Cnh Industrial N.v. · NYSE:CNH
Cnh Industrial — Q3 2025 Earnings Presentation
36 slides from Cnh Industrial's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS NOVEMBER 7, 2025
Slide 2: Safe Harbor Statement and Disclosures
SAFE HARBOR STATEMENT AND DISCLOSURES All statements other than statements of historical fact contained in this presentation including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) pe
Slide 3: Q3 2025 | Main Highlights
Q3 2025 | MAIN HIGHLIGHTS Global trade shifts affecting both farmer and machinery economics Progress on long-term strategy commitments Ag production maintained at low levels Significant dealer inventory reductions1 Continued commitment to Iron + Tech investments 3 3 Q3 2025 results | November 7, 202
Slide 4: Q3 2025 | Results
Q3 2025 | RESULTS Consolidated Adj. EBIT1 Net Income Diluted EPS Revenues Industrial Activities $4.4B $104M $67M $0.06 (5)% (69)% (78)% $(0.18) Net Sales Adj. EBIT Margin1 Adj. Net Income1 Adj. Diluted EPS1 Industrial Activities Industrial Activities $3.7B 2.8% $109M $0.08 (7)% (560) bps (64)% $(0.1
Slide 5: Path to 2030
PATH TO 2030 Breaking new ground on Iron + Tech Expanding mid-cycle margins Expanding Advancing Driving Operational Quality as a product Iron + Tech commercial excellence mindset leadership integration excellence 5 Q3 2025 results | November 7, 2025
Slide 6: Ag Equipment Portfolio Launches
AG EQUIPMENT PORTFOLIO LAUNCHES Part of our multi-year equipment lineup refresh Agritechnica To deliver on its full- product launch line leadership goal, CNH’s Path to 2030 includes: • Launching new generation combines • Completely refreshing our tractor lineup • Equipping all large product lines wi
Slide 7: Award Winning Innovations
AWARD WINNING INNOVATIONS Corn Header Automation ForageCam KPS Sensor ✓ Integrates AI-powered advanced ✓ Uses spout-mounted camera to assess sensing & control systems Kernel Processing Score (KPS) ✓ Optimizes harvesting performance in ✓ Helps produce higher-quality feed for real time beef & dairy ca
Slide 8: Quality as a Mindset
QUALITY AS A MINDSET Supplier Collaboration Large Tractor Quality AI Tech Assistant Proactively driving quality Plants have achieved the Dealer adoption expands, improvement throughout best delivered quality to resulting in >30% help desk the supply chain dealers in over ten years call efficiency im
Slide 9: Q3 2025 | Financial Highlights
Q3 2025 | FINANCIAL HIGHLIGHTS ($M) (7)% (64)% $(0.16) (8) 3,997 3,702 304 $0.24 109 $0.08 (180) (188) Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Net Sales Adjusted Adjusted Free Cash Flow1 Industrial Activities Net Income1 Diluted EPS1 Industrial Activities Δ YoY 9 Q3 2025 resu
Slide 10: Q3 2025 | Agriculture
Q3 2025 | AGRICULTURE Net Sales ($M) Adj. Gross Margin1 Production hours Δ YoY (10)% YoY (210) bps YoY • Q3: (2)% 3,310 22.7% 2,963 20.6% • YTD: (15)% Dealer inventory2 Q3 2024 Q3 2025 Q3 2024 Q3 2025 sequential reductions • Q3: $(0.2)B Adjusted EBIT ($M) • YTD: $(0.6)B 10.2% 336 33 Production slots
Slide 11: Q3 2025 | Construction
Q3 2025 | CONSTRUCTION Net Sales ($M) Adj. Gross Margin1 Production hours Δ YoY +8% YoY (210) bps YoY • Q3: +3% 687 739 16.6% 14.5% • YTD: (11)% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Dealer inventory2 YoY • Q3: (6)% Adjusted EBIT ($M) 16 Production slots filled ● 5.8% 40 (5) (14) • Q4: 40 (12) 1.9% 14 (4)
Slide 12: Q3 2025 | Financial Services
