# EDGAR Filing Document

**Accession Number:** 0001567094
**File Stem:** 0001567094-25-000009
**Filing Date:** 2025-11
**Character Count:** 102912
**Document Hash:** 86d056b7ec8c42d00b4077da01325097
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567094-25-000009.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001567094-25-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251107

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNH Industrial N.V.
- **CENTRAL INDEX KEY:** 0001567094
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION MACHINERY & EQUIP [3531]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36085
- **FILM NUMBER:** 251460396

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CRANES FARM ROAD
- **CITY:** BASILDON, ESSEX
- **PROVINCE COUNTRY:** X0
- **ZIP:** SS14 3AD
- **BUSINESS PHONE:** 011 44 1268 533000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CRANES FARM ROAD
- **CITY:** BASILDON, ESSEX
- **PROVINCE COUNTRY:** X0
- **ZIP:** SS14 3AD

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FI CBM Holdings N.V.
- **DATE OF NAME CHANGE:** 20130115

?xml version='1.0' encoding='ASCII'? cnhi-20251107

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

![CNH Corporate Logo.jpg](cnhi-20251107_g1.jpg)

**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): November 7, 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:

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

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

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

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

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. **☐** 

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On November 07, 2025, CNH Industrial N.V. issued a press release announcing its results of operations for the third 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.**&nbsp;&nbsp;&nbsp;&nbsp;**Regulation FD Disclosure.**

On November 07, 2025, CNH Industrial N.V. made available a presentation providing a review and highlights of its third quarter of 2025 results of operations and related information, which is being made available in connection with a November 07, 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. &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit 99.1 | <u>[CNH Industrial's press release dated November 7, 2025, announcing its results of operations for the third quarter of 2025](ex991q325.htm)</u> |
| Exhibit 99.2 | <u>[CNH Industrial N.V. third quarter 2025 results review presentation](ex992q32025.htm)</u> |
| 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.

---

| | | |
|:---|:---|:---|
| | By: | **CNH INDUSTRIAL N.V.**<br>/s/ Roberto Russo |
| | Name: | **Roberto Russo** |
|  | Title: | *Chief Legal and Compliance Officer* |
| Date: November 7, 2025 |  |  |

---

## Exhibit 99.1

![cnhcorporatelogoa.jpg](cnhcorporatelogoa.jpg)![imagea.jpg](imagea.jpg) &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 99.1 &nbsp;&nbsp;&nbsp;&nbsp;

**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."

**Gerrit Marx, Chief Executive Officer**

    

**2025 Third Quarter Results** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US-GAAP** | **US-GAAP** | **US-GAAP** | **US-GAAP** | **US-GAAP** |
| | **Q3 2025** | **Q3 2024** | **Change** | **Change at c.c.**<sup>(1)</sup> |
| Consolidated revenues | 4399 | 4654 | (5)% | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;of which Net sales of Industrial Activities | 3702 | 3997 | (7)% | (9)% |
| Net income | 67 | 310 | (78)% |  |
| Diluted EPS $ | 0.06 | 0.24 | (0.18) |  |
| Cash flow provided (used) by operating activities | 659 | 791 | (132) |  |
| Cash and cash equivalents<sup>(2)</sup> | 2303 | 3191 | (888) |  |
| Gross profit margin of Industrial Activities | 19.1% | 21.7% | (260) bps |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> |
| | **Q3 2025** | **Q3 2024** | **Change** |
| Adjusted EBIT of Industrial Activities | 104 | 336 | (69)% |
| Adjusted EBIT margin of Industrial Activities | 2.8% | 8.4% | (560) bps |
| Adjusted net income | 109 | 304 | (64)% |
| Adjusted diluted EPS $ | 0.08 | 0.24 | (0.16) |
| Free cash flow of Industrial Activities | (188) | (180) | (8) |
| Adjusted gross profit margin of Industrial Activities | 19.4% | 21.7% | (230) bps |

---

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<sup>(3)</sup> 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Agriculture** | **Agriculture** | **Agriculture** | **Agriculture** | **Agriculture** |
| | **Q3 2025** | **Q3 2024** | **Change** | **Change at c.c.**<sup>(1)</sup> |
| Net sales | 2963 | 3310 | (10)% | (12)% |
| Adjusted EBIT | 137 | 336 | (59)% |  |
| Adjusted EBIT margin | 4.6% | 10.2% | (560) bps |  |

---

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Construction** | **Construction** | **Construction** | **Construction** | **Construction** |
| | **Q3 2025** | **Q3 2024** | **Change** | **Change at c.c.**<sup>(1)</sup> |
| Net sales | 739 | 687 | +8% | +6% |
| Adjusted EBIT | 14 | 40 | (65)% |  |
| Adjusted EBIT margin | 1.9% | 5.8% | (390) bps |  |

---

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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| | **Q3 2025** | **Q3 2024** | **Change** | **Change at c.c.**<sup>(1)</sup> |
| Revenues | 684 | 659 | +4% | +3% |
| Net income | 47 | 78 | (40)% |  |
| Equity at quarter-end | 2896 | 2932 | (36) |  |
| Retail loan originations | 2657 | 2841 | (184) |  |

---

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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**<u>2025 Outlook</u>**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agriculture segment net sales down between 11% and 13% year-over-year, with no currency translation effects

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agriculture segment adjusted EBIT margin between 5.7% and 6.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction segment net sales down between 3% and 5% year-over-year, with no currency translation effects

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction segment adjusted EBIT margin between 1.7% and 2.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow of Industrial Activities<sup>(5)</sup> between $200 million and $500 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted diluted EPS<sup>(5)</sup> between $0.44 to $0.50

