CNH Industrial N : 2026 First Quarter Results - Presentation

Published: 2026-04-30 06:45:35 ET CNH

Published on 04/30/2026 at 06:45 am EDT

Q1 2026 | MAIN HIGHLIGHTS

Passing through expected low point in Ag market demand Production kept at low levels to manage channel inventory Positive price/cost in Agriculture segment

Further progress on dealer network consolidation

Highly dynamic market environment impacting entire supply chain

Continued engagement with U.S. administration on industry conditions

3 Q1 2026 results | April 30, 2026

Q1 2026 | RESULTS

Consolidated Revenues

$3.8B

(0)%

Net Sales

Industrial Activities

$3.2B

(0)%

Adjusted EBIT1

Industrial Activities

$(45)M

(145)%

Adjusted Industrial

EBIT Margin1

(1.4)%

(460) bps

Net Income

$10M

(92)%

Adjusted

Net Income1

$21M

(84)%

Diluted EPS

$0.01

$(0.09)

Adjusted

Diluted EPS1

$0.01

$(0.09)

Operating Cash Flow

$(497)M

$(30)M

Free Cash Flow1

Industrial Activities

$(589)M

$(22)M

YoY vs Q1 2025

PATH TO 2030

Breaking new ground on Iron + Tech Expanding mid-cycle margins

Expanding product leadership

Advancing Iron + Tech integration

Driving commercial excellence

Operational excellence

Quality as a mindset

DRIVING MANUFACTURING PLANT EFFICIENCIES

Project-based approach to drive manufacturing plant efficiencies

Cumulative Manufacturing Projects

2,000

~1,400

Example

New fiber laser at the Fargo plant reduced sheet steel cutting time by 52%, while also:

1,500

1,000

500

in 2025 300+ in

Q1 2026

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Reducing consumables

Minimizing secondary operations

Improving quality

Production hours Δ YoY

Q1: +6%

Dealer inventory2 flat sequentially vs. usual seasonal increase

Production slots filled

Q2:

Q3:

Q1 2026 | AGRICULTURE

Net Sales ($M)

Gross Margin1

2,581 2,596

139

Q1 2025 Q1 2026

20.0% 19.1%

Q1 2025 Q1 2026

Adjusted EBIT ($M)

& Mix

Q1 2025 Volume

Pricing,

Net

Product

Cost

(24)

139

5.4%

(49)

(29)

(22)

(34)

1.0%

Other

SG&A R&D FX &

Q1 2026

2026 | CONSTRUCTION

Net Sales ($M)

Gross Margin1

Production hours Δ YoY

(3)% YoY

(310) bps YoY

Q1:

+12%

591

574

14.9%

11.8%

Dealer inventory2 YoY

Q1 2025

Q1 2026

Q1 2025

Q1 2026

Q1:

(4)%

Adjusted EBIT ($M)

Production slots filled

2.4%

Q1:

(5)

(4.9)%

Q2:

(32)

(14)

(5)

(28)

Q1 2025

Volume

& Mix

Pricing,

Net

Product

Cost

SG&A

R&D

FX &

Other

Q1 2026

Q1 2026 | FINANCIAL SERVICES

Net Income ($ million)

Main Highlights

Q1 2025

Q1 2026

Q1 retail originations1 $2.2B, -$0.2B YoY

90 Managed portfolio1 $28.0B, flat YoY (-$1.0B @CC2) Delinquencies at 3.5%, primarily driven by South America Net income down, mainly driven by higher risk cost

Profitability Ratios

Delinquencies on Book (>30 Days)

3.2%

3.1%

3.3%

1.9%

1.7%

1.4%

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

1.7%

2.3%

3.5%

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

(1) Including unconsolidated JVs; (2) At constant currency;

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

INORGANIC GROWTH

Maintain option for strategic, disciplined, and margin accretive M&A

After debt repayment and M&A, return substantially all Industrial FCF to shareholders through

dividends and share buybacks

TARIFF IMPACT ON MARGINS

Full year 2026 cost impact

Section 122 vs. IEEPA (temporary) ▼ ▼

Section 232 - whole machines ▲▲ ▲▲

Section 232 - component parts ▼▼ ▼

Section 301 investigation impact TBD TBD

2026 OUTLOOK - AGRICULTURE

Net Sales

Tractors Combines

$12,390M

(5)% - flat

Δ YoY

(5)% - flat

Δ YoY

North America

flat - 5%

LHP

(20)% - (15)%

HHP

(5)% - flat

EMEA (5)% - flat 5% - 10%

South (5)% - flat (15)% - (10)%

America

2025A 2026E prior 2026E current

Adj. EBIT Margin

6.2%

4.5% - 5.5% 4.5% - 5.5%

APAC (15)% - (10)% 20% - 25%

Total Industry Volume % change FY 2026 vs. FY 2025 reflecting the aggregate for key markets where the Company competes.

