CNH Industrial N.V. (CNH) Business

Item 1.    Business

CNH Industrial N.V. ("CNH" or the "Company") was formed in 2013 by the business combination transaction between Fiat Industrial S.p.A. and its subsidiary CNH Global N.V.. CNH was incorporated on November 23, 2012, as a public limited liability company (naamloze vennootschap) under the laws of the Netherlands. The Company's principal office is at Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom (telephone number: +44-207-9251-964). CNH's agent for U.S. federal securities law purposes is Britton Worthen, c/o CNH Industrial America LLC, 711 Jorie Boulevard, Oak Brook, Illinois 60523 (telephone number +1-331-256-0594).

Unless otherwise indicated or the context otherwise requires, as used in this Annual Report, the term "CNH", "we", "us", "our" or "the Company" refer to CNH Industrial N.V. together with its consolidated subsidiaries.

Business Overview

General

CNH is a leading global equipment company that develops, manufactures and sells agricultural and construction equipment. In addition, CNH's Financial Services segment offers an array of financial products and services, including:

•Retail financing for end customers purchasing or leasing new and/or used CNH equipment and/or other manufacturers' products, as well as other retail financing programs.

•Wholesale financing to dealers.

CNH's global network includes industrial, commercial and financial services subsidiaries located in 32 countries and a commercial presence in approximately 166 countries.

We are committed to driving sustainable organic growth by strategically investing in initiatives that expand our market leadership, advance technology integration through our "Iron + Tech" strategy, with a focus on precision agriculture, automation, connectivity, and autonomy and strengthen our commercial presence across global agriculture and construction equipment industries. The key pillars of our organic growth include:

•Product and Technology Leadership: By advancing the integration of core industrial capabilities with emerging technologies, we enhance innovation, deliver differentiated solutions, and remain well-positioned to be at the forefront of industry transformation.

•Commercial Expansion: We continue to broaden our market reach through targeted sales initiatives, dealer network rationalization, and customer engagement programs. These actions are designed to increase brand visibility, capture new demand in emerging markets, and deepen relationships with existing customers.

Together, these pillars support our strategy to drive sustainable, organic growth. By aligning commercial excellence with product and technology leadership, we strengthen our competitive position and deliver consistent value to customers, dealers, employees, and shareholders worldwide.

The Company's "Iron + Tech" strategy aims to advance product leadership and technology integration by:

•Expanding full line offerings across harvesters, tractors, crop protection, and production equipment.

•Internalizing foundational technologies, launching new precision solutions, and leveraging artificial intelligence tools.

•Delivering full line leadership through the launch of new generation combines, a complete refresh of the tractor lineup, and equipping all large product lines with factory fit foundational Precision Technology.

Through these initiatives, CNH is embedding advanced technologies across its product portfolio to enhance productivity, efficiency, and sustainability for customers in its Agriculture and Construction segments.

CNH operates through three business segments: Agriculture, Construction and Financial Services. The Agriculture and Construction segments are collectively referred to as "Industrial Activities."

Geographic Regions

Certain financial information in this Annual Report is presented by geographic region, which are defined as follows:

•North America: United States, Canada and Mexico;

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•Europe, Middle East and Africa ("EMEA"): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine and Balkans, Türkiye, Uzbekistan, Pakistan, the African continent and the Middle East;

•South America: Central and South America, and the Caribbean Islands;

•Asia Pacific: Continental Asia (including the India subcontinent), Indonesia, Japan and Oceania.

Certain industry information in this Annual Report has been presented on a worldwide basis which includes all countries. Management estimates of industry information are generally based on retail unit sales data in North America and South America, on registrations of equipment in most of Europe, and various other markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers in North America, the Committee for European Construction Equipment in Europe, the Associação Nacional dos Fabricantes de Veículos Automotores in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by independent service bureaus. Not all agricultural or construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Türkiye, Brazil, and in countries where local shipments are not reported.

Business Segments

The Agriculture segment develops, manufactures, distributes and supports a full line of agriculture equipment, implements and precision agriculture solutions. The Agriculture segment also supports customers throughout the equipment lifecycle with aftermarket solutions including guidance, automated steering systems, and application control products across a full line of equipment. We seek to ensure that our customers have technology options at every stage of their precision technology adoption journey.

Agriculture's product lines include tractors, harvesters, hay and forage equipment, seeding and planting equipment, and self-propelled sprayers.

Case IH and New Holland are our two leading global brands. Our regional and technology brands cater to specific regions around the world. They operate closely with customers to provide specialist solutions.

Our primary brands and products for the Agriculture segment are as follows:

•Case IH specializes in powerful and productive machinery including track technology and precision farming solutions for cash and high-value crops, such as sugarcane and cotton, particularly for larger farms. Products sold through our Case IH brand include tractors, harvesters (grain and sugarcane) and crop protection and tillage precision farming solutions.

•New Holland offers a broad range of equipment that caters to a wide range of farmers, with specific solutions for harvesting, specialty applications, hay and forage, livestock, vineyards and orchards, as well as methane power solutions. Products sold through our New Holland brand include tractors, harvesters (grain and specialty crops such as grapes and olives), hay and forage equipment, crop protection and tillage solutions (primarily for small grains) and precision farming solutions.

•STEYR is a regional brand, sold primarily in European markets, that specializes in small- to mid-sized tractors for the agricultural, municipal and forestry segments.

•Raven is a global technology brand primarily focused on developing disruptive agricultural technologies that seek to solve in-field challenges and provide automated and autonomous farming solutions.

New and emerging technologies are transforming the industries we serve. We are investing in integrated solutions and precision technologies across its equipment portfolio, including digital platforms, global navigation satellite system ("GNSS") positioning, connectivity, displays, automation, and autonomy.

