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 May 2021

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 May 2021

The following exhibits are furnished herewith:

Exhibit 99.1

Press release, dated May 5, 2021, titled: “CNH Industrial reports record first quarter. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32, and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with strong performance from all segments year over year. Industrial Activities net cash of $0.6 billion at March 31, 2021, with free cash flow seasonally negative by $0.4 billion.”

Exhibit 99.2

CNH Industrial N.V. First Quarter 2021 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

May 5, 2021

Index of Exhibits

Exhibit Number	Description of Exhibit
Exhibit 99.1	Press release, dated May 5, 2021, titled: “CNH Industrial reports record first quarter. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32, and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with strong performance from all segments year over year. Industrial Activities net cash of $0.6 billion at March 31, 2021, with free cash flow seasonally negative by $0.4 billion.”
Exhibit 99.2	CNH Industrial N.V. First Quarter 2021 Results Review Presentation

EX-99.1

Exhibit 99.1

PRESS RELEASE

2021 FIRST QUARTER RESULTS

CNH Industrial reports record first quarter. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32, and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with strong performance from all segments year over year. Industrial Activities net cash of $0.6 billion at March 31, 2021, with free cash flow seasonally negative by $0.4 billion.

Financial results presented under U.S. GAAP

“Our robust start to 2021 reflects both elevated demand from our end markets and the impressive performance of this entire CNH Industrial team. We overcame unprecedented supply chain challenges, rising commodity costs and the persistent impact of COVID-19 to deliver solid revenue growth and margin expansion, also above Q1 2019 performance, which testifies to the commitment, drive and ingenuity of our global workforce. Consistent with our emphasis on customer and dealer satisfaction, we made new technology investments in Monarch Tractor and Augmenta and are excited about the innovative products and services we will bring to market. All our businesses and brands executed well, and we were particularly encouraged by the strong results Agriculture delivered. And with our refocused efforts on the spin, the outperformance of Iveco and our On-Highway business was timely. With healthy momentum in our markets, agile and improving execution across our businesses, and an ambitious but achievable strategy in place, the CNH Industrial team is well-positioned for the rest of the year and beyond.”

Scott Wine, Chief Executive Officer

2021 First Quarter Results

(all amounts $ million, unless otherwise stated – comparison vs Q1 2020)

US-GAAP						NON-GAAP(1)
Consolidated revenues	7,473	+37	%	+32%c.c.	(*)	Adjusted EBIT of Industrial Activities	545		+468	%
of which Net sales of Industrial Activities	7,043	+41	%	+36%c.c.		Adjusted EBIT Margin of Industrial Activities	7.7	%	+1,070	bps
Net income	425	+479				Adjusted net income	454		+520
Diluted EPS $	0.30	+0.35				Adjusted diluted EPS $	0.32		+0.38
Cash flow from operating activities	372	+904				Free cash flow of Industrial Activities	(371	)	+1,152
Cash and cash equivalents	7,059	-1,726	(**)			Available liquidity	13,886		-1,985	(**)

(*) c.c. means at constant currency                (**) comparison vs December 31, 2020

Net sales of Industrial Activities of $7,043 million, up 41% due to higher volumes driven by strong industry demand, particularly in Agriculture and Commercial and Specialty Vehicles, together with favorable price realization, primarily in Agriculture.

Adjusted EBIT of Industrial Activities of $545 million (loss of $148 million in Q1 2020), with all segments up year over year. Agriculture adjusted EBIT margin above 13%, Powertrain above 9% and Construction at 3.8%. Commercial and Specialty Vehicles adjusted EBIT of $76 million, the highest in Q1 since 2013.

Adjusted net income of $454 million, with adjusted diluted earnings per share of $0.32 (adjusted net loss of $66 million in Q1 2020, with adjusted diluted loss per share of $0.06).

Reported income tax expense of $157 million and adjusted income tax expense⁽¹⁾ of $143 million, with adjusted effective tax rate (adjusted ETR⁽¹⁾) of 25%, which reflects jurisdictional mix of pre-tax results and net discrete tax charges.

Free cash flow of Industrial Activities was negative $0.4 billion as a result of lower than historical seasonal working capital cash absorption. Total Debt of $23.8 billion at March 31, 2021 ($26.1 billion at December 31, 2020). Industrial Activities net cash⁽¹⁾ position at $0.6 billion, a decrease of $0.2 billion from December 31, 2020.

Available liquidity at $13.9 billion as of March 31, 2021. On February 26, 2021, CNH Industrial N.V. extended by one year, to March 2026, its syndicated committed revolving credit facility for €3,950.5 million. In March 2021, CNH Industrial Finance Europe S.A. repurchased all its outstanding notes due May 23, 2022 equaling €316 million (~$371 million).

General improvement in market demand and in customer sentiment reflected increased economic activity globally and stronger commodity prices. We remain cautious about the future impacts on CNH Industrial’s end-markets and operations of restrictions on social interactions and business operations to limit the resurgence of the COVID-19 pandemic.

Furthermore, rising demand is adding pressure to our supply chain, requiring diligent coordination to keep our production at desired levels. Adverse market trends in raw materials (particularly steel), freight and logistics costs have impacted our product cost performance in Q1. Increasing input costs are expected in Q2, and pressure is likely to continue throughout the remainder of the year.

Order book in Agriculture more than doubled year over year for both tractors and combines, driven by strong growth in North America for tractors, and in South America for combines.

Construction order book up year over year in both Heavy and Light sub-segments, with increases in all regions.

Truck order intake in Europe up 96% year over year, with light duty trucks up 95%, and medium & heavy-duty trucks up 101%.

2021 Outlook

The Company expects strong demand to continue across regions and segments. To best serve our customers, supply chain management will remain diligent to address surging raw material prices, freight and logistics costs expected throughout the remainder of the year. Positive price realization will partially offset supply chain challenges.

As a result, the Company is updating the 2021 outlook for its Industrial Activities as follows:

• Net sales^(***) up between 14% and 18% year on year including currency translation effects

• SG&A expenses lower/equal to 7.5% of net sales

• Free cash flow positive between $0.6 billion and $1.0 billion

• R&D expenses and capital expenditures at ~ $2.0 billion.

Refer to section “Notes” at page 3 for an explanation of the items referenced on this page and to page 10 onwards for the reconciliations (***) Net sales reflecting the exchange rate of 1.20 EUR/USD 1

PRESS RELEASE

AGRICULTURE										In North America, tractor demand was up 53% for tractors under 140 HP, and up 15% for tractors over 140 HP; combines were up 17%. In Europe, tractor and combine demand were up 20% and 14%, respectively. South America tractor demand was up 31% and combine demand was up 28%. Significant increase in demand for tractors and combines was also noted in Rest of World. Net sales were up 35%, mainly due to higher industry demand, better mix, favorable price realization and reduced destocking actions. Adjusted EBIT was $399 million, with Adjusted EBIT margin at 13.1%. The $375 million increase was driven by higher volumes, favorable mix, positive price realization and improved income from non-consolidated joint ventures. Higher raw material and freight costs partially offset favorable product cost and quality performances.
		Q1 2021		Q1 2020		Change		Change at c.c.(*)
	Net sales ($ million)		3,038		2,244		+35.4%		+13.8%
	Adjusted EBIT ($ million)		399		24		+375
	Adjusted EBIT margin		13.1%		1.1%		+1,200		bps

CONSTRUCTION											Global demand for construction equipment increased in both Heavy and Light sub-segments, with Heavy up 38% and Light up 24%. Demand increased 41% in both Rest of World and South America, 25% in North America, but decreased 2% in Europe. Net sales were up 55%, as a result of higher volumes, re-alignment of production levels to retail performance, and better price realization. Adjusted EBIT increased $108 million due to favorable volume and mix, positive price realization and positive fixed cost absorption, partially offset by higher purchasing and freight costs. Adjusted EBIT margin at 3.8%.
		Q1 2021		Q1 2020			Change		Change at c.c.(*)
	Net sales ($ million)		656		422			+55.5%		+55.2%
	Adjusted EBIT ($ million)		25		(83	)		+108
	Adjusted EBIT margin		3.8%		(19.7	)%		+2,350		bps

