Cnh Industrial N.v. · NYSE:CNH
Cnh Industrial — Investor Day (May 2025)
88 slides from Cnh Industrial's investor day presentation, May 8, 2025
Slide 1: Investor Day, May 8, 2025
M A Y 8 , 2 0 2 5
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) pe
Slide 3: Agenda
AGENDA Welcome Suzanne Heywood, Chair CNH overview Gerrit Marx, Chief Executive Officer Product Scott Harris, President, North America Precision Jay Schroeder, Chief Technology Officer Agriculture Go-to-market Stefano Pampalone, Chief Commercial Officer Quality Chun Woytera, Chief Quality & Customer
Slide 4: Welcome - Suzanne Heywood
SUZANNE HEYWOOD WELCOME 4
Slide 5: Overview
OVERVIEW W O R L D - C L A S S PA RT N E R O F C H O I C E F O R FA R M E R S A N D B U I L D E R S A R O U N D T H E W O R L D #2 180+ Global agriculture original Years as U.S. construction equipment manufacturer machinery provider $15-25B ~36,000 Revenues Full-time employees (through cycle1) 5 1.
Slide 6: Our History
OUR HISTORY A H E R I TA G E O F S U C C E S S S PA N N I N G M O R E T H A N 1 8 0 Y E A R S Country flags represent footprint expansion 1842 1985 1996 CASE CASE acquires Acquisition founded International Harvester of STEYR by Operating Jerome globally in ~170 countries Case 1902 International Harv
Slide 7: North American Presence
NORTH AMERICAN PRESENCE A GLOBAL OFFERING WITH STRONG NORTH AMERICAN ROOTS Major manufacturing facility NA Metrics 1 Saskatoon, SK PLANTERS 10K+ 4WD2 STEIGER TRACTOR Employees SP1 SPRAYER Fargo, ND Founded in 1842 in Benson, MN ~40% Racine, WI PRECISION TECH Sioux Falls, SD 1 Of Ag net sales Grand I
Slide 8: Simplifying & Focusing Our Company
SIMPLIFYING & FOCUSING OUR COMPANY O V E R T H E P A S T 5 Y E A R S W E H AV E S I M P L I F I E D O U R O R G A N I Z AT I O N Jan ‘22 Jan ‘24 Aug ‘24 Iveco Group Spin-off Single listing on NYSE and Revised Organization Structure share repurchase Spin-off focused CNH on Delisting from Euronext Mil
Slide 9: Delivered on Prior Commitments
DELIVERED ON PRIOR COMMITMENTS P R I O R I N V E S TO R D AY S Sep ‘19 Feb ‘22 May ‘25 N e w Yo r k Miami N e w Yo r k Iveco Group spin-off $550M+ cost reduction Breaking new ground on commitment Iron + Tech 2X Precision Tech sales contribution by 2025 14.5-15.5% Ag Adj. EBIT Further expanding mid-c
Slide 10: CNH Overview - Gerrit Marx
GERRIT MARX CNH OVERVIEW aiid CHU 4
Slide 11: Gerrit Marx Introduction
GERRIT MARX INTRODUCTION My background My priorities CEO, Iveco Group (2022-2024) Forge team unity behind change Broaden and deepen management alignment behind President, Commercial & Specialty Vehicles, transformational priorities CNH (2019-2021) Transform our minds Every employee must have one, no
Slide 12: Global Leadership Team
GLOBAL LEADERSHIP TEAM N E W L E A D E R S H I P T E A M W I T H D E L AY E R E D A N D D I R E C T G O V E R N A N C E Today’s speakers Gerrit Marx Chief Executive Officer Agriculture Regional P&L Owners Functional Leaders Construction Financial Services Scott Markus Rafael Jay Stefano Humayun Doug
Slide 13: CNH Segments
CNH SEGMENTS Agriculture Construction Financial Services World’s second largest Top 5 player in the Americas Global financier supporting manufacturer of agricultural with broad portfolio and brands, customers, and dealers machinery global distribution ▪ Full-line of tractors, harvesters, ▪ Construct
Slide 14: CNH Segments
CNH SEGMENTS Agriculture Construction Financial Services World’s second largest Top 5 player in the Americas Global financier supporting manufacturer of agricultural with broad portfolio and brands, customers, and dealers machinery global distribution ▪ Full-line of tractors, harvesters, ▪ Construct
