6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2019

Commission File No. 001-36085

CNH INDUSTRIAL N.V.

(Translation of Registrant’s Name Into English)

25 St. James’s Street,

London, SW1A 1HA

United Kingdom

Tel. No.: +44 1268 533000

(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F   ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

CNH INDUSTRIAL N.V.

Form 6-K for the month of August 2019

The following exhibits are furnished herewith:

Exhibit 99.1	Press release, dated August 1, 2019 titled: “For the second quarter of 2019 CNH Industrial reported a robust net income of $427 million, or $0.31 per share, on consolidated revenues of $7.6 billion. Net debt of Industrial Activities(2)(3) at $1.5 billion”
Exhibit 99.2	CNH Industrial N.V. Second Quarter and Half-Year 2019 Results Review Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CNH Industrial N.V.
By:	/s/ Michael P. Going
Name:	Michael P. Going
Title:	Corporate Secretary

August 1, 2019

Index of Exhibits

Exhibit Number	Description of Exhibit
Exhibit 99.1	Press release, dated August 1, 2019, titled: “For the second quarter of 2019 CNH Industrial reported a robust net income of $427 million, or $0.31 per share, on consolidated revenues of $7.6 billion. Net debt of Industrial Activities(2)(3) at $1.5 billion”
Exhibit 99.2	CNH Industrial N.V. Second Quarter and Half-Year 2019 Results Review Presentation

EX-99.1

Exhibit 99.1

2019 SECOND QUARTER RESULTS

For the second quarter of 2019 CNH Industrial reported a robust net income of $427 million,

or $0.31 per share, on consolidated revenues of $7.6 billion.

Net debt of Industrial Activities⁽²⁾⁽³⁾ at $1.5 billion

Financial results presented under U.S. GAAP⁽¹⁾

• Industrial Activities net sales were $7.1 billion, down 7% compared to the second quarter of 2018 (down 2% on a constant currency basis), with positive price realization more than offset by lower sales volume and negative currency translation impact

• Adjusted EBIT⁽²⁾⁽³⁾ of Industrial Activities was $527 million, with a 7.5% margin, flat compared to the second quarter of 2018. Adjusted EBITDA⁽²⁾⁽³⁾ of Industrial Activities was $768 million, with a 10.9% margin

• Adjusted net income⁽²⁾⁽³⁾ was $430 million in the second quarter of 2019, with adjusted diluted EPS⁽²⁾⁽³⁾ of $0.31, up 11% compared to the second quarter of 2018

• Net debt of Industrial Activities at June 30, 2019 was $1.5 billion, in line with March 31, 2019

• On July 2, Fitch Ratings improved the outlook of CNH Industrial N.V. to positive from stable and affirmed CNH Industrial N.V.’s and CNH Industrial Capital LLC’s long-term issuer default rating at “BBB-”

• On July 3, CNH Industrial Finance Europe S.A. issued €500 million in principal amount of 1.625% notes due 2029 and guaranteed by CNH Industrial N.V.

• Full year guidance at: net sales of Industrial Activities expected between $27 and $27.5 billion, adjusted diluted EPS between $0.84 and $0.88, and net debt of Industrial Activities between $0.4 billion and $0.2 billion

CNH INDUSTRIAL

Summary of Results ($ million  except EPS)

Six Months ended June 30,					Three Months ended June 30,
2019	2018	$ change	% change		2019	2018	$ change	% change
14,024	14,818	-794	-5.4	Consolidated revenues	7,567	8,045	-478	-5.9
691	610	81	13.3	Net income	427	408	19	4.7
678	601	77	12.8	Adjusted net income	430	397	33	8.3
0.50	0.43	0.07	16.3	Basic EPS ($)	0.31	0.29	0.02	6.9
0.50	0.43	0.07	16.3	Diluted EPS ($)	0.31	0.29	0.02	6.9
0.49	0.43	0.06	14.0	Adjusted diluted EPS ($)	0.31	0.28	0.03	10.7

London (UK) - (August 1, 2019) CNH Industrial N.V. (NYSE:CNHI / MI:CNHI) today announced consolidated revenues of $7,567 million for the second quarter of 2019, down 6% compared to the second quarter of 2018 (down 2% on a constant currency basis). Net sales of Industrial Activities were $7,068 million in the second quarter of 2019, down 7% compared to the second quarter of 2018 (down 2% on a constant currency basis). Net income was $427 million for the second quarter of 2019 ($408 million in the second quarter of 2018).

(1) CNH Industrial reports quarterly and annual consolidated financial results under U.S. GAAP and EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP. Financial results under EU-IFRS are shown in specific tables at the end of this press release.

(2) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures.

(3) Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.

CNH Industrial N.V.

Corporate Office:

25 St. James’s Street

London, SW1A 1HA

United Kingdom

1

2019 SECOND QUARTER RESULTS

Adjusted net income was $430 million for the second quarter of 2019 compared to $397 million in the second quarter of 2018, as a result of a lower consolidated adjusted EBIT more than offset by the non-repeat of foreign exchange losses incurred in 2018 primarily due to the volatility in emerging markets. Adjusted diluted EPS was $0.31 in the second quarter of 2019, compared to $0.28 in the second quarter of 2018.

Adjusted EBIT of Industrial Activities was $527 million in the second quarter of 2019 ($571 million in the second quarter of 2018), with an adjusted EBIT margin of 7.5%, flat compared to the second quarter of 2018.

Adjusted EBITDA of Industrial Activities was $768 million in the second quarter of 2019 ($843 million in the second quarter of 2018), with an adjusted EBITDA margin of 10.9% (11.1% in the second quarter of 2018).

Income taxes were $135 million in the second quarter of 2019 ($118 million in the second quarter of 2018). Adjusted income taxes⁽¹⁾⁽²⁾ for the second quarter of 2019 were $130 million ($114 million in the second quarter of 2018). The adjusted effective tax rate (adjusted ETR)⁽¹⁾⁽²⁾ was 24% (23% in the second quarter of 2018). Full year 2019 adjusted ETR is expected to be approximately 27%.

Net debt of Industrial Activities was $1.5 billion at June 30, 2019, in line with March 31, 2019. In the second quarter the Company generated a free cash flow of Industrial Activities⁽¹⁾⁽²⁾ of $382 million, and paid $275 million in dividends to shareholders. Total debt was $24.4 billion at June 30, 2019, up $0.6 billion compared to March 31, 2019. At June 30, 2019, available liquidity⁽¹⁾⁽²⁾ was $9.9 billion, down $0.2 billion compared to March 31, 2019.

On July 2, Fitch Ratings (“Fitch”) improved the outlook of CNH Industrial N.V. to positive from stable. Fitch also affirmed CNH Industrial N.V.’s and CNH Industrial Capital LLC’s long-term issuer default rating at “BBB-”.

On July 3, CNH Industrial Finance Europe S.A. issued €500 million in principal amount of 1.625% notes due 2029 and guaranteed by CNH Industrial N.V.

(1) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures.

(2) Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.

2

2019 SECOND QUARTER RESULTS

Segment Results

CNH INDUSTRIAL

Revenues by Segment ($ million)

Six Months ended June 30,							Three Months ended June 30,
2019		2018		% change	% change excl. FX(1)		2019		2018		% change	% change excl. FX(1)
5,585		5,891		-5.2	-1.2	Agriculture	3,095		3,312		-6.6	-3.4
1,397		1,481		-5.7	-2.6	Construction	757		799		-5.3	-2.9
5,112		5,384		-5.1	2.2	Commercial and Specialty Vehicles	2,698		2,889		-6.6	-0.5
2,169		2,404		-9.8	-3.5	Powertrain	1,133		1,218		-7.0	-1.3
(1,189	)	(1,281	)	—	—	Eliminations and other	(615	)	(639	)	—	—
13,074		13,879		-5.8	-0.4	Total Industrial Activities	7,068		7,579		-6.7	-2.3
993		1,000		-0.7	2.8	Financial Services	519		498		4.2	6.9
(43	)	(61	)	—	—	Eliminations and other	(20	)	(32	)	—	—
14,024		14,818		-5.4	-0.1	Total	7,567		8,045		-5.9	-1.6

(1) “Change excl. FX” or “constant currency” is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures.

CNH INDUSTRIAL

Adjusted EBIT by Segment ($ million)

	Three Months ended June 30,
	2019			2018			$ change		% change		2019 adjusted EBIT margin			2018 adjusted EBIT margin			bps change
Agriculture		341			396			-55		-13.9		11.0	%		12.0	%		-100
Construction		25			33			-8		-24.2		3.3	%		4.1	%		-80
Commercial and Specialty Vehicles		100			92			8		8.7		3.7	%		3.2	%		50
Powertrain		102			108			-6		-5.6		9.0	%		8.9	%		10
Unallocated items, eliminations and other		(41	)		(58	)		17		—		—			—			—
Total Industrial Activities		527			571			-44		-7.7		7.5	%		7.5	%		—
Financial Services		124			141			-17		-12.1		23.9	%		28.3	%		-440
Eliminations and other		—			—			—		—		—			—			—
Total		651			712			-61		-8.6		8.6	%		8.9	%		-30

CNH INDUSTRIAL

Adjusted EBIT by Segment ($ million)

	Six Months ended June 30,
	2019			2018			$ change		% change		2019 adjusted EBIT margin			2018 adjusted EBIT margin			bps change
Agriculture		509			582			-73		-12.5		9.1	%		9.9	%		-80
Construction		38			33			5		15.2		2.7	%		2.2	%		50
Commercial and Specialty Vehicles		151			141			10		7.1		3.0	%		2.6	%		40
Powertrain		198			203			-5		-2.5		9.1	%		8.4	%		70
Unallocated items, eliminations and other		(91	)		(127	)		36		—		—			—			—
Total Industrial Activities		805			832			-27		-3.2		6.2	%		6.0	%		20
Financial Services		255			284			-29		-10.2		25.7	%		28.4	%		-270
Eliminations and other		—			—			—		—		—			—			—
Total		1,060			1,116			-56		-5.0		7.6	%		7.5	%		10

3

2019 SECOND QUARTER RESULTS

CNH INDUSTRIAL

Adjusted EBITDA by Segment ($ million)

	Three Months ended June 30,
	2019			2018			$ change		% change		2019 adjusted EBITDA margin			2018 adjusted EBITDA margin			bps change
Agriculture		410			472			-62		-13.1		13.2	%		14.3	%		-110
Construction		40			48			-8		-16.7		5.3	%		6.0	%		-70
Commercial and Specialty Vehicles		226			239			-13		-5.4		8.4	%		8.3	%		10
Powertrain		133			141			-8		-5.7		11.7	%		11.6	%		10
Unallocated items, eliminations and other		(41	)		(57	)		16		—		—			—			—
Total Industrial Activities		768			843			-75		-8.9		10.9	%		11.1	%		-20
Financial Services		184			203			-19		-9.4		35.5	%		40.8	%		-530
Eliminations and other		—			—			—		—		—			—			—
Total		952			1,046			-94		-9.0		12.6	%		13.0	%		-40

CNH INDUSTRIAL

Adjusted EBITDA by Segment ($ million)

	Six Months ended June 30,
	2019			2018			$ change		% change		2019 adjusted EBITDA margin			2018 adjusted EBITDA margin			bps change
Agriculture		653			737			-84		-11.4		11.7	%		12.5	%		-80
Construction		67			64			3		4.7		4.8	%		4.3	%		50
Commercial and Specialty Vehicles		403			445			-42		-9.4		7.9	%		8.3	%		-40
Powertrain		261			270			-9		-3.3		12.0	%		11.2	%		80
Unallocated items, eliminations and other		(91	)		(126	)		35		—		—			—			—
Total Industrial Activities		1,293			1,390			-97		-7.0		9.9	%		10.0	%		-10
Financial Services		381			413			-32		-7.7		38.4	%		41.3	%		-290
Eliminations and other		—			—			—		—		—			—			—
Total		1,674			1,803			-129		-7.2		11.9	%		12.2	%		-30

Agriculture’s net sales decreased 7% in the second quarter of 2019 compared to the second quarter of 2018 (down 3% on a constant currency basis) due to lower sales volume in Europe and Rest of World, partially offset by positive price realization performance across all geographies.

Adjusted EBIT was $341 million in the second quarter of 2019 ($396 million in the second quarter of 2018), with adjusted EBIT margin at 11.0%. Positive net price realization was more than offset by unfavorable volume and mix, higher product costs primarily related to increased raw material costs and tariffs, and increased product development spending driven by investments in precision farming and the introduction of Stage V engine applications.