Our core technology capabilities have been strengthened through strategic acquisitions. In 2021, we acquired Raven Industries, Inc., ("Raven") enhancing our precision agriculture and automation expertise. In 2023, we acquired Hemisphere GNSS ("Hemisphere"), enabling us to design, manufacture, sell, and service precise GNSS solutions for agriculture and construction. In 2023, we acquired Augmenta Holding SAS ("Augmenta"), a machine vision company that automates and optimizes farming operations using real-time, multi-spectral sensors and agronomic insights.

The Construction segment develops, manufactures, distributes and supports a full line of construction equipment including excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, and compact track loaders, along with a wide variety of attachments. The Construction segment also supports customers throughout the equipment lifecycle with aftermarket solutions that enhance productivity and equipment performance across the full

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product line. We seek to ensure that our customers have technology options at every stage of their precision technology adoption journey.

Construction's product lines are sold primarily under the global CASE Construction Equipment ("CASE") and New Holland Construction brands, and include a range of heavy and light construction equipment. Heavy construction equipment product lines include general construction equipment such as large excavators and wheel loaders, and road building and site preparation equipment such as compactors, graders and dozers. Light construction equipment is also known as compact and service equipment, and its product lines include backhoe loaders, skid steer and tracked loaders, mini and midi excavators, and compact wheel loaders.

Our primary products and brands for the Construction segment are as follows:

•New Holland Construction is a global brand that offers a wide range of equipment for farming, landscaping, and construction appliances. Products sold through our New Holland Construction brand include skid steer loaders, compact track and wheel loaders, mini track loaders and excavators, loader backhoes, tractor loaders, small articulated loaders, forklifts and specialized attachments.

•Case Construction is a global brand that designs and builds powerful construction equipment designed to meet the needs of the construction industry. Products sold through our Case Construction brand include mini and heavy excavators, motor graders, wheel and tractor loaders, vibratory compaction rollers, compact dozers and track loaders, crawler dozers, skid steer and mini track loaders, compact track loaders, rough terrain forklifts, electrical vehicle ("EV") options and specialized attachments.

•Eurocomach is a regional brand that sells products in more than 40 countries and focuses on compact equipment for construction and related applications. Products sold through our Eurocomach brand include mini and midi excavators, compact track and wheel loaders, MTL50 track loaders for small and confined spaces and specialized attachments.

In 2021, we completed the acquisition of Sampierana S.p.A., which provides us direct control over technology and manufacturing of mini and midi excavators. This acquisition strengthened our vertical integration in compact equipment and enhanced our ability to deliver innovative solutions to customers. In 2023, we developed and launched our first range of mini track loaders under our Eurocomach brand, further expanding our product portfolio and reinforcing our commitment to innovation and customer needs.

Construction's products often share common components to achieve economies of scale in manufacturing, purchasing, and development. Construction differentiates these products based on the relative product value, technology, design concept, productivity, product serviceability, color, and styling to preserve the unique identity of each brand.

Our construction products are also sold by our Agriculture dealers for certain uses. Sales to agriculture customers are still accounted for in the Construction segment, given the nature of the products.

We began production and distribution of full-electric compact construction equipment in 2023. This includes electric mini excavators, compact wheel loaders, tractor loader backhoes and small articulated loaders. We plan to continue delivering further battery-powered compact construction equipment solutions to help our customers operate in enclosed and municipal job sites calling for no, or reduced, tailpipe emissions.

The Financial Services segment provides and administers financing to end-use customers for the purchase of new and used agricultural and construction equipment and components sold through CNH's dealer network, as well as revolving charge account financing and other financial services. Financial Services also provides wholesale financing to CNH dealers and distributors primarily to finance inventories of equipment. Furthermore, Financial Services provides trade receivables factoring services to CNH subsidiaries. The European Financial Services operations are supported by the Iveco Group's Financial Services segment. Financial Services also provides financial products and services to dealers and end customers of Iveco Group companies in the North America, South America and Asia Pacific regions. The segment is referred to commercially as CNH Capital - the captive financial provider for the CNH family of brands, specializing in agricultural and construction equipment. In Brazil, it operates under the brand of Banco CNH.

Industry Overview

The agricultural and construction equipment industries are undergoing significant transformation driven by technological innovation. Emerging technologies are reshaping operational efficiency, sustainability, and competitiveness across the sector. Advances in precision agriculture, autonomous equipment, robotics, connectivity, and renewable energy integration are increasingly influencing product development and customer adoption.

These advancements are enabling greater productivity, reduced environmental impact, and enhanced data-driven decision making for customers. At the same time, they are accelerating the industry’s transition toward more sustainable practices and diversified energy solutions. CNH is actively investing in these areas to strengthen its portfolio, expand digital capabilities, and support customers in achieving higher returns on their operations.

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As innovation continues to reshape the industry landscape, companies that successfully integrate advanced technologies into their equipment and services are expected to gain competitive advantage and capture new growth opportunities.

Agriculture

The agricultural machinery industry is generally segmented into farm types, including row crop, dairy and livestock operations. Row crop farmers, including cash‑crop producers, typically purchase tractors at the mid-to-upper end of the horsepower ("hp") range, as well as combine harvesters, harvesting equipment and crop production equipment. Dairy and livestock farmers typically buy and utilize tractors in the mid-to-lower hp range, along with crop preparation and crop packaging implements.

The key factors influencing sales of agricultural equipment include the level of net farm income, the impact of government subsidy programs, and weather and climate conditions. Net farm income is primarily affected by commodity and/or livestock prices, changes in acreage planted, stock levels, crop yields, farm operating expenses (including fuel and fertilizer costs), fluctuations in currency exchange rates, government subsidies, tax incentives and trade policies. Inventory levels and the value of used equipment also affect the level of new equipment sales. Cash-crop producers are also very interested in equipment technology and automation innovations, which drive better yields and reduce dependence on increasingly scarce skilled labor.

