What changed in this filing

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Item 1. Financial Statements

2025-10-31 compared with 2025-07-31 · 225 added, 219 removed, 1029 unchanged (30% of the section changed)

3 unchanged sentences

(unaudited and in millions, except share amounts)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Current Assets:

31 unchanged sentences

Common stock;

$ 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

$ 0.01 par value, 150,000,000 shares authorized, 74,623,113 and 74,420,952 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 16.0 —

7 unchanged sentences

(unaudited and in millions, except per share data)

Three Months Ended June 30,

Three Months Ended September 30,

Net sales $ 2,476.3 $ 2,599.3

8 unchanged sentences

Loss on sale of business

Income (loss) from operations

164.0 ( 241.7 )

Income from operations

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

Other expense (income), net

( 208.4 ) 52.3

Income before income taxes and equity in net earnings of affiliates

Income tax provision

Income before equity in net earnings of affiliates

Equity in net earnings of affiliates

Net income (loss)

314.4 ( 368.9 )

Net loss attributable to noncontrolling interests 3.0 1.1

Net income (loss) attributable to AGCO Corporation

Net income attributable to AGCO Corporation

$ 305.7 $ 30.0

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

Net income per common share attributable to AGCO Corporation:

$ 4.10 $ 0.40

6 unchanged sentences

(unaudited and in millions, except per share data)

Six Months Ended June 30,

Nine Months Ended September 30,

Net sales $ 7,161.8 $ 8,774.6

10 unchanged sentences

Interest expense, net

Other expense, net

Other expense (income), net

( 127.2 ) 168.4

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

1 unchanged sentence

Income tax provision (benefit) ( 154.7 ) 122.6

( 203.5 ) 110.7

Income (loss) before equity in net earnings of affiliates

15 unchanged sentences

(unaudited and in millions)

Three Months Ended June 30,

Net income (loss)

Three Months Ended September 30,

$ 302.7 $ 28.9

3 unchanged sentences

Deferred gains and losses on derivatives, net of tax ( 3.9 ) 1.6

Other comprehensive income (loss)

61.7 ( 136.2 )

Comprehensive income (loss)

376.1 ( 505.1 )

Comprehensive loss (income) attributable to noncontrolling interests

Comprehensive income (loss) attributable to AGCO Corporation

Other comprehensive income

Comprehensive income

Comprehensive loss attributable to noncontrolling interests

Comprehensive income attributable to AGCO Corporation

$ 337.9 $ 113.5

Six Months Ended June 30,

Nine Months Ended September 30,

Net income (loss)

15 unchanged sentences

(unaudited and in millions)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

7 unchanged sentences

Loss on sale of business

Gain on sale of investment in affiliate

Equity in net earnings of affiliates, net of cash received ( 30.0 ) ( 37.3 )

18 unchanged sentences

Proceeds from sale of business

Investments in unconsolidated affiliates, net

Sale of (investments in) unconsolidated affiliates, net

258.8 ( 1.6 )

Other ( 7.7 ) ( 0.2 )

Net cash used in investing activities ( 108.1 ) ( 2,094.2 )

Net cash provided by (used in) investing activities

81.2 ( 2,181.5 )

Cash flows from financing activities:

5 unchanged sentences

Investments by noncontrolling interests, net

Net cash provided by financing activities 98.1 2,335.4

Net cash provided by (used in) financing activities

( 52.7 ) 2,351.3

Effects of exchange rate changes on cash, cash equivalents and restricted cash 18.4 ( 14.7 )

4 unchanged sentences

____________________________________

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

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

See accompanying notes to condensed consolidated financial statements.

12 unchanged sentences

For subsidiaries operating in highly inflationary economies, the United States dollar is the functional currency.

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 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.

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

For the nine months ended and as of September 30, 2025, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $ 199.8 million and total assets of approximately 6.0 billion Turkish lira (or approximately $ 145.2 million).

The monetary assets and liabilities denominated in the Turkish lira were approximately 4.5 billion Turkish lira (or approximately $ 107.6 million) and approximately 3.7 billion Turkish lira (or approximately $ 87.9 million), respectively, as of September 30, 2025.

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

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

2 unchanged sentences

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 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.

