Core Points - CNH will announce its financial results for Q3 2025 on November 7, 2025, with a live webcast starting at 11:30 a.m. ET [1] - A replay of the financial results conference call will be available for 12 months on the corporate website [1] Company Overview - CNH Industrial (NYSE: CNH) is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [3] - The company offers a wide range of agricultural and construction products through its brands, including Case IH, New Holland, and others [3] - CNH has a workforce of over 35,000 employees, emphasizing a diverse and inclusive workplace [4]

Core Insights - The Fund underperformed the MSCI World ex USA Index for the quarter but has outperformed the benchmark since inception [5] - Consumer discretionary and materials sectors were the largest contributors to performance, while industrials and communication services were the largest detractors [5] - Geographically, the portfolio is heavily weighted towards Europe ex U.K. (68.4%), followed by the U.K. (11.5%) and Asia ex Japan (9.3%) [5] Performance Analysis - Kering was the top contributor during the quarter, driven by leadership changes and improving revenue trends [7] - CNH Industrial was the top detractor, facing weak results and soft demand, particularly in the U.S., but management expects a rebound in 2025 [8] Portfolio Activity - Six new positions were added to the Fund, while nine were exited during the quarter [9] - New purchases included Bunzl, which is expected to return to stable growth despite recent execution issues [10] - Dassault Systèmes, a leader in virtual twin technology, is viewed as a high-quality investment opportunity despite a nearly 40% decline in share price [11] Company Highlights - FEMSA, a diversified Latin American conglomerate, is well-positioned for growth through strategic divestments and share buybacks [12] - Hexagon has upgraded its management team and is expected to see improvements in return on capital employed and cash flow [13] - Siemens Healthineers is positioned for profitable growth in medical technology, with a favorable product cycle and turnaround in its diagnostics business [16] Investment Returns - The Fund's average annualized total returns show strong performance across various time frames, with the Institutional Class returning 26.51% year-to-date [18]

Core Insights - AI is transforming agriculture, with CNH at the forefront, providing innovative solutions to address challenges like limited farming land, climate change, and labor shortages [1][3] Group 1: AI Innovations in Agriculture - CNH's AI systems enhance productivity by making real-time decisions for equipment like combines, tractors, and sprayers, optimizing inputs and steering vehicles [2] - Technologies such as SenseApply™ sprayer automation utilize machine vision to apply treatments selectively, reducing herbicide usage and improving farmer productivity annually [2] Group 2: Company Overview and Strategy - CNH Industrial is a leading global equipment and technology company focused on innovation, sustainability, and productivity, supporting its brands with strategic direction and R&D capabilities [4][8] - The company offers a comprehensive range of agricultural applications through brands like Case IH and New Holland, as well as construction products through CASE and New Holland Construction Equipment [4][8] Group 3: Expert Insights - Insights from CNH experts and Dr. Dennis Buckmaster highlight how AI and connectivity are shaping the future of farming, making it smarter, faster, and more sustainable [3]

Group 1 - CNH's New Holland brand is advancing sustainable farming with the T7 Methane Power tractor, which is designed for farmers to adopt alternative fuel solutions [3][4] - The T7 Methane Power tractor features a gas tank capacity of 657 liters (173 gallons US), allowing it to operate for a full eight-hour silage shift [4] - Biogas is becoming increasingly popular in the agricultural sector, with CNH investing in Bennamann, a UK start-up that provides on-farm fueling stations and micro-digesters for converting cattle manure into fuel [5] Group 2 - CNH Industrial is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [6] - The company has a diverse portfolio of brands, including Case IH, New Holland, STEYR, Raven, and others, providing a wide range of agricultural and construction solutions [6][7] - CNH has a history of over two centuries as a pioneer in its sectors, with a workforce of over 35,000 employees dedicated to empowering customers [7]

Core Insights - New Holland, a global agriculture brand of CNH, won two silver medals at the 2025 Agritechnica Innovation Awards for its Corn Header Automation and ForageCam™ technologies, both recognized as industry-first innovations [1][2] Group 1: Innovations and Technologies - The Corn Header Automation system utilizes advanced AI and automation to optimize corn harvesting by automatically adjusting header settings, enhancing efficiency, reducing crop loss, minimizing fuel use, and saving time, ultimately leading to higher quality grain [2][3] - ForageCam™ employs a camera for smart crop monitoring during forage harvesting, providing real-time kernel processing scores to assess kernel quality, which is crucial for silage quality and livestock nutrition [3][4] Group 2: Company Overview - CNH Industrial is a leading equipment, technology, and services company focused on innovation, sustainability, and productivity, providing strategic direction and R&D capabilities for its global brands [5][6] - The company has a diverse workforce of over 35,000 employees and emphasizes empowering customers to enhance their operations and contribute to a better world [6]

Core Insights - CNH Industrial is a leading global equipment, technology, and services company focused on innovation, sustainability, and productivity [1][2] - The company operates under various brands, including Case IH, New Holland, CASE, and New Holland Construction Equipment, providing a comprehensive range of agricultural and construction products [1] - CNH has a workforce of over 35,000 employees, emphasizing a diverse and inclusive workplace aimed at empowering customers [2] Company Overview - CNH Industrial is dedicated to breaking new ground through strategic direction, R&D capabilities, and investments [1] - The company offers 360° agriculture applications, from machinery to digital technologies that enhance agricultural efficiency [1] - Regionally focused brands include STEYR for agricultural tractors, Raven for digital agriculture, Hemisphere for satellite-based positioning, Flexi-Coil for tillage systems, Miller for application equipment, and Eurocomach for mini and midi excavators [1] Historical Context - With a history spanning over two centuries, CNH has been a pioneer in its sectors, continuously innovating to drive customer efficiency and success [2]

Core Viewpoint - CNH Industrial N.V. has successfully priced an offering of €500,000,000 in principal amount of 3.875% notes due September 3, 2035, with an issue price of 98.906% of the principal amount [1][2]. Group 1: Offering Details - The closing of the offering is expected on September 3, 2025, and the notes will be issued under CNH's Euro Medium Term Note Programme [2]. - The net proceeds from the offering will be used for general corporate purposes, including repayment of existing debt [2]. - Application will be made for the notes to be admitted to trading on the Global Exchange Market of Euronext Dublin [2]. Group 2: Regulatory and Distribution Information - The notes will be offered and sold only outside the United States to institutional investors that are not "U.S. persons" and will not be registered under the U.S. Securities Act [4][5]. - The offering has not been registered with the Commissione Nazionale per le Societá e la Borsa (CONSOB) under Italian securities legislation, and may only be offered to qualified investors [6]. - This press release is directed only to persons outside the United Kingdom and those with professional experience in investment matters [7]. Group 3: Company Overview - CNH Industrial is a global equipment, technology, and services company focused on innovation, sustainability, and productivity [11]. - The company provides strategic direction and R&D capabilities to its brands, including Case IH, New Holland, CASE, and others, delivering a full lineup of agricultural and construction products [11]. - CNH has a history of over two centuries as a pioneer in its sectors, with a workforce of over 35,000 employees dedicated to customer success [12].