Demand for agricultural equipment also varies seasonally by region and product, primarily due to differing climates and farming calendars. Peak retail deliveries for tractors and planting, seeding, and application equipment typically occur in March through June in the Northern hemisphere and in September through December in the Southern hemisphere. Dealers order equipment year-round trying to anticipate the peak in the retail season and use inventory to offer standard products to customers who do not require specific configurations. The Company seeks to match retail and dealer orders with lean production plans using the Company's inventory to offset low and high seasonality, while targeting shorter time intervals between retail order and production to promote efficient working capital-management and excellent customer service.

Government farm programs, including the amount and timing of government payments, are a key income driver for farmers raising certain commodity crops in the United States ("U.S.") and the European Union. The existence of comprehensive subsidies in these agricultural/farm markets reduces the effects of cyclicality in the agricultural equipment business. The existence and extent of subsidies depends largely on the U.S. Farm Bill and programs administered by the United States Department of Agriculture, the Common Agricultural Policy of the European Union and World Trade Organization negotiations. Additionally, the Brazilian government subsidizes the purchase of agricultural equipment through low-rate financing programs administered by the Banco Nacional de Desenvolvimento Economico e Social ("BNDES"). These programs have had over the years a significant influence on sales.

The demand for biofuels has created an associated demand for agriculturally based feedstocks, which are used to produce biofuels. Currently, most of the ethanol in the U.S. and Europe is extracted from corn, while in Brazil it is primarily extracted from sugar cane and increasingly from corn. Biodiesel is typically extracted from soybeans and rapeseed oil in the U.S. and Brazil, and from rapeseed and other oil seeds as well as food waste by-products in Europe. The use of corn and soybeans for biofuel has been one of the main factors affecting the supply and demand relationships, as well as the price for these crops. The economic feasibility of biofuels is significantly impacted by the price of oil. As the price of oil falls, biofuels become a less attractive alternative energy source. This relationship will, however, be impacted by government policy and mandates as governments around the world consider ways to combat global warming and avoid potential energy resource issues in the future.

With the use of a bio-digester, animal and food waste can be processed to produce biomethane. CNH has developed a methane-powered tractor under its New Holland brand that can also run on methane produced on the farm from animal and food waste. CNH has a controlling stake in Bennamann Ltd ("Bennamann"), a United Kingdom ("U.K.") based technology company, that is developing a solution to capture fugitive emissions of methane from livestock farm waste and convert them into better-than-zero-carbon biofuel.

The developments in precision technology and solutions are designed to help farmers increase yields while reducing input costs in labor, fertilizer, chemicals and water. As a result, precision agriculture technology is expected to drive replacement demand for new farm equipment, as these technologies reduce the time and effort required for individual tasks and improve overall farm efficiency.

While the agricultural equipment industry is currently experiencing a cyclical downturn, particularly in large agriculture in the Americas, we continue to view long‑term fundamentals as attractive, supported by global protein demand, finite arable land, and increasing adoption of precision technologies. Our investment priorities and product roadmap are designed to position CNH to benefit as industry conditions normalize.

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Construction

The construction equipment market consists of two principal segments: heavy construction equipment (excluding the mining and the specialized forestry equipment markets, in which we do not participate), with equipment generally weighing more than 12 metric tons, and light construction equipment, with equipment generally weighing less than 12 metric tons.

In developed markets, customers tend to prefer more sophisticated machines equipped with the latest technology, such as machine control, automation and features to improve operator productivity. In developing markets, customers tend to prefer equipment that is relatively less costly and has greater perceived durability.

In North America and Europe, where the hourly cost of machine operators is higher relative to fuel costs and machine depreciation, customers typically emphasize productivity, performance, and reliability. In other markets, where the relative cost for machine operators is lower, customers often continue to use equipment after its relative performance and efficiency have begun to diminish.

Customer demand for power and operating capacity does not vary significantly from market to market. However, in many countries, restrictions on equipment weight or dimensions, as well as road regulations or job site constraints can limit demand for larger machines.

Although the demand for new construction equipment tends to decrease during periods of economic stagnation or recession, the after-sales market is historically less volatile than the new equipment market and, therefore, helps limit the impact of declines in new equipment sales on the operating results of full-line manufacturers.

Heavy Construction

Heavy construction equipment typically includes general construction equipment such as large wheel loaders and excavators, and road building and site preparation equipment such as graders, compactors and dozers. Purchasers of heavy construction equipment include construction companies, municipalities, local governments, rental fleet owners, quarrying and mining companies, waste management companies and forestry-related concerns. Sales of heavy construction equipment primarily depend on the expected volume of major infrastructure construction and repair projects such as highway, tunnel, dam and harbor projects, which depend on government spending and economic growth. In North America, a portion of heavy equipment demand has historically been linked to the development of new housing subdivisions, where the entire infrastructure needs to be created, thus linking demand for both heavy and light construction equipment. The heavy equipment industry generally follows macroeconomic cyclicality, linked to growth in gross domestic product and government spending.

Light Construction

Light construction equipment is also known as compact and service equipment, and it includes skid-steer loaders, compact track loaders, tractor loaders, rough terrain forklifts, backhoe loaders, small wheel loaders and excavators. Purchasers of light construction equipment include contractors, residential builders, utilities, road construction companies, rental fleet owners, landscapers, logistics companies, and farmers. The principal factor influencing sales of light construction equipment is the level of residential and commercial construction, remodeling and renovation, which is influenced by interest rates and the availability of financing. Other major factors include the construction of light infrastructure, such as utilities, cabling and piping and maintenance expenditures. The principal use of light construction equipment is to replace relatively high-cost, slower manual work. Product demand in the United States and Europe has generally tended to mirror housing starts, with lags of six to twelve months. In areas where labor is abundant, and the cost of labor is inexpensive relative to other inputs—such as in India, Africa and South America—the light construction equipment market is generally smaller. These regions represent potential areas of growth for light construction equipment in the medium to long-term as labor costs rise relative to the cost of equipment or the supply of labor contracts, leading to increased mechanization.

