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Financial and Operational Results Third Quarter 2026 October 29, 2026
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Safe Harbor Forward-looking statements in this presentation, including statements about our strategic plans and initiatives as well as their financial impacts, demand, product development, and capital expenditure plans and timing of those plans, and our expectations with respect to the costs and benefits of those plans and timing of those benefits, future revenue, crop production and farm income, production levels, price levels, margins, earnings, operating income, cash flow, engineering expense, tax rates, and other financial metrics, are subject to risks that could cause actual results to differ materially from those suggested by the statements. These risks include, but are not limited to, adverse developments in the agricultural industry, including those resulting from any, supply chain disruption, inflation, tariffs, weather, commodity prices, changes in product demand, interruptions in the supply of parts and products, the possible failure by us to develop new and improved products on time, including premium technology and smart farming solutions, within budget and with the expected performance and price benefits, difficulties in integrating the PTx Trimble businesses in a manner that produces the expected financial results, introduction of new or improved products by our competitors and reductions in pricing by them, the conflicts in the Ukraine and the Middle East, difficulties in integrating acquired businesses and in completing expansion and modernization plans on time and in a manner that produces the expected financial results, and adverse changes in the financial and foreign exchange markets. Actual results could differ materially from those suggested in these statements. Further information concerning these and other risks is included in AGCO’s filings with the SEC, including its Form 10-K for the year ended December 31, 2025, and subsequent Form 10-Q filings. AGCO disclaims any obligation to update any forward-looking statements except as required by law.
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Financial Summary $M** REPORTED Q3 26 Q3 26 vs. Q3 25 YTD 26 YTD 26 vs. YTD 25 NET SALES $2,262.5 (8.6)% $7,215.1 0.7% GROSS MARGIN 25.0% (110)bps 24.8% (70)bps OPERATING INCOME $116.1 (23.4)% $337.5 (7.5)% OPERATING MARGIN 5.1% (100)bps 4.7% (40)bps DILUTED EPS $0.75 $(3.34) $2.59 $(5.86) ADJUSTED Q3 26 Q3 26 vs. Q3 25 YTD 26 YTD 26 vs. YTD 25 ADJ. OPERATING INCOME* $137.0 (25.9)% $416.0 (14.4)% ADJ. OPERATING MARGIN* 6.1% (140)bps 5.8% (100)bps DILUTED ADJUSTED EPS* $1.05 $(0.30) $3.42 $0.31 *Reflects non-GAAP measures. See reconciliations provided in the appendix to this presentation. **Except per share amounts 3
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4 Industry Overview September 2026 Year-to-Date Retail Units NORTH AMERICA BRAZIL(2)WESTERN EUROPE(2) (9)% 2026 vs. 2025 Tractors(1) Combines Industry Industry (10)% 2026 vs. 2025 (1)% 2026 vs. 2025 Tractors Combines Industry Industry (2)% 2026 vs. 2025 (17)% 2026 vs. 2025 Tractors Combines Industry Industry (38)% 2026 vs. 2025 (1) Excludes compact tractors (2) Amounts based on Company estimates
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Q1 Q2 Q3 Q4E 2025 Production 2026 Production Plan 5 Production AGCO Production Hours Q3 2026 Production DOWN 19% vs. 2025 Projected Full-Year 2026 Production DOWN ~5% vs. 2025 15% -1% -19%
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6 We Design Around the Farmer AGCO has already moved past connected equipment. The platform layers are in place. DATA TECHNOLOGY PTx retrofit-first and mixed-fleet, so adoption never waits for a machinery trade or development cycle. SERVICE FarmerCore brings the dealership to the farmer through mobile, digital and on- farm service solutions. MACHINES Premium brands and purpose-built solutions that fit each farming operation, rather than a single equipment ecosystem. Farmers choose how they buy, how they adopt technology and how they are served. FARMER PROBLEMS AGCO SOLUTIONS LABOR PROFIT
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7 The Innovation Flywheel – Solutions Across the Crop Cycle PLANNING AND PREP Creating a farm ecosystem that connects technology, data and machines across brands. FarmENGAGE, Panorama, Aurora PLANTING Optimizing inputs. Precision Planting Technology APPLICATION Taking care of the land responsibly. Symphony Product Family HARVESTING Accomplishing all necessary tasks with reduced labor. OutRun Autonomy ALL STAGES Maximizing machine performance and farm insights. FarmerCore
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21% 13% 58% 8% NA LATAM EME APA -18% -19% 9% 35% -9% EME LATAM APA NA Total Segments -5% -23% 7% 21% -3% EME LATAM APA NA Total Segments 8 Q3 26 vs. Q3 25 Segment Net Sales Excluding Currency Translation* $2.5B $2.3B Q3 2026(1) Q3 2025(1) Regional Net Sales Results NA – North America LATAM – Latin America EME – Europe/Middle East APA – Asia/Pacific/Africa * Reflects non-GAAP measures. See reconciliations provided in the appendix to this presentation. (1) Effective January1, 2026, the Company realigned its organizational structure to support its Farmer-First transformation initiatives in North America. As a result, the Company’s Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. YTD 26 vs. YTD 25 Segment Net Sales Excluding Currency Translation* 15% 14% 65% 6% NA LATAM EME APA
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$485.9M $416.0M 6.8% 5.8% Sep YTD 25 Sep YTD 26 Adj. Op. Income* ($M) Adj. Op. Margin* $2.5B $2.9B $2.3B $2.6B $2.3B 7.5% 10.1% 4.6% 6.6% 6.1% 0% 2% 4% 6% 8% 10% 12% 14% 16% $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj. Op. Margin* Net Sales ($B) Adj. Op Margin* 9 Net Sales, Adjusted Operating Income and Adjusted Operating Margins September Year-to-DateQ3 25 to Q3 26 * Reflects non-GAAP measures. See reconciliations provided in the appendix to this presentation.
