Financial Analysis

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 Trimbles OneAg business (OneAg), which is Trimbles 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 12 for further information. AGCO began consolidating PTx Trimble within …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Net sales for the year ended December 31, 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 $ 1,234.4 $ $ $ $ 1,234.4 Canada 326.7 326.7 Germany 1,645.9 1,645.9 France 1,321.3 1,321.3 United Kingdom and Ireland 559.2 559.2 Finland and Scandinavia 798.1 798.1 Italy 456.0 456.0 Other Europe 1,678.1 1,678.1 Brazil 825.1 825.1 Other South America 279.6 279.6 Middle East and Algeria 278.1 278.1 Africa 109.4 109.4 Asia 164.7 164.7 Australia and New Zealand 290.1 290.1 Mexico, Central America and Caribbean 104.4 10.9 115.3 $ 1,665.5 $ 1,115.6 $ 6,736.7 $ 564.2 $ 10,082.0 Major products: Tractors $ 657.2 $ 734.4 $ 4,942.3 $ 359.1 $ 6,693.0 Replacement parts 381.1 157.1 1,227.6 107.5 1,873.3 Grain storage and protein production systems 1.3 1.3 Combines, application equipment and other machinery 627.2 224.1 566.8 96.3 1,514.4 $ 1,665.5 $ 1,115.6 $ 6,736.7 $ 564.2 $ 10,082.0 Net sales for the year ended December 31, 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 $ 1,757.0 $ $ $ $ 1,757.0 $ 471.9 $ 2,228.9 Canada 426.2 426.2 62.4 488.6 Germany 1,721.8 1,721.8 11.5 1,733.3 France 1,378.2 1,378 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCK COMPENSATION PLANS The Company recorded stock compensation expense as follows for the years ended December 31, 2025, 2024 and 2023 (in millions): Years Ended December 31, 2025 (1) 2024 (1) 2023 Cost of goods sold $ 0.9 $ 0.5 $ 1.8 Selling, general and administrative expenses 27.7 17.9 44.6 Total stock compensation expense $ 28.6 $ 18.4 $ 46.4 _________________________________ (1) The years ended December 31, 2025 and 2024 include approximately $3.0 million and $6.5 million, respectively, of compensation expense related to PTx Trimble employees vesting in legacy Trimble awards. The Company recognizes the effect of award forfeitures as an adjustment to stock compensation expense in the period in which the forfeiture occurs. Stock Incentive Plan Under the Company's 2006 Long-Term Incentive Plan (the Plan), up to 10,000,000 shares of AGCOs common stock may be issued. As of December 31, 2025, of the 10,000,000 shares reserved for issuance under the Plan, approximately 3,220,463 shares remained available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors Talent and Compensation Committee, to make grants of performance shares, stock appreciation rights (SSARs), restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company. Long-Term Incentive Plan and Related Performance Awards The Com …

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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. Refer to Note 20 for a discussion of the valuation methods used to measure the fair value of the Companys pension plan assets …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill during the years ended December 31, 2025 and 2024 are summarized as follows (in millions): North America South America Europe/ Middle East Asia/ Pacific/Africa Consolidated Balance as of December 31, 2023 $ 668.2 $ 93.5 $ 458.5 $ 113.2 $ 1,333.4 Acquisitions 955.6 32.5 592.4 20.4 1,600.9 Impairment charge (354.1) (354.1) Divestiture (1) (523.9) (12.4) (61.4) (113.2) (710.9) Foreign currency translation (3.0) (18.7) (27.2) (48.9) Balance as of December 31, 2024 742.8 94.9 962.3 20.4 1,820.4 Foreign currency translation 1.5 7.6 69.3 78.4 Balance as of December 31, 2025 $ 744.3 $ 102.5 $ 1,031.6 $ 20.4 $ 1,898.8 _________________________________ (1) Divestiture resulting from the Company's sale of the majority of the G&P business, $507.3 million is included within Loss on sale of business in the Companys Consolidated Statements of Operations and $203.6 million was divested. Refer to Note 3 for additional information. Changes in the carrying amount of acquired intangible assets during 2025 and 2024 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, 2023 $ 194.3 $ 580.7 $ 148.2 $ 6.3 $ 929.5 Acquisitions 6.5 47.3 526.0 44.8 624.6 Divestiture (122.7) (434.4) (59.2) (616.3) Foreign currency translation (3.0) (14.5) (10.3) (0.2) (28.0) Balance as of December 31, 2024 75.1 179.1 …

