CNHインダストリアルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2025

CNH INDUSTRIAL N.V.

(Exact name of registrant as specified in its charter)

Netherlands

001-36085

98-1125413

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)


Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom						N/A
(Address of principal executive offices)						(Zip Code)

+44 2079 251964

Registrant’s telephone number including area code

N/A

(Former name, former address and former fiscal year, if changed since last report):

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value €0.01

CNH

New York Stock Exchange

3.850% Notes due 2027

CNH27

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934(§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 01, 2025, CNH Industrial N.V. issued a press release announcing its results of operations for the second quarter of 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On August 01, 2025, CNH Industrial N.V. made available a presentation providing a review and highlights of its second quarter of 2025 results of operations and related information, which is being made available in connection with a August 01, 2025 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit 99.1			CNH Industrial’s press release dated August 1, 2025, announcing its results of operations for the second quarter of 2025
Exhibit 99.2			CNH Industrial N.V. second quarter 2025 results review presentation
Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		CNH INDUSTRIAL N.V.

	By:	/s/ Roberto Russo
	Name:	Roberto Russo
	Title:	Chief Legal and Compliance Officer
Date: August 1, 2025

EX-99.1 2 ex991q225.htm EX-99.1 Document

Exhibit 99.1

CNH Industrial N.V. Reports Second Quarter 2025 Results

Second quarter consolidated revenues were $4.7 billion on lower industry demand

Second quarter diluted EPS at $0.17

Results reflect continued execution of cost saving initiatives partially offsetting market headwinds

Returned $0.3 billion to shareholders through dividends

Full-year guidance reaffirmed

Basildon, UK - August 1, 2025 - CNH Industrial N.V. (NYSE: CNH) today reported results for the three months ended June 30, 2025, with net income of $217 million and diluted earnings per share of $0.17 compared with net income of $404 million and diluted earnings per share of $0.32 for the three months ended June 30, 2024(1). Consolidated revenues were $4.71 billion (down 14% compared to Q2 2024), and net sales of Industrial Activities were $4.02 billion (down 16% compared to Q2 2024). Net cash provided by operating activities was $772 million, and Industrial free cash flow was $451 million in Q2 2025.

“While we continued to face challenging market conditions this quarter, the CNH team's resilience and dedication allowed us to navigate through them effectively and in line with our targets. We are focused on the strategic priorities that we outlined at our recent investor day to advance our operational improvements and the investments that deliver exceptional products and technology for our farmers and builders. We appreciate the support from our suppliers as we navigate uncertain trade waters, and from our dealer network that strives for unmatched customer service as we position CNH for long-term success. I am excited for the future of CNH and sharing the journey ahead with you.”

Gerrit Marx, Chief Executive Officer

2025 Second Quarter Results

(all amounts $ million, comparison vs Q2 2024 - unless otherwise stated)

Please note that in this and in the following tables and commentary, prior periods have been revised to reflect an immaterial correction to the financial statements. See note 1 for further details.


US-GAAP
	Q2 2025	Q2 2024(1)	Change	Change at c.c.(2)
Consolidated revenues	4,711	5,488	(14)%	(14)%
of which Net sales of Industrial Activities	4,021	4,803	(16)%	(16)%
Net income	217	404	(46)%
Diluted EPS $	0.17	0.32	(0.15)
Cash flow provided (used) by operating activities	772	379	+393
Cash and cash equivalents(3)	2,512	3,191	(679)
Gross profit margin of Industrial Activities	20.6%	22.9%	(230) bps


NON-GAAP(3)
	Q2 2025	Q2 2024(1)	Change
Adjusted EBIT of Industrial Activities	224	502	(55)%
Adjusted EBIT margin of Industrial Activities	5.6%	10.5%	(490) bps
Adjusted net income	216	451	(52)%
Adjusted diluted EPS $	0.17	0.35	(0.18)
Free cash flow of Industrial Activities	451	140	+311

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

Adjusted net income was $216 million with adjusted diluted earnings per share of $0.17. In comparison, in Q2 2024, adjusted net income was $451 million with adjusted diluted earnings per share of $0.35.

Income tax expense was $76 million ($95 million in Q2 2024), and the effective tax rate (ETR) was 27.6% (20.9% in Q2 2024) with an adjusted ETR(4) of 27.7% for the second quarter (21.0% in Q2 2024).

Cash flow provided by operating activities in the quarter was $772 million ($379 million provided in Q2 2024). Free cash flow of Industrial Activities was $451 million, a year-over-year improvement of $311 million due to lower net change in working capital.


Agriculture
	Q2 2025	Q2 2024(1)	Change	Change at c.c.(2)
Net sales	3,248	3,913	(17)%	(17)%
Gross profit margin	21.8%	24.4%	(260) bps
Adjusted EBIT	263	502	(48)%
Adjusted EBIT margin	8.1%	12.8%	(470) bps

In North America, industry volume was down 7% year-over-year in the second quarter for tractors under 140 HP and was down 37% for tractors over 140 HP; combines were down 23%. In Europe, Middle East and Africa (EMEA), tractor demand was down 7%, while combine demand was up 8%. South America tractor demand was up 4%, while combine demand was down 6%. Asia Pacific tractor demand was up 3%, but combine demand was down 42%.

Agriculture net sales decreased in the quarter by 17% to $3.25 billion versus the same period of 2024, primarily due to lower shipment volumes on decreased industry demand and dealer destocking.

Adjusted EBIT decreased to $263 million ($502 million in Q2 2024) driven by lower shipment volumes, partially offset by favorable net price realization and lower production, warranty and SG&A expenses. R&D investments accounted for 6.0% of sales (5.5% in Q2 2024). Adjusted EBIT margin was 8.1% (12.8% in Q2 2024).


Construction
	Q2 2025	Q2 2024	Change	Change at c.c.(2)
Net sales	773	890	(13)%	(12)%
Gross profit margin	15.7%	16.5%	(80) bps
Adjusted EBIT	35	60	(42)%
Adjusted EBIT margin	4.5%	6.7%	(220) bps

Global industry volume for construction equipment increased 3% year-over-year in the second quarter for Heavy construction equipment; Light construction equipment was down 2%. Aggregated demand decreased 4% in North America and South America, but increased 1% in EMEA and 3% in Asia Pacific.

Construction net sales decreased in the quarter by 13% to $773 million, due to lower shipment volumes driven by the market decline in North America.

Adjusted EBIT decreased to $35 million ($60 million in Q2 2024) as a result of lower shipment volumes, partially offset by favorable net price realization. Adjusted EBIT margin was 4.5% (6.7% in Q2 2024).


Financial Services
	Q2 2025	Q2 2024	Change	Change at c.c.(2)
Revenues	685	687	—%	+2%
Net income	87	91	(4)%
Equity at quarter-end	2,907	2,843	+64
Retail loan originations	2,740	2,864	(124)

Revenues of Financial Services decreased by 0.3% as a result of the negative impact from currency translation and lower yields primarily in Brazil; partially offset by higher remarketing sales and favorable volumes in most regions.

Net income was $87 million in the second quarter, a decrease of $4 million versus the same period of 2024, primarily due to increased risk costs in Brazil, and a higher effective tax rate due to a prior year Argentina inflation adjustment. This was partially offset by interest margin improvements and favorable volumes in most regions.

The managed portfolio (including unconsolidated joint ventures) was $28.7 billion as of June 30, 2025 (of which retail was 69% and wholesale was 31%), up $0.2 billion compared to June 30, 2024 (down $0.3 billion on a constant currency basis).

At June 30, 2025, the receivable balance greater than 30 days past due as a percentage of receivables was 3.9%, (2.5% as of June 30, 2024), mainly from higher delinquencies in Brazil.

