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Item 1. Financial Statements

2025-07-31 compared with 2025-05-01 · 508 added, 179 removed, 740 unchanged (48% of the section changed)

3 unchanged sentences

(unaudited and in millions, except share amounts)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Current Assets:

31 unchanged sentences

Common stock;

$ 0.01 par value, 150,000,000 shares authorized, 74,581,953 and 74,420,952 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

$ 0.01 par value, 150,000,000 shares authorized, 74,603,607 and 74,420,952 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 10.0 —

7 unchanged sentences

(unaudited and in millions, except per share data)

Three Months Ended March 31,

Three Months Ended June 30,

Net sales $ 2,635.0 $ 3,246.6

7 unchanged sentences

Restructuring and business optimization expenses

Loss on sale of business

Income (loss) from operations

164.0 ( 241.7 )

Interest expense, net

Other expense, net

Income (loss) before income taxes and equity in net earnings of affiliates

97.3 ( 336.9 )

Income tax provision (benefit)

( 205.5 ) 41.6

Income (loss) before equity in net earnings of affiliates

302.8 ( 378.5 )

Equity in net earnings of affiliates

Net income (loss)

314.4 ( 368.9 )

Net loss attributable to noncontrolling interests 0.4 1.8

Net income (loss) attributable to AGCO Corporation

$ 314.8 $ ( 367.1 )

Net income (loss) per common share attributable to AGCO Corporation:

$ 4.22 $ ( 4.92 )

Cash dividends declared and paid per common share $ 0.29 $ 2.79

Weighted average number of common and common equivalent shares outstanding:

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Six Months Ended June 30,

Net sales $ 4,685.5 $ 6,175.3

Cost of goods sold 3,506.3 4,568.0

Gross profit 1,179.2 1,607.3

Operating expenses:

Selling, general and administrative expenses 652.2 730.2

Engineering expenses

Amortization of intangibles

Impairment charges 7.9 5.1

Restructuring and business optimization expenses

Loss on sale of business

Income from operations 213.4 31.9

3 unchanged sentences

95.9 ( 116.0 )

Income tax provision

Income tax provision (benefit)

( 203.5 ) 110.7

Income (loss) before equity in net earnings of affiliates

1 unchanged sentence

Equity in net earnings of affiliates

Net income 8.7 168.0

Net income (loss)

323.1 ( 200.9 )

Net loss attributable to noncontrolling interests 2.2 1.8

Net income attributable to AGCO Corporation

Net income (loss) attributable to AGCO Corporation

$ 325.3 $ ( 199.1 )

Net income per common share attributable to AGCO Corporation:

Net income (loss) per common share attributable to AGCO Corporation:

$ 4.36 $ ( 2.67 )

4 unchanged sentences

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in millions)

Three Months Ended March 31,

Three Months Ended June 30,

Net income (loss)

$ 314.4 $ ( 368.9 )

5 unchanged sentences

61.7 ( 136.2 )

Comprehensive income

Comprehensive loss attributable to noncontrolling interests

Comprehensive income attributable to AGCO Corporation

Comprehensive income (loss)

376.1 ( 505.1 )

Comprehensive loss (income) attributable to noncontrolling interests

Comprehensive income (loss) attributable to AGCO Corporation

$ 371.6 $ ( 502.3 )

Six Months Ended June 30,

Net income (loss)

$ 323.1 $ ( 200.9 )

Other comprehensive income (loss):

Foreign currency translation adjustments 140.4 ( 188.1 )

Defined pension and postretirement benefit plans, net of tax

Deferred gains and losses on derivatives, net of tax 0.2 4.9

Other comprehensive income (loss)

144.5 ( 179.6 )

Comprehensive income (loss)

467.6 ( 380.5 )

Comprehensive loss (income) attributable to noncontrolling interests

Comprehensive income (loss) attributable to AGCO Corporation

$ 463.4 $ ( 377.7 )

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

(unaudited and in millions)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities:

Net income (loss)

$ 323.1 $ ( 200.9 )

Adjustments to reconcile net income to net cash used in operating activities:

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation 124.6 128.5

2 unchanged sentences

Impairment charges 7.9 5.1

Loss on sale of business

Equity in net earnings of affiliates, net of cash received ( 23.1 ) ( 25.1 )

10 unchanged sentences

Total adjustments ( 169.6 ) 66.4

Net cash used in operating activities

Net cash provided by (used in) operating activities

153.5 ( 134.5 )

2 unchanged sentences

Proceeds from sale of property, plant and equipment 1.1 1.3

Purchase of businesses, net of cash acquired

— ( 1,902.2 )

Proceeds from sale of business

Investments in unconsolidated affiliates, net

( 1.2 ) ( 0.2 )

Other ( 5.3 ) ( 0.1 )

6 unchanged sentences

Payment of debt issuance costs — ( 15.2 )

Investments by noncontrolling interests, net

Net cash provided by financing activities 98.1 2,335.4

Effects of exchange rate changes on cash, cash equivalents and restricted cash 27.7 ( 24.9 )

Increase (decrease) in cash, cash equivalents and restricted cash

( 50.1 ) 1,860.3

Increase in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash, beginning of period 612.7 595.5

1 unchanged sentence

$ 783.9 $ 677.3

____________________________________

(1) Includes $ 20.0 million of cash and cash equivalents classified as held for sale as of June 30, 2024.

See accompanying notes to condensed consolidated financial statements.

4 unchanged sentences

GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows at the dates and for the periods presented.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows at the dates and for the periods presented.

These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

6 unchanged sentences

Remeasurement adjustments for financial statements in highly inflationary economies and other transactional exchange gains and losses are reported in “Other expense, net” within the Company's Condensed Consolidated Statements of Operations.

For the three months ended and as of March 31, 2025, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $ 67.9 million and total assets of approximately 6.6 billion Turkish lira (or approximately $ 173.1 million).

The monetary assets and liabilities denominated in the Turkish lira were approximately 4.7 billion Turkish lira (or approximately $ 125.2 million) and approximately 3.1 billion Turkish lira (or approximately $ 81.9 million), respectively, as of March 31, 2025.

The monetary assets and liabilities were remeasured into United States dollars based on exchange rates as of March 31, 2025.

For the six months ended and as of June 30, 2025, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $ 150.4 million and total assets of approximately 7.1 billion Turkish lira (or approximately $ 178.8 million).

The monetary assets and liabilities denominated in the Turkish lira were approximately 5.9 billion Turkish lira (or approximately $ 147.5 million) and approximately 3.9 billion Turkish lira (or approximately $ 98.0 million), respectively, as of June 30, 2025.

The monetary assets and liabilities were remeasured into United States dollars based on exchange rates as of June 30, 2025.

The Company has a wholly-owned subsidiary in Argentina that assembles and distributes agricultural equipment and replacement parts.

In recent years, the Argentine government has substantially limited the ability of companies to transfer funds out of Argentina.

As a consequence of these limitations, the spread between the official government exchange rate and the exchange rates resulting from certain capital market operations, usually effected to obtain United States dollars, has broadened significantly.

Argentina's economy was determined to be highly inflationary during 2018.

In December 2023, the central bank of Argentina adjusted the official foreign currency exchange rate for the Argentine peso, significantly devaluing the currency relative to the United States dollar.

For the three months ended and as of March 31, 2025, the Company's wholly-owned subsidiary in Argentina had net sales of approximately $ 39.3 million and total assets of approximately 289.0 billion pesos (or approximately $ 268.8 million).

The monetary assets of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 128.8 billion pesos (or approximately $ 119.8 million), inclusive of approximately 87.0 billion pesos (or approximately $ 80.9 million) in cash and cash equivalents, as of March 31, 2025.

The monetary liabilities of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 29.1 billion pesos (or approximately $ 27.1 million) as of March 31, 2025.

The monetary assets and liabilities were remeasured into United States dollar based on exchange rates as of March 31, 2025.

For the six months ended and as of June 30, 2025, the Company's wholly-owned subsidiary in Argentina had net sales of approximately $ 93.0 million and total assets of approximately 310.8 billion pesos (or approximately $ 261.0 million).

The monetary assets of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 131.9 billion pesos (or approximately $ 110.8 million), inclusive of approximately 97.6 billion pesos (or approximately $ 82.0 million) in cash and cash equivalents, as of June 30, 2025.

The monetary liabilities of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 27.5 billion pesos (or approximately $ 23.1 million) as of June 30, 2025.

The monetary assets and liabilities were remeasured into United States dollar based on exchange rates as of June 30, 2025.

The Company's finance joint venture in Argentina, AGCO Capital Argentina S.A.

(“AGCO Capital”), had net monetary assets denominated in pesos at the official government rate of approximately 7.9 billion pesos (or approximately $ 7.3 million) as of March 31, 2025.

