CNH Industrial N.V.

Previous wording

The Company has three reportable segments reflecting the three businesses directly managed by CNH Industrial N.V., consisting of: (i) Agriculture, which designs, produces and sells agricultural equipment (ii) Construction, which designs, produces and sells construction equipment, and (iii) Financial Services, which provides financial services to customers acquiring our products. The Company's worldwide Agriculture and Construction operations, as well as corporate functions, are collectively referred to as "Industrial Activities".

Current wording

The Company has three reportable segments reflecting the three businesses directly managed by CNH Industrial N.V., consisting of: (i) Agriculture, which designs, produces and sells agricultural equipment (ii) Construction, which designs, produces and sells construction equipment, and (iii) Financial Services, which offers a range of financial services to customers and dealers acquiring our products. The Company's worldwide Agriculture and Construction operations, as well as corporate functions, are collectively referred to as "Industrial Activities".

Previous wording

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

Current wording

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

Previous wording

Adjusted EBIT of Industrial Activities is defined as net income (loss) before: income taxes, Financial Services' results, Industrial Activities' interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. Such non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of ongoing operational activities.

Current wording

Adjusted EBIT of Industrial Activities is defined as net income (loss) before: income taxes, Financial Services' results, Industrial Activities' interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other postemployment benefit costs, restructuring expenses, and certain non-recurring items. Such non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of ongoing operational activities.

Previous wording

The global economy is experiencing volatile disruptions due to a combination of factors, including geopolitical events, shifts in trade and economic policies, including the imposition of tariffs and other retaliatory restrictions on trade, change in commodity prices, as well as change in climate conditions. These disruptions have affected the price and availability of certain products and services in the first half and are expected to persist through the rest of 2025. These factors also affect our customers' profitability, impacting their ability to achieve higher returns on their output, and reducing their purchasing power and demand for our products. The Company is closely monitoring global economic conditions and the impact that macroeconomic pressures, such as new and retaliatory tariffs, fluctuating currency exchange rates, interest rates and inflation, may have on its business, customers, and suppliers.

Current wording

The global economy is experiencing disruptions and uncertainties due to a combination of factors, including geopolitical events, shifts in trade and economic policies, including the imposition of tariffs and other retaliatory restrictions on trade, change in commodity prices, as well as change in climate conditions. These disruptions have affected the price and availability of certain products and services in the first nine months and are expected to persist through the rest of 2025. These factors also affect our customers' profitability, impacting their ability to achieve higher returns on their output, and reducing their purchasing power and demand for our products. The Company is closely monitoring global economic conditions and the impact that macroeconomic pressures, such as new and retaliatory tariffs, fluctuating currency exchange rates, interest rates and inflation, may have on its business, customers, and suppliers.

Previous wording

We recorded revenues of $4,711 million for the three months ended June 30, 2025, a decline of 14.2% (down 13.7% on a constant currency basis) compared to the three months ended June 30, 2024. Net sales were $4,021 million in the three months ended June 30, 2025, a decrease of 16.3% (down 16.2% on a constant currency basis) compared to the three months ended June 30, 2024. These declines were mainly due to lower shipment volumes on decreased industry demand and continued dealer destocking.

Current wording

We recorded revenues of $4,399 million for the three months ended September 30, 2025, a decline of 5.5% (down 6.7% on a constant currency basis) compared to the three months ended September 30, 2024. Net sales were $3,702 million in the three months ended September 30, 2025, a decrease of 7.4% (down 8.7% on a constant currency basis) compared to the three months ended September 30, 2024. These declines were mainly due to lower shipments on decreased industry demand and continued channel destocking.

Previous wording

Cost of goods sold was $3,192 million for the three months ended June 30, 2025 compared with $3,702 million for the three months ended June 30, 2024. As a percentage of net sales of Industrial Activities, cost of goods sold was 79.4% in the three months ended June 30, 2025 (77.1% for the three months ended June 30, 2024), which was primarily impacted by lower production volumes, partially offset by improved purchasing and manufacturing costs.