Group 1 - The article highlights the author's focus on agriculture machinery manufacturers, specifically Deere, CNH Industrial, and AGCO Corporation, indicating a bullish outlook on these companies [1] - The author emphasizes the importance of sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, as a more reliable driver of returns than valuation alone [1] - The author manages a portfolio publicly on eToro, where they are recognized as a Popular Investor, allowing others to follow their real-time investment decisions [1] Group 2 - The author's interdisciplinary background in Economics, Classical Philology, Philosophy, and Theology enhances their quantitative analysis and market narrative interpretation [1] - The motivation behind the author's investment strategy is to ensure financial freedom for their family, aiming for a balance between work and personal fulfillment [1]

Core Insights - CNH Industrial reported second-quarter 2025 adjusted earnings per share (EPS) of 17 cents, down from 38 cents in the prior-year quarter, but above the Zacks Consensus Estimate of 16 cents [1][10] - Consolidated revenues for the second quarter declined nearly 14% year-over-year to $4.71 billion, exceeding the Zacks Consensus Estimate of $4.53 billion [2] Segment Performance - Agriculture segment net sales fell 17% year-over-year to $3.25 billion due to lower shipment volume, but exceeded the estimate of $3 billion; adjusted EBIT decreased 48% to $263 million, surpassing the estimate of $235.9 million [3] - Construction segment sales declined 13% year-over-year to $773 million, missing the estimate of $803.5 million; adjusted EBIT fell 42% to $35 million, beating the estimate of $23.2 million [4] - Financial Services segment revenues decreased 0.3% to $685 million, surpassing the estimate of $657.7 million; net income from this segment dropped from $91 million to $87 million [5] Financial Overview - As of June 30, 2025, CNH Industrial had cash and cash equivalents of $2.51 billion, down from $3.19 billion at the end of 2024; total debt increased to $27.41 billion from $26.9 billion [6] - The company reported net cash provided by operating activities of $934 million, compared to a net cash used of $515 million in the prior year [6] - Free cash flow from industrial activities was $451 million, up from $140 million in the second quarter of 2024 [7] Guidance for 2025 - CNH Industrial expects Agriculture sales to decrease by 12-20% year-over-year, with adjusted EBIT margin projected between 7-9%; Construction sales are anticipated to decline by 4-15%, with adjusted EBIT margin expected between 2-4% [8] - The company forecasts free cash flow from industrial activities in the range of $100-$500 million and adjusted EPS between 50 cents and 70 cents for 2025 [8][10]

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements and Notes to Consolidated Financial Statements](index=4&type=section&id=Item%201%20Financial%20statements%20and%20notes%20to%20consolidated%20financial%20statements) This section presents the unaudited consolidated financial statements of CNH Industrial N.V. for the periods ended June 30, 2025, and December 31, 2024, along with accompanying notes, providing a detailed view of the company's financial position and performance [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) | (in millions of dollars) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Total Assets | $ 43,687 | $ 42,933 | | Total Liabilities | 35,853 | 35,165 | | Total Equity | 7,779 | 7,713 | - Total Assets increased by **$754 million** from December 31, 2024, to June 30, 2025, primarily driven by an increase in financing receivables and inventories[10](index=10&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) | (in millions of dollars) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total Revenues | $ 4,711 | $ 5,488 | $ 8,539 | $ 10,306 | | Net income (loss) | $ 217 | $ 404 | $ 349 | $ 773 | | Basic EPS | $ 0.17 | $ 0.32 | $ 0.28 | $ 0.61 | | Diluted EPS | $ 0.17 | $ 0.32 | $ 0.27 | $ 0.61 | | Cash dividends declared per common share | $ 0.250 | $ 0.470 | $ 0.250 | $ 0.470 | - Total Revenues decreased by **14.2%** for the three months ended June 30, 2025, and by **17.1%** for the six months ended June 30, 2025, compared to the same periods in 2024[12](index=12&type=chunk) - Net income attributable to CNH Industrial N.V. declined significantly from **$399 million** to **$213 million** for the three-month period and from **$767 million** to **$344 million** for the six-month period[12](index=12&type=chunk) [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) | (in millions of dollars) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $ 217 | $ 404 | $ 349 | $ 773 | | Other comprehensive income (loss), net of tax | (28) | (141) | 32 | (190) | | Comprehensive income (loss) attributable to CNH Industrial N.V. | $ 181 | $ 258 | $ 369 | $ 577 | - Other comprehensive income (loss) improved significantly for the six months ended June 30, 2025, showing a gain of **$32 million** compared to a loss of **$190 million** in the prior year, primarily due to foreign currency translation effects[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | (in millions of dollars) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :----------------------------- | :----------------------------- | | Net cash provided (used) by operating activities | $ 934 | $ (515) | | Net cash provided (used) by investing activities | $ (622) | $ (929) | | Net cash provided (used) by financing activities | $ (1,261) | $ (820) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $ (719) | $ (2,398) | - Operating activities generated **$934 million** in cash for the six months ended June 30, 2025, a significant improvement from a **$515 million** cash usage in the prior year, primarily driven by changes in working capital[18](index=18&type=chunk)[240](index=240&type=chunk)[245](index=245&type=chunk) - Net cash used in financing activities increased to **$1,261 million** in the first half of 2025, mainly due to a decrease in Financial Services debt and dividend payments[18](index=18&type=chunk)[243](index=243&type=chunk) [Consolidated