Slide 1: Q3 2026 Investor Deck
July 30, 2026 Q3 2026 Investor Deck
Slide 2: Agenda
2 Agenda 1 AGCO’s Strategy Recap 2 PTx (Precision Ag) Deep Dive 3 Strengthening our Financial Outlook
Slide 3: AGCO’s Strategy Recap
AGCO’s Strategy Recap - acco Your Agriculture Company
Slide 4: AGCO is the largest pure play farm equipment manufacturer in the world
4 AGCO IS THE LARGEST PURE PLAY FARM EQUIPMENT Multi-brand MANUFACTURER IN THE WORLD Focus: 1990 ~$10.1B ~$8.4B ~22,000 ~$488M Research and Year Annual Market Global development Founded Revenue(1) Cap(2) Employees(1) spend (1) (1) As of December 31, 2025 (2) As of March 31, 2026 4
Slide 5: Farmer focused solutions to sustainably feed our world
5 FARMER FOCUSED SOLUTIONS TO SUSTAINABLY FEED OUR WORLD AG MACHINERY AG TECHNOLOGY Brands & Value Propositions Leaders Drive Straightforward Your Working Industry leader for mixed fleet precision AG Fendt Dependable Machine through OEM and Retrofit Accessible Winning Outcomes Net Promoter Score Emp
Slide 6: Resiliency Roadmap
6 RESILIENCY ROADMAP 2025 Medium term 2033 Long term 2050 Scope 1 and 2 Reach 60% renewable energy use across Reduce absolute Scope 1 and 2 emissions by 55% in Reduce absolute Scope 1 and 2 emissions by 90% manufacturing operations by 2026 20331 by 20501 Release first fully electric tractor model, I
Slide 7: Our Sustainability Strategy
7 OUR SUSTAINABILITY STRATEGY AGCO’s sustainability ambition is to accelerate innovation, efficiency and responsibility to deliver meaningful outcomes for farmers and the earth. Aligned with AGCO’s broader corporate strategy, our approach focuses on addressing the most pressing challenges facing far
Slide 8: Our Progress in 2025
88 OUR PROGRESS IN 2025 The table below provides a snapshot of progress made in 2025 toward our goals, highlighting where we are delivering results and where priorities continue to evolve. ACTION FIELD GOAL PROGRESS TO DATE Integrate outcomes-based sustainability criteria in new product development
Slide 9: Advancing Fuel-Flexible Fleets
9 ADVANCING FUEL-FLEXIBLE FLEETS We are advancing a diverse range of efficient and fuel-flexible machines, available in every horsepower AGCO FLEET EFFICIENCY APPROACH CORE75 engine compatible Renewable fuels Alternative with biodiesel and Fendt e107 V Vario Diesel powertrains renewable diesel (HVO)
Slide 10: Decarbonizing Our Operations
10 DECARBONIZING OUR OPERATIONS Targeted progress toward reducing absolute Scope 1 and 2 emissions GOAL PROGRESS SCOPE 1 AND 2 DECARBONIZATION ROADMAP 140 Reduce absolute Scope 1 ON TRACK 15 and 2 emissions by 55% by 37% less absolute Scope 1 2033 and 90% by 20501 and 2 emissions 120 112 Reach 60% r
Slide 11: Decarbonizing Our Value Chain
11 DECARBONIZING OUR VALUE CHAIN How we are addressing Scope 3 emissions Improve powertrain efficiency to reduce fuel consumption Invest in multiple fuel types and technologies across all product horsepower ranges to provide choices that meet farmers’ needs Engage suppliers through EcoVadis to bette
Slide 12: Three growth levers will drive volume and margin improvement
12 AGCO’S THREE GROWTH LEVERS WILL DRIVE VOLUME AND MARGIN IMPROVEMENT Global Fendt Full-line 14%-15% adjusted operating margin at mid-cycle by 2029(1) FARMER- 4%-5% above industry volume growth FIRST Global STRATEGY Precision Ag Parts & Services 75%-100% annual Free Cash Flow conversion(2) (1) Refl
Slide 13: Three growth levers will drive volume and margin improvement