Equipment rental is a significant element of the construction equipment market. Compared to the U.K. and Japan, where there is an established market for long-term equipment rentals as a result of favorable tax treatment, the rental market in North America and Western Europe (except for the U.K.) consists mainly of short-term rentals of light construction equipment to individuals or small contractors for which the purchase of equipment is not cost effective or that need specialized equipment for specific jobs. In North America, the main rental product has traditionally been the backhoe loader, and, in Western Europe, it has been the mini-excavator. As the market has evolved, a greater variety of light and heavy equipment products have become available for rent. In addition, rental companies have allowed contractors to rent machines for longer periods instead of purchasing the equipment, enabling contractors to complete specific job requirements with greater flexibility and cost control. Large, national rental companies can significantly impact the construction equipment market, with purchase volumes being driven by their decisions to increase or decrease the size of their rental fleets based on rental utilization rates.

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Seasonal demand for construction equipment fluctuates somewhat less than for agricultural equipment. Nevertheless, in North America and Western Europe, housing construction generally slows during the winter months. North American and European industry retail demand for construction equipment is generally strongest in the second and fourth quarters.

Agricultural and landscaping customers also contribute to a significant portion of the North America light equipment market. In this segment the main applications are related to material handling.

In markets outside of North America, Western Europe and Japan, equipment demand may also be partially satisfied by importing used equipment. Used heavy construction equipment from North America may fulfill demand in the South American market and equipment from Western Europe may be sold to Central and Eastern European, North African and Middle Eastern markets. Used heavy and light equipment from Japan is mostly sold to other Southeast Asian markets, while used excavators from Japan are sold to almost every other market in the world. This flow of used equipment is highly influenced by exchange rates, the weight and dimensions of the equipment and the different local regulations in terms of safety and engine emissions.

The construction equipment industry has seen an increase in the use of hydraulic excavators and wheel loaders in earth-moving and material handling applications. In addition, the light equipment sector has grown as more manual labor is being replaced on construction sites by machines with a variety of attachments for specialized applications, such as skid steer loaders, compact track loaders and mini-crawler excavators.

Industrial Activities

Competition

The agriculture and construction equipment industries are highly competitive at both global and regional levels. We compete with: (i) large global full-line equipment manufacturers with a presence in every market and a broad range of products that cover most customer needs, (ii) manufacturers who are product specialists focused on particular industry segments on either a global or regional basis, (iii) regional full-line manufacturers, some of which are expanding worldwide to build a global presence, and (iv) local, low-cost manufacturers in individual markets, particularly in emerging markets such as Eastern Europe, India and China.

Competitive dynamics are driven by cyclical demand, technological change, regulatory requirements, and evolving customer expectations. Key competitive factors include:

•Product Performance and Reliability: Productivity, durability, fuel efficiency, uptime, and adaptability to precision technologies.

•Innovation and Quality: Investment in research and development to deliver new features, digital solutions, and sustainable technologies, supported by high manufacturing standards, safety, and environmental compliance.

•Distribution and Dealer Network Strength: Broad and effective dealer and service networks that ensure coverage, delivery, and customer accessibility.

•Customer Service and Support: After‑sales service, parts availability, financing, and technical support to minimize downtime and enhance productivity.

•Pricing and Cost Competitiveness: Balancing premium positioning with competitive pricing, particularly in emerging markets and during downturns. Compliance with evolving engine emissions standards is a critical competitive factor, particularly in regions subject to frequent regulatory change such as Europe and North America. New legislation in India and China has also further increased product costs and intensified global competition.

Competitive positioning is increasingly influenced by technology integration, sustainability initiatives, and regulatory compliance. Long‑term industry leadership depends on the integration of advanced technologies—including autonomous solutions, connected equipment, and precision agriculture tools—while maintaining compliance with stringent emissions and safety standards.

Our principal competitors in the agricultural equipment market are Deere & Company, AGCO Corporation, Claas Group, Kubota Tractor Corporation, Argo Tractors S.p.A., Same Deutz Fahr Group and Mahindra.

Our principal competitors in the construction equipment market are Caterpillar Inc., Komatsu Ltd., J C Bamford Excavators Ltd., Hitachi Construction Machinery Co, Ltd., Volvo Group, Liebherr Group, Develon, Bobcat, Kubota Tractor Corporation, SANY Heavy Industry Co., Ltd and Deere & Company.

Sales and Distribution

CNH is advancing its commercial excellence strategy by strengthening its dual-branded dealer network and enhancing

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customer service capabilities. Our integrated and regionally tailored dealer network and brand strategy are designed to improve market coverage, align with local customer needs, and reinforce the distinct value propositions of our Case IH and New Holland brands.

We predominantly sell and distribute our Agriculture and Construction products through dealers. The Agriculture dealer network includes more than 2,300 dealer owners operating over 5,000 locations/points of sale. Construction products are sold through approximately 400 full-line dealers and distributors with approximately 1,700 points of sale. Agriculture and Construction dealers are almost all independently owned and operated. Some Agriculture dealers also sell construction equipment. Our dealers are responsible for retail sales of equipment to end users and after-sales service and support. In the United States, Canada, most of Western Europe, Brazil, Argentina, India, China, Thailand, Australia, New Zealand, and South Africa products are generally distributed directly through the independent dealer network. In the rest of the world, products are either sold to independent distributors who then resell to dealers, or to importers who sell products to retail customers. In Turkey, Japan, Mexico and Pakistan, we also distribute our products through our joint ventures.