Statements of Changes in Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) | (in millions of dollars) | Balance at December 31, 2024 | Balance at June 30, 2025 | | :----------------------- | :--------------------------- | :----------------------- | | Common Shares | $ 25 | $ 25 | | Treasury Stock | $ (1,386) | $ (1,343) | | Additional Paid-in Capital | $ 1,415 | $ 1,378 | | Retained Earnings | $ 10,309 | $ 10,340 | | Accumulated Other Comprehensive Income (Loss) | $ (2,712) | $ (2,687) | | Noncontrolling Interests | $ 62 | $ 66 | | Total Equity | $ 7,713 | $ 7,779 | - Total Equity increased from **$7,713 million** at December 31, 2024, to **$7,779 million** at June 30, 2025, primarily influenced by net income and changes in accumulated other comprehensive income, partially offset by dividends paid[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Note 1. Basis of Presentation](index=12&type=section&id=Note%201.%20Basis%20of%20Presentation) This note outlines CNH Industrial N.V.'s incorporation details, its core business in agricultural and construction equipment, and financial services, confirming the use of U.S. GAAP for financial statements presented in U.S. dollars, and highlighting an immaterial revision of prior period financial statements due to an error in highly inflationary accounting for its Turkish subsidiary, TürkTraktör - CNH Industrial N.V. is a leading company in the capital goods sector, designing, producing, and selling agricultural and construction equipment, and offering financial products and services[28](index=28&type=chunk) - The consolidated financial statements are prepared in accordance with **U.S. GAAP** and are expressed in **U.S. dollars**[29](index=29&type=chunk) - An immaterial error related to highly inflationary accounting for TürkTraktör resulted in an overstatement of Equity in income of Unconsolidated Subsidiaries and Affiliates by **$34 million** and **$67 million** for the three and six months ended June 30, 2024, respectively, which has been corrected for comparative purposes[30](index=30&type=chunk) [Note 2. New Accounting Pronouncements](index=13&type=section&id=Note%202.%20New%20Accounting%20Pronouncements) This note details new accounting pronouncements not yet adopted by CNH, including ASUs related to business combinations, expense disaggregation disclosures, and improvements to income tax disclosures, with the company evaluating their potential impact on its financial statements - **ASU 2025-03 (Business Combinations and Consolidations)** clarifies guidance for determining the accounting acquirer in business combinations involving **Variable Interest Entities (VIEs)**, effective for fiscal years beginning after **December 15, 2026**[32](index=32&type=chunk) - **ASU 2024-03 (Expense Disaggregation Disclosures)** aims to improve disclosures about a public business entity's expenses, effective for annual reporting periods beginning after **December 15, 2026**[33](index=33&type=chunk) - **ASU 2023-09 (Improvements to Income Tax Disclosures)** enhances transparency of income tax disclosures, effective for fiscal years beginning after **December 15, 2024**, with CNH expecting to adopt it for its **2025 Form 10-K**[34](index=34&type=chunk) [Note 3. Revenue](index=13&type=section&id=Note%203.%20Revenue) This note summarizes revenues disaggregated by operating segment and major source for the three and six months ended June 30, 2025 and 2024, including information on contract liabilities and remaining performance obligations | (in millions of dollars) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Agriculture | $ 3,248 | $ 3,913 | $ 5,829 | $ 7,286 | | Construction | $ 773 | $ 890 | $ 1,364 | $ 1,648 | | Total Industrial Activities | $ 4,021 | $ 4,803 | $ 7,193 | $ 8,934 | | Financial Services | $ 685 | $ 687 | $ 1,336 | $ 1,372 | | Total Revenues | $ 4,711 | $ 5,488 | $ 8,539 | $ 10,306 | | (in millions of dollars) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues from sales of goods | $ 4,007 | $ 4,789 | $ 7,170 | $ 8,909 | | Finance and interest income | $ 531 | $ 548 | $ 1,041 | $ 1,084 | - Contract liabilities, primarily related to extended warranties, increased to **$93 million** at June 30, 2025, from **$72 million** at December 31, 2024[37](index=37&type=chunk) - CNH expects to recognize revenue on approximately **30%** and **90%** of remaining performance obligations over the next **12** and **36 months**, respectively[37](index=37&type=chunk)[38](index=38&type=chunk) [Note 4. Variable Interest Entities](index=14&type=section&id=Note%204.%20Variable%20Interest%20Entities) This note details CNH's consolidation of various securitization trusts and facilities identified as Variable Interest Entities (VIEs), where the company is the primary beneficiary, with creditors having no recourse to the general credit of CNH - CNH consolidates **VIEs** where it has the power to direct activities and the obligation to absorb losses or right to receive benefits, accounting for them as secured borrowings[39](index=39&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) | (in millions of dollars) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Restricted cash | $ 538 | $ 585 | | Financing receivables | $ 10,436 | $ 10,831 | | Total Assets | $ 10,974 | $ 11,416 | | Debt | $ 10,114 | $ 10,577 | | Total Liabilities | $ 10,114 | $ 10,577 | [Note 5. Earnings Per Share](index=14&type=section&id=Note%205.%20Earnings%20Per%20Share) This note provides a reconciliation of basic and diluted earnings per share (EPS) for CNH Industrial N.V. for the three and six months ended June 30, 2025 and 2024, detailing net income attributable to common shareholders and weighted average shares outstanding | (in millions of dollars and shares, except per share amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) attributable to CNH Industrial N.V. | $ 213 | $ 399 | $ 344 | $ 767 | | Basic earnings (loss) per share | $ 0.17 | $ 0.32 | $ 0.28 | $ 0.61 | | Diluted earnings (loss) per share | $ 0.17 | $ 0.32 | $ 0.27 | $ 0.61 | | Weighted average common shares outstanding—basic | 1,250 | 1,256 | 1,249 | 1,258 | | Weighted average common shares outstanding—diluted | 1,253 | 1,260 | 1,253 | 1,267 | - Basic and diluted EPS **decreased significantly** for both the three and six months ended June 30, 2025, compared to 2024, reflecting lower net income[42](index=42&type=chunk) [Note 6. Employee Benefit Plans and Postretirement Benefits](index=15&type=section&id=Note%206.