Gentherm Sets $3.5 Billion Revenue Opportunity for 2030 After Modine Deal

Gentherm’s Oct. 22 investor presentation set out a 2030 opportunity of $3.5 billion in revenue and more than $525 million in adjusted EBITDA, outlining the scale of the business following its combination with Modine’s Performance Technologies business. The company also put the adjusted EBITDA margin above 15%.

Gentherm compared the opportunity with pro forma results for the 12 months through June 2026: $2.7 billion in revenue, $346 million in adjusted EBITDA and an approximately 12.8% margin. The company described the 2030 figures as an opportunity, not a year-by-year forecast. The presentation did not give annual milestones for reaching them or a GAAP reconciliation for the adjusted EBITDA opportunity.

The combination closed Oct. 1. It brought engineered thermal systems serving commercial vehicles, off-highway equipment and power generation into Gentherm’s business, which includes thermal, comfort and valve products. The combined company’s projected revenue mix is 63% light vehicle and 37% non-light vehicle.

Gentherm’s latest reported quarter ended Sept. 30, before the transaction closed. Product revenue was $405.1 million, while adjusted EBITDA was $45 million, or 11.1% of revenue. A year earlier, adjusted EBITDA was $49 million, or 12.7% of revenue. Gross margin declined to 23.3% from 24.6%; the company identified foreign exchange, higher net material costs and inflation as pressures. More detail is available in Gentherm’s third-quarter results.

For full-year 2026, Gentherm’s updated outlook calls for $1.825 billion to $1.925 billion in product revenue and $210 million to $230 million in adjusted EBITDA. It also projects $100 million to $120 million in adjusted free cash flow. The outlook includes an expected fourth-quarter contribution from the Modine business of about $275 million in revenue and $28 million in adjusted EBITDA.