EX-99.1

Exhibit 99.1

2015 SECOND QUARTER RESULTS

CNH Industrial closed second quarter with revenues of $7.0 billion, operating profit of Industrial Activities of $401 million, and net income of $122 million.

Financial results under U.S. GAAP^{(*) (**)}

•

Second quarter revenues totaled $7.0 billion, down 10% compared to Q2 2014 on a constant currency basis (down 22% on a reported basis). Net sales of Industrial Activities were $6.6 billion, down 10% compared to Q2 2014 on a constant currency basis (down 23% on a reported basis).

•

Operating profit of Industrial Activities for the quarter was $401 million ($678 million in Q2 2014), with operating margin at 6.0% (7.9% in Q2 2014).

•

Costs for research and development and selling, general and administrative expenses were $851 million in Q2 2015, down $199 million or 19% compared to Q2 2014.

•

Net income was $122 million, or $0.09 per share. Net income before restructuring and other exceptional items was $141 million, or $0.11 per share, down $241 million compared to Q2 2014.

•

Net industrial debt was $3.0 billion at June 30, 2015 ($3.1 billion at March 31, 2015). Available liquidity totaled $7.8 billion ($7.2 billion at March 31, 2015).

•

Full year guidance updated as follows: net sales of Industrial Activities in the range of $26-27 billion, with operating margin of Industrial Activities between 5.6% and 6.0% and net industrial debt at the end of 2015 between $2.0 billion and $2.2 billion.

(*)

CNH Industrial reports quarterly and annual consolidated financial results under U.S. GAAP and IFRS. The following tables and discussion related to the financial results of the Company and its segments are prepared in accordance with U.S. GAAP. Financial results under IFRS are shown in specific tables at the end of this press release.

(**)

Refer to the Non-GAAP Financial Information section of this press release for information regarding non-GAAP financial measures.

CNH INDUSTRIAL

Summary Income Statement ($ million)


1^st Half								2^nd Quarter
2015		2014		Change				2015		2014		Change
	12,918		16,451		-21.5	%	Revenues		6,958		8,911		-21.9	%
	145		459		-314		Net income		122		358		-236
	174		559		-385		Net income before restructuring and other exceptional items ⁽¹⁾		141		382		-241
	146		454		-308		Net income attributable to CNH Industrial N.V.		124		354		-230
	0.11		0.33		-0.22		Basic EPS ($)		0.09		0.26		-0.17
	0.11		0.33		-0.22		Diluted EPS ($)		0.09		0.26		-0.17
	0.13		0.41		-0.28		Basic EPS before restructuring and other exceptional items ⁽¹⁾($)		0.11		0.28		-0.17

(1)

This item is a non-GAAP measure. Refer to the Non-GAAP Financial Information section of this press release for information regarding non GAAP financial measures.

CNH INDUSTRIAL

Income Statement Data of Industrial Activities⁽¹⁾($ million)

1^st Half

2^nd Quarter

2015

2014

Change

2015

2014

Change

12,259

15,777

-22.3

Net sales of Industrial Activities

6,634

8,564

-22.5

624

1,090

-466

Operating profit of Industrial Activities ⁽²⁾

401

678

-277

5.1

6.9

-1.8 p.p.

Operating margin of Industrial Activities (%)

6.0

7.9

-1.9 p.p.

(1)

Industrial Activities represent the activities carried out by the four industrial segments: Agricultural Equipment, Construction Equipment, Commercial Vehicles, and Powertrain, as well as Corporate functions.

(2)

Operating profit of Industrial Activities is a non-GAAP measure and is defined as net sales less cost of goods sold, selling, general and administrative expenses, and research and development expenses.

CNH Industrial N.V.

Corporate Office:

25 St James’s Street

London, SW1A 1HA

United Kingdom

London (UK) – (July 29, 2015) CNH Industrial N.V. (NYSE:CNHI / MI:CNHI) today announced consolidated revenues of $6,958 million for the second quarter of 2015, down 10.0% compared to Q2 2014 on a constant currency basis (21.9% on a reported basis). Net sales of Industrial Activities were $6,634 million in Q2 2015, down 10.0% compared to Q2 2014 on a constant currency basis (22.5% on a reported basis). Excluding the negative impact of currency translation, net sales increased for Commercial Vehicles (up 11.9%) confirming a positive trend in EMEA for trucks and buses. This increase was more than offset by the forecasted protracted decline in Agricultural Equipment, driven by lower industry volumes in the row crop sector and dealer inventory de-stocking actions, primarily in NAFTA, slightly offset by favorable net pricing in all regions. Furthermore, net sales decreased in Construction Equipment, due to negative industry volumes primarily in LATAM, and in Powertrain, due to lower sales to captive customers.

