AGCO announced new financial targets to investors at its 2024 Analyst Meeting as it remains focused on driving enhanced durability and profitability through the cycle.

By 2029, AGCO is targeting to:

• Improve adjusted mid-cycle adjusted operating margins to 14%-15%¹
• Outgrow the industry by 4%-5% annually
• Annually deliver free cash flow conversion of 75%-100%²
• Expand net sales of Fendt in North and South America to $1.7 billion as the company continues to roll out a full line of Fendt products
• Grow parts net sales to $2.3 billion while increasing market share of genuine AGCO parts
• Deliver precision ag net sales of $2.0 billion

"Our Farmer-First strategy has served us well since its launch in 2021, driving us to deliver even more innovative solutions for farmers through our differentiated portfolio of leading brands," said Eric Hansotia, AGCO's Chairman, President and Chief Executive Officer. "We are achieving higher highs and higher lows through the cycle, reinforcing our commitment to creating a more resilient business focused on high-margin opportunities and positioning us for sustainable and profitable growth."

Improving Farmer Outcomes with Technology

AGCO is outpacing the industry with its innovative suite of precision ag solutions to help farmers drive results and increase productivity. Seth Crawford, Senior Vice President and General Manager of AGCO's newest leading brand, PTx, highlighted the company's journey to become the global industry leader in mixed fleet smart farming and autonomy solutions.

"AGCO is the only company that can effectively retrofit almost any make or model of equipment with Precision Planting and PTx Trimble technology that will lead to higher yields with fewer inputs for farmers," said Crawford. "Our retrofit-first mindset is increasing our total addressable market and accelerating technology adoption, resulting in more profitable farmers."

The growth of the PTx portfolio is centered on:

• Innovating faster and better than competitors with 3-5 new products launched each year, accelerating sprayer portfolio rollout, executing Connected Cloud strategy and globalizing the product portfolio
• Growing distribution by increasing full-line technology dealers, engaging new original equipment manufacturers (OEM) and increasing portfolio offerings to OEMs, including AGCO's leading brands of Fendt, Massey Ferguson and Valtra

The company also provided an update on its PTx data platform, which is critical to helping farmers manage operations across the mixed fleet. The first platform offering is expected to be available in 2025, with the full platform rollout expected in 2027.

AGCO is taking its PTx portfolio to farmers in a unique way through specialized and differentiated precision ag retrofit dealers as well as factory fit options for OEMs and leading AGCO brands.

"Our machine and technology offerings are further enhanced by FarmerCore, a new distribution model in North and South America taking the business from brick-and-mortar stores to the farm, which is where and how farmers want to be served," said Hansotia.

2025 Outlook

AGCO's net sales for 2025 are expected to be approximately $9.6 billion as market share gains are more than offset by softening demand and ongoing dealer inventory destocking. Adjusted operating margin is projected to range between 7.0%-7.5%³, reflecting the impact of lower sales and lower production volumes. Based on these assumptions, 2025 adjusted earnings per share are targeted at approximately $4.00-$4.50.⁴

Access all materials from the 2025 Analyst Meeting on AGCO's website at www.AGCOcorp.com under the "Investors" Section.