All gains and losses resulting from AGCO Capital's remeasurement of its monetary assets and liabilities are reported as part of AGCO Capital's net income, our share of which is included in “Equity in net earnings of affiliates” within our Condensed Consolidated Statements of Operations.

(“AGCO Capital”), had net monetary assets denominated in pesos at the official government rate of approximately 7.7 billion pesos (or approximately $ 6.5 million) as of June 30, 2025.

All gains and losses resulting from AGCO Capital's remeasurement of its monetary assets and liabilities are reported in “Equity in net earnings of affiliates” within the Company's Condensed Consolidated Statements of Operations.

New Accounting Pronouncements to be Adopted

3 unchanged sentences

The requirements will be effective for annual periods beginning after December 15, 2024.

Notes to Condensed Consolidated Financial Statements - Continued

The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.

The Company plans to adopt this standard as of December 31, 2025 and is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

The Company plans to adopt this standard as of December 31, 2025 and it will impact only our disclosures, with no impact to our financial condition or results of operations.

Notes to Condensed Consolidated Financial Statements - Continued

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

3 unchanged sentences

The ASU will be applied prospectively with an option to simultaneously apply retrospectively.

The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.

The updated standard will impact only our disclosures, with no impact to our financial condition or results of operations.

On September 28, 2023, the Company entered into a Sale and Contribution Agreement among AGCO, Trimble Inc.

66 unchanged sentences

OneAg's pre-acquisition results have been added to the Company's historical results.

The pro forma results (in millions) contained in the table below include adjustments for (i) the elimination of sales between the Company and OneAg, (ii) amortization of acquired intangible assets (iii) interest expense and amortization of debt issuance costs related to borrowings under the Senior Notes due 2027 and 2034 and term loan facility and (iv) transaction-related costs as if these had been incurred on January 1, 2023 for the period ending March 31, 2024.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Unaudited Consolidated Pro Forma Results

Net sales $ 3,246.6 $ 6,258.7

Net income attributable to AGCO Corporation

Net loss attributable to AGCO Corporation

( 354.4 ) ( 198.0 )

These pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisitions occurred on the assumed dates, nor are they necessarily an indication of future operating results.

4 unchanged sentences

The Company determined the sale of the G&P business did not represent a strategic shift that had or will have a major effect on the consolidated results of operations, and therefore results of this business were not classified as discontinued operations.

The Company received net proceeds of $ 630.7 million on the transaction date, which is subject to the finalization of preliminary working capital and other adjustments, and recognized a loss on the sale of business of $ 507.3 million.

The loss on sale of business includes $ 93.6 million of cumulative translation adjustment losses representing amounts previously recorded in accumulated other comprehensive loss.

The proceeds from the sale were used to repay the Term Loan Facility and reduce borrowings under the Credit Facility.

The Company received net proceeds of $ 630.7 million on the transaction date, which was subject to the finalization of preliminary working capital and other adjustments, and recognized a loss on the sale of business of $ 507.3 million.

The loss on sale of business included $ 93.6 million of cumulative translation adjustment losses representing amounts previously recorded in accumulated other comprehensive loss.

In May 2025, the preliminary working capital and other adjustments were finalized resulting in an additional loss of $ 12.3 million which is included within “Loss on sale of business” in the Company's Condensed Consolidated Statements of Operations.

The proceeds from the sale were used to repay the Term Loan Facility and reduce borrowings under the Credit Facility in 2024.

Refer to Note 9 for further information.

24 unchanged sentences

The Company has accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures.

The cash received from receivables sold under these accounts receivable sales agreements that remain outstanding as of March 31, 2025 and December 31, 2024 was approximately $ 2.1 billion and $ 2.3 billion, respectively.

The cash received from receivables sold under these accounts receivable sales agreements that remain outstanding as of June 30, 2025 and December 31, 2024 was approximately $ 2.0 billion and $ 2.3 billion, respectively.

Under the terms of the accounts receivable sales agreements in the U.S., Canada, Europe and Brazil, the Company pays an annual fee related to the servicing of the receivables sold.

4 unchanged sentences

In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world.

The cash received from trade receivables sold under factoring arrangements that remain outstanding as of March 31, 2025 and December 31, 2024 was approximately $ 210.1 million and $ 220.5 million, respectively.

The cash received from trade receivables sold under factoring arrangements that remain outstanding as of June 30, 2025 and December 31, 2024 was approximately $ 254.2 million and $ 220.5 million, respectively.

Under these arrangements, the Company is required to continue to service the sold receivables at market rates.

3 unchanged sentences

agreements and determined that receivables sold under these agreements should be accounted for as off-balance sheet transactions.

Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $ 18.9 million and $ 27.9 million during the three months ended March 31, 2025 and 2024, respectively.

Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $ 19.8 million and $ 38.7 million during the three and six months ended June 30, 2025, respectively.

Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $ 35.9 million and $ 63.8 million during the three and six months ended June 30, 2024, respectively.

The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers.

As of March 31, 2025 and December 31, 2024, these finance joint ventures had approximately $ 115.8 million and $ 139.2 million, respectively, of outstanding accounts receivable associated with these arrangements.

As of June 30, 2025 and December 31, 2024, these finance joint ventures had approximately $ 94.3 million and $ 139.2 million, respectively, of outstanding accounts receivable associated with these arrangements.

In certain foreign countries, the Company invoices its finance joint ventures directly and the finance joint ventures retain a form of title to the goods delivered to dealers until the dealer makes payment so that the finance joint ventures can recover the goods in the event of dealer or end customer default on payment.

3 unchanged sentences

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill during the three months ended March 31, 2025 are summarized as follows (in millions):

Changes in the carrying amount of goodwill during the six months ended June 30, 2025 are summarized as follows (in millions):

North America South America Europe/Middle East Asia/Pacific/Africa Consolidated

1 unchanged sentence

Foreign currency translation 1.6 7.8 68.9 — 78.3

Balance as of March 31, 2025 $ 742.8 $ 99.5 $ 980.6 $ 20.4 $ 1,843.3

Balance as of June 30, 2025 $ 744.4 $ 102.7 $ 1,031.2 $ 20.4 $ 1,898.7

Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements - Continued

Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2025 are summarized as follows (in millions):

Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2025 are summarized as follows (in millions):

Gross carrying amounts:

1 unchanged sentence

Balance as of December 31, 2024 $ 75.1 $ 179.1 $ 604.7 $ 50.9 $ 909.8

Impairment charge

( 1.6 ) — ( 0.6 ) — ( 2.2 )

Foreign currency translation 1.3 12.5 16.8 — 30.6

Balance as of March 31, 2025 $ 75.5 $ 183.6 $ 610.0 $ 50.9 $ 920.0

Balance as of June 30, 2025 $ 74.8 $ 191.6 $ 620.9 $ 50.9 $ 938.2

Accumulated amortization:

2 unchanged sentences

Amortization expense 2.1 3.5 22.8 2.6 31.0

Impairment charge

( 1.2 ) — ( 0.4 ) — ( 1.6 )

Foreign currency translation 1.1 10.6 6.9 — 18.6

Balance as of March 31, 2025 $ 47.0 $ 115.2 $ 108.4 $ 16.3 $ 286.9

Balance as of June 30, 2025 $ 47.6 $ 123.7 $ 124.3 $ 17.5 $ 313.1

Indefinite-lived intangible assets:

2 unchanged sentences

Foreign currency translation 4.0

Balance as of March 31, 2025 $ 85.1

Balance as of June 30, 2025 $ 87.8

The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from four to 50 years.

External-use software, net, developed by the Company and marketed externally, was approximately $ 0.2 million and $ 0.4 million as of March 31, 2025 and December 31, 2024, respectively, and classified within “Intangible assets, net.”

Inventories, net at March 31, 2025 and December 31, 2024, were as follows (in millions):

March 31, 2025 December 31, 2024

External-use software, net, developed by the Company and marketed externally, was approximately $ 0.4 million as of December 31, 2024 and classified within “Intangible assets, net.”

Inventories, net at June 30, 2025 and December 31, 2024, were as follows (in millions):

June 30, 2025 December 31, 2024

Finished goods $ 1,295.4 $ 1,187.9

3 unchanged sentences

Inventories, net $ 3,096.4 $ 2,731.3

At March 31, 2025 and December 31, 2024, the Company had recorded $ 269.3 million and $ 251.1 million respectively, as a reserve for surplus and obsolete inventories.

At June 30, 2025 and December 31, 2024, the Company had recorded $ 279.8 million and $ 251.1 million respectively, as a reserve for surplus and obsolete inventories.

These reserves are reflected within “Inventories, net” within the Company's Condensed Consolidated Balance Sheets.

