Cnh Industrial N.v. · NYSE:CNH
Cnh Industrial — Q2 2026 Earnings Presentation
31 slides from Cnh Industrial's earnings presentation, Aug 3, 2026
Slide 1: Q2 2026 Financial Results
Q2 2026 FINANCIAL RESULTS August 3, 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) p
Slide 3: Q2 2026 Main Highlights
Q2 2026 | MAIN HIGHLIGHTS Results in line with expectations amidst ag cycle trough Operational discipline driving quality, sourcing, and efficiency gains Advancing precision technology adoption across installed base Cycle indicators improving with inventories normalizing and fleets aging Farmer econ
Slide 4: Q2 2026 Results
Q2 2026 | RESULTS Consolidated Adjusted EBIT1 Net Income Diluted EPS Operating Revenues Industrial Activities Cash Flow $4.8B $167M $141M $0.11 $145M +2% (25)% (35)% $(0.06) $(627)M Net Sales Adjusted Industrial Adjusted Adjusted Free Cash Flow1 Industrial Activities EBIT Margin1 Net Income1 Diluted
Slide 5: Path to 2030
PATH TO 2030 Breaking new ground on Iron + Tech Expanding mid-cycle margins Expanding Advancing Driving Operational Quality as a product Iron + Tech commercial excellence mindset leadership integration excellence 5 Q2 2026 results | August 3, 2026
Slide 6: Driving Commercial Excellence
DRIVING COMMERCIAL EXCELLENCE Further progress on dealer consolidation • Splintered Oak Equipment (Texas): Acquisition of 4 other New Holland dealers to drive market scale • Gruett’s (Wisconsin): Strong heritage New Holland dealer added Case IH at Potter, WI location • ATV Sachsen (Germany): Dual br
Slide 7: Strategic Sourcing Program
STRATEGIC SOURCING PROGRAM Program Process Program Goals Conduct global Conduct • Transform the supply chain Hold supplier Make supplier supplier supplier site convention selection • Achieve best total value research visits • Negotiate strategic agreements Develop Conduct • Establish long-term Analy
Slide 8: Q2 2026 Agriculture
Q2 2026 | AGRICULTURE Net Sales ($ million) Adj. Gross Margin1 Production hours Δ YoY +1% YoY (210) bps YoY • Q2: -5% 3,248 3,277 21.8% 19.7% • H1: ~flat Dealer inventory2 sequential reductions Q2 2025 Q2 2026 Q2 2025 Q2 2026 • Q2: ~flat Adjusted EBIT ($ million) • H1: ~flat 8.1% 53 Production slots
Slide 9: Q2 2026 Construction
Q2 2026 | CONSTRUCTION Net Sales ($ million) Adj. Gross Margin1 Production hours Δ YoY +12% YoY (380) bps YoY • Q2: +15% 773 866 15.7% • H1: +14% 11.9% Dealer inventory2 YoY Q2 2025 Q2 2026 Q2 2025 Q2 2026 • Q2: +1% Adjusted EBIT ($ million) 24 Production slots filled (2) 4.5% • Q3: ● Q4: ◑ 4 3 1.7%
Slide 10: Q2 2026 Financial Services
Q2 2026 | FINANCIAL SERVICES Net Income ($ million) Main Highlights Q2 retail originations1 $2.5B, -$0.2B YoY Q2 2025 87 Managed portfolio1 $28.0B, -$0.7B YoY (-$0.7B @CC2) Delinquencies at 4.4%, primarily driven by South America Q2 2026 71 Net income down, mainly driven by margin compression Profit
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: Tariff Impact on Margins
TARIFF IMPACT ON MARGINS Full year 2026 cost impact & 2027 run rate Agriculture Construction Previous 2026 guidance (210)-(220) bps ~(600) bps Section 232 rate reduction ▼ ▼ Section 301 & USMCA impacts TBD TBD Revised 2026 guidance ~(170) bps ~(470) bps 2027 run rate ~(150) bps ~(450) bps Numbers do
Slide 13: 2026 Outlook – Agriculture
2026 OUTLOOK – AGRICULTURE Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions Net Sales (5)% - flat ~flat Tractors Combines $12,390M Δ YoY Δ YoY North ~(5)% ~(15)% ~(5)% America LHP HHP EMEA ~(5)% ~Flat 2025A 2026E prior 2026E current South Adj. EBIT Margin (5)% - Flat ~(20)
Slide 14: 2026 Outlook – Construction
2026 OUTLOOK – CONSTRUCTION Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions Net Sales 5-10% Light Heavy ~flat YoY $2,956M YoY North Flat – 5% Flat - 5% America EMEA Flat - 5% ~10% 2025A 2026E prior 2026E current South Adj. EBIT Margin (10)% - (5)% 5% - 10% America 2.3% 1
Slide 15: 2026 Outlook – Financial Targets
