Cnh Industrial N.v. · NYSE:CNH
Cnh Industrial — Q4 2025 Earnings Presentation
39 slides from Cnh Industrial's earnings presentation, Feb 17, 2026
Slide 1: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS February 17, 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: Q4 2025 Main Highlights
Q4 2025 | MAIN HIGHLIGHTS Successful Tech Day presentation at Agritechnica - CNH Tech powers digital solutions for our iron - Global mid-range tractor renewal preview - Harvesting leadership showcase Flagship dealer consolidation transactions Savings from Quality and Operational Excellence on long-t
Slide 4: Q4 2025 Results
Q4 2025 | RESULTS Consolidated Adj. EBIT1 Net Income Diluted EPS Revenues Industrial Activities $5.2B $234M $89M $0.07 +6% +21% (49)% $(0.07) Net Sales Adj. EBIT Margin1 Adj. Net Income1 Adj. Diluted EPS1 Industrial Activities Industrial Activities $4.5B 5.3% $246M $0.19 +8% +60 bps +26% +$0.04 YoY
Slide 5: FY 2025 Results
FY 2025 | RESULTS Consolidated Adj. EBIT1 Net Income Diluted EPS Revenues Industrial Activities $18.1B $663M $505M $0.41 (9)% (53)% (60)% $(0.58) Net Sales Adj. EBIT%1 Adjusted Adjusted Industrial Activities Industrial Activities Net Income1 Diluted EPS1 $15.3B 4.3% $703M $0.55 (10)% (390) bps (47)%
Slide 6: Serving Farmers – On Their Soil
SERVING FARMERS – ON THEIR SOIL Adding value to farmers through Sustainability leadership Sustainability starts with our farmers’ noble work of feeding the world while maintaining farm profitability Our vision: to create predictive, sustainable systems Corporate Sustainability Assessment (CSA) that
Slide 7: Q4 2025 Financial Highlights
Q4 2025 | FINANCIAL HIGHLIGHTS ($M) +8% +26% +$0.04 (31) 4,451 246 848 4,129 $0.19 817 196 $0.15 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Net Sales Adjusted Adjusted Free Cash Flow1 Industrial Activities Net Income1 Diluted EPS1 Industrial Activities Δ YoY 7 Q4 2025 results |
Slide 8: Q4 2025 Agriculture
Q4 2025 | AGRICULTURE Net Sales ($M) Adj. Gross Margin1 Production hours Δ YoY +5% YoY (60) bps YoY • Q4: +15% 3,598 20.6% 3,411 20.0% • FY: (10)% Dealer inventory2 Q4 2024 Q4 2025 Q4 2024 Q4 2025 sequential reductions • Q4: $(0.2)B Adjusted EBIT ($M) • FY: $(0.8)B 7.2% 45 26 6.5% 244 233 (4) (17) (
Slide 9: Q4 2025 Construction
Q4 2025 | CONSTRUCTION Net Sales ($M) Adj. Gross Margin1 Production hours Δ YoY +19% YoY (340) bps YoY • Q4: (1)% 853 14.8% 718 11.4% • FY: (9)% Q4 2024 Q4 2025 Q4 2024 Q4 2025 Dealer inventory2 YoY • Q4: (9)% Adjusted EBIT ($M) 9 25 Production slots filled 2.5% 18 • Q1: ● 18 (43) (1) 0 (3) 0.6% 5 5
Slide 10: Q4 2025 Financial Services
Q4 2025 | FINANCIAL SERVICES Net Income ($M) Profitability Ratios 4.0% 3.4% 3.2% 3.5% 379 333 3.0% 2.4% 2.1% 2.0% 1.9% 2024 2025 109 1.0% 92 Δ YoY 0.0% +18% -12% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4 FY Gross Margin / Avg. Assets on Book Return on Assets1 Managed Portfolio2 & Reta
Slide 11: 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 12: 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 12 Q4 2025 results | February 17, 2026
Slide 13: Expanding Product Leadership
EXPANDING PRODUCT LEADERSHIP Major Ag product launches 5 Tractors 4 Harvesting in 2025 in 2025 8 5 in 2026 in 2026 3+ 1 in 2027 in 2027 7 Crop Production 10 Precision in 2025 in 2025 3 12 in 2026 in 2026 9 9+ in 2027 in 2027 13 Q4 2025 results | February 17, 2026
Slide 14: Advancing Iron + Tech Integration