Construction’s net sales decreased 5% in the second quarter of 2019 compared to the second quarter of 2018 (down 3% on a constant currency basis). Positive price realization was more than offset by unfavorable volume and mix in North America due to selective inventory destocking actions in our dealer network, and weaker end-user demand in certain key markets in Rest of World.

Adjusted EBIT was $25 million in the second quarter of 2019 ($33 million in the second quarter of 2018), with adjusted EBIT margin of 3.3%. Positive net price realization, mainly in North America, was more than offset by higher product costs primarily related to increased raw material costs and tariffs.

4

2019 SECOND QUARTER RESULTS

Commercial and Specialty Vehicles’ net sales decreased 7% in the second quarter of 2019 compared to the second quarter of 2018 (flat on a constant currency basis). Higher industry volume, mainly in Europe, was more than offset by unfavorable mix and negative impact of foreign currency translation.

Adjusted EBIT was $100 million in the second quarter of 2019, up $8 million compared to the second quarter of 2018, driven by positive net price realization and lower selling, general and administrative expenses, partially offset by higher product content cost and unfavorable foreign exchange impacts. Adjusted EBIT margin increased 50 basis points (“bps”) to 3.7% compared to the second quarter of 2018.

Powertrain’s net sales decreased 7% in the second quarter of 2019 compared to the second quarter of 2018 (down 1% on a constant currency basis), due to slightly lower sales volume. Sales to external customers accounted for 48% of total net sales (49% in the second quarter of 2018).

Adjusted EBIT was $102 million in the second quarter of 2019 ($108 million in the second quarter of 2018), with manufacturing efficiencies more than offset by higher product development investments and negative foreign exchange impacts. Adjusted EBIT margin was 9.0% in the second quarter of 2019 (8.9% in the second quarter of 2018).

Financial Services’ revenues totaled $519 million in the second quarter of 2019, a 4% increase compared to the second quarter of 2018 (up 7% on a constant currency basis), primarily due to increased used equipment sales in North America and higher average portfolio in South America and Rest of World, partially offset by pricing.

In the second quarter of 2019, retail loan originations (including unconsolidated joint ventures) were $2.5 billion, relatively flat compared to the second quarter of 2018. The managed portfolio (including unconsolidated joint ventures) was $26.9 billion as of June 30, 2019 (of which retail was 60% and wholesale 40%), up $1.0 billion compared to June 30, 2018. Excluding the impact of currency translation, the managed portfolio increased $1.3 billion compared to the same period in 2018.

Net income was $91 million in the second quarter of 2019, a decrease of $11 million compared to the second quarter of 2018 primarily attributable to pricing and the one-time credit loss provision releases incurred in 2018, partially offset by higher average portfolio in South America and Rest of World and lower income taxes.

5

2019 SECOND QUARTER RESULTS

2019 Outlook⁽¹⁾

While uncertainties in the agricultural end-markets related to the trade tensions remain unresolved, and negative impacts from recent weather events (in North America, Australia and Northern Europe) are persisting, which has impacted planting and harvesting patterns and market sentiment, cyclical replacement demand remains stable, with used equipment inventories at low levels supporting new equipment sales in North America.

End-user demand in the construction industry remains healthy, supported by spending for public and infrastructure investments. Despite this strength, conditions in the construction industry are still challenged in the residential sub-segment.

European demand in the truck and bus industries continues to hold at a high level, supported by a low interest rate environment, and by the transition to lower emission vehicles including full electric and hybrid buses, and LNG and CNG powered trucks.

As a result of the updated end-markets outlook, the Company is revising its full year net sales guidance reflecting the impact on net sales of the euro/dollar exchange rate performance of the first six months of the year, while confirming all the other 2019 targets as follows:

• Net sales of Industrial Activities between $27 and $27.5 billion, with sales up year-over-year 1% to 2% at constant currency;

• Adjusted diluted EPS⁽²⁾ up year-over-year between 5% and 10% at a range of $0.84 to $0.88 per share;

• Net debt of Industrial Activities at the end of 2019 between $0.4 billion and $0.2 billion.

(1) 2019 guidance does not include any impacts deriving from the gain resulting from the modification of the healthcare plan in the U.S. previously mentioned, as this gain has been considered non-recurring and therefore treated as an adjusting item for the purpose of the adjusted diluted EPS calculation. In addition, 2019 guidance does not include any impacts deriving from possible further repurchases of Company’s shares under the plan authorized by the AGM on April 12, 2019.

(2) Outlook is not provided on diluted EPS, the most comparable GAAP financial measure of this non-GAAP financial measure, as the income or expense excluded from the calculation of adjusted diluted EPS and instead included in the calculation of diluted EPS are, by definition, not predictable and uncertain.

6

2019 SECOND QUARTER RESULTS

About CNH Industrial

CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website: www.cnhindustrial.com

Additional Information

Today, at 3:30 p.m. CEST / 2:30 p.m. BST/ 9:30 a.m. EDT, management will hold a conference call to present 2019 second quarter and first half results to financial analysts and institutional investors. The call can be followed live online at http://bit.ly/CNH_Industrial_Q2_2019 and a recording will be available later on the Company’s website (www.cnhindustrial.com). A presentation will be made available on the CNH Industrial website prior to the call.

Non-GAAP Financial Information

CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH Industrial’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP or EU-IFRS and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP and/or EU-IFRS.

CNH Industrial’s non-GAAP financial measures are defined as follows:

• Adjusted EBIT under U.S. GAAP: is defined as net income (loss) before income taxes, interest expenses of Industrial Activities, net, restructuring expenses, the finance and non-service component of pension and other post-employment benefit costs, foreign exchange gains/(losses), and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities.

• Adjusted EBITDA under U.S. GAAP: is defined as Adjusted EBIT plus depreciation and amortization (including on assets sold under operating leases and assets sold under buy-back commitments).

• Adjusted EBIT under EU-IFRS: is defined as profit/(loss) before taxes, financial income/(expense) of Industrial Activities, restructuring costs, and certain non-recurring items.

• Adjusted EBITDA under EU-IFRS: is defined as Adjusted EBIT plus depreciation and amortization (including on assets sold under operating leases and assets sold under buy-back commitments).

• Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax.

• Adjusted Diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH Industrial share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on a earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end.

• Adjusted Income Taxes: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits.

• Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items.

7

2019 SECOND QUARTER RESULTS

• Net Debt and Net Debt of Industrial Activities: Net Debt is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash and derivative hedging debt. CNH Industrial provides the reconciliation of Net Debt to Total Debt, which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Debt of Industrial Activities.

• Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities, only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under buy-back commitments, assets under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations.

• Available Liquidity: is defined as cash and cash equivalents plus restricted cash and undrawn committed facilities.

• Change excl. FX or Constant Currency: CNH Industrial discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations.

The tables attached to this press release provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Forward-looking statements

All statements other than statements of historical fact contained in this earning release including statements regarding our competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize or other assumptions underlying any of the forward-looking statements prove to be incorrect, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; general economic conditions in each of our markets; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly relating to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; production difficulties, including capacity and supply constraints and excess inventory levels; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; a decline in the price of used vehicles; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private litigation in various jurisdictions after the settlement of the EU antitrust investigation announced on July 19, 2016, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including possible effects of “Brexit”, terror attacks in Europe and elsewhere, and other similar risks and uncertainties and our success in managing the risks involved in the foregoing. Further information concerning factors, risks, and uncertainties that could materially affect the Company’s financial results is included in our annual report on Form 20-F for the year ended December 31, 2018, prepared in accordance with U.S. GAAP, and in the Company’s EU Annual Report at December 31, 2018, prepared in accordance with EU-IFRS. Investors should refer to and consider the incorporated information on risks, factors, and uncertainties in addition to the information presented here.

8

2019 SECOND QUARTER RESULTS

Forward-looking statements are based upon assumptions relating to the factors described in this earnings release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Our actual results could differ materially from those anticipated in such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update or revise publicly our forward-looking statements. Further information concerning CNH Industrial and its businesses, including factors that potentially could materially affect CNH Industrial’s financial results, is included in CNH Industrial’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”), the Autoriteit Financiële Markten (“AFM”) and Commissione Nazionale per le Società e la Borsa (“CONSOB”).

All future written and oral forward-looking statements by CNH Industrial or persons acting on the behalf of CNH Industrial are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Contacts

  Media Inquiries   United Kingdom   Richard Gadeselli Tel: +44 207 7660 346   Laura Overall Tel: +44 207 7660 338   E-mail: mediarelations@cnhind.com www.cnhindustrial.com     Investor Relations   United Kingdom   Federico Donati Tel: +44 207 7660 386   United States   Noah Weiss Tel: +1 630 887 3745

9

CNH INDUSTRIAL N.V.

Condensed Consolidated Statements of Operations

For The Three and Six Months Ended June 30, 2019 and 2018

(Unaudited)

(U.S. GAAP)

	Three Months Ended June 30,						Six Months Ended June 30,
($ million)	2019(1)			2018			2019(1)			2018
Revenues
Net sales		7,068			7,579			13,074			13,879
Finance, interest and other income		499			466			950			939
TOTAL REVENUES		7,567			8,045			14,024			14,818
Costs and Expenses
Cost of goods sold		5,751			6,188			10,717			11,444
Selling, general and administrative expenses		555			593			1,094			1,183
Research and development expenses		273			262			517			489
Restructuring expenses		28			5			36			8
Interest expense		195			192			378			392
Other, net(2)		211			302			379			553
TOTAL COSTS AND EXPENSES		7,013			7,542			13,121			14,069
INCOME BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		554			503			903			749
Income tax (expense)		(135	)		(118	)		(225	)		(181	)
Equity in income of unconsolidated subsidiaries and affiliates		8			23			13			42
NET INCOME		427			408			691			610
Net income attributable to noncontrolling interests		13			12			20			18
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		414			396			671			592
(in $)
Earnings per share attributable to common shareholders
Basic		0.31			0.29			0.50			0.43
Diluted		0.31			0.29			0.50			0.43
Cash dividends declared per common share		0.203			0.173			0.203			0.173

Notes:

(1) On January 1, 2019, CNH Industrial adopted the updated accounting standard on leases (ASC 842) using the modified retrospective approach, without recasting prior periods. Adoption of the standard had an immaterial impact on the condensed consolidated statement of operations for the three and six months ended June 30, 2019.

(2) In the three and six months ended June 30, 2019, Other, net includes the pre-tax gain of $30 million and $60 million, respectively, related to the modification of a healthcare plan in the U.S. ($20 million in the three and six months ended June 30, 2018).

These Condensed Consolidated Statements of Operations should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2018 included in the Annual Report on Form 20-F. These Condensed Consolidated Statements of Operations represent the consolidation of all CNH Industrial N.V. subsidiaries

10

CNH INDUSTRIAL N.V.

Condensed Consolidated Balance Sheets

As of June 30, 2019 and December 31, 2018

(Unaudited)

(U.S. GAAP)

($ million)	June 30, 2019(1)		December 31, 2018
ASSETS
Cash and cash equivalents		3,659		5,031
Restricted cash		687		772
Trade receivables, net		477		399
Financing receivables, net		19,734		19,167
Inventories, net		8,192		6,726
Property, plant and equipment, net		5,554		5,901
Investments in unconsolidated subsidiaries and affiliates		523		526
Equipment under operating leases		1,788		1,774
Goodwill		2,459		2,453
Other intangible assets, net		770		788
Deferred tax assets		580		591
Derivative assets		107		98
Other assets		2,395		1,874
TOTAL ASSETS		46,925		46,100
LIABILITIES AND EQUITY
Debt		24,369		24,445
Trade payables		6,130		5,889
Deferred tax liabilities		133		114
Pension, postretirement and other postemployment benefits		1,445		1,488
Derivative liabilities		122		108
Other liabilities		9,204		8,958
Total Liabilities		41,403		41,002
Redeemable noncontrolling interest		33		30
Equity		5,489		5,068
TOTAL LIABILITIES AND EQUITY		46,925		46,100

Notes:

(1) On January 1, 2019, CNH Industrial adopted the updated accounting standard on leases (ASC 842) using the modified retrospective approach, without recasting prior periods. On the adoption of the standard, CNH Industrial recorded right-of-use assets and related lease liabilities of approximately $480 million (included in Other assets and Other liabilities, respectively) with no impact to equity.

These Condensed Consolidated Balance Sheets should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2018 included in the Annual Report on Form 20-F. These Condensed Consolidated Balance Sheets represent the consolidation of all CNH Industrial N.V. subsidiaries.

11

CNH INDUSTRIAL N.V.