Q3 2025 | FINANCIAL SERVICES Net Income ($M) Profitability Ratios 3.6% 4.0% 3.0% 3.1% Q3 2024 78 3.0% 1.8% 2.0% 1.3% 0.9% 1.0% Q3 2025 47 0.0% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Gross Margin / Avg. Assets on Book Return on Assets1 Managed Portfolio2 & Retail Originations2 Delinque
Slide 13: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES ORGANIC GROWTH & MARGIN EXPANSION Support organic growth through investment in commercial actions, operational efficiencies, and quality improvements BALANCE SHEET STRENGTH & STRONG CREDIT RATING Preserve investment grade credit rating as foundational commitment INORGAN
Slide 14: Updated Tariff Assumptions
UPDATED TARIFF ASSUMPTIONS Industrial Agriculture Construction 2025 impact Activities Costs1 $(155)-(145)M $(70)-(60)M $(225)-(205)M Pricing2 $45-55M $30-40M $75-95M Net impact $(110)-(90)M $(40)-(20)M $(150)-(110)M Annualized cost impact3 Costs ~$(250)M ~$(125)M ~$(375)M Margins (200)-(210)bps (420
Slide 15: 2025 Outlook – Agriculture
2025 OUTLOOK – AGRICULTURE Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions Net Sales $14.0B (20)%-(12)% (13)%-(11)% Tractors Combines Δ YoY Δ YoY North (10)% - ~(35)% ~(30)% America (5)% LHP HHP EMEA (15)% - (10)% flat - 5% 2024A 2025E prior 2025E current Adj. EBIT Margin
Slide 16: 2025 Outlook – Construction
2025 OUTLOOK – CONSTRUCTION Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions Net Sales Light Heavy (15)%-(4)% (5)%-(3)% $3.1B Δ YoY Δ YoY North America ~ (5)% - flat EMEA (5)% - flat flat - 5% 2024A 2025E prior 2025E current South Adj. EBIT Margin flat - 5% (5)% - flat Am
Slide 17: 2025 Outlook – Financial Targets
2025 OUTLOOK – FINANCIAL TARGETS Industrial Activities 2024 Prior Guidance Current Guidance Net Sales $17.1B (19)% - (11)% YoY (12)% - (10)% YoY Adj. EBIT margin1 8.2% 4.5% - 6.5% 3.4% - 3.9% Free Cash Flow1 $(0.4)B $0.1B - $0.5B $0.2B - $0.5B Company Adj. Diluted EPS1 $1.05 $0.50 - $0.70 $0.44 - $0
Slide 18: 2025 Priorities & Outlook
2025 PRIORITIES & OUTLOOK Closely monitoring supply chain & demand drivers by region Order books open for model year 2026 equipment Ongoing implementation of cost savings programs Tech Day to be held on November 11 at Agritechnica 18 Q3 2025 results | November 7, 2025
Slide 19: Appendix
APPENDIX 19
Slide 20: Tech Day 2025 @ Agritechnica
TECH DAY 2025 @ AGRITECHNICA Tuesday, November 11 2:00pm CET (8:00am ET) bit.ly/CNHtechday2025 20 Q3 2025 results | November 7, 2025
Slide 21: Q3 2025 | Unit Performance vs. Q3 2024
Q3 2025 | UNIT PERFORMANCE VS. Q3 2024 NORTH SOUTH EMEA APAC AMERICA AMERICA Total Industry1,2 Small Tractors (0-140 HP) flat (2)% (4)% 19% Large Tractors (140+ HP) (41)% Combines (23)% 19% (15)% (20)% Light Construction Equipment 5% flat 2% 5% Heavy Construction Equipment 1% 8% 1% 8% Tractors Combi
Slide 22: Q3 2025 | Industrial Activities Net Sales
Q3 2025 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $2,963M $739M $3,702M Q3 2024 (10)% YoY (12)% @CC1 +8% YoY +6% @CC1 (7)% YoY (9)% @CC1 Q3 2025 By Region By Region By Region as reported as reported as reported NA EMEA SA APAC NA EMEA SA APAC NA EMEA SA APAC Q3
Slide 23: 9M 2025 | Industrial Activities Net Sales
9M 2025 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $8,792M $2,103M $10,895M 9M 2024 (17)% YoY (17)% @CC1 (10)% YoY (9)% @CC1 (16)% YoY (15)% @CC1 9M 2025 By Region By Region By Region as reported as reported as reported NA EMEA SA APAC NA EMEA SA APAC NA EMEA SA
Slide 24: Q3 / 9M 2025 | Financials by Segment