2025A 2026E prior 2026E current

2026 OUTLOOK - CONSTRUCTION

Net Sales

North America

Light Heavy

~flat flat - 5%

$2,956M

~flat

YoY

~flat

YoY

EMEA flat - 5% (5)% - flat

South (15)% - (10)% (15)% - (10)%

America

2025A 2026E prior 2026E current

Adj. EBIT Margin

APAC flat - 5% ~5%

2.3%

1.0% - 2.0%

Total Industry Volume % change FY 2026 vs. FY 2025 reflecting the aggregate for key markets where the Company competes.

2025A 2026E prior 2026E current

2026 OUTLOOK - FINANCIAL TARGETS

Industrial Activities

2025A

2026E prior

2026E current

Net Sales

$15.3B

(4)% - flat YoY

reaffirmed

Adj. EBIT margin1

4.3%

2.5% - 3.5%

reaffirmed

Free Cash Flow1

$513M

$150M - $350M

reaffirmed

Company

Adj. Diluted EPS1

$0.55

$0.35 - $0.45

reaffirmed

Q2 2026 - KEY CONSIDERATIONS

Agriculture net sales ~flat YoY; Construction up mid-teens % YoY

South American market conditions require close monitoring

Transportation and tariff cost dynamics

Segment margins within full-year guidance ranges

Financial Services net income impacted by higher risk reserves

15 Q1 2026 results | April 30, 2026

2026 PRIORITIES & OUTLOOK

Carefully monitoring & managing global trade and supply chain dynamics

Thorough production planning and further channel inventory trimming

Purposeful growth in iron and tech investments

Delivering 50-75 bps Agriculture mid-cycle margin improvements

Multi-brand dealership consolidation progress in all major geographies

16 Q1 2026 results | April 30, 2026

UPCOMING EVENTS

Annual General Meeting of Shareholders:

Friday, May 8, 3:00pm CEST (9:00am ET)

Q2 2026 earnings call: Monday, August 3, 9:00am ET

18 Q1 2026 results | April 30, 2026

Note: dates are subject to change

Total Industry

Q1 2026 | YOY UNIT PERFORMA

NORTH

AMERICA1

NCE

EMEA1 ASOUTH APAC1

MERICA1

0-140 HP - Small Tractors (7)%

140+ HP - Large Tractors (27)%

Combines (6)%

(5)%

(33)%

(16)%

Light 5%

(7)%

Heavy 4%

11%

2% (8)% 21%

Tractors

Combines

Light Heavy

Company

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

19 Q1 2026 results | April 30, 2026

Total Industry Volume % YoY change reflecting the aggregate for key markets where the Company competes.

NOTE: Total Industry Volume % change 2026 vs. 2025 reflecting aggregate for key markets where Company competes. APAC CE when excluding China 3% in Light & 2% in Heavy

Q1 2026 | INDUSTRIAL ACTIVITIES NET SALES

Agriculture

Construction

Industrial Activities

$2,596M

+1% YoY (4)% @CC1

By Region

as reported

$574M

(3)% YoY (6)% @CC1

By Region

as reported

$3,170M

(0)% YoY (4)% @CC1

By Region

as reported

EMEA

APAC

EMEA

APAC

EMEA

APAC

Q1 2026 mix

39%

38%

11%

12%

53%

29%

11%

42%

36%

11%

Q1 2025 mix

41%

32%

16%

12%

54%

25%

13%

43%

30%

15%

11%

By Product

as reported

By Product

as reported

By Segment

as reported

Tractors

Combines

Others

Heavy

Light

Others

Agriculture

Construction

Q1 2026 mix

62%

17%

21%

42%

56%

82%

18%

Q1 2025 mix

60%

18%

22%

35%

63%

81%

19%

20 Q1 2026 results | April 30, 2026

Note: numbers may not add due to rounding

Δ YoY @CC means at constant currency

Q1 2026 | FINANCIALS BY SEGMENT

Adj. EBIT

Margin1

Adj. EBIT1

Gross Margin

Gross Profit

Revenues &

Net Sales

Q1 26

Q1 25

Q1 26

Q1 25

Q1 26

Q1 25

Q1 26

Q1 25

Q1 26

Q1 25

Agriculture

2,596

2,581

497

515

19.1%

20.0%

139

1.0%

5.4%

Construction

574

591

11.8%

14.9%

(28)

(4.9%)

2.4%

Elimination & Other

(44)

(52)

Industrial Activities

3,170

3,172

565

603

17.8%

19.0%

(45)

101

(1.4%)

