6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2021

Commission File No. 001-36085

CNH INDUSTRIAL N.V.

(Translation of Registrant’s Name Into English)

25 St. James’s Street,

London, SW1A 1HA

United Kingdom

Tel. No.: +44 1268 533000

(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F  ☒ Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

CNH INDUSTRIAL N.V.

Form 6-K for the month of February 2021

The following exhibits are furnished herewith:

Exhibit 99.1

Press release, dated February 3, 2021 titled: “CNH Industrial reports strong results for Q4 2020. Consolidated revenues of $8.5 billion (up 10%) and adjusted EBIT of Industrial Activities of $520 million (up 73%), with all segments up year over year. Net income of $187 million and adjusted net income of $432 million. Positive free cash flow of Industrial Activities of $2.4 billion. Industrial Activities net cash of $0.8 billion at December 31, 2020”

Exhibit 99.2

CNH Industrial N.V. Fourth Quarter and Full-Year 2020 Results Review Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CNH Industrial N.V.
By:	/s/ Michael P. Going
Name:	Michael P. Going
Title:	Corporate Secretary

February 3, 2021

Index of Exhibits

Exhibit Number	Description of Exhibit
Exhibit 99.1	Press release, dated February 3, 2021 titled: “CNH Industrial reports strong results for Q4 2020. Consolidated revenues of $8.5 billion (up 10%) and adjusted EBIT of Industrial Activities of $520 million (up 73%), with all segments up year over year. Net income of $187 million and adjusted net income of $432 million. Positive free cash flow of Industrial Activities of $2.4 billion. Industrial Activities net cash of $0.8 billion at December 31, 2020”
Exhibit 99.2	CNH Industrial N.V. Fourth Quarter and Full-Year 2020 Results Review Presentation

EX-99.1

Exhibit 99.1

  2020 FOURTH QUARTER AND FULL YEAR RESULTS     PRESS RELEASE  

2020 FOURTH QUARTER RESULTS

CNH Industrial reports strong results for Q4 2020. Consolidated revenues of $8.5 billion (up 10%) and adjusted EBIT of Industrial Activities of $520 million (up 73%), with all segments up year over year. Net income of $187 million and adjusted net income of $432 million. Positive free cash flow of Industrial Activities of $2.4 billion. Industrial Activities net cash of $0.8 billion at December 31, 2020.

Financial results presented under U.S. GAAP

“CNH Industrial delivered solid results in Q4, ending 2020 with year-over-year profitability improvements across all industrial segments. Our year-end Industrial Activities net financial position of $0.8 billion was positive for the first time in the company’s history and testifies to the efficacy of our cost containment and cash preservation actions which, together with strong working capital reductions, drove positive free cash flow of $2.4 billion in Q4 and $1.9 billion for the full year. We continued to prioritize the health and safety of our workforce, while supporting our dealers and customers and actively managing our supply chain. While we are guardedly optimistic about the impact of the vaccine roll-out, the current global spike in COVID-19 cases means we must continue to safeguard our employees and our business from the pandemic. During 2020 we invested in new technologies, embraced new ways of working, and positioned the company for strong, profitable growth. Our focus on executing the company separation strategy outlined at our 2019 capital markets day is resolute, and we enter 2021 prepared to unlock our abundant potential, enhance our commitment to our customers, and forge an increasingly profitable future under the leadership of our new CEO, Scott Wine.”

Suzanne Heywood, Chair

“It has been an energizing first few weeks with the CNH Industrial team and I find our capabilities and opportunities to be even greater than I anticipated. Suzanne’s adroit stewardship over the last year gave me a chance to get up to speed, instead of addressing lingering issues, and thanks to this CNH Industrial team’s preparation and willingness to share, I have learned a great deal in this short time. I am pleased with the state of the business and the strength of the industry, and enthusiastic about tackling the challenges we face, both in executing vital aspects of our strategy and addressing a dynamic global environment. CNH Industrial is poised to deliver a strong 2021: we are ready to perform, our dealer network is healthy and hungry, and in most segments our customers are displaying solid demand.”

Scott Wine, Chief Executive Officer

2020 Fourth Quarter Results

(all amounts $ million, unless otherwise stated – comparison vs Q4 2019)

US-GAAP						NON-GAAP(1)
Consolidated revenues	8,501	+10%		+10% c.c.	(*)	Adjusted EBIT of Industrial Activities	520	+73%
of which Net sales of Industrial Activities	8,035	+12%		+11% c.c.		Adjusted EBIT Margin of Industrial Activities	6.5%	+230	bps
Net income	187	+56%				Adjusted net income	432	+55%
Diluted EPS $	0.12	+50%				Adjusted diluted EPS $	0.30	+50%
Cash flows from operating activities	2,766	+796				Free cash flow of Industrial Activities	2,365	654
Cash and cash equivalents	8,785	+37%	(**)			Available liquidity	15,871	21%	(**)

(*) c.c. means at constant currency            (**) comparison vs September 30, 2020

• Net sales of Industrial Activities up 12% due to higher volumes and favorable price realization, mainly in Agriculture and Commercial and Specialty Vehicles.

• Adjusted EBIT of Industrial Activities increased $219 million, with stronger performance from all segments compared to Q4 2019. Agriculture adjusted EBIT margin above 11%, C&SV at 3.3%.

• Adjusted net income of $432 million (adjusted diluted earnings per share of $0.30), an increase of $153 million from 2019, after excluding certain items from the $187 million reported net income, primarily the $134 million negative fair value adjustment of the investment in Nikola Corporation, and $125 million ($95 million after-tax) non-cash settlement charge resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations.

• Record positive free cash flow of Industrial Activities of $2.4 billion resulting from the strong operating performance and working capital management. Total Debt of $26.1 billion at December 31, 2020. Industrial Activities net cash⁽¹⁾ position achieved for the first time in CNH Industrial’s history, at $0.8 billion, an improvement of $2.3 billion from September 30, 2020.

• Available liquidity at a record level of $15.9 billion at December 31, 2020. In October, CNH Industrial Capital LLC issued $500 million in aggregate principal amount of 1.875% Notes due 2026. In December, CNH Industrial Finance Europe S.A. issued €750 million in aggregate principal amount of 0.000% Notes due 2024. Concurrently, CNH Industrial N.V. prepaid £600 million of commercial paper due 2021 issued in April through the Joint HM Treasury and Bank of England’s Covid Corporate Financing Facilities.

• A general improvement was noted in market demand and in customer sentiment, despite increasing COVID-19 restrictions in most geographies. We remain cautious about the future impacts on CNH Industrial’s end-markets and operations of renewed restrictions on social interactions and business operations until widespread vaccination is achieved.

• Order book in Agriculture up double-digits year-over-year for both tractors and combines, with strong growth in North America, South America, and Rest of World.

• Order book up year-over-year in all Construction sub-segments, with increases in North America compact equipment sub-segment, South America markets, and key sub-regions in Rest of World, particularly India and China.

• Truck order intake in Europe up 11% year-over-year for both light duty trucks and medium & heavy-duty trucks.

Dividends

The Board of CNH Industrial N.V. intends to recommend to the Company’s shareholders an annual cash dividend of €0.11 per common share, totaling approximately €150 million (~$180 million). Subject to the approval of shareholders at the Annual General Meeting (expected on April 15, 2021), the ex-dividend date would be set at April 19, 2021.

2021 Outlook

The COVID-19 pandemic continues to impact the global economy. The Company’s 2021 outlook assumes a progressive improvement in economic conditions as populations and markets adjust to the new circumstances. The Company is providing the following 2021 outlook for its Industrial Activities:

• Net sales^(*) up between 8% and 12% year on year including currency translation effects

• Free cash flow positive between $0.4 billion and $0.8 billion

• R&D expenses growing to 4.5% of net sales, SG&A expenses lower/equal to 7.5% of net sales, and capital expenditures above 2.5% of net sales.

Refer to page 4 for an explanation of the items referenced on this page and to page 10 onwards for the reconciliations (*) Net sales reflecting the exchange rate of 1.20 EUR/USD 1

PRESS RELEASE

AGRICULTURE										Demand was up in most regions. In North America, tractor demand was up 27% for tractors under 140 HP, and up 17% for tractors over 140 HP; combines were down 1%. In Europe, tractor and combine markets were up 7% and 22%, respectively. South America tractor markets were up 29% and combine markets were up 22%. Significant increase in demand for tractors was also noted in Rest of World while demand for combines was flat Net sales were up 17%, mainly due to favorable price realization in all regions and higher volumes in Europe, South America and Rest of World Adjusted EBIT increased $143 million, with Adjusted EBIT margin at 11%, driven by positive price realization, higher volumes and continued reduction of selling, general and administrative expenses
		Q4 2020		Q4 2019		Change		Change at c.c.(*)
	Net sales ($ million)		3,425		2,928		+17.0%		+19.1%
	Adjusted EBIT ($ million)		379		236		+143
	Adjusted EBIT margin		11.1%		8.1%		+300		bps

CONSTRUCTION										Global demand for construction equipment increased in all sub-segments, with compact and service equipment up 17%, general construction equipment up 24%, and road building and site preparation equipment up 4%. Demand increased 33% in Rest of World (+51% in China) and 10% in North America, but decreased 4% in both Europe and South America. Compact equipment was up 16% in North America and 31% in Rest of World Net sales were up 6%, as a result of higher volume and positive price realization Adjusted EBIT increased $7 million due to positive price realization, cost containment actions and favorable volume and mix, partially offset by costs associated with continued product improvement initiatives
		Q4 2020		Q4 2019		Change		Change at c.c.(*)
	Net sales ($ million)		752		707		+6.4%		+8.4%
	Adjusted EBIT ($ million)		10		3		+7
	Adjusted EBIT margin		1.3%		0.4%		+90		bps

