# EDGAR Filing Document

**Accession Number:** 0001567094
**File Stem:** 0001628280-25-037130
**Filing Date:** 2025-8
**Character Count:** 116727
**Document Hash:** 87d095495479fd66b5ce34c08e6b58eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-037130.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001628280-25-037130

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250801

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**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:** 251173617

**BUSINESS ADDRESS:**
- **STREET 1:** CRANES FARM ROAD
- **CITY:** BASILDON, ESSEX
- **STATE:** X0
- **ZIP:** SS14 3AD
- **BUSINESS PHONE:** 011 44 1268 533000

**MAIL ADDRESS:**
- **STREET 1:** CRANES FARM ROAD
- **CITY:** BASILDON, ESSEX
- **STATE:** 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-20250801

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

![CNH Corporate Logo.jpg](cnhi-20250801_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): August 1, 2025**

**CNH INDUSTRIAL N.V.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Netherlands** | **001-36085** | **98-1125413** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |

---

---

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

---

 **+44 2079 251964**

**Registrant's telephone number including area code**

**N/A**

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

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

□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. **☐** 

------

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

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

**Item 7.01.**&nbsp;&nbsp;&nbsp;&nbsp;**Regulation FD Disclosure.**

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

**Item 9.01. &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit 99.1 | <u>[CNH Industrial's press release dated August 1, 2025, announcing its results of operations for the second quarter of 2025](ex991q225.htm)</u> |
| Exhibit 99.2 | <u>[CNH Industrial N.V. second quarter 2025 results review presentation](ex992q22025.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: August 1, 2025 |  |  |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![cnhcorporatelogo.jpg](cnhcorporatelogo.jpg)![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 99.1**

**CNH Industrial N.V. Reports Second Quarter 2025 Results**

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

Second quarter diluted EPS at $0.17

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

Returned $0.3 billion to shareholders through dividends

Full-year guidance reaffirmed

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

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

**Gerrit Marx, Chief Executive Officer**

    

**2025 Second Quarter Results** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US-GAAP** | **US-GAAP** | **US-GAAP** | **US-GAAP** | **US-GAAP** |
| | **Q2 2025** | **Q2 2024**<sup>(1)</sup> | **Change** | **Change at c.c.**<sup>(2)</sup> |
| Consolidated revenues | 4711 | 5488 | (14)% | (14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;of which Net sales of Industrial Activities | 4021 | 4803 | (16)% | (16)% |
| Net income | 217 | 404 | (46)% |  |
| Diluted EPS $ | 0.17 | 0.32 | (0.15) |  |
| Cash flow provided (used) by operating activities | 772 | 379 | +393 |  |
| Cash and cash equivalents<sup>(3)</sup> | 2512 | 3191 | (679) |  |
| Gross profit margin of Industrial Activities | 20.6% | 22.9% | (230) bps |  |

---

---

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

---

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

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

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

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

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Agriculture** | **Agriculture** | **Agriculture** | **Agriculture** | **Agriculture** |
| | **Q2 2025** | **Q2 2024**<sup>(1)</sup> | **Change** | **Change at c.c.**<sup>(2)</sup> |
| Net sales | 3248 | 3913 | (17)% | (17)% |
| Gross profit margin | 21.8% | 24.4% | (260) bps |  |
| Adjusted EBIT | 263 | 502 | (48)% |  |
| Adjusted EBIT margin | 8.1% | 12.8% | (470) bps |  |

---

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

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

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

---

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

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| | **Q2 2025** | **Q2 2024** | **Change** | **Change at c.c.**<sup>(2)</sup> |
| Revenues | 685 | 687 | —% | +2% |
| Net income | 87 | 91 | (4)% |  |
| Equity at quarter-end | 2907 | 2843 | +64 |  |
| Retail loan originations | 2740 | 2864 | (124) |  |

---

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

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

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

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

------

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

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

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

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

The lower production and sales levels will negatively impact our segment margin results. However, the Company's ongoing efforts to reduce its operating costs will partially mitigate the margin erosion. CNH is continuing its focus on product cost reductions through lean manufacturing principles and strategic sourcing. The Company is also carefully managing its SG&A and R&D expenses.

In addition to the lower cyclical industry sales, the Company is navigating a changing global trade environment. The uncertainty of the U.S. trade policy, the reactions of trading partners, and the impact to our end customers may affect our forecast for the year.