As the equipment rental business becomes a more significant factor in both the agricultural and construction equipment markets, Agriculture and Construction are facilitating sales of equipment to the local, regional and national rental companies through their dealers as well as by encouraging dealers to develop their own rental activities. Agriculture and Construction have launched several programs to support their dealer service and rental operations, including training, improved dealer standards, financing, and advertising. As the rental market is a capital-intensive sector and sensitive to cyclical variations, we expand such activities gradually, with special attention to supporting the resale of rental units into the used equipment market by our dealers, who can utilize this opportunity to improve their customer base and generate additional parts and service business.

Although we believe that it is generally more cost-effective to distribute our agricultural and construction equipment products through independent dealers, as of December 31, 2025, we operate a network of owned dealers for Case IH and the Construction segment in South Africa following the acquisition of our former distributor in that country. We also promote a selective dealer development program in territories with growth potential but underdeveloped representation of our brands. This program typically involves a transfer of ownership to a qualified operator through a buy-out or private investment after a few years.

Precision technology is integrated with our Agriculture equipment as well as offered as aftermarket parts for retrofit solutions through our dealer network. Raven-branded products are distributed through the CNH dealer network in all regions and through independent dealer/distributor networks, some of which are affiliated with strategic and industry partners. Raven products and services are also sold to third-party companies for inclusion in their respective equipment.

Pricing and Promotion

We sell most of our products and parts to our dealers and distributors at wholesale prices that reflect a discount from the manufacturer-suggested list prices. In the ordinary course of business, we engage in promotional campaigns that may include price incentives or preferential financing terms when a product is sold by a dealer to end-use customers. Such price incentives are generally accrued when we originally sell our products to dealers and distributors, and it is then disbursed at the time of the retail sale. The retail transaction price of any piece of equipment is determined by the individual dealer or distributor and generally depends on market conditions, features, options and, potentially, regulatory requirements. Retail transaction prices may differ from the manufacturer-suggested list prices, as a result of different factors (markets' demand, customer-specific requirements, local market conditions, general economic conditions, access to financing, etc.).

We regularly advertise our products to the community of farmers, builders, and agricultural and construction contractors, as well as to distributors and dealers in each of our major markets. To reach our target audience, we use a combination of general media, specialized trade magazines, the Internet, social media and direct mail. We also regularly participate in major international and national trade shows and engage in co-operative advertising programs with distributors and dealers. The promotion strategy for each brand varies according to the target customers for that brand.

Parts and Services

The quality and timely availability of parts and services are important competitive factors for each of our businesses, as they are significant elements of overall customer satisfaction and important considerations in a customer's original equipment purchase decision. We supply parts, many of which are proprietary, to support items in the current product lines as well as for products we have sold in the past. We also offer personalized aftersales customer assistance programs that provide a wide range of modular and flexible maintenance and repair contracts, as well as warranty extension services, to meet a variety of customer needs and to support the equipment's value over time. Many of our products can have economically productive lives of more than 20 years when properly maintained, and each unit has the potential to produce a long-term parts and services revenue stream for us and our dealers. To further support the

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productive life of the equipment, connected technology within our machines has allowed us, together with our cloud-based control rooms and our dealer service shops, to obtain results through analytics blended with the professional knowledge of our products experts. We are increasing the number of connected units proactively supported by control rooms that leverage service alarms, operator insights, and predictive repairs and maintenance, enriching a suite of machine and farm data.

As of December 31, 2025, we operated and administered 30 parts depots worldwide which support both Agriculture and Construction, either directly, through a joint venture, or through arrangements with warehouse service providers. This network includes eight parts depots in North America, twelve in EMEA, two in South America, and eight in other regions.

Manufacturing

The efficiency of our manufacturing, logistics, and scheduling systems is dependent on forecasts of industry volumes and our anticipated share of industry sales, which is predicated on our ability to compete successfully with others in the marketplace. We compete based on product performance, customer service, quality, precision technology and other innovations and prices. The environment is by nature competitive from a pricing standpoint, but we have been able to mitigate inflationary cost increases with positive price realization. There is no guarantee that we can maintain positive price realization in the future.

The ability of our supply chain and manufacturing system to timely deliver finished goods is also critical to meeting customer expectations. Failure to do so might imply losses of competitiveness. We pursue continuous improvements in manufacturing processes, supply chain management, and resource allocation to reduce costs, improve productivity, and respond more effectively to market fluctuations.

A focus on quality is embedded across our operating philosophy. We pursue rigorous standards in product design, engineering, and after-sales service in order to reinforce customer trust, reduce warranty risks, and support long-term product reliability.

Suppliers

We purchase certain materials, parts, components and services from third party suppliers. We view our supplier relationships as critical to our operational effectiveness. Certain components and parts used in our products are available from a single supplier and cannot be sourced quickly otherwise. The sudden or unexpected interruption in the availability of certain of our suppliers' raw materials, parts, and components could result in delays in, or increases in the costs of production.

We seek to mitigate these risks by strengthening our supply chain resiliency through diversification, inventory management, contingency planning, and continuous monitoring of supplier performance and stability. We assess a broad range of potential exposures, including financial viability, capacity, continuity, labor, quality, delivery, cybersecurity, and weather‑related events. To address disruptions, we employ measures such as prioritizing material allocations, multi‑sourcing, securing long‑term supply agreements, and utilizing alternative logistics solutions in an effort to maintain continuity of operations.

We are continuing our multi-year supply chain transformation through the Strategic Sourcing Program ("SSP") initiated in 2023. The SSP is designed to leverage our long-term relationships with our current suppliers and support the establishment of long-term relationships with new suppliers to capture the best total value across the supply chain and to foster co-development and co-innovation initiatives.

Research and Development ("R&D") and Intellectual Properties

In a continuously and rapidly changing competitive environment, our R&D activities are a strategic component of our growth and long-term progress, focused on accelerating time-to-market and leveraging specialized expertise in different markets.