For the nine months ended and as of September 30, 2025, the Company's wholly-owned subsidiary in Argentina had net sales of approximately $ 147.3 million and total assets of approximately 351.3 billion pesos (or approximately $ 259.9 million).

The monetary assets of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 128.0 billion pesos (or approximately $ 94.7 million), inclusive of approximately 74.6 billion pesos (or approximately $ 55.2 million) in cash and cash equivalents, as of September 30, 2025.

The monetary liabilities of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 29.5 billion pesos (or approximately $ 21.8 million) as of September 30, 2025.

The monetary assets and liabilities were remeasured into United States dollar based on exchange rates as of September 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 7.7 billion pesos (or approximately $ 6.5 million) as of June 30, 2025.

(“AGCO Capital”), had net monetary assets denominated in pesos at the official government rate of approximately 5.9 billion pesos (or approximately $ 4.3 million) as of September 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.

4 unchanged sentences

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

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

The guidance will be applied on a prospective basis and the Company is evaluating the option to apply the standard retrospectively.

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.

19 unchanged sentences

The goodwill consists of expected future economic benefits that will arise from expected future product sales, operating efficiencies and sales channel synergies that may result from the Joint Venture.

The Company expects that the portion of the goodwill balance allocated to the U.S.

business will be deductible for tax purposes, and the goodwill allocated to the Joint Venture’s investments in foreign subsidiaries, primarily in Germany and France, will not be deductible for tax purposes.

The Company has deducted the portion of the goodwill balance allocated to the U.S.

business for tax purposes, whereas the goodwill allocated to the Joint Venture’s investments in foreign subsidiaries, primarily in Germany and France, was not deductible for tax purposes.

The goodwill arising from the Joint Venture has been assigned to four new reporting units within our North America, South America, Europe/Middle East and Asia/Pacific/Africa operating segments.

48 unchanged sentences

____________________________________

(1) Based on available information and certain assumptions that we believe are reasonable.

(1) Based on available information and certain assumptions that we believe were reasonable.

The following unaudited pro forma financial information presents the consolidated results of operations as if the OneAg acquisition had occurred on January 1, 2023.

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 June 30, 2024.

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

Three Months Ended September 30, Nine Months Ended September 30,

Unaudited Consolidated Pro Forma Results

Net sales $ 2,599.3 $ 8,858.0

Net loss attributable to AGCO Corporation

Net income (loss) attributable to AGCO Corporation

30.6 ( 167.4 )

35 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 June 30, 2025 and December 31, 2024 was approximately $ 2.0 billion and $ 2.3 billion, respectively.

The cash received from receivables sold under these accounts receivable sales agreements that remain outstanding as of September 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.

The Company also pays the respective AGCO Finance entities a subsidized interest payment with respect to the accounts receivable sales agreements, calculated based upon the interest rate charged by Rabobank to its affiliate, and such affiliate then lends to the AGCO Finance entities plus an agreed-upon margin.

These fees are reflected within losses on the sales of receivables included within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations.

These fees are reflected within losses on the sales of receivables included within “Other expense (income), net” in the Company’s Condensed Consolidated Statements of Operations.

The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables.

1 unchanged sentence

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 June 30, 2025 and December 31, 2024 was approximately $ 254.2 million and $ 220.5 million, respectively.

The cash received from trade receivables sold under factoring arrangements that remain outstanding as of September 30, 2025 and December 31, 2024 was approximately $ 252.7 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 $ 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.

Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense (income), net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $ 21.9 million and $ 60.6 million during the three and nine months ended September 30, 2025, respectively.

Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within “Other expense (income), net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $ 28.4 million and $ 92.2 million during the three and nine months ended September 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 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.

As of September 30, 2025 and December 31, 2024, these finance joint ventures had approximately $ 87.1 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 six months ended June 30, 2025 are summarized as follows (in millions):

Changes in the carrying amount of goodwill during the nine months ended September 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 1.0 10.4 69.4 — 80.8

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

Balance as of September 30, 2025 $ 743.8 $ 105.3 $ 1,031.7 $ 20.4 $ 1,901.2

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 six months ended June 30, 2025 are summarized as follows (in millions):

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

Gross carrying amounts:

4 unchanged sentences

Foreign currency translation 2.1 12.7 16.8 0.2 31.8

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

Balance as of September 30, 2025 $ 75.6 $ 191.8 $ 620.9 $ 51.1 $ 939.4

Accumulated amortization:

5 unchanged sentences

Foreign currency translation 2.0 10.8 7.0 0.1 19.9

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

Balance as of September 30, 2025 $ 49.5 $ 125.7 $ 143.3 $ 18.9 $ 337.4

Indefinite-lived intangible assets:

2 unchanged sentences

Foreign currency translation 4.0

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.

