Agco Corporation · NYSE:AGCO
Agco — Q2 2026 Earnings Presentation
22 slides from Agco's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Financial and Operational Results
July 30, 2026 Second Quarter 2026 Financial and Operational Results
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
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. YTD
Slide 4: Industry Overview
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 vs
Slide 5: Production
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 5
Slide 6: Three Growth Levers Will Drive Volume and Margin Improvement
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 oper
Slide 7: Farmer First in Practice
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 retr
Slide 8: Regional Net Sales Results
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% 1%
Slide 9: Net Sales, Adjusted Operating Income and Adjusted Operating Margins
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 $1.
Slide 10: Free Cash Flow
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 CA
Slide 11: 2026 Market Outlook
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 11 (2) Amounts based on Company estimates
Slide 12: 2026 Key Assumptions
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 tar
Slide 13: 2026 Outlook
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 13 purchases of property, plant and equipment) / Adjusted
Slide 14: AGCO Tech Day 2026
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 14
Slide 15: Appendix
Appendix - acco Your Agriculture Company
Slide 16: Non-GAAP to GAAP Reconciliation
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 17: Non-GAAP to GAAP Reconciliation
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% (24.8
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 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 $ 1
Slide 19: 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 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 $ 221
Slide 20: Non-GAAP to GAAP Reconciliation
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) $ 1
Slide 21: Non-GAAP to GAAP Reconciliation
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(2)
Slide 22: Non-GAAP to GAAP Reconciliation
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) $