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10 Free Cash Flow* $65M $(381)M 2025 2026 Source / (Use) of Cash ($ Mils) SEPTEMBER YTD FREE CASH FLOW $740M ~$300M 2025 2026E Source of Cash ($ Mils) FULL YEAR FREE CASH FLOW OUTLOOK SECOND HALF OF YEAR SEASONALLY STRONGER ▪ Used $381 million in free cash flow through September YTD 2026 ▪ Working capital primary source of cash by year-end ▪ Confirmed full year FCF target of ~$300M FREE CASH FLOW CONVERSION FRAMEWORK ▪ Targeting 75% - 100% Free Cash Flow Conversion SHAREHOLDER RETURNS ▪ $57 million in share repurchases completed in the third quarter ▪ $402 million in share repurchases completed YTD ▪ Quarterly Dividend of $0.30 per share Note: Free Cash Flow is a non-GAAP measure and is defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment. Free Cash Flow Conversion is a non-GAAP term defined as (net cash provided by (used in) operating activities less purchases of property, plant and equipment) / "Adjusted Net Income". * See reconciliations provided in the appendix to this presentation.
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47K Down ~15% 2025 2026E 117K Down 0-5% 2025 2026E WESTERN EUROPE(2) 11 2026 Market Outlook Regional Market Outlook – Industry Unit Tractor Sales NORTH AMERICA(1,2) BRAZIL(2) (1) Excludes compact tractors (2) Amounts based on Company estimates 82K Large Ag Down ~15% Small Ag Down ~5% 2025 2026E
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12 2026 Key Assumptions ENGINEERING EXPENSE ~5% of Sales ADJUSTED OPERATING MARGIN ~7.0% EFFECTIVE TAX RATE 31% - 33% 2026 vs. 2025 +1% Foreign Currency Impact Pricing 1.5% - 2.0% Market Share Gains Further Dealer Inventory Destocking Estimated current tariff financial impact and corresponding mitigation actions reflected in outlook Continued Decline Global Demand (Industry ~83% of Mid-Cycle)
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2026 Outlook $9.8B - $10.0B Net Sales ~$5.50 Adjusted Earnings Per Share $250M - $300M Capex 75% - 100% Free Cash Flow Conversion(1) (1) Free Cash Flow Conversion is a non-GAAP measure and is defined as (net cash provided by (used in) operating activities less purchases of property, plant and equipment) / "Adjusted Net Income”. 13
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Appendix
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Non-GAAP to GAAP Reconciliation In Millions, Except Percentages 15 (1) Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer-First transformation initiatives in North America. As a result, the Company’s Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. Three Months Ended September 30, Change due to currency translation Change excluding currency translation 2026 2025 % change from 2025 % % North America $ 485.3 $ 359.9 34.8% (0.3)% 35.1% Latin America(1) 292.3 345.5 (15.4)% 3.7% (19.1)% Europe/Middle East 1,306.1 1,613.8 (19.1)% (1.0)% (18.1)% Asia/Pacific/Africa 178.8 157.1 13.8% 4.6% 9.2% Total Segments $ 2,262.5 $ 2,476.3 (8.6)% 0.1% (8.7)% NET SALES
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Non-GAAP to GAAP Reconciliation In Millions, Except Percentages 16 (1) Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer-First transformation initiatives in North America. As a result, the Company’s Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. Nine Months Ended September 30, Change due to currency translation Change excluding currency translation 2026 2025 % change from 2025 % % North America $ 1,363.2 $ 1,123.3 21.4% 0.2% 21.2% Latin America(1) 775.3 931.9 (16.8)% 5.9% (22.7)% Europe/Middle East 4,639.3 4,719.2 (1.7)% 3.5% (5.2)% Asia/Pacific/Africa 437.3 387.4 12.9% 6.3% 6.6% Total Segments $ 7,215.1 $ 7,161.8 0.7% 3.4% (2.7)% NET SALES
