8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2023

CNH INDUSTRIAL N.V.

(Exact name of registrant as specified in its charter)

Netherlands	001-36085	N/A
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom	N/A
(Address of principal executive offices)	(Zip Code)

+44 2079 251964

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value €0.01	CNHI	New York Stock Exchange 1
4.50% Notes due 2023	CNHI23	New York Stock Exchange
3.850% Notes due 2027	CNHI27	New York Stock Exchange

¹   In addition to the New York Stock Exchange, CNHI common shares are listed on the Euronext Milan, the regulated market of Borsa Italiana, in Italy.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 28, 2023, CNH Industrial N.V. issued a press release announcing its results of operations for the second quarter of 2023. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On July 28, 2023, CNH Industrial N.V. made available a presentation providing review of its second quarter of 2023, which is being made available in connection with a July 28, 2023 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1	CNH Industrial’s press release, dated July 28, 2023, announcing its results of operations for the second quarter of 2023
Exhibit 99.2	CNH Industrial N.V. second quarter 2023 results review presentation
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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 hereunto duly authorized.

		CNH INDUSTRIAL N.V.
	By:	/s/ Roberto Russo
	Name:	Roberto Russo
	Title:	Chief Legal and Compliance Officer
Date: July 28, 2023

EX-99.1

Exhibit 99.1

CNH Industrial Reports Record Second Quarter Net Income of $710 Million

Q2 Consolidated revenues of $6.57 billion (up 8% compared to Q2 2022)

Net income of $710 million and Adjusted Net Income of $711 million, with diluted EPS and adjusted diluted EPS of $0.52

Net cash used by operating activities of $139 million and Industrial Free Cash Flow generation of $386 million in Q2

Net sales for Industrial Activities of $5.95 billion (up $341 million compared to Q2 2022)

Significant improvements in Gross Profit Margin for the Agriculture and Construction Segments, both reporting the highest quarterly Adjusted EBIT margin ever

Financial results presented under U.S. GAAP

“The CNH Industrial team delivered great results in Q2 as we capitalized on favorable market fundamentals and solid operational execution. Our Agriculture segment set margin records, and for the first quarter in our history, Construction net sales surpassed $1 billion. The CNH Business System is becoming a way of life, engaging our employees in improving processes and removing unnecessary costs. We are transforming the business and expanding our technology investments to drive growth and improve through-cycle margins.”

Scott W. Wine, Chief Executive Officer

2023 Second Quarter Results

(all amounts $ million, comparison vs Q2 2022 - unless otherwise stated)

US-GAAP
	Q2 2023			Q2 2022			Change			Change at c.c.(1)
Consolidated revenue		6,567			6,082			+8	%		+9	%
of which Net sales of Industrial Activities		5,954			5,613			+6	%		+7	%
Net income		710			552			+29	%
Diluted EPS $		0.52			0.40			+0.12
Cash flow from operating activities		(139	)		(271	)		+132
Cash and cash equivalents(2)		3,194			4,376			(1,182	)
Gross profit margin of Industrial Activities		25.0	%		22.0	%		+300 bps
NON-GAAP(3)
	Q2 2023			Q2 2022			Change
Adjusted EBIT of Industrial Activities		822			654			+168
Adjusted EBIT Margin		13.8	%		11.7	%		+210 bps
Adjusted net income		711			583			+128
Adjusted diluted EPS $		0.52			0.43			+0.09
Free Cash flow of Industrial Activities		386			404			(18	)

Net sales of Industrial Activities were $5.95 billion, an increase of 6% compared to the same period of the prior year, mainly due to favorable price realization, offsetting adverse currency conversion impacts. Sales were higher despite a proactive reduction in South American deliveries to moderate dealer inventory, and a delayed start of production on new North American sprayers.

Net income was $710 million, with diluted earnings per share of $0.52 (net income of $552 million in Q2 2022, with diluted earnings per share of $0.40). Adjusted net income was $711 million, with adjusted diluted earnings per share of $0.52 (adjusted net income of $583 million in Q2 2022, with adjusted diluted earnings per share of $0.43).

Gross profit margin of Industrial Activities was 25.0% (22.0% in Q2 2022) with improvement both sequentially and versus the prior year in Agriculture and Construction, reflective of favorable price realization and of improving operating performance of our production system, which is limiting the effects of continued inflationary pressures.

Reported income tax expense was $192 million, and effective tax rate (ETR) was 22.9% with adjusted ETR⁽³⁾ of 24.0% for the second quarter.

Cash flow used in operating activities in the quarter was $139 million ($271 million in Q2 2022). Free cash flow of Industrial Activities was $386 million. Consolidated Debt was $24.9 billion as of June 30, 2023 ($23.0 billion at December 31, 2022).

1

Agriculture
	Q2 2023			Q2 2022			Change			Change at c.c.(1)
Net sales ($ million)		4,890			4,722			+4	%		+5	%
Adjusted EBIT ($ million)		821			663			+158
Adjusted EBIT margin		16.8	%		14.0	%		+280 bps

In North America, industry volume was up 21% year over year in the second quarter for tractors over 140 HP and was down 8% for tractors under 140 HP; combines were up 27% from prior year. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 6% and up 32%, respectively, which included Europe tractor and combine demand down 1% and up 11%, respectively. South America tractor demand was down 4% and combine demand was down 27%. Asia Pacific tractor demand was down 4% and combine demand was down 29% (mostly in China).

Agriculture net sales increased for the quarter by 4% to $4.89 billion as a result of favorable price realization, partially offset by lower volume.

Gross profit margin was 27.0% (23.4% in Q2 2022) as a result of favorable price realization and increased efficiencies in the plants, offsetting continued inflation in supply chain costs.

Adjusted EBIT was $821 million ($663 million in Q2 2022), with Adjusted EBIT margin at 16.8%. The $158 million (or 2.8 p.p.) increase from Q2 2022 was the result of favorable pricing and improved mix, partially offset by increased production costs, SG&A expenditures, and R&D investments.

Construction
	Q2 2023			Q2 2022			Change			Change at c.c.(1)
Net sales ($ million)		1,064			891			+19	%		+20	%
Adjusted EBIT ($ million)		72			34			+38
Adjusted EBIT margin		6.8	%		3.8	%		+300 bps

Global industry volume for construction equipment was down 9% year over year in the second quarter for Heavy construction equipment; Light construction equipment was flat year over year. Aggregated demand increased 8% in North America, was flat in EMEA, decreased 16% in South America and decreased 13% for Asia Pacific (excluding China, Asia Pacific markets decreased 3%).

Construction net sales increased for the quarter by 19% to $1.06 billion, driven by favorable price realization and positive volume/mix mainly in North America partially offset by lower net sales from South America.