2025 Outlook

The Company continues to forecast that 2025 global industry retail sales will be lower in both the agriculture and construction equipment markets when compared to 2024. CNH is still focused on driving down excess channel inventory primarily by producing fewer units than the retail demand level, which will result in 2025 net sales being lower than in 2024.

The lower production and sales levels will negatively impact our segment margin results. However, the Company’s ongoing efforts to reduce its operating costs will partially mitigate 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 a changing global trade environment. The uncertainty of the U.S. trade policy, the reactions of trading partners, and the impact to our end customers may affect our forecast for the year.

The Company is reaffirming its previous 2025 outlook:

•Agriculture segment net sales down between 12% and 20% year-over-year, including -1% of currency translation effects

•Agriculture segment adjusted EBIT margin between 7% and 9%

•Construction segment net sales down between 4% and 15% year-over-year, including -1% of currency translation effects

•Construction segment adjusted EBIT margin between 2% and 4%

•Free cash flow of Industrial Activities(6) between $100 million and $500 million

•Adjusted diluted EPS(6) between $0.50 to $0.70

Conference Call and Webcast

Today, at 9:00 a.m. EDT, management will hold a conference call to present second quarter 2025 results to financial analysts and investors. The call can be followed live online or as a recording later at bit.ly/CNH_Q2_2025.

Results for the Six Months Ended June 30, 2025

(all amounts $ million, comparison vs YTD Q2 2024 - unless otherwise stated)


US-GAAP
	YTD Q2 2025	YTD Q2 2024(1)	Change	Change at c.c.(2)
Consolidated revenue	8,539	10,306	(17)%	(15)%
of which Net sales of Industrial Activities	7,193	8,934	(19)%	(18)%
Net income	349	773	(55)%
Diluted EPS $	0.27	0.61	(0.34)
Cash flow provided (used) by operating activities	934	(515)	+1,449
Cash and cash equivalents(3)	2,512	3,191	(679)
Gross profit margin of Industrial Activities	19.9%	22.8%	(290) bps


NON-GAAP(3)
	YTD Q2 2025	YTD Q2 2024(1)	Change
Adjusted EBIT of Industrial Activities	325	874	(63)%
Adjusted EBIT margin of Industrial Activities	4.5%	9.8%	(530) bps
Adjusted net income	348	839	(59)%
Adjusted diluted EPS $	0.27	0.66	(0.39)
Free cash flow of Industrial Activities	(116)	(1,069)	+953


Agriculture
	YTD Q2 2025	YTD Q2 2024	Change	Change at c.c.(2)
Net sales	5,829	7,286	(20)%	(19)%
Gross profit margin	21.0%	24.1%	(310) bps
Adjusted EBIT	402	890	(55)%
Adjusted EBIT margin	6.9%	12.2%	(530) bps


Construction
	YTD Q2 2025	YTD Q2 2024	Change	Change at c.c.(2)
Net sales	1,364	1,648	(17)%	(16)%
Gross profit margin	15.3%	16.9%	(160) bps
Adjusted EBIT	49	111	(56)%
Adjusted EBIT margin	3.6%	6.7%	(310) bps


Financial Services
	YTD Q2 2025	YTD Q2 2024	Change	Change at c.c.(2)
Revenue	1,336	1,372	(3)%	+1%
Net income	177	209	(15)%

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.

1.In connection with the preparation of our condensed consolidated financial statements for the three months ended September 30, 2024, we had revised prior periods’ results to reflect an immaterial correction for the accounting treatment related to highly inflationary accounting for our unconsolidated affiliate in Türkiye. CNH owns 37.5% of TürkTraktör ve Ziraat Makineleri A.S. (TTRAK.IS) and accounts for its ownership stake under the equity method. The functional currency of Türkiye-based TürkTraktör is the Turkish lira, and the Türkiye economy was deemed highly inflationary in 2022. CNH has determined that its translation criteria from Turkish lira into CNH’s functional currency of U.S. dollars resulted in an overstatement of CNH’s equity in income of unconsolidated subsidiaries and affiliates by $96 million in 2023 and by $67 million in the first half of 2024. We have revised our GAAP and Non-GAAP results for all prior periods presented herein. See the supplemental financial information section below for a reconciliation of adjustments to prior reported results.

2.c.c. means at constant currency.

3.Comparison vs. December 31, 2024.

4.This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures. Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.

5.Certain financial information in this report has been presented by geographic area. Our geographical regions are: (a) North America; (b) Europe, Middle East and Africa (“EMEA”); (c) South America and (d) Asia Pacific. The geographic designations have the following meanings:

a.North America: United States, Canada, and Mexico;

b.Europe, Middle East, and Africa: member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine and Balkans, Russia, Türkiye, Uzbekistan, Pakistan, the African continent, and the Middle East;

c.South America: Central and South America, and the Caribbean Islands; and

d.Asia Pacific: Continental Asia (including the India subcontinent), Indonesia and Oceania.

6. The Company is unable to provide this reconciliation 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.

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:

•Adjusted EBIT of Industrial Activities under U.S. GAAP is defined as net income (loss) before the following items: 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 Net Income (Loss): is defined as net income (loss), 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.

•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.

•Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and derivative hedging debt. CNH provides the reconciliation of Net Cash (Debt) to Total (Debt), which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Cash (Debt) of Industrial Activities.

•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.

•Change excl. FX or Constant Currency: CNH discusses 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.

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. Securities and Exchange Commission ("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 Tel +44 207 925 1964 or Rebecca Fabian Tel +1 312 515 2249

(Email mediarelations@cnh.com)

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

(Email investor.relations@cnh.com)

CNH INDUSTRIAL N.V.

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024

(Unaudited, U.S. GAAP)


	Three Months Ended June 30,				Six Months Ended June 30,
($ million, except per share data)	2025		2024(1)		2025		2024(1)
Revenues
Net sales	$	4,021	$	4,803	$	7,193	$	8,934
Finance, interest and other income	690		685		1,346		1,372
Total Revenues	4,711		5,488		8,539		10,306
Costs and Expenses
Cost of goods sold	3,192		3,702		5,761		6,897
Selling, general and administrative expenses	478		461		864		872
Research and development expenses	218		237		402		465
Restructuring expenses	5		51		11		82
Interest expense	360		418		722		812
Other, net	183		165		342		322
Total Costs and Expenses	4,436		5,034		8,102		9,450

Income (loss) of Consolidated Group before Income Taxes	275		454		437		856
Income tax (expense) benefit	(76)		(95)		(123)		(172)
Equity in income (loss) of unconsolidated subsidiaries and affiliates	18		45		35		89
Net Income (loss)	217		404		349		773
Net income attributable to noncontrolling interests	4		5		5		6
Net Income (loss) attributable to CNH Industrial N.V.	$	213	$	399	$	344	$	767

Earnings (loss) per share attributable to CNH Industrial N.V.
Basic	$	0.17	$	0.32	$	0.28	$	0.61
Diluted	$	0.17	$	0.32	$	0.27	$	0.61
Weighted average shares outstanding (in millions)
Basic	1,250		1,256		1,249		1,258
Diluted	1,253		1,260		1,253		1,267

Cash dividends declared per common share	$	0.250	$	0.470	$	0.250	$	0.470

(1) In connection with the preparation of our condensed consolidated financial statements for the three months ended September 30, 2024, we had revised prior periods’ results to reflect an immaterial correction for the accounting treatment related to highly inflationary accounting for our unconsolidated affiliate in Türkiye. See the supplemental financial information section below for a reconciliation of adjustments to prior reported results.