**<u>Conference Call and Webcast</u>**

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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Results for the Nine Months Ended September 30, 2025** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US-GAAP** | **US-GAAP** | **US-GAAP** | **US-GAAP** | **US-GAAP** |
| | **YTD Q3 2025** | **YTD Q3 2024** | **Change** | **Change at c.c.**<sup>(1)</sup> |
| Consolidated revenue | 12938 | 14960 | (14)% | (13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;of which Net sales of Industrial Activities | 10895 | 12931 | (16)% | (15)% |
| Net income | 416 | 1083 | (62)% |  |
| Diluted EPS $ | 0.34 | 0.85 | (0.51) |  |
| Cash flow provided (used) by operating activities | 1593 | 276 | +1,317 |  |
| Cash and cash equivalents<sup>(2)</sup> | 2303 | 3191 | (888) |  |
| Gross profit margin of Industrial Activities | 19.6% | 22.4% | (280) bps |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> |
| | **YTD Q3 2025** | **YTD Q3 2024** | **Change** |
| Adjusted EBIT of Industrial Activities | 429 | 1210 | (65)% |
| Adjusted EBIT margin of Industrial Activities | 3.9% | 9.4% | (550) bps |
| Adjusted net income | 457 | 1143 | (60)% |
| Adjusted diluted EPS $ | 0.36 | 0.90 | (0.54) |
| Free cash flow of Industrial Activities | (304) | (1249) | +945 |
| Adjusted gross profit margin of Industrial Activities | 19.7% | 22.4% | (270) bps |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Agriculture** | **Agriculture** | **Agriculture** | **Agriculture** | **Agriculture** |
| | **YTD Q3 2025** | **YTD Q3 2024** | **Change** | **Change at c.c.**<sup>(1)</sup> |
| Net sales | 8792 | 10596 | (17)% | (17)% |
| Adjusted EBIT | 539 | 1226 | (56)% |  |
| Adjusted EBIT margin | 6.1% | 11.6% | (550) bps |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Construction** | **Construction** | **Construction** | **Construction** | **Construction** |
| | **YTD Q3 2025** | **YTD Q3 2024** | **Change** | **Change at c.c.**<sup>(1)</sup> |
| Net sales | 2103 | 2335 | (10)% | (9)% |
| Adjusted EBIT | 63 | 151 | (58)% |  |
| Adjusted EBIT margin | 3.0% | 6.5% | (350) bps |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| | **YTD Q3 2025** | **YTD Q3 2024** | **Change** | **Change at c.c.**<sup>(1)</sup> |
| Revenue | 2020 | 2031 | (1)% | +2% |
| Net income | 224 | 287 | (22)% |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**<u>Notes</u>**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.c.c. means at constant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Comparison vs. December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Certain financial information in this report has been presented by geographic area. Our geographical regions are: (a) North America; (b) EMEA; (c) South America and (d) Asia Pacific. The geographic designations have the following meanings:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.EMEA: 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;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.

**<u>Non-GAAP Financial Information</u>**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBIT Margin of Industrial Activities: is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow of Industrial Activities ("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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.*

**<u>Forward-looking Statements</u>**

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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).

**<u>CONTACTS</u>**

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

(Email <u>mediarelations@cnh.com</u>)

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

(Email <u>investor.relations@cnh.com</u>)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH INDUSTRIAL N.V.**

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

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ($ million, except per share data) | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net sales | $3702 | $3997 | $10895 | $12931 |
| &nbsp;&nbsp;&nbsp;Finance, interest and other income | 697 | 657 | 2043 | 2029 |
| **Total Revenues** | **4399** | **4654** | **12938** | **14960** |
| **Costs and Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | 2995 | 3130 | 8756 | 10027 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 549 | 426 | 1413 | 1298 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 281 | 221 | 683 | 686 |
| &nbsp;&nbsp;&nbsp;Restructuring expenses | 3 | 12 | 14 | 94 |
| &nbsp;&nbsp;&nbsp;Interest expense | 378 | 378 | 1100 | 1190 |
| &nbsp;&nbsp;&nbsp;Other, net | 142 | 127 | 484 | 449 |
| **Total Costs and Expenses** | **4348** | **4294** | **12450** | **13744** |
| **Income of Consolidated Group before Income Taxes** | 51 | 360 | 488 | 1216 |
| Income tax (expense) benefit | (1) | (75) | (124) | (247) |
| Equity in income of unconsolidated subsidiaries and affiliates | 17 | 25 | 52 | 114 |
| **Net Income** | **67** | **310** | **416** | **1083** |
| Net income (loss) attributable to noncontrolling interests | (13) | 4 | (8) | 10 |
| **Net Income attributable to CNH Industrial N.V.** | $**80** | $**306** | $**424** | $**1073** |
| **Earnings per share attributable to CNH Industrial N.V.**  |  |  |  |  |
| Basic | $0.06 | $0.24 | $0.34 | $0.85 |
| Diluted | $0.06 | $0.24 | $0.34 | $0.85 |
| **Weighted average shares outstanding** (in millions) |  |  |  |  |
| Basic | 1250 | 1251 | 1249 | 1255 |
| Diluted | 1253 | 1254 | 1253 | 1262 |
| **Cash dividends declared per common share** | $**—** | $**—** | $**0.250** | $**0.470** |

---

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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH INDUSTRIAL N.V.**

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

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| ($ million) | **September 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Cash and cash equivalents | $2303 | $3191 |
| Restricted cash | 653 | 675 |
| Financing receivables, net | 23001 | 23085 |
| Financial receivables from Iveco Group N.V. | 262 | 168 |
| Inventories, net | 5353 | 4776 |
| Property, plant and equipment, net and equipment under operating leases | 3732 | 3402 |
| Intangible assets, net | 4800 | 4805 |
| Other receivables and assets | 3154 | 2831 |
| **Total Assets** | $**43258** | $**42933** |
| **Liabilities and Equity** |  |  |
| Debt | $27128 | $26882 |
| Financial payables to Iveco Group N.V. | 38 | 62 |
| Other payables and liabilities | 8255 | 8221 |
| **Total Liabilities** | **35421** | **35165** |
| Redeemable noncontrolling interest | 60 | 55 |
| Equity | 7777 | 7713 |
| **Total Liabilities and Equity** | $**43258** | $**42933** |

---

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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH INDUSTRIAL N.V.**

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

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ($ million) | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net income (loss) | $416 | $1083 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense excluding assets under operating leases | 318 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense of assets under operating leases | 147 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from disposal of assets | (3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed (income) loss of unconsolidated subsidiaries | 2 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 392 | 276 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions | (212) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 9 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and financing receivables related to sales, net | 948 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (92) | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade payables | (161) | (1217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (171) | (543) |
| Net cash provided (used) by operating activities | 1593 | 276 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to retail receivables | (5605) | (5917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collections of retail receivables | 5575 | 4840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets, excluding assets under operating leases | 7 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases | (330) | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for assets under operating leases | (456) | (381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (279) | 10 |
| Net cash provided (used) by investing activities | (1088) | (1777) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in debt | (1257) | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (322) | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (55) | (689) |
| Net cash provided (used) by financing activities | (1634) | (996) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 219 | (98) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | **(910)** | **(2595)** |
| **Cash, cash equivalents and restricted cash, beginning of year** | **3866** | **5045** |
| **Cash, cash equivalents and restricted cash, end of period** | $**2956** | $**2450** |