COMMERCIAL AND SPECIALTY VEHICLES										European truck market was up 6% year-over-year, with light-duty trucks (“LCV”) up 9%, while medium and heavy trucks were flat. Order book is strong across all regions. South American truck market was down 2% in LCV and flat in medium and heavy trucks. Bus market decreased 4% in Europe and 35% in South America Net sales were up 10%, primarily driven by favorable volume and mix, and positive price realization in all regions Adjusted EBIT of $110 million, with Adjusted EBIT margin at 3.3%, driven by favorable volumes and mix in Europe and South America, and positive price realization
		Q4 2020		Q4 2019		Change		Change at c.c.(*)
	Net sales ($ million)		3,290		2,996		+9.8%		+7.1%
	Adjusted EBIT ($ million)		110		3		+107
	Adjusted EBIT margin		3.3%		0.1%		+320		bps

POWERTRAIN										Net sales were up 19% due to higher sales volume across all regions. Sales to external customers accounted for 50% of total net sales (57% in Q4 2019) Adjusted EBIT increased $26 million, with Adjusted EBIT margin at 9%, mainly due to favorable volume and mix and reduced spending for regulatory programs, partially offset by higher product costs
		Q4 2020		Q4 2019		Change		Change at c.c.(*)
	Net sales ($ million)		1,204		1,008		+19.4%		+14.0%
	Adjusted EBIT ($ million)		110		84		+26
	Adjusted EBIT margin		9.1%		8.3%		+80		bps

FINANCIAL SERVICES										Revenues were down 9% due to lower average portfolio in North America and negative impact from currency translation, partially offset by higher used equipment sales and a higher average portfolio in South America Net income decreased $33 million, primarily attributable to higher risk costs due to an expectation of deteriorating credit conditions and the lower average portfolio in North America, partially offset by lower losses on used equipment sales The managed portfolio (including unconsolidated joint ventures) was $26.6 billion at the end of 2020, flat compared to December 31, 2019. The receivable balance greater than 30 days past due as a percentage of receivables was 2.1% (2.5% as of December 31, 2019)
		Q4 2020		Q4 2019		Change		Change at c.c.(*)
	Revenues ($ million)		485		531		-8.7%		-7.0%
	Net income ($ million)		60		93		-33
	Equity at quarter-end ($ million)		2,931		2,817		+4.0%
	Retail loan originations ($ million)		2,940		2,604		+12.9%

Refer to page 4 for an explanation of the items referenced on this page and to page 10 onwards for the reconciliations 2

PRESS RELEASE

2020 FULL YEAR RESULTS

In 2020, CNH Industrial reported revenues of $26.0 billion and adjusted net income of $437 million as a result of a solid performance in the second-half of the year, partially offsetting severe adverse COVID-19 impacts in the first-half. Record positive free cash flow of Industrial Activities of $1,926 million was reported in 2020, thanks to the strong operating performance in H2 and continued cash preservation measures, more than offsetting the negative cash flow in H1.

2020 Full Year Results (all amounts $ million, unless otherwise stated – comparison vs 2019)
US-GAAP						NON-GAAP(1)
Consolidated revenues	26,032	-7	%	-6	%c.c.(*)	Adjusted EBIT of Industrial Activities	552		-60	%
of which Net sales of Industrial Activities	24,285	-7	%	-6	%c.c.	Adjusted EBIT Margin of Industrial Activities	2.3	%	-300	bps
Net loss	(438)	-130	%			Adjusted net income	437		-63	%
Diluted loss per share $	(0.36)	-134	%			Adjusted diluted EPS $	0.28		-67	%
Cash flows from operating activities	5,529	+3,703				Free cash flow of Industrial Activities	1,926		1,905
Cash and cash equivalents	8,785	+80	%			Available liquidity	15,871		40	%

(*) c.c. means at constant currency

AGRICULTURE
		2020	2019	Change	Change at c.c.(*)
	Net sales ($ million)	10,923	10,959	-0.3%	+2.6%
	Adjusted EBIT ($ million)	880	897	-17
	Adjusted EBIT margin	8.1%	8.2%	-10	bps

CONSTRUCTION
		2020	2019	Change	Change at c.c.(*)
	Net sales ($ million)	2,170	2,768	-21.6%	-18.8%
	Adjusted EBIT ($ million)	(184)	51	-235
	Adjusted EBIT margin	(8.5)%	1.8%	-1,030	bps

COMMERCIAL AND SPECIALTY VEHICLES
		2020	2019	Change	Change at c.c.(*)
	Net sales ($ million)	9,421	10,439	-9.8%	-9.4%
	Adjusted EBIT ($ million)	(109)	224	-333
	Adjusted EBIT margin	(1.2)%	2.1%	-330	bps

POWERTRAIN
		2020	2019	Change	Change at c.c.(*)
	Revenues ($ million)	3,629	4,117	-11.9%	-12.6%
	Adjusted EBIT ($ million)	233	363	-130
	Adjusted EBIT margin	6.4%	8.8%	-240	bps

FINANCIAL SERVICES
		2020	2019	Change	Change at c.c.(*)
	Revenues ($ million)	1,823	2,011	-9.3%	-6.5%
	Net income ($ million)	249	361	-112

Net sales of Industrial Activities down 7% due to adverse COVID-19 impact on end markets in the first-half of the year, and actions to lower channel inventory levels.

Adjusted EBIT of Industrial Activities of $552 million, significantly impacted by industry demand disruption and negative absorption caused by plant shutdowns in the first-half of the year, partially offset by cost containment actions and recovering performances across all segments in Q4.

Adjusted net income of $437 million (adjusted diluted earnings per share of $0.28) after excluding certain items from the $438 million reported net loss, primarily the $134 million positive fair value adjustment of Nikola investment, the non-cash pre- and after-tax goodwill impairment charge of $585 million related to Construction, other assets optimization and impairment charges of $537 million ($441 million after-tax), the $125 million ($95 million after-tax) non-cash settlement Q4 charge as a result of the annuity contracts purchase to settle a portion of the outstanding U.S. pension obligations, a $82 million tax benefit from the release of valuation allowances against deferred tax assets in certain jurisdictions, and the gain of $119 million ($90 million after-tax) from the amortization of the $527 million positive impact from the 2018 U.S. healthcare plan modification.

Reported income tax benefit of $50 million and adjusted income tax expense⁽¹⁾ of $150 million, with adjusted effective tax rate (adjusted ETR⁽¹⁾) of 27%, which reflects our jurisdictional mix of pre-tax results including the impact of pre-tax losses for which no tax benefit was booked and net discrete tax benefits.

Refer to page 4 for an explanation of the items referenced on this page and to page 10 onwards for the reconciliations 3

PRESS RELEASE

Notes

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

(1) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures. Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.

(*) c.c. means at constant currency.

Non-GAAP Financial Information

CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH Industrial’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP or EU-IFRS and are unlikely to 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 as prepared in accordance with U.S. GAAP and/or EU-IFRS.

CNH Industrial’s non-GAAP financial measures are defined as follows:

• Adjusted EBIT of Industrial Activities under U.S. GAAP: is defined as net income (loss) before income taxes, Financial Services results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities.

• Adjusted EBIT of Industrial Activities under EU-IFRS: is defined as profit/(loss) before taxes, Financial Services results, Industrial Activities’ financial expenses, restructuring costs, and certain non-recurring items.

• Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax.

• Adjusted Diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH Industrial share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on a earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end.

• Adjusted Income Taxes: is defined as income taxes less the tax effect of restructuring expenses and non- recurring items, and non-recurring tax charges or benefits.

• Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items.

• Net Debt and Net (Cash) Debt of Industrial Activities: Net Debt is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and derivative hedging debt. CNH Industrial provides the reconciliation of Net Debt to Total Debt, which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Debt (Cash) of Industrial Activities.

• Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities, only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under buy-back commitments, assets under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations.

• Available Liquidity: is defined as cash and cash equivalents plus restricted cash, undrawn committed facilities and other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties).

• Change excl. FX or Constant Currency: CNH Industrial discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations.

The tables attached to this press release provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Forward-looking statements

All statements other than statements of historical fact contained in this earning release including statements regarding our future responses to and effects of the COVID-19 pandemic; 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, liquidity, 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, including those related to the COVID- 19 pandemic, 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 our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) 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 include, among others: the unknown duration and economic, operational and financial impacts of the global COVID-19 pandemic and the actions taken or contemplated by governmental authorities or others in connection with the pandemic on our business, our employees, customers and suppliers, including supply chain disruptions caused by mandated shutdowns and the adverse impact on customers, borrowers and other third parties to fulfill their obligations to us; disruption caused by business responses to COVID-19, including remote working arrangements, which may create increased vulnerability to cybersecurity or data privacy incidents; our ability to execute business continuity plans as a result of COVID-19; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; including demand uncertainty caused by COVID-19; general economic conditions in each of our markets, including the significant economic

4

PRESS RELEASE

uncertainty and volatility caused by COVID-19; travel bans, border closures, other free movement restrictions, and the introduction of social distancing measures in our facilities may affect in the future our ability to operate as well as the ability of our suppliers and distributors to operate; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining 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; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; 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; our ability to obtain financing or to refinance existing debt; price pressure on new and used vehicles; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private litigation in various jurisdictions after the settlement of the EU antitrust investigation announced on July 19, 2016, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; our pension plans and other post-employment obligations; further developments of the COVID-19 pandemic on our operations, supply chains, distribution network, and level of demand of our products, as well as negative evolutions of the economic and financial conditions at global and regional levels; political and civil unrest; volatility and deterioration of capital and financial markets, including possible effects of “Brexit”, other pandemics, terrorist attacks in Europe and elsewhere, our ability to achieve the targets set out in the Strategic Business Plan announced on September 3, 2019 at our Capital Markets Day event; our ability to successfully and timely implement the planned spin-off of the Company’s On-Highway business; and other similar risks and uncertainties, and our 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, 2019, prepared in accordance with U.S. GAAP and in the Company’s EU Annual Report at December 31, 2019, prepared in accordance with EU-IFRS, as well as in the CNH Industrial N.V. Quarterly Reports for the three months ended March 31, 2020 (prepared respectively in accordance with U.S. GAAP and EU-IFRS). Investors are expressly invited to refer to and consider the information on risks, factors, and uncertainties incorporated in the above-mentioned documents, in addition to the information presented here.