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 June 30, 2025 and December 31, 2024

(Unaudited, U.S. GAAP)


($ million)	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	2,512	$	3,191
Restricted cash	635		675
Financing receivables, net	23,387		23,085
Financial receivables from Iveco Group N.V.	263		168
Inventories, net	5,216		4,776
Property, plant and equipment, net and equipment under operating leases	3,704		3,402
Intangible assets, net	4,861		4,805
Other receivables and assets	3,109		2,831
Total Assets	$	43,687	$	42,933
Liabilities and Equity
Debt	$	27,408	$	26,882
Financial payables to Iveco Group N.V.	69		62
Other payables and liabilities	8,376		8,221
Total Liabilities	35,853		35,165
Redeemable noncontrolling interest	55		55
Equity	7,779		7,713
Total Liabilities and Equity	$	43,687	$	42,933

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 Six Months Ended June 30, 2025 and 2024

(Unaudited, U.S. GAAP)


	Six Months Ended June 30,
($ million)	2025		2024(1)
Cash Flows from Operating Activities
Net income (loss)	$	349	$	773
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization expense excluding assets under operating leases	208		207
Depreciation and amortization expense of assets under operating leases	98		92
(Gain) loss from disposal of assets	—		7
Undistributed (income) loss of unconsolidated subsidiaries	11		(12)
Other non-cash items	183		130
Changes in operating assets and liabilities:
Provisions	(153)		105
Deferred income taxes	(30)		(24)
Trade and financing receivables related to sales, net	443		(136)
Inventories, net	(51)		(495)
Trade payables	(8)		(638)
Other assets and liabilities	(116)		(524)
Net cash provided (used) by operating activities	934		(515)
Cash Flows from Investing Activities
Additions to retail receivables	(3,701)		(3,861)
Collections of retail receivables	3,810		3,287
Proceeds from sale of assets, excluding assets under operating leases	—		1
Expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases	(196)		(206)
Expenditures for assets under operating leases	(320)		(214)
Other, net	(215)		64
Net cash provided (used) by investing activities	(622)		(929)
Cash Flows from Financing Activities
Net increase (decrease) in debt	(935)		415
Dividends paid	(321)		(594)
Other	(5)		(641)
Net cash provided (used) by financing activities	(1,261)		(820)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	230		(134)
Net increase (decrease) in cash, cash equivalents and restricted cash	(719)		(2,398)
Cash, cash equivalents and restricted cash, beginning of year	3,866		5,045
Cash, cash equivalents and restricted cash, end of period	$	3,147	$	2,647

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 June 30, 2025 and 2024

(Unaudited, U.S. GAAP)


	Three Months Ended June 30, 2025									Three Months Ended June 30, 2024
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)(2)		Financial Services		Eliminations			Consolidated
Revenues
Net sales	$	4,021	$	—	$	—		$	4,021	$	4,803	$	—	$	—		$	4,803
Finance, interest and other income	39		685		(34)		(3)	690		29		687		(31)		(3)	685
Total Revenues	4,060		685		(34)			4,711		4,832		687		(31)			5,488
Costs and Expenses
Cost of goods sold	3,192		—		—			3,192		3,702		—		—			3,702
Selling, general and administrative expenses	364		114		—			478		374		87		—			461
Research and development expenses	218		—		—			218		237		—		—			237
Restructuring expenses	5		—		—			5		51		—		—			51
Interest expense	65		329		(34)		(4)	360		75		374		(31)		(4)	418
Other, net	49		134		—			183		49		116		—			165
Total Costs and Expenses	3,893		577		(34)			4,436		4,488		577		(31)			5,034
Income (loss) of Consolidated Group before Income Taxes	167		108		—			275		344		110		—			454
Income tax (expense) benefit	(51)		(25)		—			(76)		(72)		(23)		—			(95)
Equity in income (loss) of unconsolidated subsidiaries and affiliates	14		4		—			18		41		4		—			45
Net Income (loss)	$	130	$	87	$	—		$	217	$	313	$	91	$	—		$	404

(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) In connection with the preparation of our condensed consolidated financial statements for the three months ended September 30, 2024, we had revised prior periods’ results to reflect an immaterial correction for the accounting treatment related to highly inflationary accounting for our unconsolidated affiliate in Türkiye. See the supplemental financial information section below for a reconciliation of adjustments to prior reported results.

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

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

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the Six Months Ended June 30, 2025 and 2024

(Unaudited, U.S. GAAP)


	Six Months Ended June 30, 2025									Six Months Ended June 30, 2024
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)(2)		Financial Services		Eliminations			Consolidated
Revenues
Net sales	$	7,193	$	—	$	—		$	7,193	$	8,934	$	—	$	—		$	8,934
Finance, interest and other income	69		1,336		(59)		(3)	1,346		71		1,372		(71)		(3)	1,372
Total Revenues	7,262		1,336		(59)			8,539		9,005		1,372		(71)			10,306
Costs and Expenses
Cost of goods sold	5,761		—		—			5,761		6,897		—		—			6,897
Selling, general and administrative expenses	669		195		—			864		716		156		—			872
Research and development expenses	402		—		—			402		465		—		—			465
Restructuring expenses	11		—		—			11		81		1		—			82
Interest expense	120		661		(59)		(4)	722		149		734		(71)		(4)	812
Other, net	83		259		—			342		83		239		—			322
Total Costs and Expenses	7,046		1,115		(59)			8,102		8,391		1,130		(71)			9,450
Income (loss) of Consolidated Group before Income Taxes	216		221		—			437		614		242		—			856
Income tax (expense) benefit	(70)		(53)		—			(123)		(130)		(42)		—			(172)
Equity in income (loss) of unconsolidated subsidiaries and affiliates	26		9		—			35		80		9		—			89
Net Income (loss)	$	172	$	177	$	—		$	349	$	564	$	209	$	—		$	773

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

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

CNH INDUSTRIAL N.V.

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

(Unaudited, U.S. GAAP)


	June 30, 2025									December 31, 2024
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)		Financial Services		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	2,106	$	406	$	—		$	2,512	$	2,332	$	859	$	—		$	3,191
Restricted cash	95		540		—			635		89		586		—			675
Financing receivables, net	273		23,604		(490)		(2)	23,387		218		23,528		(661)		(2)	23,085
Financial receivables from Iveco Group N.V.	174		89		—			263		50		118		—			168
Inventories, net	5,155		61		—			5,216		4,713		63		—			4,776
Property, plant and equipment, net and equipment under operating leases	2,196		1,508		—			3,704		1,979		1,423		—			3,402
Intangible assets, net	4,695		166		—			4,861		4,643		162		—			4,805
Other receivables and assets	2,844		540		(275)		(3)	3,109		2,653		515		(337)		(3)	2,831
Total Assets	$	17,538	$	26,914	$	(765)		$	43,687	$	16,677	$	27,254	$	(998)		$	42,933
Liabilities and Equity
Debt	$	5,230	$	22,744	$	(566)	(2)	$	27,408	$	4,499	$	23,173	$	(790)	(2)	$	26,882
Financial payables to Iveco Group N.V.	3		66		—			69		4		58		—			62
Other payables and liabilities	7,378		1,197		(199)		(3)	8,376		7,151		1,278		(208)		(3)	8,221
Total Liabilities	12,611		24,007		(765)			35,853		11,654		24,509		(998)			35,165
Redeemable noncontrolling interest	55		—		—			55		55		—		—			55
Equity	4,872		2,907		—			7,779		4,968		2,745		—			7,713
Total Liabilities and Equity	$	17,538	$	26,914	$	(765)		$	43,687	$	16,677	$	27,254	$	(998)		$	42,933

(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 Six Months Ended June 30, 2025 and 2024

(Unaudited, U.S. GAAP)


