Titan Machinery Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS TITAN MACHINERY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data) October 31, 2025 January 31, 2025 Assets Current Assets Cash $ 48,790 $ 35,898 Receivables, net of allowance for expected credit losses 146,732 119,814 Inventories, net 1,010,734 1,108,672 Prepaid expenses and other 21,844 28,244 Total current assets 1,228,100 1,292,628 Noncurrent Assets Property and equipment, net of accumulated depreciation 371,657 379,690 Operating lease assets 47,674 27,935 Deferred income taxes 8,901 2,552 Goodwill 63,906 61,246 Intangible assets, net of accumulated amortization 48,448 48,306 Other 674 1,581 Total noncurrent assets 541,260 521,310 Total Assets $ 1,769,360 $ 1,813,938 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 46,290 $ 37,166 Floorplan payable 739,617 755,698 Current maturities of long-term debt 21,804 10,920 Current operating lease liabilities 4,207 5,747 Deferred revenue 24,130 91,933 Accrued expenses and other 68,007 59,492 Total current liabilities 904,055 960,956 Long-Term Liabilities Long-term debt, less current maturities 154,780 157,767 Operating lease liabilities 45,799 25,588 Finance lease liabilities 39,642 44,894 Deferred income taxes 7,380 8,818 Other long-term liabilities 5,078 1,838 Total long-term liabilities 252,679 238,905 Commitments and Contingencies Stockholders' Equity Common stock, par value $ .00001 per share, 45,000,000 shares authorized; 23,370,174 shares issued and outstanding at October 31, 2025; 23,124,768 shares issued and outstanding at January 31, 2025 — — Additional paid-in-capital 265,608 262,097 Retained earnings 342,308 360,314 Accumulated other comprehensive income (loss) 4,710 ( 8,334 ) Total stockholders' equity 612,626 614,077 Total Liabilities and Stockholders' Equity $ 1,769,360 $ 1,813,938 See Notes to Condensed Consolidated Financial Statements 3 Table of Contents TITAN MACHINERY INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Revenue Equipment $ 459,912 $ 495,147 $ 1,273,014 $ 1,428,469 Parts 122,342 121,086 337,193 339,118 Service 48,944 51,122 141,761 143,468 Rental and other 13,312 12,469 33,305 31,145 Total Revenue 644,510 679,824 1,785,273 1,942,200 Cost of Revenue Equipment 422,448 458,345 1,181,203 1,292,821 Parts 83,564 83,542 231,217 230,932 Service 17,678 17,833 51,767 50,753 Rental and other 9,804 9,610 25,489 23,068 Total Cost of Revenue 533,494 569,330 1,489,676 1,597,574 Gross Profit 111,016 110,494 295,597 344,626 Operating Expenses 100,474 98,773 289,539 293,087 Impairment of Goodwill — — — 531 Impairment of Intangible and Long-Lived Assets 238 264 827 1,206 Income (Loss) from Operations 10,304 11,457 5,231 49,802 Other Income (Expense) Interest and other income (expense) 3,442 3,097 5,591 ( 4,239 ) Floorplan interest expense ( 6,183 ) ( 9,993 ) ( 19,521 ) ( 26,275 ) Other interest expense ( 4,755 ) ( 4,286 ) ( 14,011 ) ( 10,479 ) Income (Loss) Before Income Taxes 2,808 275 ( 22,710 ) 8,809 Provision (Benefit) for Income Taxes 1,610 ( 1,438 ) ( 4,704 ) 1,959 Net Income (Loss) $ 1,198 $ 1,713 $ ( 18,006 ) $ 6,850 Earnings (Loss) Per Share: Basic $ 0.05 $ 0.07 $ ( 0.79 ) $ 0.30 Diluted $ 0.05 $ 0.07 $ ( 0.79 ) $ 0.30 Weighted Average Common Shares: Basic 22,776 22,631 22,737 22,597 Diluted 22,780 22,631 22,737 22,599 See Notes to Condensed Consolidated Financial Statements 4 Table of Contents TITAN MACHINERY INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (in thousands) Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 Net Income (Loss) $ 1,198 $ 1,713 $ ( 18,006 ) $ 6,850 Other Comprehensive Income (Loss) Foreign currency translation adjustments ( 128 ) 5,821 13,044 1,354 Comprehensive Income (Loss) $ 1,070 $ 7,534 $ ( 4,962 ) $ 8,204 See Notes to Condensed Consolidated Financial Statements 5 Table of Contents TITAN MACHINERY INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (in thousands) Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Shares Outstanding Amount Balance at January 31, 2025 23,125 $ — $ 262,097 $ 360,314 $ ( 8,334 ) $ 614,077 Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax ( 39 ) — ( 681 ) — — ( 681 ) Stock-based compensation expense — — 1,591 — — 1,591 Net loss — — — ( 13,204 ) — ( 13,204 ) Other comprehensive income — — — — 3,661 3,661 Balance at April 30, 2025 23,086 $ — $ 263,007 $ 347,110 $ ( 4,673 ) $ 605,444 Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax 287 — ( 11 ) — — ( 11 ) Stock-based compensation expense — — 1,399 — — 1,399 Net loss — — — ( 6,000 ) — ( 6,000 ) Other comprehensive income — — — — 9,511 9,511 Balance at July 31, 2025 23,373 $ — $ 264,395 $ 341,110 $ 4,838 $ 610,343 Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax ( 3 ) — ( 21 ) — — ( 21 ) Stock-based compensation expense — — 1,234 — — 1,234 Net income — — — 1,198 — 1,198 Other comprehensive income — — — — ( 128 ) ( 128 ) Balance at October 31, 2025 23,370 $ — $ 265,608 $ 342,308 $ 4,710 $ 612,626 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Shares Outstanding Amount Balance at January 31, 2024 22,848 $ — $ 258,657 $ 397,225 $ 1,760 $ 657,642 Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax ( 30 ) — ( 794 ) — — ( 794 ) Stock-based compensation expense — — 837 — — 837 Net income — — — 9,441 — 9,441 Other comprehensive loss — — — — ( 4,525 ) ( 4,525 ) Balance at April 30, 2024 22,818 $ — $ 258,700 $ 406,666 $ ( 2,765 ) $ 662,601 Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax 310 — ( 51 ) — — ( 51 ) Stock-based compensation expense — — 1,262 — — 1,262 Net loss — — — ( 4,304 ) — ( 4,304 ) Other comprehensive income — — — — 58 58 Balance at July 31, 2024 23,128 $ — $ 259,911 $ 402,362 $ ( 2,707 ) $ 659,566 Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax ( 2 ) — ( 4 ) — — ( 4 ) Stock-based compensation expense — — 1,104 — — 1,104 Net income — — — 1,713 — 1,713 Other comprehensive income — — — — 5,821 5,821 Balance at October 31, 2024 23,126 $ — $ 261,011 $ 404,075 $ 3,114 $ 668,200 See Notes to Condensed Consolidated Financial Statements 6 TITAN MACHINERY INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Nine Months Ended October 31, 2025 2024 Operating Activities Net (loss) income $ ( 18,006 ) $ 6,850 Adjustments to reconcile net (loss) income to net cash provided by operating activities Depreciation and amortization 28,175 28,687 Impairment 827 1,737 Deferred income taxes ( 8,168 ) ( 3,003 ) Stock-based compensation expense 4,224 3,203 Noncash interest expense 734 537 Noncash lease expense 3,762 6,532 Sale-leaseback finance modification expense — 11,159 Gain on extinguishment of debt — ( 3,585 ) Other, net ( 7,548 ) ( 1,255 ) Changes in assets and liabilities, net of effects of acquisitions Receivables ( 19,044 ) 12,541 Prepaid expenses and other assets 6,262 9,124 Inventories 120,020 ( 114,485 ) Manufacturer floorplan payable 24,819 78,714 Deferred revenue ( 68,602 ) ( 76,838 ) Accounts payable, accrued expenses and other and other long-term liabilities 16,429 ( 16,113 ) Net Cash Provided by (Used for) Operating Activities 83,884 ( 56,195 ) Investing Activities Rental fleet purchases — ( 514 ) Property and equipment purchases (excluding rental fleet) ( 18,389 ) ( 30,284 ) Proceeds from sale of property and equipment 4,777 1,490 Acquisition consideration, net of cash acquired ( 13,370 ) ( 260 ) Proceeds from business divestitures, net 9,143 — Other, net 813 129 Net Cash Used for Investing Activities ( 17,026 ) ( 29,439 ) Financing Activities Net change in non-manufacturer floorplan payable ( 56,213 ) 77,990 Proceeds from long-term debt borrowings 15,901 12,440 Principal payments on long-term debt and finance leases ( 14,642 ) ( 14,748 ) Payment of debt issuance costs ( 63 ) ( 3,754 ) Other, net ( 713 ) ( 960 ) Net Cash (Used for) Provided by Financing Activities ( 55,730 ) 70,968 Effect of Exchange Rate Changes on Cash 1,764 20 Net Change in Cash 12,892 ( 14,646 ) Cash at Beginning of Period 35,898 38,066 Cash at End of Period $ 48,790 $ 23,420 Supplemental Disclosures of Cash Flow Information Cash paid during the period Income taxes, net of refunds $ ( 1,349 ) $ 5,887 Interest $ 33,046 $ 33,899 Supplemental Disclosures of Noncash Investing and Financing Activities Net property and equipment financed with long-term debt, finance leases, accounts payable and accrued liabilities $ ( 1,616 ) $ 12,484 Long-term debt to acquire finance leases $ — $ 42,182 Net transfer of assets to property and equipment from inventories $ ( 1,474 ) $ ( 7,626 ) See Notes to Condensed Consolidated Financial Statements 7 Table of Contents TITAN MACHINERY INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The quarterly operating results for Titan Machinery Inc. ("we", "us", "our", or the “Company”) are subject to fluctuation due to varying weather patterns and other factors influencing customer profitability, which may impact the timing and amount of equipment purchases, rentals, and after-sales parts and service purchases by the Company’s agriculture, construction and international customers. Therefore, operating results for the nine-months ended October 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2026. The information contained in the consolidated balance sheet as of January 31, 2025 was derived from the audited consolidated financial statements of the Company for the fiscal year then ended. These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025, as filed with the SEC on April 7, 2025. Nature of Business The Company is engaged in the retail sale, service and rental of agricultural and construction machinery through its stores in the United States, Europe, and Australia. The Company’s North American stores are located in Colorado, Idaho, Iowa, Kansas, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin, and Wyoming. Internationally, the Company's European stores are located in Bulgaria, Germany, Romania, and Ukraine and the Company's Australian stores are located in New South Wales, South Australia, and Victoria in Southeastern Australia. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, impairment of long-lived assets, goodwill, or indefinite lived intangible assets, collectability of receivables, and income taxes. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. Recently issued accounting pronouncements not yet adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ( “ ASU ” ) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures in the rate reconciliation table for federal, state and foreign income taxes, in addition to more details about the reconciling items in some categories when items meet a certain quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. Additionally, in January 2025, FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date to clarify the effective date of ASU 2024-03. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated financial statements. 8 Table of Contents In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“VIE”), which provides clarifying guidance on determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting. The guidance will be effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance will be applied prospectively. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated financial statements. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides all entities, including public business entities, with a practical expedient, which allows the entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. The amendments in ASU No. 2025-05 should be applied prospectively and are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends the guidance in ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. The guidance will be effective for annual periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, companies may choose to apply the guidance prospectively, modified retrospectively or full retrospectively. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated financial statements. NOTE 2 - EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 (in thousands, except per share data) Numerator: Net income (loss) $ 1,198 $ 1,713 $ ( 18,006 ) $ 6,850 Allocation to participating securities ( 31 ) ( 37 ) — ( 119 ) Net income (loss) attributable to Titan Machinery Inc. common stockholders $ 1,167 $ 1,676 $ ( 18,006 ) $ 6,731 Denominator: Basic weighted-average common shares outstanding 22,776 22,631 22,737 22,597 Plus: incremental shares from vesting of restricted stock units 4 — — 2 Diluted weighted-average common shares outstanding 22,780 22,631 22,737 22,599 Earnings (Loss) Per Share: Basic $ 0.05 $ 0.07 $ ( 0.79 ) $ 0.30 Diluted $ 0.05 $ 0.07 $ ( 0.79 ) $ 0.30 Anti-dilutive shares excluded from diluted weighted-average common shares outstanding: Restricted stock units — 12 15 — 9 Table of Contents NOTE 3 - REVENUE Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration we expect to collect in exchange for those goods or services. Sales, value added and other taxes collected from our customers concurrent with our revenue activities are excluded from revenue. The following tables present our revenue disaggregated by revenue source and segment: Three Months Ended October 31, 2025 Agriculture Construction Europe Australia Total (in thousands) Equipment $ 297,968 $ 45,626 $ 95,871 $ 20,447 $ 459,912 Parts 85,732 12,999 17,124 6,487 122,342 Service 35,487 7,197 3,496 2,764 48,944 Other 1,148 624 209 158 2,139 Revenue from contracts with customers 420,335 66,446 116,700 29,856 633,337 Rental 606 10,255 312 — 11,173 Total revenue $ 420,941 $ 76,701 $ 117,012 $ 29,856 $ 644,510 Three Months Ended October 31, 2024 Agriculture Construction Europe Australia Total (in thousands) Equipment $ 358,430 $ 53,770 $ 41,893 $ 41,054 $ 495,147 Parts 84,763 13,704 16,290 6,329 121,086 Service 37,275 7,730 3,516 2,601 51,122 Other 1,056 490 196 151 1,893 Revenue from contracts with customers 481,524 75,694 61,895 50,135 669,248 Rental 498 9,591 487 — 10,576 Total revenue $ 482,022 $ 85,285 $ 62,382 $ 50,135 $ 679,824 Nine Months Ended October 31, 2025 Agriculture Construction Europe Australia Total (in thousands) Equipment $ 811,390 $ 134,673 $ 251,029 $ 75,922 $ 1,273,014 Parts 231,981 38,693 46,566 19,953 337,193 Service 103,062 21,206 9,561 7,932 141,761 Other 3,157 1,342 1,151 580 6,230 Revenue from contracts with customers 1,149,590 195,914 308,307 104,387 1,758,198 Rental 1,492 24,903 680 — 27,075 Total revenue $ 1,151,082 $ 220,817 $ 308,987 $ 104,387 $ 1,785,273 10 Table of Contents Nine Months Ended October 31, 2024 Agriculture Construction Europe Australia Total (in thousands) Equipment $ 1,009,699 $ 153,710 $ 138,537 $ 126,523 $ 1,428,469 Parts 235,159 36,583 46,220 21,156 339,118 Service 104,787 21,744 9,350 7,587 143,468 Other 2,931 1,327 546 586 5,390 Revenue from contracts with customers 1,352,576 213,364 194,653 155,852 1,916,445 Rental 1,168 23,607 980 — 25,755 Total revenue $ 1,353,744 $ 236,971 $ 195,633 $ 155,852 $ 1,942,200 Unbilled Receivables and Deferred Revenue Unbilled receivables from contracts with customers amounted to $ 33.2 million and $ 24.6 million as of October 31, 2025 and January 31, 2025, respectively. This increase in unbilled receivables is primarily the result of a seasonal increase in the volume of our service transactions in which we recognize revenue as our work is performed and prior to customer invoicing. Deferred revenue from contracts with customers amounted to $ 23.9 million and $ 91.7 million as of October 31, 2025 and January 31, 2025, respectively. Our deferred revenue most often increases in the fourth quarter of each fiscal year due to a higher level of customer down payments or prepayments and longer time periods between customer payment and delivery of the equipment asset, and the related recognition of equipment revenue, prior to its seasonal use. During the nine months ended October 31, 2025 and 2024, the Company recognized $ 88.9 million and $ 112.1 million, respectively, of revenue that was included in the deferred revenue balance as of January 31, 2025 and January 31, 2024, respectively. No material amount of revenue was recognized during the nine months ended October 31, 2025 or 2024 from performance obligations satisfied in previous periods. NOTE 4 - RECEIVABLES The Company provides an allowance for expected credit losses on its nonrental receivables. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics as shown in the table below. Trade and unbilled receivables from contracts with customers have credit risk and the allowance is determined by applying expected credit loss percentages to aging categories based on historical experience that are updated each quarter. The rates may also be adjusted to the extent future events are expected to differ from historical results. In addition, the allowance is adjusted based on information obtained by continued monitoring of individual customer credit. Short-term receivables from finance companies, other receivables due from manufacturers, and other receivables have not historically resulted in any credit losses to the Company. These receivables are short-term in nature and deemed to be of good credit quality and have no need for any allowance for expected credit losses. Management continually monitors these receivables and should information be obtained that identifies potential credit risk, an adjustment to the allowance would be made if deemed appropriate. Trade and unbilled receivables from rental contracts are primarily in the United States and are specifically excluded from the accounting guidance in determining an allowance for expected losses. The Company provides an allowance for these receivables based on historical experience and using credit information obtained from continued monitoring of customer accounts. 11 Table of Contents October 31, 2025 January 31, 2025 (in thousands) Trade and unbilled receivables from contracts with customers Trade receivables due from customers $ 73,056 $ 49,777 Unbilled receivables 33,243 24,584 Less allowance for expected credit losses ( 2,683 ) ( 1,994 ) 103,616 72,367 Short-term receivables due from finance companies 14,507 16,793 Trade and unbilled receivables from rental contracts Trade receivables 4,905 4,015 Unbilled receivables 1,282 580 Less allowance for expected credit losses ( 583 ) ( 578 ) 5,604 4,017 Other receivables Due from manufacturers 22,316 25,692 Other 689 945 23,005 26,637 Receivables, net of allowance for expected credit losses $ 146,732 $ 119,814 Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment: Agriculture Construction Europe Australia Total (in thousands) Balance at January 31, 2025 $ 605 $ 209 $ 1,132 48 $ 1,994 Current expected credit loss provision 109 43 686 67 905 Write-offs charged against allowance ( 285 ) ( 101 ) — ( 28 ) ( 414 ) Credit loss recoveries collected 27 9 17 — 53 Foreign exchange impact — — 142 3 145 Balance at October 31, 2025 $ 456 $ 160 $ 1,977 $ 90 $ 2,683 Agriculture Construction Europe Australia Total (in thousands) Balance at January 31, 2024 $ 164 $ 177 $ 2,638 59 $ 3,038 Current expected credit loss provision 340 174 ( 41 ) 19 492 Write-offs charged against allowance ( 86 ) ( 185 ) ( 39 ) (17) ( 327 ) Credit loss recoveries collected 10 86 99 3 198 Foreign exchange impact — — 10 2 12 Balance at October 31, 2024 $ 428 $ 252 $ 2,667 $ 66 $ 3,413 12 Table of Contents The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts reflected in Operating Expenses in the Condensed Consolidated Statements of Operations: Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 (in thousands) Impairment losses (recoveries) on: Receivables from sales contracts $ 465 $ 283 $ 857 $ 497 Receivables from rental contracts 29 ( 9 ) 84 121 $ 494 $ 274 $ 941 $ 618 NOTE 5 - INVENTORIES October 31, 2025 January 31, 2025 (in thousands) New equipment $ 610,538 $ 611,916 Used equipment 218,331 313,867 Parts and attachments 176,788 177,719 Work in process 5,077 5,170 $ 1,010,734 $ 1,108,672 NOTE 6 - PROPERTY AND EQUIPMENT October 31, 2025 January 31, 2025 (in thousands) Rental fleet equipment $ 71,471 $ 76,447 Machinery and equipment 38,833 38,306 Vehicles 120,021 114,402 Furniture and fixtures 31,024 29,840 Land, buildings, and leasehold improvements 293,195 288,761 554,544 547,756 Less accumulated depreciation ( 182,887 ) ( 168,066 ) $ 371,657 $ 379,690 The Company includes depreciation expense related to its rental fleet and its trucking fleet for hauling equipment in Cost of Revenue in the Condensed Consolidated Statements of Operations, which was $ 2.5 million and $ 2.8 million for the three months ended October 31, 2025 and 2024, respectively, and $ 6.6 million and $ 7.1 million for the nine months ended October 31, 2025 and 2024, respectively. All other depreciation expense is included in Operating Expenses in the Condensed Consolidated Statements of Operations, which was $ 6.3 million for the three months ended October 31, 2025 and 2024, and $18.6 million and $18.4 million for the nine months ended October 31, 2025 and 2024, respectively The Company reviews its long-lived assets for potential impairment whenever events or circumstances indicate that the carrying value of the long-lived asset (or asset group) may not be recoverable. In the nine months ended October 31, 2025, the Company determined, based on changing expectations regarding the future use of certain long-lived assets, that the $107.3 million carrying value of certain assets may not be fully recoverable. Accordingly, the Company performed an impairment analysis and estimated the fair value of the asset using an income approach. For the nine months ended October 31, 2025 the Company recognized total impairment charges of $0.8 million, of which $0.7 million was within the Agriculture segment and $0.1 million was within the Construction segment. These impairment charges are reflected in the Impairment of Intangibles and Long-Lived Assets amount in the Condensed Consolidated Statements of Operations. 13 Table of Contents In the nine months ended October 31, 2024, the Company determined, based on changing expectations regarding the future use of certain long-lived assets, that the $15.4 million carrying value of certain assets may not be fully recoverable. Accordingly, the Company performed an impairment analysis and estimated the fair value of the asset using an income approach. For the nine months ended October 31, 2024, the Company recognized total impairment charges of $1.2 million, of which $0.2 million was within the Agriculture segment, $0.1 million was within the Construction segment and $0.9 million was within the Europe segment. These impairment charges are reflected in the Impairment of Intangibles and Long-Lived Assets amount in the Condensed Consolidated Statements of Operations. NOTE 7 - INTANGIBLE ASSETS AND GOODWILL Finite-Lived Intangible Assets The Company's finite-lived intangible assets consist of customer relationships and covenants not to compete. The following is a summary of intangible assets with finite lives as of October 31, 2025 and January 31, 2025: October 31, 2025 January 31, 2025 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) (in thousands) Covenants not to compete $ 904 $ (596) $ 308 $ 1,125 $ (642) $ 483 Customer relationships 11,495 (3,428) 8,067 11,137 (2,278) 8,859 $ 12,399 $ (4,024) $ 8,375 $ 12,262 $ (2,920) $ 9,342 Total expense related to the amortization of intangible assets, which is recorded in Operating Expenses in the Condensed Consolidated Statements of Operations, was $ 0.5 million for three months ended October 31, 2025 and 2024. Total expense related to the amortization of intangible assets, which is recorded in Operating Expenses in the Condensed Consolidated Statements of Operations, was $ 1.4 million and $ 1.5 million for the nine months ended October 31, 2025 and 2024, respectively. The Company performed an impairment test in the nine months ended October 31, 2024, with respect to its German subsidiary's intangibles assets and recorded an impairment charge of $0.1 million within the Europe segment, which is included in Impairment of Intangible and Long-Lived Assets in the Condensed Consolidated Statements of Operations. Future amortization expense, as of October 31, 2025, is expected to be as follows: Fiscal Year Ending January 31, Amount (in thousands) 2026 (remainder) $ 458 2027 1,819 2028 1,702 2029 1,615 2030 1,589 Thereafter 1,192 $ 8,375 Indefinite-Lived Intangible Assets The Company's indefinite-lived intangible assets consist of distribution rights assets. The following is a summary of the changes in indefinite-lived intangible assets, by segment, for the nine months ended October 31, 2025: Agriculture Construction Australia Total (in thousands) January 31, 2025 $ 18,154 $ 72 $ 20,738 $ 38,964 Foreign currency translation — — 1,109 1,109 October 31, 2025 $ 18,154 $ 72 $ 21,847 $ 40,073 14 Table of Contents Goodwill The following presents changes in the carrying amount of goodwill, by segment, for the nine months ended October 31, 2025: Agriculture Australia Total (in thousands) January 31, 2025 $ 37,820 $ 23,426 $ 61,246 Arising from business combinations 1,400 — 1,400 Foreign currency translation — 1,260 1,260 October 31, 2025 $ 39,220 $ 24,686 $ 63,906 The Company performed an interim impairment test in the nine months ended October 31, 2024 for the German reporting unit. Under the impairment test, the fair value of the reporting unit is estimated using an income approach in which a discounted cash flow analysis is utilized, which includes a five-year forecast of future operating performance for the reporting unit and a terminal value that estimates sustained long-term growth. The discount rate applied to the estimated future cash flows reflects an estimate of the weighted-average cost of capital of comparable companies. The quantitative goodwill impairment analysis for the German reporting unit indicated that the estimated fair value of the reporting unit was less than the carrying value. The implied fair value of the goodwill associated with the reporting unit approximated zero, thus requiring a full impairment charge of the goodwill carrying value of the reporting unit. As such, a goodwill impairment charge of $0.5 million was recognized within the Europe segment, which is included in Impairment of Goodwill in the Condensed Consolidated Statements of Operations. NOTE 8 - FLOORPLAN PAYABLE/LINES OF CREDIT As of October 31, 2025, the Company had floorplan and working capital lines of credit totaling $ 1.5 billion, which is primarily comprised of three floorplan lines of credit: (i) $ 875.0 million credit facility with CNH Industrial N.V. (“CNH”), (ii) $ 390.0 million floorplan line of credit and $110.0 million working capital line of credit under its credit agreement with a syndicate of banks (“Bank Syndicate Agreement”), and (iii) $ 80.0 million credit facility with DLL Finance LLC (“DLL Finance”). The Company's outstanding balances of floorplan lines of credit as of October 31, 2025 and January 31, 2025, consisted of the following: October 31, 2025 January 31, 2025 (in thousands) CNH $ 548,158 $ 520,927 Bank Syndicate Agreement Floorplan Loan 99,410 127,154 DLL Finance 31,920 37,859 Other outstanding balances with manufacturers and non-manufacturers 60,129 69,758 $ 739,617 $ 755,698 As of October 31, 2025, the interest-bearing floorplan payables carried a variable interest rate with a range of 3.08 % to 9.15 % compared to a range of 4.06 % to 9.15 % as of January 31, 2025. The Company had non-interest-bearing floorplan payables of $ 332.5 million and $ 302.4 million, as of October 31, 2025 and January 31, 2025, respectively. 15 Table of Contents NOTE 9 - LONG TERM DEBT The following is a summary of the Company's long-term debt as of October 31, 2025 and January 31, 2025: Description Maturity Dates Interest Rates October 31, 2025 January 31, 2025 (in thousands) Mortgage loans, secured Various through May 2039 2.1% to 7.5% $ 133,749 $ 129,604 Sale-leaseback financing obligations December 2028 to December 2030 6.1% to 6.2% 9,623 9,804 Vehicle loans, secured Various through February 2031 2.1% to 7.6% 26,941 27,198 Other November 2025 to September 2028 6.1% to 6.7% 6,271 2,081 Total debt 176,584 168,687 Less: current maturities ( 21,804 ) ( 10,920 ) Long-term debt $ 154,780 $ 157,767 NOTE 10 - DERIVATIVE INSTRUMENTS The Company holds derivative instruments for the purpose of minimizing exposure to fluctuations in foreign currency exchange rates to which the Company is exposed in the normal course of its operations. From time to time, the Company uses foreign currency forward contracts to hedge the effects of fluctuations in exchange rates on outstanding intercompany loans. The Company does not formally designate and document such derivative instruments as hedging instruments; however, the instruments are an effective economic hedge of the underlying foreign currency exposure. Both the gain or loss on the derivative instrument and the offsetting gain or loss on the underlying intercompany loan are recognized in earnings immediately, thereby eliminating or reducing the impact of foreign currency exchange rate fluctuations on net income. The Company's foreign currency forward contracts generally have one-month to three-month maturities. The notional value of outstanding foreign currency contracts was $ 38.4 million and $ 46.1 million as of October 31, 2025 and January 31, 2025, respectively. As of October 31, 2025 and January 31, 2025, the fair value of the Company's outstanding derivative instruments was not material. Derivative instruments recognized as assets are recorded in Prepaid expenses and other in the Condensed Consolidated Balance Sheets, and derivative instruments recognized as liabilities are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets. The following table sets forth the gains and losses recognized in income from the Company’s derivative instruments for the three and nine months ended October 31, 2025 and 2024. Gains and losses are recognized in Interest and other income (expense) in the Condensed Consolidated Statements of Operations: Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 (in thousands) Foreign currency contract (loss) gain $ ( 379 ) $ ( 114 ) $ ( 2,565 ) $ 14 16 Table of Contents NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the nine month periods ended October 31, 2025 and 2024: Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2025 $ ( 11,045 ) $ 2,711 $ ( 8,334 ) Other comprehensive income 3,661 — 3,661 Balance, April 30, 2025 ( 7,384 ) 2,711 ( 4,673 ) Other comprehensive income 9,511 — 9,511 Balance, July 31, 2025 2,127 2,711 4,838 Other comprehensive loss ( 128 ) — ( 128 ) Balance, October 31, 2025 $ 1,999 $ 2,711 $ 4,710 Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2024 $ ( 951 ) $ 2,711 $ 1,760 Other comprehensive income ( 4,525 ) — ( 4,525 ) Balance, April 30, 2024 ( 5,476 ) 2,711 ( 2,765 ) Other comprehensive income 58 — 58 Balance, July 31, 2024 ( 5,418 ) 2,711 ( 2,707 ) Other comprehensive income 5,821 — 5,821 Balance, October 31, 2024 $ 403 $ 2,711 $ 3,114 NOTE 12 - LEASES As Lessor Revenue generated from leasing activities is disclosed, by segment, in Note 3, Revenue. The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the Condensed Consolidated Balance Sheets, of our Construction segment as of October 31, 2025 and January 31, 2025: October 31, 2025 January 31, 2025 (in thousands) Rental fleet equipment $ 71,471 $ 76,447 Less accumulated depreciation ( 25,749 ) ( 26,327 ) $ 45,722 $ 50,120 17 Table of Contents NOTE 13 - FAIR VALUE OF FINANCIAL INSTRUMENTS As of October 31, 2025, the fair value of the Company's foreign currency contracts, which are either assets or liabilities measured at fair value on a recurring basis, was not material. These foreign currency contracts were valued using a discounted cash flow analysis, which is an income approach, utilizing readily observable market data as inputs, which is classified as a Level 2 fair value measurement. The Company also has financial instruments that are not recorded at fair value in the Condensed Consolidated Balance Sheets, including cash, receivables, payables and long-term debt. The carrying amounts of these financial instruments approximated their fair values as of October 31, 2025 and January 31, 2025. The fair value of these financial instruments was estimated based on Level 2 fair value inputs. The estimated fair value of the Company's Level 2 long-term debt, which is provided for disclosure purposes only, is as follows: October 31, 2025 January 31, 2025 (in thousands) Carrying amount $ 166,961 $ 158,883 Fair value $ 151,446 $ 145,010 NOTE 14 - INCOME TAXES The effective tax rate was 57.3 % and 522.9 % for the three months ended October 31, 2025 and 2024, respectively. The effective tax rate was 20.7 % and 22.2 % for the nine months ended October 31, 2025 and 2024, respectively. The effective tax rate is subject to variation of the impact of several items, mainly the vesting of share-based compensation, the mix of domestic and foreign income and the impact of the recognition of valuation allowance on our foreign deferred tax assets. On July 4, 2025, One Big Beautiful Bill Act was enacted into law in the United States. This legislation includes various tax provisions that may affect U.S. corporate taxpayers, including changes to the deductibility of interest expense and depreciation of certain property, among other items. The Company is currently assessing the potential impact of this new legislation on its annual income tax expense, deferred tax assets and liabilities and valuation allowances. Based on its preliminary analysis, the Company does not expect the legislation to have a material effect on its financial statements. NOTE 15 - BUSINESS COMBINATIONS Fiscal 2026 On May 15, 2025, the Company acquired certain assets of Farmers Implement and Irrigation, Inc. “Farmers Implement”. This acquired New Holland agriculture dealership consists of one agriculture equipment store in Brookings, South Dakota. This acquisition occurred within the Company’s Agriculture segment. The total consideration transferred for the acquired business was $13.4 million paid in cash, which included the real estate. In connection with the acquisition, the Company acquired from CNH and certain other manufacturers equipment and parts inventory previously owned by Farmers Implement. Upon acquiring such inventories, the Company was offered floorplan financing by the respective manufacturers. In total, the Company acquired inventory and recognized a corresponding financing liability of $7.0 million. The recognition of these inventories and the associated financing liabilities are not included as part of the accounting for the business combination. On October 1, 2025, the Company acquired Bellevue Machinery within its Australia segment. This acquired New Holland agriculture dealership complex consists of two locations in the cities of Swan Hill and Warracknabeal, in the State of Victoria. Immediately upon acquisition, these locations were merged into the locations already owned by the Company in the same cities. This acquisition now allows the Company to sell the CaseIH and New Holland brand at six of the Company’s 15 locations in Australia. The Company expects the sales of these two acquired locations to be shown within its same-store sales information, as this acquisition expands the brands being offered by the Company at its current locations. Same-store sales are sales by stores that were part of the Company for the entire comparable period in the current and preceding fiscal years. Each of the Company’s foreign subsidiaries has fiscal quarters and a fiscal year-end that align with the calendar quarterly periods and year-end. The quarterly and annual financial statements of all of the Company's foreign subsidiaries are consolidated into the Company’s U.S. quarterly and annual fiscal periods that end on April 30, July 31, October 31 and January 31. Accordingly, the October 1, 2025 foreign acquisition of Bellevue Machinery is a fourth quarter of fiscal 2026 transaction, and therefore no amounts were recognized in the consolidated financial statements of the Company for the quarter ended October 31, 2025. This acquisition is not considered material to the Company's consolidated financial results. 18 Table of Contents Fiscal 2025 The Company acquired Gose Landtechnik e.K. on March 1, 2024, which consists of one location in Germany and is included in the Europe segment. This acquisition is not considered material to the Company's consolidated financial results during the nine months ended October 31, 2024 and has been included in the Condensed Consolidated Financial Statements from the date of the acquisition. NOTE 16 - CONTINGENCIES The Company is engaged in legal proceedings incidental to the normal course of business. Due to their nature, these legal proceedings involve inherent uncertainties, including but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, the Company expects that the outcome of these various legal actions and claims will not have a material impact on its financial position, results of operations or cash flows. These matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable. The Company has been named a co-defendant in a court case filed in Colorado district court, arising out of an accident that occurred during the transportation of a piece of Titan owned equipment by an independent third-party contractor motor carrier. A reasonable estimate of the possible loss or range of loss cannot be made at this time. Management believes the range of reasonable possible losses, net of insurance recoveries, will not have a material effect on our results of operations or financial condition. NOTE 17 - BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION The Company has four reportable segments: Agriculture, Construction, Europe and Australia. Revenue between segments is immaterial. The Company retains various unallocated income/(expense) items and assets at the general corporate level, which the Company refers to as “Shared Resources” in the table below. Shared Resources assets primarily consist of cash and property and equipment. Net sales and long-lived assets by geographic area were as follows: Revenue Three Months Ended October 31, Nine Months Ended October 31, 2025 2024 2025 2024 (in thousands) (in thousands) United States $ 497,642 $ 567,307 $ 1,371,899 $ 1,590,715 Australia 29,856 50,135 104,387 155,852 Other international countries 117,012 62,382 308,987 195,633 $ 644,510 $ 679,824 $ 1,785,273 $ 1,942,200 Long-lived assets October 31, 2025 January 31, 2025 (in thousands) United States $ 371,120 $ 363,672 Australia 26,866 24,512 Other international countries 22,008 20,323 $ 419,994 $ 408,507 19 Table of Contents Certain financial information for each of the Company's business segments is set forth below. Three Months Ended October 31, 2025 (in thousands) Agriculture Construction Europe Australia Total Revenue Equipment $ 297,968 $ 45,626 $ 95,871 $ 20,447 $ 459,912 Parts 85,732 12,999 17,124 6,487 122,342 Service 35,487 7,197 3,496 2,764 48,944 Rental and other 1,754 10,879 521 158 13,312 $ 420,941 $ 76,701 $ 117,012 $ 29,856 $ 644,510 Cost of Revenue Equipment $ 277,148 $ 41,822 $ 84,638 $ 18,841 Parts 57,112 9,414 12,567 4,470 Service 12,798 2,259 1,673 948 Rental and other 1,323 7,892 376 213 Operating expense 63,396 14,527 13,364 8,163 Impairment charge (1) 124 114 — — Floorplan interest expense 3,965 1,166 604 424 Other segment expense (income), net (2) ( 1,034 ) 1,222 274 567 Segment income (loss) before taxes $ 6,109 $ ( 1,715 ) $ 3,516 $ ( 3,770 ) $ 4,140 Shared resources unallocated expense ( 1,332 ) Income before taxes $ 2,808 Depreciation and amortization $ 4,274 $ 3,022 $ 951 $ 865 Capital expenditures $ 962 $ 832 $ 366 $ 416 $ 2,576 Shared Resources Capital expenditures (3) 159 Total Capital expenditures $ 2,735 (1) Impairment charge related to long-lived assets. (2) Balance consists of other interest income (expense) and foreign currency. (3) Shared Resources balance includes construction in process activity for Agriculture and Construction. 20 Table of Contents Three Months Ended October 31, 2024 (in thousands) Agriculture Construction Europe Australia Total Revenue Equipment $ 358,430 $ 53,770 $ 41,893 $ 41,054 $ 495,147 Parts 84,763 13,704 16,290 6,329 121,086 Service 37,275 7,730 3,516 2,601 51,122 Rental and other 1,554 10,081 683 151 12,469 $ 482,022 $ 85,285 $ 62,382 $ 50,135 $ 679,824 Cost of Revenue Equipment $ 337,126 $ 48,276 $ 36,471 $ 36,472 Parts 57,290 9,912 12,215 4,125 Service 12,845 2,294 1,726 968 Rental and other 1,642 7,291 480 197 Operating expense 64,719 15,723 10,578 7,807 Impairment charge (1) 135 129 — — Floorplan interest expense 6,434 1,653 1,083 431 Other segment expense (income), net (2) ( 45 ) 948 1,024 433 Segment income (loss) before taxes $ 1,876 $ ( 941 ) $ ( 1,195 ) $ ( 298 ) $ (558) Shared resources unallocated expense 833 Income before taxes $ 275 Depreciation and amortization $ 3,732 $ 3,081 $ 941 $ 870 Capital expenditures $ 1,636 $ — $ 593 $ 611 $ 2,840 Shared Resources Capital expenditures (3) 5,270 Total Capital expenditures $ 8,110 (1) Impairment charge related to goodwill, intangible and long-lived assets. (2) Balance consists of other interest income (expense) and foreign currency. (3) Shared Resources balance includes construction in process activity for Agriculture and Construction. 21 Table of Contents Nine Months Ended October 31, 2025 (in thousands) Agriculture Construction Europe Australia Total Revenue Equipment $ 811,390 $ 134,673 $ 251,029 $ 75,922 $ 1,273,014 Parts 231,981 38,693 46,566 19,953 337,193 Service 103,062 21,206 9,561 7,932 141,761 Rental and other 4,649 26,245 1,831 580 33,305 $ 1,151,082 $ 220,817 $ 308,987 $ 104,387 $ 1,785,273 Cost of Revenue Equipment $ 774,617 $ 123,799 $ 214,632 $ 68,156 Parts 155,221 27,684 34,546 13,766 Service 37,407 6,797 4,890 2,673 Rental and other 4,478 19,065 1,236 709 Operating expense 182,436 43,256 36,722 22,676 Impairment charge (1) 713 114 — — Floorplan interest expense 12,202 3,579 2,007 1,496 Other segment expense (income), net (2) 2,974 3,633 1,581 1,349 Segment (loss) income before taxes $ ( 18,966 ) $ ( 7,110 ) $ 13,373 $ ( 6,438 ) $ (19,141) Shared resources unallocated expense ( 3,569 ) Loss before taxes $ ( 22,710 ) Depreciation and amortization $ 12,807 $ 7,933 $ 2,673 $ 2,545 Capital expenditures $ 4,106 $ 6,180 $ 1,421 $ 1,611 $ 13,318 Shared Resources Capital expenditures (3) 5,071 Total Capital expenditures $ 18,389 (1) Impairment charge related to long-lived assets. (2) Balance consists of other interest income (expense) and foreign currency. (3) Shared Resources balance includes construction in process activity for Agriculture and Construction. 22 Table of Contents Nine Months Ended October 31, 2024 (in thousands) Agriculture Construction Europe Australia Total Revenue Equipment $ 1,009,699 $ 153,710 $ 138,537 $ 126,523 $ 1,428,469 Parts 235,159 36,583 46,220 21,156 339,118 Service 104,787 21,744 9,350 7,587 143,468 Rental and other 4,099 24,934 1,526 586 31,145 $ 1,353,744 $ 236,971 $ 195,633 $ 155,852 $ 1,942,200 Cost of Revenue Equipment $ 925,815 $ 135,542 $ 119,193 $ 112,271 Parts 157,002 25,843 34,001 14,085 Service 36,822 6,439 4,806 2,685 Rental and other 4,124 17,337 927 682 Operating expense 191,650 45,775 32,161 22,521 Impairment charge (1) 135 129 1,473 — Floorplan interest expense 16,160 4,025 3,136 1,671 Sale-leaseback financing expense 6,067 5,092 — — Other segment expense (income), net (2) 413 2,355 2,051 1,359 Segment income (loss) before taxes $ 15,556 $ ( 5,566 ) $ ( 2,115 ) $ 578 $ 8,453 Shared resources unallocated expense 356 Income before taxes $ 8,809 Depreciation and amortization $ 10,508 $ 7,833 $ 2,777 $ 2,631 Capital expenditures $ 14,972 $ 4,740 $ 3,290 $ 2,641 $ 25,643 Shared Resources Capital expenditures (3) 4,641 Total Capital expenditures $ 30,284 (1) Impairment charge related to goodwill, intangible and long-lived assets. (2) Balance consists of other interest income (expense) and foreign currency. (3) Shared Resources balance includes construction in process activity for Agriculture and Construction. Total Assets October 31, 2025 January 31, 2025 (in thousands) Agriculture $ 996,432 $ 1,060,180 Construction 246,698 252,471 Europe 267,904 248,282 Australia 205,946 192,331 Shared Resources Assets (1) $ 52,380 $ 60,674 $ 1,769,360 $ 1,813,938 (1) Agriculture and Construction cash balances are held at Shared Resources. NOTE 18 - SUBSEQUENT EVENTS On November 6, 2025, the Company signed definitive agreements to divest its dealership operations in Germany through two separate asset sale transactions with the existing New Holland dealers in the region. The planned divestitures support CNH’s dual-brand strategy and align with the Company’s ongoing focus on optimizing its global footprint to enhance returns on invested capital. The transactions are expected to close in the first quarter of fiscal 2027, subject to customary closing conditions and regulatory approvals. Upon completion, the Company expects to recognize an aggregate pre-tax loss on sale of approximately $2.0 million to $4.0 million. 23 Table of Contents