Forward-looking statements are based upon assumptions relating to the factors described in this earnings release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Our actual results could differ materially from those anticipated in such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update or revise publicly our forward-looking statements. The impact of COVID-19 has already exacerbated and is expected to further exacerbate all or part of the risks discussed in this section. Further information concerning CNH Industrial and its businesses, including factors that potentially could materially affect CNH Industrial’s financial results, is included in CNH Industrial’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 CNH Industrial or persons acting on the behalf of CNH Industrial are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Conference Call and Webcast

Today, at 3:30 p.m. CET / 2:30 p.m. GMT/ 9:30 a.m. EST, management will hold a conference call to present fourth quarter and full year 2020 results to financial analysts and institutional investors. The call can be followed live online at http://bit.ly/CNH_Industrial_Q4FY_2020 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.

London, February 3, 2021

CONTACTS

Media Inquiries	Investor Relations
United Kingdom	United Kingdom
Richard Gadeselli	Federico Donati
Tel: +44 207 7660 346	Tel: +44 207 7660 386
Laura Overall
Tel: +44 207 7660 338	United States
	Noah Weiss
E-mail: mediarelations@cnhind.com	Tel: +1 630 887 3745
www.cnhindustrial.com

5

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Statements of Operations for the three months and years ended December 31, 2020 and 2019

(Unaudited, U.S.-GAAP)

	Three Months Ended December 31,					Years Ended December 31,
($ million)	2020			2019		2020			2019
Revenues
Net sales		8,035			7,183		24,285			26,149
Finance, interest and other income		466			512		1,747			1,930
TOTAL REVENUES		8,501			7,695		26,032			28,079
Costs and Expenses
Cost of goods sold		6,621			6,100		21,327			21,832
Selling, general and administrative expenses		644			582		2,155			2,216
Research and development expenses		289			275		932			1,030
Restructuring expenses		30			31		49			109
Interest expense		166			228		678			798
Goodwill impairment charge		—			—		585			—
Other, net		521			372		811			924
TOTAL COSTS AND EXPENSES		8,271			7,588		26,537			26,909
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		230			107		(505	)		1,170
Income tax benefit (expense)		(28	)		10		50			271
Equity in income (loss) of unconsolidated subsidiaries and affiliates		(15	)		3		17			13
NET INCOME (LOSS)		187			120		(438	)		1,454
Net income attributable to noncontrolling interests		23			6		55			32
NET INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		164			114		(493	)		1,422
(in $)
Earnings (loss) per share attributable to common shareholders
Basic		0.12			0.08		(0.36	)		1.05
Diluted		0.12			0.08		(0.36	)		1.05
Cash dividends declared per common share		—			—		—			0.203

6

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Balance Sheets as of December 31, 2020 and 2019

(Unaudited, U.S.-GAAP)

($ million)	December 31, 2020(*)		December 31, 2019
ASSETS
Cash and cash equivalents		8,785		4,875
Restricted cash		844		898
Financing receivables, net		18,457		19,428
Inventories, net		6,022		7,082
Property, plant and equipment, net and Equipment under operating leases		6,901		7,126
Intangible assets, net		2,696		3,344
Other receivables and assets		5,014		4,599
TOTAL ASSETS		48,719		47,352
LIABILITIES AND EQUITY
Debt		26,053		24,854
Other payables and liabilities		17,637		16,342
Total Liabilities		43,690		41,196
Redeemable noncontrolling interest		40		35
Equity		4,989		6,121
TOTAL LIABILITIES AND EQUITY		48,719		47,352

Notes:

(*) On January 1, 2020, CNH Industrial adopted the accounting standard on Financial Instruments—Credit Losses (ASC 326) using the modified retrospective approach, without recasting prior periods. On the adoption of the standard, the impact to the consolidated balance sheet on January 1, 2020 was an increase to the allowance for credit losses of $26 million, a decrease to the investments in unconsolidated subsidiaries and affiliates of $17 million and an increase to deferred tax assets of $7 million, with the offset to retained earnings, net of tax, of $36 million.

CNH INDUSTRIAL N.V.

Condensed Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019

(Unaudited- U.S.-GAAP)

($ million)	2020			2019
Net income (loss)		(438	)		1,454
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities		5,967			372
NET CASH PROVIDED BY OPERATING ACTIVITIES		5,529			1,826
NET CASH USED IN INVESTING ACTIVITIES		(2,750	)		(1,987	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		659			206
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		418			(75	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		3,856			(30	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		5,773			5,803
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR		9,629			5,773

7

PRESS RELEASE

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the three months ended December 31, 2020 and 2019

(Unaudited, U.S.-GAAP)

	Three Months Ended December 31, 2020									Three Months Ended December 31, 2019
($ million)	Industrial Activities (1)		Financial Services		Eliminations			Consolidated		Industrial Activities (1)		Financial Services		Eliminations			Consolidated
Revenues
Net sales		8,035		—		—			8,035		7,183		—		—			7,183
Finance, interest and other income		18		485		(37)	(2)		466		22		531		(41)	(2)		512
TOTAL REVENUES		8,053		485		(37)			8,501		7,205		531		(41)			7,695
Costs and Expenses
Cost of goods sold		6,621		—		—			6,621		6,100		—		—			6,100
Selling, general and administrative expenses		560		84		—			644		523		59		—			582
Research and development expenses		289		—		—			289		275		—		—			275
Restructuring expenses		30		—		—			30		30		1		—			31
Interest expense		81		122		(37)	(3)		166		123		146		(41)	(3)		228
Goodwill impairment charge		—		—		—			—		—		—		—			—
Other, net		303		218		—			521		153		219		—			372
TOTAL COSTS AND EXPENSES		7,884		424		(37)			8,271		7,204		425		(41)			7,588
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		169		61		—			230		1		106		—			107
Income tax benefit (expense)		(19)		(9)		—			(28)		29		(19)		—			10
Equity in income (loss) of unconsolidated subsidiaries and affiliates		(23)		8		—			(15)		(3)		6		—			3
NET INCOME (LOSS)		127		60		—			187		27		93		—			120

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.

(2) Elimination of Financial Services’ interest income earned from Industrial Activities.

(3) Elimination of Industrial Activities’ interest expense to Financial Services.

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the years ended December 31, 2020 and 2019

(Unaudited, U.S.-GAAP)

	Year Ended December 31, 2020									Year Ended December 31, 2019
($ million)	Industrial Activities (1)		Financial Services		Eliminations			Consolidated		Industrial Activities (1)		Financial Services		Eliminations			Consolidated
Revenues
Net sales		24,285		—		—			24,285		26,149		—		—			26,149
Finance, interest and other income		61		1,823		(137)	(2)		1,747		98		2,011		(179)	(2)		1,930
TOTAL REVENUES		24,346		1,823		(137)			26,032		26,247		2,011		(179)			28,079
Costs and Expenses
Cost of goods sold		21,327		—		—			21,327		21,832		—		—			21,832
Selling, general and administrative expenses		1,849		306		—			2,155		1,998		218		—			2,216
Research and development expenses		932		—		—			932		1,030		—		—			1,030
Restructuring expenses		49		—		—			49		105		4		—			109
Interest expense		305		510		(137)	(3)		678		380		597		(179)	(3)		798
Goodwill impairment charge		585		—		—			585		—		—		—			—
Other, net		108		703		—			811		187		737		—			924
TOTAL COSTS AND EXPENSES		25,155		1,519		(137)			26,537		25,532		1,556		(179)			26,909
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		(809)		304		—			(505)		715		455		—			1,170
Income tax benefit (expense)		133		(83)		—			50		391		(120)		—			271
Equity in income (loss) of unconsolidated subsidiaries and affiliates		(11)		28		—			17		(13)		26		—			13
NET INCOME (LOSS)		(687)		249		—			(438)		1,093		361		—			1,454

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.

(2) Elimination of Financial Services’ interest income earned from Industrial Activities.

(3) Elimination of Industrial Activities’ interest expense to Financial Services.

8

PRESS RELEASE

CNH INDUSTRIAL N.V.

Supplemental Balance Sheets as of December 31, 2020 and 2019

(Unaudited, U.S.-GAAP)

	December 31, 2020									December 31, 2019
($ million)	Industrial Activities (1)		Financial Services		Eliminations			Consolidated		Industrial Activities (1)		Financial Services		Eliminations			Consolidated
ASSETS
Cash and cash equivalents		8,017		768		—			8,785		4,407		468		—			4,875
Restricted cash		99		745		—			844		120		778		—			898
Financing receivables, net		902		19,428		(1,873	) (2)		18,457		1,223		20,657		(2,452	) (2)		19,428
Inventories, net		5,981		41		—			6,022		6,907		175		—			7,082
Property, plant and equipment, net and Equipment under operating leases		4,987		1,914		—			6,901		5,319		1,807		—			7,126
Intangible assets, net		2,522		174		—			2,696		3,173		171		—			3,344
Other receivables and assets		4,600		733		(319	) (3)		5,014		4,084		809		(294	) (3)		4,599
TOTAL ASSETS		27,108		23,803		(2,192	)		48,719		25,233		24,865		(2,746	)		47,352
LIABILITIES AND EQUITY
Debt		8,288		19,638		(1,873	) (2)		26,053		6,558		20,748		(2,452	) (2)		24,854
Other payables and liabilities		16,722		1,234		(319	) (3)		17,637		15,336		1,300		(294	) (3)		16,342
Total Liabilities		25,010		20,872		(2,192	)		43,690		21,894		22,048		(2,746	)		41,196
Redeemable noncontrolling interest		40		—		—			40		35		—		—			35
Equity		2,058		2,931		—			4,989		3,304		2,817		—			6,121
TOTAL LIABILITIES AND EQUITY		27,108		23,803		(2,192	)		48,719		25,233		24,865		(2,746	)		47,352

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.

(2) This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.

(3) This item primarily represents the reclassification of deferred taxes assets/liabilities in the same taxing jurisdiction and elimination of intercompany activity between Industrial Activities and Financial Services.

CNH INDUSTRIAL N.V.