13 AGCO’S THREE GROWTH LEVERS WILL DRIVE VOLUME AND MARGIN IMPROVEMENT UNLOCKING FENDT’S FULL POTENTIAL LEADING THE WAY IN PRECISION AG ACCELERATING GLOBAL PARTS GROWTH NA/SA Net Sales 1.7 Net Sales 2.0(2) Net Sales ($bn) ($bn) 2.3 ($bn) 1.7 1.8 ~1.0 1.4 ~0.9(1)(2) 0.7 0.7(2) 0.4(2) 0.3 2020 2022 20
Slide 14: Leading the way in precision ag
14 LEADING THE WAY IN PRECISION AG Addressing Farmer Needs Today And Tomorrow Growing Tech Stack Drives High Margin Revenue P ro d u c t G row t N ew h Retrofit First Solutions for & Innovation Every Season +2.0x Net Sales In Bn USD $2.0B(2) $0.7B*(2) ~$0.9B(1)(2) Global Channel Expansion Developmen
Slide 15: Unlocking Fendt’s full potential
15 UNLOCKING FENDT’S FULL POTENTIAL Large Market Opportunity Proven Track Record of Growth Potential Ahead: Key Growth Pillars 1.7 1. Fendt Distribution Transformation North and South America (Coverage & Performance) NA/SA Net Sales ~1.0 ($bn) 2. Product & Technology Offensive (Autonomy, Sustainabil
Slide 16: Accelerating global parts growth
16 ACCELERATING GLOBAL PARTS GROWTH Growth will come from improving parts fill, driving customer loyalty, enhancing digital solutions and continued capital investment NET SALES GROWTH DRIVERS CONTINUED INVESTMENT OTHER GROWTH LEVERS ▪ Right parts at the right place every time with industry-leading f
Slide 17: Raising the bar on shareholder value
17 RAISING THE BAR ON SHAREHOLDER VALUE AGCO Increasing Mid-Cycle Adj. Operating Margin Target 14% - 15% New Mid-Cycle Target 12% Adj. Operating Margin* Current Strategy Mid-Cycle 7-9% Target / Performance 8% 6% ~4% 2013-2018 Historical Strategy Avg. Mid-Cycle performance New Mid-Cycle Adj. Operatin
Slide 18: Building the AGCO we want: five big strategic shifts
18 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
Slide 19: Executing Re-Imagine restructuring program
19 EXECUTING RE-IMAGINE RESTRUCTURING PROGRAM Operational efficiencies build a more resilient business EFFICIENCY EFFORTS EXPECTED TO CONTRIBUTE Standardization ~150 bps Automation OF ADJUSTED OPERATING MARGIN IMPROVEMENT Offshoring • Previously announced restructuring with $100-$125M of run-rate an
Slide 20: Expanding FarmerCore
20 EXPANDING FARMERCORE Drives growth and market share gains through focus on serving farmers the way they choose along the entire ownership cycle Smart Network A blended ecosystem of 1 Coverage DIGITAL and PHYSICAL Equip dealers with the best cost-to-serve and deliver industry leading experience to
Slide 21: TAFE Resolution
21 TAFE RESOLUTION Agreements offer opportunity to drive shareholder value through Share Repurchase Program STRATEGIC BENEFITS FINANCIAL IMPLICATIONS SHAREHOLDER BENEFITS • Removes the TAFE member from • Enabled AGCO to cash out • Can now implement share the AGCO board and allows ownership stake in
Slide 22: PTx (Precision Ag) Deep Dive
22 PTx (Precision Ag) Deep Dive
Slide 23: Precision Ag Business
23 PRECISION AG BUSINESS EXPANDING TOTAL GROWING TECHNOLOGY DRIVING HIGH STACK ADDRESSABLE MARKET MARGIN REVENUE F LAND ( IXED) ADDRESSABLE MARKET PTx Net Sales ($bn) 29% Fertilizer $2.0(2) 1% Machinery (Fixed) 2% Machinery Fuel 3% Crop Protection 4% Seed $0.9(1)(2) 7% 27% Hired Labor Innovation Acr
Slide 24: Transformative steps to fuel precision ag growth and retrofit first strategy
24 AGCO HAS TAKEN TRANSFORMATIVE STEPS TO FUEL PRECISION AG GROWTH AND BOLSTER ITS RETROFIT FIRST STRATEGY RETROFIT FIRST Industry-leading global mixed-fleet precision ag platform enables technology across brands INCREASES ENHANCES SPEED TO ACCELERATES ADOPTION OF ADDRESSABLE MARKET MARKET TECH SOLU
