Titan Machinery Inc. · NASDAQ:TITN
Titan Machinery — Q4 2026 Earnings Presentation
23 slides from Titan Machinery's earnings presentation, Mar 19, 2026
Slide 1: Fourth Quarter FY2026 Earnings Conference Call
Fourth Quarter FY2026 Earnings Conference Call March 19, 2026
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 ▪ Fourth Quarter FY 2026 Results • Revenue $641.8 Million • Pre-Tax Loss $22.7 Million • Adjusted Pre-Tax Loss $19.1 Million (1) • Diluted Loss per Share $1.59 • Adjusted Diluted Loss Per Share $1.43 (1) ▪ Full Year FY 2026 Results • Revenue $2.4 Billion • Pre-Tax Loss $45.4 Milli
Slide 4: Agriculture Segment Overview
Agriculture Segment Overview Q4 FY26 Recap • Same-store sales decline of 22.8%, in line with expectations ◦ Equipment demand remains challenged due to depressed industry conditions and weak grower profitability • Equipment margin improvement, but remains at depressed levels given ongoing impact from
Slide 5: Construction Segment Overview
Construction Segment Overview Q4 FY26 Recap • Same-store sales declined 4.6% driven by lower equipment sales ◦ Activity in infrastructure and data center projects helping offset softer demand environment overall within core footprint • Equipment gross margin compression driven by inventory reduction
Slide 6: Europe Segment Overview
Europe Segment Overview Q4 FY26 Recap • Same-store sales growth of 5.2% (versus 5.7% in prior year), including $4.3M net benefit from foreign currency fluctuations • Pre-tax income of $1.8 million, as compared to pre-tax loss of $1.8 million in prior year; adjusted pre-tax income of $5.4 million (1)
Slide 7: Australia Segment Overview
Australia Segment Overview Q4 FY26 Recap • Same-store sales increased 16.7% (versus decline of 6.5% in prior year) • Pre-tax income of $2.5M compared to $2.3M in prior year Q4 FY27 Expectations • Australia segment revenue expected to be up 10% - 15% for FY27 • Expectations for modest industry volume
Slide 8: Fourth Quarter Revenue Analysis
Fourth Quarter Revenue Analysis (in millions of dollars) Q4 FY2026 Q4 FY2025 Change Total Revenue $641.8 $759.9 -15.5% Equipment $501.5 $621.8 -19.3% Parts $91.1 $89.3 +1.9% Service $36.1 $36.6 -1.3% Rental & Other $13.1 $12.1 +8.1% 8
Slide 9: Fourth Quarter Financials
Fourth Quarter Financials (in millions of dollars, except per share) Q4 FY2026 Q4 FY2025 Change Total Revenue $641.8 $759.9 -15.5% Gross Profit $87.0 $51.0 +70.5% Gross Profit Margin 13.5% 6.7% +680 bps Operating Expenses $95.7 $96.7 -1.0% Operating Expense Margin 14.9% 12.7% +220 bps Impairment Cos
Slide 10: Fourth Quarter Segment Overview
Fourth Quarter Segment Overview (in millions of dollars) Q4 FY2026 % of Q4 FY2025 % of Change Revenue Revenue Revenue $641.8 $759.9 -15.5% Agriculture $406.7 $534.7 -23.9% Construction $90.2 $94.6 -4.6% Europe $68.8 $65.4 +5.2% Australia $76.1 $65.3 +16.7% Pre-Tax (Loss) Income (1) $(22.7) (3.5)% $(
Slide 11: Full Year Revenue Analysis
Full Year Revenue Analysis (in millions of dollars) FY2026 FY2025 Change Total Revenue $2,427.1 $2,702.1 -10.2% Equipment $1,774.5 $2,050.3 -13.4% Parts $428.3 $428.5 N/M Service $177.9 $180.1 -1.2% Rental & Other $46.4 $43.3 +7.3% N/M - Not meaningful 11
Slide 12: Full Year Financials
Full Year Financials (in millions of dollars, except per share) FY2026 FY2025 Change Total Revenue $2,427.1 $2,702.1 -10.2% Gross Profit $382.6 $395.6 -3.3% Gross Profit Margin 15.8% 14.6% +120 bps Operating Expenses $385.2 $389.8 -1.2% Operating Expense Margin 15.9% 14.4% +150 bps Impairment Costs
Slide 13: Full Year Segment Overview
Full Year Segment Overview % of % of (in millions of dollars) FY2026 FY2025 Change Revenue Revenue Revenue $2,427.1 $2,702.1 -10.2% Agriculture $1,557.8 $1,888.4 -17.5% Construction $311.0 $331.6 -6.2% Europe $377.7 $261.0 +44.7% Australia $180.5 $221.1 +18.4% Pre-Tax (Loss) Income (1) $(45.4) (1.9)
Slide 14: Balance Sheet Highlights January 31, 2026
Balance Sheet Highlights January 31, 2026 ▪ $28 Million of Cash ▪ Equipment Inventory of $725 Million as of January 31, 2026 vs. $926 Million as of January 31, 2025 • $122 million decrease in new equipment and $79 million decrease in used equipment • Equipment inventory decreased $594 Million from p
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: FY2027 Modeling Assumptions
FY2027 Modeling Assumptions: FY2026 Results FY2027 Current Assumptions Segment Revenue (in millions, except per share data and percentages) Agriculture $1,557.8 Down 15% - Down 20% Construction $311.0 Flat - Up 5% Europe $377.7 Down 20% - Down 25% Australia $180.5 Up 10% - Up 15% Adjusted EBITDA $13
Slide 17: Appendix
Appendix TITAN MACHINERY Power & Precision to Grow Po
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 Rate $250 75% 75.0% 75.1% $200 70% $150 65% $100 60% $50 $— 55% FY22 FY23 FY24 FY25 FY26 (1)Absorption is calculated in a given period by dividing our gross profi
Slide 19: Same Store Results
Same Store Results(1) (in thousands of dollars) Three Months Ended January 31, Percent Fiscal Year Ended January 31, Percent 2026 2025 Change 2026 2025 Change Same Store Sales (1) Agriculture $ 404,045 $ 523,271 (22.8)% $ 1,527,743 $ 1,849,056 (17.4)% Construction 90,212 94,603 (4.6)% 311,029 331,57
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 $400 1.5 1.7 1.7 1.5 1.0 0.9 $300 1.0 $200 0.5 $100 $— — Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q1 FY
Slide 21: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables TITAN MACHINERY INC. Non-GAAP Reconciliations (in thousands, except per share data) (Unaudited) (in thousands, except per share data) Three Months Ended January 31, Twelve Months Ended January 31, 2026 2025 2026 2025 Adjusted Loss Before Income Taxes Loss Before Income
Slide 22: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables Three Months Ended Twelve Months Ended (in thousands) January 31, January 31, 2026 2025 2026 2025 EBITDA Net Loss $ (36,168) $ (43,761) $ (54,174) $ (36,911) Adjustments Floorplan interest expense 4,589 8,435 24,109 34,710 Interest expense, net of interest income 4,733
Slide 23: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables (In thousands, except per share data) Three Months Ended January 31, Twelve Months Ended January 31, 2026 2025 2026 2025 Adjusted Income (Loss) Before Income Taxes - Europe Income (Loss) Before Income Taxes $ 1,814 $ (1,779) $ 15,187 $ (3,893) Adjustments Restructuring