Condensed Consolidated Statements of Cash Flows

For The Six Months Ended June 30, 2019 and 2018

(Unaudited)

(U.S. GAAP)

	Six Months Ended June 30,
($ million)	2019(1)			2018
Operating activities:
Net income		691			610
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense, net of assets under operating leases and assets sold under buy-back commitments		332			364
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments		282			323
Loss from disposal of assets		1			—
Undistributed income (loss) of unconsolidated subsidiaries		—			4
Other non-cash items		74			110
Changes in operating assets and liabilities:
Provisions		(66	)		(56	)
Deferred income taxes		42			(78	)
Trade and financing receivables related to sales, net		(902	)		(229	)
Inventories, net		(1,032	)		(765	)
Trade payables		253			586
Other assets and liabilities		(178	)		(142	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(503	)		727
Investing activities:
Additions to retail receivables		(1,987	)		(1,999	)
Collections of retail receivables		2,314			2,151
Proceeds from the sale of assets, net of assets under operating leases and assets sold under buy-back commitments		2			1
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and assets sold under buy-back commitments		(182	)		(161	)
Expenditures for assets under operating leases and assets sold under buy-back commitments		(625	)		(591	)
Other		8			209
NET CASH USED IN INVESTING ACTIVITIES		(470	)		(390	)
Financing activities:
Net increase (decrease) in debt		(142	)		(724	)
Dividends paid		(278	)		(238	)
Other		(45	)		(134	)
NET CASH USED IN FINANCING ACTIVITIES		(465	)		(1,096	)
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		(19	)		(224	)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(1,457	)		(983	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		5,803			6,200
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		4,346			5,217

Notes:

(1) On January 1, 2019, CNH Industrial adopted the updated accounting standard on leases (ASC 842) using the modified retrospective approach, without recasting prior periods. Adoption of the standard had an immaterial impact on the condensed consolidated statement of cash flows for the six months ended June 30, 2019.

These Condensed Consolidated Statements of Cash Flows should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2018 included in the Annual Report on Form 20-F. These Condensed Consolidated Statements of Cash Flows represent the consolidation of all CNH Industrial N.V. subsidiaries

12

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations

For The Three and Six Months Ended June 30, 2019 and 2018

(Unaudited)

(U.S. GAAP)

	Industrial Activities												Financial Services
	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
($ million)	2019			2018			2019			2018			2019			2018			2019			2018
Revenues
Net sales		7,068			7,579			13,074			13,879			—			—			—			—
Finance, interest and other income		23			23			53			50			519			498			993			1,000
TOTAL REVENUES		7,091			7,602			13,127			13,929			519			498			993			1,000
Costs and Expenses
Cost of goods sold		5,751			6,188			10,717			11,444			—			—			—			—
Selling, general and administrative expenses		497			545			990			1,072			58			48			104			111
Research and development expenses		273			262			517			489			—			—			—			—
Restructuring expenses		26			5			34			8			2			—			2			—
Interest expense		89			111			172			231			149			136			302			272
Other, net		18			124			34			204			193			178			345			349
TOTAL COSTS AND EXPENSES		6,654			7,235			12,464			13,448			402			362			753			732
INCOME BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		437			367			663			481			117			136			240			268
Income tax (expense)		(104	)		(79	)		(158	)		(102	)		(31	)		(39	)		(67	)		(79	)
Equity in income of unconsolidated subsidiaries and affiliates		3			18			—			26			5			5			13			16
Results from intersegment investments		91			102			186			205			—			—			—			—
NET INCOME		427			408			691			610			91			102			186			205

These Supplemental Statements of Operations are presented for informational purposes. The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis) include CNH Industrial N.V.’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, as well as Corporate functions. The supplemental Financial Services data in these statements refer to CNH Industrial N.V.’s Financial Services segment. Transactions between Industrial Activities and Financial Services have been eliminated to arrive at the consolidated financial statements.

13

CNH INDUSTRIAL N.V.

Supplemental Balance Sheets

As of June 30, 2019 and December 31, 2018

(Unaudited)

(U.S. GAAP)

	Industrial Activities				Financial Services
($ million)	June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018
ASSETS
Cash and cash equivalents		3,276		4,553		383		478
Restricted cash		54		—		633		772
Trade receivables, net		471		398		31		34
Financing receivables, net		1,639		1,253		20,961		20,252
Inventories, net		7,949		6,510		243		216
Property, plant and equipment, net		5,553		5,899		1		2
Investments in unconsolidated subsidiaries and affiliates		3,209		3,126		227		219
Equipment under operating leases		34		34		1,754		1,740
Goodwill		2,305		2,301		154		152
Other intangible assets, net		755		774		15		14
Deferred tax assets		573		635		164		175
Derivative assets		58		81		59		24
Other assets		2,210		1,707		300		323
TOTAL ASSETS		28,086		27,271		24,925		24,401
LIABILITIES AND EQUITY
Debt		6,444		6,347		20,791		20,436
Trade payables		6,049		5,771		126		173
Deferred tax liabilities		14		83		275		250
Pension, postretirement and other postemployment benefits		1,427		1,470		18		18
Derivative liabilities		87		89		45		26
Other liabilities		8,543		8,413		759		681
Total Liabilities		22,564		22,173		22,014		21,584
Redeemable noncontrolling interest		33		30		—		—
Equity		5,489		5,068		2,911		2,817
TOTAL LIABILITIES AND EQUITY		28,086		27,271		24,925		24,401

These Supplemental Balance Sheets are presented for informational purposes. The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis) include CNH Industrial N.V.’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, as well as Corporate functions. The supplemental Financial Services data in these statements refer to CNH Industrial N.V.’s Financial Services segment. Transactions between Industrial Activities and Financial Services have been eliminated to arrive at the consolidated financial statements.

14

CNH INDUSTRIAL N.V.

Supplemental Statements of Cash Flows

For The Six Months Ended June 30, 2019 and 2018

(Unaudited)

(U.S. GAAP)

	Industrial Activities						Financial Services
	Six Months Ended June 30,						Six Months Ended June 30,
($ million)	2019			2018			2019			2018
Operating activities:
Net income		691			610			186			205
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense, net of assets under operating leases and assets sold under buy-back commitments		330			361			2			3
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments		158			197			124			126
Loss from disposal of assets		1			—			—			—
Undistributed income (loss) of unconsolidated subsidiaries		(41	)		(94	)		(13	)		(16	)
Other non-cash items		50			83			24			27
Changes in operating assets and liabilities:
Provisions		(55	)		(52	)		(11	)		(4	)
Deferred income taxes		1			(51	)		41			(27	)
Trade and financing receivables related to sales, net		(74	)		(99	)		(822	)		(122	)
Inventories, net		(1,246	)		(988	)		214			223
Trade payables		294			608			(48	)		(31	)
Other assets and liabilities		(270	)		(182	)		93			41
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(161	)		393			(210	)		425
Investing activities:
Additions to retail receivables		—			—			(1,987	)		(1,999	)
Collections of retail receivables		—			—			2,314			2,151
Proceeds from the sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments		2			1			—			—
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and assets sold under buy-back commitments		(180	)		(158	)		(2	)		(3	)
Expenditures for assets under operating leases and assets sold under buy-back commitments		(261	)		(334	)		(364	)		(257	)
Other		(264	)		643			252			(473	)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(703	)		152			213			(581	)
Financing activities:
Net increase (decrease) in debt		(12	)		(876	)		(130	)		152
Dividends paid		(278	)		(238	)		(132	)		(91	)
Other		(45	)		(134	)		20			39
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(335	)		(1,248	)		(242	)		100
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		(24	)		(172	)		5			(52	)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(1,223	)		(875	)		(234	)		(108	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		4,553			4,901			1,250			1,299
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		3,330			4,026			1,016			1,191

These Supplemental Statements of Cash Flows are presented for informational purposes. The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis) include CNH Industrial N.V.’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, as well as Corporate functions. The supplemental Financial Services data in these statements refer to CNH Industrial N.V.’s Financial Services segment. Transactions between Industrial Activities and Financial Services have been eliminated to arrive at the consolidated financial statements.

15

CNH INDUSTRIAL N.V.

Other Supplemental Financial Information

(Unaudited)

CNH INDUSTRIAL

Reconciliation of Net Income to Adjusted EBIT and Adjusted EBITDA by segment under U.S. GAAP

($ million)

	Three Months ended June 30, 2019
	Agriculture		Construction		Commercial and Specialty Vehicles		Powertrain		Unallocated items, eliminations and other			Total Industrial Activities			Financial Services		Total
Net income(1)													336			91		427
Add back:
Interest expenses of Industrial Activities, net of interest income and eliminations													66			—		66
Foreign exchange (gains) losses, net													11			—		11
Finance and non-service component of Pension and other post-employment benefit costs(2)													(16	)		—		(16	)
Income tax expense													104			31		135
Adjustments:
Restructuring expenses		15		4		6		—		1			26			2		28
Adjusted EBIT		341		25		100		102		(41	)		527			124		651
Depreciation and Amortization		69		15		47		31		—			162			1		163
Depreciation of assets under operating leases and assets sold with buy-back commitments		—		—		79		—		—			79			59		138
Adjusted EBITDA		410		40		226		133		(41	)		768			184		952
	Three Months ended June 30, 2018
	Agriculture		Construction		Commercial and Specialty Vehicles		Powertrain		Unallocated items, eliminations and other			Total Industrial Activities			Financial Services		Total
Net income(1)													306			102		408
Add back:
Interest expenses of Industrial Activities, net of interest income and eliminations													88			—		88
Foreign exchange (gains) losses, net													97			—		97
Finance and non-service component of Pension and other post-employment benefit costs(2)													(4	)		—		(4	)
Income tax expense													79			39		118
Adjustments:
Restructuring expenses		1		—		3		1		—			5			—		5
Adjusted EBIT		396		33		92		108		(58	)		571			141		712
Depreciation and Amortization		75		15		53		33		1			177			2		179
Depreciation of assets under operating leases and assets sold with buy-back commitments		1		—		94		—		—			95			60		155
Adjusted EBITDA		472		48		239		141		(57	)		843			203		1,046

(1) For Industrial Activities, net income net of “Results from intersegment investments”.

(2) In the three months ended June 30, 2019 and 2018, this item includes the pre-tax gain of $30 million and $20 million, respectively, as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S.

16

CNH INDUSTRIAL N.V.

Other Supplemental Financial Information

(Unaudited)

CNH INDUSTRIAL

Reconciliation of Net Income to Adjusted EBIT and Adjusted EBITDA by segment under U.S. GAAP

($ million)

	Six Months ended June 30, 2019
	Agriculture		Construction		Commercial and Specialty Vehicles		Powertrain		Unallocated items, eliminations and other			Total Industrial Activities			Financial Services		Total
Net income(1)													505			186		691
Add back:
Interest expenses of Industrial Activities, net of interest income and eliminations													119			—		119
Foreign exchange (gains) losses, net													20			—		20
Finance and non-service component of Pension and other post-employment benefit costs(2)													(31	)		—		(31	)
Income tax expense													158			67		225
Adjustments:
Restructuring expenses		18		4		11		—		1			34			2		36
Adjusted EBIT		509		38		151		198		(91	)		805			255		1,060
Depreciation and Amortization		144		29		94		63		—			330			2		332
Depreciation of assets under operating leases and assets sold with buy-back commitments		—		—		158		—		—			158			124		282
Adjusted EBITDA		653		67		403		261		(91	)		1,293			381		1,674
	Six Months ended June 30, 2018
	Agriculture		Construction		Commercial and Specialty Vehicles		Powertrain		Unallocated items, eliminations and other			Total Industrial Activities			Financial Services		Total
Net income(1)													405			205		610
Add back:
Interest expenses of Industrial Activities, net of interest income and eliminations													181			—		181
Foreign exchange (gains) losses, net													122			—		122
Finance and non-service component of Pension and other post-employment benefit costs(2)													14			—		14
Income tax expense													102			79		181
Adjustments:
Restructuring expenses		1		—		6		1		—			8			—		8
Adjusted EBIT		582		33		141		203		(127	)		832			284		1,116
Depreciation and Amortization		154		31		108		67		1			361			3		364
Depreciation of assets under operating leases and assets sold with buy-back commitments		1		—		196		—		—			197			126		323
Adjusted EBITDA		737		64		445		270		(126	)		1,390			413		1,803

(1) For Industrial Activities, net income net of “Results from intersegment investments”.

(2) In the six months ended June 30, 2019 and 2018, this item includes the pre-tax gain of $60 million and $20 million, respectively, as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S.

17

CNH INDUSTRIAL N.V.