Operating profit of Industrial Activities was $401 million in Q2 2015, a $257 million decrease compared to Q2 2014 on a constant currency basis (down $277 million on a reported basis), with an operating margin for the second quarter of 6.0%, down 1.9 p.p. compared to Q2 2014. Operating profit declined in Agricultural Equipment, driven by negative volume and product mix in the row crop sector, primarily in NAFTA, and negative foreign exchange impacts, primarily resulting from the weakening of the euro and the Brazilian real. These negative factors were partially offset by positive net pricing, and cost control actions including purchasing efficiencies and structural cost reductions. Commercial Vehicles’ operating result improved due to favorable volume, product and market mix, and pricing, as well as manufacturing efficiencies and cost reductions in selling, general and administrative (“SG&A”) expenses. Construction Equipment’s operating profit improved as cost containment actions more than offset the negative impact from lower volume in LATAM, primarily in Brazil. Net of the negative impact of currency translation, Powertrain’s operating profit was substantially flat, as a result of lower volumes offset by favorable product mix and manufacturing efficiencies.

Restructuring expenses totaled $22 million for the quarter, $8 million lower than Q2 2014, and mainly relate to actions in Commercial Vehicles and Agricultural Equipment as part of the Company’s Efficiency Program launched in 2014.

Interest expense, net totaled $117 million for the quarter, a decrease of $41 million or 26% compared to Q2 2014, primarily due to a more favorable cost of funding and a lower average indebtedness in the quarter.

Other, net was a charge of $93 million for the quarter, an increase of $30 million compared to Q2 2014 mainly as a result of higher foreign exchange losses.

Income taxes totaled $126 million, representing an effective tax rate of 53.6% for the quarter (32.6% in Q2 2014, which had been impacted by certain discrete tax benefits as a result of the favorable resolution of tax audits). The Q2 2015 tax rate is negatively impacted by the inability to record deferred tax assets on losses in certain jurisdictions. The Company’s effective tax rate for the full year is expected now to be in the range of 48% to 52%. Nonetheless, the long-term effective tax rate target of between 34% to 36% range remains unchanged.

Equity in income of unconsolidated subsidiaries and affiliates totaled $13 million for the quarter ($31 million for Q2 2014). The decrease was mainly due to lower results of joint ventures in APAC.

Net income of Financial Services was $98 million for the quarter compared to $105 million for Q2 2014, mainly due to the negative impact of currency translation partially offset by a reduction in SG&A expenses.

Consolidated net income was $122 million for the quarter ($358 million for Q2 2014), or $0.09 per share ($0.26 for Q2 2014). Net income before restructuring and other exceptional items was $141 million for the quarter ($382 million in Q2 2014) or $0.11 per share ($0.28 for Q2 2014).

Net industrial debt was $3.0 billion at June 30, 2015 ($3.1 billion at March 31, 2015 and $2.7 billion at December 31, 2014). Net industrial cash flow generation of $0.5 billion in the second quarter 2015 was primarily attributable to a reduction in working capital as a result of inventory reduction actions in Agricultural Equipment and the increase in demand for Commercial Vehicles in EMEA. In addition, the change in net industrial debt in the second quarter includes $0.3 billion in dividends paid to shareholders in April 2015 and an unfavorable foreign exchange impact on euro denominated debt.

Available liquidity at June 30, 2015 was $7.8 billion, inclusive of $2.8 billion in undrawn committed facilities, $0.6 billion higher than March 31, 2015, mainly due to the new CNH Industrial Capital LLC $0.6 billion three-year bond issuance and positive cash-flow from operating activities that more than offset bank debt reduction and dividend distribution.

Agricultural Equipment’s net sales were $3,035 million for the quarter, down 23.7% compared to Q2 2014 on a constant currency basis (down 31.6% on a reported basis). The decrease was driven by the anticipated decline in industry volumes in the row crop sector and dealer inventory de-stocking actions, primarily in NAFTA, slightly offset by favorable net pricing in all regions. The geographic distribution of net sales for the period was 38% NAFTA, 39% EMEA, 10% LATAM and 13% APAC.

In the Company’s key product segments in NAFTA, the over 140 horsepower (“hp”) tractor segment as well as the combine segment were down 31%. The under 40 hp tractor segment in the region was up 5%, and the 40-140 hp tractor segment was up 2%. EMEA markets were down 7% for tractors and 9% for combines. In LATAM, tractor and combine markets decreased 26% and 19%, respectively. APAC markets decreased 3% for tractors and 17% for combines. Worldwide agricultural equipment industry unit sales were down 4% for tractors and down 17% for combines.

The Company’s market share performance in Agricultural Equipment was mixed in the second quarter. Tractor market share improved in all markets, most significantly in the higher horsepower tractor segment in NAFTA, while market share declined in the under 40 hp tractor segment in NAFTA. For combines, market share decreased in all regions, after a strong performance in Q1 2015. For the six-month period, the Company’s market share was generally up in both tractors and combines.