Gross profit margin was 16.0%, up 2.2 p.p. compared to Q2 2022, mainly due to higher volume and favorable price realization partially offset by higher raw material costs and manufacturing costs.

Adjusted EBIT increased $38 million due to favorable price realization and favorable volume/mix partially offset by higher production costs, SG&A spend, and R&D investments. Adjusted EBIT margin at 6.8% increased by 300 bps vs. the same quarter of 2022.

Financial Services
	Q2 2023		Q2 2022		Change			Change at c.c.(1)
Revenue ($ million)		603		471		+28	%		+29	%
Net income ($ million)		94		95		(1	)
Equity at quarter-end ($ million)(2)		2,534		2,285		+249
Retail loan originations ($ million)		2,770		2,440		+14	%

Revenues were up 28.0% due to favorable volumes and higher base rates across all regions, partially offset by lower used equipment sales due to diminished inventory levels.

Net income decreased $1 million to $94 million, primarily due to margin compression in North America and higher risk costs, partially offset by favorable volumes in all regions and a lower tax rate.

The managed portfolio (including unconsolidated joint ventures) was $26.0 billion as of June 30, 2023 (of which retail was 64% and wholesale was 36%), up $4.9 billion compared to June 30, 2022 (up $4.5 billion on a constant currency basis).

The receivable balance greater than 30 days past due as a percentage of receivables was 1.8% (1.3% as of December 31, 2022) with increases mainly in South America.

2023 Outlook

The Company is reaffirming the following 2023 outlook for its Industrial Activities:

• Net sales⁽⁵⁾ up between 8% and 11% year on year including currency translation effects

• SG&A up no more than 5% vs 2022

• Free Cash Flow of Industrial Activities⁽⁶⁾ between $1.3bn and $1.5bn

• R&D expenses and capital expenditures at around $1.6bn

2

RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2023

Consolidated revenues of $11.9 billion (up 11% year on year, up 13% at constant currency), net income of $1,196 million, with adjusted diluted EPS of $0.87 adjusted EBIT of Industrial Activities of $1,377 million, and free cash flow absorption of $287 million (Industrial Activities).

Results for the Six Months Ended June 30, 2023

(all amounts $ million, comparison vs YTD Q2 2022 - unless otherwise stated)

US-GAAP
	YTD Q2 2023			YTD Q2 2022			Change			Change at c.c.(1)
Consolidated revenue		11,909			10,727			+11	%		+13	%
of which Net sales of Industrial Activities		10,730			9,793			+10	%		+11	%
Net income		1,196			888			+35	%
Diluted EPS $		0.88			0.65			+0.23
Cash flow from operating activities		(840	)		(1,158	)		+318
Cash and cash equivalents(2)		3,194			4,376			(1,182	)
Gross profit margin of Industrial Activities		24.8	%		21.8	%		+300 bps
NON-GAAP(3)
	YTD Q2 2023			YTD Q2 2022			Change
Adjusted EBIT of Industrial Activities		1,377			1,083			+294
Adjusted EBIT Margin		12.8	%		11.1	%		+170 bps
Adjusted net income		1,186			961			+225
Adjusted diluted EPS $		0.87			0.70			+0.17
Free Cash flow of Industrial Activities		(287	)		(655	)		+368
Adjusted Gross profit margin of Industrial Activities		24.8	%		22.1	%		+270 bps
Agriculture
	YTD Q2 2023			YTD Q2 2022			Change			Change at c.c.(1)
Net sales ($ million)		8,817			8,099			+9	%		+11	%
Adjusted EBIT ($ million)		1,391			1,089			+302
Adjusted EBIT margin		15.8	%		13.4	%		+240 bps
Construction
	YTD Q2 2023			YTD Q2 2022			Change			Change at c.c.(1)
Net sales ($ million)		1,913			1,694			+13	%		+14	%
Adjusted EBIT ($ million)		116			66			+50
Adjusted EBIT margin		6.1	%		3.9	%		+220 bps
Financial Services
	YTD Q2 2023			YTD Q2 2022			Change			Change at c.c.(1)
Revenue ($ million)		1,152			937			+23	%		+24	%
Net income ($ million)		172			177			(5	)

3

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. EU-IFRS reports will be published on approximately August 2, 2023.

1. c.c. means at constant currency.

2. Comparison vs. December 31, 2022

3. 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.

4. Certain financial information in this report has been presented by geographic area. Our geographical regions are: (1) North America; (2) Europe, Middle East and Africa (“EMEA”); (3) South America and (4) Asia Pacific. The geographic designations have the following meanings:

a. North America: United States, Canada, and Mexico;

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

c. South America: Central and South America, and the Caribbean Islands; and

d. Asia Pacific: Continental Asia (including the India subcontinent), Indonesia and Oceania.

5. Net sales reflecting the exchange rate of 1.10 EUR/USD

6. The Company is unable to provide this reconciliation without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

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 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.

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 the following items: 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 Margin of Industrial Activities: is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial 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 Tax (Expense) Benefit: 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.

• Adjusted Gross Profit Margin of Industrial Activities: is computed by dividing Net sales less Cost of goods sold, as adjusted by non-recurring items, by Net sales.

• 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.

4

• 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 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.

• 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 filing, including 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. Forward-looking statements also include statements regarding the future performance of CNH Industrial and its subsidiaries on a standalone basis. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or 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: economic conditions in each of our markets, including the significant uncertainty caused by the war in the Ukraine; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, 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; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH Industrial and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing. Forward-looking statements are based upon assumptions relating to the factors described in this filing, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH Industrial’s control. CNH Industrial expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH Industrial, including factors that potentially could materially affect CNH Industrial’s financial results, is included in CNH Industrial’s reports and filings with the SEC, the Autoriteit Financiële Markten and Commissione Nazionale per le Società e la Borsa.

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.

5

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 second quarter 2023 results to financial analysts and institutional investors. The call can be followed live online at https://bit.ly/CNH_Industrial_Q2_2023 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 conference call.

Basildon, UK, July 28, 2023

CONTACTS

Media Inquiries – Laura Overall Tel +44 207 925 1964 or Rebecca Fabian Tel +1 312 515 2249 (Email mediarelations@cnhind.com)

Investor Relations – Jason Omerza Tel +1 630 740 8079 or Federico Pavesi Tel +39 345 605 6218 (Email investor.relations@cnhind.com)

6

CNH INDUSTRIAL N.V.

Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022

(Unaudited, U.S.-GAAP)

	Three Months Ended June 30,						Six Months Ended June 30,
($ million)	2023			2022			2023			2022
Revenues
Net sales		5,954			5,613			10,730			9,793
Finance, interest and other income		613			469			1,179			934
TOTAL REVENUES		6,567			6,082			11,909			10,727
Costs and Expenses
Cost of goods sold		4,463			4,377			8,074			7,663
Selling, general and administrative expenses		485			424			923			802
Research and development expenses		269			212			500			396
Restructuring expenses		2			6			3			8
Interest expense		323			162			595			300
Other, net		187			148			350			331
TOTAL COSTS AND EXPENSES		5,729			5,329			10,445			9,500
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		838			753			1,464			1,227
Income tax (expense) benefit		(192	)		(228	)		(365	)		(387	)
Equity in income (loss) of unconsolidated subsidiaries and affiliates		64			27			97			48
NET INCOME (LOSS)		710			552			1,196			888
Net income attributable to noncontrolling interests		4			4			8			7
NET INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		706			548			1,188			881
Earnings (loss) per share attributable to CNH Industrial N.V.
Basic		0.53			0.40			0.89			0.65
Diluted		0.52			0.40			0.88			0.65
Weighted average shares outstanding (in millions)
Basic		1,338			1,355			1,340			1,355
Diluted		1,355			1,360			1,357			1,360
Cash dividends declared per common share		0.396			0.302			0.396			0.302

These 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, 2022 included in the Annual Report on Form 10-K. These Consolidated Statements of Operations represent the consolidation of all CNH Industrial N.V. subsidiaries.

7

CNH INDUSTRIAL N.V.

Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022

(Unaudited, U.S.-GAAP)

($ million)	June 30, 2023		December 31, 2022
ASSETS
Cash and cash equivalents		3,194		4,376
Restricted cash		731		753
Financing receivables, net		21,541		19,260
Receivables from Iveco Group N.V.		260		298
Inventories, net		6,411		4,811
Property, plant and equipment, net and equipment under operating lease		3,101		3,034
Intangible assets, net		4,719		4,451
Other receivables and assets		2,730		2,398
TOTAL ASSETS		42,687		39,381
LIABILITIES AND EQUITY
Debt		24,870		22,962
Payables to Iveco Group N.V.		111		156
Other payables and liabilities		10,076		9,287
Total Liabilities		35,057		32,405
Redeemable noncontrolling interest		55		49
Equity		7,575		6,927
TOTAL LIABILITIES AND EQUITY		42,687		39,381

These Consolidated Balance Sheets should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2022 included in the Annual Report on Form 10-K. These Consolidated Balance Sheets represent the consolidation of all CNH Industrial N.V. subsidiaries.

8

CNH INDUSTRIAL N.V.

Consolidated Statement of Cash Flows for the Six Months ended June 30, 2023 and 2022

(Unaudited, U.S.-GAAP)

	Six Months Ended June 30,
($ million)	2023			2022
Operating activities:
Net income (loss)		1,196			888
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense, excluding depreciation and amortization of assets under operating leases		178			167
Depreciation and amortization expense of assets under operating leases		92			105
(Gain) loss on disposal of assets		20			16
Undistributed (income) loss of unconsolidated subsidiaries		(46	)		(13	)
Other non-cash items		78			89
Changes in operating assets and liabilities:
Provisions		445			(51	)
Deferred income taxes		(188	)		27
Trade and financing receivables related to sales, net		(1,380	)		(963	)
Inventories, net		(1,379	)		(1,164	)
Trade payables		202			56
Other assets and liabilities		(58	)		(315	)
Net Cash provided (used) by operating activities		(840	)		(1,158	)
Investing activities:
Additions to retail receivables		(3,576	)		(2,703	)
Collections of retail receivables		2,995			2,392
Proceeds from the sale of assets, net of assets under operating leases		1			2
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases		(224	)		(139	)
Expenditures for assets under operating leases		(237	)		(252	)
Other		(206	)		(300	)
Net Cash provided (used) by investing activities		(1,247	)		(1,000	)
Financing activities:
Net increase (decrease) in debt		1,535			527
Dividends paid		(529	)		(415	)
Other		(169	)		(40	)
Net Cash provided (used)by financing activities		837			72
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		46			(175	)
Increase (decrease) in cash and cash equivalents and restricted cash		(1,204	)		(2,261	)
Cash and cash equivalents and restricted cash, beginning of year		5,129			5,845
Cash and cash equivalents and restricted cash, end of period		3,925			3,584

These Consolidated Statements of Cash Flow should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2022 included in the Annual Report on Form 10-K. These Consolidated Statements of Cash Flows represent the consolidation of all CNH Industrial N.V. subsidiaries.

9

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the Three Months ended June 30, 2023 and 2022

(Unaudited, U.S.-GAAP)

	Three Months Ended June 30, 2023												Three Months Ended June 30, 2022
($ million)	Industrial Activities(1)			Financial Services			Eliminations			Consolidated			Industrial Activities(1)			Financial Services			Eliminations			Consolidated
Revenues
Net sales		5,954			—			—			5,954			5,613			—			—			5,613
Finance, interest, and other income		47			603			(37	)(2)		613			15			471			(17	)(2)		469
TOTAL REVENUES		6,001			603			(37	)		6,567			5,628			471			(17	)		6,082
Costs and Expenses
Cost of goods sold		4,463			—			—			4,463			4,377			—			—			4,377
Selling, general and administrative expenses		434			51			—			485			381			43			—			424
Research and development expenses		269			—			—			269			212			—			—			212
Restructuring expenses		2			—			—			2			6			—			—			6
Interest expense		69			291			(37	)(3)		323			50			129			(17	)(3)		162
Other, net		42			145			—			187			(21	)		169			—			148
TOTAL COSTS AND EXPENSES		5,279			487			(37	)		5,729			5,005			341			(17	)		5,329
Income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates		722			116			—			838			623			130			—			753
Income tax (expense) benefit		(166	)		(26	)		—			(192	)		(190	)		(38	)		—			(228	)
Equity in income (loss) of unconsolidated subsidiaries and affiliates		60			4			—			64			24			3			—			27
NET INCOME (LOSS)		616			94			—			710			457			95			—			552

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction 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.

10

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the Six Months ended June 30, 2023 and 2022

(Unaudited, U.S.-GAAP)

	Six Months Ended June 30, 2023												Six Months Ended June 30, 2022
($ million)	Industrial Activities(1)			Financial Services			Eliminations			Consolidated			Industrial Activities(1)			Financial Services			Eliminations			Consolidated
Revenues
Net sales		10,730			—			—			10,730			9,793			—			—			9,793
Finance, interest, and other income		104			1,152			(77	)(2)		1,179			25			937			(28	)(2)		934
TOTAL REVENUES		10,834			1,152			(77	)		11,909			9,818			937			(28	)		10,727
Costs and Expenses
Cost of goods sold		8,074			—			—			8,074			7,663			—			—			7,663
Selling, general and administrative expenses		821			102			—			923			710			92			—			802
Research and development expenses		500			—			—			500			396			—			—			396
Restructuring expenses		3			—			—			3			8			—			—			8
Interest expense		130			542			(77	)(3)		595			95			233			(28	)(3)		300
Other, net		62			288			—			350			(38	)		369			—			331
TOTAL COSTS AND EXPENSES		9,590			932			(77	)		10,445			8,834			694			(28	)		9,500
Income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates		1,244			220			—			1,464			984			243			—			1,227
Income tax (expense) benefit		(310	)		(55	)		—			(365	)		(313	)		(74	)		—			(387	)
Equity in income (loss) of unconsolidated subsidiaries and affiliates		90			7			—			97			40			8			—			48
NET INCOME (LOSS)		1,024			172			—			1,196			711			177			—			888

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction 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.