Slide 15: CNH: Path to 2030
CNH: PATH TO 2030 Breaking new ground on Iron + Tech • Expanding product leadership with full-line offering across harvesters, tractors, and crop protection & production equipment • Advancing Iron + Tech integration via internalizing foundational tech, launching new Precision Tech, and using the lat
Slide 16: Breaking New Ground: Full-Line Portfolio
BREAKING NEW GROUND: FULL-LINE PORTFOLIO T H E M O S T C O M P L E T E FA R M E Q U I P M E N T L I N E - U P I N C N H H I S T O R Y Avg. % of total Ag Net Sales 2019-2024 ~55% One of only two Ag OEMs to offer a full line of equipment To deliver on full-line leadership, CNH is: • Launching new gene
Slide 17: Breaking New Ground: Precision Tech
BREAKING NEW GROUND: PRECISION TECH I N N O VAT I N G T O D R I V E G R O W T H I N P R E C I S I O N T E C H S A L E S A N D M A R G I N Evolution of CNH’s current Precision Tech portfolio Precision Tech sales contribution growth % of total Precision Tech cost % of Agriculture Net Sales 20% 10% ~10
Slide 18: Breaking New Ground: Go-to-Market Transformation
BREAKING NEW GROUND: GO-TO-MARKET TRANSFORMATION DRIVING GROWTH THROUGH A STRENGTHENED DEALER NETWORK Integrated and Partnership Enhanced customer- regionally-tailored with network centric service dealer network capabilities and brand strategy “New deal with the dealers” +50-75 bps CNH Agriculture A
Slide 19: Margin Expansion: Quality as a Mindset
MARGIN EXPANSION: QUALITY AS A MINDSET A N E X P A N S I V E V I E W O F Q U A L I T Y W I L L D R I V E B E N E F I T S A C R O S S M U LT I P L E D I M E N S I O N S We take a 360-degree view of quality Driving impact across multiple dimensions Improved customer Total cost of non-quality loyalty a
Slide 20: Agriculture Cycle
AGRICULTURE CYCLE C Y C L I C A L I N D U S T R Y H I G H LY C O R R E L A T E D T O C O M M O D I T Y P R I C E S Agriculture Equipment Total Industry Volumes S&P GSCI Grains Select Composite Index Key industry cycle 2012-2013: Commodity drivers include: boom due to Commodity prices, weather, 80 dr
Slide 21: Margin Expansion: Ag Historical Margin
MARGIN EXPANSION: AG HISTORICAL MARGIN T H R O U G H - C Y C L E M A R G I N E X P A N S I O N D R I V E N B Y C O M M E R C I A L A C T I O N S A N D O P E R AT I O N A L E F F I C I E N C I E S Normalized for cycle Starting point for 2024-2030 margin bridge Ag segment Adj. EBIT margin walk, 2021-2
Slide 22: Margin Expansion: Ag Go-Forward Mid-Cycle Margin
MARGIN EXPANSION: AG GO-FORWARD MID-CYCLE MARGIN D R I V E N B Y C O M M E R C I A L A C T I O N S , O P E R AT I O N A L E F F I C I E N C I E S , A N D Q U A L I T Y I M P R O V E M E N T S Ag segment mid-cycle Adj. EBIT margin walk, 2024-2030 200-250 bps (50-75) bps (100-125) bps 0 bps 16.0-17.0%
Slide 23: Margin Expansion: Ag Mid-Cycle Margin Profile
MARGIN EXPANSION: AG MID-CYCLE MARGIN PROFILE CNH WILL DRIVE ANOTHER 350 -450 BPS OF MARGIN EXPANSION THROUGH THE CYCLE 2021 margin profile 2024 margin profile 2030E margin profile: upper & lower bound 20% 19% CNH Ag Segment Adj. EBIT margin 18% 350-450 bps 17% margin expansion by 2030 16% 16.0-17.0
Slide 24: CNH Segments
CNH SEGMENTS Agriculture Construction Financial Services World’s second largest Top 5 player in the Americas Global financier supporting manufacturer of agricultural with broad portfolio and brands, customers, and dealers machinery global distribution ▪ Full-line of tractors, harvesters, ▪ Construct
Slide 25: CNH: Path to 2030
