Gentherm completes Modine Performance Technologies merger; pro forma 2025 net loss $66.1M on $2.61B revenue

Gentherm Inc

Completed Oct 1, 2026 combination: Modine spun off Performance Technologies; each SpinCo share converted into 0.44619 Gentherm shares plus cash for fractional shares.
Gentherm issued 23,735,961 shares to Modine record-date holders, who now own ~43.62% of Gentherm; legacy Gentherm holders own ~56.38%.
SpinCo entered $250M committed financing on June 29, 2026; paid Modine a $156M distribution; Gentherm paid a $2.07/share special dividend ($63.5M total) on Oct 7.
Pro forma six months ended June 30, 2026: revenue $1.37B, operating income $35.6M, net income $10.2M, diluted EPS $0.28 on 54.7M weighted average shares.
Pro forma FY2025: revenue $2.61B, operating income $98.5M, net loss attributable to Gentherm $66.1M ($1.22 diluted loss per share), including a $66.2M pension termination charge.

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