We hold approximately 11,000 registered patents in addition to trade secrets, licenses and trademarks related to our products and services. We file patent applications in Europe, the U.S. and in other jurisdictions around the world to protect technology and improvements considered important to the business. Certain trademarks contribute to our identity and the recognition of our products and services and are an integral part of our business, and their loss could have a material adverse effect on us.

We are making targeted investments to develop equipment that enhances farmer productivity and profitability. These investments include precision agriculture technologies, autonomous and connected solutions, and sustainable equipment platforms designed to reduce input costs and improve efficiency. By aligning our R&D priorities with customer demands and regulatory requirements, we aim to deliver differentiated products that support long‑term leadership in the agriculture and construction equipment industries.

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Joint Ventures

As part of a strategy to enter and expand in new markets, we are also involved in several commercial and/or manufacturing joint ventures. On December 31, 2025, these are the following:

◦in Türkiye, we own 37.5% of TürkTraktör ve Ziraat Makineleri A.S., which manufactures and distributes various models of both New Holland and Case IH tractors;

◦in Japan, we own 50% of New Holland HFT Japan Inc. ("HFT"), which distributes our products in Japan. HFT imports and sells the full range of New Holland agricultural equipment;

◦in Mexico, we own 50% of CNH de Mexico S.A. de C.V.,which manufactures New Holland agricultural equipment and distributes our agricultural equipment through one or more of its wholly-owned subsidiaries;

◦in Pakistan, we own 43.2% of Al Ghazi Tractors Ltd., which manufactures and distributes New Holland tractors.

Financial Services

Financial Services offers a range of financial products and services to dealers and customers in the various regions in which it operates. Retail financing products primarily include retail notes, finance leases and operating leases to end use customers and revolving charge account financing to purchase parts, service, rentals, implements and attachments from CNH dealers. Wholesale financing consists primarily of dealer floorplan financing as well as the management and purchase of trade receivables from CNH subsidiaries. Dealer floorplan financing gives dealers the ability to maintain a representative inventory of products. In addition, Financial Services provides financing to dealers for used equipment and machines taken in trade, equipment utilized in dealer-owned rental yards, parts inventory, working capital and other financing needs. As a captive finance business, Financial Services is reliant on and supports the operations of Agriculture and Construction, their dealers, and customers, and plays an important stabilizing role through industry cycles by supporting retail demand, dealer inventories, and adoption of new precision and connected technologies.

Financial Services supports the growth of Industrial Activities by developing and structuring financial products with the objective of supporting equipment and parts sales as well as customer loyalty. Financial Services' strategy is to grow a core financing business to support the sale of our equipment and parts while at the same time maintaining its portfolio credit quality, service levels, operational effectiveness and customer satisfaction. Financial Services also offers products to finance third party equipment and machines sold through our dealer network or within our core businesses. Financed third party equipment includes used equipment taken in trade by our dealers or equipment used in conjunction with or attached to our products.

In North America, retail customer and dealer financing activities, which support the sales of Agriculture and Construction, are managed through our wholly-owned financial services subsidiaries under the name of CNH Capital.

In EMEA, retail customer financing for Agriculture and Construction equipment is primarily provided through CNH Industrial Capital Europe S.a.S. This entity is majority owned by BNP Paribas, and 24.95% owned by CNH Industrial N.V. through its joint venture CIFINS S.p.A.. Additionally, there are vendor programs with banking partners that provide customer financing to our industrial segments in certain countries.

In Europe, companies within Iveco Group's Financial Services segment manage and service CNH dealer financing receivables that are funded through a dedicated securitization. CNH Industrial Capital Solutions S.p.A. retains the securitization program's junior notes and therefore retains substantially all of the risks and benefits of the underlying wholesale receivables.

For South America, retail customer and dealer financing activities are managed through our wholly-owned financial services subsidiary which supports the sales of Agriculture and Construction. For retail customer financing in Brazil, Banco CNH Industrial Capital S.A. also serves as a lender for funding provided by BNDES, a federally-owned financial institution linked to the Brazilian Ministry of Development, Industry and Foreign Trade. In Argentina, vendor programs with banking partners are also utilized. CNH Financial Services serves as a lender for Iveco Group dealers and end customers in the region and assumes the credit risk associated with those financing arrangements.

In Asia Pacific, CNH Financial Services supports the sales of Agriculture and Construction by providing retail customer and dealer financing activities in Australia, New Zealand and India, managed through wholly-owned financial services companies. In China, Agriculture dealer financing activities are provided by and managed through a wholly-owned financial services company. CNH Financial Services serves as a lender for Iveco Group dealers and end customers in Australia and New Zealand and assumes the credit risk associated with those financing arrangements.

Customer Financing

Financial Services has certain retail underwriting and portfolio management policies and procedures that are specific to Agriculture or Construction. This distinction allows Financial Services to reduce credit risk by deploying industry-specific

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expertise in each of these businesses. We provide retail financial products primarily through our dealers, who are trained in the use of the various financial products. Dedicated credit analysis teams perform retail credit underwriting. The terms for financing equipment retail sales typically provide for retention of a security interest in the equipment financed.

Financial Services' guidelines for minimum down payments for equipment generally range from 5% to 30% of the actual sales price, depending on equipment types, repayment terms, and customer credit quality. Finance charges are sometimes waived for specified periods or reduced on certain equipment sold or leased in advance of the season of use or in connection with other sales promotions. For periods during which finance charges are waived or reduced on the retail notes or leases, Financial Services generally receives compensation from the applicable Industrial Activities segment based on Financial Services' estimated costs and a targeted return on equity. The cost is recognized as a reduction in "Net sales" for the applicable Industrial Activities segment.