In Q2 2015, Agricultural Equipment’s worldwide unit production was 14% below retail sales in the continued effort to reduce channel inventory and align production with current demand. The finished goods inventory for the Company and its dealers declined approximately a combined $700 million since Q2 2014, and current production levels are expected to further drive down total inventory levels in the second half of 2015.

Agricultural Equipment’s operating profit was $263 million for the quarter ($632 million in Q2 2014), with an operating margin of 8.7% (14.2 % in Q2 2014). The year-over-year change was driven by lower sales volume and less favorable product mix in the row crop sector, primarily in NAFTA, and by negative foreign exchange impacts, primarily as a result of the sharp weakening of the euro and the Brazilian real. Those effects were slightly offset by positive net pricing and cost control actions, including purchasing efficiencies and structural cost reductions.

Construction Equipment’s net sales were $740 million for the quarter, down 14.8% compared to Q2 2014 on a constant currency basis (down 20.5% on a reported basis), due to negative industry volumes primarily in LATAM. The geographic distribution of net sales for the period was 58% NAFTA, 20% EMEA, 12% LATAM and 10% APAC.

In Q2 2015, Construction Equipment’s worldwide heavy and light industry sales were down 18% and 1%, respectively. Industry light equipment sales were up in NAFTA and EMEA, but down in LATAM and APAC. Industry heavy equipment sales decreased in all regions, primarily in LATAM and APAC.

Construction Equipment’s worldwide market share was mainly in line with prior year for both heavy and light construction equipment in all regions except for LATAM, where municipality-driven demand declined significantly as infrastructure investments, where the Company has a significant position, slowed.

Construction Equipment’s worldwide production levels were 16% above retail sales in the quarter to accommodate seasonal shutdowns scheduled for the third quarter in NAFTA and EMEA.

Construction Equipment reported operating profit of $35 million for the second quarter compared to $28 million for Q2 2014. Operating margin increased 1.7 p.p. to 4.7% (3.0% in Q2 2014), as cost containment actions more than offset the negative impact from lower volume in LATAM, primarily in Brazil.

Commercial Vehicles’ net sales were $2,470 million for the quarter, up 11.9% compared to Q2 2014 on a constant currency basis (down 8.7% on a reported basis), confirming a positive trend in EMEA for trucks and buses. In APAC, net sales increased mainly driven by positive performance of buses, while trucks’ performance was affected by the market decline in Russia. In LATAM, net sales decreased mainly due to a further decline in the Brazilian market for heavy trucks, partially offset by a modest market recovery in Argentina. The geographic distribution of net sales for the period was 77% EMEA, 14% LATAM and 9% APAC.

The European truck market (GVW >3.5 tons) was up 17.4% compared to Q2 2014. The light vehicle market (GVW 3.5-6.0 tons) increased 15.2%, the medium vehicle market (GVW 6.1-15.9 tons) increased 6.3% and the heavy vehicle market (GVW >16 tons) increased 24.1%. In LATAM, new truck registrations (GVW >3.5 tons), declined 35.2% compared to Q2 2014, with a decrease of 44.3% in Brazil and 26.3% in Venezuela, while Argentina increased by 26.1%. In APAC registrations declined 6.3%.

In Q2 2015, the Company’s market share in the European truck market (GVW >3.5 tons) was 11.5%, up 0.6 p.p. compared with Q2 2014. The Company’s market share in LATAM was 12.5%, up 3.2 p.p. compared to Q2 2014.

Commercial Vehicles delivered approximately 37,800 vehicles (including buses and specialty vehicles) in the quarter, representing a 14% increase compared to Q2 2014. Volumes were higher in all segments, with light up 14%, medium up 18% and heavy up 7%. Commercial Vehicles’ deliveries increased 22% in EMEA, while LATAM and APAC were down 8% and 17%, respectively.

Commercial Vehicles’ Q2 2015 ending book-to-bill ratio was 1.06, an increase of 17% over Q2 2014. Second quarter 2015 truck order intake in EMEA increased 49% compared to Q2 2014, with a 62% increase in heavy trucks in Europe.

Commercial Vehicles closed the second quarter with an operating profit of $67 million compared to a loss of $21 million for Q2 2014 (up $89 million on a constant currency basis), with an operating margin of 2.7% (negative margin of 0.8% in Q2 2014), as a result of higher volume, better product and market mix, positive pricing, manufacturing efficiencies and SG&A expense reductions. In EMEA, the increase in operating profit is mainly attributable to trucks and buses. Results in APAC were substantially flat compared to Q2 2014. LATAM, despite the significant negative market trend in Brazil, was able to reduce its cost base to partially offset the negative impact of reduced wholesale volumes. Furthermore, LATAM performance was positively impacted by a modest improvement in Argentina and a recovery of Company’s activity in Venezuela. However, the continuing economic uncertainty in Venezuela, including changes to government currency control mechanisms, may substantially impact Venezuelan operations in the future. CNH Industrial will continue to closely monitor these developments.