Balance as of September 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 three to 50 years.

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

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

September 30, 2025 December 31, 2024

Finished goods $ 1,263.8 $ 1,187.9

3 unchanged sentences

Inventories, net $ 3,081.1 $ 2,731.3

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.

At September 30, 2025 and December 31, 2024, the Company had recorded $ 272.0 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 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,

The warranty reserve activity for the three and nine months ended September 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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

7 unchanged sentences

Foreign currency translation 1.1 27.9 75.1 ( 1.1 )

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

Balance at September 30 $ 810.4 $ 792.8 $ 810.4 $ 792.8

____________________________________

6 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 $ 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.

Approximately $ 623.8 million, $ 598.7 million and $ 645.2 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

Approximately $ 186.6 million, $ 144.3 million and $ 147.6 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025, December 31, 2024 and September 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 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.

As of September 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 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.

As of September 30, 2025 and December 31, 2024, the amounts outstanding that remain unpaid to the banks or other intermediaries totaled $ 34.3 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 June 30, 2025 and December 31, 2024 (in millions):

June 30, 2025 December 31, 2024

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

September 30, 2025 December 31, 2024

Credit Facility, expires 2027

10 unchanged sentences

Senior term loans due 2025

( 73.8 ) ( 65.3 )

Total long-term indebtedness

3 unchanged sentences

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.

As of September 30, 2025, the Company had $ 350.0 million in outstanding borrowings under the revolving credit facility and had the ability to borrow $ 900.0 million.

Uncommitted Credit Facility

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 Company has an uncommitted revolving credit facility that allows the Company to borrow up to € 200.0 million (or approximately $ 234.7 million as of September 30, 2025).

The credit facility expires on December 31, 2026.

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

As of September 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

On January 24, 2025, the Company repaid € 250.0 million (or approximately $ 262.3 million) upon maturity of the EIB Senior term loan due 2025.

Senior Term Loans due between 2025 and 2028

In August 2025, the Company repaid € 63.0 million (or approximately $ 72.8 million) upon maturity of the Senior term loans due 2025.

Other Short-Term Borrowings

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.

As of September 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 $ 109.2 million and $ 90.4 million, respectively.

Notes to Condensed Consolidated Financial Statements - Continued

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 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

At September 30, 2025 and December 31, 2024, outstanding letters of credit totaled approximately $ 13.6 million and $ 13.2 million, respectively.

RESTRUCTURING AND BUSINESS OPTIMIZATION EXPENSES

1 unchanged sentence

On June 24, 2024, the Company announced a restructuring program (the “Program”) in response to increased weakening demand in the agriculture industry.

The initial phase of the Program is focused on further reducing structural costs, streamlining the Company’s workforce and enhancing global efficiencies related to changing the Company’s operating model for certain corporate and back-office functions and better leveraging technology and global centers of excellence.

The Company estimates that it will incur charges for one-time termination benefits of approximately $ 150.0 million to $ 200.0 million in connection with this phase of the Program, primarily consisting of cash charges related to severance payments, employees benefits and related costs.

The Company estimates that it will incur charges for one-time termination benefits of approximately $ 150.0 million to $ 200.0 million in connection with the initial phase of the Program, primarily consisting of cash charges related to severance payments, employees benefits and related costs.

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 and six months ended June 30, 2025, is summarized as follows (in millions):

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

Balance as of December 31, 2024 $ 136.2

7 unchanged sentences

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.

Third quarter 2025 provision, net of reversals 4.2

Third quarter 2025 cash activity ( 30.8 )

Foreign currency translation —

Balance as of September 30, 2025

Approximately $ 41.6 million and $ 125.2 million of restructuring expenses are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively.