CNH: PATH TO 2030 Breaking new ground on Iron + Tech • Expanding product leadership with full-line offering across harvesters, tractors, #1 or #2 and crop protection & production equipment Ag player in all major markets • Advancing Iron + Tech integration via internalizing foundational tech, launchi
Slide 26: Product - Scott Harris
SCOTT HARRIS PRODUCT 26
Slide 27: Customer-Driven Product Design
CUSTOMER-DRIVEN PRODUCT DESIGN D E V E L O P I N G P R O D U C T S T H AT I M P R O V E FA R M E R P R O D U C T I V I T Y A N D P R O F I TA B I L I T Y CR11 Steiger 785 Quadtrac onnected Digita +30% C Ecosystem l +10% greater harvest capacity with new HP increase over Steiger 715 flagship combines
Slide 28: Full-Line Ag Equipment Portfolio
FULL-LINE AG EQUIPMENT PORTFOLIO T H E M O S T C O M P L E T E FA R M E Q U I P M E N T L I N E - U P I N C N H H I S T O R Y Avg. % of total Ag Net Sales 2019-2024 One of only two Agriculture OEMs to ~55% offer a full line of equipment, positioning CNH to: • Develop products as integrated solutions
Slide 29: Ag Equipment Portfolio Launches
AG EQUIPMENT PORTFOLIO LAUNCHES REFRESHING OUR EQUIPMENT LINEUP Avg. % of total Ag Net Sales 2019-2024 New product launches/refreshes 2024-2030 ~55% New generation combine harvesters offer 15% Total Cost of Ownership (TCO) improvement New 4WD tractors purpose-built for pulling the highest productivi
Slide 30: Combine Solutions
COMBINE SOLUTIONS LEADING PROVIDER OF COMBINES IN WESTERN MARKETS The #1 or #2 provider of combines in Western markets Value Mid Range High Capacity The most advanced and complete lineup of Capacity <190 bu. ~230 - 320 bu. >400 bu. combines in the world Large line expanded to Class 3-5 6-7 7-11 incl
Slide 31: Value Proposition of New Generation Combines
VALUE PROPOSITION OF NEW GENERATION COMBINES OFFERING CUSTOMERS INCREASED POWER, GRAIN CAPACITY AND DURABILIT Y 775 HP up to 10,000 bushels 15% reduction in Total Cost of per hour Ownership (TCO) 567 bu. grain tank size 2x wear life and enhanced CR11 Combine durability +30% small grain capacity 775
Slide 32: Combine Automation
COMBINE AUTOMATION 32
Slide 33: Equipment Integration
EQUIPMENT INTEGRATION D R I V I N G D I F F E R E N T I AT I O N T H R O U G H H I G H - Q U A L I T Y T E C H - E N A B L E D P R O D U C T S Integrated Solution: Planting Mission Automation Key Stats Agronomic and machine data- +26% sync with FieldOps help inform increase in crop yield farmer deci
Slide 34: Sub-Inch Seed Placement at Field Scale
SUB-INCH SEED PLACEMENT AT FIELD SCALE 34
Slide 35: Consistent Innovation
CONSISTENT INNOVATION REAPING THE BENEFITS OF OUR INCREASED R&D INVESTMENTS We have launched several key …and will continue to launch products at the products over the past two years…. same pace across our portfolio Select offerings Upcoming key product launches, 2025 - 2027 CR11 (Sold out for 2025)
Slide 36: Key Takeaways
KEY TAKEAWAYS Industry leading Purposeful, farmer- Full-line equipment Iron + Tech focused innovation leadership Delivering a fully-integrated Making targeted One of only two Ag OEMs to solution for farmers across investments to develop offer a full line of equipment all farming applications world-c
Slide 37: Precision - Jay Schroeder
JAY SCHROEDER PRECISION 37
Slide 38: Farm of the Future
Continuous improvement of Satellite-driven connectivity farm operations & across all machines maintenance through data FARM OF Simple, consistent operating system THE FUTURE Increasingly autonomous SUPPORTING FARMERS BY functionality on INCORPORATING LATEST machines FARM TECHNOLOGIES INTO VALUE-CREA
Slide 39: CNH Approach for Precision Tech Development