ADVANCING IRON + TECH INTEGRATION Innovations highlighted at Agritechnica Green-on-Green Spraying Implement Control FieldOps FLEETPRO • Identifies, targets, and • Active & passive • Latest features include • Guidance kits with 10” sprays weeds controls correct for AI boundary creation, & 12” display
Slide 15: Driving Commercial Excellence
DRIVING COMMERCIAL EXCELLENCE Ag dealer owners1 Sales at dual-branded dealers2 ~2,500 ~60% ~1,700 reduce 30% ~1/3 100% increase 2024 2030E 2024 2030E Flagship transactions (out of 50+ total transactions): • Progressive Tractor acquired 4 New Holland locations and is dual-branding all their facilitie
Slide 16: Expanding Ag Mid-Cycle Margins
EXPANDING AG MID-CYCLE MARGINS Operational excellence Operational excellence $34M Strategic Sourcing savings1 25 bps in 2025, 100-150 bps by 2030 $230M $45M Manufacturing Efficiency savings1 $30M 2025 cost savings 35 bps in 2025, 50 bps by 2030 Strategic Sourcing savings1 $550M cumulative savings ta
Slide 17: Progress vs. Investor Day 2025 Targets
PROGRESS VS. INVESTOR DAY 2025 TARGETS Agriculture adj. EBIT margin vs. 2024 120 bps (20) bps 85 bps (75) bps 60 bps 0 bps Commercial Operational Quality R&D Commercial 2025 Progress actions efficiencies investments investments to Target Progress Strategic Manufacturing R&D Strengthening +350-450 bp
Slide 18: 2026 Outlook – Agriculture
2026 OUTLOOK – AGRICULTURE Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions Net Sales (5)% - flat Tractors Combines $12,390M Δ YoY North ~flat (20)% - (15)% (10)% - (5)% America LHP HHP EMEA flat - 5% (5)% - flat 2025A 2026E South Adj. EBIT Margin (5)% - flat (10)% - (5)%
Slide 19: 2026 Outlook – Construction
2026 OUTLOOK – CONSTRUCTION Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions Net Sales Light Heavy ~flat $2,956M YoY North ~flat flat - 5% America EMEA flat - 5% ~flat 2025A 2026E South Adj. EBIT Margin (5)% - flat (15)% - (10)% America 2.3% 1.0% - 2.0% APAC ~flat ~flat T
Slide 20: 2026 Outlook – Financial Targets
2026 OUTLOOK – FINANCIAL TARGETS Industrial Activities 2025A 2026E Net Sales $15.3B (4)% - flat YoY Adj. EBIT margin1 4.3% 2.5% - 3.5% R&D expenses $853M ~flat YoY Capex $530M $600M - $650M Free Cash Flow1 $513M $150M - $350M Company Adj. Effective Tax Rate1 26.7% 24% - 26% Adj. Diluted EPS1 $0.55 $
Slide 21: Q1 2026 – Key Considerations
Q1 2026 – KEY CONSIDERATIONS Low production levels maintained Agriculture dealer destocking continues Lowest sales quarter of the year Full-year profits back-end loaded more than the usual seasonality Industrial FCF impacted by lower EBIT and working capital seasonality 21 Q4 2025 results | February
Slide 22: 2026 Priorities & Outlook
2026 PRIORITIES & OUTLOOK Careful production planning and channel inventory optimization Commercial launch of new mid-range tractors Improving speed of product development to market commercialization - Increased frequency of tech releases - Progress on new product categories 50-75 bps improvement fr
Slide 23: Appendix
APPENDIX 23
Slide 24: Upcoming Events
UPCOMING EVENTS Q1 2026 earnings call: Thursday, April 30, 9:30am ET Annual General Meeting of Shareholders: Friday, May 8, 3:00pm CEST (9:00am ET) 24 Q4 2025 results | February 17, 2026 Note: dates are subject to change
Slide 25: Q4 / FY 2025 YoY Unit Performance
Q4 / FY 2025 | YOY UNIT PERFORMANCE NORTH AMERICA EMEA SOUTH AMERICA APAC Q4 FY Q4 FY Q4 FY Q4 FY Total Industry1,2 0-140 HP – Small Tractors (14)% (7)% (8)% (13)% (8)% (1)% 19% 12% 140+ HP – Large Tractors (31)% (33)% Combines (16)% (26)% 40% (3)% (39)% (16)% 10% (26)% Light Construction flat 2% 3%