2026 OUTLOOK – FINANCIAL TARGETS Industrial Activities 2025A 2026E prior 2026E current Net Sales $15.3B (4)% - flat YoY flat to +2% YoY Adj. EBIT margin1 4.3% 2.5% - 3.5% 3.2% - 3.8% Free Cash Flow1 $513M $150M - $350M $200M - $400M Company Adj. Diluted EPS1 $0.55 $0.35 - $0.45 $0.41 - $0.46 15 Q2 2
Slide 16: Q3 2026 – Key Considerations
Q3 2026 – KEY CONSIDERATIONS Agriculture net sales and EBIT margin ~flat YoY Construction net sales and EBIT margin up YoY Financial Services carefully monitoring market conditions South American market dynamics a factor for all segments 16 Q2 2026 results | August 3, 2026
Slide 17: 2026 Priorities & Outlook
2026 PRIORITIES & OUTLOOK Watching MY27 order intake for ag cycle indicators Tracking macroeconomic factors impacting ag industry cycle Continued production discipline and channel inventory reductions Margin improvements from quality, sourcing, and operational efficiency Sustained iron and tech inve
Slide 18: Appendix
APPENDIX 18
Slide 19: Upcoming Events
UPCOMING EVENTS Investor Booth Tour @ Farm Progress (Boone, Iowa): Tuesday, September 1, 1:30pm CT Q3 2026 earnings call: Monday, November 9, 9:00am ET 19 Q2 2026 results | August 3, 2026 Note: dates and times are subject to change
Slide 20: Q2 2026 YoY Unit Performance
Q2 2026 | YOY UNIT PERFORMANCE NORTH SOUTH EMEA1 APAC1 AMERICA1 AMERICA1 0-140 HP – Small Tractors (16)% Total Industry (11)% (8)% 15% 140+ HP – Large Tractors (17)% Combines (7)% (1)% (29)% (48)% Light 2% 7% (2)% 12% Heavy 12% 11% 25% 20% Tractors Combines Light Heavy Company Q1'25 Q2'25 Q3'25 Q4'2
Slide 21: Q2 2026 Industrial Activities Net Sales
Q2 2026 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $3,277M $866M $4,143M Q2 2025 +1% YoY (1)% @CC1 12% YoY 10% @CC1 3% YoY 1% @CC1 Q2 2026 By Region By Region By Region as reported as reported as reported NA EMEA SA APAC NA EMEA SA APAC NA EMEA SA APAC Q2 2026 m
Slide 22: H1 2026 Industrial Activities Net Sales
H1 2026 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $5,873M $1,440M $7,313M H1 2025 +1% YoY (2)% @CC1 6% YoY 3% @CC1 2% YoY (1)% @CC1 H1 2026 By Region By Region By Region as reported as reported as reported NA EMEA SA APAC NA EMEA SA APAC NA EMEA SA APAC H1 2026
Slide 23: Q2 / H1 2026 Financials by Segment
Q2 / H1 2026 | FINANCIALS BY SEGMENT Revenues & Adj. EBIT QTD Gross Profit Gross Margin Adj. EBIT1 Net Sales Margin1 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Agriculture 3,277 3,248 644 708 19.7% 21.8% 170 263 5.2% 8.1% Construction 866 773 103 121 11.9% 15.7% 15 35 1.7% 4.5% Elim
Slide 24: Debt Maturity Schedule
DEBT MATURITY SCHEDULE Outstanding Jun. 30, 2026 2026 2027 2028 2029 2030 Beyond 2.7 Bank Debt 0.7 0.5 0.4 0.2 0.2 0.7 13.2 Capital Market 1.8 3.0 1.9 2.3 0.8 3.3 0.1 Other Debt 0.1 0.0 0.0 0.0 0.0 0.0 15.9 Cash Portion of Debt Maturities 2.5 3.5 2.3 2.6 1.1 4.0 of which Industrial Activities 0.2 1.
Slide 25: Reconciliations
RECONCILIATIONS 25
Slide 26: Adjusted EBIT Reconciliation
ADJUSTED EBIT RECONCILIATION Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities ($M) Q2 2026 Q2 2025 H1 2026 H1 2025 Net income (loss) 141 217 151 349 Less: consolidated income tax expense (43) (76) (47) (123) Consolidated income before taxes 184 293 198 472 Less: Fi
Slide 27: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Reconciliation of Adjusted Net Income to Net Income (Loss) & Calculation of Adjusted Diluted EPS ($M) Q2 2026 Q2 2025 H1 2026 H1 2025 Net income (loss) 141 217 151 349 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of u
Slide 28: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities ($M) Q2 2026 Q2 2025 H1 2026 H1 2025 Net cash provided by (used in) Operating Activities 145 772 180 934 Cash flows from Operating Activities of Financial Servi
Slide 29: 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 30: 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 31: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS investors.cnh.com investor.relations@cnh.com +1 (630) 740 8079 Jason Omerza jason.omerza@cnh.com +1 (708) 932 5916 Joe Recendez joseph.recendez@cnh.com 31