Large-Scale Farmer Check: Farmer Income, Used Equipment, Early Orders, Precision Ag

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Large-Scale Farmer Check: Farmer Income, Used Equipment, Early Orders, Precision Ag

Equity Research

Industry Update — May 18, 2026

Machinery, Industrials & Environmental Services

Large-Scale Farmer Check: Farmer Income,

Used Equipment, Early Orders, Precision Ag

Our Call Jerry Revich, CFA

We hosted a 9,500-acre farmer for a diligence call. We heard constructive comments on Equity Analyst | Wells Fargo Securities, LLC

Jerry.Revich@wellsfargo.com | 212-214-5458

used inventories and limited multi-unit purchase availability, balanced by mixed See & Spray

Michael Sisoneconomics and weak farmer income. Replay available upon request.

Equity Analyst | Wells Fargo Securities, LLC

Michael.Sison@wellsfargo.com | 440-662-9664

Gary S. Liebowitz, CFA

Used Ag Market Inflection. The farmer noted used equipment supply is tightening but Equity Analyst | Wells Fargo Securities, LLC

"pocketed" (3 out of 4 dealers very tight) with values rising. Per our latest Machinery Gary.Liebowitz@wellsfargo.com | 212-214-5055

Supply Tracker, equipment de-stocking is nearing completion as overall ag inventories are Andrew Azzi, CPA

down 18% y/y, with late-model large tractor supply down 16% from 2025 peaks. Values Associate Equity Analyst | Wells Fargo Securities, LLC

are firming, with combines +9% and tractors +3% y/y. Andrew.Azzi@wellsfargo.com | 212-214-5322

Kevin Uherek, CFA

Precision Ag/Autonomy. Precision remains key to unit profitability, with high marks for Associate Equity Analyst | Wells Fargo Securities, LLC

Deere’s Gen 5 platform but concerns around rising wallet share. This farmer has used Kevin.Uherek@wellsfargo.com | 212-214-6410

autonomous tech but found that (unlike some mining/construction vehicles) one cannot Jake Kooyman