1 unchanged sentence

PRODUCT WARRANTY

The warranty reserve activity for the three months ended March 31, 2025 and 2024, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):

Three Months Ended March 31,

The warranty reserve activity for the three and six months ended June 30, 2025 and 2024, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Balance at beginning of period $ 746.6 $ 793.1 $ 743.0 $ 800.8

Accruals for warranties issued

113.7 93.8 180.1 185.9

Settlements made and deferred revenue recognized

( 107.0 ) ( 93.6 ) ( 196.1 ) ( 175.6 )

Reclassified to held for sale (1)

— ( 11.6 ) — ( 11.6 )

Foreign currency translation 47.7 ( 11.2 ) 74.0 ( 29.0 )

Balance at March 31 $ 746.6 $ 793.1

Balance at June 30 $ 801.0 $ 774.6 $ 801.0 $ 774.6

____________________________________

(1) Reclassification resulting from the Company's classification of the majority of the Grain & Protein (“G&P”) business as held for sale as of June 30, 2024.

The Company divested the majority of its G&P business on November 1, 2024.

Refer to Note 3 for additional information.

The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to four years .

2 unchanged sentences

Revenue is recognized for the extended warranty contracts on a straight-line basis, which the Company believes approximates the cost expected to be incurred in satisfying the obligations, over the extended warranty period.

Approximately $ 589.4 million, $ 598.7 million and $ 661.9 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

Approximately $ 157.2 million, $ 144.3 million and $ 131.2 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Approximately $ 634.4 million, $ 598.7 million and $ 635.6 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2025, December 31, 2024 and June 30, 2024, respectively.

Approximately $ 166.6 million, $ 144.3 million and $ 139.0 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2025, December 31, 2024, and June 30, 2024, respectively.

The Company recognizes potential recoveries of the costs associated with warranties it provides when the collection is probable.

9 unchanged sentences

The Company has no economic interest in a supplier’s decision to participate in the programs, and the Company has no direct financial relationship with the banks or other intermediaries as it relates to the supplier finance programs.

As of March 31, 2025, payment terms with the majority of the Company’s suppliers are 30 to 180 days, which correspond to the contractual terms, with rates that are based on market rates (such as SOFR) plus a credit spread.

As of June 30, 2025, payment terms with the majority of the Company’s suppliers are 30 to 180 days, which correspond to the contractual terms, with rates that are based on market rates (such as SOFR) plus a credit spread.

There are no assets pledged as security under the programs.

As of March 31, 2025 and December 31, 2024, the amounts outstanding that remain unpaid to the banks or other intermediaries totaled $ 37.0 million and $ 50.6 million, respectively, and are reflected in “Accounts payable” in the Company’s Condensed Consolidated Balance Sheets.

As of June 30, 2025 and December 31, 2024, the amounts outstanding that remain unpaid to the banks or other intermediaries totaled $ 40.1 million and $ 50.6 million, respectively, and are reflected in “Accounts payable” in the Company’s Condensed Consolidated Balance Sheets.

Notes to Condensed Consolidated Financial Statements - Continued

Long-term debt consisted of the following at March 31, 2025 and December 31, 2024 (in millions):

March 31, 2025 December 31, 2024

Long-term debt consisted of the following at June 30, 2025 and December 31, 2024 (in millions):

June 30, 2025 December 31, 2024

Credit Facility, expires 2027

6 unchanged sentences

Senior term loans due between 2025 and 2028

Other long-term debt — —

Debt issuance costs ( 11.0 ) ( 12.0 )

2,830.7 2,558.1

Current portion of other long-term debt — —

1.002 % EIB Senior term loan due 2025

5 unchanged sentences

The Company has a credit facility providing for a $ 1.25 billion multi-currency unsecured revolving credit facility (“Credit Facility”) that matures on December 19, 2027.

As of March 31, 2025, the Company had $ 476.2 million in outstanding borrowings under the revolving credit facility and had the ability to borrow $ 773.8 million.

In May 2025, the Company amended the Credit Facility with respect to the net leverage ratio financial covenant requirements for the remainder of 2025 and in the event of a future material acquisition.

As of June 30, 2025, the Company had $ 375.0 million in outstanding borrowings under the revolving credit facility and had the ability to borrow $ 875.0 million.

Uncommitted Credit Facility

The Company has an uncommitted revolving credit facility that allows the Company to borrow up to € 100.0 million (or approximately $ 108.1 million as of March 31, 2025).

The Company has an uncommitted revolving credit facility that allows the Company to borrow up to € 200.0 million (or approximately $ 234.3 million as of June 30, 2025).

The credit facility expires on December 31, 2026.

As of March 31, 2025 and December 31, 2024, the Company had no outstanding borrowings under the revolving credit facility.

As of June 30, 2025 and December 31, 2024, the Company had no outstanding borrowings under the revolving credit facility.

1.002 % European Investment Bank ( “ EIB ” ) Senior Term Loan due 2025

1 unchanged sentence

Other Short-Term Borrowings

As of March 31, 2025 and December 31, 2024, the Company had short-term borrowings due within one year, excluding the current portion of long-term debt, of approximately $ 114.1 million and $ 90.4 million, respectively.

As of June 30, 2025 and December 31, 2024, the Company had short-term borrowings due within one year, excluding the current portion of long-term debt, of approximately $ 134.1 million and $ 90.4 million, respectively.

Standby Letters of Credit and Similar Instruments

The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage.

At March 31, 2025 and December 31, 2024, outstanding letters of credit totaled approximately $ 14.0 million and $ 13.2 million, respectively.

At June 30, 2025 and December 31, 2024, outstanding letters of credit totaled approximately $ 14.0 million and $ 13.2 million, respectively.

Notes to Condensed Consolidated Financial Statements - Continued

5 unchanged sentences

The Company incurred the majority of charges in 2024 and expects to incur the remaining charges in 2025.

Restructuring expenses activity, which relates to severance and other related costs, during the three months ended March 31, 2025, is summarized as follows (in millions):

Restructuring expenses activity, which relates to severance and other related costs, during the three and six months ended June 30, 2025, is summarized as follows (in millions):

Balance as of December 31, 2024 $ 136.2

3 unchanged sentences

Balance as of March 31, 2025 $ 109.5

Approximately $ 98.4 million and $ 125.2 million of restructuring expenses are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively.

Approximately $ 11.1 million and $ 11.0 million of restructuring expenses are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively.

Second quarter 2025 provision, net of reversals 2.5

Second quarter 2025 cash activity ( 39.4 )

Foreign currency translation 7.3

Balance as of June 30, 2025 $ 79.9

Approximately $ 68.1 million and $ 125.2 million of restructuring expenses are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively.

Approximately $ 11.8 million and $ 11.0 million of restructuring expenses are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively.

Business Optimization Expenses

Business optimization expenses primarily relate to professional services costs incurred as part of the restructuring program aimed at reducing structural costs, enhancing global efficiencies by changing the Company’s operating model for certain corporate and back-office functions.

During the three months ended March 31, 2025, the Company recognized approximately $ 13.8 million of business optimization expenses.

During the three and six months ended June 30, 2025, the Company recognized approximately $ 13.1 million and $ 26.9 million, respectively, of business optimization expenses.

Notes to Condensed Consolidated Financial Statements - Continued

7 unchanged sentences

The Company designates certain foreign currency contracts as cash flow hedges of expected future sales and purchases.

The total notional value of derivatives that were designated as cash flow hedges was approximately $ 247.0 million and $ 356.7 million as of March 31, 2025 and December 31, 2024, respectively.

The total notional value of derivatives that were designated as cash flow hedges was approximately $ 256.5 million and $ 356.7 million as of June 30, 2025 and December 31, 2024, respectively.

Steel Commodity Contracts

The Company designates certain steel commodity contracts as cash flow hedges of expected future purchases of steel.

The Company did not have any derivatives that were designated as cash flow hedges related to steel commodity contracts as of March 31, 2025 and December 31, 2024, respectively.

The Company did not have any derivatives that were designated as cash flow hedges related to steel commodity contracts as of June 30, 2025 and December 31, 2024, respectively.

Interest Rate Risk

4 unchanged sentences

Notes to Condensed Consolidated Financial Statements - Continued

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2025 (in millions):

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended June 30, 2025 (in millions):

Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount

Accumulated derivative net gains as of December 31, 2024

Accumulated derivative net gains as of March 31, 2025

$ 9.8 $ 2.2 $ 7.6

7 unchanged sentences

Total ( 1.6 ) ( 0.4 ) ( 1.2 )

Accumulated derivative net gains as of June 30, 2025

$ 11.5 $ 2.4 $ 9.1

____________________________________

(1) The outstanding contracts as of June 30, 2025 range in maturity through December 2025.