COMMERCIAL AND SPECIALTY VEHICLES											European truck market was up 22% year over year, with light-duty trucks (“LCV”) up 24%, while medium and heavy trucks (“M&H”) were up 17%. South American truck market was up 17% in LCV and up 32% in M&H. Order book is strong across all regions. Bus market decreased 19% in both Europe and South America. Net sales were up 39%, primarily driven by higher truck volumes. Adjusted EBIT was $76 million, with Adjusted EBIT margin at 2.7%. The $132 million increase was driven by higher volumes and positive price realization.
		Q1 2021		Q1 2020			Change		Change at c.c.(*)
	Net sales ($ million)		2,805		2,021			+38.8%		+30.4%
	Adjusted EBIT ($ million)		76		(56	)		+132
	Adjusted EBIT margin		2.7%		(2.8	)%		+550		bps

POWERTRAIN										Net sales were up 64% due to higher sales volume. Sales to external customers accounted for 47% of total net sales (44% in Q1 2020). Adjusted EBIT increased $84 million to $115 million, with Adjusted EBIT margin at 9.3%, due to favorable volume and mix, partially offset by higher freight costs and higher spending for regulatory programs.
		Q1 2021		Q1 2020		Change		Change at c.c.(*)
	Net sales ($ million)		1,234		753		+63.9%		+52.3%
	Adjusted EBIT ($ million)		115		31		+84
	Adjusted EBIT margin		9.3%		4.1%		+520		bps

FINANCIAL SERVICES										Revenues were down 8% due to lower average portfolio in North America and lower off-lease equipment sales, partially offset by higher loan yields in North America and higher average portfolios in Europe, South America and Rest of World. Net income increased $11 million to $91 million, primarily as a result of lower risk costs, favorable retail margin in North America and lower losses on used equipment sales. The managed portfolio (including unconsolidated joint ventures) was $25.8 billion at the end of the quarter, up $1.1 billion compared to March 31, 2020 (flat on a constant currency basis). The receivable balance greater than 30 days past due as a percentage of receivables was 2.1% (2.6% as of March 31, 2020).
		Q1 2021		Q1 2020		Change		Change at c.c.(*)
	Revenues ($ million)		448		489		-8.4%		-8.5%
	Net income ($ million)		91		80		+11
	Equity at quarter-end ($ million)		2,967		2,639		+328
	Retail loan originations ($ million)		2,449		2,120		+15.5%

Refer to section “Notes” at page 3 for an explanation of the items referenced on this page and to page 10 onwards for the reconciliations 2

PRESS RELEASE

Notes

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.

(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. 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.

(*) c.c. means at constant currency.

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 of Industrial Activities under U.S. GAAP: is defined as net income (loss) before income taxes, Financial Services’ results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. 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 EBIT of Industrial Activities under EU-IFRS: is defined as profit/(loss) before taxes, Financial Services’ results, Industrial Activities’ financial expenses, restructuring costs, and certain non-recurring items.

• 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.

• Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and derivative hedging debt. CNH Industrial provides the reconciliation of Net Cash (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 Cash (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, undrawn medium-term unsecured committed facilities and other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties).

• 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 under “2021 Outlook” and statements regarding our future responses to and effects of the COVID-19 pandemic; 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, liquidity, 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, including those related to the COVID- 19 pandemic, 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 they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, 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 unknown duration and economic, operational and financial impacts of the global COVID-19 pandemic and the actions taken or contemplated by governmental authorities or others in connection with the pandemic on our business, our employees, customers and suppliers, including supply chain disruptions caused by mandated shutdowns and the adverse impact on customers, borrowers and other third parties to fulfill their obligations to us; disruption caused by business responses to COVID-19, including remote working arrangements, which may create increased vulnerability to cybersecurity or data privacy incidents; our ability to execute business continuity plans as a result of COVID-19; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, including demand uncertainty caused by COVID-19;

3

PRESS RELEASE

general economic conditions in each of our markets, including the significant economic uncertainty and volatility caused by COVID-19; travel bans, border closures, other free movement restrictions, and the introduction of social distancing measures in our facilities may affect in the future our ability to operate as well as the ability of our suppliers and distributors to operate; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining 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; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; 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; price pressure on new and 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; further developments of the COVID-19 pandemic on our operations, supply chains, distribution network, and level of demand for our products, as well as negative evolutions of the economic and financial conditions at global and regional levels; political and civil unrest; volatility and deterioration of capital and financial markets, including possible effects of “Brexit”, other pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; the impact of significant or unanticipated material extraordinary transactions or any business combinations and other similar transaction on our businesses, our 2021 Outlook and other financial or business projections; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures; expected benefits and costs of the proposed spin-off of the Company’s On-Highway business; the expected timing of completion of the spin-off transaction; the ability of the Company to complete the spin-off transaction considering the various conditions to the completion of the spin-off transaction (some of which are outside the Company’s control); business disruption during the pendency of or following the spin-off transaction, diversion of management time on the spin-off transaction-related issues, 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, 2020, prepared in accordance with U.S. GAAP and in the Company’s EU Annual Report at December 31, 2020, prepared in accordance with EU-IFRS. Investors are expressly invited to refer to and consider the information on risks, factors, and uncertainties incorporated in the above-mentioned documents, in addition to the information presented here.

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, whether as a result of new developments or otherwise. The impact of COVID-19 has already exacerbated and is expected to further exacerbate all or part of the risks discussed in this section. 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.

Conference Call and Webcast

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 first quarter 2021 results to financial analysts and institutional investors. The call can be followed live online at http://bit.ly/CNH_Industrial_Q1_2021 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.

London,  May 5, 2021

CONTACTS

Media Inquiries

United Kingdom

Richard Gadeselli

Tel: +44 207 7660 346

Francesco Polsinelli

Tel: +39 335 177 6091

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

4

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020

(Unaudited, U.S.-GAAP)

	Three Months Ended March 31,
($ million)	2021			2020
Revenues
Net sales		7,043			4,993
Finance, interest and other income		430			468
TOTAL REVENUES		7,473			5,461
Costs and Expenses
Cost of goods sold		5,733			4,414
Selling, general and administrative expenses		540			526
Research and development expenses		263			214
Restructuring expenses		2			5
Interest expense		161			181
Other, net		217			197
TOTAL COSTS AND EXPENSES		6,916			5,537
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		557			(76	)
Income tax (expense) benefit		(157	)		23
Equity in income (loss) of unconsolidated subsidiaries and affiliates		25			(1	)
NET INCOME (LOSS)		425			(54	)
Net income attributable to noncontrolling interests		17			11
NET INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		408			(65	)
(in $)
Earnings (loss) per share attributable to common shareholders
Basic		0.30			(0.05	)
Diluted		0.30			(0.05	)
Cash dividends declared per common share		-			-

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, 2020 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.

5

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020

(Unaudited, U.S.-GAAP)

($ million)	March 31, 2021		December 31, 2020
ASSETS
Cash and cash equivalents		7,059		8,785
Restricted cash		908		844
Trade receivables, net		493		506
Financing receivables, net		17,750		18,457
Inventories, net		6,880		6,022
Property, plant and equipment, net		4,574		4,923
Investments in unconsolidated subsidiaries and affiliates		499		529
Investments at fair value through profit and loss		357		392
Equipment under operating leases		1,943		1,978
Goodwill, net		1,922		1,924
Other intangible assets, net		753		772
Deferred tax assets		1,368		1,451
Derivative assets		138		160
Other assets		2,061		1,976
TOTAL ASSETS		46,705		48,719
LIABILITIES AND EQUITY
Debt		23,805		26,053
Trade payables		6,465		6,357
Deferred tax liabilities		119		112
Pension, postretirement and other postemployment benefits		1,556		1,617
Derivative liabilities		156		139
Other liabilities		9,098		9,412
Total Liabilities		41,199		43,690
Redeemable noncontrolling interest		41		40
Equity		5,465		4,989
TOTAL LIABILITIES AND EQUITY		46,705		48,719

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, 2020 included in the Annual Report on Form 20-F. These Condensed Consolidated Balance Sheets represent the consolidation of all CNH Industrial N.V. subsidiaries.