%20Employee%20Benefit%20Plans%20and%20Postretirement%20Benefits) This note summarizes the components of net periodic benefit cost for CNH's defined benefit pension plans and postretirement health and life insurance plans, also mentioning the amortization of a $101 million liability reduction from 2021 U.S. retiree medical plan changes | (in millions of dollars) | Pension (3 Months) 2025 | Pension (3 Months) 2024 | Healthcare (3 Months) 2025 | Healthcare (3 Months) 2024 | Other (3 Months) 2025 | Other (3 Months) 2024 | | :----------------------- | :---------------------- | :---------------------- | :------------------------- | :------------------------- | :-------------------- | :-------------------- | | Net periodic benefit cost | $ 9 | $ 8 | $ (3) | $ (4) | $ 1 | $ 1 | | (in millions of dollars) | Pension (6 Months) 2025 | Pension (6 Months) 2024 | Healthcare (6 Months) 2025 | Healthcare (6 Months) 2024 | Other (6 Months) 2025 | Other (6 Months) 2024 | | :----------------------- | :---------------------- | :---------------------- | :------------------------- | :------------------------- | :-------------------- | :-------------------- | | Net periodic benefit cost | $ 17 | $ 15 | $ (5) | $ (8) | $ 2 | $ 3 | - A pre-tax gain of **$6 million** (three months) and **$12 million** (six months) was recorded in 'Other, net' due to the amortization of a **$101 million** positive impact from the 2021 U.S. healthcare plan modification[44](index=44&type=chunk) [Note 7. Income Taxes](index=16&type=section&id=Note%207.%20Income%20Taxes) This note discusses CNH's effective tax rates for the three and six months ended June 30, 2025 and 2024, factors influencing changes, and the potential impact of OECD's Pillar Two global minimum tax and the recently signed U.S. OBBBA | (in millions of dollars, except percentages) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Effective tax rate | 27.6 % | 20.9 % | 28.1 % | 20.1 % | - The **increase** in the 2025 effective tax rate was due to the impact of the Company's geographic income mix, lower permanent tax benefits, and a smaller rate reduction from Argentina's highly-inflationary economy[45](index=45&type=chunk)[46](index=46&type=chunk) - CNH does not expect the tax impacts of the OECD's Pillar Two global minimum tax legislation to have a **material impact** on its financial results during 2025[47](index=47&type=chunk) - The **One Big Beautiful Bill Act (OBBBA)**, signed into U.S. law on **July 4, 2025**, **reinstates full expensing of R&D expenditures** and **extends bonus depreciation**; CNH is evaluating its financial implications[48](index=48&type=chunk) [Note 8. Segment Reporting](index=16&type=section&id=Note%208.%20Segment%20Reporting) This note details CNH's three reportable operating segments: Agriculture, Construction, and Financial Services, describing their products and services and how the Chief Operating Decision Maker (CODM) assesses performance and allocates resources - CNH has three reportable segments: **Agriculture** (farm machinery), **Construction** (construction equipment), and **Financial Services** (financing for equipment purchases)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - The CODM assesses performance using **Adjusted EBIT** for Agriculture and Construction segments, and **Income before income taxes** for Financial Services[55](index=55&type=chunk)[56](index=56&type=chunk) | (in millions of dollars) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Agriculture Net Sales | $ 3,248 | $ 3,913 | $ 5,829 | $ 7,286 | | Construction Net Sales | $ 773 | $ 890 | $ 1,364 | $ 1,648 | | Financial Services Revenues | $ 685 | $ 687 | $ 1,336 | $ 1,372 | | Agriculture Adjusted EBIT | $ 263 | $ 502 | $ 402 | $ 890 | | Construction Adjusted EBIT | $ 35 | $ 60 | $ 49 | $ 111 | | Financial Services Income before income taxes | $ 112 | $ 114 | $ 230 | $ 251 | | (in millions of dollars) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Agriculture Inventory | $ 4,092 | $ 3,730 | | Construction Inventory | $ 1,063 | $ 983 | | Financial Services Inventory | $ 61 | $ 63 | | Total Inventory | $ 5,216 | $ 4,776 | [Note 9. Receivables](index=24&type=section&id=Note%209.%20Receivables) This note provides a detailed breakdown of CNH's financing receivables, categorized into retail, wholesale, and other, along with the allowance for credit losses, explaining the nature of financing, securitization programs, credit quality monitoring, and highlighting the impact of Brazilian market conditions on retail reserves | (in millions of dollars) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Retail | $ 14,640 | $ 14,297 | | Wholesale | $ 8,699 | $ 8,749 | | Other | $ 48 | $ 39 | | Total Financing Receivables, net | $ 23,387 | $ 23,085 | - Allowance for credit losses **increased** to **$540 million** at June 30, 2025, from **$424 million** at December 31, 2024, with a **significant increase** in retail reserves for Brazil due to market conditions[68](index=68&type=chunk)[78](index=78&type=chunk) - The receivable balance greater than 30 days past due as a percentage of receivables for Financial Services was **3.9%** at June 30, 2025, **up** from **2.5%** at June 30, 2024, mainly due to higher delinquencies in Brazil[193](index=193&type=chunk) [Note 10. Inventories](index=29&type=section&id=Note%2010.%20Inventories) This note provides a breakdown of CNH's inventories as of June 30, 2025, and December 31, 2024, categorized into raw materials, work-in-process, and finished goods | (in millions of dollars) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Raw materials | $ 1,483 | $ 1,372 | | Work-in-process | $ 516 | $ 384 | | Finished goods | $ 3,217 | $ 3,020 | | Total inventories | $ 5,216 | $ 4,776 | - Total inventories **increased by $440 million** from December 31, 2024, to June 30, 2025, with increases across all categories[86](index=86&type=chunk) [Note 11. Leases](index=29&type=section&id=Note%2011.