Executive Management
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BRYAN KNUTSON - PRESIDENT/ CHIEF EXECUTIVE OFFICER
Joined Titan Machinery in 2002
Executive Leadership Team since 2016
COO since 2017, Promoted to President/COO 2022
Transitioned to CEO February 2024
Serves on the Board of Directors for the Pioneer Equipment Dealers Association
Midwest Region Director for the Associated Equipment Distributors Board
Served long tenures on both the Case IH Agriculture and Case Construction Dealer Advisory Boards
- BO LARSEN - CHIEF FINANCIAL OFFICER/TREASURER
Joined Titan Machinery in 2022 as CFO
16+ Years of accounting/finance background
3
10 Years of Ag Industry experience across Ag Tech, OEM and now equipment dealerships
COMPANY OVERVIEW
Financial Snapshot
COMPANY SUMMARY: | NASDAQ: TITN |
Stock Price (as of 7/31/2026) | $16.99 |
Book Value per share (1) | $23.70 |
Cash (1) | $29.5M |
Debt (1)(2) | $173.4M |
Market Cap (as of 7/31/2026) | $399.9M |
(1) Balance sheet data as of most recently filed quarterly report, for the period ended July 31, 2026
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(2) Long term debt plus current maturities of long term debt, this excludes all floorplan payables.
About Our BusinessYTD FY27 Revenue Mix
by Segment12%
9%
14%
65%
Europe Australia Construction Agricultureby Source
2% 9%
21%
68%
Rental Service Parts Equipment6
Our Company
Snapshot
Contiguous network of 90 North America stores:
Highly productive farming region
Vast construction footprint
International footprint of 32 stores in Eastern Europe and 15 stores in Australia
Management depth, expertise & systems to support growth
Expert Team model that supports scale & customer focus
CNH Industrial's largest retail dealer of AG and CE equipment
NYSE: CNHI •WorId's 2nd largest manufacwrer ofAg equipment
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Financial Overview Recent Fiscal 2027 Financial Results: Second Quarter & LTM (1) Revenue
Adjusted Pre-Tax Loss
($ in millions)
Adjusted Diluted Loss per Share($ in millions)
(11)%
$2,581
$2,305
(9)%
$546
$496
$(8) $(9)
(11)%
(54)%
$(38)
56%
$(0.26)
$(0.40)
$(2.33)
$(2.75)
15%
$(86)
2Q26 2Q27 LTM26 LTM27
2Q26 2Q27 LTM26 LTM27
2Q26 2Q27 LTM26 LTM27
Pre-Tax Margin: (1.5)% (1.8)% (3.3)% (1.6)%(1) Last twelve months ended July 31, 2025 and July 31, 2026, respectively
Agriculture Segment Overview
Q2 FY27 Recap
Same-store sales down 8.4% (versus -18.7% in prior year period)
Farmer profitability remains under pressure
Low commodity prices and high input costs leading to softer equipment demand
Equipment revenue came in modestly ahead of expectations for the quarter
First half results (-13.3% y/y) were higher due to earlier than anticipated shipments of pre-sold equipment from the factories which resulted in a pull forward of deliveries to customers; creates more challenging comparisons in the second half of fiscal year
Segment pre-tax loss improved by $9 million to $(3.3) million in Q2, reflecting improved equipment margins following accelerated inventory reduction in the prior year
Rest of FY27 Expectations
Ag segment revenue expected to be down 15-20% for fiscal 27, current trends suggesting closer to the 15% mark
Yields generally looking good across much of our footprint, though dry conditions in July and August will translate to yield reduction in some areas
Focus remains on optimization of product mix (including further reduction of aged inventory) and improving inventory turns
First-half fiscal 27 execution provides confidence in delivering equipment margin improvement for the full year
Construction Segment Overview
Q2 FY27 Recap
Same-store sales increase of 9.2% (versus -10.2% in prior year period)
Equipment revenue strength driven by new equipment sales
Rental fleet dollar utilization of 25.6%, up 320 bps year-over-year which is benefiting from rental demand for data center projects in some areas
Equipment margins remained strong relative to the prior year, reflecting healthier inventory levels and improved demand environment
Pre-tax income of $0.4 million, compared to a pre-tax loss of $(1.2) million in the prior year period
Rest of FY27 Expectations