Supplemental Statements of Cash Flows for the years ended December 31, 2020 and 2019

(Unaudited- U.S.-GAAP)

	2020												2019
($ million)	Industrial Activities (1)			Financial Services			Eliminations			Consolidated			Industrial Activities (1)			Financial Services			Eliminations			Consolidated
Net income (loss)		(687	)		249			—			(438	)		1,093			361			—			1,454
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities		4,002			2,117			(152	) (2)		5,967			248			508			(384	) (2)		372
NET CASH PROVIDED BY OPERATING ACTIVITIES		3,315			2,366			(152	)		5,529			1,341			869			(384	)		1,826
NET CASH USED IN INVESTING ACTIVITIES		(1,697	)		(1,068	)		15	(3)		(2,750	)		(1,017	)		(990	)		20	(3)		(1,987	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		1,563			(1,041	)		137	(4)		659			(273	)		115			364	(4)		206
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		408			10			—			418			(77	)		2			—			(75	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		3,589			267			—			3,856			(26	)		(4	)		—			(30	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		4,527			1,246			—			5,773			4,553			1,250			—			5,803
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR		8,116			1,513			—			9,629			4,527			1,246			—			5,773

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture, Construction, Commercial and Specialty Vehicles and Powertrain segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.

(2) This item includes the elimination of dividends from Financial Services to Industrial Activities.

(3) This item includes the elimination of paid in capital from Industrial Activities to Financial Services.

(4) This item includes the elimination of dividends from Financial Services to Industrial Activities, which are included in Industrial Activities net cash provided by operating activities, net of the elimination of paid in capital from Industrial Activities to Financial Services.

9

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities by segment under U.S.-GAAP

($ million)

	Three Months ended December 31, 2020
	Agriculture		Construction		Commercial and Specialty Vehicles		Powertrain		Unallocated items, eliminations and other			Total
Consolidated Net income													187
Less: Consolidated Income tax benefit (expense)													(28	)
Consolidated Income before taxes													215
Less: Financial Services
Financial Services Net income													60
Financial Services Income taxes													9
Add back of the following Industrial Activities items:
Interest expenses, net of interest income and eliminations													63
Foreign exchange (gains) losses, net													23
Finance and non-service component of Pension and other post-employment benefit costs(1)													99
Adjustments for the following Industrial Activities items:
Restructuring expenses		4		4		7		15		—			30
Other discrete items(2)		—		—		24		—		1			25
Nikola investment fair value adjustment		—		—		—		—		134			134
Adjusted EBIT of Industrial Activities		379		10		110		110		(89	)		520

	Three Months ended December 31, 2019
	Agriculture		Construction			Commercial and Specialty Vehicles		Powertrain		Unallocated items, eliminations and other			Total
Consolidated Net income														120
Less: Consolidated Income tax benefit (expense)														10
Consolidated Income before taxes														110
Less: Financial Services
Financial Services Net income														93
Financial Services Income taxes														19
Add back of the following Industrial Activities items:
Interest expenses, net of interest income and eliminations														101
Foreign exchange (gains) losses, net														17
Finance and non-service component of Pension and other post-employment benefit costs(1)														105
Adjustments for the following Industrial Activities items:
Restructuring expenses		14		(4	)		17		2		1			30
Other discrete items(2)		—		—			47		—		3			50
Adjusted EBIT of Industrial Activities		236		3			3		84		(25	)		301

(1) In the three months ended December 31, 2020 and 2019, this item includes the pre-tax gain of $29 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. In the three months ended December 31, 2020 and 2019, this item also includes a pre-tax non-cash settlement charge of $124 million and $112 million, respectively, resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations.

(2) In the three months ended December 31, 2020, this item includes the negative impact from the costs recognized by a Chinese joint venture, accounted for under the equity method, for valuation allowances against deferred tax assets and restructuring actions. In the three months ended December 31, 2019, this item mainly included other asset optimization charges for $30 million due to actions included in the “Transform2Win” strategy.

10

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities by segment under U.S.-GAAP

($ million)

	Year ended December 31, 2020
	Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total
Consolidated Net income (loss)															(438	)
Less: Consolidated Income tax benefit (expense)															50
Consolidated Income (loss) before taxes															(488	)
Less: Financial Services
Financial Services Net income															249
Financial Services Income taxes															83
Add back of the following Industrial Activities items:
Interest expenses, net of interest income and eliminations															244
Foreign exchange (gains) losses, net															45
Finance and non-service component of Pension and other post-employment benefit costs(1)															14
Adjustments for the following Industrial Activities items:
Restructuring expenses		13		9			11			16		—			49
Goodwill impairment charge		—		—			—			—		585			585
Other discrete items(2)		176		72			313			—		8			569
Nikola investment fair value adjustment		—		—			—			—		(134	)		(134	)
Adjusted EBIT of Industrial Activities		880		(184	)		(109	)		233		(268	)		552
	Year ended December 31, 2019
	Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total
Consolidated Net income															1,454
Less: Consolidated Income tax benefit (expense)															271
Consolidated Income before taxes															1,183
Less: Financial Services
Financial Services Net income															361
Financial Services Income taxes															120
Add back of the following Industrial Activities items:
Interest expenses, net of interest income and eliminations															282
Foreign exchange (gains) losses, net															56
Finance and non-service component of Pension and other post-employment benefit costs(1)															58
Adjustments for the following Industrial Activities items:
Restructuring expenses		41		18			37			7		2			105
Other discrete items(2)		—		—			182			—		5			187
Adjusted EBIT of Industrial Activities		897		51			224			363		(145	)		1,390

(1) In the year ended December 31, 2020 and 2019, this item includes the pre-tax gain of $119 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. In the years ended December 31, 2020 and 2019, this item also includes a pre-tax non-cash settlement charge of $124 million and $112 million, respectively, resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations.

(2) In the year ended December 31, 2020, this item mainly includes impairment of intangible and other long-lived assets, asset optimization charges, and the negative impact from the costs recognized by a Chinese joint venture, accounted for under the equity method, for valuation allowances against deferred tax assets and restructuring actions. In year ended December 31, 2019, this item mainly included other asset optimization charges for $165 million due to actions included in the “Transform2Win” strategy.

11

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Total Debt to Net (cash)/debt under U.S.-GAAP

($ million)

	Consolidated					Industrial Activities						Financial Services
	December 31, 2020		December 31, 2019			December 31, 2020			December 31, 2019			December 31, 2020		December 31, 2019
Third party debt		26,053		24,854			7,271			5,226			18,782		19,628
Intersegment notes payable		—		—			1,017			1,332			856		1,120
Total Debt(1)		26,053		24,854			8,288			6,558			19,638		20,748
Less:
Cash and cash equivalents		8,785		4,875			8,017			4,407			768		468
Restricted cash		844		898			99			120			745		778
Intersegment notes receivable		—		—			856			1,120			1,017		1,332
Other current financial assets(2)		94		58			94			58			—		—
Derivatives hedging debt		8		(1	)		8			(1	)		—		—
Net debt (cash)(3)		16,322		19,024			(786	)		854			17,108		18,170

(1) Total Debt of Industrial Activities includes Intersegment notes payable to Financial Services of $1,017 million and $1,332 million as of December 31, 2020 and 2019, respectively. Total Debt of Financial Services includes Intersegment notes payable to Industrial Activities of $856 million and $1,120 million as of December 31, 2020 and 2019, respectively.

(2) This item includes short-term deposits and investments towards high-credit rating counterparties.

(3) The net intersegment (receivable)/payable balance recorded by Financial Services relating to Industrial Activities was $(161) million and $(212) million as of December 31, 2020 and 2019, respectively.

Reconciliation of Cash and cash equivalents to Available liquidity⁽¹⁾ under U.S.-GAAP

($ million)

	December 31, 2020		December 31, 2019
Cash and cash equivalents		8,785		4,875
Restricted cash		844		898
Undrawn committed facilities		6,148		5,474
Other current financial assets(2)		94		58
Available liquidity		15,871		11,305

(1) Starting from September 30, 2020, the Company modified the definition of “Available liquidity” (a non-GAAP financial measure) in order to include also “Other current financial assets”. The Company believes the revised definition better reflects its consolidated liquidity.

(2) This item includes short-term deposits and investments towards high-credit rating counterparties.

Change in Net cash/(debt) of Industrial Activities under U.S.-GAAP

($ million)

Year ended December 31,						Three Months ended December 31,
2020		2019				2020			2019
	(854)		(599	)	Net (debt)/cash of Industrial Activities at beginning of period		(1,544	)		(2,370	)
	552		1,390		Adjusted EBIT of Industrial Activities		520			301
	627		657		Depreciation and Amortization		169			165
	284		310		Depreciation of assets under operating leases and assets sold with buy-back commitments		86			75
	(233)		(388	)	Cash interest and taxes		(35	)		(60	)
	(445)		(436	)	Changes in provisions and similar(1)		(60	)		(70	)
	1,828		(753	)	Change in working capital		1,964			1,617
	2,613		780		Operating cash flow of Industrial Activities		2,644			2,028
	(481)		(633	)	Investments in property, plant and equipment, and intangible assets(2)		(253	)		(310	)
	(206)		(126	)	Other changes		(26	)		(7	)
	1,926		21		Free cash flow of Industrial Activities		2,365			1,711
	(8)		(340	)	Capital increases and dividends(3)		(4	)		(15	)
	(278)		64		Currency translation differences and other		(31	)		(180	)
	1,640		(255	)	Change in Net debt of Industrial Activities		2,330			1,516
	786		(854	)	Net cash/(debt) of Industrial Activities at end of period		786			(854	)

(1) Including other cash flow items related to operating lease and buy-back activities.

(2) Excluding assets sold under buy-back commitments and assets under operating leases.

(3) Including share buy-back transactions.

12

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Net cash provided by (used in) Operating Activities

to Free cash flow of Industrial Activities under U.S.-GAAP

($ million)

Year ended December 31,					Three Months ended December 31,
2020		2019			2020		2019
	5,529		1,826	Net cash provided by (used in) Operating Activities		2,766		1,970
	(2,214)		(485)	Less: Cash flows from Operating Activities of Financial Services net of eliminations		256		220
	(15)		7	Change in derivatives hedging debt of Industrial Activities and other		(24)		2
	(687)		(568)	Investments in assets sold under buy-back commitments and operating lease assets of Industrial Activities		(354)		(164)
	2,613		780	Operating cash flow of Industrial Activities		2,644		2,028
	(481)		(633)	Investments in property, plant and equipment, and intangible assets of Industrial Activities		(253)		(310)
	(206)		(126)	Other changes(1)		(26)		(7)
	1,926		21	Free cash flow of Industrial Activities		2,365		1,711

(1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments.