As of June 30, 2025, approximately $ 0.2 million of realized derivative net gains, before taxes, remain in accumulated other comprehensive loss related to foreign currency contracts associated with inventory that had not yet been sold.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended June 30, 2024 (in millions):

Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount

Accumulated derivative net gains as of March 31, 2024

$ 8.1 $ 2.0 $ 6.1

Net changes in fair value of derivatives

Foreign currency contracts

( 2.8 ) 0.7 ( 3.5 )

(1) The outstanding contracts as of March 31, 2025 range in maturity through December 2025.

As of March 31, 2025, approximately $ 0.2 million of realized derivative net losses, before taxes, remain in accumulated other comprehensive loss related to foreign currency contracts associated with inventory that had not yet been sold.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended March 31, 2024 (in millions):

( 2.8 ) 0.7 ( 3.5 )

Net losses (gains) reclassified from accumulated other comprehensive loss into income

Foreign currency contracts

Commodity contracts

Treasury rate locks

( 0.3 ) ( 0.1 ) ( 0.2 )

Total 1.5 — 1.5

Accumulated derivative net gains as of June 30, 2024

$ 6.8 $ 2.7 $ 4.1

Notes to Condensed Consolidated Financial Statements - Continued

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2025 (in millions):

Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount

Accumulated derivative net gains as of December 31, 2024

$ 11.7 $ 2.8 $ 8.9

Net changes in fair value of derivatives

Foreign currency contracts (1)

Net gains reclassified from accumulated other comprehensive loss into income

Foreign currency contracts (1)

( 3.7 ) ( 1.1 ) ( 2.6 )

Treasury rate locks

( 0.4 ) ( 0.1 ) ( 0.3 )

Total ( 4.1 ) ( 1.2 ) ( 2.9 )

Accumulated derivative net gains as of June 30, 2025

$ 11.5 $ 2.4 $ 9.1

____________________________________

(1) The outstanding contracts as of June 30, 2025 range in maturity through December 2025.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the six months ended June 30, 2024 (in millions):

Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount

Accumulated derivative net losses as of December 31, 2023

4 unchanged sentences

Commodity contracts ( 0.3 ) — ( 0.3 )

( 0.3 ) — ( 0.3 )

Treasury rate locks

Net losses reclassified from accumulated other comprehensive loss into income

Net losses (gains) reclassified from accumulated other comprehensive loss into income

Foreign currency contracts

Commodity contracts

Treasury rate locks

( 0.3 ) ( 0.1 ) ( 0.2 )

Total 4.1 0.3 3.8

Accumulated derivative net gains as of March 31, 2024

Accumulated derivative net gains as of June 30, 2024

$ 6.8 $ 2.7 $ 4.1

12 unchanged sentences

The cross currency swap contracts have an expiration date of November 6, 2027, November 6, 2029 and November 6, 2031, respectively.

At maturity of the cross currency swap contracts, the Company is expected to deliver the notional amount of approximately € 385.5 million (or approximately $ 416.7 million as of March 31, 2025) and 155.5 million Swiss francs (or approximately $ 176.2 million as of March 31, 2025), respectively, and receive $ 600.0 million from the counterparties.

At maturity of the cross currency swap contracts, the Company is expected to deliver the notional amount of approximately € 385.5 million (or approximately $ 451.7 million as of June 30, 2025) and 155.5 million Swiss francs (or approximately $ 195.0 million as of June 30, 2025), respectively, and receive $ 600.0 million from the counterparties.

The Company receives quarterly interest payments from the counterparties based on a fixed interest rate until maturity of the cross currency swap.

1 unchanged sentence

Notional Amount as of

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Cross currency swap contracts

$ 600.0 $ 600.0

The following table summarizes the changes in the fair value of the cross currency swap contracts designated as a net investment hedge during the three months ended March 31, 2025 and 2024 (in millions):

The following table summarizes the changes in the fair value of the cross currency swap contracts designated as a net investment hedge during the three months and six months ended June 30, 2025 and 2024 (in millions):

Gain (Loss) Recognized in Other Comprehensive Income (Loss) for the

Three Months Ended

Gain (Loss) Recognized in Other Comprehensive Income (Loss) for the

Six Months Ended

Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount

March 31, 2025 $ ( 10.0 ) $ ( 2.6 ) $ ( 7.4 )

March 31, 2024 4.7 1.2 3.5

Before-Tax Amount Income Tax Expense (Benefit) After-Tax Amount

June 30, 2025 $ ( 49.3 ) $ ( 12.7 ) $ ( 36.6 ) $ ( 59.3 ) $ ( 15.3 ) $ ( 44.0 )

June 30, 2024 3.4 0.8 2.6 8.1 2.0 6.1

Derivative Transactions Not Designated as Hedging Instruments

2 unchanged sentences

Gains and losses on such contracts are substantially offset by losses and gains on the remeasurement of the underlying asset or liability being hedged and are immediately recognized into earnings.

As of March 31, 2025 and December 31, 2024, the Company had outstanding foreign currency contracts with a notional amount of approximately $ 2,122.1 million and $ 3,231.2 million, respectively.

As of June 30, 2025 and December 31, 2024, the Company had outstanding foreign currency contracts with a notional amount of approximately $ 2,238.7 million and $ 3,231.2 million, respectively.

Notes to Condensed Consolidated Financial Statements - Continued

1 unchanged sentence

Gain (Loss) Recognized in Net Income for the Three Months Ended

Gain (Loss) Recognized in Net Income for the Six Months Ended

Classification of Gain (Loss)

March 31, 2025 March 31, 2024

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Foreign currency contracts Other expense, net $ 26.0 $ ( 33.5 ) $ 43.9 $ ( 41.8 )

The table below sets forth the fair value of derivative instruments as of March 31, 2025 (in millions):

The table below sets forth the fair value of derivative instruments as of June 30, 2025 (in millions):

Asset Derivatives as of

March 31, 2025

June 30, 2025

Liability Derivatives as of

March 31, 2025

June 30, 2025

Balance Sheet Location Fair Value Balance Sheet Location Fair Value

8 unchanged sentences

____________________________________

(1) The outstanding contracts as of March 31, 2025 range in maturity through May 2025.

(1) The outstanding contracts as of June 30, 2025 range in maturity through August 2025.

The table below sets forth the fair value of derivative instruments as of December 31, 2024 (in millions):

15 unchanged sentences

STOCKHOLDERS’ EQUITY

The following tables set forth changes in redeemable noncontrolling interests and stockholders’ equity attributed to AGCO Corporation and to noncontrolling interests for the three months ended March 31, 2025 and 2024 (in millions):

The following tables set forth changes in redeemable noncontrolling interests and stockholders’ equity attributed to AGCO Corporation and to noncontrolling interests for the three and six months ended June 30, 2025 and 2024 (in millions):

Redeemable Noncontrolling Interests

3 unchanged sentences

Comprehensive Loss Total Stockholders’

Balance, December 31, 2024 $ 300.1 $ 0.7 $ — $ 5,645.0 $ ( 1,902.9 ) $ 3,742.8

Balance, March 31, 2025 $ 299.8 $ 0.7 $ 0.7 $ 5,629.6 $ ( 1,821.6 ) $ 3,809.4

Stock compensation — — 9.6 — — 9.6

3 unchanged sentences

Net income (loss) ( 0.4 ) — — 314.8 — 314.8

Other comprehensive income (loss):

Other comprehensive income:

Foreign currency translation adjustments

5 unchanged sentences

Payment of dividends to stockholders — — — ( 21.7 ) — ( 21.7 )

Balance, June 30, 2025 $ 304.3 $ 0.7 $ 10.0 $ 5,922.6 $ ( 1,764.8 ) $ 4,168.5

Redeemable Noncontrolling Interests Common

Stock Additional

Paid-in Capital Retained

Earnings Accumulated Other

Comprehensive Loss Total Stockholders’

Balance, December 31, 2024 $ 300.1 $ 0.7 $ — $ 5,645.0 $ ( 1,902.9 ) $ 3,742.8

Stock compensation — — 15.8 — — 15.8

Issuance of stock awards — — ( 5.8 ) ( 4.4 ) — ( 10.2 )

Comprehensive income (loss):

Net income (loss)

( 2.2 ) — — 325.3 — 325.3

Other comprehensive income:

Foreign currency translation adjustments 6.4 — — — 134.0 134.0

Defined pension and postretirement benefit plans, net of tax

— — — — 3.9 3.9

Deferred gains and losses on derivatives, net of tax — — — — 0.2 0.2

Payment of dividends to stockholders — — — ( 43.3 ) — ( 43.3 )

Balance, June 30, 2025 $ 304.3 $ 0.7 $ 10.0 $ 5,922.6 $ ( 1,764.8 ) $ 4,168.5

Notes to Condensed Consolidated Financial Statements - Continued

Redeemable Noncontrolling Interests Common

Stock Additional

Paid-in Capital Retained

Earnings Accumulated Other

Comprehensive Loss Noncontrolling

Interests Total Stockholders’