	Six Months Ended June 30, 2025									Six Months Ended June 30, 2024
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)(2)		Financial Services		Eliminations			Consolidated
Cash Flows from Operating Activities
Net income (loss)	$	172	$	177	$	—		$	349	$	564	$	209	$	—		$	773
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization expense, excluding assets under operating leases	206		2		—			208		205		2		—			207
Depreciation and amortization expense of assets under operating leases	3		95		—			98		4		88		—			92
(Gain) loss from disposal of assets, net	—		—		—			—		7		—		—			7
Undistributed (income) loss of unconsolidated subsidiaries	140		(9)		(120)		(3)	11		77		(9)		(80)		(3)	(12)
Other non-cash items, net	33		150		—			183		38		92		—			130
Changes in operating assets and liabilities:
Provisions	(153)		—		—			(153)		104		1		—			105
Deferred income taxes	(11)		(19)		—			(30)		25		(49)		—			(24)
Trade and financing receivables related to sales, net	(63)		504		2		(4)	443		(118)		(14)		(4)		(4)	(136)
Inventories, net	(219)		168		—			(51)		(642)		147		—			(495)
Trade payables	16		(21)		(3)		(4)	(8)		(586)		(56)		4		(4)	(638)
Other assets and liabilities	(14)		(103)		1			(116)		(515)		(9)		—			(524)
Net cash provided (used) by operating activities	110		944		(120)			934		(837)		402		(80)			(515)
Cash Flows from Investing Activities
Additions to retail receivables	—		(3,701)		—			(3,701)		—		(3,861)		—			(3,861)
Collections of retail receivables	—		3,810		—			3,810		—		3,287		—			3,287
Proceeds from sale of assets excluding assets under operating leases	—		—		—			—		1		—		—			1
Expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases	(191)		(5)		—			(196)		(206)		—		—			(206)
Expenditures for assets under operating leases	—		(320)		—			(320)		(11)		(203)		—			(214)
Other, net	(448)		233		—			(215)		317		(252)		(1)			64
Net cash provided (used) by investing activities	(639)		17		—			(622)		101		(1,029)		(1)			(929)
Cash Flows from Financing Activities
Net increase (decrease) in debt	450		(1,385)		—			(935)		153		262		—			415
Dividends paid	(321)		(120)		120		(3)	(321)		(594)		(80)		80		(3)	(594)
Other	(5)		—		—			(5)		(641)		(1)		1			(641)
Net cash provided (used) by financing activities	124		(1,505)		120			(1,261)		(1,082)		181		81			(820)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	185		45		—			230		(96)		(38)		—			(134)
Net increase (decrease) in cash and cash equivalents	(220)		(499)		—			(719)		(1,914)		(484)		—			(2,398)
Cash and cash equivalents, beginning of year	2,421		1,445		—			3,866		3,628		1,417		—			5,045
Cash and cash equivalents, end of period	$	2,201	$	946	$	—		$	3,147	$	1,714	$	933	$	—		$	2,647

(3) 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.

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

Other Supplemental Financial Information

(Unaudited)


Adjusted EBIT of Industrial Activities by Segment
	Three Months Ended June 30,				Six Months Ended June 30,
($ million)	2025		2024(1)		2025		2024(1)
Industrial Activities segments
Agriculture	$	263	$	502	$	402	$	890
Construction	35		60		49		111
Unallocated items, eliminations and other	(74)		(60)		(126)		(127)
Total Adjusted EBIT of Industrial Activities	$	224	$	502	$	325	$	874


Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities
	Three Months Ended June 30,				Six Months Ended June 30,
($ million)	2025		2024(1)		2025		2024(1)
Net Income	$	217	$	404	$	349	$	773
Less: Consolidated income tax expense	(76)		(95)		(123)		(172)
Consolidated income before taxes	293		499		472		945
Less: Financial Services
Financial Services Net Income	87		91		177		209
Financial Services Income Taxes	25		23		53		42
Add back of the following Industrial Activities items:
Interest expense of Industrial Activities, net of Interest income and eliminations	26		46		51		78
Foreign exchange (gains) losses, net of Industrial Activities	9		4		14		4
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities (2)	3		1		7		2
Adjustments for the following Industrial Activities items:
Restructuring expenses	5		51		11		81
Other discrete items(3)	—		15		—		15
Total Adjusted EBIT of Industrial Activities	$	224	$	502	$	325	$	874

(2) For the three and six months ended June 30, 2025 and 2024, this item includes a pre-tax gain of $6 million and $12 million, respectively, as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

(3) In the three and six months ended June 30, 2024 this item includes a loss of $15 million on the sale of certain non-core product lines.

Other Supplemental Financial Information

(Unaudited)


Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP
	Consolidated				Industrial Activities				Financial Services
($ million)	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Third party (debt)	$	(27,408)	$	(26,882)	$	(4,989)	$	(4,043)	$	(22,419)	$	(22,839)
Intersegment notes payable	—		—		(241)		(456)		(325)		(334)
Financial payables to Iveco Group N.V.	(69)		(62)		(3)		(4)		(66)		(58)
Total (Debt)(1)	(27,477)		(26,944)		(5,233)		(4,503)		(22,810)		(23,231)
Cash and cash equivalents	2,512		3,191		2,106		2,332		406		859
Restricted cash	635		675		95		89		540		586
Intersegment notes receivable	—		—		325		334		241		456
Financial receivables from Iveco Group N.V.	263		168		174		50		89		118
Derivatives hedging debt	(2)		(37)		(20)		(29)		18		(8)
Net Cash (Debt)(2)	$	(24,069)	$	(22,947)	$	(2,553)	$	(1,727)	$	(21,516)	$	(21,220)

(1) Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $241 million and $456 million as of June 30, 2025 and December 31, 2024, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $325 million and $334 million as of June 30, 2025 and December 31, 2024, respectively.

(2) The net intersegment notes receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $(84) million and $122 million as of June 30, 2025 and December 31, 2024, respectively.


Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP
Six Months Ended June 30,					Three Months Ended June 30,
2025		2024		($ million)	2025		2024
$	934	$	(515)	Net cash provided (used) by Operating Activities	$	772	$	379
(824)		(322)		Cash flows from Operating Activities of Financial Services, net of eliminations	(186)		(124)
9		(1)		Change in derivatives hedging debt of Industrial Activities and other	—		(1)
—		(11)		Investments in assets sold under operating lease assets of Industrial Activities	—		(7)
(191)		(206)		Investments in property, plant and equipment, and intangible assets of Industrial Activities	(88)		(110)
(44)		(14)		Other changes(1)	(47)		3
$	(116)	$	(1,069)	Free cash flow of Industrial Activities	$	451	$	140

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

Other Supplemental Financial Information

(Unaudited)


Reconciliation of Adjusted Net Income and Adjusted Income Tax (Expense) Benefit to Net Income (Loss) and Income Tax (Expense) Benefit and Calculation of Adjusted Diluted EPS and Adjusted ETR under U.S. GAAP
Six Months Ended June 30,							Three Months Ended June 30,
2025			2024(1)			($ million)	2025			2024(1)
$	349		$	773		Net income (loss)	$	217		$	404
(1)			85			Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)	(1)			60
—			(19)			Adjustments impacting Income tax (expense) benefit (b)	—			(13)
$	348		$	839		Adjusted net income (loss)	$	216		$	451
$	343		$	833		Adjusted net income (loss) attributable to CNH Industrial N.V.	$	212		$	446
1,253			1,267			Weighted average shares outstanding – diluted (million)	1,253			1,260
0.27			0.66			Adjusted diluted EPS ($)	0.17			0.35

$	437		$	856		Income (loss) of Consolidated Group before income tax (expense) benefit	$	275		$	454
(1)			85			Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)	(1)			60
$	436		$	941		Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A)	$	274		$	514

$	(123)		$	(172)		Income tax (expense) benefit	$	(76)		$	(95)
—			(19)			Adjustments impacting Income tax (expense) benefit (b)	—			(13)
$	(123)		$	(191)		Adjusted income tax (expense) benefit (B)	$	(76)		$	(108)