6

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020

(Unaudited- U.S.-GAAP)

	Three Months Ended March 31,
($ million)	2021			2020
Operating activities:
Net income (loss)		425			(54	)
Adjustments to reconcile net income (loss) 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		151			155
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments		136			128
Loss on repurchase of notes		8			-
Undistributed income of unconsolidated subsidiaries		18			7
Other non-cash items		78			39
Changes in operating assets and liabilities:
Provisions		24			(152	)
Deferred income taxes		41			(32	)
Trade and financing receivables related to sales, net		132			644
Inventories, net		(902	)		(551	)
Trade payables		289			(504	)
Other assets and liabilities		(28	)		(212	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		372			(532	)
Investing activities:
Additions to retail receivables		(1,077	)		(926	)
Collections of retail receivables		1,191			1,035
Proceeds from sale of assets, net of assets under operating leases and assets sold under buy-back commitments		-			5
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and assets sold under buy-back commitments		(71	)		(63	)
Expenditures for assets under operating leases and assets sold under buy-back commitments		(297	)		(256	)
Other		64			127
NET CASH USED IN INVESTING ACTIVITIES		(190	)		(78	)
Financing activities:
Net decrease in debt		(1,593	)		(194	)
Dividends paid		(1	)		(1	)
NET CASH USED IN FINANCING ACTIVITIES		(1,594	)		(195	)
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		(250	)		(264	)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(1,662	)		(1,069	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		9,629			5,773
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		7,967			4,704

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, 2020 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.

7

PRESS RELEASE

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the three months ended March 31, 2021 and 2020

(Unaudited, U.S.-GAAP)

	Three Months Ended March 31, 2021												Three Months Ended March 31, 2020
($ million)	Industrial Activities(1)			Financial Services			Eliminations			Consolidated			Industrial Activities(1)			Financial Services			Eliminations			Consolidated
Revenues
Net sales		7,043			-			-			7,043			4,993			-			-			4,993
Finance, interest and other income		16			448			(34	) (2)		430			15			489			(36	) (2)		468
TOTAL REVENUES		7,059			448			(34	)		7,473			5,008			489			(36	)		5,461
Costs and Expenses
Cost of goods sold		5,733			-			-			5,733			4,414			-			-			4,414
Selling, general and administrative expenses		486			54			-			540			464			62			-			526
Research and development expenses		263			-			-			263			214			-			-			214
Restructuring expenses		2			-			-			2			5			-			-			5
Interest expense		82			113			(34	) (3)		161			74			143			(36	) (3)		181
Other, net		54			163			-			217			15			182			-			197
TOTAL COSTS AND EXPENSES		6,620			330			(34	)		6,916			5,186			387			(36	)		5,537
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		439			118			-			557			(178	)		102			-			(76	)
Income tax (expense) benefit		(124	)		(33	)		-			(157	)		53			(30	)		-			23
Equity in income (loss) of unconsolidated subsidiaries and affiliates		19			6			-			25			(9	)		8			-			(1	)
NET INCOME (LOSS)		334			91			-			425			(134	)		80			-			(54	)

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.

(2) Elimination of Financial Services’ interest income earned from Industrial Activities.

(3) Elimination of Industrial Activities’ interest expense to Financial Services.

CNH INDUSTRIAL N.V.

Supplemental Balance Sheets as of March 31, 2021 and December 31, 2020

(Unaudited, U.S.-GAAP)

	March 31, 2021									December 31, 2020
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)		Financial Services		Eliminations			Consolidated
ASSETS
Cash and cash equivalents		6,590		469		-			7,059		8,017		768		-			8,785
Restricted cash		104		804		-			908		99		745		-			844
Trade receivables, net		491		22		(20	) (2)		493		508		23		(25	) (2)		506
Financing receivables, net		1,217		18,850		(2,317	) (3)		17,750		902		19,428		(1,873	) (3)		18,457
Inventories, net		6,851		29		-			6,880		5,981		41		-			6,022
Property, plant and equipment, net		4,573		1		-			4,574		4,922		1		-			4,923
Investments in unconsolidated subsidiaries and affiliates		232		267		-			499		256		273		-			529
Investments at fair value through profit and loss		357		-		-			357		392		-		-			392
Equipment under operating leases		54		1,889		-			1,943		65		1,913		-			1,978
Goodwill, net		1,766		156		-			1,922		1,767		157		-			1,924
Other intangible assets, net		736		17		-			753		755		17		-			772
Deferred tax assets		1,359		166		(157	) (4)		1,368		1,422		189		(160	) (4)		1,451
Derivative assets		89		67		(18	) (5)		138		103		76		(19	) (5)		160
Other assets		2,005		158		(102	) (2)		2,061		1,919		172		(115	) (2)		1,976
TOTAL ASSETS		26,424		22,895		(2,614	)		46,705		27,108		23,803		(2,192	)		48,719
LIABILITIES AND EQUITY
Debt		7,434		18,688		(2,317	) (3)		23,805		8,288		19,638		(1,873	) (3)		26,053
Trade payables		6,259		230		(24	) (2)		6,465		6,167		220		(30	) (2)		6,357
Deferred tax liabilities		15		261		(157	) (4)		119		14		258		(160	) (4)		112
Pension, postretirement and other postemployment benefits		1,535		21		-			1,556		1,597		20		-			1,617
Derivative liabilities		122		52		(18	) (5)		156		102		56		(19	) (5)		139
Other liabilities		8,520		676		(98	) (2)		9,098		8,842		680		(110	) (2)		9,412
Total Liabilities		23,885		19,928		(2,614	)		41,199		25,010		20,872		(2,192	)		43,690
Redeemable noncontrolling interest		41		-		-			41		40		-		-			40
Equity		2,498		2,967		-			5,465		2,058		2,931		-			4,989
TOTAL LIABILITIES AND EQUITY		26,424		22,895		(2,614	)		46,705		27,108		23,803		(2,192	)		48,719

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.

(2) Eliminations of primarily receivables/payables between Industrial Activities and Financial Services.

(3) Eliminations of financing receivables/payables between Industrial Activities and Financial Services.

(4) Reclassification of deferred tax assets/liabilities in the same jurisdiction and reclassification needed for appropriate consolidated presentation.

(5) Elimination of derivative assets/liabilities between Industrial Activities and Financial Services.

8

PRESS RELEASE

CNH INDUSTRIAL N.V.

Supplemental Statements of Cash Flows for the three months ended March 31, 2021 and 2020

(Unaudited- U.S.-GAAP)

	Three Months Ended March 31, 2021												Three Months Ended March 31, 2020
($ million)	Industrial Activities(1)			Financial Services			Eliminations			Consolidated			Industrial Activities(1)			Financial Services			Eliminations			Consolidated
Operating activities:
Net income (loss)		334			91			-			425			(134	)		80			-			(54	)
Adjustments to reconcile net income (loss) 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		150			1			-			151			155			-			-			155
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments		68			68			-			136			65			63			-			128
Loss on repurchase of notes		8			-			-			8			-			-			-			-
Undistributed income (loss) of unconsolidated subsidiaries		26			(6	)		(2	)  (2)		18			55			(8	)		(40	)  (2)		7
Other non-cash items		64			14			-			78			15			24			-			39
Changes in operating assets and liabilities:
Provisions		25			(1	)		-			24			(150	)		(2	)		-			(152	)
Deferred income taxes		30			11			-			41			(27	)		(5	)		-			(32	)
Trade and financing receivables related to sales, net		9			126			(3	)  (3)		132			46			600			(2	)  (3)		644
Inventories, net		(1,014	)		112			-			(902	)		(697	)		146			-			(551	)
Trade payables		273			12			4	(3)		289			(478	)		(28	)		2	(3)		(504	)
Other assets and liabilities		(73	)		46			(1	)  (3)		(28	)		(223	)		11			-	(3)		(212	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(100	)		474			(2	)		372			(1,373	)		881			(40	)		(532	)
Investing activities:
Additions to retail receivables		-			(1,077	)		-			(1,077	)		-			(926	)		-			(926	)
Collections of retail receivables		-			1,191			-			1,191			-			1,035			-			1,035
Proceeds from sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments		-			-			-			-			5			-			-			5
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and assets sold under buy-back commitments		(70	)		(1	)		-			(71	)		(63	)		-			-			(63	)
Expenditures for assets under operating leases and assets sold under buy-back commitments		(155	)		(142	)		-			(297	)		(98	)		(158	)		-			(256	)
Other		(134	)		192			6	(4)		64			517			(390	)		-	(4)		127
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(359	)		163			6			(190	)		361			(439	)		-			(78	)
Financing activities:
Net increase (decrease) in debt		(735	)		(858	)		-			(1,593	)		245			(439	)		-			(194	)
Dividends paid		(1	)		(2	)		2	(2)		(1	)		(1	)		(40	)		40	(2)		(1	)
Other		-			6			(6	)  (4)		-			-			-			-	(4)		-
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(736	)		(854	)		(4	)		(1,594	)		244			(479	)		40			(195	)
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		(227	)		(23	)		-			(250	)		(208	)		(56	)		-			(264	)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(1,422	)		(240	)		-			(1,662	)		(976	)		(93	)		-			(1,069	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		8,116			1,513			-			9,629			4,527			1,246			-			5,773
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		6,694			1,273			-			7,967			3,551			1,153			-			4,704

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.