The Company is reaffirming its previous 2025 outlook:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agriculture segment adjusted EBIT margin between 7% and 9%

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction segment adjusted EBIT margin between 2% and 4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow of Industrial Activities<sup>(6)</sup> between $100 million and $500 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted diluted EPS<sup>(6)</sup> between $0.50 to $0.70

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

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

------

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

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

**Results for the Six Months Ended June 30, 2025** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **US-GAAP** | **US-GAAP** | **US-GAAP** | **US-GAAP** | **US-GAAP** |
| | **YTD Q2 2025** | **YTD Q2 2024**<sup>(1)</sup> | **Change** | **Change at c.c.**<sup>(2)</sup> |
| Consolidated revenue | 8539 | 10306 | (17)% | (15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;of which Net sales of Industrial Activities | 7193 | 8934 | (19)% | (18)% |
| Net income | 349 | 773 | (55)% |  |
| Diluted EPS $ | 0.27 | 0.61 | (0.34) |  |
| Cash flow provided (used) by operating activities | 934 | (515) | +1,449 |  |
| Cash and cash equivalents<sup>(3)</sup> | 2512 | 3191 | (679) |  |
| Gross profit margin of Industrial Activities | 19.9% | 22.8% | (290) bps |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> | **NON-GAAP**<sup>(3)</sup> |
| | **YTD Q2 2025** | **YTD Q2 2024**<sup>(1)</sup> | **Change** |
| Adjusted EBIT of Industrial Activities | 325 | 874 | (63)% |
| Adjusted EBIT margin of Industrial Activities | 4.5% | 9.8% | (530) bps |
| Adjusted net income | 348 | 839 | (59)% |
| Adjusted diluted EPS $ | 0.27 | 0.66 | (0.39) |
| Free cash flow of Industrial Activities | (116) | (1069) | +953 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Agriculture** | **Agriculture** | **Agriculture** | **Agriculture** | **Agriculture** |
| | **YTD Q2 2025** | **YTD Q2 2024** | **Change** | **Change at c.c.**<sup>(2)</sup> |
| Net sales | 5829 | 7286 | (20)% | (19)% |
| Gross profit margin | 21.0% | 24.1% | (310) bps |  |
| Adjusted EBIT | 402 | 890 | (55)% |  |
| Adjusted EBIT margin | 6.9% | 12.2% | (530) bps |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Construction** | **Construction** | **Construction** | **Construction** | **Construction** |
| | **YTD Q2 2025** | **YTD Q2 2024** | **Change** | **Change at c.c.**<sup>(2)</sup> |
| Net sales | 1364 | 1648 | (17)% | (16)% |
| Gross profit margin | 15.3% | 16.9% | (160) bps |  |
| Adjusted EBIT | 49 | 111 | (56)% |  |
| Adjusted EBIT margin | 3.6% | 6.7% | (310) bps |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| | **YTD Q2 2025** | **YTD Q2 2024** | **Change** | **Change at c.c.**<sup>(2)</sup> |
| Revenue | 1336 | 1372 | (3)% | +1% |
| Net income | 177 | 209 | (15)% |  |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.c.c. means at constant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Comparison vs. December 31, 2024.

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

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

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

&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;6.&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;

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

&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.

&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;• 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 (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.

&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

------

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

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

exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.

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

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

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

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

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

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

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

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

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

------

&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 Six Months Ended June 30, 2025 and 2024**

*(Unaudited, U.S. GAAP)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| ($ million, except per share data) | **2025** | **2024**<sup>(1)</sup> | **2025** | **2024**<sup>(1)</sup> |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net sales | $4021 | $4803 | $7193 | $8934 |
| &nbsp;&nbsp;&nbsp;Finance, interest and other income | 690 | 685 | 1346 | 1372 |
| **Total Revenues** | **4711** | **5488** | **8539** | **10306** |
| **Costs and Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | 3192 | 3702 | 5761 | 6897 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 478 | 461 | 864 | 872 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 218 | 237 | 402 | 465 |
| &nbsp;&nbsp;&nbsp;Restructuring expenses | 5 | 51 | 11 | 82 |
| &nbsp;&nbsp;&nbsp;Interest expense | 360 | 418 | 722 | 812 |
| &nbsp;&nbsp;&nbsp;Other, net | 183 | 165 | 342 | 322 |
| **Total Costs and Expenses** | **4436** | **5034** | **8102** | **9450** |
| **Income (loss) of Consolidated Group before Income Taxes** | 275 | 454 | 437 | 856 |
| Income tax (expense) benefit | (76) | (95) | (123) | (172) |
| Equity in income (loss) of unconsolidated subsidiaries and affiliates | 18 | 45 | 35 | 89 |
| **Net Income (loss)** | **217** | **404** | **349** | **773** |
| Net income attributable to noncontrolling interests | 4 | 5 | 5 | 6 |
| **Net Income (loss) attributable to CNH Industrial N.V.** | $**213** | $**399** | $**344** | $**767** |
| **Earnings (loss) per share attributable to CNH Industrial N.V.** |  |  |  |  |
| Basic | $0.17 | $0.32 | $0.28 | $0.61 |
| Diluted | $0.17 | $0.32 | $0.27 | $0.61 |
| **Weighted average shares outstanding** (in millions) |  |  |  |  |
| Basic | 1250 | 1256 | 1249 | 1258 |
| Diluted | 1253 | 1260 | 1253 | 1267 |
| **Cash dividends declared per common share** | $**0.250** | $**0.470** | $**0.250** | $**0.470** |