Powertrain’s net sales were $947 million for the quarter, a decrease of 6.9% compared to Q2 2014 on a constant currency basis (down 24.2% on a reported basis), on lower volumes mainly in the captive portion of the business as a result of decreased agricultural equipment demand and the 2014 build-up of Tier 4 final transition engine inventory for the off-road segment. Sales to external customers accounted for 42% of total net sales (41% in Q2 2014).

During the quarter, Powertrain sold approximately 134,800 engines, a decrease of 16% compared to Q2 2014. By major customer, 10% of engine units were supplied to Agricultural Equipment, 35% to Commercial Vehicles, 4% to Construction Equipment and the remaining 51% to external customers. Additionally, Powertrain delivered approximately 20,900 transmissions and 51,800 axles, an increase of 14% and 17%, respectively, compared to Q2 2014.

Powertrain’s operating profit was $53 million for the quarter, down $11 million compared to Q2 2014, with an operating margin of 5.6% (up 0.5 p.p. compared to Q2 2014). Net of the negative impact of currency translation, operating profit was substantially flat, as a result of lower volumes offset by favorable product mix and manufacturing efficiencies.

Financial Services’ revenues were $423 million for the quarter, an increase of 2.5% compared to Q2 2014 on a constant currency basis (down 9.6% on a reported basis), due to the geographical mix of the portfolio.

Financial Services’ net income was $98 million, down $7 million compared to Q2 2014, as the negative impact of currency translation was partially offset by reduced SG&A expenses.

Retail loan originations in the quarter were $2.4 billion, down $0.4 billion compared to Q2 2014, mostly due to the decline in Agricultural Equipment sales. The managed portfolio (including unconsolidated joint ventures) of $25.4 billion as of June 30, 2015 (of which retail was 65% and wholesale 35%) was up $0.2 billion compared to March 31, 2015. Excluding the impact of currency translation, the portfolio decreased $0.2 billion, primarily in LATAM (retail and wholesale).

As a result of continued demand weakness in the agricultural row crop sector and in order to foster additional clearing of finished goods inventory, primarily in the North American and LATAM markets, the Company will adjust production accordingly in the second half of 2015.

Full year guidance is therefore updated as follows to reflect the negative impact on operating margin and the positive impact on working capital due to these production adjustments:

CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the Company’s individual brands is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines, transmissions and axles. More information can be found on the corporate website: www.cnhindustrial.com

Today, at 3:00 p.m. CET / 2:00 p.m. GMT / 9:00 a.m. EDT, management will hold a conference call to present 2015 second quarter and first half results to financial analysts and institutional investors. The call can be followed live online at: http://bit.ly/1fF2LU3 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 call.

CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial believes that these non-GAAP financial measures provide useful and relevant information regarding its results and enhance the reader’s ability to assess CNH Industrial’s financial performance and financial position. They provide measures which facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These and similar measures are widely used in the industries in which the Company operates. These financial measures may not 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 prepared in accordance with U.S. GAAP and/or IFRS.

All statements other than statements of historical fact contained in this earning release including statements regarding our: 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, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements, 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 the Company’s control and are difficult to predict. If any of these risks and uncertainties materialize or other assumptions underlying any of the forward-looking statements prove to be incorrect, 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 including, among others: the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; general economic conditions in each of the Company’s markets; changes in government policies regarding banking, monetary and fiscal policies; legislation, particularly relating 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; actions of competitors in the various industries in which the Company competes; development and use of new technologies and technological difficulties; compliance requirements (including engine emissions legislation and/or regulations); production difficulties, including capacity and supply constraints and excess inventory levels; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities; housing starts and other construction activity; the Company’s ability to obtain financing or to refinance existing debt; a decline in the price of used vehicles; the resolution of pending litigation and investigations; the evolution of the Company’s alliance with Kobelco Construction Machinery Co., Ltd. and Sumitomo (S.H.I.) Construction Machinery Co., Ltd.; the Company’s pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including further deterioration of the Eurozone sovereign debt crisis and other similar risks and uncertainties; and the Company’s success in managing the risks involved in the foregoing. Further information concerning factors, risks, and uncertainties that could materially affect the Company’s financial results is included in our annual report on Form 20-F for the year ended December 31, 2014, prepared in accordance with U.S. GAAP and in our EU Annual Report at December 31, 2014, prepared in accordance with IFRS. Investors should refer to and consider the incorporated information on risks, factors, and uncertainties in addition to the information presented here.

