CNH Industrial N.V. Reports Third Quarter 2025 Results

Third quarter consolidated revenues were $4.4 billion on decreased industry demand and continued channel destocking

Third quarter diluted EPS at $0.06

Amid persistent market challenges, results reflect rigorous cost management and a long-term commitment to operational excellence

Net sales guidance increased; profit guidance lowered to reflect incremental tariff headwinds and unfavorable geographic sales mix

Basildon, UK - November 7, 2025 - CNH Industrial N.V. (NYSE: CNH) today reported results for the three months ended September 30, 2025, with net income of $67 million and diluted earnings per share of $0.06 compared with net income of $310 million and diluted earnings per share of $0.24 for the three months ended September 30, 2024. Consolidated revenues were $4.40 billion (down 5% compared to Q3 2024), and net sales of Industrial Activities were $3.70 billion (down 7% compared to Q3 2024). Net cash provided by operating activities was $659 million, and Industrial free cash flow absorption was $188 million in Q3 2025.

“While the current trade environment remains challenging for our farmers and builders, CNH continues to take decisive actions to navigate near-term headwinds. We are maintaining disciplined production levels, reducing channel inventories, investing in technology, and driving operational excellence. Our commitment to quality and innovation is unwavering, as demonstrated by recent product launches and industry recognition. Looking ahead, we remain focused on achieving our long-term strategic targets. I am confident that the steps we are taking will position CNH for renewed growth and success as market conditions improve.”

2025 Third Quarter Results

(all amounts $ million, comparison vs Q3 2024 - unless otherwise stated)

The decline in net sales of Industrial Activities was mainly due to lower shipments on decreased industry demand and channel destocking.

Adjusted net income was $109 million with adjusted diluted earnings per share of $0.08. In comparison, in Q3 2024, adjusted net income was $304 million with adjusted diluted earnings per share of $0.24.

Income tax expense was $1 million ($75 million in Q3 2024), and the effective tax rate (“ETR”) was 2.0% (20.8% in Q3 2024) with an adjusted ETR (3) of 14.0% for the third quarter (20.7% in Q3 2024).

Cash flow provided by operating activities in the quarter was $659 million ($791 million provided in Q3 2024). Free cash flow absorption of Industrial Activities was $188 million, consistent with normal working capital seasonality.

In North America, third quarter industry volume was flat year-over-year for tractors under 140 HP and fell 41% for tractors over 140 HP; combines were down 23%. In Europe, Middle East and Africa ("EMEA"), tractor demand decreased 2%, while combine demand increased 19%. South America saw tractor demand down 4% and combines down 15%. In Asia Pacific, tractor demand rose 19%, while combine demand decreased 20%.

Agriculture net sales decreased in the quarter by 10% to $2.96 billion versus the same period in 2024, as a result of lower shipment volumes on decreased industry demand in North America and channel inventory destocking, partially offset by favorable net price realization and improved demand in the Eastern Europe, Middle East, and Africa markets within EMEA.

Adjusted EBIT decreased to $137 million ($336 million in Q3 2024) primarily due to lower shipment volumes, tariff costs, unfavorable geographic mix and higher SG&A expenses. These impacts were partially offset by favorable net price realization and reduced production and warranty costs. Adjusted EBIT margin was 4.6% (10.2% in Q3 2024). R&D expenses represented 8.6% of sales in Q3 2025 (6.0% in Q3 2024) including a $49 million non-cash impairment primarily related to in-process research and development (“IPR&D”) assets from the 2023 Bennamann acquisition. These assets relate to technologies that capture methane emissions from livestock waste and convert them into better-than-zero-carbon biofuel. This impairment reflects a narrowing of strategic focus to the cleaning and upgrading of the methane waste.

Global industry volume for construction equipment increased 6% year-over-year in the third quarter for Heavy equipment and 3% for Light equipment. Aggregated demand increased 4% in North America, 3% in EMEA, 1% in South America and 6% in Asia Pacific.

Construction net sales increased in the quarter by 8% to $739 million, reflecting higher shipment volumes in North America and EMEA, along with favorable net price realization.

Adjusted EBIT decreased to $14 million ($40 million in Q3 2024) as a result of tariff costs, unfavorable geographic mix, and higher SG&A expenses, partially offset by favorable net price realization. Adjusted EBIT margin was 1.9% (5.8% in Q3 2024).

Revenues of Financial Services increased by 4% as a result of higher yields primarily in Brazil and favorable currency translation, partially offset by lower volumes in EMEA and North America.

Net income was $47 million in the third quarter, a decrease of $31 million versus the same period in 2024, primarily driven by increased risk costs, higher SG&A expenses and lower volumes. These impacts were partially offset by improved interest margins across all regions and favorable currency translation.

The managed portfolio (including unconsolidated joint ventures) was $28.5 billion as of September 30, 2025 (of which retail was 71% and wholesale was 29%), down $0.5 billion compared to September 30, 2024 (down $0.6 billion on a constant currency basis).

At September 30, 2025, the receivable balance greater than 30 days past due as a percentage of receivables was 3.5% (2.2% as of September 30, 2024), mainly due to higher delinquencies in Brazil in Q3 2025.

2025 Outlook

With lower industry demand and the effort to reduce excess channel inventory, the Company has produced fewer units in 2025 when compared to 2024. The lower production and sales levels have negatively impacted our segment margin results. In addition, an unfavorable sales mix shift from North America to EMEA is affecting Agriculture margins. However, the Company’s ongoing efforts to reduce its operating costs have partially mitigated the margin erosion. CNH is continuing its focus on product cost reductions through lean manufacturing principles and strategic sourcing. The Company is also carefully managing its SG&A and R&D expenses.

