Deere & Company

Q3 headline results & margin performance (good, supported by execution) - Net sales/revenues +5% to $12.608B; Equipment operations net sales +6% to $10.999B - Net income attributable to Deere $1.379B ($5.10/diluted share) - Equipment operations operating margin: 14.4% (management said factories/warehouses/offices delivered above expectations with cost discipline) - Continued inventory health improvement to better support dealers/customers through shifting market conditions

Agriculture “trough” framing & fiscal 2026 outlook (mixed: pressured ag, offset by other segments) - Management reiterated belief that 2026 represents the bottom of the ag equipment cycle, with recovery expected to be measured and regionally uneven - Global ag & turf industry outlook (FY26): - U.S./Canada large ag: sales expected -15% to -20% YoY (muted farm profitability, elevated input costs, volatility, uncertainty) - U.S./Canada small ag & turf: flat to +5% - Europe: industry roughly flat (pressure on arable profitability; dairy helps) - South America: -15% to -20% (higher production costs + higher interest rates reduce affordability) - Asia: ~flat, supported by modest India improvements

Segment guidance updates (key forecasts) - Production & Precision Ag (FY26): net sales now ~down 10%; operating margin narrowed to 11%–12% - Driven by softer South America/Europe demand; includes positive price realization (~+1 point) and ~+2.5 points favorable currency translation - Small Ag & Turf (FY26): net sales now ~+15%; operating margin increased to 14.5%–15.5% - Supported by higher volumes + favorable pricing, with currency slightly offset - Construction & Forestry (FY26): net sales ~+20% maintained; operating margin guide tightened to 10.5%–11.5% - Supported by infrastructure/data center activity and road building; forestry pressured by residential softness and weaker log/lumber prices