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Item 1. Financial Statements

2026-05-05 compared with 2025-10-31 · 191 added, 689 removed, 565 unchanged (61% of the section changed)

3 unchanged sentences

(unaudited and in millions, except share amounts)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Current Assets:

31 unchanged sentences

Common stock;

$ 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

$ 0.01 par value, 150,000,000 shares authorized, 72,403,830 and 72,629,310 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital — 0.5

7 unchanged sentences

(unaudited and in millions, except per share data)

Three Months Ended September 30,

Three Months Ended March 31,

Net sales $ 2,342.9 $ 2,050.5

7 unchanged sentences

Restructuring and business optimization expenses

Loss on sale of business

Income from operations 80.7 49.4

Interest expense, net

Other expense (income), net

( 208.4 ) 52.3

Income before income taxes and equity in net earnings of affiliates

Other expense, net 26.5 32.3

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

Income tax provision

Income before equity in net earnings of affiliates

Income (loss) before equity in net earnings of affiliates

Equity in net earnings of affiliates

Net income 52.4 8.7

Net loss attributable to noncontrolling interests 2.6 1.8

Net income attributable to AGCO Corporation $ 55.0 $ 10.5

$ 305.7 $ 30.0

Net income per common share attributable to AGCO Corporation:

5 unchanged sentences

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Nine Months Ended September 30,

Net sales $ 7,161.8 $ 8,774.6

Cost of goods sold 5,336.1 6,564.2

Gross profit 1,825.7 2,210.4

Operating expenses:

Selling, general and administrative expenses 993.0 1,074.5

Engineering expenses

Amortization of intangibles

Impairment charges 7.3 5.3

Restructuring and business optimization expenses

Loss on sale of business

Income from operations 365.0 146.7

Interest expense, net

Other expense (income), net

( 127.2 ) 168.4

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

440.4 ( 87.4 )

Income tax provision (benefit) ( 154.7 ) 122.6

Income (loss) before equity in net earnings of affiliates

595.1 ( 210.0 )

Equity in net earnings of affiliates

Net income (loss)

625.8 ( 172.0 )

Net loss attributable to noncontrolling interests 5.2 2.9

Net income (loss) attributable to AGCO Corporation

$ 631.0 $ ( 169.1 )

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

$ 8.46 $ ( 2.27 )

$ 8.45 $ ( 2.27 )

Cash dividends declared and paid per common share $ 0.87 $ 3.37

Weighted average number of common and common equivalent shares outstanding:

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in millions)

Three Months Ended September 30,

$ 302.7 $ 28.9

Three Months Ended March 31,

Other comprehensive income (loss):

7 unchanged sentences

$ 93.5 $ 91.8

Nine Months Ended September 30,

Net income (loss)

$ 625.8 $ ( 172.0 )

Other comprehensive income (loss):

Foreign currency translation adjustments 174.4 ( 107.1 )

Defined pension and postretirement benefit plans, net of tax

Deferred gains and losses on derivatives, net of tax ( 3.7 ) 6.5

Other comprehensive income (loss)

176.7 ( 95.0 )

Comprehensive income (loss)

802.5 ( 267.0 )

Comprehensive loss (income) attributable to noncontrolling interests ( 1.2 ) 2.8

Comprehensive income (loss) attributable to AGCO Corporation

$ 801.3 $ ( 264.2 )

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

(unaudited and in millions)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

Net income (loss)

$ 625.8 $ ( 172.0 )

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

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

Depreciation 66.7 60.5

2 unchanged sentences

Impairment charges 2.1 1.1

Loss on sale of business

Gain on sale of investment in affiliate

Equity in net earnings of affiliates, net of cash received ( 18.0 ) ( 12.1 )

10 unchanged sentences

Total adjustments ( 462.8 ) ( 220.9 )

Net cash provided by (used in) operating activities

Net cash used in operating activities

( 410.4 ) ( 212.2 )

2 unchanged sentences

Proceeds from sale of property, plant and equipment 0.1 1.1

Purchase of businesses, net of cash acquired

— ( 1,902.2 )

Proceeds from sale of business

Sale of (investments in) unconsolidated affiliates, net

Investments in unconsolidated affiliates, net

( 8.5 ) ( 0.1 )

Other ( 12.6 ) ( 4.1 )

Net cash provided by (used in) investing activities

Net cash used in investing activities

( 65.6 ) ( 51.3 )

4 unchanged sentences

Payment of minimum tax withholdings on stock compensation ( 4.6 ) ( 7.4 )

Payment of debt issuance costs — ( 15.7 )

Investments by noncontrolling interests, net

Net cash provided by (used in) financing activities

( 52.7 ) 2,351.3

Net cash provided by financing activities

Effects of exchange rate changes on cash, cash equivalents and restricted cash ( 1.0 ) 8.2

Increase in cash, cash equivalents and restricted cash

Decrease in cash, cash equivalents and restricted cash

( 346.9 ) ( 50.1 )

Cash, cash equivalents and restricted cash, beginning of period 861.8 612.7

1 unchanged sentence

$ 514.9 $ 562.6

____________________________________

(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.

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 (loss) 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 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, 2025.

5 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 (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.

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, 2026, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $ 27.5 million and total assets of approximately 4.9 billion Turkish lira (or approximately $ 109.2 million).

The monetary assets and liabilities denominated in the Turkish lira were approximately 3.6 billion Turkish lira (or approximately $ 81.5 million) and approximately 2.3 billion Turkish lira (or approximately $ 51.4 million), respectively, as of March 31, 2026.

The monetary assets and liabilities were remeasured into United States dollars based on exchange rates as of March 31, 2026.

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

1 unchanged sentence

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 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.

For the three months ended and as of March 31, 2026, the Company's wholly-owned subsidiary in Argentina had net sales of approximately $ 27.5 million and total assets of approximately 312.2 billion pesos (or approximately $ 224.8 million).

The monetary assets of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 83.0 billion pesos (or approximately $ 59.8 million), inclusive of approximately 13.4 billion pesos (or approximately $ 9.7 million) in cash and cash equivalents, as of March 31, 2026.

The monetary liabilities of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 40.2 billion pesos (or approximately $ 28.9 million) as of March 31, 2026.

The monetary assets and liabilities were remeasured into United States dollar based on exchange rates as of March 31, 2026.

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 5.9 billion pesos (or approximately $ 4.3 million) as of September 30, 2025.

(“AGCO Capital”), had net monetary assets denominated in pesos at the official government rate of approximately 7.5 billion pesos (or approximately $ 5.4 million) as of March 31, 2026.

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

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures”.

The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.

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

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.

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):

4 unchanged sentences

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.

(“Trimble”) and PTx Trimble, LLC (“PTx Trimble” or the “Joint Venture”), formerly known as Trimble Solutions, LLC, which was subsequently amended and restated on March 31, 2024.

On April 1, 2024, pursuant to the terms of an Amended and Restated Sale and Contribution Agreement (the “Agreement”), AGCO and Trimble completed (i) the contribution by Trimble to the Joint Venture of Trimble’s OneAg business (“OneAg”), which is Trimble’s agricultural business, excluding certain Global Navigation Satellite System and guidance technologies, and $ 8.1 million of cash, (ii) the contribution by AGCO to the Joint Venture of its interest in JCA Industries, LLC d/b/a JCA Technologies and $ 46.0 million of cash, and (iii) the purchase by AGCO from Trimble of membership interests in the Joint Venture in exchange for the payment by AGCO to Trimble of $ 1,954.0 million in cash, subject to customary working capital and other adjustments.

Immediately following the closing and as a result of the transaction, AGCO directly and indirectly owns an 85 % interest in the Joint Venture and Trimble owns a 15 % interest in the Joint Venture.

The purchase price was funded using net proceeds from the issuance of Senior Notes due 2027 and 2034, a term loan facility and the remainder through other borrowings and cash on hand.

Refer to Note 9 for further information.

AGCO began consolidating PTx Trimble within its consolidated financial statements on April 1, 2024.

The Company accounted for the Joint Venture transaction as a business combination using the acquisition method of accounting which requires assets acquired and liabilities assumed to be recorded at their acquisition date fair value.

The Company allocated the purchase price of the acquisition to identified assets acquired, liabilities assumed, and noncontrolling interests based on their estimated fair values as of the acquisition date.

The excess of the purchase price over the aggregate fair values was recorded as goodwill.

The Company calculated the fair value of the assets acquired using the income, market or cost approach (or a combination thereof).

Fair values of certain assets were determined based on Level 3 inputs, including estimated future cash flows, discount rates, royalty rates, growth rates and sales projections, all of which require significant management judgment and are susceptible to change.

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 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.

Notes to Condensed Consolidated Financial Statements - Continued

The purchase consideration transferred consisted of the following (in millions):

Purchase Consideration

Total cash consideration for OneAg $ 1,954.0

Working capital and other adjustments

Equity transaction associated with JCA noncontrolling interest (a) 3.1

Total purchase consideration $ 1,910.0

(a) Equity transaction associated with JCA noncontrolling interest

The transfer of the 15 % interest in AGCO's JCA business was accounted for as an equity transaction.

The adjustment to additional paid-in-capital represents the excess of the fair value of the JCA business transferred over its historical carrying amount.

The fair value of the JCA business was determined using a discounted cash flow model.

The fair values of the assets acquired, liabilities assumed and noncontrolling interests as of the acquisition date are presented in the following table (in millions):

As of April 1, 2024

Accounts receivable 12.3

Inventories 62.6

Other current assets 6.0

Property, plant and equipment 21.6

Deferred tax assets 0.1

Right-of-use lease assets 2.4

Other assets (non-current) 0.1

Intangible assets 624.6

Goodwill 1,592.2

Total assets acquired $ 2,328.2

Accounts payable $ 5.8

Accrued expenses 11.2

Other current liabilities 14.0

Operating lease liabilities 1.6

Deferred tax liabilities 18.0

Other noncurrent liabilities 12.5

Total liabilities assumed $ 63.1

Redeemable noncontrolling interests (b) $ 355.1

Net assets acquired $ 1,910.0

(b) Redeemable noncontrolling interests

Trimble has a put option to sell its noncontrolling interests to the Company, and the Company has a call option to redeem Trimble's noncontrolling interests.

The first exercisable date of both the put and call options is April 1, 2027.

The put and call options prices are based on multiples of EBITDA, subject to the terms of the Agreement.

We estimated the fair value of the put and call options using a Monte Carlo simulation along with a Black Scholes model assuming an exercise date of three years from the close of the transaction, the first allowable exercise date.

We evaluated the put and call options for the

Notes to Condensed Consolidated Financial Statements - Continued

redeemable noncontrolling interests under ASC 480, Distinguishing Liabilities from Equity, and classified the redeemable noncontrolling interests as mezzanine equity based on its redemption features.

The amount of the net income or loss attributable to the redeemable noncontrolling interests is recorded in “Net loss attributable to noncontrolling interests” within the Company's Condensed Consolidated Statements of Operations.

To the extent the redemption value exceeds the initial fair value recorded, the Company will recognize the entire change in the redemption amount each reporting period in retained earnings.

The acquired identifiable intangible assets of OneAg as of the date of the acquisition are summarized in the following table (in millions):

Fair Value Useful Life (1)

Developed Technology $ 526.0 7 - 15 years

Customer Relationships 47.3 20 years

Tradename 6.5 5 years

Favorable contracts 44.8 2 - 7 years

____________________________________

(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 September 30, 2024.

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

Unaudited Consolidated Pro Forma Results

Net sales $ 2,599.3 $ 8,858.0

Net income (loss) attributable to AGCO Corporation

30.6 ( 167.4 )

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.

BUSINESS DIVESTITURE

On July 25, 2024, the Company entered into a Stock and Asset Purchase Agreement to sell the majority of its Grain & Protein (“G&P”) business, which includes the GSI®, Automated Production® (AP), Cumberland®, Cimbria® and Tecno® brands for a purchase price of $ 700.0 million, subject to customary working capital and other adjustments.

On November 1, 2024, the Company completed the sale of the G&P business to A-AG Holdco Limited, an affiliate of American Industrial Partners.

The Company previously classified the G&P business as held for sale as of June 30, 2024.

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 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.

Notes to Condensed Consolidated Financial Statements - Continued

The major categories of divested assets and liabilities as of the date of the divestiture were as follows (in millions):

Assets divested

Cash and cash equivalents $ 25.0

Accounts and notes receivable, net 170.2

Inventories, net 171.6

Other current assets 21.6

Total current assets

Property, plant and equipment, net 101.8

Right-of-use lease assets 15.2

Other assets 16.5

Intangible assets, net 113.7

Goodwill 203.6

Liabilities divested

Accounts payable $ 90.4

Accrued expenses 98.4

Other current liabilities 54.7

Total current liabilities

Deferred tax liabilities 8.3

Operating lease liabilities 10.5

Other noncurrent liabilities 5.2

Total liabilities

Disposal group, net $ 571.7

ACCOUNTS RECEIVABLE SALES AGREEMENTS

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 September 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 March 31, 2026 and December 31, 2025 was approximately $ 1.8 billion and $ 2.1 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 (income), 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, 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 September 30, 2025 and December 31, 2024 was approximately $ 252.7 million and $ 220.5 million, respectively.

The cash received from trade receivables sold under factoring arrangements that remain outstanding as of March 31, 2026 and December 31, 2025 was approximately $ 262.7 million and $ 270.5 million, respectively.

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

The Company does not maintain any direct retained interest in the receivables.

The Company reviewed its accounting for the accounts receivable sales

Notes to Condensed Consolidated Financial Statements - Continued

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 (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 reviewed its accounting for the accounts receivable sales 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 $ 18.6 million and $ 18.9 million during the three months ended March 31, 2026 and 2025, respectively.

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

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.

As of March 31, 2026 and December 31, 2025, these finance joint ventures had approximately $ 112.8 million and $ 107.5 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.

2 unchanged sentences

The dealer or distributor may not return equipment or replacement parts to the Company while its contract with the finance joint venture is in force, and can only return the equipment to the retail finance joint venture with penalties that would generally not make it economically beneficial to do so.

Notes to Condensed Consolidated Financial Statements - Continued

GOODWILL AND OTHER INTANGIBLE ASSETS

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

Changes in the carrying amount of goodwill during the three months ended March 31, 2026 are summarized as follows (in millions):

North America Latin America

Europe/Middle East Asia/Pacific/Africa Consolidated

Balance as of December 31, 2025 $ 744.3 $ 102.5 $ 1,031.6 $ 20.4 $ 1,898.8

Foreign currency translation ( 0.5 ) 3.5 ( 11.2 ) — ( 8.2 )

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

Balance as of March 31, 2026 $ 743.8 $ 106.0 $ 1,020.4 $ 20.4 $ 1,890.6

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

The Company conducts its annual impairment analyses as of October 1 st each year.

Notes to Condensed Consolidated Financial Statements - Continued

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

Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2026 are summarized as follows (in millions):

Gross carrying amounts:

1 unchanged sentence

Balance as of December 31, 2025 $ 75.6 $ 191.2 $ 621.0 $ 51.2 $ 939.0

Impairment charge

( 1.6 ) — ( 0.6 ) — ( 2.2 )

Acquisition — — 8.8 — 8.8

Foreign currency translation ( 0.2 ) ( 0.7 ) ( 2.4 ) 0.1 ( 3.2 )

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

Balance as of March 31, 2026 $ 75.4 $ 190.5 $ 627.4 $ 51.3 $ 944.6

Accumulated amortization:

2 unchanged sentences

Amortization expense 1.0 1.8 12.8 1.3 16.9

Impairment charge

( 1.2 ) — ( 0.4 ) — ( 1.6 )

Foreign currency translation ( 0.1 ) ( 0.4 ) ( 1.4 ) — ( 1.9 )

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

Balance as of March 31, 2026 $ 51.4 $ 128.3 $ 167.6 $ 21.5 $ 368.8

Indefinite-lived intangible assets:

2 unchanged sentences

Foreign currency translation ( 0.6 )

Balance as of September 30, 2025 $ 87.8

Balance as of March 31, 2026 $ 87.2

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

September 30, 2025 December 31, 2024

Notes to Condensed Consolidated Financial Statements - Continued

Inventories, net at March 31, 2026 and December 31, 2025, were as follows (in millions):

March 31, 2026 December 31, 2025

Finished goods $ 1,226.5 $ 1,070.6

3 unchanged sentences

Inventories, net $ 3,001.8 $ 2,709.3

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.

At March 31, 2026 and December 31, 2025, the Company had recorded $ 283.5 million and $ 271.9 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.

Notes to Condensed Consolidated Financial Statements - Continued

PRODUCT WARRANTY

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

The warranty reserve activity for the three months ended March 31, 2026 and 2025, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):

Three Months Ended March 31,

Balance at beginning of period $ 814.3 $ 743.0

Accruals for warranties issued

119.4 106.8 299.5 292.7

Settlements made and deferred revenue recognized

( 101.5 ) ( 89.1 )

Reclassified to held for sale (1)

— ( 0.3 ) — ( 11.9 )

Foreign currency translation ( 5.9 ) 26.3

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

____________________________________

(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.

Balance at March 31 $ 817.4 $ 746.6

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 $ 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.

Approximately $ 622.2 million, $ 626.6 million and $ 589.4 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

Approximately $ 195.2 million, $ 187.7 million and $ 157.2 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

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

1 unchanged sentence

Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets” in the Company's Condensed Consolidated Balance Sheets.

Notes to Condensed Consolidated Financial Statements - Continued

SUPPLIER FINANCE PROGRAMS

6 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 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.

As of March 31, 2026, 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 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 September 30, 2025 and December 31, 2024 (in millions):

September 30, 2025 December 31, 2024

As of March 31, 2026 and December 31, 2025, the amounts outstanding that remain unpaid to the banks or other intermediaries totaled $ 40.0 million and $ 31.7 million, respectively, and are reflected in “Accounts payable” in the Company’s Condensed Consolidated Balance Sheets.

Long-term debt consisted of the following at March 31, 2026 and December 31, 2025 (in millions):

March 31, 2026 December 31, 2025

Credit Facility, expires 2027 $ 115.0 $ —

4 unchanged sentences

EIB Senior term loan due 2030

Senior term loans due between 2026 and 2028

1 unchanged sentence

2,478.2 2,384.7

1.002 % EIB Senior term loan due 2025

Senior term loans due 2026

( 60.5 ) ( 61.6 )

5.450 % Senior notes due 2027, net of debt issuance costs

Total long-term indebtedness

2 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.

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 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.

As of March 31, 2026, the Company had $ 115.0 million outstanding borrowings under the revolving credit facility and had the ability to borrow $ 1,135.0 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 $ 234.7 million as of September 30, 2025).

The Company has an uncommitted revolving credit facility that allows the Company to borrow up to € 200.0 million (or approximately $ 230.6 million as of March 31, 2026).

The credit facility expires on December 31, 2026.

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.

As of March 31, 2026 and December 31, 2025, the Company had no outstanding borrowings under the revolving credit facility.

Other Short-Term Borrowings

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.

As of March 31, 2026 and December 31, 2025, the Company had short-term borrowings due within one year, excluding the current portion of long-term debt, of approximately $ 96.0 million and $ 56.1 million, respectively.

Notes to Condensed Consolidated Financial Statements - Continued

1 unchanged sentence

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

At March 31, 2026 and December 31, 2025, outstanding letters of credit totaled approximately $ 14.0 million and $ 14.0 million, respectively.

RESTRUCTURING AND BUSINESS OPTIMIZATION EXPENSES

Restructuring Expenses

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

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 nine months ended September 30, 2025, is summarized as follows (in millions):

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

The Company incurred a substantial portion of the charges by the end of fiscal year 2025.

Restructuring expenses activity, which relates to severance and other related costs, during the three months ended March 31, 2026, is summarized as follows (in millions):

Balance as of December 31, 2025 $ 82.8

3 unchanged sentences

Balance as of March 31, 2026

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

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.

Approximately $ 33.7 million and $ 56.9 million of restructuring expenses are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

Approximately $ 23.4 million and $ 25.9 million of restructuring expenses are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, 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 nine months ended September 30, 2025, the Company recognized approximately $ 4.5 million and $ 31.4 million, respectively, of business optimization expenses.

During the three months ended March 31, 2026 and 2025, the Company recognized approximately $ 2.5 million and $ 13.8 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 $ 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 September 30, 2025 and December 31, 2024, respectively.

Interest Rate Risk

The Company entered into treasury rate locks in early March 2024 to fix the interest rate for the 5.800 % Senior Notes due 2034 (the “2034 Notes”) issued on March 21, 2024.

The derivative position settled on March 28, 2024 with a cash settlement that offset changes in the benchmark treasury rate between the execution of the treasury rate lock and the debt pricing date for the 2034 Notes.

This treasury rate lock was designated as a cash flow hedge and the gain at termination of $ 8.2 million was recognized in accumulated other comprehensive loss.

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.

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 June 30, 2025

$ 11.5 $ 2.4 $ 9.1

Net changes in fair value of derivatives

Foreign currency contracts (1)

( 1.4 ) ( 0.2 ) ( 1.2 )

Net gains reclassified from accumulated other comprehensive loss into income

Foreign currency contracts (1)

( 3.2 ) ( 0.6 ) ( 2.6 )

Treasury rate locks

( 0.2 ) ( 0.1 ) ( 0.1 )

Total ( 3.4 ) ( 0.7 ) ( 2.7 )

Accumulated derivative net gains as of September 30, 2025

$ 6.7 $ 1.5 $ 5.2

____________________________________

(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):

The total notional value of derivatives that were designated as cash flow hedges was approximately $ 169.4 million and $ 210.8 million as of March 31, 2026 and December 31, 2025, respectively.

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, 2026 (in millions):

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

Accumulated derivative net gains as of June 30, 2024

Accumulated derivative net gains as of December 31, 2025

$ 4.6 $ 1.4 $ 3.2

5 unchanged sentences

Foreign currency contracts (1)

Commodity contracts

Treasury rate locks

1 unchanged sentence

Total 1.6 0.4 1.2

Accumulated derivative net gains as of September 30, 2024

Accumulated derivative net gains as of March 31, 2026

$ 0.9 $ 0.6 $ 0.3

____________________________________

(1) The outstanding contracts as of March 31, 2026 range in maturity through December 2026.

As of March 31, 2026, approximately $ 0.3 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.

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 nine months ended September 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 March 31, 2025 (in millions):

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

9 unchanged sentences

Total ( 2.5 ) ( 0.8 ) ( 1.7 )

Accumulated derivative net gains as of September 30, 2025

$ 6.7 $ 1.5 $ 5.2

____________________________________

(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

Accumulated derivative net losses as of December 31, 2023

$ ( 1.3 ) $ ( 0.5 ) $ ( 0.8 )

Net changes in fair value of derivatives

Foreign currency contracts

( 4.0 ) 1.0 ( 5.0 )

Commodity contracts ( 0.3 ) — ( 0.3 )

Treasury rate locks

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

Foreign currency contracts

Commodity contracts

Treasury rate locks

( 0.5 ) ( 0.2 ) ( 0.3 )

Total 6.2 0.5 5.7

Accumulated derivative net gains as of September 30, 2024

Accumulated derivative net gains as of March 31, 2025

$ 9.8 $ 2.2 $ 7.6

4 unchanged sentences

To the extent foreign currency denominated debt is de-designated from a net investment hedge relationship, changes in the value of the foreign currency denominated debt are recorded in earnings through the maturity date.

Notes to Condensed Consolidated Financial Statements - Continued

On January 29, 2021, the Company entered into a cross currency swap contract as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment.

The cross currency swap had an expiration date of January 29, 2028.

At maturity of the cross currency swap contract, the Company was expected to deliver the notional amount of approximately € 247.9 million and receive $ 300.0 million from the counterparties.

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

On November 4, 2024, the Company's existing cross currency swap contract was terminated and the Company delivered the notional amount of approximately $ 277.4 million and received $ 300.0 million from the counterparties, resulting in a gain of approximately $ 22.6 million that was recognized in accumulated other comprehensive loss.

On November 4, 2024, the Company entered into new $ 600.0 million cross currency swap contracts comprising a $ 200.0 million tranche for three years tenor, $ 200.0 million tranche for five years tenor and $ 200.0 million tranche for seven years tenor as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment.

On November 4, 2024, the Company entered into $ 600.0 million cross currency swap contracts comprising a $ 200.0 million tranche with a three-years tenor, $ 200.0 million tranche with a five-years tenor and $ 200.0 million tranche with a seven-years tenor as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment.

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 $ 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.

At maturity of the cross currency swap contracts, the Company is expected to deliver the notional amount of approximately € 385.5 million (or approximately $ 444.5 million as of March 31, 2026) and Fr.

155.5 million (or approximately $ 194.3 million as of March 31, 2026), 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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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

Notes to Condensed Consolidated Financial Statements - Continued

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, 2026 and 2025 (in millions):

Gain (Loss) Recognized in Other Comprehensive Income for the

Three Months Ended

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

Nine Months Ended

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

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

March 31, 2026 $ 5.6 $ 1.5 $ 4.1

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

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 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 (loss) of derivatives not designated as hedging instruments (in millions):

As of March 31, 2026 and December 31, 2025, the Company had outstanding foreign currency contracts with a notional amount of approximately $ 2,445.6 million and $ 2,865.7 million, respectively.

The following table summarizes the results on net income 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 (Loss) for the Nine Months Ended

Classification of Gain (Loss)

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

Foreign currency contracts Other expense (income), net

March 31, 2026 March 31, 2025

Foreign currency contracts Other expense, net

$ ( 21.6 ) $ 17.9

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

Notes to Condensed Consolidated Financial Statements - Continued

The table below sets forth the fair value of derivative instruments as of March 31, 2026 (in millions):

Asset Derivatives as of

September 30, 2025

March 31, 2026

Liability Derivatives as of

September 30, 2025

March 31, 2026

Balance Sheet Location Fair Value Balance Sheet Location Fair Value

8 unchanged sentences

____________________________________

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

(1) The outstanding contracts as of March 31, 2026 range in maturity through May 2026.

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

6 unchanged sentences

Foreign currency contracts Other current assets $ 0.8 Other current liabilities $ 2.5

Commodity contracts Other current assets — Other current liabilities —

Cross currency swap contracts

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

Redeemable Noncontrolling Interests

The following tables set forth changes in redeemable noncontrolling interests and stockholders’ equity attributed to AGCO Corporation for the three months ended March 31, 2026 and 2025 (in millions):

Redeemable Noncontrolling Interests Common

Stock Additional

2 unchanged sentences

Comprehensive Loss Total Stockholders’

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

Issuance of stock awards

Balance, December 31, 2025 $ 299.2 $ 0.7 $ 0.5 $ 6,047.2 $ ( 1,774.9 ) $ 4,273.5

Stock compensation and employee stock purchase plans

— — 4.5 — — 4.5

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

Forward share repurchase contract

— — ( 5.0 ) ( 49.0 ) — ( 54.0 )

Comprehensive income:

2 unchanged sentences

Foreign currency translation adjustments ( 1.1 ) — — — 39.6 39.6

— — — — 34.0 34.0

Defined pension and postretirement benefit plans, net of tax

1 unchanged sentence

Deferred gains and losses on derivatives, net of tax — — — — ( 2.9 ) ( 2.9 )

— — — — ( 3.9 ) ( 3.9 )

Payment of dividends to stockholders — — — ( 21.0 ) — ( 21.0 )

Balance, September 30, 2025

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

Balance, March 31, 2026 $ 295.5 $ 0.7 $ — $ 6,032.2 $ ( 1,736.4 ) $ 4,296.5

Redeemable Noncontrolling Interests Common

4 unchanged sentences

Balance, December 31, 2024

Stock compensation — — 23.0 — — 23.0

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

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

Comprehensive income:

Net income (loss)

$ 300.1 $ 0.7 $ — $ 5,645.0 $ ( 1,902.9 ) $ 3,742.8

Other comprehensive income (loss):

Foreign currency translation adjustments 6.4 — — — 168.0 168.0

Defined pension and postretirement benefit plans, net of tax

— — — — 6.0 6.0

Deferred gains and losses on derivatives, net of tax — — — — ( 3.7 ) ( 3.7 )

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

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

Redeemable Noncontrolling Interests Common

Stock Additional

Paid-in Capital Retained

Earnings Accumulated Other

Comprehensive Loss Noncontrolling

Interests Total Stockholders’

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

Issuance of stock awards

— — ( 0.6 ) ( 0.1 ) — — ( 0.7 )

Sale of minority interest

Stock compensation plans

— — 0.7 ( 4.3 ) — ( 3.6 )

1 unchanged sentence

Net income (loss)

Other comprehensive income:

Foreign currency translation adjustments

( 1.8 ) — — 10.5 — 10.5

Defined pension and postretirement benefit plans, net of tax

— — — — 2.0 — 2.0

Deferred gains and losses on derivatives, net of tax

— — — — 1.6 — 1.6

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

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

Stock Additional

Paid-in Capital Retained

Earnings Accumulated Other

Comprehensive Loss Noncontrolling

Interests Total Stockholders’

Balance, December 31, 2023 $ — $ 0.7 $ 4.1 $ 6,360.0 $ ( 1,708.1 ) $ 0.1 $ 4,656.8

Stock compensation — — 18.6 — — — 18.6

Issuance of stock awards

— — ( 13.3 ) ( 0.5 ) — — ( 13.8 )

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

Sale of minority interest

— — — — — ( 0.1 ) ( 0.1 )

Comprehensive loss:

( 2.9 ) — — ( 169.1 ) — — ( 169.1 )

Other comprehensive income (loss):

6 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)

332.2 — — — — — —

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

Balance, September 30, 2024

Balance, March 31, 2025

$ 299.8 $ 0.7 $ 0.7 $ 5,629.6 $ ( 1,821.6 ) $ 3,809.4

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 nine months ended September 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 three months ended March 31, 2026 (in millions):

Defined Pension and Postretirement Benefit Plans

4 unchanged sentences

$ ( 223.4 ) $ 3.2 $ ( 1,554.7 ) $ ( 1,774.9 )

Other comprehensive income before reclassifications

— 1.9 168.0 169.9

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

Other comprehensive income

Other comprehensive income (loss) before reclassifications

( 0.3 ) ( 4.1 ) 39.6 35.2

Accumulated other comprehensive loss,

September 30, 2025

Net losses reclassified from accumulated other comprehensive loss

2.1 1.2 — 3.3

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 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

— 0.1 Cost of goods sold

Net gains on treasury rate locks

( 0.2 ) ( 0.2 ) Interest expense, net

Reclassification before tax ( 3.4 ) 2.1

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 $ 2.3 $ 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

Income tax benefit

( 0.7 ) ( 0.7 ) Income tax provision

Reclassification net of tax $ 2.1 $ 2.0

Net losses (gains) reclassified from accumulated other comprehensive loss

Other comprehensive income (loss)

1.8 ( 2.9 ) 39.6 38.5

Accumulated other comprehensive loss,

March 31, 2026

$ ( 221.6 ) $ 0.3 $ ( 1,515.1 ) $ ( 1,736.4 )

(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.

Refer to Note 15 for additional information.

Notes to Condensed Consolidated Financial Statements - Continued

The following tables set forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation for the three months ended March 31, 2026 and 2025 (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 Nine Months Ended September 30, 2025 (1)

Nine Months Ended September 30, 2024 (1)

Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, 2026 (1)

Three Months Ended March 31, 2025 (1)

Net losses (gains) on foreign currency contracts $ 1.8 $ ( 2.3 ) Cost of goods sold

Net losses on commodity contracts

— 0.3 Cost of goods sold

Net gains on treasury rate locks

5 unchanged sentences

Defined pension and postretirement benefit plans:

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)

Amortization of net actuarial losses $ 2.3 $ 2.1 Other expense, net (2)

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

Reclassification before tax 2.8 2.6

4 unchanged sentences

____________________________________

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

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, respectively.

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

1 unchanged sentence

Share Repurchase Program

In November 2024, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution to repurchase $ 22.0 million of shares of its common stock.

The Company received approximately 228,969 shares associated with the completion of this transaction as of December 31, 2024.

In November 2023, the Company entered into an ASR agreement with a financial institution to repurchase $ 53.0 million of shares of its common stock.

The Company received approximately 371,669 shares associated with this transaction as of December 31, 2023.

In January 2024, the Company received an additional 82,883 shares upon final settlement of its November 2023 ASR agreement.

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 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.

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

In November 2025, the Company entered into accelerated share repurchase (“ASR”) agreements with two financial institutions to repurchase an aggregate of $ 250.0 million of shares of its common stock.

The Company received approximately 1,997,204 shares associated

Notes to Condensed Consolidated Financial Statements - Continued

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

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 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)

Basic net income (loss) per share:

Net income (loss) attributable to AGCO Corporation

with these transactions as of December 31, 2025.

In February 2026, the Company received an additional 333,755 shares upon final settlement of its November 2025 ASR agreements.

All shares received under the ASR agreements 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.

In conjunction with the Cooperation Agreement entered into with Tractors and Farm Equipment Limited (“TAFE”) in June 2025 (the “Cooperation Agreement”), TAFE agreed to participate on a pro rata basis in the Company’s share repurchase programs as authorized by the Company’s Board of Directors from time to time.

Under the Cooperation Agreement, TAFE also retains the right to maintain its existing percentage of beneficial ownership of the Company’s common stock.

In February 2026, pursuant to the Cooperation Agreement, the Company committed to repurchase a pro-rata amount of shares from TAFE related to the Company's most recent share repurchase program executed in the fourth quarter of 2025, with settlement expected to occur in May 2026.

The Company accounted for this arrangement as a forward share repurchase contract and, as of March 31, 2026, recorded a liability with an offsetting reduction to a combination of “Additional paid-in capital” and “Retained earnings” in the Company’s Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2026, the Company did no t purchase any shares directly or enter into any accelerated share repurchase agreements.

As of March 31, 2026, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $ 785.0 million, which has no expiration date.

During the three months ended March 31, 2026 and 2025, the Company declared and paid cash dividends of $ 0.29 and $ 0.29 per common share, respectively.

On April 23, 2026, the Company's Board of Directors approved an increase in the Company's regular quarterly dividend to $ 0.30 per share, from $ 0.29 per share.

In addition, the Company's Board of Directors declared a regular quarterly dividend of $ 0.30 per common share to be paid on June 15, 2026, to all stockholders of record as of the close of business on May 15, 2026.

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, 2026 and 2025 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

$ 55.0 $ 10.5

Weighted average number of common shares outstanding 72.5 74.6

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

Basic net income per share attributable to AGCO Corporation

$ 0.76 $ 0.14

Diluted net income (loss) per share:

Net income (loss) attributable to AGCO Corporation

Diluted net income per share:

Net income attributable to AGCO Corporation

$ 55.0 $ 10.5

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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

74.7 74.7 74.7 74.7

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

$ 4.09 $ 0.40 $ 8.45 $ ( 2.27 )

____________________________________

(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,

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

$ 0.76 $ 0.14

Income tax provision (benefit) and effective tax rate

Notes to Condensed Consolidated Financial Statements - Continued

The income tax provision and effective tax rate for the three months ended March 31, 2026 and 2025 are set forth below (in millions, except percentages):

Three Months Ended March 31,

Income tax provision and effective tax rate

$ 4.6 11.8 % $ 2.0 ( 142.9 ) %

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 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.

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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 nine months ended September 30, 2025 and 2024 are set forth below (in millions):

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

Net periodic pension and postretirement benefit cost for the Company’s defined pension and postretirement benefit plans for the three months ended March 31, 2026 and 2025 are set forth below (in millions):

Three Months Ended March 31,

Pension benefits 2026 2025

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Net periodic pension cost $ 3.3 $ 4.6

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

Three Months Ended March 31,

Postretirement benefits 2026 2025

Service cost $ — $ — $ — $ 0.1

Interest cost $ 0.4 $ 0.4

Amortization of net actuarial losses — — ( 0.1 ) —

Amortization of prior service cost 0.1 0.1

Net periodic postretirement benefit cost $ 0.5 $ 0.5

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 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, 2026, the Company made approximately $ 6.0 million of contributions to its defined pension benefit plans.

The Company currently estimates its minimum contributions for 2026 to its defined pension benefit plans will aggregate to approximately $ 15.3 million.

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.

Notes to Condensed Consolidated Financial Statements - Continued

During the three months ended March 31, 2026, the Company made approximately $ 0.5 million of contributions to its postretirement health care and life insurance benefit plans.

The Company currently estimates that it will make approximately $ 2.1 million of contributions to its postretirement health care and life insurance benefit plans during 2026.

FAIR VALUE OF FINANCIAL INSTRUMENTS

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The Company categorizes its pension plan assets into one of the three levels of the fair value hierarchy, except for those measured using the net asset value per share (or its equivalent) practical expedient.

The Company enters into foreign currency, commodity and interest rate swap contracts.

The Company enters into foreign currency and interest rate swap contracts.

The fair values of the Company’s derivative instruments are determined using discounted cash flow valuation models.

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Refer to Note 9 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 September 30, 2025 and December 31, 2024 are summarized below (in millions):

As of September 30, 2025

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 are summarized below (in millions):

As of March 31, 2026

Level 1 Level 2 Level 3 Total

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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 2026 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities.

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.

At March 31, 2026, the estimated fair value of the Company's 0.800 % Senior notes due 2028, based on listed market values, was approximately € 556.8 million (or approximately $ 642.0 million), compared to the carrying value of € 600.0 million (or approximately $ 691.8 million).

At March 31, 2026, the estimated fair value of the Company's 5.450 % senior notes due 2027, based on listed market values, was approximately $ 403.2 million, compared to the carrying value of $ 400.0 million.

At March 31, 2026, the estimated fair value of the Company's 5.800 % senior notes due 2034, based on listed market values, was approximately $ 717.5 million, compared to the carrying value of $ 700.0 million.

Refer to Note 7 for additional information on the Company’s long-term debt.

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COMMITMENTS AND CONTINGENCIES

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

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2026 and December 31, 2025 were as follows (in millions):

March 31, 2026 December 31, 2025

Operating Leases (1)

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Off-Balance Sheet Arrangements

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

At March 31, 2026, the Company had outstanding guarantees issued to its Argentine finance joint venture, AGCO Capital Argentina S.A.

(“AGCO Capital”), of approximately $ 83.3 million.

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

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.

In addition, at March 31, 2026, the Company had accrued approximately $ 11.9 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 $ 227.4 million.

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Contract Liabilities

Contract liabilities relate to the following:

(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 (“G&P”) business on November 1, 2024.

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

Advance consideration received 49.3 50.4

Revenue recognized during the period for extended warranty contracts, maintenance services and technology services ( 47.5 ) ( 40.0 )

Revenue recognized during the period related to grain storage and protein production systems ( 0.1 ) ( 4.0 )

Reclassified to held for sale (1)

Foreign currency translation ( 0.5 ) 8.9

Balance at September 30 $ 378.9 $ 346.6

Nine Months Ended September 30,

Balance at beginning of period $ 341.5 $ 310.7

Advance consideration received 154.8 156.4

Revenue recognized during the period for extended warranty contracts, maintenance services and technology services ( 142.3 ) ( 117.2 )

Revenue recognized during the period related to grain storage and protein production systems ( 1.0 ) ( 16.2 )

Reclassified to held for sale (1)

Foreign currency translation 25.9 2.8

Balance at September 30 $ 378.9 $ 346.6

Contract liabilities primarily relate to the following:

The following table summarizes the balance of contract liabilities as of March 31, 2026 and December 31, 2025 (in millions):

March 31, 2026 December 31, 2025

Contract liabilities

$ 381.0 $ 386.1

(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 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

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.

During the three months ended March 31, 2026, the Company recognized approximately $ 47.2 million of revenue that was recorded as a contract liability at the beg inning of 2026.

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 beginning of 2025.

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 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 estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2026 are $ 122.4 million for the remainder of 2026, $ 126.6 million in 2027, $ 73.9 million in 2028, $ 35.5 million in 2029 and $ 13.6 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 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

Primary geographical markets:

United States $ 289.2 $ — $ — $ — $ 289.2

Canada 70.7 — — — 70.7

Brazil — 241.9 — — 241.9

Other South America — 77.2 — — 77.2

Germany — — 408.1 — 408.1

France — — 304.4 — 304.4

United Kingdom and Ireland — — 140.6 — 140.6

Finland and Scandinavia — — 166.9 — 166.9

Italy — — 119.6 — 119.6

Other Europe — — 421.7 — 421.7

Middle East and Algeria — — 52.5 — 52.5

Africa — — — 31.3 31.3

Asia — — — 31.6 31.6

Australia and New Zealand — — — 94.2 94.2

Mexico, Central America and Caribbean 23.1 3.3 — — 26.4

$ 383.0 $ 322.4 $ 1,613.8 $ 157.1 $ 2,476.3

Major products:

Tractors $ 159.9 $ 217.7 $ 1,174.7 $ 98.3 $ 1,650.6

Replacement parts 100.8 37.3 332.1 28.3 498.5

Grain storage and protein production systems — — — — —

Combines, application equipment and other machinery 122.3 67.4 107.0 30.5 327.2

$ 383.0 $ 322.4 $ 1,613.8 $ 157.1 $ 2,476.3

Notes to Condensed Consolidated Financial Statements - Continued

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)

South America

Europe/Middle East (1)

Asia/Pacific/Africa (1)

Total Segments

Primary geographical markets:

United States $ 435.7 $ — $ — $ — $ 435.7 $ 145.0 $ 580.7

Canada 102.8 — — — 102.8 20.4 123.2

Brazil — 250.0 — — 250.0 20.6 270.6

Other South America — 98.0 — — 98.0 8.7 106.7

Germany — — 292.6 — 292.6 1.9 294.5

France — — 256.1 — 256.1 1.3 257.4

United Kingdom and Ireland — — 124.3 — 124.3 2.2 126.5

Finland and Scandinavia — — 165.9 — 165.9 2.2 168.1

Italy — — 67.5 — 67.5 6.8 74.3

Other Europe — — 299.7 — 299.7 15.7 315.4

Middle East and Algeria — — 59.8 — 59.8 2.1 61.9

Africa — — — 25.6 25.6 3.3 28.9

Asia — — — 52.9 52.9 11.9 64.8

Australia and New Zealand — — — 88.4 88.4 1.3 89.7

Mexico, Central America and Caribbean 26.0 2.8 — — 28.8 7.8 36.6

$ 564.4 $ 350.8 $ 1,266.0 $ 166.9 $ 2,348.1 $ 251.2 $ 2,599.3

Major products:

Tractors $ 238.4 $ 224.0 $ 842.8 $ 99.3 $ 1,404.5 $ — $ 1,404.5

Replacement parts 109.6 40.6 311.1 27.0 488.3 — 488.3

Grain storage and protein production systems — — — 4.3 4.3 251.2 255.5

Combines, application equipment and other machinery 216.4 86.2 112.0 36.4 451.0 — 451.0

$ 564.4 $ 350.8 $ 1,266.0 $ 166.9 $ 2,348.1 $ 251.2 $ 2,599.3

____________________________________

(1) Rounding may impact summation of amounts.

(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 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

Disaggregated Revenue :

Net sales for the three months ended March 31, 2026 disaggregated by primary geographical markets and major products consisted of the following (in millions):

North America Latin America

Europe/Middle East Asia/Pacific/Africa Consolidated

Primary geographical markets:

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Notes to Condensed Consolidated Financial Statements - Continued

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

South America

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

North America Latin America (1)

Europe/Middle East

Asia/Pacific/Africa

Total Segments

Primary geographical markets:

22 unchanged sentences

_________________________________

(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.

(1) Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America.

As a result, the Company’s Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America.

Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

Notes to Condensed Consolidated Financial Statements - Continued

SEGMENT REPORTING

The Company has four operating segments which are also its reportable segments which consist of the North America, South America, Europe/Middle East and Asia/Pacific/Africa regions.

The Company has four operating segments which are also its reportable segments which consist of the North America, Latin America, Europe/Middle East and Asia/Pacific/Africa regions.

Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America.

As a result, the Company’s Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America.

Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

The Company’s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology.

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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 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)

Segment results for the three months ended March 31, 2026 and 2025 and assets as of March 31, 2026 and December 31, 2025 based on the Company’s reportable segments are as follows (in millions):

Three Months Ended March 31,

North America Latin America

Europe/Middle East Asia/Pacific/Africa Total Segments

Net sales $ 406.4 $ 211.7 $ 1,600.8 $ 124.0 $ 2,342.9

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Capital expenditures 6.0 7.0 30.2 1.4 44.6

Net sales (2)

$ 369.5 $ 256.0 $ 1,330.5 $ 94.5 $ 2,050.5

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33.3 10.2 70.0 2.5 116.0

Income from operations (3)

$ 16.3 $ 41.1 $ 89.3 $ 6.8 $ 153.5 $ 34.3 $ 187.8

Depreciation $ 15.6 $ 8.5 $ 33.2 $ 3.6 $ 60.9 $ — $ 60.9

Capital expenditures 9.0 9.1 64.7 0.9 83.7 2.6 86.3

____________________________________

(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) Of the $ 251.2 million of the net sales of the divested G&P business recast to “Other”, $ 171.7 million, $ 30.8 million, $ 32.2 million and $ 16.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.

(3) Of the $ 34.3 million of the income (loss) from operations of the divested G&P business recast to “Other”, $ 36.4 million, $ 4.0 million, $( 6.3 ) million and $ 0.2 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

Nine Months Ended

September 30,

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

Net sales $ 1,199.5 $ 855.7 $ 4,719.2 $ 387.4 $ 7,161.8 $ — $ 7,161.8

Cost of goods sold

925.4 688.1 3,414.0 308.6 5,336.1 — 5,336.1

Selling, general and administrative expenses

251.8 94.8 421.3 56.1 824.0 — 824.0

Engineering expenses

104.3 28.4 215.8 8.3 356.8 — 356.8

Income (loss) from operations

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Capital expenditures 4.7 8.2 34.4 0.9 48.2

Net sales (2)

$ 1,792.7 $ 939.7 $ 4,842.4 $ 458.0 $ 8,032.8 $ 741.8 $ 8,774.6

Cost of goods sold

1,353.2 761.7 3,524.5 363.4 6,002.8 561.4 6,564.2

Selling, general and administrative expenses

256.8 78.5 418.0 59.5 812.8 80.1 892.9

Engineering expenses

101.8 40.0 219.9 8.8 370.5 19.5 390.0

Income from operations (3)

$ 80.9 $ 59.5 $ 680.0 $ 26.3 $ 846.7 $ 80.8 $ 927.5

Depreciation $ 45.5 $ 26.5 $ 98.3 $ 12.2 $ 182.5 $ 6.9 $ 189.4

Capital expenditures 42.3 32.2 195.8 2.8 273.1 6.2 279.3

As of September 30, 2025

As of March 31, 2026

$ 1,399.7 $ 1,249.1 $ 3,111.0 $ 619.0 $ 6,378.8

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1,303.9 1,158.0 2,907.6 606.6 5,976.1

____________________________________

(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) Of the $ 741.8 million of the net sales of the divested G&P business recast to “Other”, $ 510.8 million, $ 94.2 million, $ 87.7 million and $ 49.1 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.

(3) Of the $ 80.8 million of the income (loss) from operations of the divested G&P business recast to “Other”, $ 90.9 million, $ 14.4 million, $( 25.6 ) million and $ 1.1 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

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

Three Months Ended

Segment income from operations $ 171.1 $ 134.0

— 34.3 — 80.8

Impairment charges ( 2.1 ) ( 1.1 )

Loss on sale of business

— ( 3.2 ) ( 12.3 ) ( 497.8 )

Corporate expenses ( 51.1 ) ( 48.1 )

5 unchanged sentences

$ 80.7 $ 49.4

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(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

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.

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

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.

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

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