%20Leases) This note outlines CNH's lease activities, primarily operating leases for buildings, plant, machinery, vehicles, and IT equipment as a lessee, and equipment leases to retail customers as a lessor, providing details on lease expenses, right-of-use assets, and lease liabilities - Operating lease expenses for long-term leases were **$27 million** (Q2 2025) and **$52 million** (YTD Q2 2025)[89](index=89&type=chunk) | (in millions of dollars) | June 30, 2025 | June 30, 2024 | | :----------------------- | :------------ | :------------ | | Right-of-use assets | $ 279 | $ 291 | | Lease liabilities | $ 286 | $ 297 | - The weighted average remaining lease term for operating leases was **4.8 years** at June 30, 2025, with a weighted average discount rate of **4.5%**[90](index=90&type=chunk) [Note 12. Investments in Unconsolidated Subsidiaries and Affiliates](index=30&type=section&id=Note%2012.%20Investments%20in%20Unconsolidated%20Subsidiaries%20and%20Affiliates) This note summarizes CNH's investments in unconsolidated subsidiaries and affiliates, distinguishing between equity method investments and other investments at carrying value | (in millions of dollars) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Equity method | $ 414 | $ 403 | | Other investments, at carrying value | $ 91 | $ 87 | | Total | $ 505 | $ 490 | - Total investments in unconsolidated subsidiaries and affiliates **increased by $15 million** from December 31, 2024, to June 30, 2025[93](index=93&type=chunk) [Note 13. Goodwill and Other Intangibles](index=30&type=section&id=Note%2013.%20Goodwill%20and%20Other%20Intangibles) This note details changes in the carrying amount of goodwill by segment and provides a breakdown of other intangible assets, confirming no goodwill impairment was identified in the most recent annual review | (in millions of dollars) | Agriculture | Construction | Financial Services | Total | | :----------------------- | :---------- | :----------- | :----------------- | :---- | | Balance at December 31, 2024 | $ 3,402 | $ 44 | $ 138 | $ 3,584 | | Balance at June 30, 2025 | $ 3,428 | $ 50 | $ 140 | $ 3,618 | - Goodwill **increased by $34 million** from December 31, 2024, to June 30, 2025, primarily due to foreign currency translation and other adjustments[94](index=94&type=chunk) | (in millions of dollars) | June 30, 2025 Net | December 31, 2024 Net | | :----------------------- | :---------------- | :-------------------- | | Other intangible assets subject to amortization | $ 641 | $ 629 | | Other intangible assets not subject to amortization | $ 602 | $ 592 | | Total other intangible assets | $ 1,243 | $ 1,221 | - Amortization expense was **$42 million** for Q2 2025 and **$84 million** for YTD Q2 2025[95](index=95&type=chunk) [Note 14. Supply Chain Finance Programs](index=30&type=section&id=Note%2014.%20Supply%20Chain%20Finance%20Programs) This note describes CNH's supply chain finance (SCF) programs, which allow suppliers to sell receivables to financial institutions, with CNH's responsibility limited to original payment terms and no direct financial relationship with the institutions, also providing the amount of outstanding obligations - Under **SCF programs**, suppliers can sell receivables to financial institutions, with CNH's responsibility limited to original payment terms[96](index=96&type=chunk) - Outstanding obligations confirmed as valid to SCF program administrators were **$110 million** at June 30, 2025, **up from $79 million** at December 31, 2024[97](index=97&type=chunk) [Note 15. Other Liabilities](index=31&type=section&id=Note%2015.%20Other%20Liabilities) This note summarizes CNH's 'Other liabilities,' including warranty and campaign programs, marketing and sales incentive programs, tax payables, accrued expenses, employee benefits, lease liabilities, legal reserves, contract liabilities, and restructuring reserves, detailing activity in basic warranty and campaign program accruals | (in millions of dollars) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Warranty and campaign programs | $ 668 | $ 633 | | Marketing and sales incentive programs | $ 2,023 | $ 2,075 | | Tax payables | $ 274 | $ 243 | | Accrued expenses and deferred income | $ 871 | $ 917 | | Accrued employee benefits | $ 399 | $ 376 | | Lease liabilities | $ 286 | $ 282 | | Legal reserves and other provisions | $ 407 | $ 390 | | Contract liabilities | $ 93 | $ 72 | | Restructuring reserve | $ 26 | $ 30 | | Other | $ 379 | $ 345 | | Total | $ 5,426 | $ 5,363 | - Restructuring expenses were **$5 million** for Q2 2025 (**down from $51 million** in Q2 2024) and **$11 million** for YTD Q2 2025 (**down from $82 million** in YTD Q2 2024), primarily due to employee separation costs[100](index=100&type=chunk) [Note 16. Commitments and Contingencies](index=31&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) This note outlines CNH's exposure to various legal risks, including environmental claims, follow-up on damages claims, the FPT emissions investigation, and SEC subpoenas, providing details on environmental reserves, the conclusion of the SEC inquiry, and guarantees provided by CNH - Environmental reserves of approximately **$24 million** were established at June 30, 2025, to address estimated potential liabilities for environmental matters[108](index=108&type=chunk) - The SEC Staff concluded its inquiry into CNH's revenue recognition and sales practices on **July 25, 2025**, and **does not intend to recommend any enforcement action** to the Commission[111](index=111&type=chunk) - CNH provided guarantees on debt or commitments of third parties and performance guarantees totaling **$73 million** at June 30, 2025[112](index=112&type=chunk) [Note 17. Financial Instruments](index=33&type=section&id=Note%2017.