Current wording

Cost of goods sold was $2,995 million for the three months ended September 30, 2025 compared with $3,130 million for the three months ended September 30, 2024. As a percentage of net sales of Industrial Activities, cost of goods sold was 80.9% in the three months ended September 30, 2025 (78.3% for the three months ended September 30, 2024), which was impacted by lower production volumes and tariff costs, partially offset by improved purchasing and manufacturing costs.

Previous wording

Selling, general and administrative expenses were $478 million for the three months ended June 30, 2025 (10.1% of total revenues), up $17 million compared to the three months ended June 30, 2024 (8.4% of total revenues). Total expenses were higher primarily due to higher credit risk provisions in the Financial Services segment, partially offset by lower variable compensation costs.

Current wording

Selling, general and administrative expenses ("SG&A") were $549 million for the three months ended September 30, 2025 (12.5% of total revenues), up $123 million compared to the three months ended September 30, 2024 (9.2% of total revenues). Total expenses were higher primarily due to higher credit risk provisions in the Financial Services segment and higher labor costs.

Previous wording

Interest expense was $722 million for the six months ended June 30, 2025 compared to $812 million for the six months ended June 30, 2024. The interest expense attributable to Industrial Activities for the six months ended June 30, 2025, net of interest income and eliminations, was $51 million, compared to $78 million in the six months ended June 30, 2024.

Current wording

Interest expense was $378 million for the three months ended September 30, 2025, unchanged from the prior-year period. The interest expense attributable to Industrial Activities for the three months ended September 30, 2025, net of interest income and eliminations, was $26 million, compared to $36 million for the three months ended September 30, 2024.

Previous wording

Other, net expenses were $183 million for the three months ended June 30, 2025 and included a pre-tax gain of $6 million ($4 million after tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Current wording

Other, net expenses were $142 million for the three months ended September 30, 2025 and included a pre-tax gain of $6 million ($4 million after tax) resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Previous wording

Other, net expenses were $165 million for the three months ended June 30, 2024 and included a loss of non-core product lines of $15 million, partially offset by a pre-tax gain of $6 million ($5 million after tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Current wording

Other, net expenses were $127 million for the three months ended September 30, 2024 and included a gain of $14 million for a fair value adjustment related to an investment in unconsolidated subsidiary and a pre-tax gain of $6 million ($5 million after tax) resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Previous wording

Income tax expense for the three months ended June 30, 2025 was $76 million compared to $95 million for the three months ended June 30, 2024. The effective tax rate for the three months ended June 30, 2025 and 2024 was 27.6% and 20.9%, respectively. The increase in the 2025 effective tax rate was due to the impact of the Company's geographic income mix, lower permanent tax benefits, anda smaller rate reduction from the discrete impact on period earnings from Argentina's highly-inflationary economy.

Current wording

Income tax expense for the three months ended September 30, 2025 was $1 million compared to $75 million for the three months ended September 30, 2024. The effective tax rate for the three months ended September 30, 2025 and 2024 was 2.0% and 20.8%, respectively. The decrease in the 2025 effective tax rate was primarily due to geographic income mix and discrete items, including favorable provision-to-return adjustments and other one-time items.

Previous wording

Equity in income of unconsolidated subsidiaries and affiliates was $18 million and $45 million for the three months ended June 30, 2025 and 2024, respectively. The decline was primarily due to lower sales in our joint venture TürkTraktör ve Ziraat Makineleri A.S.

Current wording

Equity in income of unconsolidated subsidiaries and affiliates was $17 million and $25 million for the three months ended September 30, 2025 and 2024, respectively. The decline was primarily due to lower sales in our joint venture TürkTraktör ve Ziraat Makineleri A.S.

Previous wording

Net income was $217 million for the three months ended June 30, 2025, compared to net income of $404 million for the three months ended June 30, 2024. Net income for the three months ended June 30, 2025 included restructuring expenses of $5 million, offset by a pre-tax gain of $6 million ($4 million after tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Current wording

Net income was $67 million for the three months ended September 30, 2025, compared to net income of $310 million for the three months ended September 30, 2024. Net income for the three months ended September 30, 2025 included a $49 million impairment charge related to Bennamann IPR&D, a $10 million inventory write-down for the New Holland T6.180 Methane Power Tractor and $3 million in restructuring expenses, offset by a pre-tax gain of $6 million ($4 million after tax) resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Previous wording

Net income for the three months ended June 30, 2024 included restructuring expenses of $51 million and a loss of non-core product lines of $15 million, partially offset by a pre-tax gain of $6 million ($5 million after tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Current wording

Net income for the three months ended September 30, 2024 included a $14 million gain for a fair value adjustment related to an investment in unconsolidated subsidiary and a pre-tax gain of $6 million ($5 million after tax) resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification, partially offset by $12 million in restructuring expenses.