CNH APPROACH FOR PRECISION TECH DEVELOPMENT ENGINEERING PHILOSOPHY FOR PRIORITIZING PRECISION TECH R&D INVESTMENTS Build products Develop Deliver seamless Advance digital core to farmer integrated Iron coverage across end-to-end needs + Tech solutions crop cycle ecosystem Focus on farmer Provide far
Slide 40: Precision Tech Portfolio
PRECISION TECH PORTFOLIO D R I V I N G VA L U E F O R FA R M E R S A C R O SS T H E C R O P C Y C L E Combine Automation Tillage Automation (2018 launch) onnected Digita (2019 launch) C l Ecosystem Baler Automation Crop Cycle Autonomous Tillage (2022 launch) (Coming soon) Fi el st d ve Pr 25% Har ep
Slide 41: Foundational Tech Stack
FOUNDATIONAL TECH STACK I N T E R N A L I Z I N G P R E C I S I O N T E C H P R O D U C T S TO P R O V I D E FA R M E R S B E TT E R S O L U T I O N S FA S T E R Evolution of CNH’s current Precision Tech portfolio % of total Precision Tech cost 2014 2019 2024 2030E Key benefits 10% of internalizatio
Slide 42: Factory-Fit Integration of Iron + Tech
FACTORY-FIT INTEGRATION OF IRON + TECH S H I P P I N G K E Y P R O D U C T L I N E S W I T H P R E C I S I O N T E C H C O M P O N E N T S P R E -I N S TA L L E D % of units sold with guidance, connectivity, and display 2024 factory-fit 2030E factory-fit Opportunity for dealer retrofit Share of unit
Slide 43: Precision Tech Evolution
PRECISION TECH EVOLUTION E V O LV I N G O U R P R E C I S I O N T E C H S O L U T I O N S TO M E E T FA R M E R N E E D S Current offering Launch by 2030 Supervised Autonomy / Full Autonomy Specialty Autonomy Autonomous Tillage Unmanned vehicles; fully self-operating Green-on-Brown Spraying Green-on
Slide 44: Smart Spraying Solutions
SMART SPRAYING SOLUTIONS D E L I V E R I N G E F F I C I E N C Y A N D S U S TA I N A B I L I T Y SenseApply / IntelliSense Sprayer Automation One Smart Spray (LiveVRA1 + Green-on-Brown, 2025 launch) (Green-on-Green, 2027 launch) Sensing Multi-spectral camera on sprayer detects plant Multiple boom-m
Slide 45: Precision Tech Growth
PRECISION TECH GROWTH GROWING THE PRECISION TECH BUSINESS BY 2030 Precision Tech evolution, % of Agriculture Net Sales 75-175 bps ~10% 50-100 bps 200-250 bps 5.6% +50-75 bps CNH Agriculture Adj. EBIT margin through 2024 Increase in Aftermarket New products 2030E favorable Precision factory-fit sales
Slide 46: Key Takeaways
KEY TAKEAWAYS Continuously develop new Own our Factory-fit Advance open products & foundational integration of ecosystem features tech stack Iron + Tech Maximize farmer Develop foundational Drive factory-fit Enable partnerships productivity across the technologies in-house adoption of Precision with
Slide 47: Go-to-Market - Stefano Pampalone
STEFANO PAMPALONE GO-TO-MARKET 47
Slide 48: CNH Go-to-Market Transformation
CNH GO-TO-MARKET TRANSFORMATION DRIVING GROWTH THROUGH A STRENGTHENED DEALER NETWORK Integrated and Partnership with Enhanced customer- regionally-tailored network centric service dealer network and “New deal with the dealers” capabilities brand strategy Strengthen Case IH and New Build a CNH dealer
Slide 49: Strong CNH Brand Identity
STRONG CNH BRAND IDENTITY T W O D I S T I N C T B R A N D S W I T H S T R O N G I D E N T I T Y, C L E A R P O S I T I O N I N G , A N D I N D U S T R Y - L E A D I N G C U S TO M E R R E A C H $5-10B $6-8B Historical peak-to-trough Historical peak-to-trough sales1 sales1 ~2,200 points of sale globa
Slide 50: CNH Multi-Brand Dealer Network
CNH MULTI-BRAND DEALER NETWORK B AL AN C IN G SIN G L E AN D DUAL-B R AN D DEAL ER S B ASED O N C USTO MER MIX , DEAL ER ST R EN G T HS, T ER R ITO RY C O VER AG E dealer dealer Dual-brand dealer Today Future state Key benefits Customers CIH “D” “E” (C+D) Faster and better service NH “A” NH “A” Deal