11

CNH INDUSTRIAL N.V.

Supplemental Balance Sheets as of June 30, 2023 and December 31, 2022

(Unaudited, U.S.-GAAP)

	June 30, 2023									December 31, 2022
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)		Financial Services		Eliminations			Consolidated
ASSETS
Cash and cash equivalents		2,730		464		—			3,194		3,802		574		—			4,376
Restricted cash		166		565		—			731		158		595		—			753
Financing receivables, net		765		21,770		(994	)(2)		21,541		898		19,313		(951	)(2)		19,260
Receivables from Iveco Group N.V.		179		81		—			260		234		64		—			298
Inventories, net		6,396		15		—			6,411		4,798		13		—			4,811
Property, plant and equipment, net and equipment on operating lease		1,671		1,430		—			3,101		1,561		1,473		—			3,034
Intangible assets, net		4,556		163		—			4,719		4,287		164		—			4,451
Other receivables and assets		2,460		527		(257	)(3)		2,730		2,141		477		(220	)(3)		2,398
TOTAL ASSETS		18,923		25,015		(1,251	)		42,687		17,879		22,673		(1,171	)		39,381
LIABILITIES AND EQUITY
Debt		4,861		21,003		(994	)(2)		24,870		4,972		18,941		(951	)(2)		22,962
Payables to Iveco Group N.V.		4		107		—			111		5		151		—			156
Other payables and liabilities		8,962		1,371		(257	)(3)		10,076		8,211		1,296		(220	)(3)		9,287
Total Liabilities		13,827		22,481		(1,251	)		35,057		13,188		20,388		(1,171	)		32,405
Redeemable noncontrolling interest		55		—		—			55		49		—		—			49
Equity		5,041		2,534		—			7,575		4,642		2,285		—			6,927
TOTAL LIABILITIES AND EQUITY		18,923		25,015		(1,251	)		42,687		17,879		22,673		(1,171	)		39,381

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

(2) This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.

(3) This item primarily represents the reclassification of deferred tax assets/liabilities in the same taxing jurisdiction and elimination of intercompany activity between Industrial Activities and Financial Service.

12

CNH INDUSTRIAL N.V.

Supplemental Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022

(Unaudited, U.S.-GAAP)

	Six Months ended June 30, 2023												Six Months ended June 30, 2022
($ million)	Industrial Activities(1)			Financial Services			Eliminations(3)			Consolidated			Industrial Activities(1)			Financial Services			Eliminations(3)			Consolidated
Operating activities:
Net income (loss)		1,024			172			—			1,196			711			177			—			888
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization expense, excluding depreciation and amortization of assets under operating lease		176			2			—			178			166			1			—			167
Depreciation and amortization expense of assets under operating lease		3			89			—			92			1			104			—			105
(Gain) loss on disposal of assets		20			—			—			20			16			—			—			16
Undistributed (income) loss of unconsolidated subsidiaries		(35	)		(7	)		(4	)(2)		(46	)		85			(8	)		(90	)(2)		(13	)
Other non-cash items		43			35			—			78			59			30			—			89
Changes in operating assets and liabilities:
Provisions		445			—			—			445			(51	)		—			—			(51	)
Deferred income taxes		(179	)		(9	)		—			(188	)		53			(26	)		—			27
Trade and financing receivables related to sales, net		(19	)		(1,367	)		6	(3)		(1,380	)		105			(1,068	)		—	(3)		(963	)
Inventories, net		(1,567	)		188			—			(1,379	)		(1,433	)		269			—			(1,164	)
Trade payables		273			(66	)		(5	)(3)		202			81			(32	)		7	(3)		56
Other assets and liabilities		(134	)		77			(1	)(3)		(58	)		(274	)		(34	)		(7	)(3)		(315	)
Net cash provided (used)by operating activities		50			(886	)		(4	)		(840	)		(481	)		(587	)		(90	)		(1,158	)
Investing activities:
Additions to retail receivables		—			(3,576	)		—			(3,576	)		—			(2,703	)		—			(2,703	)
Collections of retail receivables		—			2,995			—			2,995			—			2,392			—			2,392
Proceeds from sale of assets, net of assets sold under operating leases		1			—			—			1			2			—			—			2
Expenditures for property, plant and equipment and intangible assets, net of assets under operating lease		(221	)		(3	)		—			(224	)		(137	)		(2	)		—			(139	)
Expenditures for assets under operating lease		(9	)		(228	)		—			(237	)		(6	)		(246	)		—			(252	)
Other		137			(422	)		79			(206	)		(623	)		323			—			(300	)
Net cash provided (used) by investing activities		(92	)		(1,234	)		79			(1,247	)		(764	)		(236	)		—			(1,000	)
Financing activities:
Net increase (decrease) in debt		(361	)		1,896			—			1,535			(58	)		585			—			527
Dividends paid		(529	)		(4	)		4	(2)		(529	)		(415	)		(90	)		90	(2)		(415	)
Other		(169	)		79			(79	)		(169	)		(40	)		—			—			(40	)
Net cash provided (used) by financing activities		(1,059	)		1,971			(75	)		837			(513	)		495			90			72
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		37			9			—			46			(182	)		7			—			(175	)
Increase (decrease) in cash and cash equivalents		(1,064	)		(140	)		—			(1,204	)		(1,940	)		(321	)		—			(2,261	)
Cash and cash equivalents, beginning of year		3,960			1,169			—			5,129			4,514			1,331			—			5,845
Cash and cash equivalents, end of year		2,896			1,029			—			3,925			2,574			1,010			—			3,584

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction 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.