Reconciliation of Adjusted net income and Adjusted income tax benefit (expense) to Net income (loss) and

Income tax benefit (expense) and calculation of Adjusted diluted EPS and Adjusted ETR under U.S.-GAAP

($ million, except per share data)

Year ended December 31,						Three Months ended December 31,
2020		2019				2020			2019
	(438)		1,454		Net income (loss)		187			120
	1,051		320		Adjustments impacting Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates (a)		261			195
	24		—		Adjustments impacting Equity in income of unconsolidated subsidiaries and affiliates (*)		24			—
	(200)		(596)		Adjustments impacting Income tax benefit (expense) (b)		(40)			(36)
	437		1,178		Adjusted net income (loss)		432			279
	379		1,141		Adjusted net income (loss) attributable to CNH Industrial N.V.		409			270
	1,352		1,354		Weighted average shares outstanding – diluted (million)		1,353			1,351
	0.28		0.84		Adjusted diluted EPS ($)		0.30			0.20
	(505)		1,170		Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates		230			107
	1,051		320		Adjustments impacting Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates (a)		261			195
	546		1,490		Adjusted income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates (A)		491			302
	50		271		Income tax benefit (expense)		(28)			10
	(200)		(596)		Adjustments impacting Income tax benefit (expense) (b)		(40)			(36)
	(150)		(325)		Adjusted income tax benefit (expense) (B)		(68)			(26)
	27%		22	%	Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)		14	%		9	%
	a)  Adjustments impacting Income (loss) before income tax benefit (expense) and equity in income of     unconsolidated subsidiaries and affiliates
	(134)		—		Nikola investment fair value adjustment		134			—
	49		109		Restructuring expenses		30			31
	(119)		(119)		Pre-tax gain related to the modification of a healthcare plan in the U.S.		(29)			(29)
	125		116		Pre-tax settlement charge related to the purchase of annuity contracts to settle a portion of U.S. pension obligations		125			116
	585		—		Goodwill impairment charge		—			—
	255		—		Other assets impairment charges		—			—
	—		27		Cost of repurchase/early redemption of notes		—			27
	282		165		Optimization charges on asset portfolio relating to vehicles sold under buy-back commitments		—			30
	8		22		Other discrete items		1			20
	1,051		320		Total		261			195
	b)  Adjustments impacting Income tax benefit (expense)
	(106)		(53)		Tax effect of adjustments impacting Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates		(32)			(28)
	(82)		(539)		Adjustment to valuation allowances against deferred tax assets		—			—
	(12)		(4)		Other		(8)			(8)
	(200)		(596)		Total		(40)			(36)

(*) This item includes the negative impact from the costs recognized by a Chinese joint venture, accounted for under the equity method, for valuation allowances against deferred tax assets and restructuring actions.

13

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Revenues by Segment under EU-IFRS

($ million)

Year ended December 31,								Three Months ended December 31,
2020		2019			% change			2020			2019			% change
	10,916		10,958			-0.4	Agriculture		3,425			2,945			16.3
	2,170		2,768			-21.6	Construction		752			708			6.2
	9,420		10,440			-9.8	Commercial and Specialty Vehicles		3,289			3,009			9.3
	3,633		4,114			-11.7	Powertrain		1,206			1,016			18.7
	(1,847)		(2,111	)		—	Eliminations and other		(630	)		(455	)		—
	24,292		26,169			-7.2	Total Industrial Activities		8,042			7,223			11.3
	1,807		1,996			-9.5	Financial Services		478			529			-9.6
	(115)		(141	)		—	Eliminations and other		(30	)		(35	)		—
	25,984		28,024			-7.3	Total		8,490			7,717			10.0

Adjusted EBIT(1) of Industrial Activities by Segment under EU-IFRS

($ million)

Year ended December 31,															Three Months ended December 31,
2020		2019			$ change			2020 adjusted EBIT margin			2019 adjusted EBIT margin				2020			2019			$ change			2020 adjusted EBIT margin			2019 adjusted EBIT margin
	856		900			(44	)		7.8	%		8.2	%	Agriculture		358			230			128			10.5	%		7.8	%
	(193)		50			(243	)		(8.9	)%		1.8	%	Construction		18			11			7			2.4	%		1.6	%
	(169)		188			(357	)		(1.8	)%		1.8	%	Commercial and Specialty Vehicles		98			(21	)		119			3.0	%		(0.7	)%
	223		362			(139	)		6.1	%		8.8	%	Powertrain		123			110			13			10.2	%		10.8	%
	(301)		(124	)		(177	)		—			—		Unallocated items, eliminations and other		(92	)		2			(94	)		—			—
	416		1,376			(960	)		1.7	%		5.3	%	Adjusted EBIT of Industrial Activities		505			332			173			6.3	%		4.6	%

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

Key Balance Sheet data under EU-IFRS

($ million)

	December 31, 2020			December 31, 2019
Total Assets		50,556			49,182
Total Equity		6,735			7,863
Equity attributable to CNH Industrial N.V.		6,651			7,819
Net debt		(16,874	)		(19,630	)
of which Net cash (debt) of Industrial Activities(1)		297			(1,403	)

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

Net income (loss) reconciliation U.S.-GAAP to EU-IFRS

($ million)

Year ended December 31,					Three Months ended December 31,
2020		2019			2020		2019
	(438)		1,454	Net income (loss) in accordance with U.S. GAAP		187		120
				Adjustments to conform with EU-IFRS:
	(192)		(43)	Development costs		(19)		11
	(134)		—	Nikola investment fair value adjustment(1)		134		—
	64		68	Other adjustments(2)		125		75
	5		(573)	Tax impact on adjustments and other income tax differences(3)		—		(43)
	(257)		(548)	Total adjustments		240		43
	(695)		906	Profit (loss) in accordance with EU-IFRS		427		163

(1) Starting from the second quarter of 2020, the investment in Nikola Corporation is measured at fair value through profit or loss under U.S. GAAP. This investment is measured at fair value through other comprehensive income under EU-IFRS.

(2) This item also includes the different accounting impacts from the modification of a healthcare plan in the U.S. and from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations.

(3) In the year ended December 31, 2020, and in the three months and in the year ended December 31, 2019, this item also included the impact of the tax benefit due to the release of valuation allowances against certain net deferred tax assets under U.S. GAAP.

14

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Total Equity reconciliation U.S. GAAP to EU-IFRS

($ million)

	December 31, 2020			December 31, 2019
Total Equity under U.S. GAAP		4,989			6,121
Adjustments to conform with EU-IFRS:
Development costs		2,193			2,260
Other adjustments		34			(87	)
Tax impact on adjustments and other income tax differences		(481	)		(431	)
Total adjustments		1,746			1,742
Total Equity under EU-IFRS		6,735			7,863

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:

	Average 2020		At December 31, 2020		Average 2019		At December 31, 2019
Euro		0.876		0.815		0.893		0.890
Pound sterling		0.779		0.733		0.784		0.757
Swiss franc		0.937		0.880		0.994		0.966
Polish zloty		3.890		3.716		3.839		3.789
Brazilian real		5.160		5.194		3.942		4.020
Canadian dollar		1.340		1.274		1.327		1.299
Turkish lira		7.052		7.427		5.679		5.950

CNH INDUSTRIAL N.V.

Condensed Consolidated Income Statement for the three months and years ended December 31, 2020 and 2019

(Unaudited, EU-IFRS)

	Three Months Ended December 31,						Years Ended December 31,
($ million)	2020			2019			2020			2019
Net revenues		8,490			7,717			25,984			28,024
Cost of sales		6,945			6,478			22,491			23,056
Selling, general and administrative costs		607			566			2,002			2,156
Research and development costs		306			269			1,132			1,093
Result from investments:		(18	)		4			19			19
Share of the profit/(loss) of investees accounted for using the equity method		(18	)		4			19			19
Restructuring costs		39			34			56			116
Goodwill impairment loss		—			—			576			—
Other income/(expenses)		(49	)		(48	)		(207	)		(52	)
Financial income/(expenses)		(71	)		(130	)		(289	)		(362	)
PROFIT/(LOSS) BEFORE TAXES		455			196			(750	)		1,208
Income tax benefit (expense)		(28	)		(33	)		55			(302	)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		427			163			(695	)		906
PROFIT/(LOSS) FOR THE PERIOD		427			163			(695	)		906
PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the parent		404			156			(750	)		874
Non-controlling interests		23			7			55			32
(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE		0.30			0.12			(0.55	)		0.65
DILUTED EARNINGS/(LOSS) PER COMMON SHARE		0.30			0.12			(0.55	)		0.65

15

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Statement of Financial Position as of December 31, 2020 and 2019

(Unaudited, EU-IFRS)

($ million)	December 31, 2020		December 31, 2019
ASSETS
Intangible assets		4,832		5,522
Property, plant and equipment and Leased assets		7,392		7,626
Inventories		6,000		7,065
Receivables from financing activities		18,529		19,429
Cash and cash equivalents		9,629		5,773
Other receivables and assets		4,174		3,767
TOTAL ASSETS		50,556		49,182
EQUITY AND LIABILITIES
Issued capital and reserves attributable to owners of the parent		6,651		7,819
Non-controlling interests		84		44
Total Equity		6,735		7,863
Debt		26,618		25,413
Other payables and liabilities		17,203		15,906
Total Liabilities		43,821		41,319
TOTAL EQUITY AND LIABILITIES		50,556		49,182

CNH INDUSTRIAL N.V.