Slide 51: Regionally-Tailored Network Strategy
REGIONALLY-TAILORED NETWORK STRATEGY U S I N G A “N O - O N E -S I Z E - F I T S -A L L” A P P R O A C H TO B U I L D A N E T W O R K W I T H I N D U S T R Y- L E A D I N G R E A C H A N D L O YA LT Y Agriculture Net Sales by Brand1, % Farm size: Large Mid-large Mid-small Small #1 customer reach wit
Slide 52: New Deal with the Dealers
NEW DEAL WITH THE DEALERS R EIN FO R C IN G PART N ER SHIP WIT H G R O WT H -O R IEN T ED DEAL ER S Establish Increase dealer Maximize dealer Invest in growth- common back-end performance engagement oriented dealers architecture through the cycle 1 ~100 bps 100% +500 bps Newly dedicated Of annual ma
Slide 53: Superior Customer Experience
SUPERIOR CUSTOMER EXPERIENCE TAKIN G AC T IO N TO IMPR O VE DEAL ER SER VIC E EX PER IEN C E FO R FAR MER S Our vision for farmers Example of CNH strategic actions Boost service contract penetration Integrate programmed and predictive maintenance as Aim for 0% unplanned downtime standard offering at
Slide 54: Our Dealers
Satellite-driven connectivity to deliver real-time data from machines to dealers Customer demand insights fed into CNH OUR database to improve visibility DEALERS on cycle dynamics FO ST ER I N G AI-PO WER ED Predictive SO L UT I O N S FO R A maintenance SEAML ESS C USTO MER using advanced AN D D EAL
Slide 55: Key Takeaways
KEY TAKEAWAYS Strong dual brand Superior customer identity Network transformation experience Two distinct global brands with strong One unified CNH network, with a Strategic actions aiming to drive 0% identities and extensive dealer regionally-tailored brand strategy and unplanned downtime networks
Slide 56: Quality - Chun Woytera
CHUN WOYTERA QUALITY 56 56
Slide 57: CNH Philosophy: Quality as a Mindset
CNH PHILOSOPHY: QUALITY AS A MINDSET T A K I N G A 3 6 0 - D E G R E E V I E W O F Q U A L I T Y, C H A L L E N G I N G E V E R Y P R O C E S S Dealers Product Customer Manufacturing development experience Drive a non-linear improvement in quality centered Supply chain around farmer needs 57
Slide 58: Dealer Experience
DEALER EXPERIENCE PARTNERING WITH OUR DEALERS TO DELIVER BEST CUSTOMER EXPERIENCE In-flight Initiatives Impact (at select locations) CNH plant Proactive dealer >50% reduction Scale initiatives & dealer interaction in feedback loop duration across our network interactions to: Rapid plant support 250
Slide 59: Manufacturing
MANUFACTURING B U I L D I N G O N O U R S U C C E S S A N D E X P A N D I N G S Y S T E M A T I C A L LY 1 Manufacturing Sites (reactive & preventative in-flight initiatives) “No Fault Forward” End-of-line “Dynamic Customer protection (proactive in-flight manufacturing line Vehicle Validation” inspe
Slide 60: Product Development & Supply Chain
PRODUCT DEVELOPMENT & SUPPLY CHAIN MAXIMIZING UPTIME FOR OUR CUSTOMERS IN ALL SEASONS Initiatives Making our Design for Reliability targets Tighter Recruiting logistics suppliers strategic manufacturability based on development stage partners to join our partners in quality & serviceability real-wor
Slide 61: Impact of Quality Improvements
IMPACT OF QUALITY IMPROVEMENTS TA R G E T I N G 2 0 0 - 2 5 0 B P S O F M A R G I N I M P R O V E M E N T We will drive a non-linear improvement in quality that will pay off in: Improved customer Total cost of non-quality for CNH Ag, % of Agriculture Net Sales loyalty and growing market share Lower
Slide 62: Key Takeaways