Approximately $ 11.7 million and $ 11.0 million of restructuring expenses are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of September 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 and six months ended June 30, 2025, the Company recognized approximately $ 13.1 million and $ 26.9 million, respectively, of business optimization expenses.

During the three and nine months ended September 30, 2025, the Company recognized approximately $ 4.5 million and $ 31.4 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 $ 256.5 million and $ 356.7 million as of June 30, 2025 and December 31, 2024, respectively.

The total notional value of derivatives that were designated as cash flow hedges was approximately $ 168.7 million and $ 356.7 million as of September 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 June 30, 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 September 30, 2025 and December 31, 2024, respectively.

Interest Rate Risk

3 unchanged sentences

The amount recognized in accumulated other comprehensive loss is reclassified to interest expense as interest payments are made on the 2034 Notes through the maturity date.

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 June 30, 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 September 30, 2025 (in millions):

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

Accumulated derivative net gains as of March 31, 2025

Accumulated derivative net gains as of June 30, 2025

$ 11.5 $ 2.4 $ 9.1

1 unchanged sentence

Foreign currency contracts (1)

( 1.4 ) ( 0.2 ) ( 1.2 )

Net gains reclassified from accumulated other comprehensive loss into income

4 unchanged sentences

Total ( 3.4 ) ( 0.7 ) ( 2.7 )

Accumulated derivative net gains as of June 30, 2025

Accumulated derivative net gains as of September 30, 2025

$ 6.7 $ 1.5 $ 5.2

____________________________________

(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):

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

Notes to Condensed Consolidated Financial Statements - Continued

As of September 30, 2025, approximately $ 0.7 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 September 30, 2024 (in millions):

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

Accumulated derivative net gains as of March 31, 2024

Accumulated derivative net gains as of June 30, 2024

$ 6.8 $ 2.7 $ 4.1

9 unchanged sentences

Total 2.1 0.2 1.9

Accumulated derivative net gains as of June 30, 2024

Accumulated derivative net gains as of September 30, 2024

$ 8.8 $ 3.1 $ 5.7

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):

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

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

9 unchanged sentences

Total ( 7.5 ) ( 1.9 ) ( 5.6 )

Accumulated derivative net gains as of June 30, 2025

Accumulated derivative net gains as of September 30, 2025

$ 6.7 $ 1.5 $ 5.2

____________________________________

(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):

(1) The outstanding contracts as of September 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 nine months ended September 30, 2024 (in millions):

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

12 unchanged sentences

Total 6.2 0.5 5.7

Accumulated derivative net gains as of June 30, 2024

Accumulated derivative net gains as of September 30, 2024

$ 8.8 $ 3.1 $ 5.7

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 $ 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.

At maturity of the cross currency swap contracts, the Company is expected to deliver the notional amount of approximately € 385.5 million (or approximately $ 452.3 million as of September 30, 2025) and Fr.

155.5 million (or approximately $ 195.1 million as of September 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

June 30, 2025 December 31, 2024

September 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 and six months ended June 30, 2025 and 2024 (in millions):

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

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 nine months ended September 30, 2025 and 2024 (in millions):

Gain (Loss) Recognized in Other Comprehensive Income for the

Three Months Ended

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

Six Months Ended

Nine Months Ended

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

September 30, 2025 $ 0.7 $ 0.2 $ 0.5 $ ( 58.6 ) $ ( 15.1 ) $ ( 43.5 )

September 30, 2024 ( 7.1 ) ( 1.8 ) ( 5.3 ) 1.0 0.2 0.8

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 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.

As of September 30, 2025 and December 31, 2024, the Company had outstanding foreign currency contracts with a notional amount of approximately $ 2,608.9 million and $ 3,231.2 million, respectively.