Q3 / 9M 2025 | FINANCIALS BY SEGMENT Revenues & Adj. Gross Adj. Gross Adj. EBIT ($M) Adj. EBIT1 Net Sales Profit1 Margin1 Margin1 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Agriculture 2,963 3,310 611 752 20.6% 22.7% 137 336 4.6% 10.2% Construction 739 687 107 114 14.5% 16.6% 14 40
Slide 25: Q3 / 9M 2025 | Industrial Activities R&D and CapEx
Q3 / 9M 2025 | INDUSTRIAL ACTIVITIES R&D AND CAPEX ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 Agriculture R&D 2051 199 5621 617 CapEx 114 108 279 287 Total 319 307 841 904 of which Precision Tech 22% 25% 25% 27% Construction R&D 27 22 72 69 CapEx 16 14 42 40 Total 43 36 114 109 Industrial Activities R&D 2
Slide 26: Debt Maturity Schedule | Breakdown
DEBT MATURITY SCHEDULE | BREAKDOWN ($B) Outstanding Sept. 30, 2025 2025 2026 2027 2028 2029 Beyond 3.1 Bank Debt 0.6 0.8 0.6 0.2 0.2 0.7 12.6 Capital Market 0.6 2.8 2.9 1.9 2.2 2.2 0.1 Other Debt 0.1 - - - - - 15.8 Cash Portion of Debt Maturities 1.3 3.6 3.5 2.1 2.4 2.9 of which Industrial Activitie
Slide 27: Agriculture: Mid-Cycle Margin Profile
AGRICULTURE: MID-CYCLE MARGIN PROFILE 2025 margin profile 2030 margin profile 20% 16-17% • 2025 global industry 18% @ mid-cycle retail demand forecast to CNH Agriculture Adj. EBIT margin 2030E high trough at ~85% of mid- 16% 2030E low cycle 14% • 2025 underproduction to 12% industry retail demand 10
Slide 28: Construction: Mid-Cycle Margin Profile
CONSTRUCTION: MID-CYCLE MARGIN PROFILE 2025 margin profile 2030 margin profile 9% 7-8% @ mid-cycle • 2025 global industry 8% 2030E high CNH Construction Adj. EBIT margin retail demand forecast 7% 2030E low at ~95% of mid-cycle 6% • Currently sharing tariff 5% impacts with suppliers, before net tarif
Slide 29: Reconciliations
RECONCILIATIONS 29
Slide 30: Adjusted Gross Profit Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION Reconciliation of Adjusted Gross Profit to Gross Profit of Industrial Activities ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 [A] Net sales 3,702 3,997 10,895 12,931 Cost of goods sold (2,995) (3,130) (8,756) (10,027) [B] Gross Profit 707 867 2,139 2,904 New Holland T6.1
Slide 31: Adjusted EBIT Reconciliation
ADJUSTED EBIT RECONCILIATION Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 Net Income 67 310 416 1,083 Less: Consolidated income tax expense (1) (75) (124) (247) Consolidated income before taxes 68 385 540 1,330 Less: Financi
Slide 32: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Reconciliation of Adjusted Net Income to Net Income (Loss) & Calculation of Adjusted Diluted EPS ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 Net income (loss) 67 310 416 1,083 Adjustments impacting Income (loss) before income tax (expense) benefit 56 (8) 55 77 and equity
Slide 33: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 Net cash provided by (used in) Operating Activities 659 791 1,593 276 Cash flows from Operating Activities of Fin. Serv. ne
Slide 34: Geographic Information
GEOGRAPHIC INFORMATION The composition of our regions part of the geographic information is as follows: • North America: United States, Canada, and Mexico • Europe, Middle East, and Africa (EMEA): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, B
Slide 35: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES CNH monitors its operations through the use of several non-GAAP financial measures. CNH’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH’s fi
Slide 36: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS investors.cnh.com investor.relations@cnh.com +1 (630) 740 8079 Jason Omerza jason.omerza@cnh.com +39 (345) 605 6218 Federico Pavesi federico.pavesi@cnh.com 36