---

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

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

------

&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 June 30, 2025 and December 31, 2024** 

*(Unaudited, U.S. GAAP)*

---

| | | |
|:---|:---|:---|
| ($ million) | **June 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Cash and cash equivalents | $2512 | $3191 |
| Restricted cash | 635 | 675 |
| Financing receivables, net | 23387 | 23085 |
| Financial receivables from Iveco Group N.V. | 263 | 168 |
| Inventories, net | 5216 | 4776 |
| Property, plant and equipment, net and equipment under operating leases | 3704 | 3402 |
| Intangible assets, net | 4861 | 4805 |
| Other receivables and assets | 3109 | 2831 |
| **Total Assets** | $**43687** | $**42933** |
| **Liabilities and Equity** |  |  |
| Debt | $27408 | $26882 |
| Financial payables to Iveco Group N.V. | 69 | 62 |
| Other payables and liabilities | 8376 | 8221 |
| **Total Liabilities** | **35853** | **35165** |
| Redeemable noncontrolling interest | 55 | 55 |
| Equity | 7779 | 7713 |
| **Total Liabilities and Equity** | $**43687** | $**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.

------

&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 Six Months Ended June 30, 2025 and 2024**

*(Unaudited, U.S. GAAP)*

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| ($ million) | **2025** | **2024**<sup>(1)</sup> |
| **Cash Flows from Operating Activities** |  |  |
| Net income (loss) | $349 | $773 |
| 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 | 208 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense of assets under operating leases | 98 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from disposal of assets |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed (income) loss of unconsolidated subsidiaries | 11 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 183 | 130 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions | (153) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (30) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and financing receivables related to sales, net | 443 | (136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (51) | (495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade payables | (8) | (638) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (116) | (524) |
| Net cash provided (used) by operating activities | 934 | (515) |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to retail receivables | (3701) | (3861) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collections of retail receivables | 3810 | 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets, excluding assets under operating leases |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases | (196) | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for assets under operating leases | (320) | (214) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (215) | 64 |
| Net cash provided (used) by investing activities | (622) | (929) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in debt | (935) | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (321) | (594) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (5) | (641) |
| Net cash provided (used) by financing activities | (1261) | (820) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 230 | (134) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | **(719)** | **(2398)** |
| **Cash, cash equivalents and restricted cash, beginning of year** | **3866** | **5045** |
| **Cash, cash equivalents and restricted cash, end of period** | $**3147** | $**2647** |

---

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

These Consolidated Statements of 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.

------

&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 June 30, 2025 and 2024** 

*(Unaudited, U.S. GAAP)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| ($ million) | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** | **Industrial Activities**<sup>(1)(2)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |
| Net sales | $4021 | $— | $— |  | $4021 | $4803 | $— | $— |  | $4803 |
| Finance, interest and other income | 39 | 685 | (34) | (3) | 690 | 29 | 687 | (31) | (3) | 685 |
| **Total Revenues** | **4060** | **685** | **(34)** |  | **4711** | **4832** | **687** | **(31)** |  | **5488** |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |  |  |
| Cost of goods sold | 3192 |  |  |  | 3192 | 3702 |  |  |  | 3702 |
| Selling, general and administrative expenses | 364 | 114 |  |  | 478 | 374 | 87 |  |  | 461 |
| Research and development expenses | 218 |  |  |  | 218 | 237 |  |  |  | 237 |
| Restructuring expenses | 5 |  |  |  | 5 | 51 |  |  |  | 51 |
| Interest expense | 65 | 329 | (34) | (4) | 360 | 75 | 374 | (31) | (4) | 418 |
| Other, net | 49 | 134 |  |  | 183 | 49 | 116 |  |  | 165 |
| **Total Costs and Expenses** | **3893** | **577** | **(34)** |  | **4436** | **4488** | **577** | **(31)** |  | **5034** |
| Income (loss) of Consolidated Group before Income Taxes | 167 | 108 |  |  | 275 | 344 | 110 |  |  | 454 |
| Income tax (expense) benefit | (51) | (25) |  |  | (76) | (72) | (23) |  |  | (95) |
| Equity in income (loss) of unconsolidated subsidiaries and affiliates | 14 | 4 |  |  | 18 | 41 | 4 |  |  | 45 |
| **Net Income (loss)** | $**130** | $**87** | $**—** |  | $**217** | $**313** | $**91** | $**—** |  | $**404** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;Elimination of Financial Services' interest income earned from Industrial Activities.

&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Elimination of Industrial Activities' interest expense to Financial Services.

