Agco Corporation · NYSE:AGCO
Agco — Q3 2025 Earnings Presentation
21 slides from Agco's earnings presentation, Oct 31, 2025
Slide 1: Third Quarter 2025 Financial and Operational Results
THIRD QUARTER 2025 Financial and Operational Results October 31, 2025
Slide 2: Safe Harbor
SAFE HARBOR Forward-looking statements in this presentation, including statements about our strategic plans and initiatives as well as their financial impacts, demand, product development, and capital expenditure plans and timing of those plans, and our expectations with respect to the costs and ben
Slide 3: Financial Summary
Q3 25 vs. YTD 25 vs. REPORTED Q3 25 YTD 25 Q3 24 YTD 24 NET SALES $2,476.3 (4.7)% $7,161.8 (18.4)% GROSS MARGIN 26.1% 290bps 25.5% 30bps OPERATING INCOME $151.6 32.1% $365.0 148.8% OPERATING MARGIN 6.1% 170bps 5.1% 340bps FINANCIAL DILUTED EPS $4.09 $3.69 $8.45 $10.72 SUMMARY Q3 25 vs. YTD 25 vs. $M
Slide 4: Industry Overview
INDUSTRY OVERVIEW September 2025 Year-to-Date Retail Units NORTH AMERICA WESTERN EUROPE(2) BRAZIL(2) Tractors(1) Combines Tractors Combines Tractors Combines Industry Industry Industry Industry Industry Industry (10)% (29)% (8)% (7)% 3% (10)% 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 2
Slide 5: Production
Q3 2023 EARNINGS RELEASE PRODUCTION AGCO Production Hours Q3 2025 Production UP 6% vs. 2024 -16% -33% 6% Projected Full-Year Q1 Q2 Q3 Q4E 2025 Production 2024 Production 2025 Production Plan DOWN ~15% vs. 2024 *Production hours related to the divested Grain & Protein business have been 5 excluded fo
Slide 6: Building the AGCO We Want: Five Big Strategic Shifts
BUILDING THE AGCO WE WANT: FIVE BIG STRATEGIC SHIFTS BUILDING THE EXITED GRAIN EXECUTING EXPANDING TAFE RESOLUTION PTx ECOSYSTEM & PROTEIN RE-IMAGINE FARMERCORE Creation of $1 billion Added high Low margin and RESTRUCTURING Unique service share repurchase margin low growth PROGRAM delivery model pro
Slide 7: AGCO Innovations: The Path to Autonomy
AGCO INNOVATIONS THE PATH TO AUTONOMY Harvesting Phase 1 2025 Unlock the mixed fleet Launch the platform and Tillage connect the machines Enable AGCO Equipment to leverage existing PTx Trimble capabilities Fertilizing In Development Direct Connections Available through PTx retrofit Alpha New! Beta P
Slide 8: Regional Net Sales Results
REGIONAL NET SALES RESULTS Q3 25 vs. Q3 24 Net Sales Excluding Currency Translation* Q3 2025 15% 20% 1% NA SA 13% (5)% APA $2.5B (10)% (32)% EME 65% 6% EME SA APA NA Total Segments YTD 25 vs. YTD 24 Net Sales Excluding Currency Translation Q3 2024(1) and Acquisition of a Business* 24% NA SA APA 54%
Slide 9: Net Sales, Adjusted Operating Income and Adjusted Operating Margins
NET SALES, ADJUSTED OPERATING INCOME AND ADJUSTED OPERATING MARGINS Q3 24(1) to Q3 25 September Year-to-Date(1) $4.0 16% $3.5 14% $758.0M $2.9B Adj. Op. Income* ($M) $3.0 12% $2.6B $2.6B Net Sales ($B) $2.5B Adj. Op. Margin* $2.5 10% $2.1B $485.9M $2.0 9.9% 8% 8.3% $1.5 7.5% 6% 8.6% $1.0 5.5% 4% 6.8
Slide 10: Free Cash Flow
Q3 2023 EARNINGS RELEASE SEPTEMBER YTD FREE CASH FLOW* FREE CASH FLOW 2024 2025 Source / (Use) of Cash $65M ($ Mils) SECOND HALF OF YEAR SEASONALLY STRONGER ▪ Generated $65 million in free cash flow through September YTD 2025 $(387)M ▪ Working capital primary source of cash by year-end Targeting 75%