Slide 26: FY 2025 Segment Performance
FY 2025 | SEGMENT PERFORMANCE AGRICULTURE Δ YoY CONSTRUCTION Net Sales ($M) Adj. Gross Margin1 Net Sales ($M) Adj. Gross Margin1 (12)% (230) bps (3)% (230) bps 14,007 22.9% 3,053 2,956 16.3% 12,390 20.6% 14.0% FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Q3 2024 Q3 2025 Adjusted EBIT ($M) Adjuste
Slide 27: Q4 2025 Industrial Activities Net Sales
Q4 2025 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $3,598M $853M $4,451M Q4 2024 +5% YoY +3% @CC1 +19% YoY +17% @CC1 +8% YoY +5% @CC1 Q4 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 Q4 202
Slide 28: FY 2025 Industrial Activities Net Sales
FY 2025 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $12,390M $2,956M $15,346M FY 2024 (12)% YoY (12)% @CC1 (3)% YoY (3)% @CC1 (10)% YoY (10)% @CC1 FY 2025 By Region By Region By Region as reported as reported as reported NA EMEA SA APAC NA EMEA SA APAC NA EMEA SA
Slide 29: Q4 / FY 2025 Financials by Segment
Q4 / FY 2025 | FINANCIALS BY SEGMENT Revenues & Adj. Gross Adj. Gross Adj. EBIT ($M) Adj. EBIT1 Net Sales Profit1 Margin1 Margin1 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Agriculture 3,598 3,411 721 701 20.0% 20.6% 233 244 6.5% 7.2% Construction 853 718 97 106 11.4% 14.8% 5 18 0.6
Slide 30: Q4 / FY 2025 Industrial Activities R&D and CapEx
Q4 / FY 2025 | INDUSTRIAL ACTIVITIES R&D AND CAPEX ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 Agriculture R&D1 193 213 755 830 CapEx 180 168 459 455 Total 373 381 1,214 1,285 of which Precision Tech 18% 20% 23% 25% Construction R&D 26 25 98 94 CapEx 28 35 70 75 Total 55 60 168 169 Industrial Activities R&
Slide 31: Debt Maturity Schedule | Breakdown
DEBT MATURITY SCHEDULE | BREAKDOWN ($B) Outstanding Dec. 31, 2025 2026 2027 2028 2029 2030 Beyond 3.0 Bank Debt 1.1 0.5 0.4 0.2 0.2 0.5 12.3 Capital Market 2.5 3.0 1.9 2.2 0.6 2.2 0.1 Other Debt 0.1 - - - - - 15.5 Cash Portion of Debt Maturities 3.7 3.5 2.4 2.4 0.8 2.7 of which Industrial Activities
Slide 32: Reconciliations
RECONCILIATIONS 32
Slide 33: Adjusted Gross Profit Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION Reconciliation of Adjusted Gross Profit to Gross Profit of Industrial Activities ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 [A] Net sales 4,451 4,129 15,346 17,060 Cost of goods sold (3,633) (3,323) (12,389) (13,350) [B] Gross Profit 818 807 2,957 3,710 New Holland T6.
Slide 34: Adjusted EBIT Reconciliation
ADJUSTED EBIT RECONCILIATION Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 Net Income 89 176 505 1,259 Less: Consolidated income tax expense (60) (89) (184) (336) Consolidated income before taxes 149 265 689 1,595 Less: Finan
Slide 35: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Reconciliation of Adjusted Net Income to Net Income (Loss) & Calculation of Adjusted Diluted EPS ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 Net income (loss) 89 176 505 1,259 Adjustments impacting Income (loss) before income tax (expense) benefit 190 20 245 97 and equity
Slide 36: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 Net cash provided by (used in) Operating Activities 945 1,692 2,538 1,968 Cash flows from Operating Activities of Fin. Serv
Slide 37: 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 38: 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 39: 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 39