Previous wording

Net sales of Industrial Activities were $4,021 million during the three months ended June 30, 2025, a decrease of 16.3% compared to the three months ended June 30, 2024 (down 16.2% on a constant currency basis) primarily due to lower shipment volumes on decreased industry demand and continued dealer destocking.

Current wording

Net sales of Industrial Activities were $3,702 million during the three months ended September 30, 2025, a decrease of 7.4% compared to the three months ended September 30, 2024 (down 8.7% on a constant currency basis) primarily due to lower shipment volumes on decreased industry demand and channel destocking.

Previous wording

Adjusted EBIT of Industrial Activities was $224 million during the three months ended June 30, 2025, compared to adjusted EBIT of $502 million during the three months ended June 30, 2024. The decline was primarily due to lower shipment volumes, partially offset by favorable net price realization and lower production, warranty and SG&A expenses.

Current wording

Adjusted EBIT of Industrial Activities was $104 million during the three months ended September 30, 2025, compared to adjusted EBIT of $336 million during the three months ended September 30, 2024. The decline was primarily due to lower shipment volumes, tariff costs, and higher SG&A expenses. These impacts were partially offset by favorable net price realization and reduced production and warranty costs.

Previous wording

In North America, industry volume was down 7% year-over-year in the second quarter for tractors under 140 HP and was down 37% for tractors over 140 HP; combines were down 23%. In Europe, Middle East and Africa ("EMEA"), tractor demand was down 7%, while combine demand was up 8%. South America tractor demand was up 4%, while combine demand was down 6%. Asia Pacific tractor demand was up 3%, but combine demand was down 42%.

Current wording

In North America, third quarter industry volume was flat year-over-year for tractors under 140 HP and fell 41% for tractors over 140 HP; combines were down 23%. In EMEA, tractor demand was down 2%, while combine demand increased 19%. South America saw tractor demand down 4% and combines down 15%. In Asia Pacific, tractor demand rose 19%, while combine demand decreased 20%.

Previous wording

Global industry volume for construction equipment increased 3% year-over-year in the second quarter for Heavy construction equipment; Light construction equipment was down 2%. Aggregated demand decreased 4% in North America and South America, but increased 1% in EMEA and 3% in Asia Pacific.

Current wording

Global industry volume for construction equipment increased 6% year-over-year in the third quarter for Heavy equipment and 3% for Light equipment. Aggregated demand increased 4% in North America, 3% in EMEA, 1% in South America and 6% in Asia Pacific.

Previous wording

Adjusted EBIT was $35 million in the three months ended June 30, 2025, compared to $60 million in the three months ended June 30, 2024. The decline was primarily due to lower shipment volumes, partially offset by favorable net price realization. Adjusted EBIT margin was 4.5% (6.7% inthe three months ended June 30, 2024).

Current wording

Adjusted EBIT was $14 million in the three months ended September 30, 2025, compared to $40 million in the three months ended September 30, 2024. The decline was primarily due to tariff costs, unfavorable geographic income mix and higher SG&A expenses, partially offset by favorable net price realization. Adjusted EBIT margin was 1.9% (5.8% inthe three months ended September 30, 2024).

Previous wording

Revenues of Financial Services were $685 million in the three months ended June 30, 2025, down 0.3% compared to the three months ended June 30, 2024 (up 2.0% on a constant currency basis), as a result of the negative impact from currency translation and lower yields primarily in Brazil, partially offset by higher remarketing sales and favorable volumes in most regions.