------

&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 Six Months Ended June 30, 2025 and 2024** 

(Unaudited, U.S. GAAP)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| ($ million) | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** | **Industrial Activities**<sup>(1)(2)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |
| Net sales | $7193 | $— | $— |  | $7193 | $8934 | $— | $— |  | $8934 |
| Finance, interest and other income | 69 | 1336 | (59) | (3) | 1346 | 71 | 1372 | (71) | (3) | 1372 |
| **Total Revenues** | **7262** | **1336** | **(59)** |  | **8539** | **9005** | **1372** | **(71)** |  | **10306** |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |  |  |
| Cost of goods sold | 5761 |  |  |  | 5761 | 6897 |  |  |  | 6897 |
| Selling, general and administrative expenses | 669 | 195 |  |  | 864 | 716 | 156 |  |  | 872 |
| Research and development expenses | 402 |  |  |  | 402 | 465 |  |  |  | 465 |
| Restructuring expenses | 11 |  |  |  | 11 | 81 | 1 |  |  | 82 |
| Interest expense | 120 | 661 | (59) | (4) | 722 | 149 | 734 | (71) | (4) | 812 |
| Other, net | 83 | 259 |  |  | 342 | 83 | 239 |  |  | 322 |
| **Total Costs and Expenses** | **7046** | **1115** | **(59)** |  | **8102** | **8391** | **1130** | **(71)** |  | **9450** |
| Income (loss) of Consolidated Group before Income Taxes | 216 | 221 |  |  | 437 | 614 | 242 |  |  | 856 |
| Income tax (expense) benefit | (70) | (53) |  |  | (123) | (130) | (42) |  |  | (172) |
| Equity in income (loss) of unconsolidated subsidiaries and affiliates | 26 | 9 |  |  | 35 | 80 | 9 |  |  | 89 |
| **Net Income (loss)** | $**172** | $**177** | $**—** |  | $**349** | $**564** | $**209** | $**—** |  | $**773** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;Elimination of Financial Services' interest income earned from Industrial Activities.

&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Elimination of Industrial Activities' interest expense to Financial Services.

------

&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 June 30, 2025 and December 31, 2024** 

*(Unaudited, U.S. GAAP)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 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 | $2106 | $406 | $— |  | $2512 | $2332 | $859 | $— |  | $3191 |
| Restricted cash | 95 | 540 |  |  | 635 | 89 | 586 |  |  | 675 |
| Financing receivables, net | 273 | 23604 | (490) | (2) | 23387 | 218 | 23528 | (661) | (2) | 23085 |
| Financial receivables from Iveco Group N.V. | 174 | 89 |  |  | 263 | 50 | 118 |  |  | 168 |
| Inventories, net | 5155 | 61 |  |  | 5216 | 4713 | 63 |  |  | 4776 |
| Property, plant and equipment, net and equipment under operating leases | 2196 | 1508 |  |  | 3704 | 1979 | 1423 |  |  | 3402 |
| Intangible assets, net | 4695 | 166 |  |  | 4861 | 4643 | 162 |  |  | 4805 |
| Other receivables and assets | 2844 | 540 | (275) | (3) | 3109 | 2653 | 515 | (337) | (3) | 2831 |
| **Total Assets** | $**17538** | $**26914** | $**(765)** |  | $**43687** | $**16677** | $**27254** | $**(998)** |  | $**42933** |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |  |  |
| Debt | $5230 | $22744 | $(566) | (2) | $27408 | $4499 | $23173 | $(790) | (2) | $26882 |
| Financial payables to Iveco Group N.V. | 3 | 66 |  |  | 69 | 4 | 58 |  |  | 62 |
| Other payables and liabilities | 7378 | 1197 | (199) | (3) | 8376 | 7151 | 1278 | (208) | (3) | 8221 |
| Total Liabilities | 12611 | 24007 | (765) |  | 35853 | 11654 | 24509 | (998) |  | 35165 |
| Redeemable noncontrolling interest | 55 |  |  |  | 55 | 55 |  |  |  | 55 |
| Equity | 4872 | 2907 |  |  | 7779 | 4968 | 2745 |  |  | 7713 |
| **Total Liabilities and Equity** | $**17538** | $**26914** | $**(765)** |  | $**43687** | $**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.

------

&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 Six Months Ended June 30, 2025 and 2024** 

