions and the supporting environments the same way you would do commercially. That you would look at your customers, and you would look at the transactions, and you would maybe do some things based on a quad or a quartile analysis. Not necessarily the case. What we've done is we've used our functions to get further embedded within the business. So we don't have, you know, a tax department that's completely global. We have some regional tax departments that support the regions. We used to have an accounting department that was one group that transacted everything across the Modine. We have an accounting department that have people that are dedicated to Performance Technologies and people that are dedicated to Climate Solutions, so they're connected with the business. Our HR leaders, our FP&A leaders, our business development folks, those individuals are tied into the segments or into one of these product groups, so they can understand the priorities of what the general managers and vice presidents need. They're embedded in the business, and they work, and they transact within those businesses, so they can be held accountable to the rest of the team. If we had it as a pooled resource, then everybody's doing a little bit of everything, and nothing's getting done. We essentially, we've taken the organization, and we've segmented it in line with our product groups and our segments so that they can support the businesses and the needs of the business. The only thing I would add, and we're still dialing it in, Cliff. I think like every company, but at a very high level, a lot of the groups you mentioned, we would call hybrid, and we're trying to strike that balance. There are areas of finance or HR or legal that are every bit daily transactional to a general manager. In those areas, we have said, "Let's embed those in there." Then there are just activities that don't make sense or that even a GM we don't want them to worry about. Is there cash in the bank account to pay payroll? That type of thing. Then at the same time, for balance, we realize we're a public company, and we do have to maintain lots of controls and comply with, you know, local laws, regulations. I think we talk a lot about the non-business groups as being hybrid, and then we try to find that right balance between giving the GMs what they need to be successful, but yet balance the controls elements of Modine. Yeah, I think just to add on to what Mick's saying, you know, Eric's team, the Performance Technologies team, we can't get done what we've achieved over the last couple of years if we don't have our functional groups working very closely with us. So there's been a certain amount of decentralization that's had to take place within, that's embedded into the two segments in order to kind of make this work. So we have that agility, we have that speed to decision. We can also drive closer connectivity with our customers as well. So there's got to be a full functional team that's gonna be working together in order to make that happen. So there is a significant amount of decentralization that's taken place. But to Mick's point, there's some things we don't want our VP GMs worried about, whether it's cybersecurity or some you know, whatever it may be. But that decentralization is so very important or it's very difficult for Eric and I to run the businesses the way we do. I think it's a heck of a lot less, or we've eliminated command and control, and it's really driving that down into driving that ownership and that leadership down into the verticals that we have. Great questions. Appreciate it. That's all the time we have for questions. We can have, absolutely have, further questions as we go outside, and we look at the product areas. Before I turn it over to Kathy, I want, I want to thank everybody for coming, and I want my team to know that you guys are an amazing group of people. You've done an amazing job, and it's truly an honor. It's my honor to be part of this team and be part of this organization, so thank you for that. Kathy?