13

Other Supplemental Financial Information

(Unaudited)

Adjusted EBIT of Industrial Activities by Segment
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in millions)						(in millions)
Industrial Activities segments
Agriculture		821			663			1,391			1,089
Construction		72			34			116			66
Unallocated items, eliminations and other		(71	)		(43	)		(130	)		(72	)
Total Adjusted EBIT of Industrial Activities		822			654			1,377			1,083
Reconciliation of Consolidated Net Income under US-GAAP to Adjusted EBIT of Industrial Activities
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in millions)						(in millions)
Net Income		710			552			1,196			888
Less: Consolidated income tax expense		(192	)		(228	)		(365	)		(387	)
Consolidated income before taxes		902			780			1,561			1,275
Less: Financial Services
Financial Services Net Income		94			95			172			177
Financial Services Income Taxes		26			38			55			74
Add back of the following Industrial Activities items:
Interest expense of Industrial Activities, net of Interest income and eliminations		22			35			26			70
Foreign exchange (gains) losses, net of Industrial Activities		—			(13	)		6			—
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1)		(1	)		(40	)		(2	)		(77	)
Adjustments for the following Industrial Activities items:
Financial Services Income Taxes		2			6			3			8
Other discrete items(2)		17			19			10			58
Total Adjusted EBIT of Industrial Activities		822			654			1,377			1,083

(1) In the three and six months ended June 30, 2023 and 2022, this item includes the pre-tax gain of $6 million and $12 million as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 modifications of a healthcare plan in the U.S. In the three and six months ended June 30, 2022, this item includes the pre-tax gain of $30 million and $60 million as a result of the 2018 modification of a healthcare plan in the U.S.

(2) In the three months ended June 30, 2023, this item included a loss of $17 million related to the sale of CNH Industrial Russia. In the six months ended June 30, 2023, this item included a gain of $13 million in relation to the fair value remeasurement of Augmenta and Bennamann, offset by a $23 million loss on the sale of the CNH Industrial Russia and CNH Capital Russia businesses. In the three and six months ended June 30, 2022, this item included $3 million and $6 million of separation costs incurred in connection with our spin-off of the Iveco Group Business and $16 million and $8 million of loss from the activity of the two Raven businesses held for sale, including the loss on the sale of the Engineered Films Division. In the six months ended June 30, 2022, this item also included $44 million of asset write-downs.

14

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Total (Debt) to Net Cash (Debt) under US-GAAP
($ million)	Consolidated						Industrial Activities						Financial Services
	June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022
Third party (debt)		(24,870	)		(22,962	)		(4,619	)		(4,909	)		(20,251	)		(18,053	)
Intersegment notes payable		—			—			(242	)		(63	)		(752	)		(888	)
Payable to Iveco Group N.V.		(111	)		(156	)		(4	)		(5	)		(107	)		(151	)
Total (Debt)(1)		(24,981	)		(23,118	)		(4,865	)		(4,977	)		(21,110	)		(19,092	)
Cash and cash equivalents		3,194			4,376			2,730			3,802			464			574
Restricted cash		731			753			166			158			565			595
Intersegment notes receivable		—			—			752			888			242			63
Receivables from Iveco Group N.V.		260			298			179			234			81			64
Other current financial assets(2)		300			300			300			300			—			—
Derivatives hedging debt		(39	)		(43	)		(39	)		(43	)		—			—
Net Cash (Debt)(3)		(20,535	)		(17,434	)		(777	)		362			(19,758	)		(17,796	)

(1) Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $242 million and $63 million as of June 30, 2023 and December 31, 2022, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $752 million and $888 million as of June 30, 2023 and December 31, 2022, 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 ($510) million and ($825) million as of June 30, 2023 and December 31, 2022, respectively.

Reconciliation of Net cash provided by (used in) Operating Activities to Free cash flow of Industrial Activities under US-GAAP
Six Months ended June 30, 2023						Three Months ended June 30,
2023		2022			($ million)	2023			2022
	(840)		(1,158	)	Net cash provided by (used in) Operating Activities		(139	)		(271	)
	890		677		Cash flows from Operating Activities of Financial Services net of eliminations		732			773
	4		(29	)	Change in derivatives hedging debt of Industrial Activities and other		(3	)		(11	)
	(9)		(6	)	Investments in assets sold under operating lease assets of Industrial Activities		(5	)		(4	)
	(221)		(137	)	Investments in property, plant and equipment, and intangible assets of Industrial Activities		(131	)		(84	)
	(111)		(2	)	Other changes(1)		(68	)		1
	(287)		(655	)	Free cash flow of Industrial Activities		386			404

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

15

Other Supplemental Financial Information

(Unaudited)

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 US-GAAP
Six Months ended June 30,							Three Months ended June 30,
2023			2022			($ million)	2023			2022
	1,196			888		Net income (loss)		710			552
	1			9		Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)		13			(12	)
	(11	)		64		Adjustments impacting Income tax (expense) benefit (b)		(12	)		43
	1,186			961		Adjusted net income (loss)		711			583
	1,178			954		Adjusted net income (loss) attributable to CNH Industrial N.V.		707			579
	1,357			1,360		Weighted average shares outstanding – diluted (million)		1,355			1,360
	0.87			0.70		Adjusted diluted EPS ($)		0.52			0.43
	1,464			1,227		Income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates		838			753
	1			9		Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)		13			(12	)
	1,465			1,236		Adjusted income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A)		851			741
	(365	)		(387	)	Income tax (expense) benefit		(192	)		(228	)
	(11	)		64		Adjustments impacting Income tax (expense) benefit (b)		(12	)		43
	(376	)		(323	)	Adjusted income tax (expense) benefit (B)		(204	)		(185	)
	25.7	%		26.1	%	Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)		24.0	%		25.0	%
						a) Adjustments impacting Income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates
	3			8		Restructuring expenses		2			5
	—			(60	)	Pre-tax gain related to the 2018 modification of a healthcare plan in the U.S.		—			(30	)
	(12	)		(12	)	Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S.		(6	)		(6	)
	—			44		Asset write-down: Industrial Activities, Russia Operations		—			—
	—			15		Asset write-down: Financial Services, Russia Operations		—			—
	17			—		Loss on sale of Industrial Activities, Russia Operations		17			—
	6			—		Loss on sale of Financial Services, Russia Operations		—			—
	—			6		Spin related costs		—			3
	(13	)		—		Investment fair value adjustment		—			—
	—			8		Activity of the Raven Segments held for sale, including loss on sale of the Aerostar and Engineered Films Division		—			16
	1			9		Total		13			(12	)
						b) Adjustments impacting Income tax (expense) benefit
	(11	)		61		Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates(1)		(12	)		39
	—			3		Adjustment to valuation allowances on deferred tax assets		—			4
	(11	)		64		Total		(12	)		43

(1) In the six months ended June 30, 2022, this balance included $12 million of increase to the valuation allowances on historical deferred tax assets as a result of the suspension of operations in Russia.