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INCOME TAXES The sources of income (loss) before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2025, 2024 and 2023 (in millions): 2025 2024 2023 United States $ (478.1) $ (1,314.3) $ (63.5) Foreign 1,080.1 880.7 1,397.0 Income (loss) before income taxes and equity in net earnings of affiliates $ 602.0 $ (433.6) $ 1,333.5 The provision (benefit) for income taxes by location of the taxing jurisdiction for the years ended December 31, 2025, 2024 and 2023 consisted of the following (in millions): 2025 2024 2023 Current: United States: Federal $ (13.3) $ (4.6) $ 45.5 State 2.5 2.3 15.7 Foreign 299.9 203.3 433.6 289.1 201.0 494.8 Deferred: United States: Federal (266.1) (104.5) (64.1) State (48.6) (22.1) (18.7) Foreign (51.8) 24.0 (181.6) (366.5) (102.6) (264.4) $ (77.4) $ 98.4 $ 230.4 The Company's income tax provision as of December 31, 2025 includes a net federal tax benefit of $179.8 million related to a legal entity reorganization, which excludes approximately $82.0 million of additional benefits related to a change in the Company's permanent reinvestment assertion and state tax benefits associated with the reorganization. The Company's income tax provision as of December 31, 2023 included a benefit of $112.3 million related to the recognition of a deferred tax asset of $197.7 million, net of a valuation allowance of $85.4 million, related to the finalization of negotiations surrounding the application of Swiss Tax refor …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES Total lease assets and liabilities at December 31, 2025 and 2024 were as follows (in millions): Lease Assets Classification As of December 31, 2025 As of December 31, 2024 Operating ROU assets Right-of-use lease assets $ 167.3 $ 168.9 Finance lease assets Property, plant and equipment, net (1) 6.5 6.1 Total lease assets $ 173.8 $ 175.0 Lease Liabilities Classification As of December 31, 2025 As of December 31, 2024 Current: Operating Accrued expenses $ 47.9 $ 45.0 Finance Other current liabilities 0.3 0.5 Noncurrent: Operating Operating lease liabilities 122.1 127.5 Finance Other noncurrent liabilities 5.7 5.1 Total lease liabilities $ 176.0 $ 178.1 ____________________________________ (1) Finance lease assets are recorded net of accumulated depreciation of $3.0 million and $2.8 million as of December 31, 2025 and 2024, respectively. Total lease costs for 2025 and 2024 are set forth below (in millions): Classification Year Ended December 31, 2025 Year Ended December 31, 2024 Operating lease cost Selling, general and administrative expenses $ 62.2 $ 59.6 Variable lease cost Selling, general and administrative expenses 5.2 4.8 Short-term lease cost Selling, general and administrative expenses 18.5 23.4 Finance lease cost: Amortization of lease assets Depreciation expense (1) 0.4 0.5 Interest on lease liabilities Interest expense, net 0.2 0.2 Total lease cost $ 86.5 $ 88.5 ____________________________________ (1) Depreciation expense was included in both Cost of goods sol …

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INDEBTEDNESS Long-term debt consisted of the following at December 31, 2025 and 2024 (in millions): December 31, 2025 December 31, 2024 Credit Facility, expires 2027 $ $ 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 703.8 622.7 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 199.4 176.4 Senior term loans due between 2025 and 2028 97.9 152.0 Debt issuance costs (9.7) (12.0) 2,384.7 2,558.1 Less: 1.002% EIB Senior term loan due 2025 (259.5) Senior term loans due 2025 (65.3) Senior term loans due 2026 (61.6) Total long-term indebtedness $ 2,323.1 $ 2,233.3 At December 31, 2025, the aggregate scheduled maturities of long-term debt, excluding the current portion of long-term debt, are as follows (in millions): 2027 $ 397.2 2028 738.6 2029 293.0 2030 199.3 Thereafter 695.0 $ 2,323.1 Cash payments for interest were approximately $121.9 million, $125.5 million and $60.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. 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. The Credit Facility consists of a $325.0 million United States dollar tranche and a $925.0 million multi-currency tranche for loans denominated in United States Dollars, Euros or other currencies to be agreed upon. Interest accrues o …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected versus incurred credit losses for financial assets. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which delays the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. This delay applies to the Companys equity method finance joint ventures, which were required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. The standard, and its subsequent modification, impacts the results of operations and financial condition of the Companys finance joint ventures. For the adoption of the standard by the Companys finance joint ventures on January 1, 2023 under the modified retrospective approach, the Company recognized the cumulative effect of ASU 2016-13 as an adjustment to the opening balance of stockholders equity as of January 1, 2023 within Retained earnings. The cumulative effect was a reduction of approximately $5.5 million. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Di …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