*(Unaudited, U.S. GAAP)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| ($ million) | **Industrial Activities**<sup>(1)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** | **Industrial Activities**<sup>(1)(2)</sup> | **Financial Services** | **Eliminations** |  | **Consolidated** |
| **Cash Flows from Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $172 | $177 | $— |  | $349 | $564 | $209 | $— |  | $773 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities: |  |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization expense, excluding assets under operating leases | 206 | 2 |  |  | 208 | 205 | 2 |  |  | 207 |
| Depreciation and amortization expense of assets under operating leases | 3 | 95 |  |  | 98 | 4 | 88 |  |  | 92 |
| (Gain) loss from disposal of assets, net |  |  |  |  |  | 7 |  |  |  | 7 |
| Undistributed (income) loss of unconsolidated subsidiaries | 140 | (9) | (120) | (3) | 11 | 77 | (9) | (80) | (3) | (12) |
| Other non-cash items, net | 33 | 150 |  |  | 183 | 38 | 92 |  |  | 130 |
| Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
| Provisions | (153) |  |  |  | (153) | 104 | 1 |  |  | 105 |
| Deferred income taxes | (11) | (19) |  |  | (30) | 25 | (49) |  |  | (24) |
| Trade and financing receivables related to sales, net | (63) | 504 | 2 | (4) | 443 | (118) | (14) | (4) | (4) | (136) |
| Inventories, net | (219) | 168 |  |  | (51) | (642) | 147 |  |  | (495) |
| Trade payables | 16 | (21) | (3) | (4) | (8) | (586) | (56) | 4 | (4) | (638) |
| Other assets and liabilities | (14) | (103) | 1 |  | (116) | (515) | (9) |  |  | (524) |
| Net cash provided (used) by operating activities | 110 | 944 | (120) |  | 934 | (837) | 402 | (80) |  | (515) |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| Additions to retail receivables |  | (3701) |  |  | (3701) |  | (3861) |  |  | (3861) |
| Collections of retail receivables |  | 3810 |  |  | 3810 |  | 3287 |  |  | 3287 |
| Proceeds from sale of assets excluding assets under operating leases |  |  |  |  |  | 1 |  |  |  | 1 |
| Expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases | (191) | (5) |  |  | (196) | (206) |  |  |  | (206) |
| Expenditures for assets under operating leases |  | (320) |  |  | (320) | (11) | (203) |  |  | (214) |
| Other, net | (448) | 233 |  |  | (215) | 317 | (252) | (1) |  | 64 |
| Net cash provided (used) by investing activities | (639) | 17 |  |  | (622) | 101 | (1029) | (1) |  | (929) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in debt | 450 | (1385) |  |  | (935) | 153 | 262 |  |  | 415 |
| Dividends paid | (321) | (120) | 120 | (3) | (321) | (594) | (80) | 80 | (3) | (594) |
| Other | (5) |  |  |  | (5) | (641) | (1) | 1 |  | (641) |
| Net cash provided (used) by financing activities | 124 | (1505) | 120 |  | (1261) | (1082) | 181 | 81 |  | (820) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 185 | 45 |  |  | 230 | (96) | (38) |  |  | (134) |
| **Net increase (decrease) in cash and cash equivalents** | **(220)** | **(499)** | **—** |  | **(719)** | **(1914)** | **(484)** | **—** |  | **(2398)** |
| **Cash and cash equivalents, beginning of year** | **2421** | **1445** | **—** |  | **3866** | **3628** | **1417** | **—** |  | **5045** |
| **Cash and cash equivalents, end of period** | $**2201** | $**946** | $**—** |  | $**3147** | $**1714** | $**933** | $**—** |  | $**2647** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) &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;(4) &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;

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

---

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

---

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

---

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

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

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

------

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

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

**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) | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| Third party (debt) | $(27408) | $(26882) | $(4989) | $(4043) | $(22419) | $(22839) |
| Intersegment notes payable |  |  | (241) | (456) | (325) | (334) |
| Financial payables to Iveco Group N.V. | (69) | (62) | (3) | (4) | (66) | (58) |
| **Total (Debt)**<sup>(1)</sup> | **(27477)** | **(26944)** | **(5233)** | **(4503)** | **(22810)** | **(23231)** |
| Cash and cash equivalents | 2512 | 3191 | 2106 | 2332 | 406 | 859 |
| Restricted cash | 635 | 675 | 95 | 89 | 540 | 586 |
| Intersegment notes receivable |  |  | 325 | 334 | 241 | 456 |
| Financial receivables from Iveco Group N.V. | 263 | 168 | 174 | 50 | 89 | 118 |
| Derivatives hedging debt | (2) | (37) | (20) | (29) | 18 | (8) |
| **Net Cash (Debt)**<sup>(2)</sup>  | $**(24069)** | $**(22947)** | $**(2553)** | $**(1727)** | $**(21516)** | $**(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 $241 million and $456 million as of June 30, 2025 and December 31, 2024, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $325 million and $334 million as of June 30, 2025 and December 31, 2024, respectively.

