AGCO: Back-end loaded guide hinges on a South America recovery

研报英文原文证据摘录

AGCO: Back-end loaded guide hinges on a South America recovery

30 July 2026

Chad Dillard

+1 917 344 8469

U.S. Machinery chad.dillard@bernsteinsg.com

Miguel Marques, CFAAGCO Corp +1 917 344 8432

Rating miguel.marques@bernsteinsg.com

Market-Perform Specialist Sales

Steve Song

Price Target +1 917 344 8401

steve.song@bernsteinsg.com

AGCO 108.00 USD (118.00 OLD)

AGCO reported Adj EPS of $1.43, 3% below the Street, driven by a lower than anticipated

Close Date 30 Jul 2026

EME and SA segments. Key highlights:

AGCO Close Price (USD) 107.13

Fendt and PA provide resilience to the business model. The Fendt brand has provided Price Target (USD) 108.00

resilience for AGCO in both Europe and N.A., as helped to gain market share despite market Upside/(Downside) 1%

conditions, alongside Massey Ferguson HP tractors, and pricing, which reached 3.5% in the 52-Week Range 143.78/99.21

Q (Fendt’s premium position driving discipline). AGCO also announced the introduction of SPX 7,437.63

the brand in Argentina, where it is gaining market share. Furthermore, PA performed broadly FYE Dec

in line with AGCOs expectations in 2Q and expects PTx to be flat to modestly up vs $860M Div Yield 1.1%

achieved in ‘25. Mgmt highlighted the good performance of Symphony Vision (spraying tech) Market Cap (USD) (M) 7,503

which increased sales by 35%, with the product being sold-out. AGCO is on track to launch EV (USD) (M) 10,060

12 more PA products in ‘26 which will likely help drive sales and margins. Performance YTD 1M 6M 12M

Absolute (%) 2.7 (10.5) (5.5) 0.5

Weaker Europe and South America expected to rebound. In Europe, Germany SPX (%) 8.6 (0.8) 7.2 16.9

unexpected demand drop and dealer de-stock were the main drivers and Mgmt expects Relative (%) (6.0) (9.7) (12.7) (16.4)

a rebound in 2H, specially in 4Q.