PENSION AND POSTRETIREMENT BENEFIT PLANS The Company sponsors defined benefit pension plans covering certain employees, principally in the United Kingdom, Germany, Switzerland, Finland, France, Norway and Argentina. The Company also provides certain postretirement health care and life insurance benefits for certain employees, principally in the United States and Brazil. The Company merged its U.S. qualified defined benefit pension plans for hourly and salaried employees into one plan (the Plan) on December 31, 2023 and finalized the termination of the Plan in 2024. In connection with the termination process, the Company offered a lump sum benefit payout option to Plan participants, and the remaining assets of the Plan were used to purchase a group annuity contract that transferred the remaining plan liabilities to an insurance carrier. The termination process was finalized by December 31, 2024 and the settlement resulted in the recognition of approximately $18.5 million within Other expense (income), net within the Company's Consolidated Statements of Operations representing the amounts previously recognized in Accumulated other comprehensive loss. As of December 31, 2024, there were no remaining balances on the balance sheet related to the Plan. The Company also maintains an Executive Nonqualified Pension Plan (ENPP) in the U.S. that provides certain senior executives with retirement income for a period of 15 years or up to a lifetime annuity, if certain requirements are met …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Rabobank, a financial institution based in the Netherlands, is a 51% owner in the Companys finance joint ventures, which are located in the United States, Canada, Europe, Brazil, Argentina and Australia. Rabobank is also the principal agent and participant in the Companys revolving credit facility (see Note 12 ). The majority of the assets of the Companys finance joint ventures represents finance receivables. The majority of the liabilities represents notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies, primarily through lines of credit. During 2025, the Company loaned its Argentine finance joint venture, AGCO Capital Argentina S.A. (AGCO Capital), $11.3 million, which is outstanding as of December 31, 2025. During 2025, the Company made approximately $11.5 million of additional investment in its finance joint venture in France. During 2025, 2024 and 2023, respectively, the Company made a total of approximately $10.3 million, $12.0 million and $24.6 million of additional investments in its finance joint venture in Brazil. During 2025, 2024, and 2023, the Company received approximately $18.3 million, $13.7 million and $28.9 million, respectively, of dividends from certain of its finance joint ventures. The Companys finance joint ventures provide retail financing and wholesale financing to its dealers. The terms of the financing arrangements offered …

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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 initial phase of the Program is focused on further reducing structural costs, streamlining the Companys workforce and enhancing global efficiencies related to changing the Companys operating model for certain corporate and back-office functions and better leveraging technology and global centers of excellence. The Company estimated that it would 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 a substantial portion of the charges by the end of fiscal year 2025. Additionally, i n recent years, the Company announced and initiated several actions to rationalize employee headcount in various manufacturing facilities and administrative offices located in the U.S., Europe, South America, Africa and Asia, in order to reduce costs in response to fluctuating global market demand. Restructuring expenses activity, which relates to severance and other related costs, during the years ended December 31, 2025, 2024 and 2023 is summarized as follows (in millions): Balance as of December 31, 2022 $ 6.8 2023 provision, net of reversals 11.9 2023 ca …