---

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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH INDUSTRIAL N.V.**

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

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| ($ million) | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |
| Net sales | $3702 | $— | $— |  | $3702 | $3997 | $— | $— |  | $3997 |
| Finance, interest and other income | 38 | 684 | (25) | (2) | 697 | 27 | 659 | (29) | (2) | 657 |
| **Total Revenues** | **3740** | **684** | **(25)** |  | **4399** | **4024** | **659** | **(29)** |  | **4654** |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |  |  |
| Cost of goods sold | 2995 |  |  |  | 2995 | 3130 |  |  |  | 3130 |
| Selling, general and administrative expenses | 381 | 168 |  |  | 549 | 313 | 113 |  |  | 426 |
| Research and development expenses | 281 |  |  |  | 281 | 221 |  |  |  | 221 |
| Restructuring expenses | 4 | (1) |  |  | 3 | 12 |  |  |  | 12 |
| Interest expense | 64 | 339 | (25) | (3) | 378 | 63 | 344 | (29) | (3) | 378 |
| Other, net | 20 | 122 |  |  | 142 | 11 | 116 |  |  | 127 |
| **Total Costs and Expenses** | **3745** | **628** | **(25)** |  | **4348** | **3750** | **573** | **(29)** |  | **4294** |
| Income of Consolidated Group before Income Taxes | (5) | 56 |  |  | 51 | 274 | 86 |  |  | 360 |
| Income tax (expense) benefit | 14 | (15) |  |  | (1) | (62) | (13) |  |  | (75) |
| Equity in income (loss) of unconsolidated subsidiaries and affiliates | 11 | 6 |  |  | 17 | 20 | 5 |  |  | 25 |
| **Net Income (loss)** | $**20** | $**47** | $**—** |  | $**67** | $**232** | $**78** | $**—** |  | $**310** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;Elimination of Financial Services' interest income earned from Industrial Activities.

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Elimination of Industrial Activities' interest expense to Financial Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH INDUSTRIAL N.V.**

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

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| ($ million) | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |
| Net sales | $10895 | $— | $— |  | $10895 | $12931 | $— | $— |  | $12931 |
| Finance, interest and other income | 107 | 2020 | (84) | (2) | 2043 | 98 | 2031 | (100) | (2) | 2029 |
| **Total Revenues** | **11002** | **2020** | **(84)** |  | **12938** | **13029** | **2031** | **(100)** |  | **14960** |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |  |  |
| Cost of goods sold | 8756 |  |  |  | 8756 | 10027 |  |  |  | 10027 |
| Selling, general and administrative expenses | 1050 | 363 |  |  | 1413 | 1029 | 269 |  |  | 1298 |
| Research and development expenses | 683 |  |  |  | 683 | 686 |  |  |  | 686 |
| Restructuring expenses | 15 | (1) |  |  | 14 | 93 | 1 |  |  | 94 |
| Interest expense | 184 | 1000 | (84) | (3) | 1100 | 212 | 1078 | (100) | (3) | 1190 |
| Other, net | 103 | 381 |  |  | 484 | 94 | 355 |  |  | 449 |
| **Total Costs and Expenses** | **10791** | **1743** | **(84)** |  | **12450** | **12141** | **1703** | **(100)** |  | **13744** |
| Income of Consolidated Group before Income Taxes | 211 | 277 |  |  | 488 | 888 | 328 |  |  | 1216 |
| Income tax (expense) benefit | (56) | (68) |  |  | (124) | (192) | (55) |  |  | (247) |
| Equity in income (loss) of unconsolidated subsidiaries and affiliates | 37 | 15 |  |  | 52 | 100 | 14 |  |  | 114 |
| **Net Income (loss)** | $**192** | $**224** | $**—** |  | $**416** | $**796** | $**287** | $**—** |  | $**1083** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;Elimination of Financial Services' interest income earned from Industrial Activities.

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Elimination of Industrial Activities' interest expense to Financial Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH INDUSTRIAL N.V.**

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

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ($ million) | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $1456 | $847 | $— |  | $2303 | $2332 | $859 | $— |  | $3191 |
| Restricted cash | 112 | 541 |  |  | 653 | 89 | 586 |  |  | 675 |
| Financing receivables, net | 418 | 23734 | (1151) | (2) | 23001 | 218 | 23528 | (661) | (2) | 23085 |
| Financial receivables from Iveco Group N.V. | 155 | 107 |  |  | 262 | 50 | 118 |  |  | 168 |
| Inventories, net | 5273 | 80 |  |  | 5353 | 4713 | 63 |  |  | 4776 |
| Property, plant and equipment, net and equipment under operating leases | 2209 | 1523 |  |  | 3732 | 1979 | 1423 |  |  | 3402 |
| Intangible assets, net | 4633 | 167 |  |  | 4800 | 4643 | 162 |  |  | 4805 |
| Other receivables and assets | 2874 | 568 | (288) | (3) | 3154 | 2653 | 515 | (337) | (3) | 2831 |
| **Total Assets** | $**17130** | $**27567** | $**(1439)** |  | $**43258** | $**16677** | $**27254** | $**(998)** |  | $**42933** |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |  |  |
| Debt | $4976 | $23386 | $(1234) | (2) | $27128 | $4499 | $23173 | $(790) | (2) | $26882 |
| Financial payables to Iveco Group N.V. | 3 | 35 |  |  | 38 | 4 | 58 |  |  | 62 |
| Other payables and liabilities | 7210 | 1250 | (205) | (3) | 8255 | 7151 | 1278 | (208) | (3) | 8221 |
| Total Liabilities | 12189 | 24671 | (1439) |  | 35421 | 11654 | 24509 | (998) |  | 35165 |
| Redeemable noncontrolling interest | 60 |  |  |  | 60 | 55 |  |  |  | 55 |
| Equity | 4881 | 2896 |  |  | 7777 | 4968 | 2745 |  |  | 7713 |
| **Total Liabilities and Equity** | $**17130** | $**27567** | $**(1439)** |  | $**43258** | $**16677** | $**27254** | $**(998)** |  | $**42933** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH INDUSTRIAL N.V.**