Condensed Consolidated Statement of Cash Flows for the years ended December 31, 2020 and 2019

(Unaudited, EU-IFRS)

($ million)	2020			2019
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR		5,773			5,803
Profit/(loss)		(695	)		906
Adjustment to reconcile profit/(loss) to cash flows from/(used in) operating activities		4,173			583
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES		3,478			1,489
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES		(574	)		(1,587	)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES		537			151
Translation exchange differences		415			(83	)
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS		3,856			(30	)
CASH AND CASH EQUIVALENTS AT END OF THE YEAR		9,629			5,773

16

EX-99.2

Q4 & FY 2020 Results Review February 3rd, 2021 Exhibit 99.2

Safe Harbor Statement and Disclosures All statements other than statements of historical fact contained in this presentation including statements regarding our future responses to and effects of the COVID-19 pandemic; 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, liquidity, 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, including those related to the COVID-19 pandemic, 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 our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) 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 include, among others: the unknown duration and economic, operational and financial impacts of the global COVID-19 pandemic and the actions taken or contemplated by governmental authorities or others in connection with the pandemic on our business, our employees, customers and suppliers, including supply chain disruptions caused by mandated shutdowns and the adverse impact on customers, borrowers and other third parties to fulfill their obligations to us; disruption caused by business responses to COVID-19, including remote working arrangements, which may create increased vulnerability to cybersecurity or data privacy incidents; our ability to execute business continuity plans as a result of COVID-19; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; including demand uncertainty caused by COVID-19; general economic conditions in each of our markets, including the significant economic uncertainty and volatility caused by COVID-19; travel bans, border closures, other free movement restrictions, and the introduction of social distancing measures in our facilities may affect in the future our ability to operate as well as the ability of our suppliers and distributors to operate; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining 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; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; 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; our ability to obtain financing or to refinance existing debt; price pressure on new and used vehicles; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private litigation in various jurisdictions after the settlement of the EU antitrust investigation announced on July 19, 2016, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; our pension plans and other post-employment obligations; further developments of the COVID-19 pandemic on our operations, supply chains, distribution network, and level of demand of our products, as well as negative evolutions of the economic and financial conditions at global and regional levels; political and civil unrest; volatility and deterioration of capital and financial markets, including possible effects of “Brexit”, other pandemics, terrorist attacks in Europe and elsewhere, our ability to achieve the targets set out in the Strategic Business Plan announced on September 3, 2019 at our Capital Markets Day event; our ability to successfully and timely implement the planned spin-off of the Company’s On-Highway business; and other similar risks and uncertainties, and our 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, 2019, prepared in accordance with U.S. GAAP and in the Company’s EU Annual Report at December 31, 2019, prepared in accordance with EU-IFRS, as well as in the CNH Industrial N.V. Quarterly Reports for the three months ended March 31, 2020 (prepared respectively in accordance with U.S. GAAP and EU-IFRS). Investors are expressly invited to refer to and consider the information on risks, factors, and uncertainties incorporated in the above-mentioned documents, in addition to the information presented here. Forward-looking statements are based upon assumptions relating to the factors described in this presentation, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Our actual results could differ materially from those anticipated in such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update or revise publicly our forward-looking statements. The impact of COVID-19 has already exacerbated and is expected to further exacerbate all, or part of the risks discussed in this section. Further information concerning CNH Industrial and its businesses, including factors that potentially could materially affect CNH Industrial’s financial results, is included in CNH Industrial’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 CNH Industrial or persons acting on the behalf of CNH Industrial are expressly qualified in their entirety by the cautionary statements contained herein or referred to above

FY 2020 | A Year of Firsts Note: All figures are provided herein on a US GAAP $ basis unless otherwise indicated. Facing the Pandemic: prioritized the health and safety of our workforce, while supporting our dealers, customers and suppliers Net cash positive: year-end Industrial Activities net financial position of $0.8bn Embraced new ways of working, continued to invest in product innovation, positioning the company for strong, profitable growth

TRACTORS COMBINES NA EU SA RoW WW October November December 0-140 HP 27% 7% 29% 30% 27% 14% 43% 31% 140+ HP 17% (1%) 22% 22% Flat 8% 16% 14% (1%) COMPACT AND SERVICE Eq. NA EU SA RoW WW October November December 16% (1%) (13%) 31% 17% 15% 22% 16% General Construction | Road building and site preparation General CE (2%) (9%) 9% 37% 24% 25% 30% 17% R&S (9%) (13%) (15%) 18% 4% (2%) 8% 6% TRUCKS > 3.5t BUSES - (4%) (35%) 3% (8%) (11%) (9%) (6%) NA EU SA RoW WW October November December LCV - 9% (2%) 3% 7% 7% 8% 6% M&H - Flat Flat (18%) (8%) (15%) (8%) Flat Q4 20 vs. Q4 19 | Industry Unit Performances Worldwide Industry (Monthly Performances)

Q4 2020 | WW Company Unit Statistics (Retail | Wholesale | Production) FY 2020 WW Tractors and Combines underproduction vs. retail at 13% and 19%, respectively NA row crop underproduction vs. retail at 17% in FY 2020 FY 2020 WW total CE underproduction vs. retail at 28% NA total CE underproduction vs. retail at 36% in FY 2020 FY 2020 WW Trucks underproduction vs. retail at 8% EU LCV underproduction vs. retail at 6% in FY 2020 EU M&H underproduction vs. retail at 7% in FY 2020 Retail Production Deliveries Note: % changes vs. Q4 2019 COMPACT AND SERVICE Eq. TRACTORS COMBINES General Construction Road building &site prep. Light Duty Trucks Medium & Heavy

Q4 2020 | Worldwide Channel Inventory Statistics (units) WW Tractors Company and Dealer inventories down 49% and 19% respectively vs. last year WW Combines Company and Dealer inventories down 61% and 28% respectively vs. last year NA row crop channel inventory down 30% vs. Q4 2019 (company inventory down 23%) Worldwide total CE Company and Dealer inventories down 52% and 40% respectively vs. last year NA total CE channel inventory down 53% vs. Q4 2019 (dealer inventory down 48%) WW Trucks Company and Dealer inventories down 23% and 18% respectively vs. last year EU Trucks channel inventory down 15% vs. last year (LCV down 15% and M&H down 16% vs. Q4 2019) Company Dealer Note: % changes vs. previous year Note: Channel inventory means: Company + Dealer inventory COMPACT AND SERVICE Eq. TRACTORS COMBINES General Construction Road building &site prep. Light Duty Trucks Medium & Heavy Channel Inventory Channel Inventory Channel Inventory Channel Inventory Channel Inventory Channel Inventory Channel Inventory

Q4 & FY 2020 | Financial Highlights Note: All figures are provided herein on a US GAAP $ basis unless otherwise indicated. Non-GAAP measures (definition and reconciliation in appendix) Industrial Activities Net Sales Q4 Net Sales up 12%, higher volumes and price realization, mainly in AG and C&SV FY Net Sales down 7%, adverse COVID-19 impact in H1 and actions to lower inventory levels, only partially offset by higher sales in H2 2020 $8.0bn $24.3bn Industrial Activities Adj. EBIT (1) Q4 Adj. EBIT increased $219mn, driven by strong performance across segments FY Adj. EBIT down 60% vs. previous year, impacted by industry demand disruption, negative absorption due to destocking actions and plant shutdowns in H1, partially offset by cost containment measures $520mn $552mn Industrial Activities FCF (1) Q4 FCF at $2.4bn with working capital reduced by $2.0bn Industrial activities net cash position at $0.8bn as of December 31, 2020 $2.4bn $1.9bn Adj. Diluted EPS (1) Q4 Adjusted net income of $432mn (or adjusted diluted earnings per share of $0.30), an increase of $153mn or $0.10 per share from 2019 FY Adjusted net income of $437 million (or adjusted diluted earnings per share of $0.28) $ 0.30 $0.28 Available Liquidity (1) Available Liquidity at $15.9bn (liquidity on LTM revenues ratio at 61%) Available liquidity covers capital markets / bank maturities through 2025 and beyond $15.9bn FY 2020 Q4 2020

Q4 2020 | Industrial Activities Net Sales (1) Note: Net Sales: Excluding Other Activities, Unallocated Items and Adjustment & Eliminations (*) Note: @CC means at constant currency NA EU SA RoW TRACTORS COMBINES OTHERS NA EU SA RoW NA EU SA RoW N.M. NA EU SA RoW C&S (*) Gen. CE (*) R&S (*) TRUCKS BUSES S. VEHICLES ENGINES TRANSM. AXLES AG CE C&SV PT > (15%) vs. Q4 19 < (15%) vs. Q4 19 IA Segments | Net Sales by Region & Product (as reported) NA (North America) EU (Europe) SA (South America) RoW (Rest of World) EUR 47% USD 24% BRL 8% CAD 3% GBP 1% AUD 3% OTHER 14% > 15% vs. Q4 19 ($mn) < 15% vs. Q4 19 7,183 560 60 214 141 (154) 8,004 31 8,035 Q4 2019 AG CE C&SV PT ELIM & OTHER Q4 2020 @ CC (*) FX TRANSLATION Q4 2020 CHANGE IN NET SALES AT CONSTANT CURRENCY 821 11.4% BY REGION BY CURRENCY

Q4 2020 | IA Adj. EBIT walk by Segment & driver Non-GAAP measures (definition and reconciliation in appendix) (*) PT Pricing net within Volume & Mix 301 167 129 3 11 (5) (22) (64) 520 Adj. EBIT VOL & MIX PRICING NET PROD COST SG&A R&D FX | OTHER UNALLOCATED, ELIM & OTHER Adj. EBIT 2019 2020 4.2% 6.5% INDUSTRIAL ACTIVITIES CHANGE IN ADJUSTED EBIT 219 ($mn) Q4 IA - Adj. EBIT walk by driver                     Agriculture 236 105 90 90 (20) 12 (17) (27) 379 Construction 3 3 9 9 (10) 4 2 (1) 10 Commercial & Specialty Vehicles 3 44 30 30 39 - (1) (5) 110 Powertrain (*) 84 15 (*) (6) (5) 11 11 110 Eliminations & Other (25) (64) (89) Total Industrial Activities 301 520