Slide 11: 2025 Market Outlook
2025 MARKET OUTLOOK Regional Market Outlook – Industry Unit Tractor Sales NORTH AMERICA(1) WESTERN EUROPE(2) BRAZIL(2) 125K 92K Large Ag Down 5-10% Down ~30% 47K Up 0-5% Small Ag Down ~5% 2024 2025E 2024 2025E 2024 2025E (1) Excludes compact tractors (2) Amounts based on Company estimates 11
Slide 12: 2025 Key Assumptions
2025 KEY ASSUMPTIONS: 2025 SALES vs. 2024 ENGINEERING EXPENSE Softening Demand ~Flat vs. 2024 (Industry ~85% of Mid-Cycle) Pricing 0-1% (was ~1%) ADJUSTED Grain & Protein Divested Nov. 1, 2024 OPERATING MARGIN (Net Sales ~$815M in 2024) ~7.5% +2% Foreign Currency Impact Market Share Gains EFFECTIVE
Slide 13: 2025 Outlook
2025 OUTLOOK ~$9.8B ~$5.00 Net Sales Adjusted Earnings Per Share ~$300M 75% - 100% Free Capex Cash Flow Conversion(1) 13 (1) Free Cash Flow Conversion is a non-GAAP measure and is defined as (Cash Flow from Operations less purchases of property, plant and equipment) / Adjusted Net Income.
Slide 14: Appendix
APPENDIX 14
Slide 15: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions FREE CASH FLOW Nine Months Ended September 30, Year Ended 2025 2024 December 31, 2024 Net cash provided by (used in) operating activities $ 224.5 $ (108.0) $ 689.9 Less: purchases of property plant and equipment (159.3) (279.3) (393.3) Free Cash Flow $ 65.
Slide 16: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages NET SALES Change due to currency Three Months Ended September 30, translation Change excluding currency % change from 2025 2024 2024 % % North America $ 383.0 $ 564.4 (32.1)% -% (32.1)% South America 322.4 350.8 (8.1)% 1.4% (9.5)% Europ
Slide 17: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages NET SALES Change excluding currency Change due to Change due to and acquisition of a Nine Months Ended September 30, currency translation acquisition of a business business % change from 2025 2024 2024 % % % North America $ 1,199.5 $ 1,
Slide 18: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Per Share Amounts INCOME FROM OPERATIONS NET INCOME NET INCOME PER SHARE Three Months Ended September 30, 2025 2024 Income From Net Income Income From Net Income Operations Net Income(1) Per Share(1) Operations Net Income(1) Per Share(1) As reporte
Slide 19: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Per Share Amounts INCOME FROM OPERATIONS NET INCOME (LOSS) NET INCOME (LOSS) PER SHARE Nine Months Ended September 30, 2025 2024 Net Income Income From Net Income Income From Net Income (Loss) Per Operations Net Income(1) Per Share(1) Operations (L
Slide 20: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages OPERATING MARGIN Three Months Ended 2025 2024 Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Net sales $ 2,476.3 $ 2,635.0 $ 2,050.5 $ 2,887.3 $ 2,599.3 Income (loss) from operations 151.6 164.0 49.4 (268.8) 114.8 Adjusted income from operatio
Slide 21: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages OPERATING MARGIN Nine Months Ended September 30, 2025 2024 Net sales $ 7,161.8 $ 8,774.6 Income from operations 365.0 146.7 Adjusted income from operations(1) $ 485.9 $ 758.0 Operating margin(2) 5.1 % 1.7 % Adjusted operating margin(2)