Notes to Condensed Consolidated Financial Statements - Continued

The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):

The following table summarizes the results on net income (loss) of derivatives not designated as hedging instruments (in millions):

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

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

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

Classification of Gain (Loss)

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 June 30, 2025 (in millions):

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Foreign currency contracts Other expense (income), net

$ ( 11.6 ) $ 17.1 $ 32.3 $ ( 24.7 )

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

Asset Derivatives as of

June 30, 2025

September 30, 2025

Liability Derivatives as of

June 30, 2025

September 30, 2025

Balance Sheet Location Fair Value Balance Sheet Location Fair Value

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____________________________________

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

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

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

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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 and six months ended June 30, 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 nine months ended September 30, 2025 and 2024 (in millions):

Redeemable Noncontrolling Interests

3 unchanged sentences

Comprehensive Loss Total Stockholders’

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

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

Stock compensation — — 7.2 — — 7.2

1 unchanged sentence

— — ( 1.1 ) — — ( 1.1 )

Comprehensive income (loss):

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

Comprehensive income:

Net income (loss) ( 3.0 ) — — 305.7 — 305.7

Other comprehensive income:

Other comprehensive income (loss):

Foreign currency translation adjustments

5 unchanged sentences

Payment of dividends to stockholders — — — ( 21.6 ) — ( 21.6 )

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

Balance, September 30, 2025

$ 301.3 $ 0.7 $ 16.0 $ 6,206.7 $ ( 1,732.6 ) $ 4,490.8

Redeemable Noncontrolling Interests Common

6 unchanged sentences

Issuance of stock awards — — ( 6.9 ) ( 4.4 ) — ( 11.3 )

Comprehensive income (loss):

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

Comprehensive income:

Net income (loss)

( 5.2 ) — — 631.0 — 631.0

Other comprehensive income:

Other comprehensive income (loss):

Foreign currency translation adjustments 6.4 — — — 168.0 168.0

3 unchanged sentences

Payment of dividends to stockholders — — — ( 64.9 ) — ( 64.9 )

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

Balance, September 30, 2025 $ 301.3 $ 0.7 $ 16.0 $ 6,206.7 $ ( 1,732.6 ) $ 4,490.8

Notes to Condensed Consolidated Financial Statements - Continued

5 unchanged sentences

Interests Total Stockholders’

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

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

Stock compensation — — 3.8 — — — 3.8

1 unchanged sentence

— — ( 0.6 ) ( 0.1 ) — — ( 0.7 )

Comprehensive income (loss):

Sale of minority interest

— — — — — ( 0.1 ) ( 0.1 )

Other comprehensive income (loss):

Comprehensive income:

Net income (loss) ( 1.1 ) — — 30.0 — — 30.0

Other comprehensive income:

Foreign currency translation adjustments

5 unchanged sentences

Payment of dividends to stockholders — — — ( 21.6 ) — — ( 21.6 )

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 measurement period adjustment (Note 2) ( 167.2 ) — — — — — —

Balance, September 30, 2024 $ 337.5 $ 0.7 $ 12.4 $ 5,938.9 $ ( 1,803.2 ) $ — $ 4,148.8

Redeemable Noncontrolling Interests Common

9 unchanged sentences

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

Comprehensive income (loss):

Sale of minority interest

— — — — — ( 0.1 ) ( 0.1 )

Comprehensive loss:

( 2.9 ) — — ( 169.1 ) — — ( 169.1 )

Other comprehensive income (loss):

11 unchanged sentences

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

Balance, September 30, 2024

$ 337.5 $ 0.7 $ 12.4 $ 5,938.9 $ ( 1,803.2 ) $ — $ 4,148.8

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 six months ended June 30, 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 nine months ended September 30, 2025 (in millions):

Defined Pension and Postretirement Benefit Plans

7 unchanged sentences

Net losses (gains) reclassified from accumulated other comprehensive loss 6.0 ( 5.6 ) — 0.4

3.9 ( 2.9 ) — 1.0

Other comprehensive income

1 unchanged sentence

Accumulated other comprehensive loss,

June 30, 2025

September 30, 2025

$ ( 212.8 ) $ 5.2 $ ( 1,525.0 ) $ ( 1,732.6 )

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):

The following tables set forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation for the three and nine months ended September 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 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

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

Three Months Ended September 30, 2024 (1)

Net losses (gains) on foreign currency contracts $ ( 3.2 ) $ 2.2 Cost of goods sold

Net losses on commodity contracts

3 unchanged sentences

Reclassification before tax ( 3.4 ) 2.1

Income tax expense

0.4 — Income tax provision

Income tax expense (benefit) 0.7 ( 0.2 ) Income tax provision

Reclassification net of tax $ ( 2.7 ) $ 1.9

Defined pension and postretirement benefit plans:

Amortization of net actuarial losses $ 2.2 $ 2.2 Other expense, net (2)

Amortization of prior service cost 0.5 0.4 Other expense, net (2)

Amortization of net actuarial losses $ 2.3 $ 2.3 Other expense (income), net (2)

Amortization of prior service cost 0.5 0.4 Other expense (income), net (2)

Reclassification before tax 2.8 2.7

2 unchanged sentences

Reclassification net of tax $ 2.1 $ 2.0

Net losses reclassified from accumulated other comprehensive loss $ 0.8 $ 3.4

Net losses (gains) reclassified from accumulated other comprehensive loss

$ ( 0.6 ) $ 3.9

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

____________________________________

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the three months ended September 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.

3 unchanged sentences

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

Details about Accumulated Other Comprehensive Loss Components Nine Months Ended September 30, 2025 (1)

Nine Months Ended September 30, 2024 (1)

Net losses (gains) on foreign currency contracts $ ( 6.9 ) $ 6.4 Cost of goods sold

Net losses on commodity contracts

7 unchanged sentences

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)

Amortization of net actuarial losses $ 6.6 $ 6.7 Other expense (income), net (2)

Amortization of prior service cost 1.5 1.2 Other expense (income), net (2)

Reclassification before tax 8.1 7.9

4 unchanged sentences

____________________________________

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

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the nine months ended September 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.

7 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 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.

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

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

As of September 30, 2025, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $ 1,035.0 million, which has no expiration date.

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

During the nine months ended September 30, 2025 and 2024, the Company declared

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.

and paid cash dividends of $ 0.87 and $ 3.37 per common share, respectively.

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

On October 23, 2025, the Company's Board of Directors declared a regular quarterly dividend of $ 0.29 per common share to be paid on December 15, 2025, to all stockholders of record as of the close of business on November 14, 2025.

NET INCOME (LOSS) PER COMMON SHARE

1 unchanged sentence

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)

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 nine months ended September 30, 2025 and 2024 is as follows (in millions, except per share data):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024 (1)

10 unchanged sentences

Dilutive SSARs and RSUs

0.1 0.1 0.1 0.1

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

3 unchanged sentences

____________________________________

(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,

(1) As the Company has reported a loss for the nine months ended September 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 nine months ended September 30, 2025 and 2024 are set forth below (in millions, except percentages):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

2 unchanged sentences

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.

During the three and nine months ended September 30, 2025, the Company’s income tax provision included a net tax benefit of $ 4.7 million and $ 259.9 million, respectively, related to a legal entity reorganization.

During the nine months ended September 30, 2024, the Brazilian courts confirmed a favorable tax ruling regarding the

Notes to Condensed Consolidated Financial Statements - Continued

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.

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 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,

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

Three Months Ended September 30, Nine Months Ended September 30,

Pension benefits 2025 2024 2025 2024

5 unchanged sentences

Net periodic pension cost $ 5.0 $ 4.0 $ 14.4 $ 11.8

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

Three Months Ended September 30, Nine Months Ended September 30,

Postretirement benefits 2025 2024 2025 2024

4 unchanged sentences

Net periodic postretirement benefit cost $ 0.5 $ 0.4 $ 1.3 $ 1.4

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

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

During the nine months ended September 30, 2025, the Company made approximately $ 11.9 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 $ 15.4 million.

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.

During the nine months ended September 30, 2025, the Company made approximately $ 1.3 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.

17 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 June 30, 2025 and December 31, 2024 are summarized below (in millions):

As of June 30, 2025

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

As of September 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 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.

At September 30, 2025, the estimated fair value of the Company's 0.800 % Senior notes due 2028, based on listed market values, was approximately € 563.7 million (or approximately $ 661.4 million), compared to the carrying value of € 600.0 million (or approximately $ 704.0 million).

At September 30, 2025, the estimated fair value of the Company's 5.450 % senior notes due 2027, based on listed market values, was approximately $ 405.9 million, compared to the carrying value of $ 400.0 million.

At September 30, 2025, the estimated fair value of the Company's 5.800 % senior notes due 2034, based on listed market values, was approximately $ 728.1 million, compared to the carrying value of $ 700.0 million.

