What Modine Manufacturing Co. told the SEC could break it.

Modine's heat-exchanger products depend on aluminum, copper, steel and stainless steel (nickel) purchased from domestic and foreign suppliers; supplier capacity can be constrained by global demand.

“We purchase aluminum, copper, steel and stainless steel (nickel) from several domestic and foreign suppliers.”

Modine's ten largest customers were 49% of FY2026 net sales (top-5 in data center, commercial vehicle and off-highway markets), and its data-center business alone grew to ~35% of net sales (from 25%), concentrating exposure to hyperscale/colocation demand.

“Our top five customers, in terms of sales, are in the data center, commercial vehicle, and off-highway markets and our ten largest customers accounted for 49 percent of our net sales in fiscal 2026.”

Increased tariffs/trade restrictions on imports from Mexico, China and Canada — where Modine manufactures or buys raw materials — could materially hurt results; its Mexican facilities depend on the Maquiladora (IMMEX) program for reduced tariffs.

“Changes in policies or laws governing the terms of foreign trade, and in particular increased trade restrictions, tariffs or taxes on imports from countries where we either manufacture products or buy raw materials, such as Mexico, China, and Canada, could have a material adverse impact on our results of operations.”