&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 $(84) million and $122 million as of June 30, 2025 and December 31, 2024, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP** | **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** |
| **Six Months Ended June 30,** | **Six Months Ended June 30,** | | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| **2025** | **2024** | ($ million) | **2025** | **2024** |
| $**934** | $**(515)** | **Net cash provided (used) by Operating Activities** | $**772** | $**379** |
| (824) | (322) | Cash flows from Operating Activities of Financial Services, net of eliminations | (186) | (124) |
| 9 | (1) | Change in derivatives hedging debt of Industrial Activities and other |  | (1) |
|  | (11) | Investments in assets sold under operating lease assets of Industrial Activities |  | (7) |
| (191) | (206) | Investments in property, plant and equipment, and intangible assets of Industrial Activities | (88) | (110) |
| (44) | (14) | Other changes<sup>(1)</sup> | (47) | 3 |
| $**(116)** | $**(1069)** | **Free cash flow of Industrial Activities** | $**451** | $**140** |

---

&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;

**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** |
| **Six Months Ended June 30,** | **Six Months Ended June 30,** | | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| **2025** | **2024**<sup>(1)</sup> | ($ million) | **2025** | **2024**<sup>(1)</sup> |
| $**349** | $**773** | **Net income (loss)** | $**217** | $**404** |
| (1) | 85 | Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) | (1) | 60 |
|  | (19) | Adjustments impacting Income tax (expense) benefit (b) |  | (13) |
| $**348** | $**839** | **Adjusted net income (loss)** | $**216** | $**451** |
| $343 | $833 | Adjusted net income (loss) attributable to CNH Industrial N.V. | $212 | $446 |
| 1253 | 1267 | Weighted average shares outstanding – diluted (million) | 1253 | 1260 |
| **0.27** | **0.66** | **Adjusted diluted EPS ($)** | **0.17** | **0.35** |
| $437 | $856 | **Income (loss) of Consolidated Group before income tax (expense) benefit** | $275 | $454 |
| (1) | 85 | Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) | (1) | 60 |
| $**436** | $**941** | **Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A)** | $**274** | $**514** |
| $(123) | $(172) | **Income tax (expense) benefit** | $(76) | $(95) |
|  | (19) | Adjustments impacting Income tax (expense) benefit (b) |  | (13) |
| $**(123)** | $**(191)** | **Adjusted income tax (expense) benefit (B)** | $**(76)** | $**(108)** |
| 28.2% | 20.3% | **Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)** | 27.7% | 21.0% |
|  |  | **a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates** |  |  |
| $11 | $82 | Restructuring expenses | $5 | $51 |
| (12) | (12) | Pre-tax gain related to the 2021 U.S. healthcare plan modification | (6) | (6) |
|  | 15 | Sale of certain non-core product lines |  | 15 |
| $**(1)** | $**85** | **Total** | $**(1)** | $**60** |
|  |  | **b) Adjustments impacting Income tax (expense) benefit** |  |  |
| $— | $(19) | Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates | $— | $(13) |
| $**—** | $**(19)** | **Total** | $**—** | $**(13)** |

---

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

------

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

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

**Other Supplemental Financial Information**

*(Unaudited)*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| ($ million, except per share data) | **Previously Reported** | **Revision Impacts** | **As Revised** | **Previously Reported** | **Revision Impacts** | **As Revised** |
| **Income (loss) of Consolidated Group before Income Taxes** | $**454** | $**—** | $**454** | $**856** | $**—** | $**856** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (95) |  | (95) | (172) |  | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in income of unconsolidated subsidiaries and affiliates | 79 | (34) | 45 | 156 | (67) | 89 |
| **Net income (loss)** | **438** | **(34)** | **404** | **840** | **(67)** | **773** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | 5 |  | 5 | 6 |  | 6 |
| **Net income (loss) attributable to CNH Industrial N.V.** | $**433** | $**(34)** | $**399** | $**834** | $**(67)** | $**767** |
| Earnings per share attributable to common shareholders |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.34 | $(0.02) | $0.32 | $0.66 | $(0.05) | $0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.34 | $(0.02) | $0.32 | $0.66 | $(0.05) | $0.61 |