(2) This item includes the elimination of dividends from Financial Services to Industrial Activities, which are included in Industrial Activities net cash used in operating activities.

(3) This item includes the elimination of certain minor activities between Industrial Activities and Financial Services.

(4) This item includes the elimination of paid in capital from Industrial Activities to Financial Services.

9

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities by segment under U.S.-GAAP ($ million)
		Three Months ended March 31, 2021
		Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total
	Consolidated Net income															425
	Less: Consolidated Income tax (expense) benefit															(157	)
	Consolidated Income before taxes															582
	Less: Financial Services
	Financial Services Net income															91
	Financial Services Income taxes															33
	Add back of the following Industrial Activities items:
	Interest expenses, net of interest income and eliminations															66
	Foreign exchange (gains) losses, net															18
	Finance and non-service component of Pension and other post-employment benefit costs(1)															(34	)
	Adjustments for the following Industrial Activities items:
	Restructuring expenses		2		(1	)		1			-		-			2
	Nikola investment fair value adjustment		-		-			-			-		35			35
	Adjusted EBIT of Industrial Activities		399		25			76			115		(70	)		545
		Three Months ended March 31, 2020
		Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total
	Consolidated Net income (loss)															(54	)
	Less: Consolidated Income tax (expense) benefit															23
	Consolidated Income (loss) before taxes															(77)
	Less: Financial Services
	Financial Services Net income															80
	Financial Services Income taxes															30
	Add back of the following Industrial Activities items:
	Interest expenses, net of interest income and eliminations															59
	Foreign exchange (gains) losses, net															(2	)
	Finance and non-service component of Pension and other post-employment benefit costs(1)															(30	)
	Adjustments for the following Industrial Activities items:
	Restructuring expenses		2		1			2			-		-			5
	Other discrete items		-		-			-			-		7			7
	Adjusted EBIT of Industrial Activities		24		(83	)		(56	)		31		(64	)		(148	)
	(1)  In the three months ended March 31, 2021 and 2020, 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.

10

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Total (Debt) to Net Cash (Debt) under U.S.-GAAP ($ million)
		Consolidated						Industrial Activities						Financial Services
		March 31, 2021			December 31, 2020			March 31, 2021			December 31, 2020			March 31, 2021			December 31, 2020
	Third party (debt)		(23,805	)		(26,053	)		(6,286	)		(7,271	)		(17,519	)		(18,782	)
	Intersegment notes payable		-			-			(1,148	)		(1,017	)		(1,169	)		(856	)
	Total (Debt)(1)		(23,805	)		(26,053	)		(7,434	)		(8,288	)		(18,688	)		(19,638	)
	Cash and cash equivalents		7,059			8,785			6,590			8,017			469			768
	Restricted cash		908			844			104			99			804			745
	Intersegment notes receivable		-			-			1,169			856			1,148			1,017
	Other current financial assets(2)		164			94			164			94			-			-
	Derivatives hedging debt		(2	)		8			(2	)		8			-			-
	Net Cash (Debt)(3)		(15,676	)		(16,322	)		591			786			(16,267	)		(17,108	)
	(1)   Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $1,148 million and $1,017 million as of March 31, 2021 and December 31, 2020, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $1,169 million and $856 million as of March 31, 2021 and December 31, 2020, respectively. (2)   This item includes short-term deposits and investments towards high-credit rating counterparties. (3)   The net intersegment receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $(21) million and $161 million as of March 31, 2021 and December 31, 2020, respectively.

Reconciliation of Cash and cash equivalents to Available liquidity under U.S.-GAAP ($ million)
		March 31, 2021	December 31, 2020
	Cash and cash equivalents	7,059	8,785
	Restricted cash	908	844
	Undrawn committed facilities	5,755	6,148
	Other current financial assets(1)	164	94
	Available liquidity	13,886	15,871
	(1)   This item includes short-term deposits and investments towards high-credit rating counterparties.

Change in Net Cash (Debt) of Industrial Activities under U.S.-GAAP ($ million)
		Three Months ended March 31,
		2021			2020
	Net Cash (Debt) of Industrial Activities at beginning of period		786			(854	)
	Adjusted EBIT of Industrial Activities		545			(148	)
	Depreciation and Amortization		150			155
	Depreciation of assets under operating leases and assets sold with buy-back commitments		68			65
	Cash interest and taxes		(85	)		(79	)
	Changes in provisions and similar(1)		(71	)		(166	)
	Change in working capital		(873	)		(1,293	)
	Operating cash flow of Industrial Activities		(266	)		(1,466	)
	Investments in property, plant and equipment, and intangible assets(2)		(70	)		(63	)
	Other changes		(35	)		6
	Free cash flow of Industrial Activities		(371	)		(1,523	)
	Capital increases and dividends		(1	)		(1	)
	Currency translation differences and other(3)		177			68
	Change in Net Cash (Debt) of Industrial Activities		(195	)		(1,456	)
	Net Cash (Debt) of Industrial Activities at end of period		591			(2,310	)
	(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)   In the three months ended March 31, 2021, this item also includes the charge of $8 million related to the repurchase of Notes.

11

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Net cash provided by (used in) Operating Activities
to Free cash flow of Industrial Activities under U.S.-GAAP ($ million)
		Three Months ended March 31,
		2021	2020
	Net cash provided by (used in) Operating Activities	372	(532)
	Less: Cash flows from Operating Activities of Financial Services net of eliminations	472	841
	Change in derivatives hedging debt of Industrial Activities and other	(11)	5
	Investments in assets sold under buy-back commitments and operating lease assets of Industrial Activities	(155)	(98)
	Operating cash flow of Industrial Activities	(266)	(1,466)
	Investments in property, plant and equipment, and intangible assets of Industrial Activities	(70)	(63)
	Other changes(1)	(35)	6
	Free cash flow of Industrial Activities	(371)	(1,523)
	(1)  This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments.

Reconciliation of Adjusted net income and Adjusted income tax (expense) benefit to Net income (loss) and
Income tax (expense) benefit and calculation of Adjusted diluted EPS and Adjusted ETR under U.S.-GAAP ($ million, except per share data)
		Three Months ended March 31,
		2021	2020
	Net income (loss)	425	(54	)
	Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)	15	(18	)
	Adjustments impacting Income tax (expense) benefit (b)	14	6
	Adjusted net income (loss)	454	(66	)
	Adjusted net income (loss) attributable to CNH Industrial N.V.	437	(77	)
	Weighted average shares outstanding – diluted (million)	1,359	1,350
	Adjusted diluted EPS ($)	0.32	(0.06	)
	Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates	557	(76	)
	Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)	15	(18	)
	Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A)	572	(94	)
	Income tax (expense) benefit	(157)	23
	Adjustments impacting Income tax (expense) benefit (b)	14	6
	Adjusted income tax (expense) benefit (B)	(143)	29
	Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)	25%	31	%
	a)  Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates
	Nikola investment fair value adjustment	35	-
	Restructuring expenses	2	5
	Loss on repurchase of notes	8	-
	Pre-tax gain related to the modification of a healthcare plan in the U.S.	(30)	(30	)
	Other discrete items	-	7
	Total	15	(18	)
	b) Adjustments impacting Income tax (expense) benefit
	Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates	7	6
	Other	7	-
	Total	14	6

12

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Revenues by Segment under EU-IFRS ($ million)
		Three Months  ended March 31,
		2021			2020			% change
	Agriculture		3,039			2,243			35.5
	Construction		656			422			55.5
	Commercial and Specialty Vehicles		2,805			2,021			38.8
	Powertrain		1,235			753			64.0
	Eliminations and other		(690	)		(447	)		-
	Total Industrial Activities		7,045			4,992			41.1
	Financial Services		447			488			-8.4
	Eliminations and other		(28	)		(30	)		-
	Total		7,464			5,450			37.0

Adjusted EBIT of Industrial Activities(1) by Segment under EU-IFRS ($ million)
		Three Months ended March 31,
		2021			2020			$ change		2021 adjusted EBIT margin			2020 adjusted EBIT margin
	Agriculture		390			16			374		12.8	%		0.7	%
	Construction		24			(83	)		107		3.7	%		(19.7	)%
	Commercial and Specialty Vehicles		71			(66	)		137		2.5	%		(3.3	)%
	Powertrain		108			13			95		8.7	%		1.7	%
	Unallocated items, eliminations and other		(73	)		(69	)		-4		-			-
	Adjusted EBIT of Industrial Activities		520			(189	)		709		7.4	%		(3.8	)%
	(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.