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REVENUE Contract Liabilities Contract liabilities primarily relate to the following: (1) unrecognized revenues where payment of consideration precedes the Companys performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time and (2) unrecognized revenues where payment of consideration precedes the Companys performance with respect to precision agriculture technology services and where the performance obligation is satisfied over time. The following table summarizes the balance of contract liabilities as of December 31, 2025 and 2024 (in millions): 2025 2024 Contract liabilities $ 386.1 $ 341.5 The contract liabilities are classified as either Accrued Expenses or Other current liabilities and Other noncurrent liabilities in the Companys Consolidated Balance Sheets. In 2025, the Company recognized approximately $164.9 million of revenue that was recorded as a contract liability at the beginning of 2025. In 2024, the Company recognized approximately $139.2 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 December 31, 2025 are $157.0 million in 2026, $116.5 million in 2027, $64.0 million in 2028, $30.6 million in 2029 and $9.9 million thereafter, and relate primarily to extended warranty co …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 Companys reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Companys 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 segments performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Companys selling, general and administrative expenses and engineering expenses are 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 years ended December 31, 2025, 2024 and 2023 based on the Companys reportable segments are as follows (in millions): Years Ended December 31, North America South America Europe/Middle East Asia/Pacific/Africa Total Segments Other (1) Total 2025 Net sales $ 1,665.5 $ 1,115.6 $ 6,736.7 $ 564.2 $ 10,082.0 $ $ 10,082.0 Cost of goods sold 1,303.4 901.4 4,857.6 452.8 7,515.2 7,515.2 Selling, general and administrative expenses 335.2 121 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business AGCO Corporation (AGCO or the Company) is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt , Massey Ferguson , PTx and Valtra . AGCOs high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. The Company distributes most of its products through a combination of approximately 2,800 independent dealers and distributors. The Company also utilizes associates and licensees to provide a distribution channel for its products. In addition, the Company provides retail and wholesale financing through its finance joint ventures with Cooperatieve Rabobank U.A., which together with its affiliates, the Company refers to as Rabobank. Basis of Presentation and Consolidation The Companys Consolidated Financial Statements represent the consolidation of all wholly-owned companies, majority-owned companies and joint ventures in which the Company has been determined to be the primary beneficiary. The Company consolidates a variable interest entity (VIE) if the Company determines it is the primary beneficiary. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the entitys economic …

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STOCKHOLDERS' EQUITY Common Stock At December 31, 2025, the Company had 150,000,000 authorized shares of common stock with a par value of $0.01 per share, with approximately 72,629,310 shares of common stock outstanding and approximately 3,220,463 shares reserved for issuance under the Companys Plan (See Note 15 ). Share Repurchase Program 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. In November 2025, the Company entered into accelerated share repurchase (ASR) agreements with two financial institutions to repurchase an aggregate of $250.0 million of shares of its common stock. The Company received approximately 1,997,204 shares associated with these transactions as of December 31, 2025. In February 2026, the Company received an additional 333,755 shares upon final settlement of its November 2025 ASR agreements. In November 2024, the Company entered into an 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 De …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Net sales for the three months ended June 30, 2026 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America Latin America Europe/Middle East Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 373.8 $ $ $ $ 373.8 Canada 97.7 97.7 Brazil 167.2 167.2 Other South America 78.9 78.9 Germany 494.6 494.6 France 293.6 293.6 United Kingdom and Ireland 164.4 164.4 Finland and Scandinavia 212.5 212.5 Italy 114.5 114.5 Other Europe 404.5 404.5 Middle East and Algeria 48.3 48.3 Africa 20.6 20.6 Asia 36.0 36.0 Australia and New Zealand 77.9 77.9 Mexico, Central America and Caribbean 25.2 25.2 $ 471.5 $ 271.3 $ 1,732.4 $ 134.5 $ 2,609.7 Major products: Tractors $ 191.0 $ 187.2 $ 1,211.2 $ 79.5 $ 1,668.9 Replacement parts 112.6 38.7 338.3 26.6 516.2 Grain storage and protein production systems 0.1 0.1 Combines, application equipment and other machinery 167.9 45.4 182.9 28.3 424.5 $ 471.5 $ 271.3 $ 1,732.4 $ 134.5 $ 2,609.7 Net sales for the three months ended June 30, 2025 disaggregated by primary geographical markets and major products consisted of the following (in millions): North America Latin America (1) Europe/Middle East Asia/Pacific/Africa Consolidated Primary geographical markets: United States $ 302.5 $ $ $ $ 302.5 Canada 91.4 91.4 Brazil 222.8 222.8 Other South America 78.8 78.8 Germany 465.6 465.6 France 316.5 316.5 United Kingdom and Ireland 144.2 144.2 Finland and Scandinavia 211.2 211.2 …