Forward-looking statements speak only as of the date on which such statements are made. Furthermore, in light of ongoing difficult macroeconomic conditions, both globally and in the industries in which CNH Industrial operates, it is particularly difficult to forecast results, and any estimates or forecasts of particular periods that are provided in this earnings release are uncertain. Accordingly, investors should not place undue reliance on such forward-looking statements. The Company can give no assurance that the expectations reflected in any forward-looking statements will prove to be correct. Actual results could differ materially from those anticipated in such forward-looking statements. The Company’s outlook is based upon assumptions relating to the factors described in the earnings release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. The Company undertakes no obligation to update or revise publicly its outlook or forward-looking statements, whether as a result of new developments or

otherwise. Further information concerning the Company and its businesses, including factors that potentially could materially affect the Company’s financial results, is included in the Company’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 the Company or persons acting on Company’s behalf are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

For The Three Months Ended June 30, 2015 and 2014 and For The Six Months Ended June 30, 2015 and 2014

These Condensed 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, 2014 included in the Annual Report on Form 20-F. These Condensed Consolidated Statements of Operations represent the consolidation of all CNH Industrial N.V. subsidiaries.

These Condensed Consolidated Balance Sheets should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2014 included in the Annual Report on Form 20-F. These Condensed Consolidated Balance Sheets represent the consolidation of all CNH Industrial N.V. subsidiaries.

These Condensed Consolidated Statements of Cash Flows should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2014 included in the Annual Report on Form 20-F. These Condensed Consolidated Statements of Cash Flows represent the consolidation of all CNH Industrial N.V. subsidiaries.

For The Three Months Ended June 30, 2015 and 2014 and For The Six Months Ended June 30, 2015 and 2014

These Supplemental Statements of Operations are presented for informational purposes. The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis) include CNH Industrial N.V.’s Agricultural Equipment, Construction Equipment, Commercial Vehicles and Powertrain segments, as well as Corporate functions. The supplemental Financial Services data in these statements refer to CNH Industrial N.V.’s Financial Services segment. Transactions between Industrial Activities and Financial Services have been eliminated to arrive at the consolidated financial statements.

These Supplemental Balance Sheets are presented for informational purposes. The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis) include CNH Industrial N.V.’s Agricultural Equipment, Construction Equipment, Commercial Vehicles and Powertrain segments, as well as Corporate functions. The supplemental Financial Services data in these statements refer to CNH Industrial N.V.’s Financial Services segment. Transactions between Industrial Activities and Financial Services have been eliminated to arrive at the consolidated financial statements.

These Supplemental Statements of Cash Flows are presented for informational purposes. The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis) include CNH Industrial N.V.’s Agricultural Equipment, Construction Equipment, Commercial Vehicles and Powertrain segments, as well as Corporate functions. The supplemental Financial Services data in these statements refer to CNH Industrial N.V.’s Financial Services segment. Transactions between Industrial Activities and Financial Services have been eliminated to arrive at the consolidated financial statements.

Industrial Activities Cash Provided (Used) by Working Capital ($ million)

For The Three Months Ended June 30, 2015 and 2014 and For The Six Months Ended June 30, 2015 and 2014

This Condensed Consolidated Income Statement should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2014 included in the EU Annual Report. This Condensed Consolidated Income Statement represents the consolidation of all CNH Industrial N.V. subsidiaries.

This Condensed Consolidated Statement of Financial Position should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2014 included in the EU Annual Report. This Condensed Consolidated Statement of Financial Position represents the consolidation of all CNH Industrial N.V. subsidiaries.

This Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2014 included in the EU Annual Report. This Condensed Consolidated Statement of Cash Flows represents the consolidation of all CNH Industrial N.V. subsidiaries.

Translation of financial statements denominated in a currency other than the U.S. dollar

The principal exchange rates used to translate into U.S. dollars the financial statements prepared in currencies other than the U.S. dollar were as follows:


1^st Half								2^nd Quarter
2015		2014			% change			2015			2014			% change
	5,612		8,142			-31.1	Agricultural Equipment		3,035			4,436			-31.6
	1,342		1,705			-21.3	Construction Equipment		740			931			-20.5
	4,507		5,012			-10.1	Commercial Vehicles		2,470			2,704			-8.7
	1,848		2,451			-24.6	Powertrain		947			1,250			-24.2
	(1,050)		(1,533	)		—	Eliminations and other		(558	)		(757	)		—

	12,259		15,777			-22.3	Total Industrial Activities		6,634			8,564			-22.5
	836		908			-7.9	Financial Services		423			468			-9.6
	(177)		(234	)		—	Eliminations and other		(99	)		(121	)		—

	12,918		16,451			-21.5	Total		6,958			8,911			-21.9


1^st Half								2^nd Quarter
2015		2014			Change			2015			2014			Change
	467		1,096			-629	Agricultural Equipment		263			632			-369
	35		31			4	Construction Equipment		35			28			7
	68		(91	)		159	Commercial Vehicles		67			(21	)		88
	89		98			-9	Powertrain		53			64			-11
	(35)		(44	)		9	Eliminations and other		(17	)		(25	)		8

	624		1,090			-466	Total Industrial Activities		401			678			-277
	269		286			-17	Financial Services		140			152			-12
	(142)		(174	)		32	Eliminations and other		(74	)		(94	)		20