16

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Adjusted gross profit to gross profit under US-GAAP
Six Months ended June 30,							Three Months ended June 30,
2023			2022			($ million)	2023			2022
	10,730			9,793		Net Sales (A)		5,954			5,613
	8,074			7,663		Cost of goods sold		4,463			4,377
	2,656			2,130		Gross profit (B)		1,491			1,236
	—			34		Asset write down (Russia operations)		—			—
	2,656			2,164		Adjusted gross profit (C)		1,491			1,236
	24.8	%		21.8	%	Gross profit margin (B ÷ A)		25.0	%		22.0	%
	24.8	%		22.1	%	Adjusted gross profit margin (C ÷ A)		25.0	%		22.0	%

17

EX-99.2

Q2 2023 RESULTS REVIEW July 28, 2023 Exhibit 99.2

Safe Harbor Statement and Disclosures All statements other than statements of historical fact contained in this presentation, including 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. Forward-looking statements also include statements regarding the future performance of CNH Industrial and its subsidiaries on a standalone basis. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or 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: economic conditions in each of our markets, including the significant uncertainty caused by the war in the Ukraine; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, 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; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH Industrial and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are included in this presentation, which is available on our website at www.cnhindustrial.com. Forward-looking statements are based upon assumptions relating to the factors described in this presentation, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH Industrial’s control. CNH Industrial expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this presentation to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH Industrial, including factors that potentially could materially affect CNH Industrial’s financial results, is included in CNH Industrial’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”), the Autoriteit Financiële Markten (“AFM”) and Commissione Nazionale per le Società e la Borsa (“CONSOB”). All future written and oral forward-looking statements by CNH Industrial or persons acting on the behalf of CNH Industrial are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Q2 2023 | MAIN ACHIEVEMENTS Record Q2 margins in both Agriculture and Construction Highest North America HHP tractor production levels since 2015 CNH Business System driving operational efficiencies

Q2 2023 | RESULTS (1) Non-GAAP measures (definition and reconciliation in appendix) Consolidated Revenues $6.6B +8% Adj. EBIT1 Industrial Activities $822M +26% Net Income $710M +29% Diluted EPS $0.52 +$0.12 Net Sales Industrial Activities $6.0B +6% +210 bps +22% +$0.09 Adj. EBIT%1 Industrial Activities 13.8% Adjusted Net Income1 $711M Adjusted Diluted EPS1 $0.52 YoY vs Q2 2022

Agriculture set new Gross and EBIT margin records Construction hit $1B+ quarterly net sales for the first time Order books opened for MY24; sustained tractor demand Continued growth in precision solutions adoption New Straddle Tractor range introduced Published 2022 Sustainability Report Q2 2023 | BUSINESS HIGHLIGHTS

CONSTRUCTION MOMENTUM Capitalizing on Sampierana product and technology integration North American market strength Leveraging distribution synergies with Ag Sales & Adj. EBIT Margin Trend (1) 2024E margin targets from Feb-22 CMD 5.5-6.5%1 Q2 2023 results review | 28-Jul-2023 … / / Net Sales Adj. EBIT Margin

STRATEGIC PRIORITIES CUSTOMER INSPIRED INNOVATION BRAND AND DEALER STRENGTH TECHNOLOGY LEADERSHIP OPERATIONAL EXCELLENCE SUSTAINABILITY STEWARDSHIP

operational excellence: CNH BUSINESS SYSTEM (CBS) Compass Room CBS employs Kaizen / Lean Toolsets and Root Cause Problem Solving Daily Management System prioritizes & solves site systemic problems Strategy Deployment drives innovative breakthrough change Margin expansion through operations excellence Revenue growth through innovation Daily Management System

Q2 2023 | FINANCIAL HIGHLIGHTS (1) Non-GAAP measure (definition and reconciliation in appendix); (2) At Constant Currency Net Sales Industrial Activities Free Cash Flow1 Industrial Activities Adjusted Diluted EPS1 Adjusted Net Income1 ($M) +6% +22% +$0.09 -4% Δ YoY +7% @CC2

Q2 2023 | AGRICULTURE (1) Gross Margin calculated as Gross Profit divided by Net Sales, as shown on slide 22; (2) At Constant Currency; (3) Non-GAAP measure (definition and reconciliation in appendix) Note: Numbers may not add due to rounding Net Sales ($M) Gross Margin1 Adjusted EBIT3 Q2 2022 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other Q2 2023 16.8% 14.0% +4% +360 bps +5% @CC2 Δ YoY

Q2 2023 | CONSTRUCTION (1) Gross Margin calculated as Gross Profit divided by Net Sales, as shown on slide 22; (2) At Constant Currency; (3) Non-GAAP measure (definition and reconciliation in appendix) Note: Numbers may not add due to rounding Net Sales ($M) Gross Margin1 Adjusted EBIT3 Q2 2022 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other Q2 2023 6.8% 3.8% Δ YoY +19% +220 bps +20% @CC2

Q2 retail originations $2.8B, +$0.4B YoY Managed portfolio $26.0B, +$4.9B YoY (+$4.5B @ CC3) Q2 2023 | FINANCIAL SERVICES (1) Return on Assets defined as: EBIT / average managed assets annualized; (2) Including unconsolidated JVs;(3) At constant currency ($M) Delinquencies on Book (>30 Days) Profitability Ratios Managed Portfolio2 & Retail Originations2 Net Income Portfolio at June 30, 2023 Retail Wholesale Operating Lease Gross Margin / Average Assets on Book RoA1

CAPITAL ALLOCATION PRIORITIES ORGANIC GROWTH Support future growth through operating cash flow reinvestments CREDIT RATING Maintain strong credit rating, supporting strategic captive finance business GROSS DEBT Reduce industrial debt through strong free cash flow SHAREHOLDER RETURNS Maintain a dedicated and consistent dividend and share buyback policy INORGANIC GROWTH Maintain option for disciplined and well-structured M&A

FY 2023 ESTIMATES | INDUSTRY UNIT PERFORMANCE VS. FY 2022 Note: Total Industry Volume % change FY 2023 vs. FY 2022 reflecting aggregate for key markets where Company competes. (1) Regional split definition in the slide “Geographic information” NORTH AMERICA1 EMEA1 SOUTH AMERICA1 APAC1 0-140 HP – Small Tractors (5%) – flat flat flat (5%) – flat 140+ HP – Large Tractors 10% – 15% Combines 5% – 10% flat (5%) – flat (5%) – flat Light flat – 5% (10%) – (5%) (5%) – flat (5%) – flat Heavy (5%) – flat (5%) – flat (20%) – (15%) (15%) – (10%)

FY 2023 GUIDANCE (1) Reflects full-year €/$ exchange rate average of 1.10 (2) Non-GAAP measure (definition in appendix) INDUSTRIAL ACTIVITIES INDUSTRIAL ACTIVITIES Previous Guidance Current Guidance Net Sales1 +8% to +11% vs. 2022 Reaffirmed SG&A up <5% vs. 2022 Reaffirmed Free Cash Flow2 $1.3B to $1.5B Reaffirmed R&D ~$1.6B Reaffirmed CapEx

