Titan Machinery Inc. · NASDAQ:TITN
Titan Machinery — Q3 2026 Earnings Presentation
22 slides from Titan Machinery's earnings presentation, Nov 25, 2025
Slide 1: Third Quarter FY2026 Earnings Conference Call
Third Quarter FY2026 Earnings Conference Call November 25, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “antic
Slide 3: Financial Overview
Financial Overview ▪ Third Quarter FY2026 Results • Revenue $644.5 Million • Pre-Tax Income $2.8 Million • Diluted Earnings Per Share $0.05 ▪ Conference Call Discussion Points • Industry Overviews • Financial Results • Modeling Assumptions 3
Slide 4: Agriculture Segment Overview
Agriculture Segment Overview Q3 FY26 Recap • Same-store sales decline of 12.3% (versus decline of 10.8% in prior year) ◦ Equipment sales down 16.9% year-over-year, generally aligned with expectations • Equipment margins were better than expected due to improved inventory position, manufacturer incen
Slide 5: Construction Segment Overview
Construction Segment Overview Q3 FY26 Recap • Same-store sales decline of 10.1% (versus increase of 10.0% in prior year) ◦ Infrastructure and data center projects helping offset softer demand environment overall • Rental fleet dollar utilization of 25.5%, down 70 bps YoY ◦ Managing the rental fleet
Slide 6: Europe Segment Overview
Europe Segment Overview Q3 FY26 Recap • Same-store sales increase of 87.6% (versus decline of 27.1% in prior year) ◦ EU stimulus programs catalyzed significant buying activity in Romania up to the September deadline • Summer crop harvest under way - below average corn and sunflower yields in Romania
Slide 7: Australia Segment Overview
Australia Segment Overview Q3 FY26 Recap • Same-store sales decline of 40.4% to $29.9 million USD ◦ Revenue decline of 39.1%, net of unfavorable foreign currency impact ◦ Decline driven by normalization of sprayer deliveries and unfavorable timing vs the prior year quarterly cadence ◦ Navigating thr
Slide 8: Third Quarter Revenue Analysis
Third Quarter Revenue Analysis (in millions of dollars) Q3 FY2026 Q3 FY2025 Change Total Revenue $644.5 $679.8 -5.2% Equipment $459.9 $495.1 -7.1% Parts $122.3 $121.1 +1.0% Service $48.9 $51.1 -4.3% Rental & Other $13.3 $12.5 +6.8% 8
Slide 9: Third Quarter Financials
Third Quarter Financials (in millions of dollars, except per share data) Q3 FY2026 Q3 FY2025 Change Total Revenue $644.5 $679.8 -5.2% Gross Profit $111.0 $110.5 +0.5% Gross Profit Margin 17.2% 16.3% 90 bps Operating Expenses $100.5 $98.8 +1.7% Operating Expense as a % of Revenue 15.6% 14.5% +110 bps
Slide 10: Third Quarter Segment Overview
Third Quarter Segment Overview % of % of Change (in millions of dollars) Q3 FY2026 Q3 FY2025 Revenue Revenue ($) Revenue $644.5 $679.8 -5.2% Agriculture $420.9 $482.0 -12.7% Construction $76.7 $85.3 -10.1% Europe $117.0 $62.4 +87.6% Australia $29.9 $50.1 -40.4% Pre-Tax Income (Loss) (1) $2.8 0.4% $0
Slide 11: Nine Months Revenue Analysis
Nine Months Revenue Analysis First 9 Months First 9 Months (in millions of dollars) Change FY2026 FY2025 Total Revenue $1,785.3 $1,942.2 -8.1% Equipment $1,273.0 $1,428.5 -10.9% Parts $337.2 $339.1 -0.6% Service $141.8 $143.5 -1.2% Rental & Other $33.3 $31.1 +6.9% 11
Slide 12: Nine Months Financials