	751		1,202			-451	Total		467			736			-269


1^st Half						2^nd Quarter
2015		2014				2015			2014
	751		1,202		Total Operating Profit		467			736
	34		42		Restructuring expenses		22			30
	223		299		Interest expenses of Industrial Activities, net of interest income and eliminations		117			158
	(168)		(157	)	Other, net		(93	)		(63	)
	326		704		Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates		235			485
	203		301		Income taxes		126			158
	22		56		Equity in income of unconsolidated subsidiaries and affiliates		13			31
	145		459		Net income		122			358


1^st Half									2^nd Quarter
2015		2014			Change				2015		2014			Change
	4,507		5,012			-10.1	%	Net sales		2,470		2,704			-8.7	%
	68		(91	)		159		Operating profit/(loss)		67		(21	)		88
	1.5		(1.8	)		3.3 p.p.		Operating margin (%)		2.7		(0.8	)		3.5 p.p.



Sergio Marchionne				Richard Tobin
Chairman				Chief Executive Officer


Contacts

Media Inquiries		Investor Relations

Richard Gadeselli		Federico Donati
Tel: +44 207 7660 346		Tel: +39 011 00 62756

Laura Overall		Noah Weiss
Tel: +44 207 7660 346		Tel: +1 630 887 3745

e-mail: mediarelations@cnhind.com www.cnhindustrial.com


($ million)	Three Months Ended June 30,					Six Months Ended June 30,
($ million)	2015			2014		2015			2014
Revenues
Net sales		6,634			8,564		12,259			15,775
Finance and interest income		324			347		659			676

TOTAL REVENUES		6,958			8,911		12,918			16,451
Costs and Expenses
Cost of goods sold		5,456			6,922		10,172			12,799
Selling, general and administrative expenses		626			752		1,193			1,504
Research and development expenses		225			298		415			555
Restructuring expenses		22			30		34			42
Interest expense		282			338		566			649
Other, net		112			86		212			198

TOTAL COSTS AND EXPENSES		6,723			8,426		12,592			15,747
INCOME BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		235			485		326			704
Income taxes		126			158		203			301
Equity in income of unconsolidated subsidiaries and affiliates		13			31		22			56
NET INCOME		122			358		145			459
Net income attributable to noncontrolling interests		(2	)		4		(1	)		5
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		124			354		146			454

(in $)
Earnings per share attributable to common shareholders
Basic		0.09			0.26		0.11			0.33
Diluted		0.09			0.26		0.11			0.33


($ million)	June 30, 2015		December 31, 2014
ASSETS
Cash and cash equivalents		4,235		5,163
Restricted cash		749		978
Trade receivables, net		833		1,054
Financing receivables, net		20,126		21,472
Inventories, net		7,220		7,008
Property, plant and equipment, net		6,443		6,865
Investments in unconsolidated subsidiaries and affiliates		574		605
Equipment under operating leases		1,712		1,518
Goodwill		2,466		2,484
Other intangible assets, net		807		850
Deferred tax assets		1,564		1,747
Derivative assets		179		205
Other assets		2,022		1,964

TOTAL ASSETS		48,930		51,913
LIABILITIES AND EQUITY
Debt		27,340		29,594
Trade payables		5,944		5,982
Deferred tax liabilities		468		452
Pension, postretirement and other postemployment benefits		2,511		2,614
Derivative liabilities		164		235
Other liabilities		7,647		8,059

Total liabilities		44,074		46,936
Redeemable noncontrolling interest		18		16
Equity		4,838		4,961

TOTAL EQUITY AND LIABILITIES		48,930		51,913


($ million)	Six Months Ended June 30,
($ million)	2015			2014
Operating activities:
Net income		145			459
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense, net of assets under operating leases and assets sold under buy-back commitments		349			360
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments		195			196
Loss from disposal of assets		3			1
Undistributed income of unconsolidated subsidiaries		16			4
Other non-cash items		97			88
Changes in operating assets and liabilities:
Provisions		(42	)		193
Deferred income taxes		42			(38	)
Trade and financing receivables related to sales, net		94			(1,317	)
Inventories, net		(694	)		(1,380	)
Trade payables		301			(271	)
Other assets and liabilities		(90	)		126

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		416			(1,579	)

Investing activities:
Net collections of retail receivables		414			202
Proceeds from the sale of assets, net of assets under operating leases and assets sold under buy-back commitments		2			10
Proceeds from the sale of assets previously under operating leases and assets sold under buy-back commitments		360			268
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and assets sold under buy-back commitments		(224	)		(354	)
Expenditures for assets under operating leases and assets sold under buy-back commitments		(856	)		(773	)
Other		413			292

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		109			(355	)

Financing activities:
Net increase (decrease) in debt		(822	)		1,326
Dividends paid		(294	)		(379	)
Other		17			6