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

1 unchanged sentence

COMMITMENTS AND CONTINGENCIES

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

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

September 30, 2025 December 31, 2024

Operating Leases (1)

15 unchanged sentences

Off-Balance Sheet Arrangements

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

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

(“AGCO Capital”), of approximately $ 70.3 million.

3 unchanged sentences

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

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.

In addition, at September 30, 2025, the Company had accrued approximately $ 13.3 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 $ 214.3 million.

11 unchanged sentences

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,

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

Three Months Ended September 30,

Balance at beginning of period $ 377.7 $ 331.7

4 unchanged sentences

Foreign currency translation ( 0.5 ) 8.9

Balance at June 30 $ 377.7 $ 331.7

Six Months Ended June 30,

Balance at September 30 $ 378.9 $ 346.6

Nine Months Ended September 30,

Balance at beginning of period $ 341.5 $ 310.7

4 unchanged sentences

Foreign currency translation 25.9 2.8

Balance at June 30 $ 377.7 $ 331.7

Balance at September 30 $ 378.9 $ 346.6

__________________________________

3 unchanged sentences

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 and six months ended June 30, 2025,

During the three and nine months ended September 30, 2025, the Company recognized approximately $ 38.0 million and $ 124.5 million of revenue that was recorded as a contract

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.

liability at the beg inning of 2025.

During the three and nine months ended September 30, 2024, the Company recognized approximately $ 35.7 million and $ 106.9 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 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 estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2025 are $ 44.4 million for the remainder of 2025, $ 144.4 million in 2026, $ 100.7 million in 2027, $ 51.6 million in 2028 and $ 29.7 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 June 30, 2025 disaggregated by primary geographical markets and major products consisted of the following (in millions):

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

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

North America (1)

28 unchanged sentences

(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.

(2) “Other” represents the results for the three months ended September 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):

Net sales for the nine months ended September 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

23 unchanged sentences

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):

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

North America

27 unchanged sentences

____________________________________

(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.

(1) “Other” represents the results for the nine months ended September 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.

9 unchanged sentences

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):

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

Three Months Ended

September 30,

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

22 unchanged sentences

____________________________________

(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.

(1) “Other” represents the results for the three months ended September 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 unchanged sentences

Notes to Condensed Consolidated Financial Statements - Continued

Six Months Ended

Nine Months Ended

September 30,

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

22 unchanged sentences

Capital expenditures 42.3 32.2 195.8 2.8 273.1 6.2 279.3

As of June 30, 2025

As of September 30, 2025

$ 1,546.7 $ 1,099.1 $ 3,126.9 $ 697.3 $ 6,470.0 $ — $ 6,470.0

1 unchanged sentence

1,527.9 946.9 2,841.4 697.7 6,013.9 — 6,013.9

(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.

____________________________________

(1) “Other” represents the results for the nine months ended September 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 (loss) from operations is set forth below (in millions):

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

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

Three Months Ended September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

9 unchanged sentences

( 8.7 ) ( 10.5 ) ( 37.3 ) ( 41.7 )

Consolidated income (loss) from operations

Consolidated income from operations

$ 151.6 $ 114.8 $ 365.0 $ 146.7

____________________________________

(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.

(1) “Other” represents the results for the three and nine months ended September 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.

As of June 30, 2025 the Company entered into several agreements with Tractors and Farm Equipment Limited (“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.

On September 30, 2025, AGCO completed the sale to TAFE of AGCO’s ownership interest in TAFE for an aggregate amount of $ 260 million, with after-tax proceeds from the sale totaling approximately $ 230 million and recorded a gain of $ 251.9 million on the sale of the investment in affiliate within “Other expense (income), net” in the Company’s Condensed Consolidated Statements of Operations.

As part of the sale process, the substantive provisions of the agreements AGCO entered into with TAFE on June 30, 2025 became effective, and the Amended and Restated Letter Agreement between AGCO and TAFE dated April 24, 2019, as most recently amended on July 7, 2025, expired.

Settlement Agreements

7 unchanged sentences

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.

As discussed above, AGCO completed the sale to TAFE of AGCO's ownership interest in TAFE on September 30, 2025.

Cooperation Agreement

5 unchanged sentences

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