Other Supplemental Financial Information

(Unaudited)

CNH INDUSTRIAL

Reconciliation of Total Debt to Net debt under U.S. GAAP ($ million)

	Consolidated						Industrial Activities						Financial Activities
	June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018			June 30, 2019		December 31, 2018
Third party debt		24,369			24,445			5,170			5,211			19,199		19,234
Intersegment notes payable		—			—			1,274			1,136			1,592		1,202
Total Debt(1)		24,369			24,445			6,444			6,347			20,791		20,436
Less:
Cash and cash equivalents		3,659			5,031			3,276			4,553			383		478
Restricted cash		687			772			54			—			633		772
Intersegment notes receivable		—			—			1,592			1,202			1,274		1,136
Derivatives hedging debt		(2	)		(8	)		(2	)		(8	)		—		—
Net debt (cash)(2)		20,025			18,650			1,524			600			18,501		18,050

(1) Total Debt of Industrial Activities includes Intersegment notes payable to Financial Services of $1,274 million and $1,136 million as of June 30, 2019 and December 31, 2018, respectively. Total Debt of Financial Services includes Intersegment notes payable to Industrial Activities of $1,592 million and $1,202 million as of June 30, 2019 and December 31, 2018, respectively.

(2) The net intersegment receivable/payable balance owed by Financial Services to Industrial Activities was $318 million and $66 million as of June 30, 2019 and December 31, 2018, respectively.

CNH INDUSTRIAL

Reconciliation of Cash and cash equivalents to Available liquidity under U.S. GAAP    

($ million)

	June 30, 2019		March 31, 2019		December 31, 2018
Cash and cash equivalents		3,659		3,673		5,031
Restricted cash		687		786		772
Undrawn committed facilities		5,504		5,542		3,135
Available liquidity		9,850		10,001		8,938

18

CNH INDUSTRIAL N.V.

Other Supplemental Financial Information

(Unaudited)

CNH INDUSTRIAL

Change in Net debt of Industrial Activities under U.S. GAAP ($ million)

Six Months ended June 30,							Three Months ended June 30,
2019			2018				2019			2018
	(600	)		(908	)	Net (debt)/cash of Industrial Activities at beginning of period		(1,521	)		(1,923	)
	1,293			1,390		Adjusted EBITDA of Industrial Activities		768			843
	(253	)		(290	)	Cash interest and taxes		(111	)		(128	)
	(189	)		(279	)	Changes in provisions and similar(1)		(27	)		(145	)
	(1,267	)		(765	)	Change in working capital		(135	)		240
	(416	)		56		Operating cash flow of Industrial Activities		495			810
	(180	)		(158	)	Investments in property, plant and equipment, and intangible assets(2)		(103	)		(97	)
	(33	)		(42	)	Other changes		(10	)		(32	)
	(629	)		(144	)	Free cash flow of Industrial Activities		382			681
	(323	)		(372	)	Capital increases and dividends(3)		(322	)		(281	)
	28			133		Currency translation differences and other		(63	)		232
	(924	)		(383	)	Change in Net debt of Industrial Activities		(3	)		632
	(1,524	)		(1,291	)	Net (debt)/cash of Industrial Activities at end of period		(1,524	)		(1,291	)

(1) Including other cash flow items related to operating lease and buy-back activities.

(2) Excluding assets sold under buy-back commitments and assets under operating leases.

(3) Including share buy-back transactions.

CNH INDUSTRIAL

Reconciliation of Net cash provided by (used in) Operating Activities to Free cash flow of Industrial Activities under U.S. GAAP ($ million)

Six Months ended June 30,							Three Months ended June 30,
2019			2018				2019			2018
	(503	)		727		Net cash provided by (used in) Operating Activities		248			801
	210			(425	)	Net cash (provided by) used in Operating Activities of Financial Services		280			107
	132			91		Intersegment eliminations		125			39
	(161	)		393		Net cash provided by (used in) Operating Activities of Industrial Activities		653			947
	6			(3	)	Change in derivatives hedging debt of Industrial Activities		3			1
	(261	)		(334	)	Investments in assets sold under buy-back commitments and operating lease assets of Industrial Activities		(161	)		(138	)
	(416	)		56		Operating cash flow of Industrial Activities		495			810
	(180	)		(158	)	Investments in property, plant and equipment, and intangible assets of Industrial Activities		(103	)		(97	)
	(33	)		(42	)	Other changes(1)		(10	)		(32	)
	(629	)		(144	)	Free cash flow of Industrial Activities		382			681

(1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments.

19

CNH INDUSTRIAL N.V.

Other Supplemental Financial Information

(Unaudited)

CNH INDUSTRIAL

Reconciliation of Adjusted net income and Adjusted income tax (expense) to Net income and Income tax (expense) and calculation of Adjusted diluted EPS and Adjusted ETR under U.S. GAAP

($ million, except per share data)

Six Months ended June 30,							Three Months ended June 30,
2019			2018				2019			2018
	691			610		Net income		427			408
	(24	)		(12	)	Adjustments impacting Income before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates (a)		(2	)		(15	)
	11			3		Adjustments impacting Income tax (expense) (b)		5			4
	678			601		Adjusted net income		430			397
	658			583		Adjusted net income attributable to CNH Industrial N.V.		417			385
	1,356			1,364		Weighted average shares outstanding – diluted (million)		1,356			1,361
	0.49			0.43		Adjusted diluted EPS ($)		0.31			0.28
	903			749		Income before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates		554			503
	(24	)		(12	)	Adjustments impacting Income before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates (a)		(2	)		(15	)
	879			737		Adjusted income before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates (A)		552			488
	(225	)		(181	)	Income tax (expense)		(135	)		(118	)
	11			3		Adjustments impacting Income tax (expense) (b)		5			4
	(214	)		(178	)	Adjusted income tax (expense) (B)		(130	)		(114	)
	24	%		24	%	Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)		24	%		23	%
	a)  Adjustments impacting Income before income tax (expense) and equity in income of unconsolidated subsidiaries and     affiliates
	36			8		Restructuring expenses		28			5
	(60	)		(20	)	Pre-tax gain related to the modification of a healthcare plan in the U.S.		(30	)		(20	)
	(24	)		(12	)	Total		(2	)		(15	)
	b)  Adjustments impacting Income tax (expense)
	8			3		Tax effect of adjustments impacting Income before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates		2			4
	3			—		Other		3			—
	11			3		Total		5			4

20

CNH INDUSTRIAL N.V.

Other Supplemental Financial Information

(Unaudited)

CNH INDUSTRIAL

Revenues by Segment under EU-IFRS ($ million)

Six Months ended June 30,									Three Months ended June 30,
2019			2018			% change			2019			2018			% change
	5,595			5,891			-5.0	Agriculture		3,105			3,312			-6.3
	1,397			1,481			-5.7	Construction		757			799			-5.3
	5,118			5,384			-4.9	Commercial and Specialty Vehicles		2,707			2,889			-6.3
	2,173			2,405			-9.6	Powertrain		1,140			1,219			-6.5
	(1,188	)		(1,281	)		—	Eliminations and other		(617	)		(639	)		—
	13,095			13,880			-5.7	Total Industrial Activities		7,092			7,580			-6.4
	990			1,000			-1.0	Financial Services		518			498			4.0
	(74	)		(97	)		—	Eliminations and other		(33	)		(47	)		—
	14,011			14,783			-5.2	Total		7,577			8,031			-5.7

CNH INDUSTRIAL

Adjusted EBIT⁽¹⁾ by Segment under EU-IFRS ($ million)

Six Months ended June 30,															Three Months ended June 30,
2019(2)			2018			$ change		2019 adjusted EBIT margin(2)			2018 adjusted EBIT margin				2019(2)			2018			$ change		2019 adjusted EBIT margin(2)			2018 adjusted EBIT margin
	490			555			-65		8.8	%		9.4	%	Agriculture		310			388			-78		10.0	%		11.7	%
	31			20			11		2.2	%		1.4	%	Construction		22			28			-6		2.9	%		3.5	%
	184			143			41		3.6	%		2.7	%	Commercial and Specialty Vehicles		101			99			2		3.7	%		3.4	%
	184			198			-14		8.5	%		8.2	%	Powertrain		93			108			-15		8.2	%		8.9	%
	(98	)		(131	)		33		—			—		Unallocated items, eliminations and other		(46	)		(60	)		14		—			—
	791			785			6		6.0	%		5.7	%	Total Industrial Activities		480			563			-83		6.8	%		7.4	%
	250			287			-37		25.3	%		28.7	%	Financial Services		119			144			-25		23.0	%		28.9	%
	—			—			—		—			—		Eliminations and other		—			—			—		—			—
	1,041			1,072			-31		7.4	%		7.3	%	Total		599			707			-108		7.9	%		8.8	%

(1) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures.

(2) On January 1, 2019, CNH Industrial adopted the updated accounting standard on leases (IFRS 16) using the modified retrospective approach, without recasting prior periods. Adoption of the standard had an immaterial impact on adjusted EBIT and adjusted EBIT margin in the three and six months ended June 30, 2019.

21

CNH INDUSTRIAL N.V.

Other Supplemental Financial Information

(Unaudited)

CNH INDUSTRIAL

Adjusted EBITDA⁽¹⁾ by Segment under  EU-IFRS ($ million)

Six Months ended June 30,															Three Months ended June 30,
2019(2)			2018			$ change		2019 adjusted EBITDA margin(2)			2018 adjusted EBITDA margin				2019(2)			2018			$ change		2019 adjusted EBITDA margin(2)			2018 adjusted EBITDA margin
	767			832			-65		13.7	%		14.1	%	Agriculture		446			526			-80		14.4	%		15.9	%
	85			75			10		6.1	%		5.1	%	Construction		49			55			-6		6.5	%		6.9	%
	542			520			22		10.6	%		9.7	%	Commercial and Specialty Vehicles		279			282			-3		10.3	%		9.8	%
	274			288			-14		12.6	%		12.0	%	Powertrain		138			153			-15		12.1	%		12.6	%
	(96	)		(130	)		34		—			—		Unallocated items, eliminations and other		(45	)		(60	)		15		—			—
	1,572			1,585			-13		12.0	%		11.4	%	Total Industrial Activities		867			956			-89		12.2	%		12.6	%
	376			416			-40		38.0	%		41.6	%	Financial Services		179			205			-26		34.6	%		41.2	%
	—			—			—		—			—		Eliminations and other		—			—			—		—			—
	1,948			2,001			-53		13.9	%		13.5	%	Total		1,046			1,161			-115		13.8	%		14.5	%

(1) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures.

(2) On January 1, 2019, CNH Industrial adopted the updated accounting standard on leases (IFRS 16) using the modified retrospective approach, without recasting prior periods. Adoption of the standard resulted in a $39 million and a $40 million increase in adjusted EBITDA of Industrial Activities and of the Group, respectively, and in a 50 bps increase in adjusted EBITDA margin of Industrial Activities and of the Group in the three months ended June 30, 2019. Adoption of the standard resulted in a $78 million and $79 million increase in adjusted EBITDA of Industrial Activities and of the Group, respectively, and in a 60 bps increase in adjusted EBITDA margin of Industrial Activities and of the Group in the six months ended June 30, 2019.

CNH INDUSTRIAL

Key Balance Sheet data under EU-IFRS ($ million)

	June 30, 2019			March 31, 2019			December 31, 2018
Total Assets		49,418			48,432			48,650
Total Equity		7,882			7,760			7,472
Equity attributable to CNH Industrial N.V.		7,841			7,725			7,443
Net debt		(20,566	)		(19,930	)		(18,750	)
of which Net debt of Industrial Activities(1)		(2,013	)		(2,025	)		(640	)

(1) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures.

22

CNH INDUSTRIAL N.V.

Other Supplemental Financial Information

(Unaudited)

CNH INDUSTRIAL

Net income reconciliation U.S. GAAP to EU-IFRS ($ million)

Six Months ended June 30,							Three Months ended June 30,
2019			2018				2019			2018
	691			610		Net income in accordance with U.S. GAAP		427			408
						Adjustments to conform with EU-IFRS:
	(25	)		(21	)	Development costs		(3	)		5
	(21	)		513		Other adjustments(1)		(53	)		510
	9			(133	)	Tax impact on adjustments and other income tax differences(1)		12			(138	)
	(37	)		359		Total adjustments		(44	)		377
	654			969		Profit in accordance with EU-IFRS		383			785

(1) This item also includes the different accounting impact from the modification of a healthcare plan in the U.S.