%20Financial%20Instruments) This note describes CNH's policies for financial instruments, including the fair value hierarchy and valuation methodologies, detailing the use of derivative instruments to mitigate market risks, their classification, and financial statement impact - CNH uses **derivative instruments** (foreign exchange forward contracts/swaps and interest rate swaps/caps) to mitigate interest rate and foreign currency exposures, **not for speculative purposes**[119](index=119&type=chunk)[120](index=120&type=chunk)[123](index=123&type=chunk) - All CNH's foreign exchange and interest rate derivatives are generally classified as **Level 2** in the fair value hierarchy[119](index=119&type=chunk)[122](index=122&type=chunk)[126](index=126&type=chunk) | (in millions of dollars) | June 30, 2025 Fair Value | December 31, 2024 Fair Value | | :----------------------- | :----------------------- | :--------------------------- | | Derivative assets | $ 168 | $ 196 | | Derivative liabilities | $ 90 | $ 146 | - The total notional amount of CNH's foreign exchange derivatives was **$4.0 billion** at June 30, 2025, and interest rate derivatives was approximately **$9.1 billion**[122](index=122&type=chunk)[126](index=126&type=chunk) [Note 18. Accumulated Other Comprehensive Income (Loss)](index=39&type=section&id=Note%2018.%20Accumulated%20Other%20Comprehensive%20Income%20(Loss)) This note details the components of CNH's accumulated other comprehensive income (loss) (AOCI), including unrealized gains/losses on cash flow hedges, changes in retirement plans' funded status, foreign currency translation, and equity method investments, providing a breakdown of these components, net of tax, and their changes over the six months ended June 30, 2025 and 2024 | (in millions of dollars) | Six Months Ended June 30, 2025 Net Amount | Six Months Ended June 30, 2024 Net Amount | | :----------------------- | :---------------------------------------- | :---------------------------------------- | | Unrealized gain (loss) on cash flow hedges | $ 9 | $ 51 | | Changes in retirement plans' funded status | $ (5) | $ (1) | | Foreign currency translation | $ — | $ (220) | | Share of other comprehensive income (loss) of entities using the equity method | $ 28 | $ (20) | | Other comprehensive income (loss) | $ 32 | $ (190) | - AOCI **improved significantly**, with a **net gain of $32 million** for the six months ended June 30, 2025, compared to a **loss of $190 million** in the prior year, largely due to a **favorable shift in foreign currency translation**[137](index=137&type=chunk) | (in millions of dollars) | Balance at December 31, 2024 | Balance at June 30, 2025 | | :----------------------- | :--------------------------- | :----------------------- | | Total AOCI | $ (2,712) | $ (2,687) | [Note 19. Related Party Information](index=40&type=section&id=Note%2019.%20Related%20Party%20Information) This note details CNH's related party transactions, primarily with EXOR N.V. (its controlling shareholder), Iveco Group N.V. (post-Demerger), and unconsolidated subsidiaries and affiliates, outlining various agreements and summarizing their financial impact - EXOR N.V. held **45.3%** of CNH's voting power as of June 30, 2025, giving it **significant influence** over shareholder decisions[143](index=143&type=chunk) - CNH has ongoing transactions with **Iveco Group** post-Demerger, including engine supply and various services under **Master Service Agreements**[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) | (in millions of dollars) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenues (Iveco Group) | $ 27 | $ 33 | $ 54 | $ 71 | | Purchases (Iveco Group) | $ 172 | $ 219 | $ 319 | $ 430 | | Net sales (Unconsolidated Subsidiaries) | $ 98 | $ 130 | $ 174 | $ 288 | | Purchases (Unconsolidated Subsidiaries) | $ 102 | $ 117 | $ 192 | $ 259 | [Note 20. Immaterial Revision of Prior Period Financial Statements](index=43&type=section&id=Note%2020.%20Immaterial%20Revision%20of%20Prior%20Period%20Financial%20Statements) This note details the immaterial revision made to prior period financial statements to correct an accounting error related to highly inflationary accounting for CNH's unconsolidated subsidiary in Türkiye, TürkTraktör, primarily impacting Equity in income of Unconsolidated Subsidiaries and Affiliates, leading to adjustments in net income and EPS for comparative periods - An **immaterial error** in highly inflationary accounting for TürkTraktör led to an **overstatement** of Equity in income of Unconsolidated Subsidiaries and Affiliates[152](index=152&type=chunk) | (in millions of dollars and shares, except per share amounts) | Three Months Ended June 30, 2024 (Revision Impacts) | Six Months Ended June 30, 2024 (Revision Impacts) | | :---------------------------------------------------------- | :-------------------------------------------------- | :------------------------------------------------ | | Equity in income of unconsolidated subsidiaries and affiliates | $ (34) | $ (67) | | Net income (loss) attributable to CNH Industrial N.V. | $ (34) | $ (67) | | Basic earnings (loss) per share | $ (0.02) | $ (0.05) | | Diluted earnings (loss) per share | $ (0.02) | $ (0.05) | [Note 21. Subsequent Events](index=44&type=section&id=Note%2021.%20Subsequent%20Events) This note discloses a subsequent event: the signing of the One Big Beautiful Bill Act (OBBBA) into U.S. law on July 4, 2025, with CNH currently evaluating its financial implications, which include changes to R&D expensing, bonus depreciation, and U.S. international tax rules - The **One Big Beautiful Bill Act (OBBBA)** was signed into U.S. law on **July 4, 2025**[155](index=155&type=chunk) - Key provisions of the OBBBA include the **repeal of mandatory capitalization of R&D expenditures (reinstating full expensing)**, **extension of bonus depreciation**, and **revisions to U.S. international tax rules**[155](index=155&type=chunk) - CNH is **evaluating the financial implications** of the OBBBA and will begin reflecting its effects in the **third quarter of 2025**[155](index=155&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on CNH's financial condition and operating results, including a discussion of global business conditions, detailed analysis of consolidated and segment performance, and insights into liquidity, capital resources, and contingencies, also defining non-GAAP financial measures used for reporting [General