Slide 25: PTx distribution network is growing
25 OUR PTX DISTRIBUTION NETWORK IS GROWING, WITH A CLEAR GO-TO-MARKET STRATEGY AND DIFFERENTIATED SERVICE OFFERING AFTERMARKET & RETROFIT PTx OEM SOLUTIONS Base Technology PTx Elite Dealer OEM Customers Dealer Technology and services for OEM customers around the world, including New capabilities to
Slide 26: Technology products advancing farmer productivity and profitability
26 AGCO’S TECHNOLOGY PRODUCTS HAVE CONTINUED TO ADVANCE AND IMPROVE FARMER PRODUCTIVITY AND PROFITABILITY GLOBALLY COMMERCIALIZED 14 NEW TECHNOLOGY PRODUCTS ALLOW FOR RECURRING REVENUE ACROSS THE CROP CYCLE TECHNOLOGY PRODUCTS IN 2025 Annual Recurring Revenue (ARR) Solutions Major New Products Plan/
Slide 27: Data Platform Roadmap
27 DATA PLATFORM ROADMAP Today Phase 1 2025 Phase 2 2026 Phase 3 2027 Strengthen offerings and Launch the platform and Consolidate features to the Complete the Farm prepare infrastructure connect the machines common platform Operations Experience PTx Panorama, PTx Farm Panorama, Panorama, Integrated
Slide 28: The Mixed Fleet Future
28 THE MIXED FLEET FUTURE Differentiated end-state vision connecting machines of all brands, models and ages Expedited execution plan building upon existing PTx technology Aligned organization delivered initial step in 2025 and on track to deliver the complete vision by 2027 PTx will become the pref
Slide 29: Precision ag uptake varies across geographies
29 PRECISION AG UPTAKE VARIES ACROSS GEOGRAPHIES AND PROVIDES OPPORTUNITY FOR REVENUE GROWTH TECH PENETRATION RATES BY REGION HIGH-TECH GROWTH BEYOND EUROPE NORTH SOUTH EUROPE ASIA PACIFIC AMERICA AMERICA • Strong presence through PTx Elite Guidance 60% – 75% 30% – 50% 70% – 85% 25% – 40% dealers •
Slide 30: AGCO leverages AI across the business
30 AGCO LEVERAGES AI ACROSS THE BUSINESS TO ENABLE BETTER OUTCOMES FOR FARMERS IN PRODUCT DEVELOPMENT IN PRODUCT PERFORMANCE IN CUSTOMER SUPPORT • Rapidly search thousands of • Precision Planting Symphony • Millions of pages of product global customer surveys to Vision system processes ~7,500 manual
Slide 31: $2 billion revenue ambition for 2029 is reaffirmed
31 AGCO’S $2 BILLION REVENUE AMBITION FOR 2029 IS REAFFIRMED Operate as one business, eliminate overlaps and optimize the operations ORGANIZATION & OPERATIONAL FOCUSING ON GROWTH OPTIMIZING PERFORMANCE EFFICIENCY • Operating Model Implementation • Global range of manufacturing and Net Sales $2.0(2)
Slide 32: PTx Growth Pillars
32 PTX GROWTH PILLARS Retrofit First & Innovation Solutions for Every Season • 3-5 new products launched per year • Accelerate Sprayer portfolio rollout • Rapidly iterate and perfect products • Execute Connected Cloud strategy for unaddressed farmer needs • Globalize product portfolio Global Expansi
Slide 33: Retrofit Strategy
33 RETROFIT STRATEGY INCREASING SPEED ACCELERATING INCREASING FARMER DRIVING ADDRESSABLE MARKET TO MARKET ADOPTION OF TECH PROFITABILITY SUSTAINABILITY Disruptive Change SOLUTIONS Specialized Channel Input Savings and Making Machine to How Inputs are Used to Take Innovations to Incrementalize Yield
Slide 34: Solutions for every season: expanding our portfolio
34 SOLUTIONS FOR EVERY SEASON: EXPANDING OUR PORTFOLIO What Began With Guidance & Planting Technology Has Expanded To Other Stages Of The Crop Cycle Disruptive technologies that transform the way of agriculture for the future New Entrants Outrun Symphony Radicle Planter Plan / Prep Autonomous Target