Other key data under EU-IFRS ($ million)
		March 31, 2021			December 31, 2020
	Total Assets		48,457			50,556
	Total Equity		7,130			6,735
	Equity attributable to CNH Industrial N.V.		7,029			6,651
	Net Cash (Debt)		(16,220	)		(16,874	)
	of which Net Cash (Debt) of Industrial Activities(1)		118			297
	Net Income of Financial Services		98			89
	(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.

Net income (loss) reconciliation U.S.-GAAP to EU-IFRS
($ million)
		Three Months ended March 31,
		2021	2020
	Net income (loss) in accordance with U.S. GAAP	425	(54)
	Adjustments to conform with EU-IFRS:
	Development costs	(20)	(31)
	Nikola investment fair value adjustment(1)	35	-
	Other adjustments(2)	(39)	(26)
	Tax impact on adjustments and other income tax differences	12	12
	Total adjustments	(12)	(45)
	Profit (loss) in accordance with EU-IFRS	413	(99)
	(1)  Starting from the second quarter of 2020, the investment in Nikola Corporation is measured at fair value through profit or loss under U.S. GAAP. This investment is measured at fair value through other comprehensive income under EU-IFRS. (2)  This item also includes the different accounting impacts from the modification of a healthcare plan in the U.S.

13

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Total Equity reconciliation U.S. GAAP to EU-IFRS ($ million)
		March 31, 2021			December 31, 2020
	Total Equity under U.S. GAAP		5,465			4,989
	Adjustments to conform with EU-IFRS:
	Development costs		2,092			2,193
	Other adjustments		16			34
	Tax impact on adjustments and other income tax differences		(443	)		(481	)
	Total adjustments		1,665			1,746
	Total Equity under EU-IFRS		7,130			6,735

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:

	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Average		At March 31,		At December 31, 2020		Average		At March 31,
Euro		0.830		0.853		0.815		0.907		0.913
Pound sterling		0.725		0.727		0.733		0.782		0.809
Swiss franc		0.906		0.944		0.880		0.968		0.966
Polish zloty		3.773		3.967		3.716		3.922		4.154
Brazilian real		5.477		5.749		5.194		4.459		5.203
Canadian dollar		1.266		1.261		1.274		1.344		1.425
Turkish lira		7.400		8.294		7.427		6.115		6.577

CNH INDUSTRIAL N.V.

Condensed Consolidated Income Statement for the three months ended March 31, 2021 and 2020

(Unaudited, EU-IFRS)

	Three Months Ended March 31,
($ million)	2021			2020
Net revenues		7,464			5,450
Cost of sales		5,995			4,729
Selling, general and administrative costs		525			502
Research and development costs		287			248
Result from investments:		28			-
Share of the profit/(loss) of investees accounted for using the equity method		28			-
Restructuring costs		2			5
Other income/(expenses)		(36	)		(46	)
Financial income/(expenses)		(89	)		(54	)
PROFIT/(LOSS) BEFORE TAXES		558			(134	)
Income tax (expense) benefit		(145	)		35
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		413			(99	)
PROFIT/(LOSS) FOR THE PERIOD		413			(99	)
PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the parent		396			(110	)
Non-controlling interests		17			11
(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE		0.29			(0.08	)
DILUTED EARNINGS/(LOSS) PER COMMON SHARE		0.29			(0.08	)

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, 2020 included in the EU Annual Report. This Condensed Consolidated Income Statement represents the consolidation of all CNH Industrial N.V. subsidiaries.

14

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Statement of Financial Position as of March 31, 2021 and December 31, 2020

(Unaudited, EU-IFRS)

($ million)	March 31, 2021		December 31, 2020
ASSETS
Intangible assets		4,711		4,832
Property, plant and equipment		5,039		5,414
Investments and other non-current financial assets:		958		1,021
Investments accounted for using the equity method		537		569
Equity investments measured at fair value through other comprehensive income		357		392
Other investments and non-current financial assets		64		60
Leased assets		1,943		1,978
Defined benefit plan assets		24		25
Deferred tax assets		1,007		1,061
Total Non-current assets		13,682		14,331
Inventories		6,865		6,000
Trade receivables		490		503
Receivables from financing activities		17,827		18,529
Current tax receivables		126		160
Other current receivables and financial assets		1,159		1,041
Prepaid expenses and other assets		190		189
Derivative assets		138		160
Cash and cash equivalents		7,967		9,629
Total Current assets		34,762		36,211
Assets held for sale		13		14
TOTAL ASSETS		48,457		50,556
EQUITY AND LIABILITIES
Issued capital and reserves attributable to owners of the parent		7,029		6,651
Non-controlling interests		101		84
Total Equity		7,130		6,735
Provisions:		5,010		5,239
Employee benefits		1,674		1,864
Other provisions		3,336		3,375
Debt:		24,333		26,618
Asset-backed financing		11,105		11,923
Other debt		13,228		14,695
Derivative liabilities		156		139
Trade payables		6,462		6,355
Tax liabilities		232		186
Deferred tax liabilities		207		203
Other current liabilities		4,927		5,081
Total Liabilities		41,327		43,821
TOTAL EQUITY AND LIABILITIES		48,457		50,556

These 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, 2020 included in the EU Annual Report. This Condensed Consolidated Statement of Financial Position represents the consolidation of all CNH Industrial N.V. subsidiaries.

15

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2021 and 2020

(Unaudited, EU-IFRS)

	Three Months Ended  March 31,
($ million)	2021			2020
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		9,629			5,773
B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:
Profit/(loss) for the period		413			(99	)
Amortization and depreciation (net of vehicles sold under buy-back commitments and operating leases)		294			295
Other non-cash items		(3	)		22
Loss on repurchase of notes		8			-
Dividends received		43			6
Change in provisions		(72	)		(179	)
Change in deferred income taxes		22			(41	)
Change in items due to buy-back commitments(1)		(14	)		(96	)
Change in operating lease items(2)		38			50
Change in working capital		(654	)		(1,190	)
TOTAL		75			(1,232	)
C) CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES:
Investments in:
Property, plant and equipment and intangible assets (net of vehicles sold under buy-back commitments and operating leases)		(160	)		(142	)
Consolidated subsidiaries and other equity investments		(11	)		(3	)
Proceeds from the sale of non-current assets (net of vehicles sold under buy-back commitments)		-			5
Net change in receivables from financing activities		213			698
Change in other current financial assets		(83	)		-
Other changes		155			104
TOTAL		114			662
D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:
Net change in debt and derivative assets/liabilities		(1,598	)		(224	)
Dividends paid		(1	)		(1	)
Purchase of ownership interests in subsidiaries		-			(9	)
TOTAL		(1,599	)		(234	)
Translation exchange differences		(252	)		(265	)
E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS		(1,662	)		(1,069	)
F) CASH AND CASH EQUIVALENTS AT END OF PERIOD		7,967			4,704

Notes:

(1) Cash generated from the sale of vehicles under buy-back commitments is recognized under operating activities in a single line item, which includes changes in working capital, capital expenditure, depreciation and impairment losses.

(2) 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, 2020 included in the EU Annual Report. This Condensed Consolidated Statement of Cash Flows represents the consolidation of all CNH Industrial N.V. subsidiaries.