Nine Months Financials First 9 Months First 9 Months (in millions of dollars, except per share) Change FY2026 FY2025 Total Revenue $1,785.3 $1,942.2 -8.1% Gross Profit $295.6 $344.6 -14.2% Gross Profit Margin 16.6% 17.7% -110 bps Operating Expenses $289.5 $293.1 -1.1% Operating Expense as a % of Rev
Slide 13: Nine Months Segment Overview
Nine Months Segment Overview First 9 Months % of First 9 Months % of (in millions of dollars) Change FY2026 Revenue FY2025 Revenue Revenue $1,785.3 $1,942.2 -8.1% Agriculture $1,151.1 $1,353.7 -15.0% Construction $220.8 $237.0 -6.8% Europe $309.0 $195.6 +58.1% Australia $104.4 $155.9 -33.0% Pre-Tax
Slide 14: Balance Sheet Highlights
Balance Sheet Highlights ▪ $49 Million of Cash ▪ Equipment Inventory Decreased $97 Million as of October 31, 2025 vs. January 31, 2025 • $1 Million decrease in new equipment and a $96 Million decrease in used equipment • Equipment inventory has decreased $490 Million from peak in fiscal 2025 Second
Slide 15: Equipment Inventory Financing
Equipment Inventory Financing (1) Non-Interest Bearing floorplan is equipment that is in its initial interest free financing period from the OEM (2) Excludes CNH Parts Note (3) Equity is equipment inventory not financed with floorplan (4) Inventory turns are calculated by dividing cost of sales on e
Slide 16: FY2026 Outlook
FY2026 Outlook Updated Fiscal 2026 Modeling Assumptions: Previous Assumptions Current Assumptions Segment Revenue (1) Agriculture Down 15% - Down 20% Down 15% - Down 20% Construction Down 3% - Down 8% Down 5% - Down 10% Europe Up 30% - Up 40% Up 35% - Up 40% Australia Down 20% - Down 25% Down 20% -
Slide 17: Appendix
Appendix TITAN MACHINERY Power & Precision to Grow”
Slide 18: Operating Expenses & Absorption
Operating Expenses & Absorption(1) Operating Expenses Absorption Rate $500 95% $450 90% $400 85% $350 82.7% 82.9% 82.9% 80% $300 Millions 79.0% Rate $250 75% 75.0% 75.1% 74.0% $200 70% $150 65% $100 60% $50 $— 55% FY20 FY21 FY22 FY23 FY24 FY25 TTM FY26 (1)Absorption is calculated in a given period b
Slide 19: Same Store Results
Same Store Results(1) Three Months Ended October 31, Percent Nine Months Ended October 31, Percent (in thousands of dollars) 2025 2024 Change 2025 2024 Change Same Store Sales Agriculture $ 418,425 $ 476,858 (12.3)% $ 1,138,268 $ 1,340,560 (15.1)% Construction 76,701 85,285 (10.1)% 220,817 236,970 (
Slide 20: Adjusted Debt to Tangible Net Worth
Adjusted Debt to Tangible Net Worth (1) Adjusted Debt Tangible Net Worth Adjusted Debt to Tangible Net Worth 4.5 $1,200 $1,100 4.0 $1,000 3.5 $900 3.0 $800 $700 Millions 2.5 Ratio $600 2.0 $500 1.8 1.8 1.8 1.7 1.5 $400 1.5 1.0 0.9 $300 1.0 $200 0.5 $100 $— — Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q1 FY26 Q
Slide 21: Non-GAAP Reconciliation Table
Non-GAAP Reconciliation Table (in thousands, except per share data) Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Adjusted Diluted Earnings (Loss) Per Share Diluted Earnings (Loss) Per Share $ 0.05 $ 0.07 $ (0.79) $ 0.30 Adjustments Impact of sale-leaseback financi
Slide 22: Non-GAAP Reconciliation Table
Non-GAAP Reconciliation Table (in thousands) Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 EBITDA Net Income (Loss) $ 1,198 $ 1,713 $ (18,006) $ 6,850 Adjustments Interest expense, net of interest income 4,531 4,139 13,365 10,119 Floorplan interest expense 6,183 9,