Dealer Financing

Financial Services provides dealer floorplan financing, and to a lesser extent, the financing of dealer operations. Under the standard terms of the wholesale receivable agreements, these receivables typically have a fixed period of "interest-free" financing to dealers. During the "interest-free" period, the applicable Industrial Activities segment compensates Financial Services based on Financial Services' estimated costs and a targeted return on equity. The cost is recognized as a reduction in "Net sales" for the applicable Industrial Activities segment. After the expiration of any "interest-free" period, interest is charged to dealers on outstanding balances until Financial Services receives payment in full.

A wholesale underwriting group reviews dealer financial information and payment performance to establish credit lines for each dealer. In setting these credit lines, Financial Services seeks to meet the reasonable requirements of each dealer while managing its own exposure to any one dealer. All risks are underwritten and supported by Financial Services. The credit lines are secured by the equipment financed. Dealer credit agreements generally include a requirement to repay individual receivables at the time of the retail sale of the related unit. Financial Services leverages employees, third‑party contractors, and digital technologies like "geo-fencing" to conduct periodic stock audits at individual dealerships to confirm that the financed equipment is maintained in inventory. These audits are unannounced, and their frequency varies by dealer and depends on the dealer's financial strength, payment history, and prior performance.

Factoring

Financial Services also provides intragroup factoring of trade and other receivables. This activity involves the purchase, without recourse, of receivables of CNH subsidiaries, originating from the Industrial Activities segments, and due from third or related parties.

Sources of Funding

The long-term profitability of Financial Services' activities largely depends on the cyclical nature of the industries in which we operate, the credit quality of customers, interest rate volatility, and the ability to access funding on competitive terms. Financial Services funds its operations and lending activity through a combination of term receivable securitizations, committed secured and unsecured facilities, uncommitted lines of credit, unsecured bonds, unsecured commercial paper, affiliated financing, and retained earnings. Financial Services' current funding strategy is to maintain sufficient liquidity and flexible access to a wide variety of financial instruments and funding options.

Financial Services has periodically accessed the asset-backed securities ("ABS") markets in the United States, Canada, and Australia, as part of its retail note and wholesale financing programs when those markets offer funding opportunities on competitive terms. Financial Services has also accessed the unsecured bond market in the United States, Canada, Brazil, Argentina and Australia and commercial paper markets in the United States to diversify its funding sources. Financial Services' ability to access these markets will depend, in part, upon general economic conditions and Financial Services' financial condition and portfolio performance. These factors can be negatively affected by cyclical swings in the industries in which we operate.

Competition

The financial services industry is highly competitive. Financial Services competes primarily with banks, equipment finance and leasing companies and other financial institutions. Typically, this competition is based upon the financial products and services offered, customer service, financial terms, and interest rates charged. Financial Services' ability to compete successfully depends upon, among other things, the availability and competitiveness of funding resources, the development of competitive financial products and services, and licensing or other governmental regulations.

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Global Human Capital

All CNH employees contribute to the Company's performance in diverse ways, each playing a key role in achieving our business objectives. The conviction that people are the company's greatest asset is the baseline principle of our Human Capital Management Guidelines which aim to increase organizational effectiveness. The Company has identified five key core beliefs that have been cascaded to the entire organization: Customer First, One Team, Grow Together, Make it Simple, and Be the Best. Specific tools (recognition, story-telling and feedback) are used to reinforce these behaviors and are embedded in the Company's Performance & Talent Management processes. We strongly believe that sharing a common culture will help attract, develop and retain talent, ultimately allowing the Company to be more competitive. Our focus on quality, safety, and customer advocacy is embedded in these behaviors and underpins our operational initiatives to reduce the cost of non‑quality and improve customer satisfaction over time.

Employees

The ability to attract, develop and retain qualified employees is crucial to the success of the Company and its ability to create long-term value. The Company's business is labor intensive by nature, which is reflected in the high number of hourly employees. As of December 31, 2025, CNH had 34,197 employees including 9,129 employees in the U.S. and Canada. CNH also engages consultants, independent contractors, and temporary and part-time workers. Approximately 400 hourly manufacturing employees in the United States are covered by a collective bargaining agreement with the United Automobile, Aerospace, and Agricultural Implement Workers of America, which expires on May 2, 2026. Additionally, approximately 500 U.S. manufacturing employees are covered by a collective bargaining agreement with the International Association of Machinists, which expires on April 30, 2028. In Canada, a small number of employees are covered by a collective bargaining agreement with the United Steelworkers Local Union No. 5917, which expires on April 15, 2026, and negotiations for a new collective agreement are underway. In Europe, most employees are covered by collective labor agreements ("CLAs") stipulated either by a CNH subsidiary or by the employer association for the specific industry to which the CNH subsidiary belongs in the given country. Outside North America and Europe, CNH enters into employment contracts and agreements in countries where such relationships are mandatory or customary.

Refer to Part I, Item 1A. "Risk Factors" for a discussion of the risks associated with our employment relationships.

Employee Engagement

The Global Leadership Team has reaffirmed the Company's commitment to rejecting any forms of discrimination and fostering an environment in which every individual has equal opportunities for professional growth based on their skills and abilities.

Code of Conduct

CNH's Code of Conduct (the "Code") is one of the pillars of the Company's corporate governance system, which regulates the decision-making process, and guides how the Company and its employees interact with each other and with all stakeholders. The Code summarizes the values the Company recognizes, adheres to, and promotes, and provides specific guidance to employees on conducting their work with integrity and in alignment with those values. CNH requires all employees to complete training on the Code and to regularly certify compliance with it. Additionally, the Company maintains a global ethics and integrity helpline for employees and stakeholders to report questions or concerns regarding potential violations of the Code, Company policies, or the law.