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(1,099	)		953

Effect of foreign exchange rate changes on cash and cash equivalents		(354	)		29

DECREASE IN CASH AND CASH EQUIVALENTS		(928	)		(952	)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		5,163			5,567

CASH AND CASH EQUIVALENTS, END OF PERIOD		4,235			4,615


	Industrial Activities								Financial Services
($ million)	Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,
($ million)	2015		2014		2015		2014		2015		2014		2015		2014
Revenues
Net sales		6,634		8,564		12,259		15,777		—		—		—		—
Finance and interest income		59		66		130		126		423		468		836		908

TOTAL REVENUES		6,693		8,630		12,389		15,903		423		468		836		908
Costs and Expenses
Cost of goods sold		5,456		6,922		10,172		12,801		—		—		—		—
Selling, general and administrative expenses		552		666		1,048		1,331		74		86		145		173
Research and development expenses		225		298		415		555		—		—		—		—
Restructuring expenses		21		30		33		42		1		—		1		—
Interest expense		175		224		349		419		151		178		307		350
Interest compensation to Financial Services		75		94		146		180		—		—		—		—
Other, net		91		58		164		147		60		57		119		109

TOTAL COSTS AND EXPENSES		6,595		8,292		12,327		15,475		286		321		572		632
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		98		338		62		428		137		147		264		276
Income taxes		82		111		112		206		44		47		91		95
Equity in income of unconsolidated subsidiaries and affiliates		8		27		12		48		5		4		10		8
Result from intersegment investments		98		104		183		189		—		1		—		2
NET INCOME		122		358		145		459		98		105		183		191


	June 30, 2015			March 31, 2015			December 31, 2014
Total debt ⁽¹⁾		(27,340	)		(26,639	)		(29,594	)
- Asset-backed financing		*(12,710*	)		(12,501	)		(13,587	)
- Other debt		*(14,630*	)		(14,138	)		(16,007	)
Derivative hedging debt		35			39			35
Cash and cash equivalents		4,235			3,698			5,163
Restricted cash		749			817			978
Net debt⁽²⁾		(22,321	)		(22,085	)		(23,418	)
*Of which : Industrial Activities*		(3,016	)		(3,051	)		(2,691	)
*Financial Services*		(19,305	)		(19,034	)		(20,727	)
Cash, cash equivalents and restricted cash		4,984			4,515			6,141
Undrawn committed facilities		2,845			2,674			2,716
Available liquidity		7,829			7,189			8,857


1^stHalf						2^nd Quarter
2015		2014				2015			2014
	(2,691)		(2,214	)	Net industrial (debt)/cash at beginning of period		(3,051	)		(4,024	)
	145		459		Net income		122			358
	346		358		Amortization and depreciation (*)		174			183
	(116)		87		Changes in provisions and similar, and items related to assets sold under buy-back commitments, and assets under operating leases		(61	)		24
	(626)		(1,744	)	Change in working capital		413			267
	(224)		(342	)	Investments in property, plant and equipment, and intangible assets (*)		(136	)		(200	)
	2		24		Other changes		7			4
	(473)		(1,158	)	Net industrial cash flow ⁽¹⁾		519			636
	(277)		(373	)	Capital increases and dividends		(279	)		(374	)
	425		53		Currency translation differences		(205	)		70
	(325)		(1,478	)	Change in Net industrial debt		35			332
	(3,016)		(3,692	)	Net industrial (debt)/cash at end of period		(3,016	)		(3,692	)


Six Months Ended June 30,					Three Months Ended June 30,
2015		2014			2015		2014
	145		459	Net income		122		358
	29		36	Restructuring expenses, net of tax		19		24
	—		64	Other exceptional items, net of tax		—		—
	174		559	Net income before restructuring and other exceptional items		141		382
	175		554	Net income before restructuring and other exceptional items attributable to CNH Industrial N.V.		143		378
	1,360		1,353	Weighted average shares outstanding (million)		1,361		1,354
	0.13		0.41	Basic EPS before restructuring and exceptional items ($)		0.11		0.28


	Balance as of June 30, 2015			Balance as of March 31, 2015			Differences			Of which: effect of Foreign Currency Translation and Non- Cash Transactions			Cash Provided (Used) by Working Capital
Trade and financing receivables related to sales, net		872			836			(36	)		(22	)		(14	)
Inventories, net		7,019			6,939			(80	)		(172	)		92
Trade payables		(5,815	)		(5,385	)		430			121			309
Other assets and liabilities, net		(190	)		(176	)		14			(12	)		26
Working capital ⁽¹⁾		1,886			2,214			328			(85	)		413