Raising growth outlook to range of up 5-10% for FY27, reflecting continued momentum from infrastructure and data center activity
Customers remain cautiously optimistic in the near-term
Long-term fundamentals of ongoing housing shortages, infrastructure spending, and continued data center construction remain structural tailwinds
Europe Segment OverviewQ2 FY27 Recap
Same-store sales down 25.4% (versus +44.0% in prior year period); on a constant currency basis, revenue decreased approximately 33.7% y/y
Wind-down of German operations contributed approximately $11 million, or about one-third of the y/y revenue decline in Q2
The balance of the decline reflects lower equipment demand against a strong prior-year period that benefited from EU stimulus programs in Romania
Regional geopolitical conflicts coupled with low commodity prices have kept farmers on the sidelines, despite improved yield forecasts within our footprint
Pre-tax loss of $1.3 million compared to pre-tax income of $5.1 million in prior year period
Rest of FY27 Expectations
Revising Europe segment revenue outlook to down 30-40% for FY27, widening the range to reflect greater uncertainty in the region
Approximately $44 million of the full-year decline will be driven by the German wind-down, with the decline reflecting broader softness across the rest of the European footprint
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Australia Segment Overview
Q2 FY27 Recap
Same-store sales increased 35.5% (versus -50.1% in prior year period)
On a constant currency basis, revenue increased approximately 23%
Current period benefited from adding the New Holland brand to six dealerships in fall of 2025
Market share gains are offsetting industry volume declines in key high-horsepower categories
Underlying industry demand influenced by the same global dynamics pressuring other Ag markets, with higher increases in input costs, particularly diesel and fertilizer
Pre-tax loss of $3.4 million compared to $2.1 million in prior year period
Rest of FY27 Expectations
Raising growth outlook to range of up 15-20% for FY27, trending toward the higher end of the range
This includes an 8% contribution of favorable foreign currency translation
Prospect for improved yields across most of the footprint expected to translate to better sentiment and an improvement in demand as the year progresses
(in millions of dollars) | Q2 FY2027 | Q2 FY2026 | Favorable / (Unfavorable) |
Total Revenue | $496.4 | $546.4 | (9.2)% |
Equipment | $328.5 | $376.3 | (12.7)% |
Parts | $106.6 | $109.2 | (2.4)% |
Service | $46.4 | $48.8 | (4.8)% |
Rental & Other | $14.8 | $12.1 | +22.1% |
(in millions of dollars, except per share data) | Q2 FY2027 | Q2 FY2026 | Favorable / (Unfavorable) |
Total Revenue | $496.4 | $546.4 | (9.2)% |
Gross Profit | $92.4 | $93.6 | (1.3)% |
Gross Profit Margin | 18.6% | 17.1% | +150 bps |
Operating Expenses | $94.1 | $92.7 | (1.5)% |
Operating Expense as a % of Revenue | 19.0% | 17.0% | -200 bps |
Impairment Costs | $0.6 | $0.3 | (83.3)% |
Floorplan and Other Interest Expense | $8.1 | $11.5 | +29.6% |
Net Loss | $(9.2) | $(6.0) | (53.3)% |
Diluted Loss Per Share | $(0.40) | $(0.26) | (53.8)% |
(in millions of dollars) | Q2 FY2027 | % of Revenue | Q2 FY2026 | % of Revenue | Favorable / (Unfavorable) |
Revenue | $496.4 | $546.4 | (9.2)% | ||
Agriculture | $310.2 | $345.8 | (10.3)% | ||
Construction | $78.6 | $72.0 | +9.2% | ||
Europe | $66.1 | $98.1 | (32.6)% | ||
Australia | $41.4 | $30.6 | +35.5% | ||
Pre-Tax (Loss) Income (1) | $(9.2) | (1.8)% | $(8.2) | (1.5)% | (11.2)% |
Agriculture | $(3.3) | (1.1)% | $(12.3) | (3.6)% | +73.2% |
Construction | $0.4 | 0.5% | $(1.2) | (1.7)% | n/m |
Europe | $(1.3) | (2.0)% | $5.1 | 5.2% | n/m |
Australia | $(3.4) | (8.3)% | $(2.1) | (6.9)% | (63.3)% |
(1)Total Pre-Tax (Loss) Income includes impact of Shared Resource Center ("SRC") operations, which is not included within segment results. n/m: not meaningful
Six Months Revenue Analysis(in millions of dollars) | First 6 Months FY2027 | First 6 Months FY2026 | Favorable / (Unfavorable) |
Total Revenue | $1,018.8 | $1,140.8 | (10.7)% |
Equipment | $693.2 | $813.1 | (14.7)% |
Parts | $210.4 | $214.9 | (2.1)% |
Service | $90.2 | $92.8 | (2.8)% |