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

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| ($ million) | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** |
| **Cash Flows from Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $192 | $224 | $— |  | $416 | $796 | $287 | $— |  | $1083 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities: |  |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization expense, excluding assets under operating leases | 314 | 4 |  |  | 318 | 312 | 3 |  |  | 315 |
| Depreciation and amortization expense of assets under operating leases | 4 | 143 |  |  | 147 | 6 | 133 |  |  | 139 |
| (Gain) loss from disposal of assets, net | (3) |  |  |  | (3) | 7 |  |  |  | 7 |
| Undistributed (income) loss of unconsolidated subsidiaries | 197 | (15) | (180) | (2) | 2 | 88 | (14) | (105) | (2) | (31) |
| Other non-cash items, net | 99 | 293 |  |  | 392 | 45 | 231 |  |  | 276 |
| Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
| Provisions | (215) | 3 |  |  | (212) | 54 | (2) |  |  | 52 |
| Deferred income taxes | (38) | 47 |  |  | 9 | 17 | (48) |  |  | (31) |
| Trade and financing receivables related to sales, net | (54) | 1000 | 2 | (3) | 948 | (81) | 565 | (2) | (3) | 482 |
| Inventories, net | (308) | 216 |  |  | (92) | (468) | 212 |  |  | (256) |
| Trade payables | (120) | (38) | (3) | (3) | (161) | (1154) | (65) | 2 | (3) | (1217) |
| Other assets and liabilities | (32) | (140) | 1 |  | (171) | (507) | (36) |  |  | (543) |
| Net cash provided (used) by operating activities | 36 | 1737 | (180) |  | 1593 | (885) | 1266 | (105) |  | 276 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| Additions to retail receivables |  | (5605) |  |  | (5605) |  | (5917) |  |  | (5917) |
| Collections of retail receivables |  | 5575 |  |  | 5575 |  | 4840 |  |  | 4840 |
| Proceeds from sale of assets excluding assets under operating leases | 7 |  |  |  | 7 | 1 |  |  |  | 1 |
| Expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases | (321) | (9) |  |  | (330) | (329) | (1) |  |  | (330) |
| Expenditures for assets under operating leases |  | (456) |  |  | (456) | (27) | (354) |  |  | (381) |
| Other, net | (76) | (203) |  |  | (279) | 206 | (195) | (1) |  | 10 |
| Net cash provided (used) by investing activities | (390) | (698) |  |  | (1088) | (149) | (1627) | (1) |  | (1777) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in debt | (276) | (981) |  |  | (1257) | 226 | 67 |  |  | 293 |
| Dividends paid | (322) | (180) | 180 | (2) | (322) | (600) | (105) | 105 | (2) | (600) |
| Other | (55) |  |  |  | (55) | (689) | (1) | 1 |  | (689) |
| Net cash provided (used) by financing activities | (653) | (1161) | 180 |  | (1634) | (1063) | (39) | 106 |  | (996) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 154 | 65 |  |  | 219 | (75) | (23) |  |  | (98) |
| **Net increase (decrease) in cash and cash equivalents** | **(853)** | **(57)** | **—** |  | **(910)** | **(2172)** | **(423)** | **—** |  | **(2595)** |
| **Cash and cash equivalents, beginning of year** | **2421** | **1445** | **—** |  | **3866** | **3628** | **1417** | **—** |  | **5045** |
| **Cash and cash equivalents, end of period** | $**1568** | $**1388** | $**—** |  | $**2956** | $**1456** | $**994** | $**—** |  | $**2450** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;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.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH Industrial N.V.** 

**Other Supplemental Financial Information**

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted EBIT of Industrial Activities by Segment** | **Adjusted EBIT of Industrial Activities by Segment** | **Adjusted EBIT of Industrial Activities by Segment** | **Adjusted EBIT of Industrial Activities by Segment** | **Adjusted EBIT of Industrial Activities by Segment** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ($ million) | **2025** | **2024** | **2025** | **2024** |
| Industrial Activities segments |  |  |  |  |
| Agriculture | $137 | $336 | $539 | $1226 |
| Construction | 14 | 40 | 63 | 151 |
| Unallocated items, eliminations and other | (47) | (40) | (173) | (167) |
| **Total Adjusted EBIT of Industrial Activities** | $**104** | $**336** | $**429** | $**1210** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities** | **Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities** | **Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities** | **Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities** | **Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ($ million) | **2025** | **2024** | **2025** | **2024** |
| **Net Income** | $**67** | $**310** | $**416** | $**1083** |
| Less: Consolidated income tax expense | (1) | (75) | (124) | (247) |
| **Consolidated income before taxes** | **68** | **385** | **540** | **1330** |
| Less: Financial Services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services Net Income | 47 | 78 | 224 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services Income Taxes | 15 | 13 | 68 | 55 |
| Add back of the following Industrial Activities items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense of Industrial Activities, net of Interest income and eliminations | 26 | 36 | 77 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gains) losses, net of Industrial Activities | 5 | 8 | 19 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance and non-service component of Pension and other postemployment benefit costs of Industrial Activities<sup>(1)</sup> | 4 |  | 11 | 2 |
| Adjustments for the following Industrial Activities items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expenses | 4 | 12 | 15 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other discrete items<sup>(2)(3)</sup> | 59 | (14) | 59 | 1 |
| **Total Adjusted EBIT of Industrial Activities** | $**104** | $**336** | $**429** | $**1210** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH Industrial N.V.** 