(*) Including unconsolidated JVs Managed Portfolio (*) & Retail Originations (*) Q4 ’20 retail originations at $2.9bn, up $0.3bn compared to Q4 2019 Managed portfolio* at $26.6bn, flat compared to December 31, 2019 (down $0.4bn on a constant currency basis) $26.6bn $26.6bn December 31, 2019 December 31, 2020 Retail Wholesale Operating Lease Delinquencies on Book (>30 Days) (**) RoA defined as: EBIT / average managed assets annualized Net Income ($mn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2019 2020 Profitability Ratios Gross Margin / Average Assets on Book ROA (**) Q4 2020 Net income was down $33mn compared to Q4 2019, primarily attributable to higher risk costs due to the expectation of deteriorating credit conditions and a lower average portfolio in North America, partially offset by improved performances on used equipment sales 3.5% 3.3% 3.3% 3.0% 1.1% 1.8% 1.7% 1.8% 3.3% 3.1% 2.5% 2.1% Q4 2020 | Financial Services

Q4 2020 | Net Industrial (Debt) / Cash and Free Cash Flow (*) Non-GAAP measures (reconciliation in appendix) (1) Including other cash flow items related to operating lease and buy-back activities. (2) Excluding assets sold under buy-back commitments and assets under operating leases. (3) Including share buy-back transactions ($bn) (1,544) 775 (35) 1,964 (60) (253) (26) (4) (31) 786 Sep 30, 2020 IA | ADJ EBITDA CASH INTEREST AND TAXES CHANGE IN WORKING CAPITAL CHANGE IN PROVISIONS & OTHERS (1) PP&E CAPEX (2) OTHER CHANGES DIVIDENDS & EQUITY CHANGES (3) FX & OTHER Dec 31, 2020 Free cash flow of Industrial Activities 2,365 ($mn) Change in Working Capital Cash inflow Cash outflow TRADE RECEIVABLES INVENTORIES TRADE PAYABLES OTHER CHG IN WORKING CAPITAL 2.0 Q4 2020 Q4 2019 Q4 | Net (Debt) / Cash and Free Cash Flow Industrial Activities (1) Net (Debt) / Cash IA Free Cash Flow IA 786 2.4

Q4 2020 | Available Liquidity and Debt Maturity Schedule 1 Represents cash portion of debt maturities as of December 31st , 2020 2 Of which $0.8bn Restricted Cash (*) Industrial Gross Debt represents third party debt only. Net Industrial Debt includes net intersegment debt, and is offset by cash and cash equivalents, restricted cash and derivative hedging debt and other current financial assets Undrawn M/T unsecured Committed Lines Cash Bank Debt Capital Market Other Debt Maturity Schedule (1) ($14.1bn) Available Liquidity ($bn) 8.7 8.9 9.3 8.8 9.4 8.9 11.3 15.9 3.9 2.3 2.0 1.7 1.1 3.2 Dec-end ‘13 Dec-end ‘14 Dec-end ‘15 Dec-end ‘16 Dec-end ‘17 Dec-end ‘18 Dec-end ‘19 Dec-end ‘20 2021 2022 2023 2024 2025 Beyond In October, CNH Industrial Capital LLC issued $500mn in aggregate principal amount of 1.875% Notes due 2026 In December CNH Industrial Finance Europe SA issued €750mn in aggregate principal amount of 0.000% Notes due 2024 Available liquidity covers more than capital markets / bank maturities In December the company prepaid £600mn commercial paper issued in April 2020 through the joint HM Treasury and Bank of England’s CCFF maturing in 2021. The Company also prepaid €300mn in term-loans maturing in 2021 and 2022 Next 12 months main capital market maturities of $500mn (April 2021), €367mn (September 2021) and $400mn (October 2021) Liquidity to LTM revenue ratio at 61% Industrial Activities Gross debt (*) to Adj. Ind. EBITDA at 4.97x vs. 2.22x last year Industrial Activities Net debt / (cash) (*) to Adj. Ind. EBITDA at (0.54)x vs. 0.36x last year Available Liquidity at $15.9bn as a result of a focused funding activity and strong cash flow performance

FY 2020 Final Remarks

Q4 2020 | Organic Growth – AG - Digitalization & Precision Farming Continued successful roll out and expansion of end-to-end solutions driving customer satisfaction and product competitiveness Recent Releases Next Releases 23 24 Recent Releases Next Releases 11 18 Recent Releases Next Releases 12 16 In-Field Process Productivity (Yield/Cost) FIELD FLEET Operational Asset Productivity FARM Agronomic & Operational Productivity AFTERMARKET: Accelerating innovation Recent Achievements Next Releases 6 3 Complexity Reduction Machine Operator, Farm Manager, Dealer Service Team FIELD FLEET FARM Connected Dealer Connected Customer Connected Machines Margin Improvement

Q4 2020 | Iveco and Nikola quarterly update NIKOLA TRE US BEV Prototypes continued to be tested on test tracks. In the coming months, as planned, we proceed in expanding validation work. Schedule has been confirmed, with starting of production at the end of 2021

Sustainability | Our recognitions in 2020 With a score of 89/100, CNH Industrial is confirmed as the Industry Leader (*) in the Dow Jones Sustainability World and Europe Indices for the 10th consecutive year CNH Industrial included in the prestigious CDP Climate Change A-List and scored an A- in the CDP Water Security DOW JONES SUSTAINABILITY INDEX CDP CLIMATE CHANGE (*) Industry: Machinery and Electrical Equipment

FY 2021E Preliminary Guidance

FY 2021E Preliminary Guidance | CEO – 2021 Overview Strengthening industries, rebounding economies and solid AG demand offer opportunity Disruptions from COVID, material cost increases: headwinds, hard work to be done On-Highway spin-off execution on track Lean inventory profile: production keeps pace with demand Robust cash position funds greater R&D, CAPEX, strategic inorganic growth

FY 2021E Preliminary Guidance | Industry Outlook (*) NOTE: Total Industry Volume FY 2021E vs. FY 2020 reflecting aggregate for key markets where Company competes. Construction Equipment old segmentation TIV outlook in Appendix (*) Regional split definition in Appendix TRACTORS COMBINES NA EU SA RoW WW 0-140 HP Flat Flat – 5% Flat – 5% Flat – 5% Flat – 5% 140+ HP 10%+ 10%+ 5% - 10% Flat Flat – 5% 5% TRUCKS > 3.5t BUSES - Flat 15% 5% - 10% 5% - 10% NA EU SA RoW WW LCV - 10% 20% Flat 5% - 10% M&H - 20% - 25% 15% 10% 15% - 20% Light Heavy NA EU SA RoW WW 5% Flat 15% - 20% Flat – 5% Flat – 5% Flat 5% – 10% 10% 5% 5%

FY 2021E Preliminary Guidance | WW Company’s production level TRACTORS COMBINES Light Heavy WW production expected up double-digit for both Tractors and Combines for FY 2021E vs. FY 2020 Majority of the production increase in H1 2021E vs. H1 2020 Low single-digit overproduction vs. retail in FY 2021E WW production expected up double-digit for FY 2021E vs. FY 2020 Majority of the increase in production in H1 2021E vs. H1 2020 Low single-digit overproduction vs. retail in FY 2021E WW production expected up double-digit for both Light duty trucks and Medium & Heavy trucks for FY 2021E vs. FY 2020 Majority of the increase in production in H1 2021E vs. H1 2020 Low single-digit overproduction vs. retail in FY 2021E Light DUTY M&H DUTY Retail Production Retail Production Retail Production

FY 2021E Preliminary Guidance | FY 2021E Financials (*) Net Sales outlook reflecting €/$ at 1.20 This guidance assumes no further significant disruptions due to lockdown policies in main jurisdictions Net Sales of Industrial Activities (*) (including currency-translation effects) Free Cash Flow of Industrial Activities DIVIDENDS The BoD of CNHI intends to recommend to the Company’s shareholders an annual cash dividend of €0.11 per common share, totaling ~ €150mn (~$180mn). Subject to the approval of shareholders at the AGM (expected on April 15, 2021), the ex-dividend date would be set at April 19, 2021 Up between 8% and 12% Positive between $0.4bn / $0.8bn R&D Industrial Activities ~ 4.5% of Net Sales Capex Industrial Activities > 2.5% of Net Sales SG&A Industrial Activities ≤ 7.5% of Net Sales

FY 2021E Preliminary Guidance | CEO – Takeaway messages Customer centricity: Focus on farmer/worker/driver Accelerating innovation: Digital, alternative fuels, sustainability Driving Gross Margin improvement through World Class Enterprise Uncompromising focus on Safety and Ethics Continue to deliver strong cash flow, quality earnings

Appendix

Q4 & FY 2020 | Financial Summary (1) Non-GAAP measures (definition and reconciliation in appendix) Note: Numbers may not add due to rounding (*) Note: @CC means at constant currency Q4 2020   Q4 2019   Δ   FY 2020   FY 2019   Δ   U.S. GAAP                         Revenues ($bn) 8,501   7,695   10.5% 26,032   28,079   (7.3%) Net Sales | Industrial Activities ($bn) 8,035 7,183 11.9% 24,285 26,149 (7.1%) Net Income ($mn) 187   120   55.8% (438)   1,454   n.m. Diluted EPS ($) 0.12 0.08 50.0% (0.36) 1.05   n.m.     Non – GAAP (1)   Net Sales | Industrial Activities @CC ($bn) 8,004 7,183 11.4% 24,702 26,149 (5.5%) Adjusted EBIT | Industrial Activities ($mn) 520   301   72.8% 552   1,390   (60.3%) Adjusted EBIT Margin | Industrial Activities (%) 6.5% 4.2% 230 bps 2.3% 5.3% (300) bps Adjusted Effective Tax Rate 14% 9% (500) bps 27% 22%   (500) bps Adjusted Net Income ($mn) 432 279 54.8% 437 1,178 (62.9%) Adjusted Diluted EPS ($) 0.30   0.20   50.0% 0.28   0.84   (66.7%) Free Cash Flow | Industrial Activities ($bn) 2,365 1,711 38.2% 1,926 21 n.m.                           Dec 31,2020   Sep 30,2020   Δ   Dec 31,2020   Dec 31, 2019   Δ   Net Industrial (Debt) / Cash ($bn) 0.8   (1.5)   2.3 0.8   (0.9)   1.7   Available Liquidity ($bn) 15.9 13.2   2.7 15.9 11.3   4.6  