16

EX-99.2

Q1 2021 Results Review May 5th, 2021 Exhibit 99.2

Safe Harbor Statement and Disclosures All statements other than statements of historical fact contained in this presentation including statements under “2021 Outlook” and statements regarding our future responses to and effects of the COVID-19 pandemic; 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, liquidity, 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, including those related to the COVID- 19 pandemic, 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 they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, 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 unknown duration and economic, operational and financial impacts of the global COVID-19 pandemic and the actions taken or contemplated by governmental authorities or others in connection with the pandemic on our business, our employees, customers and suppliers, including supply chain disruptions caused by mandated shutdowns and the adverse impact on customers, borrowers and other third parties to fulfill their obligations to us; disruption caused by business responses to COVID-19, including remote working arrangements, which may create increased vulnerability to cybersecurity or data privacy incidents; our ability to execute business continuity plans as a result of COVID-19; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, including demand uncertainty caused by COVID-19; general economic conditions in each of our markets, including the significant economic uncertainty and volatility caused by COVID-19; travel bans, border closures, other free movement restrictions, and the introduction of social distancing measures in our facilities may affect in the future our ability to operate as well as the ability of our suppliers and distributors to operate; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining 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; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; 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; price pressure on new and 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; further developments of the COVID-19 pandemic on our operations, supply chains, distribution network, and level of demand for our products, as well as negative evolutions of the economic and financial conditions at global and regional levels; political and civil unrest; volatility and deterioration of capital and financial markets, including possible effects of “Brexit”, other pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; the impact of significant or unanticipated material extraordinary transactions or any business combinations and other similar transaction on our businesses, our 2021 Outlook and other financial or business projections; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures; expected benefits and costs of the proposed spin-off of the Company’s On-Highway business; the expected timing of completion of the spin-off transaction; the ability of the Company to complete the spin-off transaction considering the various conditions to the completion of the spin-off transaction (some of which are outside the Company’s control); business disruption during the pendency of or following the spin-off transaction, diversion of management time on the spin-off transaction-related issues, 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, 2020, prepared in accordance with U.S. GAAP and in the Company’s EU Annual Report at December 31, 2020, prepared in accordance with EU-IFRS. Investors are expressly invited to refer to and consider the information on risks, factors, and uncertainties incorporated in the above-mentioned documents, in addition to the information presented here. 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, whether as a result of new developments or otherwise. The impact of COVID-19 has already exacerbated and is expected to further exacerbate all or part of the risks discussed in this section. 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.

First Quarter | Summary Note: All figures are provided herein on a US GAAP $ basis unless otherwise indicated. Growth and Profitability: strong margin improvements from solid market demand across segments and regions Supply Chain: multiple disruptions, material inflation - extraordinary measures performed by our supply chain and manufacturing teams to meet customers’ demand Strategic execution underway on customer centricity, innovation and margin expansion Free Cash Flow and Net Industrial Cash: seasonal cash absorption lower than historical first quarters and robust cash position to fund greater R&D, CAPEX and inorganic growth Record First Quarter for Profit, Adj EPS and Free Cash Flow

First Quarter | Industry Unit Performances vs. Q1 2020 NOTE: Total Industry Volume % change Q1 2021 vs. Q1 2020 reflecting aggregate for key markets where Company competes. (*) Regional split definition in Appendix North America Europe South America Rest of World Worldwide Tractors 53% 20% 31% 57% 51% 15% Combines 17% 14% 28% 30% 27% Light 30% (4%) 44% 33% 24% Heavy 11% 3% 38% 47% 38% LCV - 24% 17% 10% 20% M&H - 17% 32% 9% 16% Buses - (19%) (19%) (6%) (16%) 0-140 HP 140+ HP

First Quarter | WW Company Unit Statistics Order book in AG more than doubled year-over-year for both tractors and combines across regions, driven by strong growth in NA for tractors and South America for combines COMPANY INVENTORY DEALER INVENTORY TRACTORS COMBINES LIGHT Heavy Light Duty Trucks Medium & Heavy Order book significantly up y-o-y in both Heavy and Light Construction sub-segments, with increases in all regions for both sub-segments Truck order intake in Europe up 96% year-over-year, with light duty trucks up 95%, and medium & heavy-duty trucks up 101% RETAIL PRODUCTION

(1) Non-GAAP measures (definition and reconciliation in appendix) First Quarter | Financial Highlights Industrial Activities Net Sales % chg. y-o-y Net Sales at $7bn up 36% at constant currency, with all segment up year over year, higher volume, favorable mix and positive pricing $7.0bn +41% Gross Margin bps chg. y-o-y Gross Margin improvement across all industrial segments, mainly driven by higher production and positive pricing 18.6% +700 bps Adjusted EBIT (1) % chg. y-o-y Adjusted EBIT up $693mn from Q1 2020 Adjusted EBIT margin at 7.7% $545mn +468% Free Cash Flow (1) $ chg. y-o-y Cash outflow of $0.4bn, seasonal working capital absorption Industrial Activities net cash at $0.6bn, a decrease of $0.2bn from December 31, 2020 $(371)mn +$1.2bn Consolidated Adjusted Diluted EPS (1) $ chg. y-o-y Adjusted Net Income $454mn, up $520mn from Q1 2020 $0.32 +$0.38 Available Liquidity (1) $ chg. vs. December 31, 2020 Available Liquidity at $13.9bn (liquidity on LTM revenues ratio at 50%) $13.9bn $(2.0)bn

First Quarter | Industrial Activities Net Sales and vs. Q1 2020 AG CE C&SV PT Industrial Activities (1) $3,038mn $656mn $2,805mn $1,234mn $7,043mn +35% +34% @CC +55% +55% @CC +39% +30% @CC +64% +52% @CC +41% +36% @CC By Region As reported By Region As reported By Region As reported By Region As reported By Region As reported By Product As reported By Product As reported By Product As reported By Product As reported By Segment As reported (1) Net Sales | Excluding Other Activities, Unallocated Items and Adjustment & Eliminations Note | % change y-y and @CC means at constant currency Q1 2020 Q1 2021

First Quarter | Ind. Activities Adj EBIT walk (Driver & Segment) (1) Non-GAAP measures (definition and reconciliation in appendix) (*) PT Pricing net within Volume & Mix (148) 447 165 28 8 (36) 87 (6) 545 Adj. EBIT (1) Q120 VOL & MIX PRICING NET PROD COST SG&A R&D FX | OTHER UNALLOCATED, ELIM & OTHER Adj. EBIT (1) Q121 AG CE C&SV PT (*) 7.7% (3.0%) 220 34 99 94 100 48 17 14 18 3 (7) 11 7 (8) (2) (10) 0 (12) (14) 40 1 33 13 AG 23.3% 13.1% CE 14.3% 3.8% C&SV 11.7% 2.7% PT (*) 15.4% 9.3% Gross Margin Adj EBIT Margin Walk by Segment +8.0 p.p. +16.4 p.p. +3.4 p.p. +4.2 p.p. +12.0 p.p. +23.5 p.p. +5.5 p.p. +5.2 p.p. Note: Numbers may not add due to rounding Note | p.p. change vs. Q1 2020

First Quarter | Financial Services Net Income ($mn) (**) RoA defined as: EBIT / average managed assets annualized Profitability Ratios Managed Portfolio (*) & Retail Originations (*) $24.7bn $25.8bn March 31, 2020 March 31, 2021 Retail Wholesale Operating Lease Delinquencies on Book (>30 Days) (*) Including unconsolidated JVs Q1 2021 Q1 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 Gross Margin / Average Assets on Book ROA (**) 3.7% 3.3% 3.2% 3.4% 2.2% 2.0% 1.7% 1.9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 3.6% 3.4% 2.6% 2.1% Q1 ’21 retail originations at $2.4bn, up $0.3bn compared to March 31, 2020 Managed portfolio* at $25.8bn, up $1.1bn compared to March 31, 2020 (flat on a constant currency basis)

First Quarter | Free Cash Flow and Debt Maturity Profile (*) Non-GAAP measures (reconciliation in appendix) (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. Industrial Activities | Free Cash Flow (*) Δ vs. Q1 2020 763 (85) (873) (71) (70) (35) (371) IA | ADJ EBITDA CASH INTEREST AND TAXES CHG IN WORKING CAPITAL CHG IN PROVISIONS. & OTHERS (1) PP&E CAPEX (2) OTHER CHANGES IA FREE CASH FLOW 691 (6) 420 95 (7) (41) 1,152 Change in Working Capital TRADE RECEIVABLES INVENTORIES TRADE PAYABLES OTHER CHG IN WORKING CAPITAL Q1 2021 Q1 2020 Cash inflow Cash outflow 0.9 ($mn) ($bn) (**) Represents cash portion of debt maturities as of March 31st , 2021 (***) Of which $0.9bn Restricted Cash Debt Maturity Profile 13.9 3.1 1.6 1.9 1.5 1.0 3.5 Mar-end ‘21 9M 21 2022 2023 2024 2025 Beyond Debt Maturity Schedule (**) ($12.7bn) Available Liquidity (***) ($bn) Undrawn M/T unsecured Committed Lines Cash Bank Debt Capital Market Other