**Other Supplemental Financial Information**

*(Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP** | **Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP** | **Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP** | **Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP** | **Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP** | **Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP** | **Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP** |
| | **Consolidated** | **Consolidated** | **Industrial Activities** | **Industrial Activities** | **Financial Services** | **Financial Services** |
| ($ million) | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
| Third party (debt) | $(27128) | $(26882) | $(4222) | $(4043) | $(22906) | $(22839) |
| Intersegment notes payable |  |  | (754) | (456) | (480) | (334) |
| Financial payables to Iveco Group N.V. | (38) | (62) | (3) | (4) | (35) | (58) |
| **Total (Debt)**<sup>(1)</sup> | **(27166)** | **(26944)** | **(4979)** | **(4503)** | **(23421)** | **(23231)** |
| Cash and cash equivalents | 2303 | 3191 | 1456 | 2332 | 847 | 859 |
| Restricted cash | 653 | 675 | 112 | 89 | 541 | 586 |
| Intersegment notes receivable |  |  | 480 | 334 | 754 | 456 |
| Financial receivables from Iveco Group N.V. | 262 | 168 | 155 | 50 | 107 | 118 |
| Derivatives hedging debt | 9 | (37) | (15) | (29) | 24 | (8) |
| **Net Cash (Debt)**<sup>(2)</sup>  | $**(23939)** | $**(22947)** | $**(2791)** | $**(1727)** | $**(21148)** | $**(21220)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP** | **Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP** | **Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP** | **Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP** | **Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP** |
| **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **2025** | **2024** | ($ million) | **2025** | **2024** |
| $**1593** | $**276** | **Net cash provided (used) by Operating Activities** | $**659** | $**791** |
| (1557) | (1161) | Cash flows from Operating Activities of Financial Services, net of eliminations | (733) | (839) |
| 13 | 12 | Change in derivatives hedging debt of Industrial Activities and other | 4 | 13 |
|  | (27) | Investments in assets sold under operating leases assets of Industrial Activities |  | (16) |
| (321) | (329) | Investments in property, plant and equipment, and intangible assets of Industrial Activities | (130) | (123) |
| (32) | (20) | Other changes<sup>(1)</sup> | 12 | (6) |
| $**(304)** | $**(1249)** | **Free cash flow of Industrial Activities** | $**(188)** | $**(180)** |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH Industrial N.V.**

**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** | **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** | **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** | **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** | **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** |
| **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **2025** | **2024** | ($ million) | **2025** | **2024** |
| $**416** | $**1083** | **Net income (loss)** | $**67** | $**310** |
| 55 | 77 | Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) | 56 | (8) |
| (14) | (17) | Adjustments impacting Income tax (expense) benefit (b) | (14) | 2 |
| $**457** | $**1143** | **Adjusted net income (loss)** | $**109** | $**304** |
| $448 | $1133 | Adjusted net income (loss) attributable to CNH Industrial N.V.<sup>(1)</sup> | $105 | $300 |
| 1253 | 1262 | Weighted average shares outstanding – diluted (million) | 1253 | 1254 |
| $**0.36** | $**0.90** | **Adjusted diluted EPS ($)** | $**0.08** | $**0.24** |
| $488 | $1216 | Income (loss) of Consolidated Group before income tax (expense) benefit | $51 | $360 |
| 55 | 77 | Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) | 56 | (8) |
| $**543** | $**1293** | **Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A)** | $**107** | $**352** |
| $(124) | $(247) | Income tax (expense) benefit | $(1) | $(75) |
| (14) | (17) | Adjustments impacting Income tax (expense) benefit (b) | (14) | 2 |
| $**(138)** | $**(264)** | **Adjusted income tax (expense) benefit (B)** | $**(15)** | $**(73)** |
| 25.4% | 20.4% | **Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)** | 14.0% | 20.7% |
|  |  | **a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates** |  |  |
| $14 | $94 | Restructuring expenses | $3 | $12 |
| (18) | (18) | Pre-tax gain related to the 2021 U.S. healthcare plan modification | (6) | (6) |
| 49 |  | Bennamann IPR&D impairment charge | 49 |  |
| 10 |  | New Holland T6.180 Methane Power Tractor write-down to net realizable value | 10 |  |
|  | 15 | Sale of certain non-core product lines |  |  |
|  | (14) | Investment fair value adjustments |  | (14) |
| $**55** | $**77** | **Total** | $**56** | $**(8)** |
|  |  | **b) Adjustments impacting Income tax (expense) benefit** |  |  |
| $(14) | $(17) | Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates | $(14) | $2 |
| $**(14)** | $**(17)** | **Total** | $**(14)** | $**2** |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CNH Industrial N.V.**

**Other Supplemental Financial Information**

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Adjusted Gross Profit to Gross Profit under U.S. GAAP** | **Reconciliation of Adjusted Gross Profit to Gross Profit under U.S. GAAP** | **Reconciliation of Adjusted Gross Profit to Gross Profit under U.S. GAAP** | **Reconciliation of Adjusted Gross Profit to Gross Profit under U.S. GAAP** | **Reconciliation of Adjusted Gross Profit to Gross Profit under U.S. GAAP** |
| **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **2025** | **2024** | ($ million) | **2025** | **2024** |
| $10895 | $12931 | Net sales (A) | $3702 | $3997 |
| 8756 | 10027 | Cost of goods sold | 2995 | 3130 |
| 2139 | 2904 | Gross profit (B) | 707 | 867 |
| 10 |  | New Holland T6.180 Methane Power Tractor write-down to net realizable value | 10 |  |
| $2149 | $2904 | Adjusted gross profit (C) | $717 | $867 |
| 19.6% | 22.4% | Gross profit margin (B / A) | 19.1% | 21.7% |
| 19.7% | 22.4% | Adjusted gross profit margin (C / A) | 19.4% | 21.7% |

---

## Exhibit 99.2

![](ex992q32025001.jpg)

Q3 2025 FINANCIAL RESULTS NOVEMBER 7, 2025 Exhibit 99.2

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![](ex992q32025002.jpg)

Q3 2025 results \| November 7, 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 other protective measures 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.