28.2		%	20.3		%	Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)	27.7		%	21.0		%

						a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates
$	11		$	82		Restructuring expenses	$	5		$	51
(12)			(12)			Pre-tax gain related to the 2021 U.S. healthcare plan modification	(6)			(6)
—			15			Sale of certain non-core product lines	—			15

$	(1)		$	85		Total	$	(1)		$	60

						b) Adjustments impacting Income tax (expense) benefit
$	—		$	(19)		Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates	$	—		$	(13)

$	—		$	(19)		Total	$	—		$	(13)

Other Supplemental Financial Information

(Unaudited)

Revision of Prior Period Financial Statements: In connection with the preparation of our condensed consolidated financial statements for the three months ended September 30, 2024, we had revised prior periods’ results to reflect an immaterial correction for the accounting treatment related to highly inflationary accounting for our unconsolidated affiliate in Türkiye. CNH owns 37.5% of TürkTraktör ve Ziraat Makineleri A.S. (TTRAK.IS) and accounts for its ownership stake under the equity method. The functional currency of Türkiye-based TürkTraktör is the Turkish lira, and the Türkiye economy was deemed highly inflationary in 2022. CNH has determined that its translation criteria from Turkish lira into CNH’s functional currency of U.S. dollars resulted in an overstatement of CNH’s equity in income of unconsolidated subsidiaries and affiliates by $96 million in 2023 and by $67 million in the first half of 2024. Impacts in 2022 were included in the 2023 amount. We have revised our GAAP and Non-GAAP results for all prior periods presented herein.

The prior period impacts to the Company’s Consolidated Statements of Operations and the related impacts to the Consolidated Statements of Comprehensive Income are as follows:


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
($ million, except per share data)	Previously Reported		Revision Impacts		As Revised		Previously Reported		Revision Impacts		As Revised
Income (loss) of Consolidated Group before Income Taxes	$	454	$	—	$	454	$	856	$	—	$	856
Income tax expense	(95)		—		(95)		(172)		—		(172)
Equity in income of unconsolidated subsidiaries and affiliates	79		(34)		45		156		(67)		89
Net income (loss)	438		(34)		404		840		(67)		773
Net income (loss) attributable to noncontrolling interests	5		—		5		6		—		6
Net income (loss) attributable to CNH Industrial N.V.	$	433	$	(34)	$	399	$	834	$	(67)	$	767

Earnings per share attributable to common shareholders
Basic	$	0.34	$	(0.02)	$	0.32	$	0.66	$	(0.05)	$	0.61
Diluted	$	0.34	$	(0.02)	$	0.32	$	0.66	$	(0.05)	$	0.61

The prior period impacts to the Company's Consolidated Statement of Cash Flows are as follows:


	Six Months Ended June 30, 2024
($ million)	Previously Reported		Revision Impacts		As Revised
Cash Flows from Operating Activities
Net Income (loss)	$	840	$	(67)	$	773
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Undistributed income of unconsolidated subsidiaries	(79)		67		(12)
Net cash provided (used) by operating activities	$	(515)	$	—	$	(515)

Other Supplemental Financial Information

(Unaudited)


($ million, except per share data)	Q1 2024			Q2 2024			H1 2024
Equity in income of unconsolidated subsidiaries and affiliates
As reported	$	77		$	79		$	156
Revision impacts	(33)			(34)			(67)
As revised	$	44		$	45		$	89

Net income (loss)
As reported	$	402		$	438		$	840
Revision impacts	(33)			(34)			(67)
As revised	$	369		$	404		$	773

Net income (loss) attributable to CNH Industrial N.V.
As reported	$	401		$	433		$	834
Revision impacts	(33)			(34)			(67)
As revised	$	368		$	399		$	767

Earnings per share attributable to CNH Industrial N.V. - Basic
As reported	$	0.32		$	0.34		$	0.66
Revision impacts	(0.03)			(0.02)			(0.05)
As revised	$	0.29		$	0.32		$	0.61

Earnings per share attributable to CNH Industrial N.V. - Diluted
As reported	$	0.31		$	0.34		$	0.66
Revision impacts	(0.02)			(0.02)			(0.05)
As revised	$	0.29		$	0.32		$	0.61

Adjusted net income(1)
As reported	$	421		$	485		$	906
Revision impacts	(33)			(34)			(67)
As revised	$	388		$	451		$	839

Adjusted diluted EPS(1)
As reported	$	0.33		$	0.38		$	0.71
Revision impacts	(0.03)			(0.03)			(0.05)
As revised	$	0.30		$	0.35		$	0.66

Adjusted EBIT of Industrial Activities(1)
As reported	$	405		$	536		$	941
Revision impacts	(33)			(34)			(67)
As revised	$	372		$	502		$	874

Adjusted EBIT Margin of Industrial Activities(1)
As reported	9.8		%	11.2		%	10.5		%
Revision impacts	(0.8)		%	(0.7)		%	(0.7)		%
As revised	9.0		%	10.5		%	9.8		%

Other Supplemental Financial Information

(Unaudited)


($ million)	Q1 2024			Q2 2024			H1 2024
Adjusted EBIT of Agriculture(1)
As reported	$	421		$	536		$	957
Revision impacts	(33)			(34)			(67)
As revised	$	388		$	502		$	890

Adjusted EBIT Margin of Agriculture(1)
As reported	12.5		%	13.7		%	13.1		%
Revision impacts	(1.0)		%	(0.9)		%	(0.9)		%
As revised	11.5		%	12.8		%	12.2		%

(1) This is a non-GAAP financial measure. See reconciliation to the most comparable U.S. GAAP financial measure below.

The following table includes the reconciliation of Adjusted EBIT for Industrial Activities to net income, the most comparable U.S. GAAP financial measure:


($ million)	Q1 2024		Q2 2024		H1 2024
Net Income (loss) - as reported	$	402	$	438	$	840
Revision impacts	(33)		(34)		(67)
Net income (loss) - as revised	369		404		773
Less: Consolidated income tax expense	(77)		(95)		(172)
Consolidated income before taxes	446		499		945
Less: Financial Services
Financial Services Net Income	118		91		209
Financial Services Income Taxes	19		23		42
Add back of the following Industrial Activities items:
Interest expense of Industrial Activities, net of Interest income and eliminations	32		46		78
Foreign exchange (gains) losses, net of Industrial Activities	—		4		4
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities	1		1		2
Adjustments for the following Industrial Activities items:
Restructuring expenses	30		51		81
Other discrete items	—		15		15
Total Adjusted EBIT of Industrial Activities	$	372	$	502	$	874

Other Supplemental Financial Information

(Unaudited)

The following table includes the reconciliation of adjusted net income to net income, the most comparable U.S. GAAP financial measure and a calculation of the revised adjusted diluted EPS:


($ million, except per share data)	Q1 2024		Q2 2024		H1 2024
Net income (loss) - as reported	$	402	$	438	$	840
Revision impacts	(33)		(34)		(67)
Net income (loss) - as revised	369		404		773
Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates	25		60		85
Adjustments impacting Income tax (expense) benefit	(6)		(13)		(19)
Adjusted net income (loss)	$	388	$	451	$	839

Adjusted net income (loss) attributable to CNH Industrial N.V. - as reported	$	420	$	480	$	900
Revision impacts	(33)		(34)		(67)
Adjusted net income (loss) attributable to CNH Industrial N.V. - as revised	$	387	$	446	$	833

Weighted average shares outstanding – diluted (million)	1,274		1,260		1,267
Adjusted diluted EPS ($)	$	0.30	$	0.35	$	0.66

EX-99.2 3 ex992q22025.htm EX-99.2 ex992q22025

Q2 2025 FINANCIAL RESULTS AUGUST 1, 2025

Q2 2025 results | August 1, 20252 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) 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 presentation, 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. Securities and Exchange Commission ("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 most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q). Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are included in this presentation, which is available on our website at investors.cnh.com.

