AGCO Corp at Citi Global Industrial Tech and Mobility Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Kyle Menges - Citi's - Analyst : Yeah,I mean, certainly, a lot of possible jumping off points from what you just said. I think maybe just to touch on I think the route you're going instead of that brick and mortar expansion in North America, buying the service trucks. Just when did you kind of serve that initiative? And just can you give us some additional color on just early signs of success and further build out ahead? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 19, 2025 / 3:30PM, AGCO.N - AGCO Corp at Citi Global Industrial Tech and Mobility Conference

Question: Kyle Menges - Citi's - Analyst : Yeah,I mean I think it's a great concept. I've heard good things about it so far from just people I talked to in the industry and just really quick. So you said 85% of all the maintenance essentially can be done sort of my understanding that most firms have service pays already, right? Why don't we touch on a little bit the Trimble JV. Can we just talk a little bit about the rationale behind it, just how integration is going so far? just lay out some of the key top line and cost synergies you see with the deal and maybe rough time line over which you plan to capture some of those. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 19, 2025 / 3:30PM, AGCO.N - AGCO Corp at Citi Global Industrial Tech and Mobility Conference

Question: Kyle Menges - Citi's - Analyst : And could you just walk through maybe quickly some of the key top line synergies you see with the deal longer term and just what you think you can do this year and next year. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 19, 2025 / 3:30PM, AGCO.N - AGCO Corp at Citi Global Industrial Tech and Mobility Conference

Question: Kyle Menges - Citi's - Analyst : And could you touch on to, so understand that you want to bring together your tech stack. You have a few different tech platforms that you want to bring together kind of into one, I think, over the next 18 to 24 months. So maybe just discuss how that's going so far and just level of confidence in doing that can be easier said than done.

Question: Kyle Menges - Citi's - Analyst : And has that been done?

Question: Kyle Menges - Citi's - Analyst : Yes. That's probably a good segue just I would love to hear you touch on your positioning within Precision Ag and maybe discuss your strategy and distribution model is a little bit different, I'd say, from the competition. A little bit more geared towards that retrofit mix fleet approach. So maybe elaborate on that a little bit. It certainly does from my vantage point. I feel like the retrofit precision ag market has become more competitive, I think, just in the last year or 2. So just maybe talk a little bit about that and how you think you can continue to win in that market.

Question: Kyle Menges - Citi's - Analyst : Yes. And would be great, I think, for you to touch on some of the latest precision ag retrofit products that you're bringing to market. I mean I think Symphony stands out the outrun product as well. I mean I was at your Precision Planting Winter Conference, you heard generally good things about it. It sounds like at least the limited, I think, runs of those products that we have gone well, so the touch on that a little bit.

Question: Kyle Menges - Citi's - Analyst : Yes. Why don't we shift gears a little bit. talk a little bit about dealer inventory levels by region. Just any specific brands to touch on perhaps? And then just are you feeling more or less confident in producing in line with retail demand in the second half of this year? Just how are things trending so far in 2025.

Question: Kyle Menges - Citi's - Analyst : Are you I guess, in North America, are you starting to see any green shoots? Can you just look at the farmer sentiments starting to pick up crop prices, farm incomes going to be higher this year. I guess it's all in government payments, but just but I think what are you seeing?

Question: Kyle Menges - Citi's - Analyst : And maybe if we could touch on margins this year as well, like the full year guide. And I think first half, you might see some negative margins in certain regions, but then just maybe talk about how you see margins progressing as you get to the back half of the year.And maybe if we could touch on margins this year as well, like the full year guide. And I think first half, you might see some negative margins in certain regions, but then just maybe talk about how you see margins progressing as you get to the back half of the year.

Question: Kyle Menges - Citi's - Analyst : Yes. Got it. That's helpful. And sticking on the margin subjects, I mean it's going to do about 7% this year. Understand we're below that mid cycle level. At your Investor Day recently, you put out new targets for 14% to 15%. And mid cycle margins. So maybe just help us understand just how do we get to that 14%, 15% mid cycle margin? How does it compare to the prior mid cycle margins for AGCO. Yes, if you can expand on that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 19, 2025 / 3:30PM, AGCO.N - AGCO Corp at Citi Global Industrial Tech and Mobility Conference

Question: Kyle Menges - Citi's - Analyst : Got it. That's helpful. And I guess just what do you think it would take to get the PTX business back to that, well, I guess, PTX Trimble back to that like high 20s, low 30s margin. I understand it's high fixed cost.

Question: Kyle Menges - Citi's - Analyst : Makes sense. Probably have time for one or maybe two more questions. Trying to ask all my companies that's just about tariffs, certainly a hot topic right now. Just how are you guys thinking about impacts from potential tariffs, what's your strategy to mitigate any potential impacts? And maybe walk us through your steel, aluminum exposure and just how do you plan to respond to Trump's 25% tariffs on those?

Question: Kyle Menges - Citi's - Analyst : Makes sense. Well, AGCO team, thanks for joining us today. We're are up on time.