CNH INDUSTRIAL

Total Equity reconciliation U.S. GAAP to EU-IFRS ($ million)

	June 30, 2019			December 31, 2018
Total Equity under U.S. GAAP		5,489			5,068
Adjustments to conform with EU-IFRS:
Development costs		2,308			2,344
Other adjustments		(50	)		(65	)
Tax impact on adjustments and other income tax differences		135			125
Total adjustments		2,393			2,404
Total Equity under EU-IFRS		7,882			7,472

Translation of financial statements denominated in a currency other than the U.S. dollar

The principal exchange rates used to translate into U.S. dollars the financial statements prepared in currencies other than the U.S. dollar were as follows:

	Six Months Ended June 30, 2019						Six Months Ended June 30, 2018
	Average		At June 30		At December 31, 2018		Average		At June 30
Euro		0.885		0.879		0.873		0.826		0.858
Pound sterling		0.773		0.788		0.781		0.727		0.760
Swiss franc		1.000		0.976		0.984		0.966		0.992
Polish zloty		3.799		3.734		3.757		3.487		3.751
Brazilian real		3.843		3.823		3.881		3.422		3.849
Canadian dollar		1.334		1.309		1.363		1.277		1.325
Turkish lira		5.626		5.769		5.292		4.095		4.579

23

CNH INDUSTRIAL N.V.

Condensed Consolidated Income Statement

For The Three and Six Months Ended June 30, 2019 and 2018

(Unaudited)

(EU-IFRS)

	Three Months Ended June 30,						Six Months Ended June 30,
($ million)	2019(1)			2018			2019(1)			2018
Net revenues		7,577			8,031			14,011			14,783
Cost of sales		6,146			6,461			11,311			11,998
Selling, general and administrative costs		538			588			1,071			1,158
Research and development costs		281			264			555			526
Result from investments:		13			23			17			44
Share of the profit/(loss) of investees accounted for using the equity method		13			23			17			44
Other income/(expenses) from investments		—			—			—			—
Gains/(losses) on the disposal of investments		—			—			—			—
Restructuring costs		30			7			36			10
Other income/(expenses)(2)		(26	)		493			(50	)		454
Financial income/(expenses)		(63	)		(186	)		(135	)		(306	)
PROFIT/(LOSS) BEFORE TAXES		506			1,041			870			1,283
Income tax (expense)		(123	)		(256	)		(216	)		(314	)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		383			785			654			969
PROFIT/(LOSS) FOR THE PERIOD		383			785			654			969
PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the parent		371			773			635			951
Non-controlling interests		12			12			19			18
(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE(3)		0.27			0.57			0.47			0.70
DILUTED EARNINGS/(LOSS) PER COMMON SHARE(3)		0.27			0.57			0.47			0.70

Notes:

(1) On January 1, 2019, CNH Industrial adopted the updated accounting standard on leases (IFRS 16) using the modified retrospective approach, without recasting prior periods. Adoption of the standard had an immaterial impact on the condensed consolidated income statement for the three and six months ended June 30, 2019.

(2) In the three and six months ended June 30, 2018 Other income/(expenses) included the pre-tax gain of $527 million related to the modification of a healthcare plan in the U.S.

(3) In the three and six months ended June 30, 2018 basic and diluted earnings per common share included the positive impact of $399 million, net of taxes, of the pre-tax gain of $527 million related to the modification of a healthcare plan in the U.S. Excluding this impact, basic and diluted earnings per share would have been $0.28 and $0.41, respectively.

This Condensed Consolidated Income Statement should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2018 included in the EU Annual Report. This Condensed Consolidated Income Statement represents the consolidation of all CNH Industrial N.V. subsidiaries.

24

CNH INDUSTRIAL N.V.

Condensed Consolidated Statement of Financial Position

As of June 30, 2019 and December 31, 2018

(Unaudited)

(EU-IFRS)

($ million)	June 30, 2019(1)		December 31, 2018
ASSETS
Intangible assets		5,451		5,497
Property, plant and equipment		6,053		5,963
Investments and other financial assets:		611		592
Investments accounted for using the equity method		556		555
Other investments and financial assets		55		37
Leased assets		1,788		1,774
Defined benefit plan assets		22		25
Deferred tax assets		792		853
Total Non-current assets		14,717		14,704
Inventories		8,224		6,719
Trade receivables		471		395
Receivables from financing activities		19,734		19,175
Current tax receivables		276		356
Other current assets		1,524		1,390
Other financial assets		107		98
Cash and cash equivalents		4,346		5,803
Total Current assets		34,682		33,936
Assets held for sale		19		10
TOTAL ASSETS		49,418		48,650
EQUITY AND LIABILITIES
Issued capital and reserves attributable to owners of the parent		7,841		7,443
Non-controlling interests		41		29
Total Equity		7,882		7,472
Provisions:		4,878		5,051
Employee benefits		1,582		1,763
Other provisions		3,296		3,288
Debt:		24,897		24,543
Asset-backed financing		11,364		11,269
Other debt		13,533		13,274
Other financial liabilities		122		108
Trade payables		6,129		5,886
Current tax payables		105		89
Deferred tax liabilities		231		251
Other current liabilities		5,174		5,250
Liabilities held for sale		—		—
Total Liabilities		41,536		41,178
TOTAL EQUITY AND LIABILITIES		49,418		48,650

Notes:

(1) On January 1, 2019, CNH Industrial adopted the updated accounting standard on leases (IFRS 16) using the modified retrospective approach, without recasting prior periods. On the adoption of the standard, CNH Industrial recorded right-of-use assets and related leases liabilities of approximately $480 million (included in Property, plant and equipment and Other debt, respectively) with no impact to equity.

This Condensed Consolidated Statement of Financial Position should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2018 included in the EU Annual Report. This Condensed Consolidated Statement of Financial Position represents the consolidation of all CNH Industrial N.V. subsidiaries.

25

CNH INDUSTRIAL N.V.

Condensed Consolidated Statement of Cash Flows

For The Six Months Ended June 30, 2019 and 2018

(Unaudited)

(EU-IFRS)

	Six Months Ended June 30,
($ million)	2019(1)			2018
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		5,803			6,200
B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:
Profit/(loss) for the period		654			969
Amortization and depreciation (net of vehicles sold under buy-back commitments and operating leases)		625			606
(Gains)/losses on disposal of non-current assets (net of vehicles sold under buy-back commitments)		1			—
Other non-cash items		35			(2	)
Dividends received		13			46
Change in provisions		(173	)		(663	)
Change in deferred income taxes		47			31
Change in items due to buy-back commitments(2)		(71	)		55
Change in operating lease items(3)		(31	)		84
Change in working capital		(1,128	)		(569	)
TOTAL		(28	)		557
C) CASH FLOWS FROM/(USED IN) INVESTMENT ACTIVITIES:
Investments in:
Property, plant and equipment and intangible assets (net of vehicles sold under buy-back commitments and operating leases)		(378	)		(383	)
Consolidated subsidiaries and other equity investments		—			—
Proceeds from the sale of non-current assets (net of vehicles sold under buy-back commitments)		2			6
Net change in receivables from financing activities		(553	)		23
Other changes		56			198
TOTAL		(873	)		(156	)
D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:
Net change in debt and other financial assets/liabilities		(211	)		(788	)
Capital increase		—			—
Dividends paid		(278	)		(238	)
Purchase of treasury shares		(45	)		(134	)
TOTAL		(534	)		(1,160	)
Translation exchange differences		(22	)		(224	)
E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS		(1,457	)		(983	)
F) CASH AND CASH EQUIVALENTS AT END OF PERIOD		4,346			5,217

Notes:

(1) On January 1, 2019, CNH Industrial adopted the updated accounting standard on leases (IFRS 16) using the modified retrospective approach, without recasting prior periods. Adoption of the standard had an immaterial impact on the condensed consolidated statement of cash flows for the six months ended June 30, 2019.

(2) Cash generated from the sale of vehicles under buy-back commitments, net of amounts included in Profit/(loss) for the period, is recognized under operating activities in a single line item, which includes changes in working capital, capital expenditure, depreciation and impairment losses. The item also includes gains and losses arising from the sale of vehicles subject to buy-back commitments.

(3) Cash from operating lease is recognized under operating activities in a single line item, which includes capital expenditure, depreciation, write-downs and changes in inventory.

These Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2018 included in the EU Annual Report. This Condensed Consolidated Statement of Cash Flows represents the consolidation of all CNH Industrial N.V. subsidiaries.

26

EX-99.2

Q2 & H1 2019 Results Review August 1, 2019 Exhibit 99.2

Safe Harbor Statement and Disclosures All statements other than statements of historical fact contained in this presentation including statements regarding our competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize or other assumptions underlying any of the forward-looking statements prove to be incorrect, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; general economic conditions in each of our markets; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly relating to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; production difficulties, including capacity and supply constraints and excess inventory levels; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; a decline in the price of used vehicles; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private litigation in various jurisdictions after the settlement of the EU antitrust investigation announced on July 19, 2016, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including possible effects of “Brexit”, terror attacks in Europe and elsewhere, and other similar risks and uncertainties and our success in managing the risks involved in the foregoing. Further information concerning factors, risks, and uncertainties that could materially affect the Company’s financial results is included in our annual report on Form 20-F for the year ended December 31, 2018, prepared in accordance with U.S. GAAP and in the Company’s EU Annual Report at December 31, 2018, prepared in accordance with EU-IFRS. Investors should refer to and consider the incorporated information on risks, factors, and uncertainties in addition to the information presented here. Investors should consider non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are presented in our earning releases, which are available in EDGAR on the SEC’s website at www.sec.gov and on our website at www.cnhindustrial.com. Forward-looking statements are based upon assumptions relating to the factors described in this presentation, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Our actual results could differ materially from those anticipated in such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update or revise publicly our forward-looking statements. Further information concerning CNH Industrial and its businesses, including factors that potentially could materially affect CNH Industrial’s financial results, is included in CNH Industrial’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”), the Autoriteit Financiële Markten (“AFM”) and Commissione Nazionale per le Società e la Borsa (“CONSOB”). All future written and oral forward-looking statements by CNH Industrial or persons acting on the behalf of CNH Industrial are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Q2 & H1 2019 | Highlights Note: All figures are provided herein on a US GAAP $ basis unless otherwise indicated. Non-GAAP measures (definition and reconciliation in appendix) Note: @CC means at constant currency H1 2019 Highlights Q2 2019 Highlights Down 2.3% (at CC) Industrial Activities Net Sales Up 11% Adj. Diluted EPS (1) Flat Industrial Activities Adj. EBIT Margin (1) Down 0.4% (at CC) Industrial Activities Net Sales Up 14% Adj. Diluted EPS (1) Up 20 bps Industrial Activities Adj. EBIT Margin (1) Margin resilience across our portfolio together with the normalization of below-the-line items

Q2 2019 | Industry and Company Unit Performances COMPANY ACTUALS (Units) Worldwide deliveries down 9% in Tractors and down 15% in Combines vs. last year Worldwide production down 2% vs. last year Worldwide inventory was up 33% in Tractors and up 1% in Combines North America inventory was down 20% in Tractors (140+ HP) and down 5% in Combines Worldwide deliveries down 10% (Compact and service down 9%, General Construction down 7% and Road & Site down 21%) Worldwide production down 1% vs. last year (Compact and service down 1%, General Construction up 6% and Road & Site down 9%) Worldwide inventory was up 36% Trucks market share in EU at 10.3% (Flat vs. Q1 2019) Trucks worldwide production down ~2% vs. last year with company inventory up 0.5% vs. last year Trucks book-to-bill at 0.91 in EU and 1.33 in SA (orders in Brazil up 48% vs. Q2 ‘18) Buses market share in EU at 16.1% (up 0.2 p.p. vs. last year) Buses book-to-bill at 1.09 in EU and 1.0 in SA TRACTORS COMBINES NA EU SA RoW WW 0-140 HP Flat 9% (18)% (16)% (11)% 140+ HP (5)% (19)% (22)% (13)% 1% (7)% COMPACT AND SERVICE Eq. NA EU SA RoW WW 1% 2% 29% (5)% Flat General Construction | Road building and site preparation General CE 6% 2% (1)% (8)% (5)% R&S Flat 16% (18)% (19)% (8)% TRUCKS > 3.5t BUSES - 4% 54% (3)% 8% NA EU SA RoW WW LCV - 13% 22% (9)% 7% M&H - 25% 23% (6)% 9%