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Three Months Ended September 30, 2026 2025 Income From Operations Net Income(1) Net Income Per Share(1) Income From Operations Net Income(1) Net Income Per Share(1) As reported $ 116.1 $ 51.7 $ 0.75 $ 151.6 $ 305.7 $ 4.09 Restructuring and business optimization expenses 6.5 6.1 0.08 8.7 6.4 0.08 Amortization of PTx Trimble acquired intangibles 14.4 11.1 0.16 20.5 12.5 0.16 Transaction-related costs - - - 4.8 1.3 0.02 Impairment charges - - - (0.6) (0.6) (0.01) Gain on sale of investment in affiliate - - - - (219.2) (2.93) Discrete tax items - 4.0 0.06 - (4.7) (0.06) As adjusted $ 137.0 $ 72.9 $ 1.05 $ 185.0 $ 101.4 $ 1.35 Non-GAAP to GAAP Reconciliation In Millions, Except Per Share Amounts 17 INCOME FROM OPERATIONS NET INCOME NET INCOME PER SHARE (1) Net income and net income per share amounts are after tax.
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Nine Months Ended September 30, 2026 2025 Income From Operations Net Income(1) Net Income Per Share(1) Income From Operations Net Income(1) Net Income Per Share(1) As reported $ 337.5 $ 183.9 $ 2.59 $ 365.0 $ 631.0 $ 8.45 Restructuring and business optimization expenses 27.7 23.2 0.32 37.3 27.7 0.37 Amortization of PTx Trimble acquired intangibles 43.1 33.2 0.47 46.3 28.0 0.37 Transaction-related costs 0.3 - - 17.7 4.9 0.07 Impairment charges 2.1 2.1 0.03 7.3 7.3 0.09 Loss on sale of business - - - 12.3 12.7 0.17 Divestiture-related foreign currency translation release 5.3 5.3 0.07 - - - Gain on sale of investment in affiliate - - - - (219.2) (2.93) Discrete tax items - (4.5) (0.06) - (259.9) (3.48) As adjusted $ 416.0 $ 243.2 $ 3.42 $ 485.9 $ 232.5 $ 3.11 Non-GAAP to GAAP Reconciliation In Millions, Except Per Share Amounts 18 INCOME FROM OPERATIONS NET INCOME NET INCOME PER SHARE (1) Net income and net income per share amounts are after tax.
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Non-GAAP to GAAP Reconciliation In Millions, Except Percentages 19 Three Months Ended 2026 2025 Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Net sales $ 2,262.5 $ 2,609.7 $ 2,342.9 $ 2,920.2 $ 2,476.3 Income from operations 116.1 140.7 80.7 230.7 151.6 Adjusted income from operations(1) $ 137.0 $ 171.6 $ 217.5 $ 295.1 $ 185.0 Operating margin(2) 5.1 % 5.4 % 3.4 % 7.9 % 6.1 % Adjusted operating margin(2) 6.1 % 6.6 % 4.6 % 10.1 % 7.5 % OPERATING MARGIN (1) Refer to the previous table for the reconciliation of income from operations to adjusted income from operations. (2) Operating margin is defined as the ratio of income from operations divided by net sales. Adjusted operating margin is defined as the ratio of adjusted income from operations divided by net sales.
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Non-GAAP to GAAP Reconciliation In Millions, Except Percentages 20 Nine Months Ended 2026 2025 Sep 30, Sep 30, Net sales $ 7,215.1 $ 7,161.8 Income from operations 337.5 365.0 Adjusted income from operations(1) $ 416.0 $ 485.9 Operating margin(2) 4.7 % 5.1 % Adjusted operating margin(2) 5.8 % 6.8 % OPERATING MARGIN (1) Refer to the previous table for the reconciliation of income from operations to adjusted income from operations. (2) Operating margin is defined as the ratio of income from operations divided by net sales. Adjusted operating margin is defined as the ratio of adjusted income from operations divided by net sales.
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Non-GAAP to GAAP Reconciliation In Millions 21 Note: Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment. Nine Months Ended September 30, Year Ended December 31, 2026 2025 2025 Net cash provided by (used in) operating activities $ (218.4) $ 224.5 $ 988.1 Less: purchases of property, plant and equipment (162.2) (159.3) (247.9) Free Cash Flow $ (380.6) $ 65.2 $ 740.2 FREE CASH FLOW