Balance, March 31, 2024 $ — $ 0.7 $ — $ 6,505.9 $ ( 1,751.5 ) $ 0.1 $ 4,755.2

Stock compensation — — 6.4 — — — 6.4

Issuance of stock awards

— — ( 0.3 ) 0.1 — — ( 0.2 )

Comprehensive income (loss):

( 1.8 ) — — ( 367.1 ) — — ( 367.1 )

Other comprehensive income (loss):

Foreign currency translation adjustments

( 1.0 ) — — — ( 135.1 ) — ( 135.1 )

Defined pension and postretirement benefit plans, net of tax

— — — — 1.9 — 1.9

Deferred gains and losses on derivatives, net of tax

— — — — ( 2.0 ) — ( 2.0 )

Payment of dividends to stockholders — — — ( 208.3 ) — — ( 208.3 )

Equity transaction associated with JCA noncontrolling interest (Note 2)

— — 3.1 — — — 3.1

Initial fair value of redeemable noncontrolling interests (Note 2) 499.4 — — — — — —

Investment by redeemable noncontrolling interest (Note 2) 8.1 — — — — — —

Balance, June 30, 2024 $ 504.7 $ 0.7 $ 9.2 $ 5,930.6 $ ( 1,886.7 ) $ 0.1 $ 4,053.9

Notes to Condensed Consolidated Financial Statements - Continued

Redeemable Noncontrolling Interests Common

Stock Additional

8 unchanged sentences

SSARs exercised — — ( 0.1 ) — — — ( 0.1 )

Comprehensive income:

Comprehensive income (loss):

( 1.8 ) — — ( 199.1 ) — — ( 199.1 )

7 unchanged sentences

Payment of dividends to stockholders — — — ( 229.9 ) — — ( 229.9 )

Equity transaction associated with JCA noncontrolling interest (Note 2)

— — 3.1 — — — 3.1

Balance, March 31, 2024 $ 0.7 $ — $ 6,505.9 $ ( 1,751.5 ) $ 0.1 $ 4,755.2

Initial fair value of redeemable noncontrolling interests (Note 2)

499.4 — — — — — —

Investment by redeemable noncontrolling interest (Note 2) 8.1 — — — — — —

Balance, June 30, 2024 $ 504.7 $ 0.7 $ 9.2 $ 5,930.6 $ ( 1,886.7 ) $ 0.1 $ 4,053.9

Notes to Condensed Consolidated Financial Statements - Continued

The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation for the three months ended March 31, 2025 (in millions):

The following table sets forth changes in accumulated other comprehensive loss by component, net of tax, attributed to AGCO Corporation for the six months ended June 30, 2025 (in millions):

Defined Pension and Postretirement Benefit Plans

8 unchanged sentences

3.9 ( 2.9 ) — 1.0

Other comprehensive income (loss)

Other comprehensive income

3.9 0.2 134.0 138.1

Accumulated other comprehensive loss,

March 31, 2025

June 30, 2025

$ ( 214.9 ) $ 9.1 $ ( 1,559.0 ) $ ( 1,764.8 )

The following table sets forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation for the three months ended March 31, 2025 and 2024 (in millions):

The following tables set forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation for the three and six months ended June 30, 2025 and 2024 (in millions):

Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item within the Condensed Consolidated

Statements of Operations

Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, 2025 (1)

Three Months Ended March 31, 2024 (1)

Details about Accumulated Other Comprehensive Loss Components Three Months Ended June 30, 2025 (1)

Three Months Ended June 30, 2024 (1)

Net losses (gains) on foreign currency contracts

$ ( 1.4 ) $ 1.6 Cost of goods sold

Net losses on commodity contracts

— 0.2 Cost of goods sold

Net gains on treasury rate locks

1 unchanged sentence

Reclassification before tax ( 1.6 ) 1.5

Income tax expense (benefit)

Income tax expense

0.4 — Income tax provision

9 unchanged sentences

____________________________________

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, respectively.

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the three months ended June 30, 2025 and 2024, respectively.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements - Continued

Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item within the Condensed Consolidated

Statements of Operations

Details about Accumulated Other Comprehensive Loss Components Six Months Ended June 30, 2025 (1)

Six Months Ended June 30, 2024 (1)

Net losses (gains) on foreign currency contracts

$ ( 3.7 ) $ 4.2 Cost of goods sold

Net losses on commodity contracts

— 0.2 Cost of goods sold

Net gains on treasury rate locks

( 0.4 ) ( 0.3 ) Interest expense, net

Reclassification before tax ( 4.1 ) 4.1

Income tax expense (benefit)

1.2 ( 0.3 ) Income tax provision

Reclassification net of tax $ ( 2.9 ) $ 3.8

Defined pension and postretirement benefit plans:

Amortization of net actuarial losses $ 4.3 $ 4.4 Other expense, net (2)

Amortization of prior service cost 1.0 0.8 Other expense, net (2)

Reclassification before tax 5.3 5.2

Income tax benefit

( 1.4 ) ( 1.6 ) Income tax provision

Reclassification net of tax $ 3.9 $ 3.6

Net losses reclassified from accumulated other comprehensive loss $ 1.0 $ 7.4

____________________________________

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the six months ended June 30, 2025 and 2024, respectively.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost.

Refer to Note 15 for additional information.

Share Repurchase Program

5 unchanged sentences

All shares received under the ASR agreement were retired upon receipt, and the excess of the purchase price over par value per share was recorded to a combination of “Additional paid-in capital” and “Retained earnings” within the Company’s Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2025, the Company did no t purchase any shares directly or enter into any accelerated share repurchase agreements.

As of March 31, 2025, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $ 35.0 million, which has no expiration date.

During the three months ended March 31, 2025 and 2024, the Company declared and paid cash dividends of $ 0.29 and $ 0.29 per common share, respectively.

On April 24, 2025, the Company's Board of Directors declared a regular quarterly dividend of $ 0.29 per common share to be paid on June 16, 2025, to all stockholders of record as of the close of business on May 15, 2025.

NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during each period.

Diluted net income per common share assumes the exercise of outstanding stock-settled stock appreciation rights (“SSARs”) and the vesting of restricted stock unit awards (“RSUs”) using the treasury stock method when there is no other circumstance other than the passage of time under which they would not be issued, and the effects of such assumptions are dilutive.

A reconciliation of net income attributable to AGCO Corporation and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three months ended March 31, 2025 and 2024 is as follows (in millions, except per share data):

Three Months Ended March 31,

Basic net income per share:

Net income attributable to AGCO Corporation

During the three and six months ended June 30, 2025, the Company did no t purchase any shares directly or enter into any accelerated share repurchase agreements.

As of June 30, 2025, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $ 35.0 million, which has no expiration date.

On July 9, 2025, the Company's Board of Directors authorized a new share repurchase program authorizing the Company to repurchase up to $ 1.0 billion of the Company's common stock, which has no expiration date.

During the three months ended June 30, 2025 and 2024, the Company declared and paid cash dividends of $ 0.29 and $ 2.79 per common share, respectively.

During the six months ended June 30, 2025 and 2024, the Company declared and paid cash dividends of $ 0.58 and $ 3.08 per common share, respectively.

The Company paid a special variable dividend of $ 2.50 per common share during the second quarter of 2024.

On July 9, 2025, the Company's Board of Directors declared a regular

Notes to Condensed Consolidated Financial Statements - Continued

quarterly dividend of $ 0.29 per common share to be paid on September 15, 2025, to all stockholders of record as of the close of business on August 15, 2025.

NET INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period.

Diluted net income (loss) per common share assumes the exercise of outstanding stock-settled stock appreciation rights (“SSARs”) and the vesting of restricted stock unit awards (“RSUs”) using the treasury stock method when there is no other circumstance other than the passage of time under which they would not be issued, and the effects of such assumptions are dilutive.

A reconciliation of net income (loss) attributable to AGCO Corporation and weighted average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share for the three and six months ended June 30, 2025 and 2024 is as follows (in millions, except per share data):

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 (1)

Basic net income (loss) per share:

Net income (loss) attributable to AGCO Corporation

$ 314.8 $ ( 367.1 ) $ 325.3 $ ( 199.1 )

Weighted average number of common shares outstanding 74.6 74.6 74.6 74.6

Basic net income per share attributable to AGCO Corporation

Basic net income (loss) per share attributable to AGCO Corporation

$ 4.22 $ ( 4.92 ) $ 4.36 $ ( 2.67 )

Diluted net income per share:

Net income attributable to AGCO Corporation

Diluted net income (loss) per share:

Net income (loss) attributable to AGCO Corporation

$ 314.8 $ ( 367.1 ) $ 325.3 $ ( 199.1 )

1 unchanged sentence

Dilutive SSARs and RSUs

Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share

Diluted net income per share attributable to AGCO Corporation

Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income (loss) per share

74.6 74.7 74.6 74.7

Diluted net income (loss) per share attributable to AGCO Corporation

$ 4.22 $ ( 4.92 ) $ 4.36 $ ( 2.67 )

____________________________________

(1) As the Company has reported a loss for the three and six months ended June 30, 2024, all potentially dilutive securities are antidilutive, and accordingly, basic net loss per share equals diluted net loss per share.