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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 and interest rate swap contracts. The fair values of the Companys derivative instrum …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill during the six months ended June 30, 2026 are summarized as follows (in millions): North America Latin America Europe/Middle East Asia/Pacific/Africa Consolidated Balance as of December 31, 2025 $ 744.3 $ 102.5 $ 1,031.6 $ 20.4 $ 1,898.8 Foreign currency translation (1.2) 4.1 (18.5) (15.6) Balance as of June 30, 2026 $ 743.1 $ 106.6 $ 1,013.1 $ 20.4 $ 1,883.2 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 1 st each year. Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2026 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, 2025 $ 75.6 $ 191.2 $ 621.0 $ 51.2 $ 939.0 Acquisition 8.8 8.8 Foreign currency translation (0.3) (1.5) (4.3) 0.2 (5.9) Balance as of June 30, 2026 $ 75.3 $ 189.7 $ 625.5 $ 51.4 $ 941.9 Accumulated amortization: Trademarks and Trade Names Customer Relationships Patents and Technology Other Total Balance as of December 31, 2025 $ 50.5 $ 126.9 $ 156.2 $ 20.2 $ 353.8 Amortization expense 2.1 3.5 25.8 2.6 34.0 Foreign currency translation (0.2) (1.0) (2.5) 0.1 (3.6) Balance as of June 30, 2026 $ 52.4 $ 129.4 $ 179.5 $ 22.9 $ 384.2 Indefinite-lived intangible assets: Trademarks and Trade Na …

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INCOME TAXES The income tax provision (benefit) and effective tax rate for the three and six months ended June 30, 2026 and 2025 are set forth below (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 $ % $ % $ % $ % Income tax provision (benefit) and effective tax rate $ 40.4 37.3 % $ (205.5) (211.2) % $ 45.0 30.6 % $ (203.5) (212.2) % Our effective tax rate varies from period to period due to the mix of taxable income and losses in the various tax jurisdictions in which we operate. During the three and six months ended June 30, 2025, the Companys income tax provision included a net tax benefit of $255.2 million related to a legal entity reorganization. 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 realiz …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

INDEBTEDNESS Long-term debt consisted of the following at June 30, 2026 and December 31, 2025 (in millions): June 30, 2026 December 31, 2025 Credit Facility, expires 2027 $ 290.0 $ 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 683.9 703.8 EIB Senior term loan due 2029 285.0 293.3 EIB Senior term loan due 2030 193.8 199.4 Senior term loans due between 2026 and 2028 95.2 97.9 Debt issuance costs (8.4) (9.7) 2,639.5 2,384.7 Less: Senior term loans due 2026 (59.9) (61.6) 5.450% Senior notes due 2027, net of debt issuance costs (399.3) Total long-term indebtedness $ 2,180.3 $ 2,323.1 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. As of June 30, 2026, the Company had $290.0 million in outstanding borrowings under the revolving credit facility and had the ability to borrow $960.0 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 $228.0 million as of June 30, 2026). The credit facility expires on December 31, 2026. As of June 30, 2026 and December 31, 2025, the Company had no outstanding borrowings under the revolving credit facility. Other Short-Term Borrowings As of June 30, 2026 and December 31, 2025, the Company had short-term borrowings due within one year, excluding …

LongTermDebtTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements to be Adopted 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. …

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PENSION AND POSTRETIREMENT BENEFIT PLANS Net periodic pension and postretirement benefit cost for the Companys defined pension and postretirement benefit plans for the three and six months ended June 30, 2026 and 2025 are set forth below (in millions): Three Months Ended June 30, Six Months Ended June 30, Pension benefits 2026 2025 2026 2025 Service cost $ 1.5 $ 1.9 $ 3.0 $ 3.7 Interest cost 6.6 6.7 13.2 13.3 Expected return on plan assets (7.4) (6.5) (14.9) (12.8) Amortization of net actuarial losses 2.2 2.3 4.5 4.4 Amortization of prior service cost 0.4 0.4 0.8 0.8 Net periodic pension cost $ 3.3 $ 4.8 $ 6.6 $ 9.4 Three Months Ended June 30, Six Months Ended June 30, Postretirement benefits 2026 2025 2026 2025 Service cost $ 0.1 $ $ 0.1 $ Interest cost 0.5 0.3 0.9 0.7 Amortization of net actuarial losses (0.1) (0.1) Amortization of prior service cost 0.1 0.1 0.2 0.2 Net periodic postretirement benefit cost $ 0.7 $ 0.3 $ 1.2 $ 0.8 The components of net periodic pension and postretirement benefits cost, other than the service cost component, are included in Other expense, net in the Companys Condensed Consolidated Statements of Operations. During the six months ended June 30, 2026, the Company made approximately $9.1 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2026 to its defined pension benefit plans will aggregate to approximately $15.5 million. During the six months ended June 30, 2026, the Co …