Q1 2021 Final Remarks

First Quarter | Capital Allocation Organic Growth IA Gross Debt Reduction Industrial Activities gross debt reduced by 14% (10% at constant currency) to $6.3bn vs. Q4 2020 Execution of the Make Whole Call on the residual €316mn CNHI Finance Europe 1.375% Notes due in May 2022 Early repayment of bank debt for $0.4bn, various bank facilities due in early 2022 Capex at $70mn up 11% vs. Q1 2020 Capex at 1.0% of net sales in Q1 ’21 R&D at $263mn up 23% vs. Q1 2020 R&D at 3.7% of net sales in Q1 ’21 Total spending (Capex + R&D) in new products was $205mn, up 34% vs. Q1 2020 Inorganic Growth Completed acquisition of four divisions of CEG in South Africa (direct distribution network for Case IH) Completed minority investment in Monarch Tractor (autonomy and electrification) Acquired minority stake in Augmenta (crop sensing and machinery automation) Acquired minority stake in Bennamann (biogas, sustainable technologies)

Agriculture | Alternative Propulsions – Leading the Green Revolution CNHI as the preferred partner for net-zero Carbon Farming CNHI is promoting circular economy in AG Partnering with local stakeholder and tech companies to drive the change AG waste can and should be recovered to generate electricity, heat and fuel for vehicles and Machinery while reducing emissions Product Roadmap based around different technologies Leveraging Minority investments through M&A to expand product offering Gas Tractor Developing a complete AG offering around alternative fuels and the circular economy model Compacts (0 – 50 HP) Small Tractors (55 – 120 HP) Medium Tractors (120 – 350 HP) Large Tractors (250+ HP) Harvesting Equipment Hay & Forage

FY 2021E Updated Guidance

FY 2021E Outlook | Industry Unit Performances vs. FY 2020 NOTE: Total Industry Volume % change FY 2021 vs. FY 2020 reflecting aggregate for key markets where Company competes (*) Regional split definition in Appendix North America Europe South America Rest of World Worldwide Tractors ~ 20% 5% - 10% ~ 15% 5%+ 10% ~ 20% Combines ~ 20% 5% - 10% 10% - 15% 5% 5% - 10% Light 15% - 20% Flat – 5% 20% 10% - 15% 10% - 15% Heavy ~ 10% ~ 10% ~ 20% 10% - 15% 10% - 15% LCV - 20% - 25% 25% Flat – 5% 15% - 20% M&H - ~ 40% 25% 5% - 10% 20% - 25% Buses - Flat 15% - 20% 5% - 10% 5% - 10% 0-140 HP 140+ HP

(*) Net Sales outlook reflecting €/$ at 1.20 This guidance assumes no further significant disruptions due to lockdown policies in main jurisdictions FY 2021E Updated Guidance Previous Guidance Updated Guidance Industrial Activities Net Sales (*) (including currency translation effects) Up between 8% and 12% Up between 14% and 18% SG&A ≤ 7.5% of Net Sales Confirmed Free Cash Flow Positive between $0.4bn / $0.8bn Positive between $0.6bn / $1.0bn R&D ~ 4.5% of Net Sales At ~ $2.0bn Capex > 2.5% of Net Sales FY 2021E additional impact from raw material cost increases, freight costs and other supply chain constraints

Off-Highway On-Highway CNH Industrial N.V. “NewCo” Off - Highway On - Highway AG CE FS FS C&SV PT Spin Off Perimeter

Spin Off Roadmap 2020 Q1 ’21 Q2 ’21 Q3 ’21 Q4 ’21 Q1 ’22 SPIN POSTPONED DUE TO COVID EXTRAORDINARY GENERAL MEETING INVESTOR ROADSHOW DAY 1 REGULATORY APPROVALS EXECUTE PORTFOLIO TRANSFORMATION Off-Highway On-Highway QUARTERLY RESULTS & ANALYSTS’ CALL CONFERENCE (May 5th) QUARTERLY RESULTS & ANALYSTS’ CALL CONFERENCE (November 4th) QUARTERLY RESULTS & ANALYSTS’ CALL CONFERENCE (July 30th) ANNUAL GENERAL MEETING (April 15th)

Strong demand expected to continue in all segments FY 2021E | CEO Takeaway messages Continued diligent supply chain management to serve customers and deliver on our financial outlook Accelerating innovation: Digital, alternative fuels, sustainability Refocused efforts on the spin, first quarter outperformance demonstrates our confidence in developing a successful On-Highway company Healthy momentum in our markets, improving execution and agility across our businesses positioning Off- and On-Highway on the right path for the future

Appendix

First Quarter 2021 | 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 Q1 2021   Q1 2020   Δ U.S. GAAP           Revenues ($mn) 7,473   5,461   37% Net Sales | Industrial Activities ($mn) 7,043 4,993 41% Net Income ($mn) 425   (54)   887% Diluted EPS ($) 0.30 (0.05) 700%   Non – GAAP (1) Net Sales | Industrial Activities @CC ($mn) 6,795 4,933 36% Adjusted EBIT | Industrial Activities ($mn) 545   (148)   468% Adjusted EBIT Margin | Industrial Activities (%) 7.7% (3.0%) 1,070 bps Adjusted income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates 572   (94)   709% Adjusted Effective Tax Rate 25% 31%  (600) bps Adjusted Net Income ($mn) 454 (66) 788% Adjusted net income attributable to CNH Industrial N.V. 437   (77)   668% Weighted average shares outstanding – diluted (million) 1,359   1,350   1% Adjusted Diluted EPS ($) 0.32   (0.06)   633% Free Cash Flow | Industrial Activities ($bn) (371) (1,523) 1,152             Mar 31,2021   Dec 31,2020   Δ Net Industrial Cash (Debt) ($bn) 0.6   0.8   (25)% Available Liquidity ($bn) 13.9 15.9   (13)%

First Quarter 2021 | Financials by Segment REVENUES GROSS PROFIT Adj. EBIT Adj. EBIT Margin % D&A Q1 21 Q1 20 Q1 21 Q1 20 Q1 21 Q1 20 Q1 21 Q1 20 Q1 21 Q1 20 AG 3,038 2,244 709 343 399 24 13.1% 1.1% 62 64 CE 656 422 94 (9) 25 (83) 3.8% (19.7)% 9 13 C&SV 2,805 2,021 327 167 76 (56) 2.7% (2.8)% 115 114 PT 1,234 753 190 84 115 31 9.3% 4.1% 31 29 E&O (690) (447) (10) (6) (70) (64) - - 1 - IA 7,043 4,993 1,310 579 545 (148) 7.7% (3.0)% 218 220 FS 448 489 172 165 E&O (18) (21) - Total 7,473 5,461 1,482 744 Note: Adj EBIT and Adj EBIT Margin % are Non-GAAP measures (definition and reconciliation in appendix)

First Quarter 2021 | Net Sales and Adj EBIT breakdown Note: Adj EBIT is a Non-GAAP measures (definition and reconciliation in appendix) Net Sales Split IA | Adj. EBIT Walk Q1 21 Q1 20 Q1 21 Q1 20 Q1 21 Q1 20 Q1 21 Q1 20 NA 35% 37% NA 43% 40% NA n.m. n.m. NA 3% 4% EU 34% 35% EU 20% 22% EU 80% 81% EU 70% 74% SA 13% 13% SA 13% 16% SA 7% 6% SA 6% 6% RoW 18% 15% RoW 24% 22% RoW 13% 13% RoW 21% 16% Tractors 56% 59% Heavy 46% 48% Trucks 82% 79% Engines 90% 90% Combines 21% 17% Light 49% 48% Buses 12% 16% Transm. 1% 1% Others 23% 24% Others 5% 4% Others 6% 5% Axles 9% 9% (*) PT Pricing net within Volume & Mix Adj. EBIT (1) Q1 20 VOL & MIX PRICING NET PROD COST SG&A R&D FX | OTHER UNALLOCATED, ELIM & OTHER Adj. EBIT (1) Q1 21 IA (148) 447 165 28 8 (36) 87 (6) 545 AG 24 220 100 14 11 (10) 40 399 CE (83) 34 48 18 7 0 1 25 C&SV (56) 99 17 3 (8) (12) 33 76 PT 31 94 (7) (2) (14) 13 115 AG CE C&SV PT Note: Numbers may not add due to rounding

Capex and R&D (1) (1) Excluding assets sold under buy-back commitments and assets under operating leases Q1 2021 Q1 2020 Investments in property, plant and equipment, and intangible assets (1) 70 63 Breakdown by Category NEW PRODUCT & TECHNOLOGY 54% 56% MAINTENANCE & OTHER 43% 43% INDUSTRIAL CAPACITY EXPANSION & LT INVESTMENTS 3% 1% Breakdown by Segment AGRICULTURE 44% 50% CONSTRUCTION 8% 11% COMMERCIAL & SPECIALTY VEHICLES 28% 27% POWERTRAIN 20% 12% Research and Development 263 214 Total spending (Capex + R&D) in new products 205 153 Breakdown by Trend DIGITALIZATION; ELECTRIFICATION; AUTONOMOUS & TELEMATICS 48% 47% REGULATORY 18% 19% OTHER NEW PRODUCTS 34% 34% ($mn)