3 Q2 2025 results | August 1, 2025 Persistent market demand weakness in an uncertain macro environment Lower production hours (-12% YoY) to reduce dealer inventory Cost improvements partially offset lower volume impact Announced collaboration with Starlink Detailed new strategic business plan at Investor Day 2025 Q2 2025 | MAIN HIGHLIGHTS 3

Q2 2025 results | August 1, 20254 Q2 2025 | RESULTS (1) Non-GAAP measures (definition and reconciliation in the appendix) Note: prior period results have been revised; see details in the appendix Consolidated Revenues $4.7B (14)% Adj. EBIT1 Industrial Activities $224M (55)% Net Income $217M (46)% Diluted EPS $0.17 $(0.15) Net Sales Industrial Activities $4.0B (16)% (490) bps (52)% $(0.18) Adj. EBIT%1 Industrial Activities 5.6% Adj. Net Income1 $216M Adj. Diluted EPS1 $0.17 YoY vs Q2 2024

Q2 2025 results | August 1, 20255 Breaking new ground on Iron + Tech Expanding mid-cycle margins PATH TO 2030 Advancing Iron + Tech integration Quality as a mindset Driving commercial excellence Operational excellence Expanding Product Leadership

Q2 2025 results | August 1, 20256 EXPANDING CONNECTIVITY WITH STARLINK Additional details available in the press release, dated May 15, 2025 Robust and affordable high-speed connectivity for CNH customers Enables efficient communication and coordination, enhancing productivity and yield Seamlessly integrates with FieldOps Keeps farm management devices consistently connected with greater data streaming capabilities

Q2 2025 results | August 1, 20257 Q2 2025 | FINANCIAL HIGHLIGHTS (1) Non-GAAP measure (definition and reconciliation in the appendix) Note: prior period results have been revised; see details in the appendix ($M) $0.35 $0.17 Q2 2024 Q2 2025 140 451 Q2 2024 Q2 2025 451 216 Q2 2024 Q2 2025 4,803 4,021 Q2 2024 Q2 2025 Net Sales Industrial Activities Free Cash Flow1 Industrial Activities Adjusted Diluted EPS1 Adjusted Net Income1 (16)% (52)% $(0.18) +311 Δ YoY

Q2 2025 results | August 1, 20258 (332) 14 74 17 21 (34) 502 263 Q2 2025 | AGRICULTURE (1) Gross Margin calculated as Gross Profit divided by Net Sales, as shown in the appendix (2) As independent businesses, dealers control their own inventory Note: numbers may not add due to rounding; prior period results have been revised – see appendix for details 3,913 3,248 Q2 2024 Q2 2025 Net Sales ($M) Gross Margin1 Adjusted EBIT ($M) Q2 2024 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other Q2 2025 8.1% 12.8% (17)% YoY (260) bps YoY 24.4% 21.8% Q2 2024 Q2 2025 502 263 Production hours Δ YoY • Q2: (12)% • H1: (20)% Dealer inventory2 sequential reductions • Q2: $(0.2)B • H1: $(0.3)B Production slots filled • Q3: • Q4: ● ◑

Q2 2025 results | August 1, 20259 (29) 5 2 2 (1) (4) 60 35 Q2 2025 | CONSTRUCTION (1) Gross Margin calculated as Gross Profit divided by Net Sales, as shown in the appendix (2) As independent businesses, dealers control their own inventory Note: numbers may not add due to rounding 890 773 Q2 2024 Q2 2025 Net Sales ($M) Gross Margin1 Adjusted EBIT ($M) Q2 2024 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other Q2 2025 4.5% 6.7% (13)% YoY (80) bps YoY 16.5% 15.7% Q2 2024 Q2 2025 60 35 Production hours Δ YoY • Q2: (15)% • H1: (17)% Dealer inventory2 YoY • Q2: (12)% Production slots filled • Q3: • Q4: ● ◑ ◔◑◕●

Q2 2025 results | August 1, 202510 Q2 2025 | FINANCIAL SERVICES (1) Return on Assets defined as: EBIT / average managed assets annualized (2) Including unconsolidated JVs (3) At constant currency Q2 retail originations $2.7B, -$0.2B YoY Managed portfolio $28.7B, +$0.2B YoY (-$0.3B @ CC3) Managed Portfolio2 & Retail Originations2 Net Income ($M) Portfolio at June 30, 2025 Retail Wholesale Operating Lease 64% 31% 5% 91 87 Q2 2024 Q2 2025 Delinquencies on Book (>30 Days) Profitability Ratios Gross Margin / Avg. Assets on Book Return on Assets1 3.1% 3.1% 3.6% 1.9% 1.6% 1.6% 1.0% 2.0% 3.0% 4.0% Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 1.8% 2.5% 3.9% 1.0% 2.0% 3.0% 4.0% Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25

Q2 2025 results | August 1, 202511 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 SHAREHOLDER RETURNS After debt repayment and M&A, return substantially all Industrial FCF to shareholders through a consistent dividend and share buybacks

Q2 2025 results | August 1, 202512 UPDATED FX & TARIFF ASSUMPTIONS 2025 Factors Prior Guidance Current Guidance Risk Level1 FX translation on Net Sales -3% -1% Steel & aluminum tariffs 25% 50% EU tariffs 10-20% 15% Non-USMCA Mexico tariffs 25% 25% 30% Non-USMCA Canada tariffs 25% 25% 35% China tariffs 145% 30% Japan tariffs 10-24% 15% South Korea tariffs 10-25% 15% India tariffs 10-26% 10-26% 25% Brazil tariffs 10% 10% 50% Copper product tariffs - - 50% (1) Potential tariff rates indicated by the U.S. administration = = = =

Q2 2025 results | August 1, 202513 10.5% 2024A 2025E prior 2025E current 14.0 2024A 2025E prior 2025E current 2025 OUTLOOK – AGRICULTURE (1) Regional split definition in the appendix Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions (20)%-(12)% Δ YoY Net Sales: $B & Δ% YoY Adj. EBIT Margin 7.0%-9.0% Tractors Combines North America EMEA South America ~ ~ APAC (20)%-(12)% Δ YoY 7.0%-9.0% Total Industry Volume % change FY 2025 vs. FY 2024 reflecting the aggregate for key markets where the Company competes. (30)% - (20)% (20)% - (15)%(5)% - flat (15)% - (10)% (15)% - (5)% LHP (35)% - (25)% HHP (reaffirmed) (reaffirmed) flat - 5%

Q2 2025 results | August 1, 202514 5.5% 2024A 2025E prior 2025E current 3.1 2024A 2025E prior 2025E current 2025 OUTLOOK – CONSTRUCTION (1) Regional split definition in the appendix Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions (15)%-(4)% Δ YoY Net Sales: $B & Δ% YoY Adj. EBIT Margin 2.0%-4.0% Light Heavy North America EMEA South America APAC (15)%-(4)% Δ YoY 2.0%-4.0% Total Industry Volume % change FY 2025 vs. FY 2024 reflecting the aggregate for key markets where the Company competes. (15)% - (5)% (5)% - flat (5)% - flat (10)% - flat flat - 5% (reaffirmed) (reaffirmed) flat - 5% flat - 5% (5)% - flat

Q2 2025 results | August 1, 202515 2025 OUTLOOK – FINANCIAL TARGETS (1) Non-GAAP measure (definition in the appendix) Industrial Activities 2024 Prior Guidance Current Guidance Net Sales $17.1B (19)% - (11)% YoY reaffirmed Adj. EBIT margin1 8.2% 4.5% - 6.5% reaffirmed Free Cash Flow1 $(0.4)B $0.1B - $0.5B reaffirmed Company Adj. Diluted EPS1 $1.05 $0.50 - $0.70 reaffirmed Significant uncertainties related to global trade may affect our forecast for the year

16 Q2 2025 results | August 1, 2025 2025 PRIORITIES & OUTLOOK Carefully monitoring global trade environment & supply chain Maintaining low production levels to further reduce dealer inventory Diligent focus on quality and customer service Continuous delivery of operational efficiencies Sustained investment in iron + tech 16

17 APPENDIX

Q2 2025 results | August 1, 202518 UPCOMING EVENTS Q3 2025 earnings call: Friday, November 7, 9:00AM ET Investor Booth Tour @ Farm Progress (Decatur, Illinois): Tuesday, August 26, 1:30PM CT Investor Tech Day @ Agritechnica (Hanover, Germany): Tuesday, November 11, 2:00PM CET

Q2 2025 results | August 1, 202519 Q2 2025 | UNIT PERFORMANCE VS. Q2 2024 (1) Regional split definition in the slide “Geographic information”; (2) Total Industry Volume % YoY change reflecting the aggregate for key markets where the Company competes; (3) As independent businesses, dealers control their own inventory NORTH AMERICA1 EMEA1 SOUTH AMERICA1 APAC1 0-140 HP – Small Tractors (7)% (7)% 4% 3% 140+ HP – Large Tractors (37)% Combines (23)% 8% (6)% (42)% Light (2)% (3)% 2% (4)% Heavy (10)% 6% (8)% 9%T o ta l I n d u s tr y Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 C o m p a n y Tractors Combines Light Heavy Company Inventory Dealer Inventory3 Retail Production

Q2 2025 results | August 1, 202520 Q2 2025 | INDUSTRIAL ACTIVITIES NET SALES (1) Δ YoY @CC means at constant currency Note: numbers may not add due to rounding Agriculture Construction Industrial Activities $3,248M $773M $4,021M (17)% YoY (17)% @CC1 (13)% YoY (12)% @CC1 (16)% YoY (16)% @CC1 By Region as reported By Region as reported By Region as reported 34% 41% 15% 10% 49% 25% 20% 6% 37% 38% 16% 9% 44% 30% 14% 11% 57% 20% 17% 7% 47% 28% 15% 10% By Product as reported By Product as reported By Segment as reported 58% 21% 21% 37% 61% 2% 81% 19% 59% 19% 22% 39% 61% 0% 81% 19% Q2 2024 Q2 2025 Agriculture Construction NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC Q2 2025 mix Q2 2024 mix Q2 2025 mix Q2 2024 mix

Q2 2025 results | August 1, 202521 H1 2025 | INDUSTRIAL ACTIVITIES NET SALES (1) Δ YoY @CC means at constant currency Note: numbers may not add due to rounding Agriculture Construction Industrial Activities $5,829M $1,364M $7,193M (20)% YoY (19)% @CC1 (17)% YoY (16)% @CC1 (19)% YoY (18)% @CC1 By Region as reported By Region as reported By Region as reported 37% 37% 15% 10% 51% 25% 17% 7% 40% 35% 16% 10% 44% 32% 14% 10% 57% 20% 16% 7% 46% 29% 15% 10% By Product as reported By Product as reported By Segment as reported 59% 19% 22% 36% 62% 2% 82% 18% 58% 18% 24% 40% 59% 1% 81% 19% H1 2024 H1 2025 Agriculture Construction NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC H1 2025 mix H1 2024 mix H1 2025 mix H1 2024 mix

Q2 2025 results | August 1, 202522 Q2 / H1 2025 | FINANCIALS BY SEGMENT (1) Non-GAAP measure: definition in the slide “Non-GAAP Financial Measures”; reconciliation in “Reconciliations” section Note: prior period results have been revised; see details in the appendix ($M) Revenues & Net Sales Gross Profit Gross Margin Adj. EBIT1 Adj. EBIT Margin1 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Agriculture 3,248 3,913 708 954 21.8% 24.4% 263 502 8.1% 12.8% Construction 773 890 121 147 15.7% 16.5% 35 60 4.5% 6.7% Elimination & Other - - - - - - (74) (60) - - Industrial Activities 4,021 4,803 829 1,101 20.6% 22.9% 224 502 5.6% 10.5% Financial Services 685 687 Elimination & Other 5 (2) CNH Industrial 4,711 5,488 H1 25 H1 24 H1 25 H1 24 H1 25 H1 24 H1 25 H1 24 H1 25 H1 24 Agriculture 5,829 7,286 1,223 1,758 21.0% 24.1% 402 890 6.9% 12.2% Construction 1,364 1,648 209 279 15.3% 16.9% 49 111 3.6% 6.7% Elimination & Other - - - - - - (126) (127) - - Industrial Activities 7,193 8,934 1,432 2,037 19.9% 22.8% 325 874 4.5% 9.8% Financial Services 1,336 1,372 Elimination & Other 10 - CNH Industrial 8,539 10,306

Q2 2025 results | August 1, 202523 Q2 / H1 2025 | INDUSTRIAL ACTIVITIES R&D AND CAPEX Note: numbers may not add due to rounding ($M) Q2 2025 Q2 2024 H1 2025 H1 2024 Agriculture R&D 194 214 357 418 CapEx 73 96 165 179 Total 267 309 522 597 of which Precision Tech 26% 28% 27% 28% Construction R&D 24 23 45 47 CapEx 15 14 26 26 Total 39 38 71 73 Industrial Activities R&D 218 237 402 465 CapEx 88 110 191 206 Total 306 347 593 671

Q2 2025 results | August 1, 202524 DEBT MATURITY SCHEDULE | BREAKDOWN Note: numbers may not add due to rounding Outstanding June 30, 2025 2025 2026 2027 2028 2029 Beyond 3.8 Bank Debt 1.2 1.2 0.2 0.3 0.2 0.6 12.1 Capital Market 1.5 2.6 2.8 1.8 2.2 0.1 0.1 Other Debt 0.1 - - - - - 15.9 Cash Portion of Debt Maturities 2.7 3.9 3.1 2.1 2.4 1.7 of which Industrial Activities 1.0 1.2 1.2 0.1 0.6 0.9 of which Financial Services 1.7 2.7 1.9 2.1 1.9 0.8 3.1 Cash & Cash Equivalents and Restricted Cash 0.6 of which restricted cash 0.2 Net Receivables / (Payables) with Iveco Group 5.9 Undrawn Committed credit lines 9.3 Total Available Liquidity ($B)

Q2 2025 results | August 1, 202525 AGRICULTURE: MID-CYCLE MARGIN PROFILE (1) Based on Total Industry Volume for 2015-2024, normalized at 2024 prices and FX 6% 8% 10% 12% 14% 16% 18% 20% 80% 85% 90% 95% 100% 105% 110% 115% 120% C N H A g r ic u lt u r e A d j. E B I T m a r g in 16-17% @ mid-cycle Agriculture Industry 10-year Average (Retail Sales)1 2030 margin profile2025 margin profile ▪ 2025 global industry retail demand forecast to trough at 85-90% of mid-cycle ▪ 2025 underproduction to industry retail demand puts CNH sales between 80-85% of mid-cycle 2030E high 2030E low 2025E high 2025E low 7-9%

Q2 2025 results | August 1, 202526 CONSTRUCTION: MID-CYCLE MARGIN PROFILE (1) Based on projected Total Industry Volume for 2021-2030 for products and markets where CNH operates 1% 2% 3% 4% 5% 6% 7% 8% 9% 85% 90% 95% 100% 105% 110% 115% C N H C o n s tr u c ti o n A d j. E B I T m a r g in 7-8% @ mid-cycle Construction Industry 10-year Average1 2025 margin profile 2030 margin profile 2030E high 2030E low 2025E high ▪ 2025 global industry retail demand forecast at 90-95% of mid-cycle ▪ 2025 margins impacted by tariff cost impacts 2-4% 2025E low