	Balance as of June 30, 2015			Balance as of December 31, 2014			Differences			Of which: effect of Foreign Currency Translation and Non- Cash Transactions			Cash Provided (Used) by Working Capital
Trade and financing receivables related to sales, net		872			1,096			224			60			164
Inventories, net		7,019			6,845			(174	)		472			(646	)
Trade payables		(5,815	)		(5,850	)		(35	)		(350	)		315
Other assets and liabilities, net		(190	)		(674	)		(484	)		(25	)		(459	)
Working capital		1,886			1,417			(469	)		157			(626	)


($ million)	2^nd Quarter 2015			2^nd Quarter 2014			1^stHalf 2015			1^st Half 2014
Net revenues		7,060			9,008			13,127			16,652
Cost of sales		5,770			7,249			10,817			13,438
Selling, general and administrative costs		590			719			1,129			1,438
Research and development costs		212			220			415			428
Other income/(expenses)		(31	)		(19	)		(42	)		(37	)
TRADING PROFIT/(LOSS)		457			801			724			1,311
Gains/(losses) on the disposal of investments		—			—			—			—
Restructuring costs		23			35			32			65
Other unusual income/(expenses)		(11	)		(10	)		(11	)		(10	)
OPERATING PROFIT/(LOSS)		423			756			681			1,236
Financial income/(expenses)		(157	)		(179	)		(312	)		(394	)
Result from investments:		16			30			26			56
Share of the profit/(loss) of investees accounted for using the equity method		16			30			28			56
Other income/(expenses) from investments		—			—			(2	)		—
PROFIT/(LOSS) BEFORE TAXES		282			607			395			898
Income taxes		105			204			188			349
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		177			403			207			549
Profit/(loss) from discontinued operations		—			—			—			—
PROFIT/(LOSS) FOR THE PERIOD		177			403			207			549
PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the parent		178			399			206			544
Non-controlling interests		(1	)		4			1			5

(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE		0.13			0.29			0.15			0.40
DILUTED EARNINGS/(LOSS) PER COMMON SHARE		0.13			0.29			0.15			0.40


($ million)	1^st Half 2015			1^st Half 2014
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		6,141			6,489
B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES DURING THE PERIOD:
Profit/(loss) for the period		207			549
Amortization and depreciation (net of vehicles sold under buy-back commitments and operating leases)		561			557
(Gains)/losses on disposal of non-current assets (net of vehicles sold under buy-back commitments)		4			(1	)
Other non-cash items		57			18
Dividends received		38			60
Change in provisions		(119	)		120
Change in deferred income taxes		39			(7	)
Change in items due to buy-back commitments (a)		72			16
Change in operating lease items (b)		(252	)		(196	)
Change in working capital		(317	)		(1,456	)

TOTAL		290			(340	)
C) CASH FLOWS FROM/(USED IN) INVESTMENT ACTIVITIES:
Investments in:
Property, plant and equipment and intangible assets (net of vehicles sold under buy-back commitments and operating leases)		(450	)		(691	)
Consolidated subsidiaries and other equity investments		(5	)		(5	)
Proceeds from the sale of non-current assets (net of vehicles sold under buy-back commitments)		(3	)		10
Net change in receivables from financing activities		357			(1,151	)
Change in current securities		—			—
Other changes		227			76

TOTAL		126			(1,761	)
D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:
Bonds issued		600			1,868
Repayment of bonds		(1,126	)		—
Issuance of other medium-term borrowings		973			1,767
Repayment of other medium-term borrowings		(1,122	)		(1,679	)
Net change in other financial payables and other financial assets/liabilities		(251	)		(639	)
Capital increase		17			6
Dividends paid		(294	)		(379	)

TOTAL		(1,203	)		944
Translation exchange differences		(370	)		34

E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS		(1,157	)		(1,123	)
F) CASH AND CASH EQUIVALENTS AT END OF PERIOD		4,984			5,366


	June 30, 2015			December 31, 2014
Total Equity under U.S. GAAP		4,838			4,961
Adjustments to conform with IFRS:
Development costs, net of amortization		2,655			2,819
Goodwill and other intangible assets		(117	)		(122	)
Defined benefit plans		(33	)		(6	)
Restructuring provisions		(8	)		(12	)
Other adjustments		(2	)		(16	)
Tax impact on adjustments		(773	)		(815	)
Deferred tax assets and tax contingencies recognition		806			768

Total adjustments		2,528			2,616

Total Equity under IFRS		7,366			7,577


	1^st Half 2015				At December 31, 2014		1^st Half 2014
	Average		At June 30				Average		At June 30
Euro		0.896		0.894		0.824		0.730		0.732
Pound sterling		0.656		0.636		0.642		0.599		0.587
Swiss franc		0.947		0.931		0.990		0.891		0.890
Polish zloty		3.711		3.746		3.520		3.047		3.043
Brazilian real		2.968		3.101		2.653		2.298		2.197
Canadian dollar		1.235		1.237		1.158		1.097		1.068
Argentine peso		8.819		9.084		8.551		7.825		8.130
Turkish lira		2.566		2.677		2.333		2.165		2.121