Rental & Other | $25.0 | $20.0 | +24.8% |
Six Months Financials
(in millions of dollars, except per share) | First 6 Months FY2027 | First 6 Months FY2026 | Favorable / (Unfavorable) |
Total Revenue | $1,018.8 | $1,140.8 | (10.7)% |
Gross Profit | $181.7 | $184.6 | (1.6)% |
Gross Profit Margin | 17.8% | 16.2% | +160 bps |
Operating Expenses | $188.5 | $189.1 | +0.3% |
Operating Expense as a % of Revenue | 18.5% | 16.6% | -190 bps |
Impairment Costs | $1.1 | $0.6 | (83.3)% |
Floorplan and Other Interest Expense | $16.2 | $22.6 | +28.3% |
Net Loss | $(21.8) | $(19.2) | (13.5)% |
Diluted (Loss) Earnings Per Share | $(0.95) | $(0.85) | (11.8)% |
(in millions of dollars) First 6 Months FY2027 | % of Revenue | First 6 Months FY2026 | % of Revenue | Favorable / (Unfavorable) | |
Revenue $1,018.8 | $1,140.8 | (10.7)% | |||
Agriculture | $654.5 | $730.1 | (10.4)% | ||
Construction | $146.1 | $144.1 | +1.4% | ||
Europe | $126.5 | $192.0 | (34.1)% | ||
Australia | $91.7 | $74.5 | +23.0% | ||
Pre-Tax (Loss) Income (1) | $(21.6) | (2.1)% | $(25.5) | (2.2)% | +15.2% |
Agriculture | $(9.5) | (1.4)% | $(25.1) | (3.4)% | +62.2% |
Construction | $(0.2) | (0.1)% | $(5.4) | (3.7)% | +96.2% |
Europe | $(2.3) | (1.8)% | $9.9 | 5.1% | n/m |
Australia | $(5.2) | (5.7)% | $(2.7) | (3.6)% | (95.6)% |
(1) Total Pre-Tax Income includes impact of Shared Resource Center ("SRC") operations, which is not included within segment results. n/m: not meaningful
Same Store Results (1)Three Months Ended July 31, Percent Six Months Ended July 31, Percent
(in thousands of dollars) | 2026 | 2025 | Change | 2026 | 2025 | Change |
Same Store Sales | ||||||
Agriculture | $ 307,298 | $ 335,352 | (8.4)% | $ 649,360 | $ 708,092 | (8.3)% |
Construction | 78,639 | 71,987 | 9.2 % | 146,102 | 144,116 | 1.4 % |
Europe | 63,598 | 85,280 | (25.4)% | 116,457 | 169,132 | (31.1)% |
Australia | 41,423 | 30,567 | 35.5 % | 91,688 | 74,530 | 23.0 % |
Total | $ 490,958 | $ 523,186 | (6.2)% | $ 1,003,607 | $ 1,095,870 | (8.4)% |
Same Store Gross Profit | ||||||
Agriculture | $ 58,287 | $ 51,786 | 12.6 % | $ 114,263 | $ 102,379 | 11.6 % |
Construction | 17,596 | 14,780 | 19.1 % | 33,593 | 28,159 | 19.3 % |
Europe | 10,347 | 17,966 | (42.4)% | 19,344 | 33,954 | (43.0)% |
Australia | 5,941 | 6,304 | (5.8)% | 13,321 | 13,697 | (2.7)% |
Total | $ 92,171 | $ 90,836 | 1.5 % | $ 180,521 | $ 178,189 | 1.3 % |
(1) Same-store results are calculated by including stores that were with the Company for the entire period of both fiscal years that we are comparing. For the three months ended July 31, 2026 and 2025, 5 Agriculture stores and 7 Europe stores (following the wind-down of the Company's German operations) were excluded from our same-store results. For the six months ended July 31, 2026 and 2025, 5 Agriculture stores and 7 Europe stores were excluded from our same-store results.
Balance Sheet Highlights- $30 Million of Cash
Equipment Inventory Increased $22 Million as of July 31, 2026 vs. January 31, 2026
$62 Million increase in new equipment and a $40 Million decrease in used equipment
Rental Fleet Assets Increased to $78 Million as of July 31, 2026 from $71 Million as of January 31, 2026
$0.6 Billion Outstanding Floorplan Payables on $1.5 Billion Floorplan and Working Capital Lines of Credit
(in millions, except per share data and percentages) | Previous Assumptions | Current Assumptions |
Segment Revenue | ||
Agriculture | Down 15% - Down 20% | Down 15% - Down 20% |
Construction | Flat - Up 5% | Up 5% - Up 10% |
Europe (1) (2) Down 20% - Down 25% Down 30% - Down 40%
Australia Up 10% - Up 15% Up 15% - Up 20%
Adjusted EBITDA $17.0 - $29.0 $17.0 - $29.0
Adjusted Consolidated Pre-tax Loss (1) | ($28.0) - ($39.0) | ($28.0) - ($39.0) |
Tax Expense | $0.0 - $1.0 | $0.0 - $1.0 |
Adjusted Net Loss (1) | ($28.0) - ($40.0) | ($28.0) - ($40.0) |
Adjusted Diluted Loss Per Share (1) | ($1.25) - ($1.75) | ($1.25) - ($1.75) |
(1) Includes the full year impact of winding down the Company's German business throughout fiscal 2027.
(2) The Company's German business recognized $53.9 million of revenue in fiscal 2026; due to the wind-down, the Company expects to recognize approximately $11 million of revenue from its German business in fiscal 2027.