Cnh Industrial N.v. · NYSE:CNH
Cnh Industrial — Q1 2026 Earnings Presentation
29 slides from Cnh Industrial's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS April 30, 2026
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: Q1 2026 Main Highlights
Q1 2026 | MAIN HIGHLIGHTS Passing through expected low point in Ag market demand Production kept at low levels to manage channel inventory Positive price/cost in Agriculture segment Further progress on dealer network consolidation Highly dynamic market environment impacting entire supply chain Conti
Slide 4: Q1 2026 Results
Q1 2026 | RESULTS Consolidated Adjusted EBIT1 Net Income Diluted EPS Operating Revenues Industrial Activities Cash Flow $3.8B $(45)M $10M $0.01 $(497)M (0)% (145)% (92)% $(0.09) $(30)M Net Sales Adjusted Industrial Adjusted Adjusted Free Cash Flow1 Industrial Activities EBIT Margin1 Net Income1 Dilu
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 Q1 2026 results | April 30, 2026
Slide 6: Driving Manufacturing Plant Efficiencies
DRIVING MANUFACTURING PLANT EFFICIENCIES Project-based approach to drive $45M in 2025 Agriculture manufacturing plant efficiencies Manufacturing Efficiency savings Cumulative Manufacturing Projects Example New fiber laser at the Fargo plant 2,000 reduced sheet steel cutting time by ~1,400 52%, while
Slide 7: Q1 2026 Agriculture
Q1 2026 | AGRICULTURE Net Sales ($M) Gross Margin1 Production hours Δ YoY +1% YoY (90) bps YoY • Q1: +6% 2,581 2,596 20.0% 19.1% Dealer inventory2 flat sequentially vs. usual Q1 2025 Q1 2026 Q1 2025 Q1 2026 seasonal increase Adjusted EBIT ($M) 5.4% 139 Production slots filled 46 (29) • Q2: (49) (22)
Slide 8: Q1 2026 Construction
Q1 2026 | CONSTRUCTION Net Sales ($M) Gross Margin1 Production hours Δ YoY (3)% YoY (310) bps YoY • Q1: +12% 14.9% 591 574 11.8% Dealer inventory2 YoY Q1 2025 Q1 2026 Q1 2025 Q1 2026 • Q1: (4)% Adjusted EBIT ($M) Production slots filled 2.4% 14 14 • Q1: 14 (4.9)% • Q2: (5) (32) (28) (14) (5) 0 Volum
Slide 9: Q1 2026 Financial Services
Q1 2026 | FINANCIAL SERVICES Net Income ($ million) Main Highlights Q1 retail originations1 $2.2B, -$0.2B YoY Q1 2025 90 Managed portfolio1 $28.0B, flat YoY (-$1.0B @CC2) Delinquencies at 3.5%, primarily driven by South America Q1 2026 74 Net income down, mainly driven by higher risk cost Profitabil
Slide 10: 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 11: Tariff Impact on Margins
TARIFF IMPACT ON MARGINS Full year 2026 cost impact Agriculture Construction Original guidance (210)-(220) bps ~(500) bps Section 122 vs. IEEPA (temporary) ▼ ▼ Section 232 – whole machines ▲▲ ▲▲ Section 232 – component parts ▼▼ ▼ Section 301 investigation impact TBD TBD Revised guidance (210)-(220)
Slide 12: 2026 Outlook – Agriculture
2026 OUTLOOK – AGRICULTURE Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions Net Sales (5)% - flat (5)% - flat Tractors Combines $12,390M Δ YoY Δ YoY North flat - 5% (20)% - (15)% (5)% - flat America LHP HHP EMEA (5)% - flat 5% - 10% 2025A 2026E prior 2026E current South Ad
Slide 13: 2026 Outlook – Construction
2026 OUTLOOK – CONSTRUCTION Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions Net Sales Light Heavy ~flat ~flat $2,956M YoY YoY North ~flat flat - 5% America EMEA flat - 5% (5)% - flat 2025A 2026E prior 2026E current South Adj. EBIT Margin (15)% - (10)% (15)% - (10)% Ameri
Slide 14: 2026 Outlook – Financial Targets