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![](ex992q32025003.jpg)

3 Q3 2025 results \| November 7, 2025 Q3 2025 \| MAIN HIGHLIGHTS Global trade shifts affecting both farmer and machinery economics Progress on long-term strategy commitments Ag production maintained at low levels Significant dealer inventory reductions1 Continued commitment to Iron + Tech investments 3 (1) As independent businesses, dealers control their own inventory

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![](ex992q32025004.jpg)

Q3 2025 results \| November 7, 20254 Q3 2025 \| RESULTS (1) Non-GAAP measures (definition and reconciliation in the appendix) Consolidated Revenues $4.4B (5)% Adj. EBIT1 Industrial Activities $104M (69)% Net Income $67M (78)% Diluted EPS $0.06 $(0.18) Net Sales Industrial Activities $3.7B (7)% (560) bps (64)% $(0.16) Adj. EBIT Margin1 Industrial Activities 2.8% Adj. Net Income1 $109M Adj. Diluted EPS1 $0.08 YoY vs Q3 2024

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![](ex992q32025005.jpg)

Q3 2025 results \| November 7, 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

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![](ex992q32025006.jpg)

Q3 2025 results \| November 7, 20256 To deliver on its full- line leadership goal, CNH's Path to 2030 includes: • Launching new generation combines • Completely refreshing our tractor lineup • Equipping all large product lines with factory-fit foundational Precision Tech AG EQUIPMENT PORTFOLIO LAUNCHES Part of our multi-year equipment lineup refresh Agritechnica product launch

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![](ex992q32025007.jpg)

Q3 2025 results \| November 7, 20257 Additional details available in the press release, dated September 22, 2025 AWARD WINNING INNOVATIONS Corn Header Automation ✓ Integrates AI-powered advanced sensing & control systems ✓ Optimizes harvesting performance in real time ForageCam KPS Sensor ✓ Uses spout-mounted camera to assess Kernel Processing Score (KPS) ✓ Helps produce higher-quality feed for beef & dairy cattle

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![](ex992q32025008.jpg)

Q3 2025 results \| November 7, 20258 QUALITY AS A MINDSET AI Tech AssistantLarge Tractor QualitySupplier Collaboration Dealer adoption expands, resulting in >30% help desk call efficiency improvement Plants have achieved the best delivered quality to dealers in over ten years Proactively driving quality improvement throughout the supply chain

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![](ex992q32025009.jpg)

Q3 2025 results \| November 7, 20259 Q3 2025 \| FINANCIAL HIGHLIGHTS (1) Non-GAAP measure (definition and reconciliation in the appendix) ($M) $0.24 $0.08 Q3 2024 Q3 2025 (180) (188) Q3 2024 Q3 2025 304 109 Q3 2024 Q3 2025 3,997 3,702 Q3 2024 Q3 2025 Net Sales Industrial Activities Free Cash Flow1 Industrial Activities Adjusted Diluted EPS1 Adjusted Net Income1 (7)% (64)% $(0.16) (8) Δ YoY

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![](ex992q32025010.jpg)

Q3 2025 results \| November 7, 202510 (212) 23 33 (36) (2) (6) 336 136 Q3 2025 \| AGRICULTURE (1) Adj. 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 3,310 2,963 Q3 2024 Q3 2025 Net Sales ($M) Adj. Gross Margin1 Adjusted EBIT ($M) Q3 2024 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other Q3 2025 4.6% 10.2% (10)% YoY (210) bps YoY 22.7% 20.6% Q3 2024 Q3 2025 336 137 Production hours Δ YoY • Q3: (2)% • YTD: (15)% Dealer inventory2 sequential reductions • Q3: $(0.2)B • YTD: $(0.6)B Production slots filled • Q4: • Q1: ● ◑

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![](ex992q32025011.jpg)

Q3 2025 results \| November 7, 202511 (5) 16 (14) (12) (4) (7) 40 14 Q3 2025 \| CONSTRUCTION (1) Adj. 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 687 739 Q3 2024 Q3 2025 Net Sales ($M) Adj. Gross Margin1 Adjusted EBIT ($M) Q3 2024 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other Q3 2025 1.9% 5.8% +8% YoY (210) bps YoY 16.6% 14.5% Q3 2024 Q3 2025 40 14 Production hours Δ YoY • Q3: +3% • YTD: (11)% Dealer inventory2 YoY • Q3: (6)% Production slots filled • Q4: • Q1: ● ◑

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![](ex992q32025012.jpg)

Q3 2025 results \| November 7, 202512 Q3 2025 \| FINANCIAL SERVICES (1) Return on Assets defined as: EBIT / average managed assets annualized (2) Including unconsolidated JVs (3) At constant currency Q3 retail originations $2.7B, -$0.2B YoY Managed portfolio $28.5B, -$0.5B YoY (-$0.6B @ CC3) Managed Portfolio2 & Retail Originations2 Net Income ($M) Portfolio at Sept. 30, 2025 Retail Wholesale Operating Lease 66% 29% 5% 78 47 Q3 2024 Q3 2025 Delinquencies on Book (>30 Days) Profitability Ratios Gross Margin / Avg. Assets on Book Return on Assets1 3.0% 3.1% 3.6% 1.8% 1.3% 0.9% 0.0% 1.0% 2.0% 3.0% 4.0% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 1.6% 2.2% 3.5% 1.0% 2.0% 3.0% 4.0% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25

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Q3 2025 results \| November 7, 202513 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 dividends and share buybacks

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Q3 2025 results \| November 7, 202514 UPDATED TARIFF ASSUMPTIONS (1) Assumes expected tariffs in place as of November 10, 2025, and includes inventory management offsets (2) Incremental pricing actions implemented in North America after May 1, 2025 (3) At 2025 volumes; excludes pricing and inventory management offsets Short-Term Mitigation Medium & Longer-Term Mitigation • Strategic sourcing program • Leveraging CNH's global manufacturing footprint to identify ideal production locations • Pricing will fully offset remaining costs • Working with suppliers to find offsets and alternative tier 2 sources • Consuming pre-tariff inventories • Pricing actions on North American products 2025 impact Costs1 $(155)-(145)M $(70)-(60)M $(225)-(205)M Pricing2 $45-55M $30-40M $75-95M Net impact $(110)-(90)M $(40)-(20)M $(150)-(110)M Annualized cost impact3 Costs ~$(250)M ~$(125)M ~$(375)M Margins (200)-(210)bps (420)-(430)bps (240)-(250)bps Long-term net impact fully offset fully offset fully offset Agriculture Construction Industrial Activities

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Q3 2025 results \| November 7, 202515 10.5% 2024A 2025E prior 2025E current $14.0B 2024A 2025E prior 2025E current 2025 OUTLOOK – AGRICULTURE (1) Regional split definition in the appendix Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions (13)%-(11)% Δ YoY Net Sales Adj. EBIT Margin 5.7%-6.2% 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)% ~(25)% (15)% - (10)% (10)% - (5)% LHP ~(35)% HHP flat - 5% (10)% - (5)%