Slide 35: Farmer’s ability to choose puts them in control
35 FARMER’S ABILITY TO CHOOSE PUTS THEM IN CONTROL Our platform approach generates value for farmers and PTx year after year Farmers Hold the Choice Solutions to new problems farmers face Visualize the job from anywhere • Brand of equipment to use our technology on For the most accurate Scout • Age
Slide 36: Solutions for every season: targeted spraying
36 SOLUTIONS FOR EVERY SEASON: TARGETED SPRAYING Delivers more value, with a larger market potential offering more value 2018 & Newer Symphony Vision | Rate Symphony Vision | Spot Nearest Competitor Sprayer Market Compatibility PWM Nozzle Control ✓ ✓ ✓ Independent Rate & Pressure Control ✓ ✓ ✓ 2018
Slide 37: Channel development: PTx serves farmers in differentiated ways
37 CHANNEL DEVELOPMENT: PTx SERVES FARMERS IN DIFFERENTIATED WAYS AFTERMARKET & RETROFIT PTx OEM SOLUTIONS New capabilities to existing machines of any make and vintage Technology and services for OEM customers around the world, including AGCO’s equipment brands: Fendt, Massey Ferguson and Valtra FU
Slide 38: PTx transformation unlocks promised synergies
38 PTx TRANSFORMATION UNLOCKS PROMISED SYNERGIES Operate As One Business, Eliminate Overlaps, And Optimize The Operations ORGANIZATION & FOCUSING ON GROWTH OPTIMIZING PERFORMANCE OPERATIONAL EFFICIENCY Operating Model Implementation Net Sales Global range of manufacturing and $2.0(2) sourcing capabi
Slide 39: AGCO is focused on improving farmer outcomes through advanced technology
39 AGCO IS FOCUSED ON IMPROVING FARMER OUTCOMES THROUGH ADVANCED TECHNOLOGY We Develop Solutions That Are Actionable and In-Line With Farmers' Needs Today While Preparing for Tomorrow PTx is a leading AGCO’s strategy Channel offers $2B high margin farmer-focused is clear & upside and is on revenue i
Slide 40: AGCO is positioned very well to win
40 AGCO IS POSITIONED VERY WELL TO WIN The next decade will be focused on automating challenging farmer tasks to enable full autonomy AGCO has three tools in its portfolio to Bundling features and automating each phase of the crop cycle is the future support the technological evolution: THE PATH TO
Slide 41: Strengthening our Financial Outlook
41 Strengthening our Financial Outlook
Slide 42: Financial Goals
42 FINANCIAL GOALS 2029 TARGET ANNUAL PERFORMANCE 14 %- 15 % 4 %- 5 % 75% - 100% Adj. Operating Margin Above Industry Annual Free Cash at Mid-Cycle(1) Volume Growth Flow Conversion(2) 1) Adjusted operating margins are adjusted to midcycle based on a comparison of the current agricultural equipment i
Slide 43: AGCO has delivered margin improvement through the cycle
43 AGCO HAS DELIVERED MARGIN IMPROVEMENT THROUGH THE CYCLE AND TAKEN DECISIVE ACTION IN THE DOWNTURN $16 16% Adjusted Operating Margin* 12.0% $12 12% 10.3% 8.9% Net Sales ($bn) 9.1% 8.4% 7.7% 7.5% $8 7.1% 7.0% 8% 5.9% 5.1% 5.1% 5.4% 4.1% $4 4% $0 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 44: Historical adjusted operating margins – old AGCO
44 HISTORICAL ADJUSTED OPERATING MARGINS – OLD AGCO 16% 14% 12% Adjusted Operating Margin* 10% 8% 2013 8.4% 6% 2014 7.1% 4% 2017 2018 2015 5.1% 5.4% 5.1% 2016 Actual 2% 4.1% Actual at Mid-Cycle 0% Mid-Cycle (MC) 80 85 90 95 100 105 110 115 120 Industry Level *Reflects non-GAAP measures. See reconcil