KEY TAKEAWAYS Quality as a mindset Expansive view of quality Tangible financial results Building on the success seen Using a customer-centric 200-250 bps margin at the Racine plant product lifecycle approach improvement by 2030 Engaging and empowering an ecosystem of partners (e.g., dealers, supplie
Slide 63: Construction - Humayun Chishti
HUMAYUN CHISHTI CONSTRUCTION 63 63
Slide 64: Construction Overview
CONSTRUCTION OVERVIEW W E L L- E S T A B L I S H E D B R A N D S W I T H D E E P A M E R I C A N H E R I T A G E Leading brands with a strong U.S. heritage Top 5 180+ Player in the Americas Years of history Broad portfolio of compact and 13 3 heavy equipment Product lines Major complementary brands
Slide 65: Financial Performance
FINANCIAL PERFORMANCE G E N E R AT I N G S T R O N G E B I T A N D C A S H F L O W Construction metrics, Avg. 2022-2024 Net Sales by Region ~$180M ~$3.5B Adj. EBIT Net Sales ~70% NA EMEA APAC in the Americas ~50% ~25% ~5% LATAM ~20% Cash generating ~$300M business Cumulative Construction R&D spend 2
Slide 66: Construction Turnaround
CONSTRUCTION TURNAROUND S I G N I F I C A N T LY I M P R O V E D M A R G I N P R O F I L E O V E R T H E P A S T 4 Y E A R S Construction segment Adj. EBIT margin bridge, 2021-2024 90 bps 30 bps (40) bps (80) bps 260 bps 5.5% 2.9% 2021 Adj. EBIT Sourcing Manufacturing Parts and R&D investments SG&A
Slide 67: Go-Forward Strategy
GO-FORWARD STRATEGY CONTINUING TO DRIVE THROUGH-CYCLE GROWTH AND MARGIN EXPANSION Invest in Iron + Enhance Develop people Boost Cost Tech offerings distribution and talent aftermarket sales optimization New product Invest in select high- New partnerships Attachments: expand Plant efficiency launches
Slide 68: Product Roadmap
PRODUCT ROADMAP L A U N C H I N G N E W P R O D U C T S W H I C H I N T E G R AT E I R O N + T E C H 2022-2024 2025-2026 2027+ 30+ product launches New generations of core Integration of Iron + Tech & entry in 3 new categories1 products & digital offering Iron Heavy • Wheel Loader range extension •
Slide 69: Structural Margin Expansion
STRUCTURAL MARGIN EXPANSION E X P A N D I N G M A R G I N S B Y 1 5 0 - 2 5 0 B P S V I A S O U R C I N G I M P R O V E M E N T S A N D M A N U FA C T U R I N G O P T I M I Z AT I O N Construction segment Adj. EBIT margin walk, 2024-2030 50-75 bps ~(25) bps 0 bps 7.0-8.0% 50-75 bps 75-125 bps 5.5% 2
Slide 70: Structural Margin Profile
STRUCTURAL MARGIN PROFILE G E N E R AT I N G 1 5 0 - 2 5 0 B P S A D J . E B I T M A R G I N E X P A N S I O N B Y 2 0 3 0 2021 margin profile 2024 margin profile 2030E margin profile: upper & lower bound 9% 2030E margin 7.0-8.0% CNH Construction Segment Adj. EBIT margin 8% 7% 150-250 bps margin exp
Slide 71: Key Takeaways
KEY TAKEAWAYS CNH is a top-5 Additional opportunities construction player in Margin turnaround for growth and margin the Americas through strategic actions expansion Well-established brands and Through-cycle margin Additional margin expansion global network with a full line expansion via manufacturi
Slide 72: Financial - Jim Nickolas
JIM NICKOLAS FINANCIAL 72 72
Slide 73: CNH Segments
CNH SEGMENTS 2019 – 2024 through cycle Recent trough Recent peak CNH Revenues, $B (2019)1 (2023)1 Agriculture Agriculture Construction Financial Services World’s second largest manufacturer of agricultural machinery Net sales $10.9B $18.1B 24.7 ~75% of 23.5 revenues Adj. EBIT % 8.2% 14.5% 19.5 19.8
Slide 74: Agriculture: Historical Margin
AGRICULTURE: HISTORICAL MARGIN T H R O U G H - C Y C L E M A R G I N E X P A N S I O N D R I V E N B Y C O M M E R C I A L A C T I O N S A N D O P E R AT I O N A L E F F I C I E N C I E S Normalized for cycle Starting point for 2024-2030 margin bridge Ag segment Adj. EBIT margin walk, 2021-2024 360