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Q3 2025 results \| November 7, 202516 5.5% 2024A 2025E prior 2025E current $3.1B 2024A 2025E prior 2025E current 2025 OUTLOOK – CONSTRUCTION (1) Regional split definition in the appendix Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions (5)%-(3)% Δ YoY Net Sales Adj. EBIT Margin 1.7%-2.2% Light Heavy North America ~ EMEA South America APAC (15)%-(4)% Δ YoY 2.0%-4.0% flat - 5% (5)% - flat flat - 5% 10% - 15% flat - 5% (5)% - flat Total Industry Volume % change FY 2025 vs. FY 2024 reflecting the aggregate for key markets where the Company competes. (5)% - flat

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Q3 2025 results \| November 7, 202517 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 (12)% - (10)% YoY Adj. EBIT margin1 8.2% 4.5% - 6.5% 3.4% - 3.9% Free Cash Flow1 $(0.4)B $0.1B - $0.5B $0.2B - $0.5B Company Adj. Diluted EPS1 $1.05 $0.50 - $0.70 $0.44 - $0.50

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18 Q3 2025 results \| November 7, 2025 2025 PRIORITIES & OUTLOOK Closely monitoring supply chain & demand drivers by region Order books open for model year 2026 equipment Ongoing implementation of cost savings programs Tech Day to be held on November 11 at Agritechnica

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19 APPENDIX

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Q3 2025 results \| November 7, 202520 TECH DAY 2025 @ AGRITECHNICA Tuesday, November 11 2:00pm CET (8:00am ET) bit.ly/CNHtechday2025

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Q3 2025 results \| November 7, 202521 Q3 2025 \| UNIT PERFORMANCE VS. Q3 2024 (1) Total Industry Volume % YoY change reflecting the aggregate for key markets where the Company competes (2) Regional split definition in the slide "Geographic Information" (3) As independent businesses, dealers control their own inventory NORTH AMERICA EMEA SOUTH AMERICA APAC Small Tractors (0-140 HP) flat (2)% (4)% 19% Large Tractors (140+ HP) (41)% Combines (23)% 19% (15)% (20)% Light Construction Equipment 5% flat 2% 5% Heavy Construction Equipment 1% 8% 1% 8% T o ta l I n d u s tr y 1 ,2 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 C o m p a n y Tractors Combines Light Heavy Company Inventory Dealer Inventory3 Retail Production

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Q3 2025 results \| November 7, 202522 Q3 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 $2,963M $739M $3,702M (10)% YoY (12)% @CC1 +8% YoY +6% @CC1 (7)% YoY (9)% @CC1 By Region as reported By Region as reported By Region as reported 34% 35% 17% 13% 54% 26% 14% 6% 38% 34% 17% 12% 42% 27% 18% 13% 52% 22% 20% 6% 44% 26% 18% 12% By Product as reported By Product as reported By Segment as reported 62% 22% 16% 35% 62% 3% 80% 20% 63% 17% 20% 37% 62% 1% 83% 17% Q3 2024 Q3 2025 Agriculture Construction NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC Q3 2025 mix Q3 2024 mix Q3 2025 mix Q3 2024 mix

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Q3 2025 results \| November 7, 202523 9M 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 $8,792M $2,103M $10,895M (17)% YoY (17)% @CC1 (10)% YoY (9)% @CC1 (16)% YoY (15)% @CC1 By Region as reported By Region as reported By Region as reported 36% 37% 16% 11% 52% 25% 16% 6% 39% 34% 16% 11% 43% 30% 15% 11% 56% 21% 17% 7% 45% 29% 16% 10% By Product as reported By Product as reported By Segment as reported 60% 20% 20% 36% 62% 2% 81% 19% 59% 17% 24% 39% 60% 1% 82% 18% 9M 2024 9M 2025 Agriculture Construction NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC 9M 2025 mix 9M 2024 mix 9M 2025 mix 9M 2024 mix

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Q3 2025 results \| November 7, 202524 Q3 / 9M 2025 \| FINANCIALS BY SEGMENT (1) Non-GAAP measure: definition in the slide "Non-GAAP Financial Measures"; reconciliation in "Reconciliations" section Note: numbers may not add due to rounding ($M) Revenues & Net Sales Adj. Gross Profit1 Adj. Gross Margin1 Adj. EBIT1 Adj. EBIT Margin1 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Agriculture 2,963 3,310 611 752 20.6% 22.7% 137 336 4.6% 10.2% Construction 739 687 107 114 14.5% 16.6% 14 40 1.9% 5.8% Elimination & Other - - (1) - - - (47) (40) - - Industrial Activities 3,702 3,997 717 867 19.4% 21.7% 104 336 2.8% 8.4% Financial Services 684 659 Elimination & Other 13 (2) CNH Industrial 4,399 4,654 9M 25 9M 24 9M 25 9M 24 9M 25 9M 24 9M 25 9M 24 9M 25 9M 24 Agriculture 8,792 10,596 1,834 2,510 20.9% 23.7% 539 1,226 6.1% 11.6% Construction 2,103 2,335 316 393 15.0% 16.8% 63 151 3.0% 6.5% Elimination & Other - - (1) - - - (173) (167) - - Industrial Activities 10,895 12,931 2,149 2,904 19.7% 22.4% 429 1,210 3.9% 9.4% Financial Services 2,020 2,031 Elimination & Other 23 (2) CNH Industrial 12,938 14,960

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Q3 2025 results \| November 7, 202525 Q3 / 9M 2025 \| INDUSTRIAL ACTIVITIES R&D AND CAPEX Note: numbers may not add due to rounding (1) Excludes a $49M impairment charge related to Bennamann in-process research and development ("IPR&D") ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 Agriculture R&D 2051 199 5621 617 CapEx 114 108 279 287 Total 319 307 841 904 of which Precision Tech 22% 25% 25% 27% Construction R&D 27 22 72 69 CapEx 16 14 42 40 Total 43 36 114 109 Industrial Activities R&D 2321 221 6341 686 CapEx 130 123 321 329 Total 362 344 955 1,015