The income tax provision (benefit) and effective tax rate for the three and six months ended June 30, 2025 and 2024 are set forth below (in millions, except percentages):

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Income tax provision (benefit) and effective tax rate

$ ( 205.5 ) ( 211.2 ) % $ 41.6 ( 12.3 ) % $ ( 203.5 ) ( 212.2 ) % $ 110.7 ( 95.4 ) %

Our effective tax rate varies from period to period due to the mix of taxable income and losses in the various tax jurisdictions in which we operate.

During the three and six months ended June 30, 2025, the Company’s income tax provision included a net tax benefit of $ 255.2 million related to a legal entity reorganization.

During the three and six months ended June 30, 2024, the Brazilian courts confirmed a favorable tax ruling regarding the taxability of certain state value added tax incentive benefits, which allowed the Company to record a $ 31.7 million reduction in the provision for income taxes.

Notes to Condensed Consolidated Financial Statements - Continued

At March 31, 2025 and December 31, 2024, the Company had approximately $ 421.5 million and $ 387.4 million, respectively, of gross unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized.

Gross unrecognized income tax benefits as of March 31, 2025 and December 31, 2024 exclude certain indirect favorable effects that relate to other tax jurisdictions of approximately $ 141.4 million and $ 126.4 million, respectively.

In addition, the gross unrecognized income tax benefits as of March 31, 2025 and December 31, 2024 exclude certain deposits made in a foreign jurisdiction of approximately $ 26.2 million, net of $ 19.3 million refunds received, and $ 25.2 million, net of $ 18.5 million refunds received, respectively, associated with an ongoing audit.

At March 31, 2025 and December 31, 2024, the Company had approximately $ 9.9 million and $ 9.3 million, respectively, of accrued or deferred taxes related to uncertain income tax positions connected with ongoing income tax audits in various jurisdictions that it expects to settle or pay in the next 12 months, reflected in “Other current liabilities” in the Company’s Condensed Consolidated Balance Sheets.

At March 31, 2025 and December 31, 2024, the Company had approximately $ 411.8 million and $ 378.4 million, respectively, of accrued taxes reflected in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets.

The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes.

At March 31, 2025 and December 31, 2024, the Company had accrued interest and penalties related to unrecognized tax benefits of approximately $ 33.9 million and $ 30.9 million, respectively.

Generally, tax years 2019 through 2024 remain open to examination by taxing authorities in the United States and certain other foreign tax jurisdictions.

The Company and its subsidiaries are routinely examined by tax authorities in the United States and in various state, local and foreign jurisdictions.

As of March 31, 2025, a number of income tax examinations in foreign jurisdictions are ongoing.

The Company maintains a valuation allowance to reserve a portion of its net deferred tax assets in the United States and certain foreign jurisdictions.

4 unchanged sentences

PENSION AND POSTRETIREMENT BENEFIT PLANS

Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three months ended March 31, 2025 and 2024 are set forth below (in millions):

Three Months Ended March 31,

Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three and six months ended June 30, 2025 and 2024 are set forth below (in millions):

Three Months Ended June 30, Six Months Ended June 30,

Pension benefits 2025 2024 2025 2024

5 unchanged sentences

Net periodic pension cost $ 4.8 $ 3.9 $ 9.4 $ 7.8

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Postretirement benefits 2025 2024 2025 2024

1 unchanged sentence

Interest cost 0.3 0.4 0.7 0.8

Amortization of net actuarial losses ( 0.1 ) — ( 0.1 ) —

Amortization of prior service cost 0.1 — 0.2 0.1

Net periodic postretirement benefit cost $ 0.3 $ 0.4 $ 0.8 $ 1.0

Notes to Condensed Consolidated Financial Statements - Continued

The components of net periodic pension and postretirement benefits cost, other than the service cost component, are included in “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations.

During the three months ended March 31, 2025, the Company made approximately $ 5.3 million of contributions to its defined pension benefit plans.

During the six months ended June 30, 2025, the Company made approximately $ 8.6 million of contributions to its defined pension benefit plans.

The Company currently estimates its minimum contributions for 2025 to its defined pension benefit plans will aggregate to approximately $ 14.9 million.

During the three months ended March 31, 2025, the Company made approximately $ 0.4 million of contributions to its postretirement health care and life insurance benefit plans.

During the six months ended June 30, 2025, the Company made approximately $ 0.9 million of contributions to its postretirement health care and life insurance benefit plans.

The Company currently estimates that it will make approximately $ 1.7 million of contributions to its postretirement health care and life insurance benefit plans during 2025.

Notes to Condensed Consolidated Financial Statements - Continued

FAIR VALUE OF FINANCIAL INSTRUMENTS

15 unchanged sentences

Refer to Note 11 for additional information on the Company’s derivative instruments and hedging activities.

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 are summarized below (in millions):

As of March 31, 2025

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 are summarized below (in millions):

As of June 30, 2025

Level 1 Level 2 Level 3 Total

6 unchanged sentences

The carrying amounts of long-term debt under the Company’s EIB Senior term loans due 2029 and 2030 and Senior term loans due between 2025 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities.

At March 31, 2025, the estimated fair value of the Company's 0.800 % Senior notes due 2028, based on listed market values, was approximately € 549.4 million (or approximately $ 593.8 million), compared to the carrying value of € 600.0 million (or approximately $ 648.5 million).

At March 31, 2025, the estimated fair value of the Company's 5.450 % senior notes due 2027, based on listed market values, was approximately $ 405.4 million,

Notes to Condensed Consolidated Financial Statements - Continued

compared to the carrying value of $ 400.0 million.

At March 31, 2025, the estimated fair value of the Company's 5.800 % senior notes due 2034, based on listed market values, was approximately $ 710.1 million, compared to the carrying value of $ 700.0 million.

At June 30, 2025, the estimated fair value of the Company's 0.800 % Senior notes due 2028, based on listed market values, was approximately € 560.2 million (or approximately $ 656.4 million), compared to the carrying value of € 600.0 million (or approximately $ 703.0 million).

At June 30, 2025, the estimated fair value of the Company's 5.450 % senior notes due 2027, based on listed market values, was approximately $ 405.6 million, compared to the carrying value of $ 400.0 million.

At June 30, 2025, the estimated fair value of the Company's 5.800 % senior notes due 2034, based on listed market values, was approximately $ 711.6 million, compared to the carrying value of $ 700.0 million.

Refer to Note 9 for additional information on the Company’s long-term debt.

Notes to Condensed Consolidated Financial Statements - Continued

COMMITMENTS AND CONTINGENCIES

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2025 and December 31, 2024 were as follows (in millions):

March 31, 2025 December 31, 2024

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of June 30, 2025 and December 31, 2024 were as follows (in millions):

June 30, 2025 December 31, 2024

Operating Leases (1)

15 unchanged sentences

Off-Balance Sheet Arrangements

At March 31, 2025, the Company had outstanding guarantees issued to its Argentine finance joint venture, AGCO Capital Argentina S.A.

At June 30, 2025, the Company had outstanding guarantees issued to its Argentine finance joint venture, AGCO Capital Argentina S.A.

(“AGCO Capital”), of approximately $ 67.4 million.

3 unchanged sentences

The Company believes the credit risk associated with these guarantees is not material.

In addition, at March 31, 2025, the Company had accrued approximately $ 12.4 million of outstanding guarantees of residual values that may be owed to its finance joint ventures in the United States and Canada due upon expiration of certain eligible operating leases between the finance joint ventures and end users.

In addition, at June 30, 2025, the Company had accrued approximately $ 13.5 million of outstanding guarantees of residual values that may be owed to its finance joint ventures in the United States and Canada due upon expiration of certain eligible operating leases between the finance joint ventures and end users.

The maximum potential amount of future payments under these guarantees is approximately $ 216.9 million.

5 unchanged sentences

Contingencies

During 2017, the Company purchased Precision Planting, which provides precision agricultural technology solutions.

In 2018, Deere & Company (“Deere”) filed separate complaints in the U.S.

District Court of Delaware against the Company and Precision Planting alleging that certain products of those entities infringed certain patents of Deere.

The two complaints subsequently were consolidated into a single case, Case No.

1:18-cv-00827-CFC.

In July 2022, the case was tried before a jury, which determined that the Company and Precision Planting had not infringed the Deere patents.

