Titan Machinery Inc. · NASDAQ:TITN
Titan Machinery — Q1 2026 Earnings Presentation
18 slides from Titan Machinery's earnings presentation, May 22, 2025
Slide 1: First Quarter FY2026 Earnings Conference Call
First Quarter FY2026 Earnings Conference Call May 22, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “antic
Slide 3: Financial Overview
Financial Overview ▪ First Quarter FY2026 Results • Revenue $594.3 Million • Pre-Tax Loss $17.3 Million • Diluted Loss Per Share $0.58 ▪ Conference Call Discussion Points • Industry Overviews • Financial Results • Modeling Assumptions 3
Slide 4: Agriculture Segment Overview
Agriculture Segment Overview Q1 FY26 Recap • Same-store sales decline of 14.1% (versus increase of 4.3% in prior year) ◦ Smaller year-over-year decrease than expected due to timing of pre-sold equipment deliveries, representing pull-forward of revenue expected in Q2 • Equipment gross margin compress
Slide 5: Construction Segment Overview
Construction Segment Overview Q1 FY26 Recap • Same-store sales increase of 0.9% (versus decrease of 0.7% in prior year) • Rental fleet dollar utilization of 20.1%, down 160 bps YoY ◦ Managing the rental fleet down modestly due to demand uncertainty Rest of FY26 Expectations • Construction segment re
Slide 6: Europe Segment Overview
Europe Segment Overview Q1 FY26 Recap • Same-store sales increase of 44.0% (versus decline of 15.5% in prior year) ◦ EU stimulus programs catalyzed significant buying activity in Romania Rest of FY26 Expectations • Europe segment revenue expected to be up 23% - 28% for FY26 • EU stimulus programs ex
Slide 7: Australia Segment Overview
Australia Segment Overview Q1 FY26 Recap • Same-store sales decline of 1.0% to $44.0 million USD ◦ Revenue growth of 3.6%, net of unfavorable foreign currency impact; however retail demand for new orders is sluggish ◦ Navigating through market conditions similar to domestic Ag segment ◦ Planting has
Slide 8: First Quarter Revenue Analysis
First Quarter Revenue Analysis (in millions of dollars) Q1 FY2026 Q1 FY2025 Change Total Revenue $594.3 $628.7 -5.5% Equipment $436.8 $468.1 -6.7% Parts $105.6 $108.2 -2.4% Service $44.0 $45.1 -2.4% Rental & Other $7.9 $7.3 +8.2% 8
Slide 9: First Quarter Financials
First Quarter Financials (in millions of dollars, except per share) Q1 FY2026 Q1 FY2025 Change Total Revenue $594.3 $628.7 -5.5% Gross Profit $90.9 $121.8 -25.4% Gross Profit Margin 15.3% 19.4% -410 bps Operating Expenses $96.4 $99.2 -2.8% Operating Expense as a % of Revenue 16.2% 15.8% +40 bps Floo
Slide 10: First Quarter Segment Overview
First Quarter Segment Overview % of % of Change (in millions of dollars) Q1 FY2026 Q1 FY2025 Revenue Revenue ($) Revenue $594.3 $628.7 -5.5% Agriculture $384.4 $447.7 -14.1% Construction $72.1 $71.5 +0.9% Europe $93.9 $65.1 +44.2% Australia $44.0 $44.4 -0.9% Pre-Tax (Loss) Income(1) $(17.3) (2.9)% $
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights ▪ $22 Million of Cash ▪ Equipment Inventory Decreased $12.5 Million as of April 30, 2025 vs. January 31, 2025 • $0.9 Million decrease in new equipment and a $11.6 Million decrease in used equipment • Equipment inventory has decreased $405.5 Million from peak in Second Quarte
Slide 12: Equipment Inventory Financing
Equipment Inventory Financing (1) (1) Non-Interest Bearing floorplan is equipment that is in its initial interest free financing period from the OEM (2) Excludes CNH Parts Note (3) Equity is equipment inventory not financed with floorplan (4) Inventory turns are calculated by dividing cost of sales
Slide 13: FY2026 Outlook
FY2026 Outlook Updated Fiscal 2026 Modeling Assumptions: Previous Assumptions Current Assumptions Segment Revenue Agriculture (1) Down 20% - Down 25% Down 20% - Down 25% Construction Down 5% - Down 10% Down 5% - Down 10% Europe Flat - Up 5% Up 23% - Up 28% Australia Down 15% - Down 20% Down 20% - Do
Slide 14: Appendix
Appendix TITAN MACHINERY Power & Precision to Grow”
Slide 15: Operating Expenses & Absorption
(1) Operating Expenses & Absorption Operating Expenses Absorption Rate $500 95% $450 90% $400 85% $350 82.7% 82.9% 82.9% 80% $300 Millions 79.0% Rate $250 75% 75.0% 74.6% 74.0% $200 70% $150 65% $100 60% $50 $— 55% FY20 FY21 FY22 FY23 FY24 FY25 TTM FY26 (1) Absorption is calculated in a given period
Slide 16: Same Store Results
Same Store Results(1) Three Months Ended April 30, Percent (in thousands of dollars) 2025 2024 Change Same Store Sales Agriculture $ 384,386 $ 447,686 (14.1)% Construction 72,129 71,492 0.9 % Europe 93,678 65,074 44.0 % Australia 43,963 44,419 (1.0)% Total $ 594,156 $ 628,671 (5.5)% Same Store Gross
Slide 17: Adjusted Debt to Tangible Net Worth
Adjusted Debt to Tangible Net Worth(1) Adjusted Debt Tangible Net Worth Adjusted Debt to Tangible Net Worth 4.5 $1,200 $1,100 4.0 $1,000 3.5 $900 3.0 $800 $700 Millions 2.5 Ratio $600 1.8 2.0 1.8 $500 1.5 $400 1.5 $300 1.0 0.9 1.0 $200 0.5 $100 $— — Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q1 FY26 (1) Under
Slide 18: Non-GAAP Reconciliation Table
Non-GAAP Reconciliation Table Titan Machinery Inc. (in thousands) Three Months Ended April 30, 2025 2024 EBITDA Net Income $ (13,204) $ 9,441 Adjustments Interest expense, net of interest income 10,918 9,415 (Benefit) Provision for Income Taxes (4,078) 3,345 Depreciation and amortization 8,915 8,715