Q2 & H1 2019 | Financial Summary (1) Non-GAAP measures (definition and reconciliation in appendix) Note: Numbers may not add due to rounding Note: @CC means at constant currency Q2 2019   Q2 2018   Δ   H1 2019   H1 2018   Δ   U.S. GAAP                         Revenues ($bn) 7.6   8.0   (5.9)%   14.0   14.8   (5.4)%   Net Sales | Industrial Activities ($bn) 7.1 7.6 (6.7)%   13.1 13.9 (5.8)% Net Income ($mn) 427    408    4.7%   691    610    13.3%   Diluted EPS ($) 0.31    0.29    0.02   0.50    0.43    0.07                             Non – GAAP (1)                         Net Sales | Industrial Activities @CC ($bn) 7.4 7.6 (2.3)% 13.8 13.9 (0.4)% Adjusted EBIT | Industrial Activities ($mn) 527   571   (7.7)%   805   832   (3.2)%   Adjusted EBIT Margin | Industrial Activities (%) 7.5% 7.5% 0.0 bps   6.2% 6.0% 20 bps Adjusted EBITDA | Industrial Activities ($mn) 768   843   (8.9)%   1,293   1,390   (7.0)%   Adjusted EBITDA Margin | Industrial Activities (%) 10.9% 11.1% (20) bps   9.9% 10.0% (10) bps Adjusted Effective Tax Rate 24%    23%    100 bps   24%    24%    0.0 bps   Adjusted Net Income ($mn) 430 397 8.3%   678 601 12.8% Adjusted Diluted EPS ($) 0.31    0.28    0.03   0.49    0.43    0.06   Free Cash Flow | Industrial Activities ($bn) (*) 0.4 0.7 (0.3) (0.6) (0.1) (0.5)                           Jun 30, 2019   Mar 31, 2019   Δ   Jun 30, 2019   Dec 31, 2018   Δ   Net Industrial (Debt) ($bn) (1.5)    (1.5)  0.0   (1.5)    (0.6)   (0.9)    Available Liquidity ($bn) 9.9    10.0    (0.2)   9.9    8.9   0.9    (*) a.k.a. Net Industrial Cash flow

Q2 & H1 2019 | Industrial Activities Net Sales Net Sales split (1) BY SEGMENT AG CE C&SV PT (1) Note: Net Sales: Excluding Other Activities, Unallocated Items and Adjustment & Eliminations BY CURRENCY EUR 46% USD 28% BRL 7% CAD 3% GBP 1% AUD 2% OTHER 13% Note: Numbers may not add due to rounding (*) Note: @CC means at constant currency BY REGION NA (North America) EU (Europe) SA (South America) RoW (Rest of World) ($mn) 7,579 (112) (23) (14) (16) (12) 7,402 (334) 7,068 Q2 2018 AG CE C&SV PT ELIM & OTHER Q2 2019 @ CC (*) FX TRANSLATION Q2 2019 CHANGE IN NET SALES AT CONSTANT CURRENCY (177) (2.3)% Net Sales walk CHANGE IN NET SALES (511) (6.7)% 13,879 (68) (39) 120 (84) 10 13,819 (745) 13,074 H1 2018 H1 2019 @ CC (*) H1 2019

Q2 & H1 2019 | Industrial Activities Adj. EBIT walk Non-GAAP measures (definition and reconciliation in appendix) (*) PT Pricing net within Volume & Mix 571 (57) 97 (67) 11 (24) (21) 17 527 Adj. EBIT VOL & MIX PRICING NET (*) PROD COST SG&A R&D FX | OTHER UNALLOCATED, ELIM & OTHER Adj. EBIT Q2 2018 Q2 2019 7.5% 7.5% INDUSTRIAL ACTIVITIES CHANGE IN ADJUSTED EBIT (7.7)% ($mn) 832 (8) 149 (117) 8 (58) (37) 36 805 Adj. EBIT Adj. EBIT H1 2018 H1 2019 Q2 H1

Q2 2019 | Industrial Activities Adj. EBITDA & Adj. EBIT walk by segment Non-GAAP measures (definition and reconciliation in appendix) (*) Including unallocated items 843 272 571 (55) (8) 8 (6) 17 527 241 768 Adj. EBITDA D&A Adj EBIT AG CE C&SV PT ELIM & OTHER (*) Adj EBIT D&A Adj EBITDA Gross Margin 18.4% 22.6% 13.2% 12.9% 15.4% 18.6% Y-o-Y Change 20 bps (30) bps 50 bps 40 bps 20 bps Q2 2018 Q2 2019 CHANGE IN ADJUSTED EBIT (44) 11.1% 7.5% 7.5% 10.9% ($mn) Q2

AG | Financial Results Note: at CC means at constant currency Adj. EBITDA & Adj. EBIT walk 472 76 396 (60) 77 (48) (2) (15) (7) 341 69 410 Adj. EBITDA D&A Adj. EBIT VOLUME & MIX PRICING NET PROD COST SG&A R&D JV | FX | OTHER Adj. EBIT D&A Adj. EBITDA 2018 2019 14.3% 12.0% 11.0% 13.2% 737 155 582 (64) 125 (87) (3) (35) (9) 509 144 653 2018 2019 Q2 H1 9.9% 9.1% Negative volume and mix, primarily Europe and RoW Positive price realization Higher product cost and R&D spending driven by precision farming and introduction of Stage V engine applications ($mn) TRACTORS COMBINES OTHERS Q2 ’19 Change vs. prior year Net Sales Q2 ’19 Change vs. prior year 2019 2018 Δ Δ At CC 3,095 3,312 (6.6)% (3.4)% 5,585 5,891 (5.2)% (1.2)% Q2 H1 NA EU SA RoW

CE | Financial Results NA EU SA RoW C&S (*) General CE (*) R&S (*) Q2 ’19 Change vs. prior year Q2 ’19 Change vs. prior year (*) C&S: Compact and Service Equipment; General CE: General Construction; R&S : Road building and site preparation ($mn) Note: at CC means at constant currency Net Sales 2019 2018 Δ Δ At CC 757 799 (5.3)% (2.9)% 1,397 1,481 (5.7)% (2.6)% Q2 H1 Adj. EBITDA & Adj. EBIT walk 6.0% 4.1% 3.3% 5.3% 48 15 33 (5) 12 (13) (1) (1) 0 25 15 40 Adj. EBITDA D&A Adj. EBIT VOLUME & MIX PRICING NET PROD COST SG&A R&D FX | OTHER Adj. EBIT D&A Adj. EBITDA 2018 2019 64 31 33 (11) 30 (12) (2) (4) 4 38 29 67 2018 2019 Q2 H1 2.2% 2.7% Positive net price realization (mainly NA) Higher product costs mainly raw material inflation

C&SV | Financial Results ($mn) NA EU SA RoW n.m. TRUCKS BUSES SPECIALTY VEHICLES Q2 ’19 Change vs. prior year Q2 ’19 Change vs. prior year Note: at CC means at constant currency Net Sales 2019 2018 Δ Δ At CC 2,698 2,889 (6.6)% (0.5)% 5,112 5,384 (5.1)% 2.2% Q2 H1 Adj. EBITDA & Adj. EBIT walk 8.3% 3.2% 3.7% 8.4% 239 147 92 5 8 (7) 12 (3) (7) 100 126 226 Adj. EBITDA D&A Adj. EBIT VOLUME & MIX PRICING NET PROD COST SG&A R&D JV | FX | OTHER Adj. EBIT D&A Adj. EBITDA 2018 2019 445 304 141 59 (6) (23) 15 (11) (24) 151 252 403 2018 2019 Positive price performance SG&A savings Higher product cost and unfavourable FX impacts Q2 H1 2.6% 3.0%

PT | Financial Results NA EU SA RoW ENGINES TRANSM. AXLES Q2 ’19 Change vs. prior year Q2 ’19 Change vs. prior year ($mn) Note: at CC means at constant currency (*) Net Sales 2019 2018 Δ Δ At CC 1,133 1,218 (7.0)% (1.3)% 2,169 2,404 (9.8)% (3.5)% Q2 H1 (*) 3rd Party sales at 48% in 2019 vs. 49% last year Adj. EBITDA & Adj. EBIT walk 141 33 108 3 1 2 (5) (7) 102 31 133 Adj. EBITDA D&A Adj. EBIT VOLUME & MIX | PRICING NET PROD COST SG&A R&D FX | OTHER Adj. EBIT D&A Adj. EBITDA 2018 2019 11.6% 8.9% 9.0% 11.7% Manufacturing efficiencies Higher R&D spending and negative FX impacts 270 67 203 8 5 (2) (8) (8) 198 63 261 2018 2019 Q2 H1 8.4% 9.1%

Financial Services Managed Portfolio (*) & Retail Originations (*) Net Income ($mn) 102 91 (*) Including unconsolidated JVs Delinquencies on Book (>30 Days) (**) RoA defined as: PBT / average managed assets annualized Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 Profitability Ratios Gross Margin / Average Assets on Book ROA (**) Q2 ’19 retail originations at $2.5bn, relatively flat compared to June 30, 2018 Managed portfolio* at $26.9bn, up $1.0bn compared to June 30, 2018 (up $1.3bn on a constant currency basis) $25.9bn $26.9bn June 30, 2018 June 30, 2019 Retail Wholesale Operating Lease Net income was down $11mn compared to Q2 2018 primarily attributable to pricing and the one-time credit loss provision releases incurred in 2018, partially offset by higher average portfolio in South America and Rest of World and lower income taxes

Q2 2019 | Net Industrial Cash Flow and Available Liquidity 9.9 Change in Working Capital Cash inflow Cash outflow TRADE RECEIVABLES INVENTORIES TRADE PAYABLES OTHER CHG IN WORKING CAPITAL (135) Q2 2019 Q2 2018 Non-GAAP measures (reconciliation in appendix) 382 (1.5) Net Debt IA Free Cash Flow IA Cash Undrawn Lines ($bn) (*) Industrial Gross Debt represents third party debt only. Net Industrial Debt includes net intersegment debt, and is offset by cash and cash equivalents, restricted cash and derivative hedging debt Net Debt and Free Cash Flow Industrial Activities (1) Available Liquidity Cash and Available Committed Lines 5.5 4.3 Note: Numbers may not add due to rounding Inaugural 10Y Euro bond of €500mn in principal amount, with a coupon of 1.625% due July 3, 2029 On July 2, 2019, Fitch Ratings Improves CNH Industrial’s Outlook to Positive Liquidity to LTM revenue ratio at 34.1% Industrial Activities Gross debt (*) to Adj. Ind. EBITDA at 2.01x vs. 2.14x last year Industrial Activities Net debt (*) to Adj. Ind. EBITDA at 0.59x vs. 0.51x last year Q2 2019 | Ratios

FY 2019E US GAAP Financial Targets and Market Outlook

FY 2019E | Industry Outlook (*) NOTE: Total Industry Volume FY 2019E vs. FY 2018 reflecting aggregate for key markets where Company competes (*) New Regional split definition in Appendix TRACTORS COMBINES NA EU SA RoW WW 0-140 HP Flat – 5% Flat – 5% Flat (5%) (5%) - Flat 140+ HP (5%) – Flat Flat (10%) – (5%) Flat (5%) - Flat Flat COMPACT AND SERVICE EQ. NA EU SA RoW WW Flat Flat – 5% 10% Flat – 5% Flat – 5% General Construction | Road building and site preparation General CE 5% Flat (5%) Flat Flat R&S 5% 10% (10%) (10%) Flat TRUCKS > 3.5t BUSES - Flat ~ 10% Flat Flat NA EU SA RoW WW LCV - 5% - 10% 15% (5%) ~ 5% M&H - Flat 15% (5%) Flat

FY 2019E | US GAAP Financial Targets (1) 2019 guidance does not include any impacts deriving from the gain resulting from the modification of the healthcare plan in the U.S. previously mentioned, as this gain has been considered non-recurring and therefore treated as an adjusting item for the purpose of the adjusted diluted EPS calculation. In addition, 2019 guidance does not include any impacts deriving from possible further repurchases of Company’s shares under the plan authorized by the AGM on April 12, 2019 (2)Outlook is not provided on diluted EPS, the most comparable GAAP financial measure of this non-GAAP financial measure, as the income or expense excluded from the calculation of adjusted diluted EPS and instead included in the calculation of diluted EPS are, by definition, not predictable and uncertain FY 2019E Guidance (1): Net Sales of Industrial Activities $27bn - $27.5bn Revised Up 1% - 2% @CC vs. FY 2018 Adjusted diluted EPS (2) $0.84 - $0.88 Confirmed up 5% - 10% vs. FY 2018 Net Industrial Debt $(0.4)bn - $(0.2)bn Confirmed down $0.2bn / $0.4bn Key Highlights Note: @CC means at constant currency Capex and R&D up year-over-year reaching >2.0% and 4% of sales respectively Operating Cash Flow ≥ than 2018 level Effective tax rate flat at 27%

