Slide 1: First Quarter 2025 Financial and Operational Results
FIRST QUARTER 2025 Financial and Operational Results May 1, 2025
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
Q1 25 vs. REPORTED Q1 25 Q1 24 NET SALES $2,050.5 (30.0)% GROSS MARGIN 25.4% (90)bps OPERATING INCOME $49.4 (81.9)% OPERATING MARGIN 2.4% (690)bps FINANCIAL DILUTED EPS $0.14 $(2.11) SUMMARY $M** ADJUSTED Q1 25 Q1 25 vs. Q1 24 ADJ. OPERATING $83.4 (66.7)% INCOME* ADJ. OPERATING 4.1% (550)bps MARGIN*
Slide 4: Industry Overview
INDUSTRY OVERVIEW March 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 (14)% (46)% (17)% (34)% 11% (4)% 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 202
Slide 5: Production
Q3 2023 EARNINGS RELEASE PRODUCTION AGCO Production Hours Q1 2025 Production DOWN ~33% vs. 2024 -33% Projected Full-Year 2025 Production Q1 Q2E Q3E Q4E DOWN 15% - 20% vs. 2024 Production 2025 Production Plan 2024 5 *Production hours related to the divested Grain & Protein business have been excluded
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: AGCO Innovations
AGCO INNOVATIONS PTx Valtra Massey Ferguson OutRun S Series 5M ▪ Autonomous Retrofit Kit ▪ Valtra flagship tractor ▪ Midrange MF tractor ▪ ASABE AE50 Davidson ▪ Good Design Award ▪ Red Dot Award for Prize ▪ iF Design Award Product Design ▪ 3 prizes awarded each ▪ Red Dot Best of the year to new prod
Slide 8: Regional Net Sales Results
REGIONAL NET SALES RESULTS Q1 2025 19% NA SA APA $2.1B 11% EME 65% 5% Q1 25 vs. Q1 24 Segment Net Sales Excluding Currency Translation and Acquisition of a Business* (6)% (23)% (25)% (38)% (34)% Q1 2024(1) EME SA APA NA Total 22% Segments NA SA APA $2.7B 10% 63% EME 5% NA – North America SA – South
Slide 9: Net Sales, Adjusted Operating Income and Adjusted Operating Margins
NET SALES, ADJUSTED OPERATING INCOME AND ADJUSTED OPERATING MARGINS Q1 24(1) to Q1 25 March Year-to-Date(1) $4.5 16% $4.0 14% $3.2B Adj. Op. Income* ($M) $3.5 12% $2.9B $2.9B Net Sales ($B) Adj. Op. Margin* $3.0 $2.6B 10% $280.8M $2.5 10.3% 9.9% 9.6% $2.1B 8% $2.0 6% $1.5 9.6% $83.4M $1.0 5.5% 4% 4.
Slide 10: Q1 Free Cash Flow
Q3 2023 EARNINGS RELEASE Q1 FREE CASH FLOW FREE CASH FLOW* 2024 2025 Source / (Use) of Cash $(260)M ($ Mils) $(465)M FIRST QUARTER SEASONALLY WEAKEST ▪ Used $260 million in Q1 2025, $205 million less than Q1 2024 ▪ Normal seasonal working capital build ▪ Second half of year is strongest for cash flo
Slide 11: 2025 Market Outlook
2025 MARKET OUTLOOK Regional Market Outlook – Industry Unit Tractor Sales NORTH AMERICA(1) WESTERN EUROPE(2) BRAZIL(2) 125K 92K Down Large Ag Down ~5% 47K 25-30% Up 0-5% Small Ag Down 0%-5% 2024 2025E 2024 2025E 2024 2025E (1) Excludes compact tractors (2) Amounts based on Company estimates 11
Slide 12: 2025 Key Assumptions
2025 KEY ASSUMPTIONS: 2025 SALES vs. 2024 ENGINEERING EXPENSE Softening Demand ~Flat vs. 2024 (Industry ~85% of Mid-Cycle) Pricing ~+1% ADJUSTED Grain & Protein Divested Nov. 1, 2024 OPERATING MARGIN (Net Sales ~$815M in 2024) 7% - 7.5% No Foreign Currency Impact (was -3%) Market Share Gains EFFECTI
Slide 13: 2025 Outlook
2025 OUTLOOK 2023 OUTLOOK $4.00 – 75% - 100% ~$9.6B $4.50 ~$375M Free Cash Flow Net Sales Capex Adjusted Earnings Conversion(1) Per Share 13 (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 Ne
Slide 14: Save the Date: AGCO 2025 Tech Days
SAVE THE DATE AGCO 2025 Tech Days September 30 – October 1, 2025 Join us for a strategic business update Fendt factory, Marktoberdorf, Germany and the value of being the most farmer-focused company Farmer First Strategy Update Contact greg.peterson@agcocorp.com for more details Manufacturing Tour Fi
Slide 15: Appendix
APPENDIX 15
Slide 16: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions FREE CASH FLOW Year Ended Three Months Ended March 31, December 31, 2025 2024 2024 Net cash (used in) provided by operating activities $ (212.2) $ (370.0) $ 689.9 Less: purchases of property, plant and equipment (48.2) (95.0) (393.3) Free Cash Flow $ (260.
Slide 17: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages NET SALES Change excluding currency Three Months Ended March 31, Change due to currency Change due to acquisition and acquisition of a translation of a business business % change from 2025 2024 2024 $ % $ % % North America $ 395.6 $ 601
Slide 18: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Per Share Amounts INCOME FROM OPERATIONS NET INCOME NET INCOME PER SHARE Three Months Ended March 31, 2025 2024 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 19: Non-GAAP to GAAP Reconciliation
NON-GAAP TO GAAP RECONCILIATION In Millions, Except Percentages OPERATING MARGIN (1) Refer to the previous table for the reconciliation of income from operations to adjusted income from operations. (2) Operating margin is defined as the ratio of income (loss) from operations divided by net sales. Ad