2026 OUTLOOK – FINANCIAL TARGETS Industrial Activities 2025A 2026E prior 2026E current Net Sales $15.3B (4)% - flat YoY reaffirmed Adj. EBIT margin1 4.3% 2.5% - 3.5% reaffirmed Free Cash Flow1 $513M $150M - $350M reaffirmed Company Adj. Diluted EPS1 $0.55 $0.35 - $0.45 reaffirmed 14 Q1 2026 results
Slide 15: Q2 2026 – Key Considerations
Q2 2026 – KEY CONSIDERATIONS Agriculture net sales ~flat YoY; Construction up mid-teens % YoY South American market conditions require close monitoring Transportation and tariff cost dynamics Segment margins within full-year guidance ranges Financial Services net income impacted by higher risk reser
Slide 16: 2026 Priorities & Outlook
2026 PRIORITIES & OUTLOOK Carefully monitoring & managing global trade and supply chain dynamics Thorough production planning and further channel inventory trimming Purposeful growth in iron and tech investments Delivering 50-75 bps Agriculture mid-cycle margin improvements Multi-brand dealership co
Slide 17: Appendix
APPENDIX 17
Slide 18: Upcoming Events
UPCOMING EVENTS Annual General Meeting of Shareholders: Friday, May 8, 3:00pm CEST (9:00am ET) Q2 2026 earnings call: Monday, August 3, 9:00am ET 18 Q1 2026 results | April 30, 2026 Note: dates are subject to change
Slide 19: Q1 2026 YoY Unit Performance
Q1 2026 | YOY UNIT PERFORMANCE NORTH SOUTH EMEA1 APAC1 AMERICA1 AMERICA1 0-140 HP – Small Tractors (7)% Total Industry 2% (8)% 21% 140+ HP – Large Tractors (27)% Combines (6)% (5)% (33)% (16)% Light 5% 1% (7)% 8% Heavy 4% 11% 6% 6% Tractors Combines Light Heavy Company Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Slide 20: Q1 2026 Industrial Activities Net Sales
Q1 2026 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $2,596M $574M $3,170M Q1 2025 +1% YoY (4)% @CC1 (3)% YoY (6)% @CC1 (0)% YoY (4)% @CC1 Q1 2026 By Region By Region By Region as reported as reported as reported NA EMEA SA APAC NA EMEA SA APAC NA EMEA SA APAC Q1
Slide 21: Q1 2026 Financials by Segment
Q1 2026 | FINANCIALS BY SEGMENT Revenues & Adj. EBIT $M Gross Profit Gross Margin Adj. EBIT1 Net Sales Margin1 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Agriculture 2,596 2,581 497 515 19.1% 20.0% 27 139 1.0% 5.4% Construction 574 591 68 88 11.8% 14.9% (28) 14 (4.9%) 2.4% Eliminati
Slide 22: Debt Maturity Schedule | Breakdown
DEBT MATURITY SCHEDULE | BREAKDOWN ($B) Outstanding Mar. 31, 2026 2026 2027 2028 2029 2030 Beyond 2.8 Bank debt 0.7 0.7 0.3 0.3 0.2 0.6 12.3 Capital market 1.9 3.0 2.0 2.2 0.5 2.7 0.1 Other debt 0.1 - - - - - 15.2 Cash portion of debt maturities 2.7 3.6 2.3 2.5 0.8 3.3 of which Industrial Activities
Slide 23: Reconciliations
RECONCILIATIONS 23
Slide 24: Adjusted EBIT Reconciliation
ADJUSTED EBIT RECONCILIATION Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities ($M) Q1 2026 Q1 2025 Net income (loss) 10 132 Less: consolidated income tax expense (4) (46) Consolidated income before taxes 14 179 Less: Financial Services Financial Services net income
Slide 25: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Reconciliation of Adjusted Net Income to Net Income (Loss) & Calculation of Adjusted Diluted EPS ($M) Q1 2026 Q1 2025 Net income (loss) 10 132 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in 12 - income of unconsolidated subsid
Slide 26: 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) Q1 2026 Q1 2025 Net cash provided by (used in) Operating Activities 35 162 Cash flows from Operating Activities of Financial Services net of eliminations (
Slide 27: 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 28: 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 29: 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 29