Slide 45: Historical adjusted operating margins – current strategy
45 HISTORICAL ADJUSTED OPERATING MARGINS – CURRENT STRATEGY 16% 14% 2023 12.0% 12% 2022 Adjusted Operating Margin* 10.3% 2024 10% 8.9% 2025 7.7% 8% 2021 2020 9.1% 6% 7.0% 2013 – 2018 MC 2019 2029 Target 4% (Average) 5.9% at Mid-Cycle 6.0% Actual 2% Actual Mid-Cycle (MC) at Mid-Cycle 0% 80 85 90 95 1
Slide 46: Path to new mid-cycle margin target
46 PATH TO NEW MID-CYCLE MARGIN TARGET ADJUSTED OPERATING MARGIN 14%-15% 150-200 bps ADJUSTED OPERATING MARGIN* ~150 bps ~150 bps ~200 bps 7.7% High Margin 2029 Mid- 2025 Adj. Mid-Cycle Portfolio Efficiency Growth Cycle Adj. Op Margin Volumes Optimization Initiatives Initiatives * Op Margin *Exclude
Slide 47: Our strategic actions optimize the business
47 OUR STRATEGIC ACTIONS OPTIMIZE THE BUSINESS AND ENHANCE OUR COMPETITIVE POSITION Long-term Focus On High-growth, High-margin and Significant Free Cash Flow Generating Businesses Divestiture Acquisition Industry-leading global mixed-fleet Non-core, lower-margin business Precision Ag platform ~150
Slide 48: Focused efficiency initiatives contribute ~$175M - $200M
48 FOCUSED EFFICIENCY INITIATIVES CONTRIBUTE ~$175M - $200M IMPROVEMENT IN SG&A TARGETED SAVINGS ~150 bps of Adj. Operating Margin Improvement ~$75M ~$175M-$200M (run-rate by year-end 2026) EFFECTS ON SG&A $100M-$125M ✓ Establishing sustainable changes in way of working that persist in 2026 and beyo
Slide 49: Strong balance sheet and free cash flow
49 49 STRONG BALANCE SHEET AND FREE CASH FLOW Supports Investment Through the Cycle ~$8 Billion In Capex, M&A and Direct Returns Over Last 5 Years ENGINEERING Investment at ~5% of Net Sales Engineering CAPITAL EXPENDITURES Balanced Increasing Capacity while Modernizing Direct Returns to Shareholders
Slide 50: Non-GAAP To GAAP Reconciliation
50 Non-GAAP To GAAP Reconciliation (In millions) Years Ended December 31, 2025 2024 2023 2022 2021 2020 Income (Loss) Income From From Income From Income From Income From Income From Operations Operations Operations(1) Operations Operations Operations As reported $ 595.7 $ (122.1) $ 1,700.4 $ 1,265.
Slide 51: Non-GAAP To GAAP Reconciliation
51 Non-GAAP To GAAP Reconciliation (In millions) Years Ended December 31, 2019 2018 2017 2016 2015 2014 Income From Income From Income From Income From Income From Income From Operations Operations Operations Operations Operations Operations As reported $ 348.1 $ 489.0 $ 404.4 $ 288.4 $ 361.1 $ 646.
Slide 52: Non-GAAP To GAAP Reconciliation
52 Non-GAAP To GAAP Reconciliation (In millions) Years Ended December 31, 2025 2024 2023 2022 2021 2020 Net sales $ 10,082.0 $ 11,661.9 $ 14,412.4 $ 12,651.4 $ 11,138.3 $ 9,149.7 Income (loss) from operations 595.7 (122.1) 1,700.4 1,265.4 1,001.4 599.7 Adjusted income from operations(1) $ 781.0 $ 1,
Slide 53: Non-GAAP To GAAP Reconciliation
53 Non-GAAP To GAAP Reconciliation (In millions) Years Ended December 31, 2019 2018 2017 2016 2015 2014 Net sales $ 9,041.4 $ 9,352.0 $ 8,306.5 $ 7,410.5 $ 7,467.3 $ 9,723.7 Income from operations 348.1 489.0 404.4 288.4 361.1 646.5 Adjusted income from operations(1) $ 533.7 $ 501.0 $ 420.4 $ 300.3
Slide 54: Non-GAAP To GAAP Reconciliation
54 Non-GAAP To GAAP Reconciliation (Adjusted Operating Margins at Mid-Cycle) Year Operating Margin Adjustments Adjusted Operating Margin Midcycle Normalization(2) Midcycle Adjusted Margin 2025 5.9% 1.8%(3) 7.7% 1.3% 9.0% 2024 -1.0% 9.9%(3) 8.9% 0.9% 9.8% 2023 11.8% 0.2%(4) 12.0% -0.4% 11.6% 2022 10.