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RESTRUCTURING AND BUSINESS OPTIMIZATION EXPENSES Restructuring Expenses The Company announced a restructuring program (the Program) in response to increased weakening demand in the agriculture industry in 2024. The Company incurred a substantial portion of the charges by the end of fiscal year 2025. Restructuring expenses activity, which relates to severance and other related costs, during the three and six months ended June 30, 2026, is summarized as follows (in millions): Balance as of December 31, 2025 $ 82.8 First quarter 2026 provision, net of reversals 7.5 First quarter 2026 cash activity (32.3) Foreign currency translation (0.9) Balance as of March 31, 2026 $ 57.1 Second quarter 2026 provision, net of reversals 9.8 Second quarter 2026 cash activity (21.1) Foreign currency translation (0.5) Balance as of June 30, 2026 $ 45.3 Approximately $22.9 million and $56.9 million of restructuring expenses are included in Accrued expenses in the Companys Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively. Approximately $22.4 million and $25.9 million of restructuring expenses are included in Other noncurrent liabilities in the Companys Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively. Business Optimization Expenses Business optimization expenses primarily relate to professional services costs incurred as part of the restructuring program aimed at reducing structural costs, enhancing global effi …

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REVENUE Contract Liabilities Contract liabilities primarily relate to the following: (1) unrecognized revenues where payment of consideration precedes the Companys performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time and (2) unrecognized revenues where payment of consideration precedes the Companys performance with respect to precision agriculture technology services and where the performance obligation is satisfied over time. The following table summarizes the balance of contract liabilities as of June 30, 2026 and December 31, 2025 (in millions): June 30, 2026 December 31, 2025 Contract liabilities $ 376.9 $ 386.1 The contract liabilities are classified as either Accrued expenses or Other current liabilities and Other noncurrent liabilities in the Companys Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2026, the Company recognized approximately $47.2 million and $94.4 million of revenue that was recorded as a contract liability at the beg inning of 2026. During the three and six months ended June 30, 2025, the Company recognized approximately $51.0 million and $86.5 million of revenue that was recorded as a contract liability at the beginning of 2025. Remaining Performance Obligations The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2026 are $84.0 …

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SEGMENT REPORTING The Company has four operating segments which are also its reportable segments which consist of the North America, Latin America, Europe/Middle East and Asia/Pacific/Africa regions. Effective January1, 2026, the Company realigned its organizational structure to support its Farmer-First transformation initiatives in North America. As a result, the Companys Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. The Companys reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Companys 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 segments performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Companys 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 …

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STOCKHOLDERS EQUITY The following tables set forth changes in redeemable noncontrolling interests and stockholders equity attributed to AGCO Corporation for the three and six months ended June 30, 2026 and 2025 (in millions): Redeemable Noncontrolling Interests Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders Equity Balance, March 31, 2026 $ 295.5 $ 0.7 $ $ 6,032.2 $ (1,736.4) $ 4,296.5 Stock compensation and employee stock purchase plans 17.3 17.3 Forward share repurchase contract 5.0 49.0 54.0 Comprehensive income: Net income (loss) (2.4) 77.2 77.2 Other comprehensive income (loss): Foreign currency translation adjustments (0.7) 2.2 2.2 Defined pension and postretirement benefit plans, net of tax 2.0 2.0 Deferred gains and losses on derivatives, net of tax 0.3 0.3 Payment of dividends to stockholders (21.0) (21.0) Purchases and retirement of common stock (11.4) (336.5) (347.9) Balance, June 30, 2026 $ 292.4 $ 0.7 $ 10.9 $ 5,800.9 $ (1,731.9) $ 4,080.6 Redeemable Noncontrolling Interests Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders Equity Balance, December 31, 2025 $ 299.2 $ 0.7 $ 0.5 $ 6,047.2 $ (1,774.9) $ 4,273.5 Stock compensation and employee stock purchase plans 21.8 21.8 Forward share repurchase contract Comprehensive income: Net income (loss) (5.0) 132.2 132.2 Other comprehensive income (loss): Foreign currency translation adjustments …

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