Closing Remarks

Q2 2019 | IVECO S-WAY: the IVECO heavy duty truck for the next decade New Engine New Engine S-WAY | the 100% connected, driver-centric long haul truck IVECO: New S-WAY The on-road IVECO S-WAY is the first vehicle in the new IVECO WAY heavy range, developed to deliver a complete package of features and services focused on the driver, on sustainability and on an advanced level of connectivity-enabling new customized services. The IVECO S-WAY was launched at a global event held in Madrid on July 2nd, involving globally leading partners like Amazon, Shell and Microsoft IVECO “FIT CAB” and the “MAGIRUS Edition” Customer Centricity to win drivers back IVECO unveiled two concept trucks at the global launch of the new IVECO S WAY range: the new IVECO “FIT CAB” and the “MAGIRUS Edition”, these two special customer–centric concepts are build around the driver, have been received extremely well and will bring customers back 100% connected truck unlocks a world of new services and functionalities to optimise TCO New cab designed around the driver to provide superior driving comfort and quality of life on board Builds on the outstanding sustainable performance of the Brand’s heavy line, achieving further reductions in PM, NOx and CO2 emissions; it combines low TCO with low emissions IVECO S-WAY Natural Power remains the only LNG truck offering a range of up to 1,600 km for long haul missions with 460 hp. The only immediately available low-emission alternative to diesel in the heavy segment

Q2 2019 | New Product Highlights and Awards HEULIEZ BUS HEULIEZ BUS wins major order for electric buses from the Paris public transport operator, RATP. The order, worth €133mn was signed in May 2019 and is the largest fully electric bus order to date for HEULIEZ BUS. The vehicles will be delivered over a period of two years starting in 2020 New Engine New Engine WCM | Achievements The CASE Construction Equipment manufacturing facility in Burlington, U.S.A. and the CNH Industrial agricultural equipment plant in Harbin, China have both achieved Bronze status in the World Class Manufacturing (WCM) program. This important milestone for CASE, Case IH and New Holland Agriculture, represents further tangible proof of the Company’s commitment to the pursuit of world-class manufacturing excellence New Engine New Engine IVECO BUS IVECO BUS, officially delivered the first 15 hybrid electric Urbanway buses to STIB-MIVB (Brussels Intercommunal Transport Company). This delivery follows the agreement for the supply of 141 vehicles, which should be completed by 2020 New FPT INDUSTRIAL As part of our sustainability strategy, FPT Industrial has participated in the UK Anaerobic Digestion and World Biogas Expo 2019. Together with its sister brands IVECO and New Holland Agriculture, FPT Industrial has once again shown its leadership in Natural Gas by exhibiting its NG engines NEF 6-cylinder and Cursor 13. They are the power behind the New Holland Methane-powered concept tractor and the IVECO NP heavy truck line-up, respectively

Q2 2019 | 80:20 quarterly update Product complexity Reduction of SKU (*) Product complexity Reduction of SKU (*) Distribution complexity Reduction of direct customer count 48% 13% 60% 80:20 TRANSFORMATION North America Pilot roll-out in Construction North America progressing; first step reduction of configurations now at 48% starting in Q2 2019 with a target of 300 bps margin improvement at run rate (H2 2020) in North America, as well as a further dealer consolidation, leading to a 13% reduction of direct customer count Defined initial actions for Agriculture in North America in a specific perimeter of operation with 60% reduction of configurations Still under definition actions in After Market Solutions (AMS) in North America in both AG and CE Europe Following the roll-out in North America, started business simplification process activities in our AG and C&SV segments in Europe with expected positive impacts from 2020 onwards Construction Agriculture (*) SKU means: Stock Keeping Unit

H2 2019 | Looking ahead New Organization Organization streamlining via span of control and organizational layers optimization to become more customer centric, lean and agile; first stream of efficiency of labor cost savings in our G&A structure identified and under execution Industry sentiment AG: uncertainties related to the trade tensions remain unresolved, as well as residual effects from negative weather events CE: residential continues to be challenging offset by strength in public and infrastructure investments Trucks: European demand holding up at high level Capital Markets Day The Capital Markets Day will be held on September 3rd at the New York Stock Exchange

Appendix

Industrial Activities | Q2 2019 Net Sales Split Agriculture Q2 2019 | Split Chg. vs. Q2 ’18 Construction Q2 2019 | Split Chg. vs. Q2 ‘18 By region: By region: NA 36% 3% NA 52% (3%) EU 39% (10%) EU 17% (2%) SA 12% 7% SA 12% (4%) RoW 13% (24%) RoW 19% (14%) By product: By product: TRACTORS 56% (6.7%) C&S (*) 49% (4.2%) COMBINES 23% (9.1%) General CE (*) 42% (0.4%) OTHERS 21% (3.0%) R&S (*) 9% (26.8%) Commercial & Specialty Vehicles Q2 2019 | Split Chg. vs. Q2 ’18 Powertrain Q2 2019 | Split Chg. vs. Q2 ‘18 By region: By region: NA n.m. n.m. NA 2% (19%) EU 81% (7%) EU 75% (1%) SA 6% (27%) SA 6% 6% RoW 13% 4% RoW 17% (28%) By product: By product: TRUCKS 76% (8.7%) ENGINES 90% (7.2%) BUSES 18% (12.9%) TRANSM. 2% (14.2%) OTHERS 6% 87.8% AXLES 8% (5.0%) Note: Numbers may not add due to rounding (*) C&S: Compact and Service; General CE: General Construction; R&S : Road building and site preparation

Industrial Activities | H1 2019 Net Sales Split (*) C&S: Compact and Service Equipment; General CE: General Construction; R&S : Road building and site preparation Agriculture H1 2019 | Split Chg. vs. H1 ’18 Construction H1 2019 | Split Chg. vs. H1 ‘18 By region: By region: NA 35% 6% NA 50% (4%) EU 38% (7%) EU 19% (3%) SA 13% 2% SA 11% (6%) RoW 14% (27%) RoW 20% (11%) By product: By product: TRACTORS 57% (6%) C&S (*) 48% (7%) COMBINES 21% (6%) General CE (*) 43% 0% OTHERS 22% (2%) R&S (*) 9% (22%) Commercial & Specialty Vehicles H1 2019 | Split Chg. vs. H1 ’18 Powertrain H1 2019 | Split Chg. vs. H1 ‘18 By region: By region: NA n.m. n.m. NA 3% (13%) EU 81% (4%) EU 73% (7%) SA 6% (21%) SA 6% 0% RoW 13% (4%) RoW 18% (21%) By product: By product: TRUCKS 79% (7%) ENGINES 90% (10%) BUSES 16% (4%) TRANSM. 2% (16%) OTHERS 5% 38% AXLES 8% (9%) Note: Numbers may not add due to rounding

Reconciliation of Net Income (Loss) to Adj. EBIT and EBITDA by Segment (US GAAP) For Industrial Activities, net income / (loss) net of “ Results from intersegment investments” In the three months ended June 30, 2019, this item includes the pre-tax gain of $30 million, as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. ($mn) Q2 2019 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Financial Services Total Net Income (Loss) (1)           336 91 427 Add back:                 Interest expenses of Industrial Activities, net of interest income and eliminations           66   - 66 Foreign exchange (gains) losses, net 11 - 11 Finance and non-service component of Pension and other post-employment benefit costs(2)           (16) - (16) Income tax expense           104 31 135 Adjustments:                 Restructuring expenses 15 4 6 - 1 26 2 28 Adjusted EBIT 341 25 100 102 (41) 527 124 651 Depreciation and Amortization 69 15 47 31 - 162 1 163 Depreciation of assets under operating leases and assets sold with buy-back commitments - - 79 - - 79 59 138 Adjusted EBITDA 410 40 226 133 (41) 768 184   952

Reconciliation of Net Income (Loss) to Adj. EBIT and EBITDA by Segment (US GAAP) ($mn) Q2 2018 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Financial Services Total Net Income (Loss) (1)           306 102 408 Add back:                 Interest expenses of Industrial Activities, net of interest income and eliminations           88   - 88 Foreign exchange (gains) losses, net 97 - 97 Finance and non-service component of Pension and other post-employment benefit costs(2)           (4) - (4) Income tax expense           79 39 118 Adjustments:                 Restructuring expenses 1 - 3 1 - 5 - 5 Adjusted EBIT 396 33 92 108 (58) 571 141 712 Depreciation and Amortization 75 15 53 33 1 177 2 179 Depreciation of assets under operating leases and assets sold with buy-back commitments 1 - 94 - - 95 60 155 Adjusted EBITDA 472 48 239 141 (57) 843 203   1,046 For Industrial Activities, net income / (loss) net of “ Results from intersegment investments” In the three months ended June 30, 2018, this item included the pre-tax gain of $20 million, as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S.

Reconciliation of Net Income (Loss) to Adj. EBIT and EBITDA by Segment (US GAAP) For Industrial Activities, net income / (loss) net of “ Results from intersegment investments” In the six months ended June 30, 2019, this item includes the pre-tax gain of $60 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. ($mn) H1 2019 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Financial Services Total Net Income (Loss) (1)           505 186 691 Add back:                 Interest expenses of Industrial Activities, net of interest income and eliminations           119   - 119 Foreign exchange (gains) losses, net 20 - 20 Finance and non-service component of Pension and other post-employment benefit costs(2)           (31) - (31) Income tax expense           158 67 225 Adjustments:                 Restructuring expenses 18 4 11 - 1 34 2 36 Adjusted EBIT 509 38 151 198 (91) 805 255 1,060 Depreciation and Amortization 144 29 94 63 - 330 2 332 Depreciation of assets under operating leases and assets sold with buy-back commitments - - 158 - - 158 124 282 Adjusted EBITDA 653 67 403 261 (91) 1,293 381   1,674

Reconciliation of Net Income (Loss) to Adj. EBIT and EBITDA by Segment (US GAAP) ($mn) H1 2018 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Financial Services Total Net Income (Loss) (1)           405 205 610 Add back:                 Interest expenses of Industrial Activities, net of interest income and eliminations           181   - 181 Foreign exchange (gains) losses, net 122 - 122 Finance and non-service component of Pension and other post-employment benefit costs(2)           14 - 14 Income tax expense           102 79 181 Adjustments:                 Restructuring expenses 1 - 6 1 - 8 - 8 Adjusted EBIT 582 33 141 203 (127) 832 284 1,116 Depreciation and Amortization 154 31 108 67 1 361 3 364 Depreciation of assets under operating leases and assets sold with buy-back commitments 1 - 196 - - 197 126 323 Adjusted EBITDA 737 64 445 270 (126) 1,390 413   1,803 For Industrial Activities, net income / (loss) net of “ Results from intersegment investments” In the six months ended June 30, 2018, this item included the pre-tax gain of $20 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S.

Q2 & H1 2019 Reconciliation of Adj. net income and Adj. income tax (expense) to Net Income (loss) and Income tax (expense) and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP ($mn) H1 2019   H1 2018 Q2 2019   Q2 2018   691   610   Net income (loss) 427   408   (24)   (12)   Adjustments impacting Income (loss) before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates (a) (2)   (15)   11   3   Adjustments impacting Income tax (expense) (b) 5   4           678   601   Adjusted net income 430   397   658   583   Adjusted net income attributable to CNH Industrial N.V. 417   385   1,356   1,364   Weighted average shares outstanding – diluted (million) 1,356   1,361   0.49   0.43   Adjusted diluted EPS ($) 0.31   0.28   903   749   Income (loss) before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates 554   503   (24)   (12)   Adjustments impacting Income (loss) before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates (a) (2)   (15)   879   737   Adjusted income (loss) before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates (A) 552   488   (225)   (181)   Income Tax (expense) (135)   (118)   11   3   Adjustments impacting Income tax (expense) (b) 5   4   (214)   (178)   Adjusted income tax (expense) (B) (130)   (114)   24%   24%   Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) 24%   23%  

Q2 & H1 2019 ($mn) Reconciliation of Adj. net income and Adj. income tax (expense) to Net Income (loss) and Income tax (expense) and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP H1 2019   H1 2018   Q2 2019   Q2 2018   (a) Adjustments impacting Income (loss) before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates 36 8 Restructuring expenses 28 5 (60) (20) Pre-Tax gain related to the modification of certain healthcare benefits in the U.S. (30) (20) (24) (12) Total (2) (15)   (b) Adjustments impacting Income tax (expense) 8 3 Tax effect of adjustments impacting Income (loss) before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates 2 4 3 - Other 3 - 11 3 Total 5 4

Q2 2019 | Investment in Future Growth Total spending in new products was $189mn in Q2 2019, up 10% vs. last year Digitalization; Electrification; Autonomous & Telematics Regulatory Other New Products and Upgrades (1) Excluding assets sold under buy-back commitments and assets under operating leases Capex at $103mn up 6% vs. Q2 2018 Capex at 1.5% of net sales in Q2 2019 CAPEX (1) ($mn) R&D at $273mn up 4% vs. Q2 2018 R&D running around 4% of net sales in Q2 2019, in line with full year expectation R&D 97 103 2018 2019 Q2 H1 158 180 2018 2019 262 273 2018 2019 Q2 H1 489 517 2018 2019