Information and Non-GAAP Financial Measures](index=44&type=section&id=General%20Information%20and%20Non-GAAP%20Financial%20Measures) - CNH Industrial N.V. manages three reportable segments: **Agriculture**, **Construction**, and **Financial Services**, with worldwide Agriculture and Construction operations, plus corporate functions, collectively referred to as '**Industrial Activities**'[157](index=157&type=chunk) - Non-GAAP financial measures used include **Adjusted EBIT of Industrial Activities**, **Net Cash (Debt)**, and **Revenues on a Constant Currency Basis**, which management believes provide useful and relevant information for assessing financial performance[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) [Operating Results - Three Months Ended June 30, 2025 compared to Three Months Ended June 30, 2024](index=45&type=section&id=Operating%20Results%20-%20Three%20Months%20Ended%20June%2030,%202025%20compared%20to%20Three%20Months%20Ended%20June%2030,%202024) - Total Revenues **declined by 14.2%** (**13.7%** on a constant currency basis) to **$4,711 million**, primarily due to lower shipment volumes from decreased industry demand and continued dealer destocking[167](index=167&type=chunk)[168](index=168&type=chunk) - Net income attributable to CNH Industrial N.V. **decreased to $213 million from $399 million**, impacted by lower shipment volumes, higher credit risk provisions, and a higher effective tax rate[167](index=167&type=chunk)[170](index=170&type=chunk)[176](index=176&type=chunk)[178](index=178&type=chunk) | (in millions of dollars) | 2025 | 2024 | % Change | | :----------------------- | :--- | :--- | :------- | | Agriculture Net Sales | $ 3,248 | $ 3,913 | (17.0)% | | Construction Net Sales | $ 773 | $ 890 | (13.1)% | | Financial Services Revenues | $ 685 | $ 687 | (0.3)% | | Agriculture Adjusted EBIT | $ 263 | $ 502 | (47.6)% | | Construction Adjusted EBIT | $ 35 | $ 60 | (41.7)% | | Financial Services Net Income | $ 87 | $ 91 | (4.4)% | - Agriculture's Adjusted EBIT margin **decreased to 8.1% from 12.8%**, driven by lower shipment volumes, partially offset by favorable net price realization and lower production, warranty, and SG&A expenses[186](index=186&type=chunk) - Financial Services' net income **decreased by $4 million**, primarily due to increased risk costs in Brazil and a higher effective tax rate, partially offset by interest margin improvements and favorable volumes[191](index=191&type=chunk) [Operating Results - Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024](index=51&type=section&id=Operating%20Results%20-%20Six%20Months%20Ended%20June%2030,%202025%20compared%20to%20Six%20Months%20Ended%20June%2030,%202024) - Total Revenues **decreased by 17.1%** (**15.5%** on a constant currency basis) to **$8,539 million**, mainly due to lower shipment volumes on decreased industry demand and continued dealer destocking[197](index=197&type=chunk) - Net income attributable to CNH Industrial N.V. **decreased to $344 million from $767 million**, influenced by lower shipment volumes, higher credit risk provisions, and a higher effective tax rate[199](index=199&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk) | (in millions of dollars) | 2025 | 2024 | % Change | | :----------------------- | :--- | :--- | :------- | | Agriculture Net Sales | $ 5,829 | $ 7,286 | (20.0)% | | Construction Net Sales | $ 1,364 | $ 1,648 | (17.2)% | | Financial Services Revenues | $ 1,336 | $ 1,372 | (2.6)% | | Agriculture Adjusted EBIT | $ 402 | $ 890 | (54.8)% | | Construction Adjusted EBIT | $ 49 | $ 111 | (55.9)% | | Financial Services Net Income | $ 177 | $ 209 | (15.4)% | - Agriculture's Adjusted EBIT margin was **6.9%**, **down from 12.2%**, primarily due to lower shipment volumes, partially offset by lower production and SG&A expenses[216](index=216&type=chunk) - Financial Services' net income **decreased by $32 million**, mainly due to increased risk costs in Brazil and North America, a higher effective tax rate, and lower recoveries on used equipment sales[221](index=221&type=chunk) [Supplemental Information](index=56&type=section&id=Supplemental%20Information) - Supplemental data is provided to differentiate the operations of **Industrial Activities** (Agriculture and Construction segments) and **Financial Services**, as their financial analyses differ significantly[225](index=225&type=chunk)[226](index=226&type=chunk) | (in millions of dollars) | Industrial Activities (Q2 2025) | Financial Services (Q2 2025) | Consolidated (Q2 2025) | | :----------------------- | :------------------------------ | :--------------------------- | :--------------------- | | Total Revenues | $ 4,060 | $ 685 | $ 4,711 | | Net income (loss) | $ 130 | $ 87 | $ 217 | | (in millions of dollars) | Industrial Activities (YTD Q2 2025) | Financial Services (YTD Q2 2025) | Consolidated (YTD Q2 2025) | | :----------------------- | :-------------------------------- | :------------------------------- | :------------------------- | | Total Revenues | $ 7,262 | $ 1,336 | $ 8,539 | | Net income (loss) | $ 172 | $ 177 | $ 349 | | (in millions of dollars) | Industrial Activities (June 30, 2025) | Financial Services (June 30, 2025) | Consolidated (June 30, 2025) | | :----------------------- | :------------------------------------ | :--------------------------------- | :--------------------------- | | Total Assets | $ 17,538 | $ 26,914 | $ 43,687 | | Total Liabilities | $ 12,611 | $ 24,007 | $ 35,853 | | Total Debt | $ 5,230 | $ 22,744 | $ 27,408 | [Critical Accounting Estimates](index=60&type=section&id=Critical%20Accounting%20Estimates) - There have been **no material changes** to the critical accounting estimates discussed in the Company's 2024 Annual Report on Form 10-K[236](index=236&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) - Cash and cash equivalents and Restricted cash **decreased by $719 million to $3,147 million** at June 30, 2025, primarily due to a decrease in Financial Services debt, investments in fixed assets, and dividend payments[238](index=238&type=chunk) - Available liquidity totaled **$9,266 million** at June 30, 2025, including Cash and cash equivalents, Restricted