Current wording

Revenues of Financial Services were $684 million in the three months ended September 30, 2025, up 3.8% compared to the three months ended September 30, 2024 (up 3.0% on a constant currency basis), as a result of higher yields primarily in Brazil and favorable currency translation, partially offset by lower volumes in EMEA and North America.

Previous wording

Net income of Financial Services was $87 million in the three months ended June 30, 2025, a decrease of $4 million compared to the three months ended June 30, 2024, primarily due to increased risk costs in Brazil, and a higher effective tax rate due to a prior year Argentina inflation adjustment. This was partially offset by interest margin improvements and favorable volumes in most regions.

Current wording

Net income of Financial Services was $47 million in the three months ended September 30, 2025, a decrease of $31 million compared to the three months ended September 30, 2024, primarily driven by increased risk costs, higher

Previous wording

In the six months ended June 30, 2025, retail loan originations, including unconsolidated joint ventures, were $5.1 billion, down $0.3 billion compared to 2024 (down $0.1 billion on a constant currency basis). The managed portfolio, including unconsolidated joint ventures, was $28.7 billion as of June 30, 2025 (of which retail was 69% and wholesale 31%), up $0.2 billion compared to June 30, 2024 (down $0.3 billion on a constant currency basis).

Current wording

In the three months ended September 30, 2025, retail loan originations, including unconsolidated joint ventures, were $2.7 billion, down $0.2 billion compared to 2024 (down $0.2 billion on a constant currency basis). The managed portfolio (including unconsolidated joint ventures) was $28.5 billion as of September 30, 2025 (of which retail was 71% and wholesale was 29%), down $0.5 billion compared to September 30, 2024 (down $0.6 billion on a constant currency basis).

Previous wording

At June 30, 2025, the receivable balance greater than 30 days past due as a percentage of receivables was 3.9%, (2.5% as of June 30, 2024), mainly from higher delinquencies in Brazil.

Current wording

At September 30, 2025, the receivable balance greater than 30 days past due as a percentage of receivables was 3.5%, (2.2% as of September 30, 2024), mainly due to higher delinquencies in Brazil.

Previous wording

(2)For each of the three months ended June 30, 2025 and 2024, this item included the pre-tax gain of $6 million as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Current wording

(1)For each of the three months ended September 30, 2025 and 2024, this item includes a pre-tax gain of $6 million resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Previous wording

We recorded revenues of $8,539 million for the six months ended June 30, 2025, a decline of 17.1% (down 15.5% on a constant currency basis) compared to the six months ended June 30, 2024. Net sales were $7,193 million in the six months ended June 30, 2025, a decline of 19.5% (down 18.2% on a constant currency basis) compared to the six months ended June 30, 2025. These declines were mainly due to lower shipment volumes on decreased industry demand and continued dealer destocking.

Current wording

We recorded revenues of $12,938 million for the nine months ended September 30, 2025, a decline of 13.5% (down 12.7% on a constant currency basis) compared to the nine months ended September 30, 2024. Net sales were $10,895 million in the nine months ended September 30, 2025, a decline of 15.7% (down 15.2% on a constant currency basis) compared to the nine months ended September 30, 2024. These declines were mainly due to lower shipments on decreased industry demand and continued channel destocking.

Previous wording

Cost of goods sold was $5,761 million for the six months ended June 30, 2025 compared with $6,897 million for the six months ended June 30, 2024. As a percentage of net sales of Industrial Activities, cost of goods sold was 80.1% in the six months ended June 30, 2025 (77.2% for the six months ended June 30, 2024), which was primarily impacted by lower production volumes, partially offset by improved purchasing and manufacturing costs.

Current wording

Cost of goods sold was $8,756 million for the nine months ended September 30, 2025 compared with $10,027 million for the nine months ended September 30, 2024. As a percentage of net sales of Industrial Activities, cost of goods sold was 80.4% in the nine months ended September 30, 2025 (77.5% for the nine months ended September 30, 2024), which was primarily impacted by lower production volumes, partially offset by improved purchasing and manufacturing costs.

Previous wording

Selling, general and administrative expenses were $864 million for the six months ended June 30, 2025 (10.1% of total revenues), down $8 million compared to the six months ended June 30, 2024 (8.5% of total revenues). Total expenses were lower primarily due to a decrease in labor costs, driven by the Company's restructuring program and lower variable compensation, partially offset by higher credit risk provisions in the Financial Services segment.