Capex (1) (1) Excluding assets sold under buy-back commitments and assets under operating leases Q2 2019 Q2 2018 H1 2019 H1 2018 Investments in property, plant and equipment, and intangible assets (1) 103 97 180 158 Breakdown by Category NEW PRODUCT & TECHNOLOGY 48% 46% 45% 35% MAINTENANCE & OTHER 48% 47% 51% 58% INDUSTRIAL CAPACITY EXPANSION & LT INVESTMENTS 4% 7% 4% 7% Breakdown by Segment AGRICULTURAL 36% 44% 42% 45% CONSTRUCTION 7% 7% 7% 8% COMMERCIAL & SPECIALTY VEHICLES 46% 36% 39% 34% POWERTRAIN 11% 13% 12% 13% ($mn)

Reconciliation of Net cash provided by (used in) Operating Activities to Free cash flow of Industrial Activities (US GAAP) (1)   This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments. ($mn)   Q2 2019 Q2 2018   H1 2019 H1 2018 Net cash provided by (used in) Operating Activities 248 801 (503) 727 Net cash (provided by) used in Operating Activities of Financial Services 280 107 210 (425) Intersegment eliminations 125 39 132 91 Net cash provided by (used in) Operating Activities of Industrial Activities 653 947 (161) 393 Change in derivatives hedging debt of Industrial Activities (*) 3 1 6 (3) Investments on buy back and operating lease assets of Industrial Activities (161) (138) (261) (334) Operating cash flow of Industrial Activities 495 810 (416) 56 Investments in property, plant and equipment, and intangible assets of Industrial Activities (103) (97) (180) (158) Other changes (1) (10) (32) (33) (42) Free cash flow of Industrial Activities 382 681   (629) (144) (*) Not included in Net Industrial Debt definition

Liquidity & Debt Maturity 1 Represents cash portion of debt maturities as of 06/30/2019 2 Of which $0.7bn Restricted Cash Undrawn M/T unsecured Committed Lines Bank Debt Capital Market Cash Other Available Liquidity ($bn) Available liquidity at June 30, 2019 was $9.9bn, compared to $10.0bn at March 31, 2019 $4.3bn of cash & cash equivalents (2) $5.5bn undrawn under medium-term committed unsecured credit lines Q2 2019 | Highlights Debt Maturity Schedule (1) ($bn) 9.9 (2.0) (2.6) (2.0) (1.5) (1.4) (3.4) As of 06/30/19 2019 2020 2021 2022 2023 Beyond

Reconciliation of Total Debt to Net Debt (US GAAP) Jun 30, 2019 Dec 31, 2018 Jun 30, 2019 Dec 31, 2018 Jun 30, 2019 Dec 31, 2018 Third party debt (24,369) (24,445) (5,170) (5,211) (19,199) (19,234) Intersegment notes payable - - (1,274) (1,136) (1,592) (1,202) Total (Debt) (1) (24,369) (24,445) (6,444) (6,347) (20,791) (20,436) Plus:       Cash and cash equivalents 3,659 5,031 3,276 4,553 383 478 Restricted cash 687 772 54 - 633 772 Intersegment notes receivables - - 1,592 1,202 1,274 1,136 Derivatives hedging debt (2) (8) (2) (8) - - Net (Debt) / Cash (2) (20,025) (18,650) (1,524) (600) (18,501) (18,050) Consolidated Industrial Activities Financial Services ($mn) (1) Total Debt of Industrial Activities includes Intersegment notes payable to Financial Services of $1,274 million and $1,136 million as of June 30, 2019 and December 31, 2018, respectively. Total Debt of Financial Services includes Intersegment notes payable to Industrial Activities of $1,592 million and $1,202 million as of June 30, 2019 and December 31, 2018, respectively. (2) The net intersegment receivable/payable balance owed by Financial Services to Industrial Activities was $318 million and $66 million as of June 30, 2019 and December 31, 2018, respectively.

From Total Debt to Net Industrial Debt Jun 30, 2019 Dec 31, 2018 Total (Debt) (1) (24,369) (24,445) Financial Services Third Party Debt 19,199 19,234 Intersegment Note Payables (1,274) (1,136) Intersegment Note Receivables 1,592 1,202 Cash and cash equivalents 3,276 4,553 Restricted cash 54 - Derivatives hedging debt (2) (8) Net Industrial (Debt) / Cash (2) (1,524) (600) Q2 2019 Q2 2018 Net (debt)/cash of Industrial Activities at beginning of period (1,521) (1,923) Adjusted EBITDA of Industrial Activities 768 843 Cash interest and taxes (111) (128) Changes in provisions and similar(1) (27) (145) Change in working capital (135) 240 Operating cash flow of Industrial Activities 495 810 Investments in property, plant and equipment, and intangible assets(2) (103) (97) Other changes (10) (32) Free cash flow of Industrial Activities 382 681 Capital increases and dividends(3) (322) (281) Currency translation differences and other (63) 232 Change in Net debt of Industrial Activities (3) 632 Net (debt)/cash of Industrial Activities at end of period (1,524) (1,291) (1) Total Debt of Industrial Activities includes Intersegment notes payable to Financial Services of $1,274mn and $1,136 million as of June 30, 2019 and December 31, 2018, respectively. Total Debt of Financial Services includes Intersegment notes payable to Industrial Activities of $1,592 million and $1,202 million as of June 30, 2019 and December 31, 2018, respectively. (2) The net intersegment receivable/payable balance owed by Financial Services to Industrial Activities was $318 million and $66 million as of June 30, 2019 and December 31, 2018, respectively. ($mn) (1) Including other cash flow items related to operating lease and buy-back activities. (2) Excluding assets sold under buy-back commitments and assets under operating leases. (3) Including share buy-back transactions.

Debt Maturity Schedule | Breakdown Outstanding Jun 30, 2019 2019 2020 2021 2022 2023 2024 Beyond (4.0) Bank Debt (0.8) (1.9) (0.6) (0.3) (0.2) (0.1) (0.1) (8.9) Capital Market (1.1) (0.7) (1.5) (1.2) (1.2) (0.5) (2.7) (0.1) Other Debt (0.1) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (13.0) Cash Portion of (Debt) Maturities (2.0) (2.6) (2.0) (1.5) (1.4) (0.7) (2.7) 4.3 Cash & Cash Equivalents 0.7 of which restricted cash 5.5 Undrawn Committed credit lines 9.9 Total Available Liquidity Note: Numbers may not add due to rounding ($mn)

Total Equity – US GAAP to EU-IFRS | Reconciliation Jun 30, 2019 Dec 31, 2018 Total Equity in accordance with US GAAP 5,489 5,068 Development costs 2,308 2,344 Other adjustments (50) (65) Tax impact on adjustments and other income tax differences 135 125 Total adjustment 2,393 2,404 Total Equity in accordance with IFRS 7,882 7,472 ($mn)

Europe Trucks | Company performance (*) Europe: 27 countries reflecting key markets where the segment competes (excluding United Kingdom and Ireland for market share reporting purposes); (1) Company’s estimated market share in the European truck market (GVW ≥3.5 tons) Q2         2016 2017 2018 2019             MKT SHARE(1) Light (3.5-7.49t) 14.5% 14.5% 14.2% 12.8% M&H (≥7.5t) 9.8% 9.4% 8.5% 6.3%   Europe (*) 12.7% 12.6%  12.2% 10.3% B-TO-B Light (3.5-7.49t) 0.90 0.93 0.80 0.89 M&H (≥7.5t) 1.09 0.95 0.78 0.96   Europe 0.95 0.94 0.79 0.91           Δ 16/17 Δ 17/18 Δ 18/19         MKT SHARE(1) Light (3.5-7.49t)   0.0 p.p. (0.3) p.p. (1.4) p.p. M&H (≥7.5t)   (0.4) p.p. (0.9) p.p. (2.2) p.p.   Europe (*)   (0.1) p.p. (0.4) p.p. (1.8) p.p. ORDERS Light (3.5-7.49t)   (3%) (8%) 8% M&H (≥7.5t)   (13%) (35%) 10%   Europe   (6%) (16%) 9% DELIVERIES Light (3.5-7.49t)   (6%) 8% (4%) M&H (≥7.5t)   0% (22%) (10%)   Europe   (4%) (1%) (5%)

Europe Trucks | Company performance (*) Europe: 27 countries reflecting key markets where the segment competes (excluding United Kingdom and Ireland for market share reporting purposes); (1) Company’s estimated market share in the European truck market (GVW ≥3.5 tons) H1         2016 2017 2018 2019             MKT SHARE(1) Light (3.5-7.49t) 14.5% 14.4% 14.0% 12.9% M&H (≥7.5t) 9.3% 9.3% 8.3% 6.2%   Europe (*) 12.5% 12.4%  11.9% 10.4% B-TO-B Light (3.5-7.49t) 1.11 1.07 1.04 1.04 M&H (≥7.5t) 1.12 1.05 0.92 1.03   Europe 1.11 1.07 1.01 1.04           Δ 16/17 Δ 17/18 Δ 18/19         MKT SHARE(1) Light (3.5-7.49t)   (0.1) p.p. (0.4) p.p. (1.1) p.p. M&H (≥7.5t)   0.0 p.p. (1.0) p.p. (2.1) p.p.   Europe (*)   0.0 p.p. (0.5) p.p. (1.5) p.p. ORDERS Light (3.5-7.49t)   (6%) 5% 3% M&H (≥7.5t)   (7%) (23%) (8%)   Europe   (6%) (3%) (0%) DELIVERIES Light (3.5-7.49t)   (3%) 8% 2% M&H (≥7.5t)   (2%) (11%) (19%)   Europe   (3%) 2% (3%)

New Geographic Information Starting from Q1 2019 the composition of our regions part of the geographic information have been amended as follow: North America (formerly NAFTA): United States, Canada and Mexico; Europe (member  countries  of  the  European  Union, European Free Trade Association, Ukraine, Balkans, formerly included in EMEA); South America (formerly LATAM): Central and South America, and the Caribbean Islands; and Rest of World (Continental Asia - including Turkey and Russia - Oceania and member countries of the Commonwealth of Independent States (excluding Ukraine) ; African continent, and Middle East, formerly included in EMEA). Market Share / Market Position Data Certain industry and market share information in this report has been presented on a worldwide basis which includes all countries. In this presentation, management estimates of past market-share information are generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various Rest of the World markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers’ in North America, the Committee for European Construction Equipment in Europe, the ANFAVEA in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by an independent service bureau. Not all agricultural or construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Russia, Turkey, Brazil, and any country where local shipments are not reported. For Commercial Vehicles regions are defined as: Europe (the EU 27 countries where Commercial Vehicles competes, excluding United Kingdom and Ireland, for market share and total industry volume “TIV” reporting purpose); South America (Brazil, Argentina and Venezuela) and RoW (Russia, Turkey, South East Asia, Australia, New Zealand). In addition, there may be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be estimated, in making any adjustments to the shipment, delivery, sale, or registration data to determine our estimates of retail unit data in any period.

Non-GAAP Financial Measures CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH Industrial’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP or EU-IFRS and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP and/or EU-IFRS. CNH Industrial non-GAAP financial measures are defined as follows: Adjusted EBIT: is defined as net income (loss) before income taxes, interest expenses of Industrial Activities, net, restructuring expenses, the finance and non-service component of pension and other postemployment benefit costs, foreign exchange gains/(losses), and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities. Adjusted EBITDA: is defined as Adjusted EBIT plus depreciation and amortization (including on assets sold under operating leases and assets sold under buy-back commitments). Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax. Adjusted Diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH Industrial share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Adjusted Income Taxes:is defined as income taxes less the tax effect of restructuring expenses and non-recurring items and non-recurring tax charges or benefits. Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items. Net Debt and Net Debt of Industrial Activities (or Net Industrial Debt): Net Debt is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash and derivative hedging debt. CNH Industrial provides the reconciliation of Net Debt to Total Debt, which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Debt of Industrial Activities. Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities, only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under buy-back commitments, assets under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations Available Liquidity: is defined as cash and cash equivalents plus restricted cash and undrawn committed facilities. Change excl. FX or Constant Currency: CNH Industrial discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations. The tables attached to this presentation provide reconciliations of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures.

Investor Relations Team e-mail: investor.relations@cnhind.com website: www.cnhindustrial.com Federico Donati – Head of Global Investor Relations ( +44 (207) 76 - 60386 ( +39 (011) 00 - 71929 Noah Weiss – Investor Relations North America ( +1 (630) 887 - 3745 Giovanni Somajni – Investor Relations Europe ( +44 (207) 76 - 60369