EU Agriculture Machinery Manufacturer Sentiment Deteriorated in June Survey

Research evidence excerpt

EU Agriculture Machinery Manufacturer Sentiment Deteriorated in June Survey

J P M O R G A N North America Equity Research

11 June 2026

EU Agriculture

Machinery Manufacturer Sentiment Deteriorated in

June Survey

Machinery, Engineering &

Construction

Tami Zakaria, CFA AC

(1-212) 622-9888

tami.zakaria@jpmchase.com

We received an update on the European agricultural equipment industry as Raquel Betesh

surveyed by CEMA, an industry trade association. The general business climate (1-212) 622-1313

raquel.betesh@jpmchase.com

index declined 11 pts MoM to -20 in June (vs. -57 at the August ’24 trough).

Alec R McGuire

The general business climate index for the agricultural machinery industry in

(1-212) 622-2432

Europe has declined significantly again, pushing the sector back into recession alec.mcguire@jpmorgan.com

after just over a year. This drop was driven by deterioration in both current business J.P. Morgan Securities LLC

evaluations and turnover expectations, while overall future order expectations

have also continued to weaken. Additionally, business climate indices have fallen

across all segments without exception, though from varying starting points. Arable

equipment again recorded the weakest business climate, while livestock

equipment continued to rank well above average by segment comparison. Despite

this, the full-year outlook remains slightly positive with survey participants

expecting company turnover to increase on average in the LSD% range for 2026.

According to CEMA’s survey of EU ag equipment manufacturers in June, 16%

consider their current business to be either good or very good (vs. 19% in May and

18% in April); meanwhile, 47% consider their current business to be less than

satisfactory (vs. 38% in May and 38% in April). In terms of future expectations,