Margin improvement programs yielding results North America row crop strength; global ag fundamentals solid Focus on retail execution Continued ramp-up of R&D investments Tech stack enhancements accelerate 2023 PRIORITIES & OUTLOOK

APPENDIX

Q2 2023 | UNIT PERFORMANCE VS. Q2 2022 NOTE: Total Industry Volume % change 2023 vs. 2022 reflecting aggregate for key markets where Company competes. (1) Regional split definition in the slide “Geographic information” NORTH AMERICA1 EMEA1 SOUTH AMERICA1 APAC1 0-140 HP – Small Tractors (8%) (6%) (4%) (4%) 140+ HP – Large Tractors 21% Combines 27% 32% (27%) (29%) Light 9% (1%) flat (11%) Heavy 4% 2% (25%) (15%) Total Industry Company TRACTORS COMBINES LIGHT Heavy Company Inventory Dealer Inventory Retail Production

Q2 2022 Q2 2023 Δ YoY H1 2022 H1 2023 Δ YoY U.S. GAAP Revenues 6,082 6,567 +8% 10,727 11,909 +11% Net Sales | Industrial Activities 5,613 5,954 +6% 9,793 10,730 +10% Net Income 552 710 +29% 888 1,196 +35% Diluted EPS - $ 0.40 0.52 +0.12 0.65 0.88 +0.23 Non – GAAP1 Net Sales | Industrial Activities @CC2 5,613 6,000 +7% 9,793 10,878 +11% Adjusted EBIT | Industrial Activities 654 822 +26% 1,083 1,377 +27% Adjusted EBIT Margin | Industrial Activities 11.7% 13.8% +210 bps 11.1% 12.8% +170 bps Adjusted Effective Tax Rate 25% 24% -1pp 26% 26% 0pp Adjusted Net Income 583 711 +22% 961 1,186 +23% Weighted average shares outstanding - diluted - million 1,360 1,355 (0.4%) 1,360 1,357 (0.2%) Adjusted Diluted EPS - $ 0.43 0.52 +0.09 0.70 0.87 +0.17 Free Cash Flow | Industrial Activities 404 386 (18) (655) (287) +368 Q2 / H1 2023 | Financial Summary (1) Non-GAAP measures: definitions in slide “Non-GAAP Financial Measures”; reconciliations in “Reconciliations” section (2) @CC means at constant currency Note: Numbers may not add due to rounding ($M)

Q2 2023 | Industrial activities net sales (1) Net Sales | Excluding Other Activities, Unallocated Items and Adjustment & Eliminations (2) Δ YoY @CC means at constant currency Note: Numbers may not add due to rounding Agriculture Construction Industrial Activities1 $4,890M $1,064M $5,954M +4% YoY +5% @CC2 +19% YoY +20% @CC2 +6% YoY +7% @CC2 By Region as reported By Region as reported By Region as reported 38% 34% 18% 10% 55% 22% 16% 7% 41% 32% 17% 9% 37% 33% 20% 10% 46% 26% 20% 8% 39% 32% 20% 10% By Product as reported By Product as reported By Segment as reported 52% 25% 23% 35% 63% 2% 82% 18% 51% 25% 24% 38% 60% 2% 84% 16% Q2 2022 Q2 2023 Q2 2023 mix Q2 2022 mix Q2 2023 mix Q2 2022 mix

H1 2023 | Industrial activities net sales (1) Net Sales | Excluding Other Activities, Unallocated Items and Adjustment & Eliminations (2) Δ YoY @CC means at constant currency Note: Numbers may not add due to rounding Agriculture Construction Industrial Activities1 $8,817M $1,913M $10,730M +9% YoY +11% @CC2 +13% YoY +14% @CC2 +10% YoY +11% @CC2 By Region as reported By Region as reported By Region as reported 38% 34% 18% 10% 55% 24% 14% 7% 41% 33% 17% 9% 36% 34% 20% 10% 48% 26% 18% 8% 38% 33% 20% 9% By Product as reported By Product as reported By Segment as reported 53% 24% 23% 35% 63% 2% 82% 18% 53% 23% 24% 38% 60% 2% 83% 17% H1 2022 H1 2023 H1 2023 mix H1 2022 mix H1 2023 mix H1 2022 mix

Q2 2023 | Financials by segment (1) Non-GAAP measure: definition in slide “Non-GAAP Financial Measures”; reconciliation in “Reconciliations” section Note: Numbers may not add due to rounding Revenues & Net Sales Gross Profit Gross Margin Adj. EBIT1 Adj. EBIT Margin1 Q2 22 Q2 23 Q2 22 Q2 23 Q2 22 Q2 23 Q2 22 Q2 23 Q2 22 Q2 23 Agriculture 4,722 4,890 1,105 1,321 23.4% 27.0% 663 821 14.0% 16.8% Construction 891 1,064 123 170 13.8% 16.0% 34 72 3.8% 6.8% Elimination & Other - - 7 - - - (43) (71) - - Industrial Activities 5,613 5,954 1,235 1,491 22.0% 25.0% 654 822 11.7% 13.8% Financial Services 471 603 Elimination & Other (2) 10 CNH Industrial 6,082 6,567 ($M)

Q2 2022 Q2 2023 H1 2022 H1 2023 Investments in property, plant and equipment, and intangible assets 84 131 137 221 Breakdown by Category         New Product & Technology 28% 34% 28% 39% Maintenance & Other 48% 58% 48% 52% Industrial Capacity Expansion & LT Investments 24% 8% 24% 9% Breakdown by Segment         Agriculture 87% 85% 87% 87% Construction 13% 15% 13% 13%           Research and Development 212 269 396 500           Total spending (CapEx + R&D) in new products 159 217 294 401 Breakdown by Trend         Digital 36% 36% 35% 38% Electric Vehicles and CNG-LNG 10% 12% 7% 11% Other New Program 54% 52% 58% 51% ($M) Q2 / H1 2023 | capex and r&d Note: Numbers may not add due to rounding

($B) Outstanding June 30, 2023 2023 2024 2025 2026 2027 Beyond 3.4 Bank Debt 1.1 0.9 0.4 0.2 0.2 0.5 10.9 Capital Market 1.6 2.6 2.5 1.7 1.2 1.3 0.1 Other Debt 0.1 0.0 0.0 0.0 0.0 0.0 14.4 Cash Portion of (Debt) Maturities 2.8 3.5 2.9 1.9 1.4 1.9 of which Industrial Activities 0.6 0.9 0.8 0.5 1.1 0.7 of which Financial Services 2.2 2.7 2.0 1.4 0.3 1.2 3.9 Cash & Cash Equivalents 0.7 of which restricted cash 0.3 Other current financial assets 0.1 Net Receivables / (Payables) with Iveco Group 5.0 Undrawn Committed credit lines 9.4 Total Available Liquidity Debt maturity schedule | breakdown Note: Numbers may not add due to rounding

