CNH Industrial N.V. · NYSE:CNH
CNH Industrial — Q3 2026 Earnings Presentation
33 slides from CNH Industrial's earnings presentation, Nov 9, 2026
Slide 1: Q3 2026 Financial Results
Q3 2026 FINANCIAL RESULTS November 9, 2026
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) p
Slide 3: Q3 2026 Main Highlights
Q3 2026 | MAIN HIGHLIGHTS Cycle indicators improving in North America Ag dealer inventories1 reduced by ~$100 million Challenging market conditions in EMEA and Brazil Operational discipline driving quality, sourcing, and efficiency gains Strategic alliance with Bourgault to enhance global seeding po
Slide 4: Q3 2026 Results
Q3 2026 | RESULTS Consolidated Adjusted EBIT1 Net Income Diluted EPS Operating Revenues Industrial Activities Cash Flow $4.4B $202M $35M $0.02 $686M (1)% +94% (48)% $(0.04) +$27M Net Sales Adjusted Industrial Adjusted Adjusted Free Cash Flow1 Industrial Activities EBIT Margin1 Net Income1 Diluted EP
Slide 5: Forward Strategy for Construction: Joint Venture with Kobelco
FORWARD STRATEGY FOR CONSTRUCTION: JOINT VENTURE WITH KOBELCO TODAY’S ANNOUNCEMENT: CNH Construction to be established as 2022 a JV majority-owned Iveco Group spinoff by Kobelco (“CE JV”) A leading, pure-play agriculture equipment, technology, and services company with a strengthened BUILDING CNH TE
Slide 6: Creating Two Focused Industry Leaders
CREATING TWO FOCUSED INDUSTRY LEADERS AGRICULTURE CONSTRUCTION Ownership Ownership Ownership 100% 70% 30% CE JV A leading, pure-play agriculture equipment, A global manufacturer of technology, and services company construction equipment MANUFACTURING DISTRIBUTION 6 Q3 2026 results | November 9, 2026
Slide 7: Construction Transaction Benefits
CONSTRUCTION TRANSACTION BENEFITS CE JV Largest pure-play agriculture machinery OEM Kobelco’s complementary expertise, product strengths, technology, and geographies to support CE JV’s long-term growth Strengthened financial profile – expected to be accretive to CNH margins Gains the scale and focus
Slide 8: Path to 2030
PATH TO 2030 Breaking new ground on Iron + Tech Expanding mid-cycle margins Expanding Advancing Driving Operational Quality as a product Iron + Tech commercial excellence mindset leadership integration excellence 8 Q3 2026 results | November 9, 2026
Slide 9: Product Leadership: Bourgault Alliance
PRODUCT LEADERSHIP: BOURGAULT ALLIANCE Supports CNH’s strategy to bring innovation to market faster and expand customer choice ✓ Combines Bourgault’s seeding leadership with CNH’s reach, ✓ Supports CNH’s focus on soil health, which determines not trusted brands, and dealer network only yield, but fo
Slide 10: Q3 2026 Agriculture
Q3 2026 | AGRICULTURE Net Sales ($ million) Adj. Gross Margin1 Production hours Δ YoY • Q3: (11)% (2)% YoY +170 bps YoY 22.3% • YTD: (3)% 20.6% 2,963 2,907 Dealer inventory2 sequential reductions • Q3: $(0.1)B Q3 2025 Q3 2026 Q3 2025 Q3 2026 • YTD: $(0.1)B Adjusted EBIT ($ million) Production slots
Slide 11: Q3 2026 Construction
Q3 2026 | CONSTRUCTION Net Sales ($ million) Adj. Gross Margin1 Production hours Δ YoY • Q3: +8% +5% YoY +470 bps YoY 19.2% • YTD: +12% 739 777 14.5% Dealer inventory2 YoY • Q3: +1% Q3 2025 Q3 2026 Q3 2025 Q3 2026 Adjusted EBIT ($ million) Production slots filled • Q4: ● 7 0 6 8.4% • Q1: ◑ 37 $39M n
Slide 12: Q3 2026 Financial Services
Q3 2026 | FINANCIAL SERVICES Adjusted Net Income1 ($ million) Main Highlights Q3 retail originations2 $2.5B, -$0.2B YoY Q3 2025 46 Managed portfolio2 $27.8B, -$0.7B YoY (-$0.7B @CC3) Delinquencies at 4.1%, primarily driven by South America Q3 2026 reported net income includes $156M non-cash Q3 2026
Slide 13: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES ORGANIC GROWTH & MARGIN EXPANSION Support organic growth through investment in commercial actions, operational efficiencies, and quality improvements BALANCE SHEET STRENGTH & STRONG CREDIT RATING Preserve investment grade credit rating as foundational commitment INORGAN
Slide 14: Tariffs & Refunds Impact
TARIFFS & REFUNDS IMPACT Q2 Q3 Q4 FY Actual Actual Estimate Estimate Agriculture Margin impact from tariffs excluding IEEPA refunds (185) bps Net IEEPA refund ($M) 4 32 ~(30) ~5 Gross refunds received1 4 62 ~5 ~70 One-off efforts to clear aged & discontinued equipment inventories (25) ~(25) ~(50) Ac
Slide 15: 2026 Outlook – Agriculture
2026 OUTLOOK – AGRICULTURE Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions Net Sales ~flat ~flat Tractors Combines $12,390M Δ YoY Δ YoY North ~(10)% (20)% - (15)% ~(5)% America LHP HHP EMEA ~(5)% ~Flat 2025A 2026E prior 2026E current South Adj. EBIT Margin (10)% - (5)% (2