Following customary post-trial procedures, the Court entered a judgment in the Company’s favor, and Deere appealed the judgment to the U.S.

Court of Appeals for the Federal Circuit.

On January 24, 2025, the Court ruled in favor of the Company and Precision Planting.

Deere did not file for a writ of certiorari from the U.S.

Supreme Court within the required time period, and, as a result, the District Court judgement is final.

The Company is a party to various other legal claims and actions incidental to its business.

3 unchanged sentences

(1) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time, (2) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to precision agriculture technology services and where the performance obligation is satisfied over time and (3) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to certain grain storage and protein production systems and where the performance obligation is satisfied over time.

The Company divested the majority of its Grain & Protein business on November 1, 2024.

Significant changes in the balance of contract liabilities for the three months ended March 31, 2025 and 2024 were as follows (in millions):

Three Months Ended March 31,

The Company divested the majority of its Grain & Protein (“G&P”) business on November 1, 2024.

Significant changes in the balance of contract liabilities for the three and six months ended June 30, 2025 and 2024 were as follows (in millions):

Three Months Ended June 30,

Balance at beginning of period $ 359.8 $ 321.5

2 unchanged sentences

Revenue recognized during the period related to grain storage and protein production systems ( 0.5 ) ( 7.5 )

Reclassified to held for sale (1)

Foreign currency translation 17.6 ( 1.3 )

Balance at March 31 $ 359.8 $ 321.5

Balance at June 30 $ 377.7 $ 331.7

Six Months Ended June 30,

Balance at beginning of period $ 341.5 $ 310.7

Advance consideration received 105.5 106.0

Revenue recognized during the period for extended warranty contracts, maintenance services and technology services ( 94.8 ) ( 77.2 )

Revenue recognized during the period related to grain storage and protein production systems ( 0.9 ) ( 12.2 )

Reclassified to held for sale (1)

Foreign currency translation 26.4 ( 6.1 )

Balance at June 30 $ 377.7 $ 331.7

__________________________________

(1) Reclassification resulting from the Company's classification of the majority of the G&P business as held for sale as of June 30, 2024.

The Company divested the majority of its G&P business on November 1, 2024.

Refer to Note 3 for additional information.

The contract liabilities are classified as either “Accrued expenses” or “Other current liabilities” and “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2025, the Company recognized approximately $ 35.5 million of revenue that was recorded as a contract liability at the beg inning of 2025.

During the three months ended March 31, 2024, the Company recognized approximately $ 33.2 million of revenue that was recorded as a contract liability at the beginning of 2024.

During the three and six months ended June 30, 2025,

Notes to Condensed Consolidated Financial Statements - Continued

the Company recognized approximately $ 51.0 million and $ 86.5 million of revenue that was recorded as a contract liability at the beg inning of 2025.

During the three and six months ended June 30, 2024, the Company recognized approximately $ 38.1 million and $ 71.3 million of revenue that was recorded as a contract liability at the beginning of 2024.

Remaining Performance Obligations

The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2025 are $ 108.8 million for the remainder of 2025, $ 116.7 million in 2026, $ 71.9 million in 2027, $ 33.9 million in 2028 and $ 14.6 million ther eafter, and relate primarily to extended warranty contracts.

The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2025 are $ 81.7 million for the remainder of 2025, $ 134.1 million in 2026, $ 88.3 million in 2027, $ 43.2 million in 2028 and $ 21.8 million ther eafter, and relate primarily to extended warranty contracts.

The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.

Disaggregated Revenue

Net sales for the three months ended March 31, 2025 disaggregated by primary geographical markets and major products consisted of the following (in millions):

Net sales for the three months ended June 30, 2025 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America

25 unchanged sentences

Notes to Condensed Consolidated Financial Statements - Continued

Net sales for the three months ended March 31, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions):

Net sales for the three months ended June 30, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America (1)

South America

Europe/Middle East Asia/Pacific/Africa

Europe/Middle East (1)

Asia/Pacific/Africa (1)

Total Segments

23 unchanged sentences

____________________________________

(1) “Other” represents the results for the three months ended March 31, 2024 for the majority of the Company’s Grain & Protein business which was divested on November 1, 2024.

(1) Rounding may impact summation of amounts.

(2) “Other” represents the results for the three months ended June 30, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024.

The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.

Notes to Condensed Consolidated Financial Statements - Continued

Net sales for the six months ended June 30, 2025 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America South America Europe/Middle East Asia/Pacific/Africa Consolidated

Primary geographical markets:

United States $ 595.3 $ — $ — $ — $ 595.3

Canada 168.1 — — — 168.1

Brazil — 392.1 — — 392.1

Other South America — 136.5 — — 136.5

Germany — — 759.5 — 759.5

France — — 587.2 — 587.2

United Kingdom and Ireland — — 252.2 — 252.2

Finland and Scandinavia — — 383.1 — 383.1

Italy — — 174.2 — 174.2

Other Europe — — 787.9 — 787.9

Middle East and Algeria — — 161.3 — 161.3

Africa — — — 44.7 44.7

Asia — — — 83.7 83.7

Australia and New Zealand — — — 101.9 101.9

Mexico, Central America and Caribbean 53.1 4.7 — — 57.8

$ 816.5 $ 533.3 $ 3,105.4 $ 230.3 $ 4,685.5

Major products:

Tractors $ 294.7 $ 344.2 $ 2,169.5 $ 143.9 $ 2,952.3

Replacement parts 199.5 76.4 612.2 46.9 935.0

Grain storage and protein production systems — — — 1.1 1.1

Combines, application equipment and other machinery 322.3 112.7 323.7 38.4 797.1

$ 816.5 $ 533.3 $ 3,105.4 $ 230.3 $ 4,685.5

Notes to Condensed Consolidated Financial Statements - Continued

Net sales for the six months ended June 30, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America (1)

South America

Europe/Middle East (1)

Asia/Pacific/Africa (1)

Total Segments

Primary geographical markets:

United States $ 953.5 $ — $ — $ — $ 953.5 $ 294.5 $ 1,248.0

Canada 215.4 — — — 215.4 36.4 251.8

Brazil — 433.6 — — 433.6 52.2 485.8

Other South America — 150.5 — — 150.5 9.3 159.8

Germany — — 1,052.3 — 1,052.3 8.3 1,060.6

France — — 714.4 — 714.4 3.8 718.2

United Kingdom and Ireland — — 266.3 — 266.3 2.4 268.7

Finland and Scandinavia — — 360.3 — 360.3 4.5 364.8

Italy — — 159.6 — 159.6 12.5 172.1

Other Europe — — 752.2 — 752.2 22.2 774.4

Middle East and Algeria — — 271.4 — 271.4 1.8 273.2

Africa — — — 39.5 39.5 6.6 46.1

Asia — — — 113.3 113.3 23.6 136.9

Australia and New Zealand — — — 138.3 138.3 2.4 140.7

Mexico, Central America and Caribbean 59.3 4.8 — — 64.1 10.1 74.2

$ 1,228.3 $ 588.9 $ 3,576.4 $ 291.1 $ 5,684.7 $ 490.6 $ 6,175.3

Major products:

Tractors $ 479.6 $ 380.1 $ 2,625.7 $ 174.7 $ 3,660.1 $ — $ 3,660.1

Replacement parts 211.7 78.7 584.9 46.4 921.7 — 921.7

Grain storage and protein production systems — — — 10.7 10.7 490.6 501.3

Combines, application equipment and other machinery 537.0 130.1 365.9 59.2 1,092.2 — 1,092.2

$ 1,228.3 $ 588.9 $ 3,576.4 $ 291.1 $ 5,684.7 $ 490.6 $ 6,175.3

____________________________________

(1) Rounding may impact summation of amounts.

(2) “Other” represents the results for the six months ended June 30, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024.

The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.

Notes to Condensed Consolidated Financial Statements - Continued

SEGMENT REPORTING

6 unchanged sentences

The Company’s selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred.

As a result, the components of income from operations (loss) for one segment may not be comparable to another segment.

Segment results for the three months ended March 31, 2025 and 2024 and assets as of March 31, 2025 and December 31, 2024 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended March 31, North America South America Europe/Middle East Asia/Pacific/Africa Total Segments Other (1)

As a result, the components of income (loss) from operations for one segment may not be comparable to another segment.