In addition to the lower cyclical industry sales, the Company is navigating frequent changes in the global trade environment. The August 2025 expansion of steel and aluminum tariffs in the U.S., for example, has created additional exposure for CNH. Mitigation actions, such as working with the supply chain to identify alternative sources, consuming existing inventories, and pricing actions on North American products, have helped partially offset tariff headwinds. Over time, the Company expects to fully offset the tariff impacts with additional mitigation actions. However, in the near term, the Company continues to share the net tariff costs with its customers, which has further negatively impacted CNH’s 2025 margins.

The Company is therefore updating its 2025 outlook as follows:

Conference Call and Webcast

Today, at 11:30 a.m. EST, management will hold a conference call to present third quarter 2025 results to financial analysts and investors. The call can be followed live online or as a recording later at bit.ly/CNH_Q3_2025.

Results for the Nine Months Ended September 30, 2025

(all amounts $ million, comparison vs YTD Q3 2024 - unless otherwise stated)

Notes

CNH reports quarterly and annual consolidated financial results under U.S. GAAP and annual consolidated financial results under EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP.

Non-GAAP Financial Information

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 are defined as follows:

The tables attached to this press release provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Forward-looking Statements

All statements other than statements of historical fact contained in this press release including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward-looking statements also include statements regarding the future performance of CNH and its subsidiaries on a standalone basis. These statements may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "outlook", "continue", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "prospects", "plan", or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements.

Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods related products, changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods related issues such as agriculture, the environment, debt relief and subsidy program policies, trade, commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls, tariffs and other protective measures issued to promote national interests or address foreign competition, which in turn result or may result in retaliatory tariffs or other measures enacted by affected trade partners; volatility in international trade caused by the imposition of tariffs and the related impact on cost and prices, which could consequently affect demand of our products, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.

Forward-looking statements are based upon assumptions relating to the factors described in this press release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH's control. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

Further information concerning CNH, including factors that potentially could materially affect its financial results, is included in the Company's reports and filings with the U.S. SEC.

All future written and oral forward-looking statements by CNH or persons acting on behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company’s filings with the SEC (including, but not limited to, the factors discussed in our 2024 Annual Report and subsequent quarterly reports).

CONTACTS

Media Inquiries – Laura Overall +44 207 925 1964 or Rebecca Fabian +1 312 515 2249

(Email mediarelations@cnh.com)

Investor Relations– Jason Omerza +1 630 740 8079 or Federico Pavesi +39 345 605 6218

(Email investor.relations@cnh.com)

CNH INDUSTRIAL N.V.

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024

(Unaudited)

These Consolidated Statements of Operations should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2024 included in the Annual Report on Form 10-K. These Consolidated Statements of Operations represent the consolidation of all CNH Industrial N.V. subsidiaries.

CNH INDUSTRIAL N.V.

Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024

(Unaudited)

These Consolidated Balance Sheets should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2024 included in the Annual Report on Form 10-K. These Consolidated Balance Sheets represent the consolidation of all CNH Industrial N.V. subsidiaries.

CNH INDUSTRIAL N.V.

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024

(Unaudited)

These Consolidated Statements of Cash Flows should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2024 included in the Annual Report on Form 10-K. These Consolidated Statements of Cash Flows represent the consolidation of all CNH Industrial N.V. subsidiaries.

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the Three Months Ended September 30, 2025 and 2024

(Unaudited)

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services

(2) Elimination of Financial Services’ interest income earned from Industrial Activities.

(3) Elimination of Industrial Activities’ interest expense to Financial Services.

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the Nine Months Ended September 30, 2025 and 2024

(Unaudited)

(2) Elimination of Financial Services’ interest income earned from Industrial Activities.

(3) Elimination of Industrial Activities’ interest expense to Financial Services.

CNH INDUSTRIAL N.V.

Supplemental Balance Sheets as of September 30, 2025 and December 31, 2024

(Unaudited)

(2) This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.

(3) This item primarily represents the reclassification of deferred tax assets/liabilities in the same taxing jurisdiction and elimination of intercompany activity between Industrial Activities and Financial Services.

CNH INDUSTRIAL N.V.

Supplemental Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024

(Unaudited)

(2) This item includes the elimination of dividends from Financial Services to Industrial Activities, which are included in Industrial Activities net cash provided (used) by operating activities.

(3) This item includes the elimination of certain minor activities between Industrial Activities and Financial Services.

CNH Industrial N.V.

Other Supplemental Financial Information

(Unaudited)

(1) For the three and nine months ended September 30, 2025 and 2024, this item includes a pre-tax gain of $6 million and $18 million, respectively, resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

(2) For the three and nine months ended September 30, 2025, this item includes a $49 million impairment charge related to Bennamann IPR&D and a $10 million inventory write-down for the New Holland T6.180 Methane Power Tractor.

(3) In the three months ended September 30, 2024, this item includes a $14 million gain from investment fair value adjustments. In the nine months ended September 30, 2024, it includes a $15 million loss on the sale of certain non-core product lines and a $14 million gain from investment fair value adjustments.

CNH Industrial N.V.

Other Supplemental Financial Information

(Unaudited)

(1) Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $754 million and $456 million as of September 30, 2025 and December 31, 2024, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $480 million and $334 million as of September 30, 2025 and December 31, 2024, respectively.

(2) The net intersegment notes receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $274 million and $122 million as of September 30, 2025 and December 31, 2024, respectively.

(1) This item primarily includes capital increases in intersegment investments and change in financial receivables.

CNH Industrial N.V.

Other Supplemental Financial Information

(Unaudited)

(1) Excludes the minority share of the after-tax impairment charge related to Bennamann IPR&D.

CNH Industrial N.V.

Other Supplemental Financial Information

(Unaudited)

Attachment