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Q3 2025 results \| November 7, 202526 DEBT MATURITY SCHEDULE \| BREAKDOWN Note: numbers may not add due to rounding Outstanding Sept. 30, 2025 2025 2026 2027 2028 2029 Beyond 3.1 Bank Debt 0.6 0.8 0.6 0.2 0.2 0.7 12.6 Capital Market 0.6 2.8 2.9 1.9 2.2 2.2 0.1 Other Debt 0.1 - - - - - 15.8 Cash Portion of Debt Maturities 1.3 3.6 3.5 2.1 2.4 2.9 of which Industrial Activities 0.1 0.6 1.4 0.1 0.6 1.5 of which Financial Services 1.2 3.0 2.1 2.0 1.8 1.4 3.0 Cash & Cash Equivalents and Restricted Cash 0.7 of which restricted cash 0.2 Net Receivables / (Payables) with Iveco Group 5.8 Undrawn Committed credit lines 9.0 Total Available Liquidity ($B)

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Q3 2025 results \| November 7, 202527 AGRICULTURE: MID-CYCLE MARGIN PROFILE (1) Based on Total Industry Volume for 2015-2024, normalized at 2024 prices and FX 4% 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% of mid- cycle • 2025 underproduction to industry retail demand puts CNH sales at ~80% of mid-cycle • Currently sharing tariff impacts with suppliers, network partners, and farmers 2030E high 2030E low 2025E guidance 5.7-6.2% before net tariff impacts with net tariff impacts

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Q3 2025 results \| November 7, 202528 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 • 2025 global industry retail demand forecast at ~95% of mid-cycle • Currently sharing tariff impacts with suppliers, network partners, and builders 1.7-2.2% 2025E guidance before net tariff impacts with net tariff impacts

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29 RECONCILIATIONS

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Q3 2025 results \| November 7, 202530 ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 [A] Net sales 3,702 3,997 10,895 12,931 Cost of goods sold (2,995) (3,130) (8,756) (10,027) [B] Gross Profit 707 867 2,139 2,904 New Holland T6.180 Methane Power Tractor write-down to net realizable value 10 - 10 - [C] Adjusted gross profit 717 867 2,149 2,904 [B/A] Gross profit margin 19.1% 21.7% 19.6% 22.4% [C/A] Adjusted gross profit margin 19.4% 21.7% 19.7% 22.4% ADJUSTED GROSS PROFIT RECONCILIATION Reconciliation of Adjusted Gross Profit to Gross Profit of Industrial Activities Note: numbers may not add due to rounding (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments.

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Q3 2025 results \| November 7, 202531 ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 Net Income 67 310 416 1,083 Less: Consolidated income tax expense (1) (75) (124) (247) Consolidated income before taxes 68 385 540 1,330 Less: Financial Services Financial Services Net Income 47 78 224 287 Financial Services Income Taxes 15 13 68 55 Add back of the following Industrial Activities items: Interest expense of Industrial Activities, net of Interest income and elim. 26 36 77 114 Foreign exchange (gains) losses, net of Industrial Activities 5 8 19 12 Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1) 4 - 11 2 Adjustments for the following Industrial Activities items: Restructuring expenses 4 12 15 93 Other discrete items(2)(3) 59 (14) 59 1 Total Adjusted EBIT of Industrial Activities 104 336 429 1,210 ADJUSTED EBIT RECONCILIATION Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities (1) For Q3 and 9M of both 2025 and 2024, this item includes a pre-tax gain of $6M and $18M, 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) For Q3 and 9M 2025, this item includes a $49M impairment charge related to Bennamann IPR&D and a $10M inventory write-down for the New Holland T6.180 Methane Power Tractor. (3) In Q3 2024, this item includes a $14M gain from investment fair value adjustments. In 9M 2024, it includes a $15M loss on the sale of certain non-core product lines and a $14M gain from investment fair value adjustments.

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Q3 2025 results \| November 7, 202532 ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 Net income (loss) 67 310 416 1,083 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 56 (8) 55 77 Restructuring expenses 3 12 14 94 Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S. (6) (6) (18) (18) Bennamann IPR&D impairment charge 49 - 49 - New Holland T6.180 Methane Power Tractor write-down to net realizable value 10 - 10 - Sale of certain non-core product lines - - - 15 Investment fair value adjustments - (14) - (14) Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (14) 2 (14) (17) Adjusted net income (loss) 109 304 457 1,143 Adjusted net income (loss) attributable to CNH Industrial N.V. 105 300 448 1,133 Weighted average shares outstanding – diluted (million) 1,253 1,254 1,253 1,262 Adjusted diluted EPS $0.08 $0.24 $0.36 $0.90 ADJUSTED NET INCOME RECONCILIATION Reconciliation of Adjusted Net Income to Net Income (Loss) & Calculation of Adjusted Diluted EPS

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Q3 2025 results \| November 7, 202533 ($M) Q3 2025 Q3 2024 9M 2025 9M 2024 Net cash provided by (used in) Operating Activities 659 791 1,593 276 Cash flows from Operating Activities of Fin. Serv. net of eliminations (733) (839) (1,557) (1,161) Change in derivatives hedging debt of Industrial Activities and other 4 13 13 12 Investments in assets sold under operating lease assets of Ind. Act. - (16) - (27) Inv. in property, plant & equipment, and intangible assets of Ind. Act. (130) (123) (321) (329) Other changes(1) 12 (6) (32) (20) Free cash flow of Industrial Activities (188) (180) (304) (1,249) FREE CASH FLOW RECONCILIATION Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments.

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Q3 2025 results \| November 7, 202534 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, Türkiye, Brazil, and any country where local shipments are not reported. • In addition, there may be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be estimated, 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

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Q3 2025 results \| November 7, 202535 CNH monitors its operations through the use of several non-GAAP financial measures. CNH's management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers' ability to assess CNH's financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP. CNH's non-GAAP financial measures used in this presentation are defined as follows: Change excluding FX or Constant Currency refers to the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year's revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations. Adjusted Gross Profit Margin of Industrial Activities: is computed by dividing Net Sales less Costs of good sold, as adjusted by non-recurring items, by Net Sales. Adjusted EBIT of Industrial Activities is defined as net income (loss) before income taxes, Financial Services' results, Industrial Activities' interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non- recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities. Adjusted EBIT Margin of Industrial Activities is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial Activities. Adjusted Income Tax (Expense) Benefit is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits. Adjusted Effective Tax Rate (Adjusted ETR) is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items. Adjusted Net Income is defined as net income, less restructuring charges and non-recurring items, after tax. Adjusted Diluted EPS is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow) refers to Industrial Activities only and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations. For forecasted information, the Company is unable to provide a reconciliation of this measure without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. NON-GAAP FINANCIAL MEASURES

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36 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

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