Segment results for the three and six months ended June 30, 2025 and 2024 and assets as of June 30, 2025 and December 31, 2024 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended

North America South America Europe/Middle East Asia/Pacific/Africa Total Segments Other (1)

Net sales $ 420.9 $ 303.4 $ 1,774.9 $ 135.8 $ 2,635.0 $ — $ 2,635.0

6 unchanged sentences

Income (loss) from operations $ ( 22.1 ) $ 23.8 $ 261.3 $ 9.4 $ 272.4 $ — $ 272.4

Depreciation $ 14.0 $ 8.1 $ 38.9 $ 3.1 $ 64.1 $ — $ 64.1

Capital expenditures 10.3 4.0 27.2 0.7 42.2 — 42.2

Net sales (2)

$ 627.2 $ 315.9 $ 1,869.5 $ 143.5 $ 2,956.1 $ 290.5 $ 3,246.6

Cost of goods sold

468.9 265.5 1,350.6 110.4 2,195.4 213.7 2,409.1

Selling, general and administrative expenses

84.6 31.4 145.4 19.5 280.9 28.6 309.5

Engineering expenses

37.5 12.6 77.9 3.2 131.2 6.6 137.8

Income from operations (3)

$ 36.2 $ 6.4 $ 295.6 $ 10.4 $ 348.6 $ 41.6 $ 390.2

Depreciation $ 15.1 $ 9.1 $ 33.0 $ 4.6 61.8 $ 3.4 $ 65.2

Capital expenditures 17.0 8.0 70.2 1.3 96.5 1.5 98.0

____________________________________

(1) “Other” represents the results for the three months ended June 30, 2024 for the majority of the Company’s Grain & Protein (“G&P”) business which was divested on November 1, 2024.

The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.

(2) Of the $ 290.5 million of the net sales of the divested G&P business recast to “Other”, $ 210.6 million, $ 33.0 million, $ 33.4 million and $ 13.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.

(3) Of the $ 41.6 million of the income (loss) from operations of the divested G&P business recast to “Other”, $ 40.5 million, $ 6.2 million, $( 7.1 ) million and $ 2.0 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.

Notes to Condensed Consolidated Financial Statements - Continued

Six Months Ended

North America South America Europe/Middle East Asia/Pacific/Africa Total Segments Other (1)

Net sales $ 816.5 $ 533.3 $ 3,105.4 $ 230.3 $ 4,685.5 $ — $ 4,685.5

Cost of goods sold

622.9 429.0 2,270.1 184.3 3,506.3 — 3,506.3

Selling, general and administrative expenses

167.2 62.1 275.3 34.4 539.0 — 539.0

Engineering expenses

68.3 16.3 144.3 4.9 233.8 — 233.8

Income (loss) from operations

$ ( 41.9 ) $ 25.9 $ 415.7 $ 6.7 $ 406.4 $ — $ 406.4

Depreciation $ 29.2 $ 16.0 $ 74.0 $ 5.4 $ 124.6 $ — $ 124.6

Capital expenditures 16.6 10.6 61.6 1.6 90.4 — 90.4

Net sales (2)

$ 1,228.3 $ 588.9 $ 3,576.4 $ 291.1 $ 5,684.7 $ 490.6 $ 6,175.3

Cost of goods sold

8 unchanged sentences

Capital expenditures 33.3 23.1 131.1 1.9 189.4 3.6 193.0

As of March 31, 2025 $ 1,536.3 $ 985.2 $ 3,047.1 $ 688.2 $ 6,256.8 $ — $ 6,256.8

As of June 30, 2025

$ 1,524.9 $ 1,046.3 $ 3,187.7 $ 713.9 $ 6,472.8 $ — $ 6,472.8

As of December 31, 2024 1,527.9 946.9 2,841.4 697.7 6,013.9 — 6,013.9

____________________________________

(1) “Other” represents the results for the three months ended March 31, 2024 for the majority of the Company’s Grain & Protein business which was divested on November 1, 2024.

(1) “Other” represents the results for the six months ended June 30, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024.

The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.

2 unchanged sentences

Notes to Condensed Consolidated Financial Statements - Continued

A reconciliation from the segment information to the consolidated balances for income from operations is set forth below (in millions):

Three Months Ended March 31,

A reconciliation from the segment information to the consolidated balances for income (loss) from operations is set forth below (in millions):

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Segment income from operations $ 272.4 $ 348.6 $ 406.4 $ 693.2

— 41.6 — 46.5

Impairment charges ( 6.8 ) ( 5.1 ) ( 7.9 ) ( 5.1 )

Loss on sale of business

( 12.3 ) ( 494.6 ) ( 12.3 ) ( 494.6 )

Corporate expenses ( 47.7 ) ( 62.9 ) ( 95.8 ) ( 115.9 )

3 unchanged sentences

( 15.6 ) ( 30.2 ) ( 28.6 ) ( 31.2 )

Consolidated income from operations

Consolidated income (loss) from operations

$ 164.0 $ ( 241.7 ) $ 213.4 $ 31.9

____________________________________

(1) “Other” represents the results for the three months ended March 31, 2024 for the majority of the Company’s Grain & Protein business which was divested on November 1, 2024.

(1) “Other” represents the results for the three and six months ended June 30, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024.

The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.

RELATED PARTY TRANSACTIONS

The Company has a minority equity interest in Tractors and Farm Equipment Limited (“TAFE”).

As of June 30, 2025 the Company entered into several agreements with TAFE, including the ones described further below among others, to resolve all outstanding disputes and other matters related to the commercial relationship between AGCO and TAFE as well as TAFE's shareholding in AGCO, ownership and use of the Massey Ferguson brand in India and certain other countries, and other key governance issues between the parties.

Specifically as it relates to AGCO's shareholding in TAFE, the Company and TAFE entered into a Buyback Agreement (the “Buyback Agreement”) pursuant to which TAFE will repurchase the Company’s remaining shareholdings in TAFE for an aggregate amount of $ 260 million.

Generally, the substantive provisions of the agreements are not effective until funds and shares have been deposited in escrow in connection with the closing of the Buyback Agreement, and to accommodate the ultimate effectiveness of the agreements, on July 7, 2025, the Company and TAFE entered into a fourth amendment (the “Amendment”) to the Amended and Restated Letter Agreement dated as of April 24, 2019, between AGCO and TAFE, as amended by Amendment No.

1, dated as of April 24, 2024, Amendment No.

2, dated as of April 23, 2025 and Amendment No.

3., dated as of June 25, 2025 (the “Existing Agreement”, and together with the Amendment, the “Letter Agreement”), which extended the expiration of the Letter Agreement until November 28, 2025 or until the funds and shares have been deposited in escrow in connection with the Buyback Agreement, whichever comes first.

Settlement Agreements

On June 30, 2025, the Company and TAFE entered into an Arbitrations Settlement Agreement and an India Litigation Settlement Agreement (collectively, the “Settlement Agreements”) pursuant to which the parties agreed to resolve claims arising from the Company’s termination of various commercial and brand agreements with TAFE and related arbitrations and litigation.

Under the Settlement Agreements, the parties agreed to mutually release any and all claims against one another.

Intellectual Property Agreement

On June 30, 2025, the Company and TAFE entered into an Intellectual Property Agreement (the “Intellectual Property Agreement”) pursuant to which TAFE will take ownership of the Massey Ferguson brand in India, Nepal and Bhutan, having previously been a brand licensee for over 60 years, and the Company will retain certain protective rights, including rights of first refusal upon a proposed transfer of these intellectual property assets.

The Intellectual Property Agreement also provides for certain customary confidentiality provisions.

Notes to Condensed Consolidated Financial Statements - Continued

Buyback Agreement

On June 30, 2025, the Company and TAFE entered into a Buyback Agreement (the “Buyback Agreement”) pursuant to which TAFE will repurchase the Company’s remaining shareholdings in TAFE for an aggregate amount of $ 260 million.

Cooperation Agreement

On June 30, 2025, the Company and TAFE entered into a Cooperation Agreement (the “Cooperation Agreement”) pursuant to which TAFE agreed to standstill provisions with respect to its actions with regard to the Company, including the limitation on TAFE purchasing additional shares of the Company that would increase its holdings above its current percentage of outstanding shares, the requirement to vote its shares of the Company in accordance with recommendations from the Company’s Board of Directors and not engaging in future public stockholder activism.

The standstill provisions do not expire.

TAFE retained the discretion to vote independently on any publicly-announced proposals related to an Extraordinary Transaction (as defined in the Cooperation Agreement).

The Cooperation Agreement releases TAFE from the restriction on purchasing shares in the Company following certain events such as (i) the Company’s public announcement of a possible sale of the Company, (ii) any person commencing a Board-approved public tender to acquire the Company, (iii) certain persons (other than TAFE) acquiring 12.5 % or more of the Company’s outstanding shares, (iv) any person commencing a Qualified Tender Offer (as defined in the Cooperation Agreement), (v) any person commencing a public tender offer by filing a Schedule TO, or (vi) any person publicly announcing its intention to commence a public tender offer or makes a public offer.

TAFE also agreed to participate pro rata in the Company’s share repurchase programs as authorized by the Company’s Board of Directors from time to time, but retains the right to maintain its current percentage level of beneficial ownership of the Company’s Common Stock.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements