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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q



☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _________ to _________

Commission File Number: 001-12930

AGCO CORPORATION

(Exact name of Registrant as specified in its charter)


Delaware		58-1960019
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
4205 River Green Parkway
Duluth,	Georgia	30096
(Address of principal executive offices)		(Zip Code)

(770) 813-9200

(Registrant's telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act
Title of Class	Trading Symbol	Name of exchange on which registered
Common stock	AGCO	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☒

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of October 27, 2025, there were 74,623,566 shares of the registrant’s common stock, par value of $0.01 per share, outstanding.

AGCO CORPORATION

INDEX


			Page Numbers

PART I. FINANCIAL INFORMATION:

Item 1.	Financial Statements (unaudited)

		Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3

		Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2025 and 2024	4

		Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2025 and 2024	5

		Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024	6

		Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	7

	Notes to Condensed Consolidated Financial Statements		8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		40

Item 3.	Quantitative and Qualitative Disclosures about Market Risk		55

Item 4.	Controls and Procedures		55

PART II. OTHER INFORMATION:

Item 1.	Legal Proceedings		56

Item 1A.	Risk Factors		56

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		56

Item 5.	Other Information		56

Item 6.	Exhibits		57

SIGNATURES			58

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AGCO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in millions, except share amounts)


	September 30, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	884.1	$	612.7
Accounts and notes receivable, net	1,220.9		1,267.4
Inventories, net	3,081.1		2,731.3
Other current assets	535.6		526.6
Total current assets	5,721.7		5,138.0
Property, plant and equipment, net	1,977.4		1,818.6
Right-of-use lease assets	169.0		168.9
Investments in affiliates	597.3		519.6
Deferred tax assets	898.3		561.0
Other assets	512.2		435.2
Intangible assets, net	689.8		728.9
Goodwill	1,901.2		1,820.4
Total assets	$	12,466.9	$	11,190.6
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Borrowings due within one year	$	109.2	$	415.2

Accounts payable	986.7		813.0
Accrued expenses	2,410.2		2,469.6
Other current liabilities	122.0		128.2
Total current liabilities	3,628.1		3,826.0
Long-term debt, less current portion and debt issuance costs	2,734.4		2,233.3
Operating lease liabilities	123.4		127.5
Pension and postretirement health care benefits	163.1		155.6
Deferred tax liabilities	143.7		125.0
Other noncurrent liabilities	882.1		680.3
Total liabilities	7,674.8		7,147.7
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests	301.3		300.1
Stockholders’ Equity:

Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2025 and 2024	—		—
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	0.7		0.7
Additional paid-in capital	16.0		—
Retained earnings	6,206.7		5,645.0
Accumulated other comprehensive loss	(1,732.6)		(1,902.9)


Total stockholders’ equity	4,490.8		3,742.8
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	12,466.9	$	11,190.6

See accompanying notes to condensed consolidated financial statements.

Table of Contents

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)



	Three Months Ended September 30,
	2025		2024
Net sales	$	2,476.3	$	2,599.3
Cost of goods sold	1,829.8		1,996.2
Gross profit	646.5		603.1
Operating expenses:
Selling, general and administrative expenses	340.8		344.3
Engineering expenses	123.0		121.3
Amortization of intangibles	23.0		8.8
Impairment charges	(0.6)		0.2
Restructuring and business optimization expenses	8.7		10.5
Loss on sale of business	—		3.2
Income from operations	151.6		114.8
Interest expense, net	15.5		33.9
Other expense (income), net	(208.4)		52.3
Income before income taxes and equity in net earnings of affiliates	344.5		28.6
Income tax provision	48.8		11.9
Income before equity in net earnings of affiliates	295.7		16.7
Equity in net earnings of affiliates	7.0		12.2
Net income	302.7		28.9
Net loss attributable to noncontrolling interests	3.0		1.1
Net income attributable to AGCO Corporation	$	305.7	$	30.0
Net income per common share attributable to AGCO Corporation:
Basic	$	4.10	$	0.40
Diluted	$	4.09	$	0.40
Cash dividends declared and paid per common share	$	0.29	$	0.29
Weighted average number of common and common equivalent shares outstanding:
Basic	74.6		74.6
Diluted	74.7		74.7

See accompanying notes to condensed consolidated financial statements.

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AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)


	Nine Months Ended September 30,
	2025		2024
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	356.8		390.0
Amortization of intangibles	54.0		54.4
Impairment charges	7.3		5.3
Restructuring and business optimization expenses	37.3		41.7
Loss on sale of business	12.3		497.8
Income from operations	365.0		146.7
Interest expense, net	51.8		65.7
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	30.7		38.0
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:
Basic	$	8.46	$	(2.27)
Diluted	$	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:
Basic	74.6		74.6
Diluted	74.7		74.7

See accompanying notes to condensed consolidated financial statements.

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AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in millions)


	Three Months Ended September 30,
	2025		2024
Net income	$	302.7	$	28.9
Other comprehensive income (loss):
Foreign currency translation adjustments	34.0		81.0
Defined pension and postretirement benefit plans, net of tax	2.1		2.0
Deferred gains and losses on derivatives, net of tax	(3.9)		1.6
Other comprehensive income	32.2		84.6
Comprehensive income	334.9		113.5
Comprehensive loss attributable to noncontrolling interests	3.0		—
Comprehensive income attributable to AGCO Corporation	$	337.9	$	113.5


	Nine Months Ended September 30,
	2025		2024
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	6.0		5.6
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.

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AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in millions)


	Nine Months Ended September 30,
	2025		2024
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:
Depreciation	187.3		189.4
Amortization of intangibles	54.0		54.4
Stock compensation expense	25.0		21.3
Impairment charges	7.3		5.3
Loss on sale of business	12.3		497.8
Gain on sale of investment in affiliate	(251.9)		—
Equity in net earnings of affiliates, net of cash received	(30.0)		(37.3)
Deferred income tax benefit	(348.8)		(30.7)
Other	23.4		24.9
Changes in operating assets and liabilities:
Accounts and notes receivable, net	81.1		(102.4)
Inventories, net	(113.4)		(221.1)
Other current and noncurrent assets	(29.2)		(79.7)
Accounts payable	98.6		(77.4)
Accrued expenses	(241.4)		(286.2)
Other current and noncurrent liabilities	124.4		105.7
Total adjustments	(401.3)		64.0
Net cash provided by (used in) operating activities	224.5		(108.0)
Cash flows from investing activities:
Purchases of property, plant and equipment	(159.3)		(279.3)
Proceeds from sale of property, plant and equipment	1.7		1.8
Purchase of businesses, net of cash acquired	—		(1,902.2)
Proceeds from sale of business	(12.3)		—
Sale of (investments in) unconsolidated affiliates, net	258.8		(1.6)

Other	(7.7)		(0.2)
Net cash provided by (used in) investing activities	81.2		(2,181.5)
Cash flows from financing activities:
Proceeds from indebtedness	481.6		2,624.6
Repayments of indebtedness	(458.0)		(2.3)

Payment of dividends to stockholders	(64.9)		(251.5)
Payment of minimum tax withholdings on stock compensation	(11.4)		(11.9)
Payment of debt issuance costs	—		(15.7)
Investments by noncontrolling interests, net	—		8.1
Net cash provided by (used in) financing activities	(52.7)		2,351.3
Effects of exchange rate changes on cash, cash equivalents and restricted cash	18.4		(14.7)
Increase in cash, cash equivalents and restricted cash	271.4		47.1
Cash, cash equivalents and restricted cash, beginning of period	612.7		595.5
Cash, cash equivalents and restricted cash, end of period(1)	$	884.1	$	642.6

____________________________________

(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.

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AGCO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. BASIS OF PRESENTATION

The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. 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. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Results for interim periods are not necessarily indicative of the results for the year. Certain prior-period amounts have been reclassified in the accompanying condensed consolidated financial statements and notes thereto in order to conform to the current period presentation.

The Company has a wholly-owned subsidiary in Turkey that distributes agricultural equipment and replacement parts. On the basis of available data related to inflation indices and as a result of the devaluation of the Turkish lira relative to the United States dollar, the Turkish economy was determined to be highly inflationary during 2022. A highly inflationary economy is one where the cumulative inflation rate for the three years preceding the beginning of the reporting period, including interim reporting periods, is in excess of 100 percent. 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.

The Company has a wholly-owned subsidiary in Argentina that assembles and distributes agricultural equipment and replacement parts. In recent years, the Argentine government has substantially limited the ability of companies to transfer funds out of Argentina. 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. 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. 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.

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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,” which requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the consolidated financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU will be applied prospectively with an option to simultaneously apply retrospectively. The updated standard will impact only our disclosures, with no impact to our financial condition or results of operations.

2. ACQUISITIONS

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.

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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	(47.1)
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
Cash	$	6.3
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

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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
	$	624.6

____________________________________

(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,
	2024		2024
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.

3. 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.

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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	388.4
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
Total assets	$	839.2

Liabilities divested
Accounts payable	$	90.4
Accrued expenses	98.4
Other current liabilities	54.7
Total current liabilities	243.5
Deferred tax liabilities	8.3
Operating lease liabilities	10.5
Other noncurrent liabilities	5.2
Total liabilities	$	267.5

Disposal group, net	$	571.7

4. 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.

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

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. 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

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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’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.

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. This occurs as the laws of some foreign countries do not provide for a seller’s retention of a security interest in goods in the same manner as established in the United States Uniform Commercial Code. The only right the finance joint ventures retain with respect to the title are those enabling recovery of the goods in the event of customer default on payment. 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.

5. 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
Balance as of December 31, 2024	$	742.8	$	94.9	$	962.3	$	20.4	$	1,820.4



Foreign currency translation	1.0		10.4		69.4		—		80.8
Balance as of September 30, 2025	$	743.8	$	105.3	$	1,031.7	$	20.4	$	1,901.2

Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1st each year.

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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


Gross carrying amounts:	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Other		Total
Balance as of December 31, 2024	$	75.1	$	179.1	$	604.7	$	50.9	$	909.8

Impairment charge	(1.6)		—		(0.6)		—		(2.2)

Foreign currency translation	2.1		12.7		16.8		0.2		31.8
Balance as of September 30, 2025	$	75.6	$	191.8	$	620.9	$	51.1	$	939.4


Accumulated amortization:	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Other		Total
Balance as of December 31, 2024	$	45.6	$	109.6	$	95.0	$	14.9	$	265.1
Amortization expense	3.1		5.3		41.7		3.9		54.0
Impairment charge	(1.2)		—		(0.4)		—		(1.6)

Foreign currency translation	2.0		10.8		7.0		0.1		19.9
Balance as of September 30, 2025	$	49.5	$	125.7	$	143.3	$	18.9	$	337.4


Indefinite-lived intangible assets:	Trademarks and Trade Names

Balance as of December 31, 2024	$	83.8
Foreign currency translation	4.0
Balance as of September 30, 2025	$	87.8

The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from three to 50 years. External-use software, net, developed by the Company and marketed externally, was approximately $0.4 million as of December 31, 2024 and classified within “Intangible assets, net.”

6. INVENTORIES

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


	September 30, 2025		December 31, 2024
Finished goods	$	1,263.8	$	1,187.9
Repair and replacement parts	841.2		754.6
Work in process	255.0		170.0
Raw materials	721.1		618.8
Inventories, net	$	3,081.1	$	2,731.3

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

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Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

7. 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
Balance at beginning of period	$	801.0	$	774.6	$	743.0	$	800.8
Acquisitions	—		—		—		4.1
Accruals for warranties issued	119.4		106.8		299.5		292.7
Settlements made and deferred revenue recognized	(111.1)		(116.2)		(307.2)		(291.8)
Reclassified to held for sale(1)	—		(0.3)		—		(11.9)
Foreign currency translation	1.1		27.9		75.1		(1.1)
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.

The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. The Company's extended warranty period for the majority of products ranges from three to five years. 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.

The Company recognizes potential recoveries of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through the confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net” in the Company's Condensed Consolidated Balance Sheets. 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.

8. SUPPLIER FINANCE PROGRAMS

The Company has supplier financing arrangements with certain banks or other intermediaries whereby a bank or intermediary purchases receivables held by the Company’s suppliers. Under the program, suppliers have the option to be paid by the bank or intermediary earlier than the payment due date. When the supplier receives an early payment, they receive discounted amounts, and the Company pays the bank or intermediary the face amount of the invoice on the payment due date. The Company does not reimburse suppliers for any costs incurred for participation in the program. The Company and its suppliers agree on the contractual terms, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the supplier finance programs. The suppliers’ voluntary inclusion in the supplier financing programs has no bearing on the Company’s payment terms. 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. 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.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

9. INDEBTEDNESS

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


	September 30, 2025		December 31, 2024
Credit Facility, expires 2027	$	350.0	$	—
5.450% Senior notes due 2027	400.0		400.0
5.800% Senior notes due 2034	700.0		700.0
0.800% Senior notes due 2028	704.0		622.7
1.002% EIB Senior term loan due 2025	—		259.5
EIB Senior term loan due 2029	293.3		259.5
EIB Senior term loan due 2030	199.5		176.4
Senior term loans due between 2025 and 2028	98.0		152.0

Debt issuance costs	(10.4)		(12.0)
	2,734.4		2,558.1

Less:

1.002% EIB Senior term loan due 2025	—		(259.5)
Senior term loans due 2025	—		(65.3)
Total long-term indebtedness	$	2,734.4	$	2,233.3

Credit Facility

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.

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 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.

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.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

Standby Letters of Credit and Similar Instruments

The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At September 30, 2025 and December 31, 2024, outstanding letters of credit totaled approximately $13.6 million and $13.2 million, respectively.

10. 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):



Balance as of December 31, 2024	$	136.2
First quarter 2025 provision, net of reversals	(0.8)
First quarter 2025 cash activity	(30.3)
Foreign currency translation	4.4
Balance as of March 31, 2025	$	109.5
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	$	53.3

Approximately $41.6 million and $125.2 million of restructuring expenses are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively. Approximately $11.7 million and $11.0 million of restructuring expenses are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively.

Business Optimization Expenses

Business optimization expenses primarily relate to professional services costs incurred as part of the restructuring program aimed at reducing structural costs, enhancing global efficiencies by changing the Company’s operating model for certain corporate and back-office functions. During the three and nine months ended September 30, 2025, the Company recognized approximately $4.5 million and $31.4 million, respectively, of business optimization expenses.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

11. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative Transactions Designated as Hedging Instruments

Cash Flow Hedges

Foreign Currency Contracts

The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of these cash flow hedges are recorded in accumulated other comprehensive loss and are subsequently reclassified into “Cost of goods sold” during the period the sales and purchases are recognized. These amounts offset the effect of the changes in foreign currency rates on the related sale and purchase transactions.

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)

Total	(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.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

As of September 30, 2025, approximately $0.7 million of realized derivative net gains, before taxes, remain in accumulated other comprehensive loss related to foreign currency contracts associated with inventory that had not yet been sold.

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


	Before-Tax Amount		Income Tax Expense (Benefit)		After-Tax Amount
Accumulated derivative net gains as of June 30, 2024	$	6.8	$	2.7	$	4.1
Net changes in fair value of derivatives
Foreign currency contracts	(0.1)		0.2		(0.3)

Total	(0.1)		0.2		(0.3)
Net losses (gains) reclassified from accumulated other comprehensive loss into income
Foreign currency contracts	2.2		0.3		1.9
Commodity contracts	0.1		—		0.1
Treasury rate locks	(0.2)		(0.1)		(0.1)
Total	2.1		0.2		1.9
Accumulated derivative net gains as of September 30, 2024	$	8.8	$	3.1	$	5.7

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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


	Before-Tax Amount		Income Tax Expense (Benefit)		After-Tax Amount
Accumulated derivative net gains as of December 31, 2024	$	11.7	$	2.8	$	8.9
Net changes in fair value of derivatives
Foreign currency contracts(1)	2.5		0.6		1.9


Total	2.5		0.6		1.9
Net gains reclassified from accumulated other comprehensive loss into income
Foreign currency contracts(1)	(6.9)		(1.7)		(5.2)
Treasury rate locks	(0.6)		(0.2)		(0.4)
Total	(7.5)		(1.9)		(5.6)
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	8.2		2.1		6.1
Total	3.9		3.1		0.8
Net losses (gains) reclassified from accumulated other comprehensive loss into income
Foreign currency contracts	6.4		0.7		5.7
Commodity contracts	0.3		—		0.3
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	$	8.8	$	3.1	$	5.7

Net Investment Hedges

The Company uses non-derivative and derivative instruments to hedge a portion of its net investment in foreign operations against adverse movements in exchange rates. For instruments that are designated as hedges of net investments in foreign operations, changes in the fair value of the derivative instruments are recorded in foreign currency translation adjustments, a component of accumulated other comprehensive loss, to offset changes in the value of the net investments being hedged. When the net investment in foreign operations is sold or substantially liquidates, the amounts recorded in accumulated other comprehensive loss are reclassified to earnings. 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.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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

The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):


	Notional Amount as of
	September 30, 2025		December 31, 2024
Cross currency swap contracts	$	600.0	$	600.0

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


	Gain (Loss) Recognized in Other Comprehensive Income for the Three Months Ended						Gain (Loss) Recognized in Other Comprehensive Income (Loss) for the Nine Months Ended
	Before-Tax Amount		Income Tax Expense (Benefit)		After-Tax Amount			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

Derivative Transactions Not Designated as Hedging Instruments

The Company enters into foreign currency contracts to economically hedge a portion of its receivables and payables on the Company and its subsidiaries’ balance sheets that are denominated in foreign currencies other than the functional currency. These contracts are classified as non-designated derivative instruments. 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.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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


		Gain (Loss) Recognized in Net Income for the Three Months Ended				Gain (Loss) Recognized in Net Income (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	$	(11.6)	$	17.1	$	32.3	$	(24.7)

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


	Asset Derivatives as of September 30, 2025			Liability Derivatives as of September 30, 2025
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	2.6	Other current liabilities	$	2.2


Cross currency swap contracts	Other noncurrent assets	—		Other noncurrent liabilities	42.4
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)	Other current assets	1.9		Other current liabilities	6.3

Total derivative instruments		$	4.5		$	50.9

____________________________________

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

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


	Asset Derivatives as of December 31, 2024			Liability Derivatives as of December 31, 2024
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments designated as hedging instruments:
Foreign currency contracts	Other current assets	$	3.7	Other current liabilities	$	1.6
Commodity contracts	Other current assets	—		Other current liabilities	—
Cross currency swap contracts	Other noncurrent assets	16.2		Other noncurrent liabilities	—
Derivative instruments not designated as hedging instruments:
Foreign currency contracts	Other current assets	26.1		Other current liabilities	12.6
Total derivative instruments		$	46.0		$	14.2

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

12. 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		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
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	—		—		(1.1)		—		—		(1.1)

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

Comprehensive income:
Net income (loss)	(3.0)		—		—		305.7		—		305.7
Other comprehensive income (loss):
Foreign currency translation adjustments	—		—		—		—		34.0		34.0
Defined pension and postretirement benefit plans, net of tax	—		—		—		—		2.1		2.1
Deferred gains and losses on derivatives, net of tax	—		—		—		—		(3.9)		(3.9)
Payment of dividends to stockholders	—		—		—		(21.6)		—		(21.6)







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


	Redeemable Noncontrolling Interests		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balance, December 31, 2024	$	300.1	$	0.7	$	—	$	5,645.0	$	(1,902.9)	$	3,742.8
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)	(5.2)		—		—		631.0		—		631.0
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

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)


	Redeemable Noncontrolling Interests		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Stockholders’ Equity
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	—		—		—		—		—		(0.1)		(0.1)
Comprehensive income:
Net income (loss)	(1.1)		—		—		30.0		—		—		30.0
Other comprehensive income:
Foreign currency translation adjustments	1.1		—		—		—		79.9		—		79.9
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’ Equity
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:
Net loss	(2.9)		—		—		(169.1)		—		—		(169.1)
Other comprehensive income (loss):
Foreign currency translation adjustments	0.1		—		—		—		(107.2)		—		(107.2)
Defined pension and postretirement benefit plans, net of tax	—		—		—		—		5.6		—		5.6
Deferred gains and losses on derivatives, net of tax	—		—		—		—		6.5		—		6.5
Payment of dividends to stockholders	—		—		—		(251.5)		—		—		(251.5)
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	$	337.5	$	0.7	$	12.4	$	5,938.9	$	(1,803.2)	$	—	$	4,148.8

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

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


	Defined Pension and Postretirement Benefit Plans		Deferred Gains and Losses on Derivatives		Cumulative Translation Adjustment		Total
Accumulated other comprehensive loss, December 31, 2024	$	(218.8)	$	8.9	$	(1,693.0)	$	(1,902.9)
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	6.0		(3.7)		168.0		170.3
Accumulated other comprehensive loss, September 30, 2025	$	(212.8)	$	5.2	$	(1,525.0)	$	(1,732.6)

The following tables set forth reclassification adjustments out of accumulated other comprehensive loss by component attributed to AGCO Corporation for the three and 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)
Derivatives:
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	$	(0.6)	$	3.9

____________________________________

(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.

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	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)
Derivatives:
Net losses (gains) on foreign currency contracts	$	(6.9)	$	6.4	Cost of goods sold
Net losses on commodity contracts	—		0.3		Cost of goods sold

Net gains on treasury rate locks	(0.6)		(0.5)		Interest expense, net
Reclassification before tax	(7.5)		6.2
Income tax expense (benefit)	1.9		(0.5)		Income tax provision
Reclassification net of tax	$	(5.6)	$	5.7

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)
Reclassification before tax	8.1		7.9
Income tax benefit	(2.1)		(2.3)		Income tax provision
Reclassification net of tax	$	6.0	$	5.6

Net losses reclassified from accumulated other comprehensive loss	$	0.4	$	11.3

____________________________________

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

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost. Refer to Note 15 for additional information.

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 not 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.

Dividends

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

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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.

13. 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	$	305.7	$	30.0	$	631.0	$	(169.1)
Weighted average number of common shares outstanding	74.6		74.6		74.6		74.6
Basic net income (loss) per share attributable to AGCO Corporation	$	4.10	$	0.40	$	8.46	$	(2.27)
Diluted net income (loss) per share:
Net income (loss) attributable to AGCO Corporation	$	305.7	$	30.0	$	631.0	$	(169.1)
Weighted average number of common shares outstanding	74.6		74.6		74.6		74.6
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.

14. INCOME TAXES

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	$		%		$		%		$		%		$		%
Income tax provision (benefit) and effective tax rate	$	48.8	14.2	%	$	11.9	41.6	%	$	(154.7)	(35.1)	%	$	122.6	(140.3)	%

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

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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. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company regularly assesses the likelihood that its deferred tax assets will be recovered from estimated future taxable income and available tax planning strategies and has determined that all adjustments to the valuation allowances have been deemed appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that it will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.

15. 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,
Pension benefits	2025		2024		2025		2024
Service cost	$	2.0	$	2.0	$	5.7	$	6.2
Interest cost	7.0		7.0		20.3		20.9
Expected return on plan assets	(6.7)		(7.7)		(19.5)		(23.1)
Amortization of net actuarial losses	2.3		2.3		6.7		6.7
Amortization of prior service cost	0.4		0.4		1.2		1.1

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Postretirement benefits	2025		2024		2025		2024
Service cost	$	—	$	—	$	—	$	0.1
Interest cost	0.4		0.4		1.1		1.2
Amortization of net actuarial losses	—		—		(0.1)		—
Amortization of prior service cost	0.1		—		0.3		0.1
Net periodic postretirement benefit cost	$	0.5	$	0.4	$	1.3	$	1.4

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

During the nine months ended September 30, 2025, the Company made approximately $11.9 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2025 to its defined pension benefit plans will aggregate to approximately $15.4 million.

During the 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.

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16. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company categorizes its assets and liabilities into one of three levels based on the assumptions used in valuing the asset or liability. Estimates of fair value for financial assets and liabilities are based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy:

•Level 1 - Quoted prices in active markets for identical assets or liabilities.

•Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 - Model-derived valuations in which one or more significant inputs are unobservable.

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 fair values of the Company’s derivative instruments are determined using discounted cash flow valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these discounted cash flow valuation models for derivative instruments include the applicable exchange rates, forward rates or interest rates. Such models used for option contracts also use implied volatility. Refer to Note 11 for additional information on the Company’s derivative instruments and hedging activities.

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


	As of September 30, 2025
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	4.5	$	—	$	4.5
Derivative liabilities	—		50.9		—		50.9


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	46.0	$	—	$	46.0
Derivative liabilities	—		14.2		—		14.2

The carrying amounts of long-term debt under the Company’s EIB Senior term loans due 2029 and 2030 and Senior term loans due between 2025 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. At September 30, 2025, the estimated fair value of the Company's 0.800% Senior notes due 2028, based on listed market values, was approximately €563.7 million (or approximately $661.4 million), compared to the carrying value of €600.0 million (or approximately $704.0 million). At September 30, 2025, the estimated fair value of the Company's 5.450% senior notes due 2027, based on listed market values, was approximately $405.9 million, compared to the carrying value of $400.0 million. At September 30, 2025, the estimated fair value of the Company's 5.800% senior notes due 2034, based on listed market values, was approximately $728.1 million, compared to the carrying value of $700.0 million. Refer to Note 9 for additional information on the Company’s long-term debt.

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17. COMMITMENTS AND CONTINGENCIES

Leases

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


	September 30, 2025				December 31, 2024
	Operating Leases(1)		Finance Leases		Operating Leases(1)		Finance Leases
2025	$	14.7	$	0.2	$	53.3	$	0.7
2026	52.8		0.5		43.9		0.5
2027	37.8		0.4		29.7		0.4
2028	29.6		0.3		22.6		0.3
2029	21.2		0.3		15.2		0.2
Thereafter	46.0		6.2		42.2		5.5
Total lease payments	202.1		7.9		206.9		7.6
Less: imputed interest(2)	(30.3)		(2.0)		(34.4)		(2.0)

Present value of leased liabilities	$	171.8	$	5.9	$	172.5	$	5.6

__________________________________

(1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised.

(2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate, when the implicit interest rate is not readily available.

Off-Balance Sheet Arrangements

Guarantees

At September 30, 2025, the Company had outstanding guarantees issued to its Argentine finance joint venture, AGCO Capital Argentina S.A. (“AGCO Capital”), of approximately $70.3 million. Such guarantees generally obligate the Company to repay outstanding finance obligations owed to AGCO Capital if end users default on such loans to the extent that, due to non-credit risk, the end users are not able, or not required, to pay their loans, or are required to pay in a different currency than the one agreed in their loan. The Company also has obligations to guarantee indebtedness owed to certain of its finance joint ventures if dealers or end users default on loans. Losses under such guarantees historically have been insignificant. 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. The maximum potential amount of future payments under these guarantees is approximately $214.3 million.

Other

The Company sells a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. The Company also sells certain accounts receivable under factoring arrangements to financial institutions around the world. The Company accounts for the sale of such receivables as off-balance sheet transactions. Refer to Note 4 for discussion of the Company’s accounts receivable sales agreements.

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Contingencies

The Company is a party to various other legal claims and actions incidental to its business. The Company believes that none of these claims or actions, either individually or in the aggregate, are material to its business or financial statements as a whole, including its results of operations and financial condition.

18. REVENUE

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,
	2025		2024
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)	—		(0.4)
Foreign currency translation	(0.5)		8.9
Balance at September 30	$	378.9	$	346.6


	Nine Months Ended September 30,
	2025		2024
Balance at beginning of period	$	341.5	$	310.7
Acquisitions	—		21.0
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)	—		(10.9)
Foreign currency translation	25.9		2.8
Balance at September 30	$	378.9	$	346.6

__________________________________

(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

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liability at the beginning of 2025. During the three and nine months ended September 30, 2024, the Company recognized approximately $35.7 million and $106.9 million of revenue that was recorded as a contract liability at the beginning of 2024.

Remaining Performance Obligations

The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of 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 thereafter, 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		Consolidated
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

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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		Other(2)		Consolidated
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.

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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
Primary geographical markets:
United States	$	884.5	$	—	$	—	$	—	$	884.5
Canada	238.8		—		—		—		238.8
Brazil	—		634.0		—		—		634.0
Other South America	—		213.7		—		—		213.7
Germany	—		—		1,167.6		—		1,167.6
France	—		—		891.6		—		891.6
United Kingdom and Ireland	—		—		392.8		—		392.8
Finland and Scandinavia	—		—		550.0		—		550.0
Italy	—		—		293.8		—		293.8
Other Europe	—		—		1,209.6		—		1,209.6
Middle East and Algeria	—		—		213.8		—		213.8
Africa	—		—		—		76.0		76.0
Asia	—		—		—		115.3		115.3
Australia and New Zealand	—		—		—		196.1		196.1
Mexico, Central America and Caribbean	76.2		8.0		—		—		84.2
	$	1,199.5	$	855.7	$	4,719.2	$	387.4	$	7,161.8

Major products:
Tractors	$	454.6	$	561.9	$	3,344.2	$	242.2	$	4,602.9
Replacement parts	300.3		113.7		944.3		75.2		1,433.5
Grain storage and protein production systems	—		—		—		1.1		1.1
Combines, application equipment and other machinery	444.6		180.1		430.7		68.9		1,124.3
	$	1,199.5	$	855.7	$	4,719.2	$	387.4	$	7,161.8

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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		Europe/Middle East		Asia/Pacific/Africa		Total Segments		Other(1)		Consolidated
Primary geographical markets:
United States	$	1,389.2	$	—	$	—	$	—	$	1,389.2	$	439.5	$	1,828.7
Canada	318.2		—		—		—		318.2		56.8		375.0
Brazil	—		683.6		—		—		683.6		72.8		756.4
Other South America	—		248.5		—		—		248.5		18.0		266.5
Germany	—		—		1,344.9		—		1,344.9		10.2		1,355.1
France	—		—		970.5		—		970.5		5.1		975.6
United Kingdom and Ireland	—		—		390.6		—		390.6		4.6		395.2
Finland and Scandinavia	—		—		526.2		—		526.2		6.7		532.9
Italy	—		—		227.1		—		227.1		19.3		246.4
Other Europe	—		—		1,051.9		—		1,051.9		37.9		1,089.8
Middle East and Algeria	—		—		331.2		—		331.2		3.9		335.1
Africa	—		—		—		65.1		65.1		9.9		75.0
Asia	—		—		—		166.2		166.2		35.5		201.7
Australia and New Zealand	—		—		—		226.7		226.7		3.7		230.4
Mexico, Central America and Caribbean	85.3		7.6		—		—		92.9		17.9		110.8
	$	1,792.7	$	939.7	$	4,842.4	$	458.0	$	8,032.8	$	741.8	$	8,774.6

Major products:
Tractors	$	718.0	$	604.1	$	3,468.5	$	274.0	$	5,064.6	$	—	$	5,064.6
Replacement parts	321.3		119.3		896.0		73.4		1,410.0		—		1,410.0
Grain storage and protein production systems	—		—		—		15.0		15.0		741.8		756.8
Combines, application equipment and other machinery	753.4		216.3		477.9		95.6		1,543.2		—		1,543.2
	$	1,792.7	$	939.7	$	4,842.4	$	458.0	$	8,032.8	$	741.8	$	8,774.6

____________________________________

(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.

Table of Contents

Notes to Condensed Consolidated Financial Statements - Continued

(unaudited)

19. 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’s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company’s Chief Operating Decision Maker (“CODM”), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment’s performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income (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)		Total
2025
Net sales	$	383.0	$	322.4	$	1,613.8	$	157.1	$	2,476.3	$	—

AGCO CORP /DE 10-Q