Agco Corporation · NYSE:AGCO
Agco — Q4 2025 Earnings Presentation
21 slides from Agco's earnings presentation, Feb 5, 2026
Slide 1: Fourth Quarter 2025 Financial and Operational Results
FOURTH QUARTER 2025 Financial and Operational Results February 5, 2026
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
Q4 25 vs. YTD 25 vs. REPORTED Q4 25 YTD 25 Q4 24 YTD 24 NET SALES $2,920.2 1.1% $10,082.0 (13.5)% GROSS MARGIN 25.4% 150bps 25.5% 60bps OPERATING INCOME $230.7 185.8% $595.7 587.9% OPERATING MARGIN 7.9% 1,720bps 5.9% 690bps FINANCIAL DILUTED EPS $1.30 $4.72 $9.75 $15.44 SUMMARY Q4 25 vs. YTD 25 vs.
Slide 4: Industry Overview
INDUSTRY OVERVIEW December 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)% (27)% (7)% (5)% (2)% (22)% 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024
Slide 5: Production
Q3 2023 EARNINGS RELEASE PRODUCTION AGCO Production Hours 2025 Production Down 12% Flat DOWN 12% vs. 2024 Projected Full-Year 2026 Production 2024 2025 2026E FLAT vs. 2025 Production Hours *Production hours related to the divested Grain & Protein business have been 5 excluded for all years shown
Slide 6: 3 Growth Levers Will Drive Volume and Margin Improvement
3 GROWTH LEVERS WILL DRIVE VOLUME AND MARGIN IMPROVEMENT Global Fendt Full-line 14%-15% adjusted operating margin at mid-cycle by 2029(1) FARMER- FIRST Global 4%-5% above industry volume growth Precision Ag STRATEGY Parts & Services 75%-100% annual Free Cash Flow conversion(2) (1) Adjusted operating
Slide 7: Industry Innovation Driving Overview with PTx
INDUSTRYINNOVATION DRIVING OVERVIEW WITH PTx FarmENGAGE • Unified operations management across mixed fleets • Improves uptime and operator efficiency PTx WINTER CONFERENCE – MOMENTUM & ENGAGEMENT ArrowTube • Improves seed orientation and crop • 4,000+ attendees across 10 uniformity locations • Enhan
Slide 8: Regional Net Sales Results
REGIONAL NET SALES RESULTS Q4 25 vs. Q4 24 Net Sales Excluding Currency Translation* December YTD 2025 17% 3% NA SA 11% (1)% (3)% APA $10.1B (9)% (9)% 6% EME 67% EME SA APA NA Total Segments YTD 25 vs. YTD 24 Net Sales Excluding Currency Translation December YTD and Acquisition of a Business* 21% 20
Slide 9: Net Sales, Adjusted Operating Income and Adjusted Operating Margins
NET SALES, ADJUSTED OPERATING INCOME AND ADJUSTED OPERATING MARGINS Q4 24(1) to Q4 25 December Year-to-Date(1) $4.0 16% $1,043.3M $3.5 14% $2.9B $2.9B Adj. Op. Income* ($M) $3.0 12% $2.6B $781.0M Net Sales ($B) $2.5B Adj. Op. Margin* $2.5 10% $2.1B 10.1% $2.0 9.9% 8% 8.3% $1.5 7.5% 6% 8.9% $1.0 4% 7
Slide 10: Free Cash Flow
Q3 2023 EARNINGS RELEASE FREE CASH FLOW* STRONG FREE CASH FLOW GENERATION FULL YEAR ▪ Generated $675 million in free cash flow in Q4 2025 ▪ Cash flow provided by operating activities of $988 million and FREE CASH FLOW record free cash flow of $740 million FREE CASH FLOW CONVERSION ▪ Free Cash Flow C
Slide 11: 2026 Market Outlook
2026 MARKET OUTLOOK Regional Market Outlook – Industry Unit Tractor Sales NORTH AMERICA(1) WESTERN EUROPE(2) BRAZIL(2) 117K Up 0%-5% 82K Large Ag Down ~15% 47K ~Flat Small Ag Up 0%-5% 2025 2026E 2025 2026E 2025 2026E (1) Excludes compact tractors (2) Amounts based on Company estimates 11
Slide 12: 2026 Key Assumptions
2026 KEY ASSUMPTIONS: 2026 vs. 2025 ENGINEERING EXPENSE Relatively Flat Global Demand ~5% of Sales (Industry ~87% of Mid-Cycle) Pricing 2%-3% ADJUSTED OPERATING MARGIN +2% Foreign Currency Impact 7.5% - 8% Market Share Gains Further Dealer Inventory Destocking EFFECTIVE TAX RATE Estimated current ta
Slide 13: 2026 Outlook
2026 OUTLOOK $10.4B - $5.50 - $6.00 $10.7B Adjusted Earnings Net Sales Per Share ~$350M 75% - 100% Free Capex Cash Flow Conversion(1) (1) Free Cash Flow Conversion is a non-GAAP measure and is defined as (Cash Flow from 13 Operations less purchases of property, plant and equipment) / Adjusted Net In
Slide 14: Appendix
APPENDIX 14
Slide 15: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages NET SALES Change due to currency Three Months Ended December 31, translation Change excluding currency % change from 2025 2024 2024 % % North America $ 466.0 $ 505.6 (7.8)% 0.7% (8.5)% South America 259.9 268.8 (3.3)% 6.0% (9.3)% Europe
Slide 16: 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 Years Ended December 31, currency translation acquisition of a business business % change from 2025 2024 2024 % % % North America $ 1,665.5 $ 2,298.3 (
Slide 17: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Per Share Amounts INCOME (LOSS) FROM OPERATIONS NET INCOME (LOSS) Three Months Ended December 31, NET INCOME (LOSS) PER SHARE 2025 2024 Income Net Income Income From Net Income (Loss) From Net Income (Loss) Per Operations Net Income(1) Per Share(1)
Slide 18: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Per Share Amounts INCOME (LOSS) FROM OPERATIONS Years Ended December 31, NET INCOME (LOSS) 2025 2024 NET INCOME (LOSS) PER SHARE Income Net Income Income From Net Income (Loss) From Net Income (Loss) Per Operations Net Income(1) Per Share(1) Operat
Slide 19: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages OPERATING MARGIN Three Months Ended 2025 2024 Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Net sales $ 2,920.2 $ 2,476.3 $ 2,635.0 $ 2,050.5 $ 2,887.3 Income (loss) from operations 230.7 151.6 164.0 49.4 (268.8) Adjusted income from operatio
Slide 20: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages OPERATING MARGIN Years Ended December 31, 2025 2024 Net sales $ 10,082.0 $ 11,661.9 Income (loss) from operations 595.7 (122.1) Adjusted income from operations(1) $ 781.0 $ 1,043.0 Operating margin(2) 5.9 % (1.0) % Adjusted operating ma
Slide 21: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages FREE CASH FLOW FREE CASH FLOW CONVERSION Years Ended December 31, Three Months Ended 2025 2024 December 31, 2025 Net cash provided by operating activities $ 988.1 $ 689.9 $ 763.6 Less: purchases of property, plant and equipment (247.9)