27 RECONCILIATIONS

Q2 2025 results | August 1, 202528 ($M) Q2 2025 Q2 2024 H1 2025 H1 2024 Net Income 217 404 349 773 Less: Consolidated income tax expense (76) (95) (123) (172) Consolidated income before taxes 293 499 472 945 Less: Financial Services Financial Services Net Income 87 91 177 209 Financial Services Income Taxes 25 23 53 42 Add back of the following Industrial Activities items: Interest expense of Industrial Activities, net of Interest income and elim. 26 46 51 78 Foreign exchange (gains) losses, net of Industrial Activities 9 4 14 4 Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1) 3 1 7 2 Adjustments for the following Industrial Activities items: Restructuring expenses 5 51 11 81 Other discrete items(2) - 15 - 15 Total Adjusted EBIT of Industrial Activities 224 502 325 874 RECONCILIATION OF NET INCOME TO ADJ. EBIT OF IND. ACTIVITIES (1) For Q2 and H1 of both 2025 and 2024, this item includes a pre-tax gain of $6M and $12M, respectively, as a result of the amortization over the 4 years of the $101M positive impact from the 2021 U.S. healthcare plan modification. (2) In Q2 and H1 2024 this item includes a loss of $15M on the sale of certain non-core product lines. Note: prior period results have been revised; see details in the appendix

Q2 2025 results | August 1, 202529 ($M) Q2 2025 Q2 2024 H1 2025 H1 2024 Net cash provided by (used in) Operating Activities 772 379 934 (515) Cash flows from Operating Activities of Financial Services net of eliminations (186) (124) (824) (322) Change in derivatives hedging debt of Industrial Activities and other - (1) 9 (1) Investments in assets sold under operating lease assets of Industrial Activities - (7) - (11) Investments in property, plant & equipment, and intangible assets of Ind. Act. (88) (110) (191) (206) Other changes(1) (47) 3 (44) (14) Free cash flow of Industrial Activities 451 140 (116) (1,069) RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW OF IND. ACTIVITIES UNDER U.S. GAAP (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments.

Q2 2025 results | August 1, 202530 ($M) Q2 2025 Q2 2024 H1 2025 H1 2024 Net income (loss) 217 404 349 773 (a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (1) 60 (1) 85 (b) Adjustments impacting Income tax (expense) benefit - (13) - (19) Adjusted net income (loss) 216 451 348 839 Adjusted net income (loss) attributable to CNH Industrial N.V. 212 446 343 833 Weighted average shares outstanding – diluted (million) 1,253 1,260 1,253 1,267 Adjusted diluted EPS $0.17 $0.35 $0.27 $0.66 Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 275 454 437 856 (a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (1) 60 (1) 85 (A) Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 274 514 436 941 Income tax (expense) benefit (76) (95) (123) (172) (b) Adjustments impacting Income tax (expense) benefit - (13) - (19) (B) Adjusted income tax (expense) benefit (76) (108) (123) (191) Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) 27.7% 21.0% 28.2% 20.3% (a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (1) 60 (1) 85 Restructuring expenses 5 51 11 82 Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S. (6) (6) (12) (12) Sale of certain non-core product lines - 15 - 15 (b) Adjustments impacting Income tax (expense) benefit - (13) - (19) Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates - (13) - (19) RECONCILIATION OF ADJ. NET INCOME AND ADJ. INCOME TAX (EXPENSE) BENEFIT TO NET INCOME (LOSS) AND INCOME TAX (EXPENSE) BENEFIT AND CALCULATION OF ADJ. DILUTED EPS AND ADJ. ETR UNDER U.S. GAAP Note: prior period results have been revised; see details in the appendix

Q2 2025 results | August 1, 202531 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, Russia, 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 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, Turkey, 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, in making any adjustments to the shipment, delivery, sale, or registration data to determine our estimates of retail unit data in any period. GEOGRAPHIC INFORMATION

Q2 2025 results | August 1, 202532 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: 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 Net Income (Loss) is defined as net income (loss), 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. 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. 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. 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. NON-GAAP FINANCIAL MEASURES

Q2 2025 results | August 1, 202533 ACCOUNTING REVISION BY QUARTER (1) non-GAAP financial measure; see reconciliation to the most comparable U.S. GAAP financial measure on the following slide Note: numbers may not add due to rounding ($M) Q1’24 Q2’24 H1'24 Q1’24 Q2’24 H1'24 Equity in income of unconsolidated subsidiaries and affiliates Adjusted EBIT of Industrial Activities(1) As reported 77 79 156 As reported 405 536 941 Revision (33) (34) (67) Revision (33) (34) (67) As revised 44 45 89 As revised 372 502 874 Net income (loss) Adjusted EBIT margin of Industrial Activities(1) As reported 402 438 840 As reported 9.8% 11.2% 10.5% Revision (33) (34) (67) Revision (0.8)% (0.7)% (0.7)% As revised 369 404 773 As revised 9.0% 10.5% 9.8% Earnings per share attributable to CNH Industrial N.V. – Diluted Adjusted EBIT of Agriculture As reported $0.31 $0.34 $0.66 As reported 421 536 957 Revision ($0.02) ($0.02) ($0.05) Revision (33) (34) (67) As revised $0.29 $0.32 $0.61 As revised 388 502 890 Adjusted net income(1) Adjusted EBIT margin of Agriculture As reported 421 485 906 As reported 12.5% 13.7% 13.1% Revision (33) (34) (67) Revision (1.0)% (0.9)% (0.9)% As revised 388 451 839 As revised 11.5% 12.8% 12.2% Adjusted diluted EPS(1) As reported $0.33 $0.38 $0.71 Revision ($0.03) ($0.03) ($0.05) As revised $0.30 $0.35 $0.66

Q2 2025 results | August 1, 202534 ACCOUNTING REVISION NON-GAAP RECONCILIATIONS Note: numbers may not add due to rounding ADJ. EBIT FOR INDUSTRIAL ACTIVITIES TO NET INCOME Q1’24 Q2’24 H1’24 Net Income (loss) - as reported 402 438 840 Revision impacts (33) (34) (67) Net income (loss) - as revised 369 404 773 Less: Consolidated income tax expense (77) (95) (172) Consolidated income before taxes 446 499 945 Less: Financial Services Financial Services Net Income 118 91 209 Financial Services Income Taxes 19 23 42 Add back of the following I. A. items Interest expense of I.A., net of Interest income and eliminations 32 46 78 Foreign exch. (gains) losses, net of I.A. - 4 4 Finance and non-service comp. of pension & other post-empl. benefit costs of I.A. 1 1 2 Adjustments for the following I.A. items Restructuring expenses 30 51 81 Other discrete items - 15 15 Total Adj. EBIT of Ind. Activities 372 502 874 ($M) ADJ. NET INCOME TO NET INCOME & ADJ. DILUTED EPS CALCULATION Q1’24 Q2’24 H1’24 Net Income (loss) - as reported 402 438 840 Revision impacts (33) (34) (67) Net income (loss) - as revised 369 404 773 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 25 60 85 Adjustments impacting Income tax (expense) benefit (6) (13) (19) Adjusted net income (loss) 388 451 839 Adjusted net income (loss) attributable to CNH Industrial N.V. - as reported 420 480 900 Adjustment (33) (34) (67) Adjusted net income (loss) attributable to CNH Industrial N.V. - as recast 387 446 833 Weighted average shares outstanding - diluted (million) 1,274 1,260 1,267 Adjusted diluted EPS $0.30 $0.35 $0.66

35 INVESTOR RELATIONS CONTACTS investors.cnh.com investor.relations@cnh.com Jason Omerza +1 (630) 740 8079 jason.omerza@cnh.com Federico Pavesi +39 (345) 605 6218 federico.pavesi@cnh.com