Employee Health and Safety

CNH's approach to occupational health and safety is based on preventive and proactive measures, implemented both collectively and individually, aimed at minimizing the risk of injury in the workplace. The Company endeavors to ensure optimal working conditions, applying principles of industrial hygiene, ergonomics, and occupational safety across its processes. Its safety management system includes the involvement of employees in identifying and reporting work related hazards, risks, and potentially unsafe situations. This approach is intended to promote common, ethical occupational health and safety principles, and enables the achievement of improvement targets using various tools, including training and awareness campaigns. Key areas of focus are pursuit of a zero-accident and zero-injury rate, extension of ISO 45001 certification, and implementation of initiatives to increase employee health and safety awareness via multiple tools (e.g., training courses, corporate Intranet, video tutorials).

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Employee Compensation and Benefits

The Company is committed to providing a base pay that, in compliance with local regulations, is competitive with the local market, affordable from a business perspective, and aligned with the Company's achieve and earn philosophy. CNH has defined a compensation approach that is comprised of several different components. This comprehensive package rewards employees for their contribution to the Company's results and allows them to have their share in the business success they help to create. Base salary, benefits, and short and long-term incentives are determined by market-driven benchmarks. Short-term incentives are influenced by individual employee contribution, which is evaluated through a performance evaluation program that is deployed throughout the entire organization. The same metrics and methodology are applied in the annual performance assessment of all eligible employees worldwide. The Company provides employee benefits programs that comply with local regulatory requirements as well as align with market prevalences. Additionally, the Company employs a formal process to monitor the application of its core equity and fairness principles to compensation levels, annual salary reviews, and promotions.

Employee Welfare and Well Being

Employee welfare and well-being initiatives are an important part of the Company's employee engagement. CNH offers well-being initiatives in addition to traditional benefits (such as health care), going beyond its legal obligations in the countries where it operates. The aim is to help employees balance their personal commitments through time and money saving initiatives and flexible working arrangements, while cultivating motivation, pride, and a sense of belonging at work through family activities, engagement with the community and involvement in Company life.

Training and Development

CNH believes that employee training is key to skill management and development. Training allows sharing operational and business know-how, as well as the Company's strategy and values.

The Company manages training through a 4-step process: training needs identification, content development, program delivery, and reporting. Ownership of each lies with different corporate functions, depending on which areas of content or expertise need to be improved.

The Training Management Model is business-oriented and therefore closely involves business functions on content areas such as:

•business and job-specific skills

•new business methodologies

•shared tools, languages, soft skills, legal aspects and compliance, ethics, etc.

CNH manages the overall training process through an internet-based global learning management system. The Company provides a consistent global framework for employee development such as Power Skills, LinkedIn Learning, and leadership programs, while complementing it with targeted offerings at the regional and business level. This hybrid approach ensures the Company leverages the benefits of global consistency while tailoring solutions to local needs.

Employees are given the opportunity to indicate development and training needs as part of a Performance Management Process, and to propose actions to support their personal development during the year.

Training effectiveness and efficiency are monitored and measured based on the participants' satisfaction with the initiatives delivered and improvements in their knowledge/skills; in some cases, depending on the learning path, structured follow-ups are provided.

Environmental and Other Regulatory Matters

CNH develops, manufactures and sells products and offers services around the world, subject to product requirements related to equipment emissions, product safety, and fuel efficiency, as well as requirements applicable to the Company's manufacturing facilities concerning air emissions, waste, and water management, handling of hazardous materials, prohibitions on soil contamination, and worker health and safety. These extensive regional, national and local laws and regulations often impact the development of the Company's products, including, but not limited to, required compliance with air emissions standards applicable to engines. CNH has made, and expects to continue to make, significant capital and R&D expenditures to comply with these standards now and in the future.

CNH is conducting environmental investigatory or remedial activities at certain properties that are currently, or were formerly, owned and/or operated by the Company, or that are being decommissioned. The Company believes that the outcome of these activities will not have a material adverse effect on its business, financial position or results of operations while helping to restore environmental conditions.

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The Company's operations and the activities of our employees, contractors and agents around the world are subject to the laws and regulations of numerous countries, including the United States. These laws and regulations include data privacy requirements, labor relations laws, tax laws, antitrust regulations, prohibitions on payments to governmental officials and others, federal and state environmental regulations, import and trade restrictions and export requirements. Any violations of such laws or regulations could also result in prohibitions on the Company's ability to offer products and services in one or more countries and could have a material adverse effect on the business, results of operations and financial condition.

CNH global operations are also subject to risks of violations of laws prohibiting improper payments and bribery, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, as well as a range of national anti-corruption and antitrust or competition laws that apply within specific jurisdictions. The Company has implemented a compliance program to promote adherence to these laws and reduce the likelihood of potential violations. However, the program may not in every instance protect the Company from acts committed by its employees, agents, contractors, or collaborators that may violate applicable laws or regulations in the jurisdictions in which CNH operates. Such improper actions could subject the Company to civil or criminal investigations and monetary, injunctive and other penalties or damage claims.

Available Information

Our internet address is www.cnh.com. We make the following reports filed by us available, free of charge, on our website under the heading "Investor Relations; Financials; SEC Filings".

•annual reports on Form 10-K;

•quarterly reports on Form 10-Q;

•current reports on Form 8-K; and

•proxy statement, and annual meeting materials for the annual meetings of stockholders.

These reports are made available on our website as soon as practicable after they are filed with the Securities and Exchange Commission ("SEC"). The SEC also maintains a website (www.sec.gov) that contains our reports and other information filed with the SEC. We also provide governance and other company information on our website.

These materials are provided for informational purposes only. None of these materials, including the other materials available on our website, are incorporated by reference into this Annual Report on Form 10-K unless expressly provided herein.

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Information about CNH Executive Officers

The names, ages and positions of CNH executive officers as of February 26, 2026 are shown below. CNH executive officers serve at the discretion of the Board of Directors.