RECONCILIATIONS

Q2 2022 Q2 2023 H1 2022 H1 2023 Net Income 552 710 888 1,196 Less: Consolidated income tax expense (228) (192) (387) (365) Consolidated income before taxes 780 902 1,275 1,561 Less: Financial Services   Financial Services Net Income 95 94 177 172 Financial Services Income Taxes 38 26 74 55 Add back of the following Industrial Activities items:     Interest expense of Industrial Activities, net of Interest income and eliminations   35 22 70 26 Foreign exchange (gains) losses, net of Industrial Activities (13) - - 6 Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1) (40) (1) (77) (2) Adjustments for the following Industrial Activities items:     Restructuring expenses 6 2 8 3 Other discrete items(2) 19 17 58 10 Total Adjusted EBIT of Industrial Activities 654 822 1,083 1,377 Reconciliation of Net Income to Adj. EBIT of industrial activities (1) In the three and six months ended June 30, 2023 and 2022, this item includes the pre-tax gain of $6M and $12M as a result of the amortization over the 4 years of the $101M positive impact from the 2021 modifications of a healthcare plan in the U.S. In the three and six months ended June 30, 2022, this item includes the pre-tax gain of $30M and $60M as a result of the 2018 modification of a healthcare plan in the U.S. (2) In the three months ended June 30, 2023, this item included a loss of $17M related to the sale of our CNH Industrial Russia. In the six months ended June 30, 2023, this item included a gain of $13M in relation to the fair value remeasurement of Augmenta and Bennamann, offset by a $23M loss on the sale of our CNH Industrial Russia and CNH Capital Russia businesses. In the three and six months ended June 30, 2022, this item includes $3M and $6M of separation costs incurred in connection with our spin-off of the Iveco Group Business and $16M and $8M of loss from the activity of the two Raven businesses held for sale, including the loss on the sale of the Engineered Films Division. In the six month ended June 30, 2022, this item also included $44M of asset write-downs. ($M)

Q2 2022 Q2 2023 H1 2022 H1 2023 Net cash provided by (used in) Operating Activities (271) (139) (1,158) (840) Cash flows from Operating Activities of Financial Services net of eliminations 773 732 677 890 Change in derivatives hedging debt of Industrial Activities and other (11) (3) (29) 4 Investments in assets sold under operating lease assets of Industrial Activities (4) (5) (6) (9) Investments in property, plant & equipment, and intangible assets of Ind. Act. (84) (131) (137) (221) Other changes(1) 1 (68) (2) (111) Free cash flow of Industrial Activities 404 386 (655) (287) Reconciliation of Net cash provided by (used in) Operating Activities to Free cash flow of Ind. Activities under U.S. GAAP (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments ($M)

Q2 2022 Q2 2023 H1 2022 H1 2023 Net income (loss) 552 710 888 1,196 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) (12) 13 9 1 Adjustments impacting Income tax (expense) benefit (b) 43 (12) 64 (11) Adjusted net income (loss) 583 711 961 1,186 Adjusted net income (loss) attributable to CNH Industrial N.V. 579 707 954 1,178 Weighted average shares outstanding – diluted (million) 1,360 1,355 1,360 1,357 Adjusted diluted EPS ($) 0.43 0.52 0.70 0.87 Income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 753 838 1,227 1,464 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) (12) 13 9 1 Adjusted income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A) 741 851 1,236 1,465 Income tax (expense) benefit  (228) (192) (387) (365) Adjustments impacting Income tax (expense) benefit (b) 43 (12) 64 (11) Adjusted income tax (expense) benefit (B) (185) (204) (323) (376) Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) 25% 24% 26% 26% ($M) 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 (1/2)

Q2 2022 Q2 2023 H1 2022 H1 2023 (a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates     Restructuring expenses 5 2 8 3 Pre-tax gain related to the 2018 modification of a healthcare plan in the U.S. (30) - (60) - Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S. (6) (6) (12) (12) Asset write-down: Industrial Activities, Russia Operations - - 44 - Asset write-down: Financial Services, Russia Operations - - 15 - Loss on sale of Industrial Activities, Russia Operations - 17 - 17 Loss on sale of Financial Services, Russia Operations - - - 6 Spin related costs 3 - 6 - Investment fair value adjustment - - - (13) Activity of the Raven Segments held for sale, including loss on sale of the Aerostar and Engineered Films Division 16 - 8 - Total  (12) 13 9 1     (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(1) 39 (12) 61 (11) Adjustment to valuation allowances on deferred tax assets 4 - 3 - Total 43 (12) 64 (11) 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 (2/2) (1) In the six months ended 30-Jun-22, this balance includes $12M of increase to the valuation allowances on historical deferred tax assets as a result of the suspension of operations in Russia ($M)

The composition of our regions part of the geographic information is as follow: North America: United States, Canada, and Mexico; Europe, Middle East, and Africa (EMEA): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, Balkans, Russia, Turkey, Uzbekistan, Pakistan, the African continent, and the Middle East; South America: Central and South America, and the Caribbean Islands; and Asia Pacific (APAC): Continental Asia (including the Indian subcontinent), Indonesia and Oceania. Industry Data In this presentation, industry information is 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. 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. Geographic 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 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. CNH Industrial’s non-GAAP financial measures used in this presentation 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 EBIT Margin of Industrial Activities is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial 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 Tax 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. Adjusted Gross Profit Margin of Industrial Activities is computed by dividing Net sales less Cost of goods sold, as adjusted by non-recurring items, by Net sales. 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. For forecasted information, the Company is unable to provide a reconciliation of this measure without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. 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. Non-GAAP Financial Measures

INVESTOR RELATIONS CONTACTS investor.relations@cnhind.com Jason Omerza +1 (630) 740 8079 | jason.omerza@cnhind.com Federico Pavesi +39 (345) 605 6218 | federico.pavesi@cnhind.com CNH Industrial | Investors

XML

Document and Entity Information	Jul. 28, 2023
Document And Entity Information [Line Items]
Security Exchange Name	NYSE
Entity Tax Identification Number	00-0000000
Amendment Flag	false
Entity Central Index Key	0001567094
Document Type	8-K
Document Period End Date	Jul. 28, 2023
Entity Registrant Name	CNH INDUSTRIAL N.V.
Entity Incorporation State Country Code	P7
Entity File Number	001-36085
Entity Address, Address Line One	Cranes Farm Road
Entity Address, Address Line Two	Basildon
Entity Address, City or Town	Essex
Entity Address, Postal Zip Code	SS14 3AD
Entity Address, Country	GB
City Area Code	2079
Local Phone Number	251964
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
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Security 12b Title	4.50% Notes due 2023
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A 3850 Notes Due 2027 [Member]
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Security 12b Title	3.850% Notes due 2027
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