Slide 55: Investor Day
- acco Your Agriculture Company TTL
Slide 56: Second Quarter 2026 Financial and Operational Results
56 July 30, 2026 Second Quarter 2026 Financial and Operational Results
Slide 57: Safe Harbor
57 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
Slide 58: Financial Summary
58 Q2 26 vs. YTD 26 vs. REPORTED Q2 26 YTD 26 Q2 25 YTD 25 NET SALES $2,609.7 (1.0)% $4,952.6 5.7% GROSS MARGIN 24.7% (30)bps 24.8% (40)bps OPERATING INCOME $140.7 (14.2)% $221.4 3.7% Financial OPERATING MARGIN 5.4% (80)bps 4.5% (10)bps Summary DILUTED EPS $1.08 $(3.14) $1.84 $(2.52) $M** Q2 26 vs.
Slide 59: Industry Overview
59 Industry Overview June 2026 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 (9)% (7)% 3% (3)% (11)% (39)% 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 2026
Slide 60: Production
60 Production AGCO Production Hours 15% -1% Q2 2026 Production DOWN 1% vs. 2025 Q1 Q2 Q3E Q4E 2025 Production 2026 Production Plan Projected Full-Year 2026 Production SLIGHTLY DOWN vs. 2025
Slide 61: Three Growth Levers Will Drive Volume and Margin Improvement
61 Three 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 o
Slide 62: Farmer First in Practice
62 Farmer First in Practice Better machines + smarter, higher-margin technology + focused innovation help farmers be more productive and make AGCO more resilient. EQUIPMENT PTx AI Premium brand momentum Autonomy moves into new ground Focused innovation at scale Fendt 800 : DLG PowerMix fuel OutRun r
Slide 63: Regional Net Sales Results
63 Regional Net Sales Results Q2 26 vs. Q2 25 Segment Net Sales Excluding Currency Translation* Q2 2026(1) 20% 5% 18% NA LATAM 11% EME $2.6B -5% -6% -4% APA 66% -25% EME LATAM APA NA Total Segments YTD 26 vs. YTD 25 Segment Net Sales Q2 2025(1) Excluding Currency Translation* 5% 15% 15% NA 5% 13% 2%
Slide 64: Net Sales, Adjusted Operating Income and Adjusted Operating Margins
64 Net Sales, Adjusted Operating Income and Adjusted Operating Margins Q2 25 to Q2 26 June Year-to-Date $4.5 16% 500 $4.0 14% 450 $3.5 Adj. Op. Income* ($M) 12% 400 $2.9B Net Sales ($B) $3.0 $2.6B Adj. Op. Margin* $2.5B $2.6B 10% 350 $2.3B $300.9M $2.5 10.1% $279.0M 300 8% $2.0 8.3% 250 7.5% 6% 200
Slide 65: Free Cash Flow
65 Free Cash Flow* JUNE YTD FREE CASH FLOW 2025 2026 SECOND HALF OF YEAR SEASONALLY STRONGER Source / (Use) of Cash ▪ Used $347 million in free cash flow through June YTD 2026 $63 M ▪ Normal seasonal working capital build in first half ($ Mils) ▪ Confirmed full year FCF target of ~$300M $(347)M FREE
Slide 66: 2026 Market Outlook
66 2026 Market Outlook Regional Market Outlook – Industry Unit Tractor Sales NORTH AMERICA(1,2) WESTERN EUROPE(2) BRAZIL(2) Large Ag Down ~15% 117K ~Flat 82K 47K Down Small Ag 5%-10% Down 0%-5% 2025 2026E 2025 2026E 2025 2026E (1) Excludes compact tractors (2) Amounts based on Company estimates
Slide 67: 2026 Key Assumptions
67 2026 Key Assumptions 2026 vs. 2025 ENGINEERING EXPENSE Relatively Flat Global Demand ~5% of Sales (Industry ~85% of Mid-Cycle) Pricing 2% - 2.5% ADJUSTED OPERATING MARGIN +2% Foreign Currency Impact ~7.5% Market Share Gains Further Dealer Inventory Destocking EFFECTIVE TAX RATE Estimated current
