Slide 1: First Quarter 2026 Financial and Operational Results
May 5, 2026 First 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
Q1 26 vs. REPORTED Q1 26 Q1 25 NET SALES $2,342.9 14.3% GROSS MARGIN 24.8% (60)bps OPERATING INCOME $80.7 63.4% Financial OPERATING MARGIN 3.4% 100bps Summary DILUTED EPS $0.76 $0.62 $M** Q1 26 vs. ADJUSTED Q1 26 Q1 25 ADJ. OPERATING INCOME* $107.4 28.8% ADJ. OPERATING MARGIN* 4.6% 50bps DILUTED ADJ
Slide 4: Industry Overview
Industry Overview March 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 (8)% (7)% 7% (5)% (10)% (38)% 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 2026 v
Slide 5: Production
Production AGCO Production Hours 15% Q1 2026 Production UP 15% vs. 2025 Q1 Q2E Q3E Q4E 2025 Production 2026 Production Plan Projected Full-Year 2026 Production FLAT TO 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: Embedding AI at AGCO
Embedding AI at AGCO AI ON THE FARM AI IN CUSTOMER AI INSIDE AGCO Enabling farmers to achieve more with SUPPORT Improving efficiency, quality, cost and fewer inputs like land, labor, fuel and speed. Connecting machine data, customer chemicals. needs and AGCO expertise to reduce AI-enabled financial
Slide 8: The Latest Innovation Awards
The Latest Innovation Awards AGCO Power PTx Trimble AGCO CORE80 OutRun | Tillage Parts Shop Powertrain International Digital Engineering Awards AE50 Diesel Engine of the Year Engineering the Change The Davidson Prize 2026 2026 Prize 8
Slide 9: Regional Net Sales Results
Regional Net Sales Results Q1 2026(1) 5% 18% NA LATAM 9% $2.3B EME APA 68% Q1 26 vs. Q1 25 Segment Net Sales Excluding Currency Translation* 21% 9% 9% 5% Q1 2025(1) 5% 18% NA -30% LATAM EME LATAM APA NA Total Segments EME $2.1B 12% APA 65% NA – North America LATAM – Latin America EME – Europe/Middle
Slide 10: Net Sales, Adjusted Operating Income and Adjusted Operating Margins
Net Sales, Adjusted Operating Income and Adjusted Operating Margins Q1 25 to Q1 26 March Year-to-Date $4.5 16% 250 $4.0 14% Adj. Op. Income* ($M) $3.5 200 12% $2.9B Net Sales ($B) Adj. Op. Margin* $3.0 $2.6B $2.5B 10% 150 $2.5 10.1% $2.3B $2.1B 8% $107.4M $2.0 8.3% 7.5% 6% $83.4M 100 $1.5 4% $1.0 4.
Slide 11: Free Cash Flow
Free Cash Flow* Q1 FREE CASH FLOW 2025 2026 FIRST QUARTER SEASONAL INCREASE (Use) of Cash • Used $455 million in Q1 2026, $195 million more than Q1 2025 ($ Mils) • Return to normal seasonal working capital build after artificially low $(260)M production in Q1 2025 $(455)M • Second half of year is st
Slide 12: 2026 Market Outlook
2026 Market Outlook Regional Market Outlook – Industry Unit Tractor Sales NORTH AMERICA(1) WESTERN EUROPE(2) BRAZIL(2) Large Ag Down ~15% 117K Up 0%-5% 82K Down 47K Small Ag ~5% Up 0%-5% 2025 2026E 2025 2026E 2025 2026E (1) Excludes compact tractors 12 (2) Amounts based on Company estimates
Slide 13: 2026 Key Assumptions
2026 Key Assumptions 2026 vs. 2025 ENGINEERING EXPENSE Relatively Flat Global Demand ~5% of Sales (Industry ~86% of Mid-Cycle) Pricing 2%-3% ADJUSTED OPERATING MARGIN +3% Foreign Currency Impact 7.5% - 8% Market Share Gains Further Dealer Inventory Destocking EFFECTIVE TAX RATE Estimated current tar
Slide 14: 2026 Outlook
2026 Outlook $10.5B - ~$6.00 $10.7B Adjusted Earnings Net Sales Per Share ~$350M 75% - 100% Free Capex Cash Flow Conversion(1) (1) Free Cash Flow Conversion is a non-GAAP measure and is defined as (Cash Flow from Operations less 14 purchases of property, plant and equipment) / Adjusted Net Income.
Slide 15: 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 15
Slide 16: Appendix
Appendix - acco Your Agriculture Company
Slide 17: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation In Millions, Except Percentages NET SALES Change due to currency Change excluding Three Months Ended March 31, translation currency translation % change from 2026 2025 2025 % % North America 406.4 $ 369.5 10.0% 1.0% 9.0% Latin America(1) 211.7 256.0 (17.3%) 13.0% (30.
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, 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 $
Slide 19: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation In Millions, Except Percentages OPERATING MARGIN Three Months Ended 2026 2025 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Net sales $ 2,342.9 $ 2,920.2 $ 2,476.3 $ 2,635.0 $ 2,050.5 Income from operations 80.7 230.7 151.6 164.0 49.4 (1) Adjusted income from operations $ 1
Slide 20: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation In Millions FREE CASH FLOW Year Ended December Three Months Ended March 31, 31, 2026 2025 2025 Net cash provided by (used in) operating activities $ (410.4) $ (212.2) $ 988.1 Less: purchases of property, plant and equipment (44.6) (48.2) (247.9) Free Cash Flow $ (455.