cash, undrawn medium-term unsecured committed facilities, and net financial receivables from Iveco Group[239](index=239&type=chunk) - Net cash provided by operating activities was **$934 million** for the six months ended June 30, 2025, a **significant improvement from $515 million used** in the prior year[240](index=240&type=chunk)[245](index=245&type=chunk) | (in millions of dollars) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Total bonds | $ 10,892 | $ 9,796 | | Asset-backed debt | $ 11,463 | $ 11,965 | | Other debt | $ 5,053 | $ 5,121 | | Total Debt | $ 27,408 | $ 26,882 | - Net Debt (non-GAAP) **increased to $(24,069) million from $(22,947) million** at December 31, 2024[251](index=251&type=chunk) - The Company extended the maturity date of its **€3.25 billion** unsecured, committed revolving credit facility by one year to **April 19, 2030**, and was **in compliance with all covenants** at June 30, 2025[255](index=255&type=chunk)[256](index=256&type=chunk) [Contingencies](index=64&type=section&id=Contingencies) - The SEC Staff concluded its inquiry into CNH's revenue recognition and sales practices on **July 25, 2025**, and **does not intend to recommend any enforcement action** to the Commission[259](index=259&type=chunk) [Safe Harbor Statement](index=65&type=section&id=Safe%20Harbor%20Statement) - This section contains **forward-looking statements**, which are **not guarantees of future performance** and involve known and unknown risks, uncertainties, and other factors that could cause actual results to **differ materially**[260](index=260&type=chunk) - Key risk factors include **economic conditions**, **production and supply chain disruptions**, **government policies**, **commodity prices**, **interest rates**, **inflation**, **litigation**, **cybersecurity attacks**, and the ability to realize benefits from **strategic plans**[261](index=261&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the company's 2024 Annual Report for quantitative and qualitative disclosures about market risk, stating that there have been no material changes to this information - There has been **no material change** in the quantitative and qualitative disclosures about market risk since the 2024 Annual Report[265](index=265&type=chunk) [Item 4. Controls and Procedures](index=67&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that CNH's disclosure controls and procedures were not effective as of June 30, 2025, due to an unremediated material weakness in internal control over financial reporting related to the existence and completeness of raw material and work-in-process inventory, with remediation actions underway - Disclosure controls and procedures were **not effective** as of June 30, 2025, due to a **material weakness** in internal control over financial reporting[266](index=266&type=chunk) - The material weakness relates to deficiencies in the operating effectiveness of internal controls concerning the **existence and completeness of raw material and work-in-process inventory**[267](index=267&type=chunk) - Remediation actions include **engaging consulting professionals**, **planning full-physical inventory counts in Q4 2025**, **developing standard operating procedures**, and **providing training** to plant personnel[269](index=269&type=chunk)[270](index=270&type=chunk) [PART II – OTHER INFORMATION](index=69&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 16, 'Commitments and Contingencies,' for detailed information regarding legal proceedings - For information on legal proceedings, refer to **Note 16: Commitments and Contingencies**[274](index=274&type=chunk) [Item 1A. Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 - **No material changes** to the risk factors disclosed in the Annual Report on Form 10-K for 2024 and the Quarterly Report on Form 10-Q for Q1 2025[275](index=275&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=69&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's $500 million share buyback program authorized in February 2024, reporting that CNH did not purchase any common shares under this program during the three months ended June 30, 2025 - The Company's Board of Directors authorized a **$500 million** share buyback program in **February 2024**[276](index=276&type=chunk) - **No common shares were purchased** under the buyback program during the three months ended June 30, 2025[277](index=277&type=chunk) | Period | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid per Share ($) | Approximate USD Value of Shares that May Yet Be Purchased under the Plans or Programs ($) | | :------------------ | :----------------------------------------------------------------- | :------------------------------- | :------------------------------------------------------------------------ | | 4/1/2025 - 4/30/2025 | — | — | 344,690,505 | | 5/1/2025 - 5/31/2025 | — | — | 344,690,505 | | 6/1/2025 - 6/30/2025 | — | — | 344,690,505 | | Total | — | | 344,690,505 | [Item 3. Default Upon Senior Securities](index=69&type=section&id=Item%203.%20Default%20Upon%20Senior%20Securities) This item is marked as not applicable - Not applicable[278](index=278&type=chunk) [Item 4. Mine Safety Disclosures](index=69&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is marked as not applicable - Not applicable[279](index=279&type=chunk) [Item 5. Other Information](index=69&type=section&id=Item%205.%20Other%20Information) This item states that there is no other information to report - None[280](index=280&type=chunk) [Item 6. Exhibits](index=70&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents, executive agreements, certifications, and XBRL interactive data files, clarifying that the agreements are not intended to provide factual information beyond their terms - Exhibits include **Articles of Association**, **Executive Employment Agreement**, **CEO/CFO certifications (Sarbanes-Oxley Act Sections 302 and 906)**, and **Inline XBRL Taxonomy Extension files**[281](index=281&type=chunk) - The agreements and documents filed as exhibits are **not intended to provide factual information or other disclosures beyond their specific terms**[282](index=282&type=chunk)