3.2%

Financial Services

646

651

Elimination & other

CNH Industrial

3,826

3,828

21 Q1 2026 results | April 30, 2026

Note: numbers may not add due to rounding

Non-GAAP measure: definition in the slide "Non-GAAP Financial Measures"; reconciliation in "Reconciliations" section

DEBT MATURITY SCHEDULE | BREAKDOWN

($B)

Outstanding Mar. 31, 2026

2026

2027

2028

2029

2030

Beyond

2.8

Bank debt

0.7

0.3

0.2

0.6

12.3

Capital market

1.9

3.0

2.0

2.2

0.5

2.7

0.1

Other debt

0.1

15.2

Cash portion of debt maturities

2.7

3.6

2.3

2.5

0.8

3.3

of which Industrial Activities

1.3

0.1

0.6

2.1

of which Financial Services

2.7

2.3

2.2

1.9

0.8

1.3

2.3

Cash & cash equivalents and restr. cash

0.7

of which restricted cash

0.2

Net receivables / (payables) with Iveco

6.4

Undrawn committed credit lines

8.9

Total available liquidity

22 Q1 2026 results | April 30, 2026

Note: Numbers may not add due to rounding

ADJUSTED EBIT RECONCILIATION

Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities

($M)

Q1 2026

Q1 2025

Net income (loss)

132

Less: consolidated income tax expense

(4)

(46)

Consolidated income before taxes

179

Less: Financial Services

Financial Services net income

Financial Services income taxes

Add back of the following Industrial Activities items:

Interest expense of Industrial Activities, net of Interest income and elim.

Foreign exchange (gains) losses, net of Industrial Activities

Finance and non-service component of pension and other post-employment benefit costs of Industrial Activities

Adjustments for the following Industrial Activities items:

Restructuring expenses

Other discrete items

Total adjusted EBIT of Industrial Activities

(45)

101

ADJUSTED NET INCOME RECONCILIATION

Reconciliation of Adjusted Net Income to Net Income (Loss) & Calculation of Adjusted Diluted EPS

($M)

Q1 2026

Q1 2025

Net income (loss)

132

Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates

Restructuring expenses

Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S.

(6)

Impairment of minority investment

Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates

(1)

Adjusted net income (loss)

132

Adjusted net income (loss) attributable to CNH Industrial N.V.

131

Weighted average shares outstanding - diluted (million)

1,244

1,253

Adjusted diluted EPS

$0.01

$0.10

FREE CASH FLOW RECONCILIATION

Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities

($M)

Q1 2026

Q1 2025

Net cash provided by (used in) Operating Activities

162

Cash flows from Operating Activities of Financial Services net of eliminations

(534)

(638)

Change in derivatives hedging debt of Industrial Activities and other

Investments in property, plant & equipment, and intangible assets of Industrial Activities

(92)

(103)

Other changes

Free cash flow of Industrial Activities

(589)

(567)

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, Balkans, Türkiye, Uzbekistan, Pakistan, the African continent, and the Middle East

South America: Central and South America, and the Caribbean Islands

Asia Pacific (APAC): Continental Asia (including the Indian subcontinent), Indonesia, Japan, and Oceania

Industry Data

In this presentation, industry information is generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various Rest of the World markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment

Manufacturers' in North America, the Committee for European Construction Equipment in Europe, the ANFAVEA in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by an independent service bureau.

Not all Agricultural or Construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Russia, Türkiye, Brazil, and any country where local shipments are not reported.

In addition, there may be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be

estimated and may require adjustments when determining our estimates of retail unit data in any period.

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 financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP.

CNH's non-GAAP financial measures used in this presentation are defined as follows:

Change excluding FX or Constant Currency refers to the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to

current year's revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations.

Adjusted Gross Profit Margin of Industrial Activities: is computed by dividing Net Sales less Costs of good sold, as adjusted by non-recurring items, by Net Sales.

Adjusted EBIT of Industrial Activities is defined as net income (loss) before income taxes, Financial Services' results, Industrial Activities' interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities.

Adjusted EBIT Margin of Industrial Activities is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial Activities.

Adjusted Income Tax (Expense) Benefit is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits.

Adjusted Effective Tax Rate (Adjusted ETR) is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items.

Adjusted Net Income is defined as net income, less restructuring charges and non-recurring items, after tax.

Adjusted Diluted EPS is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end.

Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow) refers to Industrial Activities only and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations. For forecasted information, the Company is unable to provide a reconciliation of this measure without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

INVESTOR RELATIONS CONTACTS

investors.cnh.com

[email protected]

+1 (630) 740 8079

Jason Omerza

[email protected]

+39 (345) 605 6218

Federico Pavesi

[email protected]

April 30, 2026

Disclaimer

CNH Industrial NV published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 10:44 UTC.