---

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

---

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

---

------

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

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

**Other Supplemental Financial Information**

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| ($ million, except per share data) | **Q1 2024** | **Q2 2024** | **H1 2024** |
| **Equity in income of unconsolidated subsidiaries and affiliates** | **Equity in income of unconsolidated subsidiaries and affiliates** | **Equity in income of unconsolidated subsidiaries and affiliates** |  |
| As reported | $77 | $79 | $156 |
| Revision impacts | (33) | (34) | (67) |
| As revised | $44 | $45 | $89 |
| **Net income (loss)** |  |  |  |
| As reported | $402 | $438 | $840 |
| Revision impacts | (33) | (34) | (67) |
| As revised | $369 | $404 | $773 |
| **Net income (loss) attributable to CNH Industrial N.V.** | **Net income (loss) attributable to CNH Industrial N.V.** | **Net income (loss) attributable to CNH Industrial N.V.** | **Net income (loss) attributable to CNH Industrial N.V.** |
| As reported | $401 | $433 | $834 |
| Revision impacts | (33) | (34) | (67) |
| As revised | $368 | $399 | $767 |
| **Earnings per share attributable to CNH Industrial N.V. - Basic** | **Earnings per share attributable to CNH Industrial N.V. - Basic** | **Earnings per share attributable to CNH Industrial N.V. - Basic** | **Earnings per share attributable to CNH Industrial N.V. - Basic** |
| As reported | $0.32 | $0.34 | $0.66 |
| Revision impacts | (0.03) | (0.02) | (0.05) |
| As revised | $0.29 | $0.32 | $0.61 |
| **Earnings per share attributable to CNH Industrial N.V. - Diluted** | **Earnings per share attributable to CNH Industrial N.V. - Diluted** | **Earnings per share attributable to CNH Industrial N.V. - Diluted** | **Earnings per share attributable to CNH Industrial N.V. - Diluted** |
| As reported | $0.31 | $0.34 | $0.66 |
| Revision impacts | (0.02) | (0.02) | (0.05) |
| As revised | $0.29 | $0.32 | $0.61 |
| **Adjusted net income**<sup>(1)</sup> |  |  |  |
| As reported | $421 | $485 | $906 |
| Revision impacts | (33) | (34) | (67) |
| As revised | $388 | $451 | $839 |
| **Adjusted diluted EPS**<sup>(1)</sup> |  |  |  |
| As reported | $0.33 | $0.38 | $0.71 |
| Revision impacts | (0.03) | (0.03) | (0.05) |
| As revised | $0.30 | $0.35 | $0.66 |
| **Adjusted EBIT of Industrial Activities**<sup>(1)</sup> | **Adjusted EBIT of Industrial Activities**<sup>(1)</sup> | **Adjusted EBIT of Industrial Activities**<sup>(1)</sup> | **Adjusted EBIT of Industrial Activities**<sup>(1)</sup> |
| As reported | $405 | $536 | $941 |
| Revision impacts | (33) | (34) | (67) |
| As revised | $372 | $502 | $874 |
| **Adjusted EBIT Margin of Industrial Activities**<sup>(1)</sup> | **Adjusted EBIT Margin of Industrial Activities**<sup>(1)</sup> | **Adjusted EBIT Margin of Industrial Activities**<sup>(1)</sup> | **Adjusted EBIT Margin of Industrial Activities**<sup>(1)</sup> |
| As reported | 9.8% | 11.2% | 10.5% |
| Revision impacts | (0.8)% | (0.7)% | (0.7)% |
| As revised | 9.0% | 10.5% | 9.8% |

---

------

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

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

**Other Supplemental Financial Information**

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| ($ million) | **Q1 2024** | **Q2 2024** | **H1 2024** |
| **Adjusted EBIT of Agriculture**<sup>(1)</sup> | **Adjusted EBIT of Agriculture**<sup>(1)</sup> | **Adjusted EBIT of Agriculture**<sup>(1)</sup> |  |
| As reported | $421 | $536 | $957 |
| Revision impacts | (33) | (34) | (67) |
| As revised | $388 | $502 | $890 |
| **Adjusted EBIT Margin of Agriculture**<sup>(1)</sup> | **Adjusted EBIT Margin of Agriculture**<sup>(1)</sup> | **Adjusted EBIT Margin of Agriculture**<sup>(1)</sup> | **Adjusted EBIT Margin of Agriculture**<sup>(1)</sup> |
| As reported | 12.5% | 13.7% | 13.1% |
| Revision impacts | (1.0)% | (0.9)% | (0.9)% |
| As revised | 11.5% | 12.8% | 12.2% |

---

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

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

---

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

---

------

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

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

**Other Supplemental Financial Information**

*(Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| ($ million, except per share data) | **Q1 2024** | **Q2 2024** | **H1 2024** |
| **Net income (loss) - as reported** | $**402** | $**438** | $**840** |
| Revision impacts | (33) | (34) | (67) |
| **Net income (loss) - as revised** | **369** | **404** | **773** |
| Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates | 25 | 60 | 85 |
| Adjustments impacting Income tax (expense) benefit | (6) | (13) | (19) |
| **Adjusted net income (loss)** | $**388** | $**451** | $**839** |
| Adjusted net income (loss) attributable to CNH Industrial N.V. - as reported | $420 | $480 | $900 |
| Revision impacts | (33) | (34) | (67) |
| Adjusted net income (loss) attributable to CNH Industrial N.V. - as revised | $387 | $446 | $833 |
| Weighted average shares outstanding – diluted (million) | 1274 | 1260 | 1267 |
| **Adjusted diluted EPS ($)** | $**0.30** | $**0.35** | $**0.66** |

---

## Exhibit 99.2

![](ex992q22025001.jpg)

Q2 2025 FINANCIAL RESULTS AUGUST 1, 2025

------

![](ex992q22025002.jpg)