Debt Maturity Schedule | Breakdown Note: Numbers may not add due to rounding ($mn) Outstanding Mar 31, 2021 9M 2021 2022 2023 2024 2025 Beyond 2.7 Bank Debt 1.3 0.5 0.2 0.1 0.1 0.5 9.7 Capital Market 1.7 0.9 1.8 1.4 0.9 3.0 0.3 Other Debt 0.1 0.2 0.0 0.0 0.0 0.0 12.7 Cash Portion of (Debt) Maturities 3.1 1.6 1.9 1.5 1.0 3.5 of which Industrial Activities 0.6 0.3 1.1 0.9 0.9 2.5 of which Financial Services 2.5 1.2 0.9 0.6 0.1 1.0 8.0 Cash & Cash Equivalents 0.9 of which restricted cash 0.2 Other Current Financial Assets (1) 5.8 Undrawn Committed credit lines 13.9 Total Available Liquidity (1) This item includes short-term deposits and investments towards high-credit rating counterparties

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) Q1         2018 2019 2020 2021             MKT SHARE(1) Light (3.5-7.49t) 13.8% 13.1% 12.1% 12.0% M&H (≥7.5t) 8.2% 6.0% 8.5% 8.3%   Europe (*) 11.6% 10.4% 10.8% 10.8% B-TO-B Light (3.5-7.49t) 1.35 1.21 1.50 2.00 M&H (≥7.5t) 1.04 1.12 1.27 1.70   Europe (*) 1.26 1.19 1.44 1.92           Δ 18/19 Δ 19/20 Δ 20/21         MKT SHARE(1) Light (3.5-7.49t)   (0.7) p.p. (1.0) p.p. 0.0 p.p. M&H (≥7.5t)   (2.2) p.p. 2.5 p.p. (0.2) p.p.   Europe (*)   (1.2) p.p. 0.4 p.p. 0.0 p.p. ORDERS Light (3.5-7.49t)   (1.8%) (17.7%) 95% M&H (≥7.5t)   (21.7%) (1.7%) 101%   Europe (*)   (6.6%) (14.5%) 96% DELIVERIES Light (3.5-7.49t)   9.1% (33.6%) 46% M&H (≥7.5t)   (27.0%) (13.4%) 50%   Europe (*)   (1.3%) (29.3%) 47%

Reconciliations

Reconciliation of Net Income (Loss) to Adj. EBIT by Segment (US GAAP) (1)In the three months ended March 31, 2021, 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) Q1 2021 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Consolidated Net income           425 Less: Consolidated Income tax (expense) benefit           (157) Consolidated Income before taxes           582 Less: Financial Services             Financial Services Net income           91   Financial Services Income taxes           33 Add back of the following Industrial Activities items:               Interest expenses, net of interest income and eliminations           66 Foreign exchange (gains) losses, net           18   Finance and non-service component of Pension and other post-employment benefit costs (1)           (34) Adjustments for the following Industrial Activities items:               Restructuring expenses 2 (1) 1 - - 2 Nikola investment fair value adjustment - - - - 35 35 Adjusted EBIT of Industrial Activities 399 25 76 115 (70) 545

Reconciliation of Net Income (Loss) to Adj. EBIT by Segment (US GAAP) ($mn) Q1 2020 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Consolidated Net income (loss)           (54) Less: Consolidated Income tax (expense) benefit           23 Consolidated Income (loss) before taxes           (77)  Less: Financial Services           Financial Services Net income           80   Financial Services Income taxes           30 Add back of the following Industrial Activities items:             Interest expenses, net of interest income and eliminations           59 Foreign exchange (gains) losses, net           (2)   Finance and non-service component of Pension and other post-employment benefit costs (1)           (30) Adjustments for the following Industrial Activities items:               Restructuring expenses 2 1 2 - - 5 Other discrete items - - - - 7 7 Adjusted EBIT of Industrial Activities 24 (83) (56) 31 (64) (148) In the three months ended March 31, 2020, 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.

First Quarter 2021 Reconciliation of Adj. net income and Adj. income tax (expense) benefit to Net Income (loss) and Income tax (expense) benefit and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP ($mn) Q1 2021   Q1 2020   Net income (loss) 425 (54) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) 15 (18) Adjustments impacting Income tax (expense) benefit (b) 14 6 Adjusted net income 454 (66) Adjusted net income attributable to CNH Industrial N.V. 437 (77) Weighted average shares outstanding – diluted (million) 1,359 1,350 Adjusted diluted EPS ($) 0.32 (0.06)   Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 557 (76) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) 15 (18) Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A) 572 (94)   Income Tax benefit (expense) (157) 23 Adjustments impacting Income tax (expense) benefit (b) 14 6 Adjusted income tax (expense) benefit (B) (143) 29     Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) 25% 31%

First Quarter 2021 ($mn) Reconciliation of Adj. net income and Adj. income tax (expense) benefit to Net Income (loss) and Income tax (expense) benefit and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP Q1 2021   Q1 2020   (a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates         Nikola investment fair value adjustment 35 - Restructuring expenses 2 5 Cost of repurchase/early redemption of notes 8 - Pre-tax gain related to the modification of a healthcare plan in the U.S. (30) (30) Other discrete items - 7 Total 15 (18)   (b) Adjustments impacting Income tax (expense) benefit Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 7 6 Other 7 - Total 14 6

Reconciliation of Total Debt to Net Debt (US GAAP) Consolidated Industrial Activities Financial Services ($mn) (1) Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $1,148 million and $1,017 million as of March 31, 2021 and December 31, 2020, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $1,169 million and $856 million as of March 31, 2021 and December 31, 2020, respectively. (2) This item includes short-term deposits and investments towards high-credit rating counterparties. (3) The net intersegment receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $(21) million and $161 million as of March 31, 2021 and December 31, 2020, respectively. March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Third party debt (23,805) (26,053) (6,286) (7,271) (17,519) (18,782) Intersegment notes payable - - (1,148) (1,017) (1,169) (856) Total (Debt) (1) (23,805) (26,053) (7,434) (8,288) (18,688) (19,638) Cash and cash equivalents 7,059 8,785 6,590 8,017 469 768 Restricted cash 908 844 104 99 804 745 Intersegment notes receivable - - 1,169 856 1,148 1,017 Other current financial assets(2) 164 94 164 94 - - Derivatives hedging debt (2) 8 (2) 8 - - Net Cash (Debt) (3) (15,676) (16,322) 591 786 (16,267) (17,108)

Reconciliation of Net cash provided by (used in) Operating Activities to Free cash flow of Industrial Activities under U.S. GAAP ($mn) Q1 2021 Q1 2020 Net cash provided by (used in) Operating Activities 372 (532) Less: Cash flows from Operating Activities of Financial Services net of eliminations 472 841 Change in derivatives hedging debt of Industrial Activities and other (11) 5 Investments in assets sold under buy-back commitments and operating lease assets of Industrial Activities (155) (98) Operating cash flow of Industrial Activities (266) (1,466) Investments in property, plant and equipment, and intangible assets of Industrial Activities (70) (63) Other changes (1) (35) 6 Free cash flow of Industrial Activities (371) (1,523) (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments First Quarter 2021

Reconciliation of Cash and cash equivalents to Available liquidity under U.S.-GAAP ($mn) March 31, 2021 December 31, 2020 Cash and cash equivalent 7,059 8,785 Restricted cash 908 844 Undrawn committed facilities 5,755 6,148 Other current financial assets(1) 164 94 Available liquidity 13,886 15,871 (1) This item includes short-term deposits and investments towards high-credit rating counterparties First Quarter 2021

Geographic Information The composition of our regions part of the geographic information is as follow: North America: United States, Canada and Mexico; Europe: member countries of the European Union, European Free Trade Association, Ukraine, and Balkans; South America: 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), and African continent and Middle East. 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’s non-GAAP financial measures are defined as follows: Adjusted EBIT of Industrial Activities: is defined as net income (loss) before income taxes, Financial Services’ results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. 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 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 Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and derivative hedging debt. CNH Industrial provides the reconciliation of Net Cash (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 Cash (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, undrawn medium-term unsecured committed facilities and other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties). 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