Slide 75: Agriculture: Go-Forward Mid-Cycle Margin
AGRICULTURE: GO-FORWARD MID-CYCLE MARGIN D R I V E N B Y C O M M E R C I A L A C T I O N S , O P E R AT I O N A L E F F I C I E N C I E S , A N D Q U A L I T Y I M P R O V E M E N T S Ag segment mid-cycle Adj. EBIT margin walk, 2024-2030 200-250 bps (50-75) bps (100-125) bps 0 bps 16.0-17.0% 200-250
Slide 76: Agriculture: Mid-Cycle Margin Profile
AGRICULTURE: MID-CYCLE MARGIN PROFILE CNH WILL DRIVE ANOTHER 350 -450 BPS OF MARGIN EXPANSION THROUGH THE CYCLE 2021 margin profile 2024 margin profile 2030E margin profile: upper & lower bound 20% 19% CNH Ag Segment Adj. EBIT margin 18% 350-450 bps 17% margin expansion by 2030 16% 16.0-17.0% 15% 20
Slide 77: Agriculture: Go-Forward Operational Efficiencies
AGRICULTURE: GO-FORWARD OPERATIONAL EFFICIENCIES I M P L E M E N T I N G O P E R AT I O N A L E F F I C I E N C Y A C T I O N S Strategic sourcing Plant efficiency Manufacturing footprint Multi-wave program Lean manufacturing Footprint reconfiguration launched in 2022, with initiatives, with ~100 pr
Slide 78: Agriculture: R&D and Capital Investments
AGRICULTURE: R&D AND CAPITAL INVESTMENTS CONTINUED COMMITMENT TO INCREASED INVESTMENTS CNH Agriculture R&D and CapEx CAGR 2019-2024, $B 2019-2024, % 1.3 1.8x Ag segment will maintain similar levels of R&D and ~75% 9% 0.7 CapEx through 2030 Other R&D ~90% & CapEx Precision Tech ~25% 38% R&D & CapEx ~
Slide 79: Financial Services
FINANCIAL SERVICES A D E F I N I T I V E A D VA N TA G E I N D R I V I N G I N D U S T R I A L S A L E S Financial Services highlights Strategic rationale 2019-2024 through cycle avg. Operating Lease 7% Synergistic for industrial sales Tailored financing solutions to support dealer network and drive
Slide 80: Industrial Free Cash Flow Generation
INDUSTRIAL FREE CASH FLOW GENERATION TA R G E T I N G > 2 5 % I N D U S T R I A L C A S H G E N E R AT I O N T H R O U G H T H E C Y C L E Higher mid-cycle margins Strong FCF conversion1 Higher cash generation 350-450 bps >70% ~+25% Ag Adj. EBIT margin Through-cycle Industrial FCF Increase in throug
Slide 81: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES 1 Organic growth and margin expansion 2 Balance sheet strength and strong credit rating Support organic growth through investment in commercial actions, operational Preserve investment grade credit rating as efficiencies, and quality improvements foundational commitment
Slide 82: Key Takeaways
KEY TAKEAWAYS Organic growth Margin expansion investments Shareholder returns Ongoing actions are set to Ag R&D and CapEx at After debt repayment and drive 350-450 bps of sustained levels (1.8x M&A, substantially all mid-cycle Ag Adj. EBIT previous cycle), reinforcing through-cycle Industrial FCF ma
Slide 83: CNH: Path to 2030
CNH: PATH TO 2030 Breaking new ground on Iron + Tech • Expanding product leadership with full-line offering across harvesters, tractors, #1 or #2 and crop protection & production equipment Ag player in all major markets • Advancing Iron + Tech integration via internalizing foundational tech, launchi
Slide 84: Investor Day 2025
STOR DAY 2025 INV rp25 84
Slide 85: Appendix
APPENDIX 85
Slide 86: 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 87: 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 88: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS investor.relations@cnh.com investors.cnh.com +1 (630) 740 8079 Jason Omerza jason.omerza@cnh.com +39 (345) 605 6218 Federico Pavesi federico.pavesi@cnh.com 88