Q2 2025 results \| August 1, 20252 SAFE HARBOR STATEMENT AND DISCLOSURES All statements other than statements of historical fact contained in this presentation including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward-looking statements also include statements regarding the future performance of CNH and its subsidiaries on a standalone basis. These statements may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "outlook", "continue", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "prospects", "plan", or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods related products, changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods related issues such as agriculture, the environment, debt relief and subsidy program policies, trade, commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls, tariffs and other protective measures issued to promote national interests or address foreign competition, which in turn result or may result in retaliatory tariffs or other measures enacted by affected trade partners; volatility in international trade caused by the imposition of tariffs and the related impact on cost and prices, which could consequently affect demand of our products, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post- employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing. Forward-looking statements are based upon assumptions relating to the factors described in this presentation, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH's control. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH, including factors that potentially could materially affect its financial results, is included in the Company's reports and filings with the U.S. Securities and Exchange Commission ("SEC"). All future written and oral forward-looking statements by CNH or persons acting on behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above. Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company's filings with the SEC (including, but not limited to, the factors discussed in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q). Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are included in this presentation, which is available on our website at investors.cnh.com.

------

![](ex992q22025003.jpg)

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

------

![](ex992q22025004.jpg)

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

------

![](ex992q22025005.jpg)

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

------

![](ex992q22025006.jpg)

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

------

![](ex992q22025007.jpg)

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

------

![](ex992q22025008.jpg)

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

------

![](ex992q22025009.jpg)

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

------

![](ex992q22025010.jpg)

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

------

![](ex992q22025011.jpg)

Q2 2025 results \| August 1, 202511 CAPITAL ALLOCATION PRIORITIES ORGANIC GROWTH & MARGIN EXPANSION Support organic growth through investment in commercial actions, operational efficiencies, and quality improvements BALANCE SHEET STRENGTH & STRONG CREDIT RATING Preserve investment grade credit rating as foundational commitment INORGANIC GROWTH Maintain option for strategic, disciplined, and margin accretive M&A SHAREHOLDER RETURNS After debt repayment and M&A, return substantially all Industrial FCF to shareholders through a consistent dividend and share buybacks

------

![](ex992q22025012.jpg)

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

------

![](ex992q22025013.jpg)

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

------

![](ex992q22025014.jpg)

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

------

![](ex992q22025015.jpg)

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

------

![](ex992q22025016.jpg)

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

------

![](ex992q22025017.jpg)

17 APPENDIX

------

![](ex992q22025018.jpg)

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

------

![](ex992q22025019.jpg)

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

------

![](ex992q22025020.jpg)

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

------

![](ex992q22025021.jpg)

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

------

![](ex992q22025022.jpg)

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

------

![](ex992q22025023.jpg)

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

------

![](ex992q22025024.jpg)

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

------

![](ex992q22025025.jpg)

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

------

![](ex992q22025026.jpg)

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

------

![](ex992q22025027.jpg)

27 RECONCILIATIONS

------

![](ex992q22025028.jpg)

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

------

![](ex992q22025029.jpg)

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

------

![](ex992q22025030.jpg)

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

------

![](ex992q22025031.jpg)

Q2 2025 results \| August 1, 202531 The composition of our regions part of the geographic information is as follows: ▪ North America: United States, Canada, and Mexico ▪ Europe, Middle East, and Africa (EMEA): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, Balkans, Russia, Türkiye, Uzbekistan, Pakistan, the African continent, and the Middle East ▪ South America: Central and South America, and the Caribbean Islands ▪ Asia Pacific (APAC): Continental Asia (including the Indian subcontinent), Indonesia and Oceania Industry Data ▪ In this presentation, industry information is generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various Rest of the World markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers' in North America, the Committee for European Construction Equipment in Europe, the ANFAVEA in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by an independent service bureau. ▪ Not all Agricultural or Construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Russia, Turkey, Brazil, and any country where local shipments are not reported. ▪ In addition, there may be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be estimated, in making any adjustments to the shipment, delivery, sale, or registration data to determine our estimates of retail unit data in any period. GEOGRAPHIC INFORMATION

------

![](ex992q22025032.jpg)

Q2 2025 results \| August 1, 202532 CNH monitors its operations through the use of several non-GAAP financial measures. CNH's management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers' ability to assess CNH's financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP. CNH's non-GAAP financial measures used in this presentation are defined as follows: Adjusted EBIT of Industrial Activities is defined as net income (loss) before income taxes, Financial Services' results, Industrial Activities' interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non- recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities. Adjusted EBIT Margin of Industrial Activities is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial Activities. Adjusted Net Income (Loss) is defined as net income (loss), less restructuring charges and non-recurring items, after tax. Adjusted Diluted EPS is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Adjusted Income Tax (Expense) Benefit is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits. Adjusted Effective Tax Rate (Adjusted ETR) is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items. Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow) refers to Industrial Activities only and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations. For forecasted information, the Company is unable to provide a reconciliation of this measure without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Change excluding FX or Constant Currency refers to the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year's revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations. NON-GAAP FINANCIAL MEASURES

------

![](ex992q22025033.jpg)

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

------

![](ex992q22025034.jpg)

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

------

![](ex992q22025035.jpg)

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

------