Slide 16: 2026 Outlook – Construction
2026 OUTLOOK – CONSTRUCTION Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions Net Sales 5-10% 8-10% Light Heavy YoY YoY $2,956M North Flat – 5% 10% - 15% America EMEA ~5% ~15% 2025A 2026E prior 2026E current South Adj. EBIT Margin (5)% - Flat 10% - 15% America 2.3% 1.8% -
Slide 17: 2026 Outlook – Financial Targets
2026 OUTLOOK – FINANCIAL TARGETS Industrial Activities 2025A 2026E prior 2026E current Net Sales $15.3B flat to +2% YoY ~2% YoY Adj. EBIT margin1 4.3% 3.2% - 3.8% 3.4% - 3.8% Free Cash Flow1 $513M $200M - $400M $300M - $450M Company Adj. Diluted EPS1 $0.55 $0.41 - $0.46 $0.44 - $0.48 17 Q3 2026 resu
Slide 18: Construction Transaction Overview
CONSTRUCTION TRANSACTION OVERVIEW • CNH to sell 70% interest in CNH’s Construction Equipment business; forms new joint venture ("CE JV") Transaction • Transaction values CNH’s Construction Equipment business at an enterprise value of $1 billion Structure • Kobelco to own 70% of CE JV; CNH to retain
Slide 19: 2026 Priorities & Outlook
2026 PRIORITIES & OUTLOOK Tracking macroeconomic factors impacting ag industry cycle North America order intake pace modestly positive for MY27 vs MY261 Ag dealer inventories2 expected to further reduce in Q4 Margin improvements from quality, sourcing, and operational efficiency Focus on manufacturi
Slide 20: Appendix
APPENDIX 20
Slide 21: Upcoming Events
UPCOMING EVENTS Q4 2026 earnings call: Tuesday, February 16, 2027 at 9:00am ET 21 Q3 2026 results | November 9, 2026 Note: dates and times are subject to change
Slide 22: Q3 2026 YoY Unit Performance
Q3 2026 | YOY UNIT PERFORMANCE NORTH SOUTH EMEA1 APAC1 AMERICA1 AMERICA1 0-140 HP – Small Tractors (12)% Total Industry (4)% (22)% (4)% 140+ HP – Large Tractors (5)% Combines (13)% (3)% (19)% 76% Light 9% 0% 12% 7% Heavy 16% 10% 15% 14% Tractors Combines Light Heavy Company Q3'25 Q4'25 Q1'26 Q2'26 Q
Slide 23: Q3 2026 Industrial Activities Net Sales
Q3 2026 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $2,907M $777M $3,684M Q3 2025 (2)% YoY (2)% @CC1 5% YoY 5% @CC1 (0)% YoY (1)% @CC1 Q3 2026 By Region By Region By Region as reported as reported as reported NA EMEA SA APAC NA EMEA SA APAC NA EMEA SA APAC Q3 202
Slide 24: 9M 2026 Industrial Activities Net Sales
9M 2026 | INDUSTRIAL ACTIVITIES NET SALES Agriculture Construction Industrial Activities $8,780M $2,217M $10,997M 9M 2025 (0)% YoY (2)% @CC1 5% YoY 4% @CC1 1% YoY (1)% @CC1 9M 2026 By Region By Region By Region as reported as reported as reported NA EMEA SA APAC NA EMEA SA APAC NA EMEA SA APAC 9M 20
Slide 25: Q3 / 9M 2026 Financials by Segment
Q3 / 9M 2026 | FINANCIALS BY SEGMENT Revenues & Adj. EBIT QTD Gross Profit Gross Margin Adj. EBIT1 Net Sales Margin1 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Agriculture 2,907 2,963 648 611 22.3% 20.6% 173 137 6.0% 4.6% Construction 777 739 149 107 19.2% 14.5% 65 14 8.4% 1.9% Elim
Slide 26: Debt Maturity Schedule
DEBT MATURITY SCHEDULE Outstanding Sep. 30, 2026 2026 2027 2028 2029 2030 Beyond 2.7 Bank Debt 0.6 0.6 0.4 0.2 0.2 0.7 12.4 Capital Market 0.6 3.0 2.1 2.3 1.1 3.3 0.1 Other Debt 0.1 0.0 0.0 0.0 0.0 0.0 15.2 Cash Portion of Debt Maturities 1.2 3.6 2.5 2.5 1.3 4.0 of which Industrial Activities 0.1 1.
Slide 27: Reconciliations
RECONCILIATIONS 27
Slide 28: Adjusted EBIT Reconciliation
ADJUSTED EBIT RECONCILIATION Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities ($M) Q3 2026 Q3 2025 9M 2026 9M 2025 Net income 35 67 186 416 Less: Income tax expense (204) (1) (251) (124) Consolidated income before taxes 239 68 437 540 Less: Financia
Slide 29: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Reconciliation of Net Income (Loss) under U.S. GAAP to Adj. Net Income & Calculation of Adj. Diluted EPS ($M) Q3 2026 Q3 2025 9M 2026 9M 2025 Net income (loss) 35 67 186 416 Adjustments impacting Net income before Income tax expense and equity 16 56 55 55 income fr
Slide 30: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION Reconciliation of Net Cash Provided by Operating Activities under U.S. GAAP to Free Cash Flow used in Industrial Activities ($M) Q3 2026 Q3 2025 9M 2026 9M 2025 Net cash provided by Operating Activities 686 659 866 1,593 Net Cash used in Operating Activities of Financia
Slide 31: 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 32: 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 33: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS investors.cnh.com [email protected] +1 (630) 740 8079 Jason Omerza [email protected] +1 (708) 932 5916 Joe Recendez [email protected] 33