Slide 68: 2026 Outlook
68 2026 Outlook $10.1B - $5.50 - $5.75 $10.2B Adjusted Earnings Net Sales Per Share $300M - 75% - 100% Free $325M Cash Flow Capex Conversion(1) (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
Slide 69: AGCO Tech Day 2026
69 SAVE THE DATE AGCO Tech Day 2026 October 6 - 7, 2026 | Greater Chicago, IL Join us for a strategic business update and a demonstration of being a farmer-focused company Farmer-First Strategy Update Field Demonstrations Contact greg.peterson@agcocorp.com for more details 69
Slide 70: Appendix
Appendix - acco Your Agriculture Company
Slide 71: Non-GAAP to GAAP Reconciliation
71 Non-GAAP to GAAP Reconciliation In Millions, Except Percentages NET SALES Change due to Change excluding Three Months Ended June 30, currency translation currency translation % change from 2026 2025 2025 % % North America $ 471.5 $ 393.9 19.7% (0.1)% 19.8% Latin America(1) 271.3 330.4 (17.9)% 7.1
Slide 72: Non-GAAP to GAAP Reconciliation
72 Non-GAAP to GAAP Reconciliation In Millions, Except Percentages NET SALES Change due to Change excluding Six Months Ended June 30, currency translation currency translation % change from 2026 2025 2025 % % North America $ 877.9 $ 763.4 15.0% 0.5% 14.5% Latin America(1) 483.0 586.4 (17.6)% 7.2% (2
Slide 73: Non-GAAP to GAAP Reconciliation
73 Non-GAAP to GAAP Reconciliation In Millions, Except Per Share Amounts INCOME FROM OPERATIONS NET INCOME NET INCOME PER SHARE Three Months Ended June 30, 2026 2025 Income From Net Net Income Income From Net Net Income Operations Income(1) Per Share(1) Operations Income(1) Per Share(1) As reported
Slide 74: Non-GAAP to GAAP Reconciliation
74 Non-GAAP to GAAP Reconciliation In Millions, Except Per Share Amounts INCOME FROM OPERATIONS NET INCOME NET INCOME PER SHARE Six Months Ended June 30, 2026 2025 Income From Net Net Income Income From Net Net Income Operations Income(1) Per Share(1) Operations Income(1) Per Share(1) As reported $
Slide 75: Non-GAAP to GAAP Reconciliation
75 Non-GAAP to GAAP Reconciliation In Millions, Except Percentages OPERATING MARGIN Three Months Ended 2026 2025 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Net sales $ 2,609.7 $ 2,342.9 $ 2,920.2 $ 2,476.3 $ 2,635.0 Income from operations 140.7 80.7 230.7 151.6 164.0 Adjusted income from operations(1)
Slide 76: Non-GAAP to GAAP Reconciliation
76 Non-GAAP to GAAP Reconciliation In Millions, Except Percentages OPERATING MARGIN Six Months Ended 2026 2025 Jun 30, Jun 30, Net sales $ 4,952.6 $ 4,685.5 Income from operations 221.4 213.4 (1) Adjusted income from operations $ 279.0 $ 300.9 Operating margin(2) 4.5% 4.6 % Adjusted operating margin
Slide 77: Non-GAAP to GAAP Reconciliation
77 Non-GAAP to GAAP Reconciliation In Millions FREE CASH FLOW Year Ended December Six Months Ended June 30, 31, 2026 2025 2025 Net cash provided by (used in) operating activities $ (245.0) $ 153.5 $ 988.1 Less: purchases of property, plant and equipment (101.8) (90.4) (247.9) Free Cash Flow $ (346.8