Current wording

Selling, general and administrative expenses were $1,413 million for the nine months ended September 30, 2025 (10.9% of total revenues), an increase of $115 million compared to the nine months ended September 30, 2024 (8.7% of total revenues). Total expenses were higher primarily due to higher credit risk provisions in the Financial Services segment and higher labor costs.

Previous wording

Interest expense was $360 million for the three months ended June 30, 2025 compared to $418 million for the three months ended June 30, 2024. The interest expense attributable to Industrial Activities for the three months ended June 30, 2025, net of interest income and eliminations, was $26 million, compared to $46 million in the three months ended June 30, 2024.

Current wording

Interest expense was $1,100 million for the nine months ended September 30, 2025 compared to $1,190 million for the nine months ended September 30, 2024. The interest expense attributable to Industrial Activities for the nine months ended September 30, 2025, net of interest income and eliminations, was $77 million, compared to $114 million for the nine months ended September 30, 2024.

Previous wording

Income tax expense for the six months ended June 30, 2025 was $123 million compared to $172 million for the six months ended June 30, 2024. The effective tax rate for the six months ended June 30, 2025 and 2024 was 28.1% and 20.1%, respectively. The reduction in the effective tax rate for the six months ended June 30, 2025 was due to the impact of the Company's geographic income mix and a smaller rate reduction from discrete impact on period earnings from Argentina's highly-inflationary economy. The 2024 effective tax rate was reduced by discrete items that reduced the rate, and the impact of highly-inflationary accounting and tax-related inflation adjustments in Argentina.

Current wording

Income tax expense for the nine months ended September 30, 2025 was $124 million compared to $247 million for the nine months ended September 30, 2024. The effective tax rate for the nine months ended September 30, 2025 and 2024 was 25.4% and 20.3%, respectively. The increase in the 2025 effective tax rate was due to geographic income mix and a smaller rate reduction from the discrete impact on period earnings from Argentina's highly inflationary economy. The 2024 effective tax rate declined due to discrete tax benefits, including the impact of highly inflationary accounting and tax-related inflation adjustments in Argentina.

Previous wording

Equity in income of unconsolidated subsidiaries and affiliates was $35 million and $89 million for the six months ended June 30, 2025 and 2024, respectively. The decline was primarily due to lower sales in our joint venture TürkTraktör ve Ziraat Makineleri A.S.

Current wording

Equity in income of unconsolidated subsidiaries and affiliates was $52 million and $114 million for the nine months ended September 30, 2025 and 2024, respectively. The decline was primarily due to lower sales in our joint venture TürkTraktör ve Ziraat Makineleri A.S.

Previous wording

Net income was $349 million for the six months ended June 30, 2025, compared to net income of $773 million for the six months ended June 30, 2024. Net income for the six months ended June 30, 2025 included restructuring expenses of $11 million, partially offset by a pre-tax gain of $12 million ($9 million after tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Current wording

Net income was $416 million for the nine months ended September 30, 2025, compared to net income of $1,083 million for the nine months ended September 30, 2024. Net income for the nine months ended September 30, 2025 included a $49 million impairment charge related to Bennamann IPR&D, a $10 million inventory write-down for the New Holland T6.180 Methane Power Tractor, and $14 million in restructuring expenses, partially offset by a pre-tax gain of $18 million ($13 million after tax) resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Previous wording

Net income for the six months ended June 30, 2024 included restructuring expenses of $82 million, a loss of $15 million on the sale of certain non-core product lines, partially offset by a pre-tax gain of $12 million ($9 million after tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Current wording

Net income for the nine months ended September 30, 2024 included $94 million in restructuring expenses and a $15 million loss on the sale of certain non-core product lines, partially offset by a pre-tax gain of $18 million ($14 million after tax) resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification and a $14 million gain for a fair value adjustment related to an investment in unconsolidated subsidiary.

Previous wording

Net sales of Industrial Activities were $7,193 million during the six months ended June 30, 2025, a decline of 19.5% compared to the six months ended June 30, 2024 (down 18% on a constant currency basis). This decline was mainly due to lower shipment volumes on decreased industry demand and continued dealer destocking.

Current wording

Net sales of Industrial Activities were $10,895 million during the nine months ended September 30, 2025, a decline of 15.7% compared to the nine months ended September 30, 2024 (down 15.2% on a constant currency basis). This decline was mainly due to lower shipment volumes on decreased industry demand and continued channel destocking.

Previous wording

Adjusted EBIT of Industrial Activities was $325 million during the six months ended June 30, 2025, compared to an adjusted EBIT of $874 million during the six months ended June 30, 2024. The decline was primarily due to lower shipment volumes, partially offset by lower production and SG&A expenses.

Current wording

Adjusted EBIT of Industrial Activities was $429 million during the nine months ended September 30, 2025, compared to an adjusted EBIT of $1,210 million during the nine months ended September 30, 2024. The decline was primarily due to lower shipment volumes, partially offset by lower production costs.

Previous wording

The following table shows Agriculture net sales by geographic region for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (in millions of dollars, except percentages):

Current wording

The following table shows Agriculture net sales by geographic region for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 (in millions of dollars, except percentages):

Previous wording

Agriculture's net sales totaled $3,248 million in the three months ended June 30, 2025, a decrease of 17.0% compared to the three months ended June 30, 2024 (down 17.1% on a constant currency basis) This decline was primarily due to lower shipment volumes on decreased industry demand and dealer destocking.

Current wording

Agriculture's net sales totaled $8,792 million in the nine months ended September 30, 2025, a decline of 17.0% compared to the nine months ended September 30, 2024 (down 16.6% on a constant currency basis) primarily due to lower shipment volumes on decreased industry demand and continued channel destocking.

Previous wording

For the six months ended June 30, 2025 in North America, industry volume was down 8% year-over-year for tractors under 140 HP and down 30% for tractors over 140 HP; combines were down 25%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 16% and 21%, respectively. South America tractor demand was up 6% and combine demand was down 2%. Asia Pacific tractor demand was up 5% while combine demand was down 27% in the region as a whole.

Current wording

For the nine months ended September 30, 2025 in North America, industry volume was down 5% year-over-year for tractors under 140 HP and down 34% for tractors over 140 HP; combines were down 28%. In EMEA, tractor and combine demand was down 12% and 8%, respectively. South America tractor demand was up 2% and combine demand was down 5%. Asia Pacific tractor demand was up 10% while combine demand was down 33% in the region as a whole.

Previous wording

Adjusted EBIT was $402 million in the six months ended June 30, 2025, compared to $890 million in the six months ended June 30, 2024. The decrease was driven by lower shipment volumes, partially offset by lower production and SG&A expenses. R&D investments accounted for 6.1% of sales (5.7% in the six months ended June 30, 2024). Adjusted EBIT margin was 6.9%.

Current wording

Adjusted EBIT was $539 million in the nine months ended September 30, 2025, compared to $1,226 million in the nine months ended September 30, 2024. The decrease was driven by lower shipment volumes, partially offset by lower production costs. R&D expenses accounted for 6.9% of sales (5.8% in the nine months ended September 30, 2024), including a $49 million impairment charge related to Bennamann IPR&D in the third quarter of 2025. Adjusted EBIT margin was 6.1%.

Previous wording

The following table shows Construction net sales by geographic region for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (in millions of dollars, except percentages):

Current wording

The following table shows Construction net sales by geographic region for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 (in millions of dollars, except percentages):

Previous wording

In the six months ended June 30, 2025 global industry volume for construction equipment increased 5% year-over-year for Heavy construction equipment; Light construction equipment was down 3%. Aggregated demand decreased 2% in EMEA and 6% in North America, but increased 7% for Asia Pacific. South America was flat year-over-year.

Current wording

In the nine months ended September 30, 2025, global industry volume for construction equipment rose 7% year-over-year for Heavy construction equipment; while Light construction equipment remained stable. Aggregated demand was steady in EMEA, down 1% in North America, up 7% in Asia Pacific and up 2% in South America.