Industrial Activities | Q4 2020 Net Sales Split Note: Numbers may not add due to rounding (*) C&S: Compact and Service; General CE: General Construction; R&S : Road building and site preparation Agriculture Q4 2020 | Split Chg. vs. Q4 ’19 Construction Q4 2020 | Split Chg. vs. Q4 ’19 By region: By region: NA 33% 3% NA 48% (0%) EU 36% 30% EU 19% 15% SA 15% 5% SA 13% 11% RoW 16% 39% RoW 20% 13% By product: By product: TRACTORS 61% 22.4% C&S (*) 49% 4.3% COMBINES 20% 17.3% General CE (*) 44% 13.9% OTHERS 19% 2.3% R&S (*) 7% (16.4%) Commercial & Specialty Vehicles Q4 2020 | Split Chg. vs. Q4 ’19 Powertrain Q4 2020 | Split Chg. vs. Q4 ’19 By region: By region: NA n.m. n.m. NA 3% 40% EU 82% 10% EU 69% 13% SA 6% 21% SA 5% 55% RoW 11% 2% RoW 23% 32% By product: By product: TRUCKS 67% 7.4% ENGINES 90% 17.4% BUSES 22% 12.4% TRANSM. 1% 54.5% OTHERS 11% 21.1% AXLES 9% 53.1%

Q4 2020 | Financials by Segment (1) Non-GAAP measures (definition and reconciliation in appendix) Q4 2020 $ Chg. % Chg.  Margin bps Chg. Adj. EBIT (1)           Agriculture 379 143 60.6% 11.1% 300 Construction 10 7 233.3% 1.3% 90 Commercial & Specialty Vehicles 110 107 3,566.7% 3.3% 320 Powertrain 110 26 31.0% 9.1% 80 Eliminations & Other (89) (64)       Total Industrial Activities 520 219 72.8% 6.5% 230 Financial Services 71 (47) (39.8%) 14.6% (760) Eliminations & Other - - Total 591 172 41.1% 7.0% 160 Q4 2020 Q4 2019  % Chg D&A Agriculture 61 68 (10.3%) Construction 12 13 (7.7%) Commercial & Specialty Vehicles 150 127 18.1% Powertrain 32 32 - Eliminations & Other - - Total Industrial Activities 255 240 6.3% Q4 2020 Q4 2019  % Chg % Chg. @cc REVENUES         Agriculture 3,425 2,928 17.0% 19.1% Construction 752 707 6.4% 8.4% Commercial & Specialty Vehicles 3,290 2,996 9.8% 7.1% Powertrain 1,204 1,008 19.4% 14.0% Eliminations & Other (636) (456)     Total Industrial Activities 8,035 7,183 11.9% 11.4% Financial Services 485 531 (8.7%) (7.0%) Eliminations & Other (19) (19)     Total 8,501 7,695 10.5% 10.2% Q4 2020 $ Chg. Margin p.p. Chg. Gross Profit         Agriculture 718 142   21.0% 1.3 p.p. Construction 84 1 11.2% (0.5) p.p. Commercial & Specialty Vehicles 415 127 12.6% 3.0 p.p. Powertrain 190 24 15.8% (0.7) p.p. Eliminations & Other 8 (7)     Total Industrial Activities 1,415 287   17.6% 1.9 p.p. Financial Services 147 (25)   30.3% (2.1) p.p. Eliminations & Other           Total 1,562 262   18.4% 1.5 p.p.

AG | Financial Results Note: at CC means at constant currency Adj. EBIT walk 236 105 90 (20) 12 (17) (27) 379 Adj. EBIT VOLUME & MIX PRICING NET PROD COST SG&A R&D JV | FX | OTHER Adj. EBIT Q4 2019 Q4 2020 8.1% 11.1% Q4 < (15%) vs. Q4 19 > (15%) vs. Q4 19 < 15% vs. Q4 19 > 15% vs. Q4 19 Higher volumes across regions, positive price realization and continued cost containment actions in SG&A Negative production cost (mainly related to freight), increased R&D investments and negative FX impacts D&A at $61mn vs.$68mn last year ($mn) NA EU SA RoW Q4 ’20 Change vs. prior year Net Sales 2020 2019 Δ Δ At CC 3,425 2,928 17.0% 19.1% Q4 TRACTORS COMBINES OTHERS Q4 ’20 Change vs. prior year

CE | Financial Results (*) C&S: Compact and Service Equipment; General CE: General Construction; R&S : Road building and site preparation Note: at CC means at constant currency Adj. EBIT walk 3 3 9 (10) 4 2 (1) 10 Adj. EBIT VOLUME & MIX PRICING NET PROD COST SG&A R&D JV | FX | OTHER Adj. EBIT Q4 2019 Q4 2020 0.4% 1.3% Higher volume and mix, positive price realization and cost containment actions Negative production cost due to continued product improvement D&A at $12mn vs. $13mn last year Q4 < (15%) vs. Q4 19 > (15%) vs. Q4 19 < 15% vs. Q4 19 > 15% vs. Q4 19 ($mn) NA EU SA RoW Q4 ’20 Change vs. prior year Net Sales 2020 2019 Δ Δ At CC 752 707 6.4% 8.4% Q4 C&S (*) General CE (*) R&S (*) Q4 ’20 Change vs. prior year

C&SV | Financial Results Note: at CC means at constant currency Adj. EBIT walk 3 44 30 39 - (1) (5) 110 Adj. EBIT VOLUME & MIX PRICING NET PROD COST SG&A R&D JV | FX | OTHER Adj. EBIT Q4 2019 Q4 2020 0.1% 3.3% Q4 Higher volumes and favorable mix in EU and SA, and positive price realization Positive production cost due to higher volumes and re-measurement of certain provision in Q4 2019 D&A at $150mn vs.$127mn last year < (15%) vs. Q4 19 > (15%) vs. Q4 19 < 15% vs. Q4 19 > 15% vs. Q4 19 ($mn) ($mn) NA EU SA RoW N.M. Q4 ’20 Change vs. prior year Net Sales 2020 2019 Δ Δ At CC 3,290 2,996 9.8% 7.1% Q4 TRUCKS BUSES SPECIALTY VEHICLES Q4 ’20 Change vs. prior year

PT | Financial Results Note: at CC means at constant currency Adj. EBIT walk 84 15 (6) (5) 11 11 110 Adj. EBIT VOLUME & MIX | PRICING NET PROD COST SG&A R&D JV | FX | OTHER Adj. EBIT Q4 2019 Q4 2020 8.3% 9.1% Favorable volume and mix and reduced spending for regulatory programs Higher product cost D&A at $32mn vs.$32mn last year Q4 < (15%) vs. Q4 19 > (15%) vs. Q4 19 < 15% vs. Q4 19 > 15% vs. Q4 19 (*) ($mn) NA EU SA RoW Q4 ’20 Change vs. prior year Net Sales Q4 (*) 3rd Party sales at 50% in Q4 20 vs. 57% in Q4 19 ENGINES TRANSM. AXLES Q4 ’20 Change vs. prior year 2020 2019 Δ Δ At CC 1,204 1,008 19.4% 14.0%

Industrial Activities | FY 2020 Net Sales Split Note: Numbers may not add due to rounding (*) C&S: Compact and Service; General CE: General Construction; R&S : Road building and site preparation Agriculture FY 2020 | Split Chg. vs. FY '19 Construction FY 2020 | Split Chg. vs. FY '19 By region: By region: NA 35% (4%) NA 44% (31%) EU 35% (1%) EU 19% (15%) SA 14% (8%) SA 15% (7%) RoW 16% 17% RoW 22% (12%) By product: By product: TRACTORS 58% (1.4%) C&S (*) 48% (22.3%) COMBINES 21% 2.7% General CE (*) 43% (21.6%) OTHERS 21% (0.2%) R&S (*) 9% (18.2%) Commercial & Specialty Vehicles FY 2020 | Split Chg. vs. FY '19 Powertrain FY 2020 | Split Chg. vs. FY '19 By region: By region: NA n.m. n.m. NA 3% (6%) EU 81% (10%) EU 67% (19%) SA 6% (5%) SA 5% (23%) RoW 12% (12%) RoW 25% 18% By product: By product: TRUCKS 73% (11.7%) ENGINES 91% (12.4%) BUSES 20% (2.3%) TRANSM. 1% (27.4%) OTHERS 7% (8.7%) AXLES 8% (10.8%)

FY 2020 | Financials by Segment (1) Non-GAAP measures (definition and reconciliation in appendix) FY 2020 $ Chg. % Chg.  Margin bps Chg. Adj. EBIT (1)           Agriculture 880 (17) (1.9%) 8.1% (10) Construction (184) (235) (460.8%) (8.5%) (1,030) Commercial & Specialty Vehicles (109) (333) (148.7%) (1.2%) (330) Powertrain 233 (130) (35.8%) 6.4% (240) Eliminations & Other (268) (123)       Total Industrial Activities 552 (838) (60.3%) 2.3% (300) Financial Services 334 (156) (31.8%) 18.3% (610) Eliminations & Other - -   Total 886 (994) (52.9%) 3.4% (330) FY 2020 FY 2019  % Chg D&A       Agriculture 250 281 (11.0%) Construction 46 55 (16.4%) Commercial & Specialty Vehicles 493 505 (2.4%) Powertrain 120 124 (3.2%) Eliminations & Other 2 2 Total Industrial Activities 911 967 (5.8%) FY 2020 FY 2019  % Chg % Chg. @cc REVENUES         Agriculture 10,923 10,959 (0.3%) 2.6% Construction 2,170 2,768 (21.6%) (18.8%) Commercial & Specialty Vehicles 9,421 10,439 (9.8%) (9.4%) Powertrain 3,629 4,117 (11.9%) (12.6%) Eliminations & Other (1,858) (2,134)     Total Industrial Activities 24,285 26,149 (7.1%) (5.5)% Financial Services 1,823 2,011 (9.3%) (6.5%) Eliminations & Other (76) (81)     Total 26,032 28,079 (7.3%) (5.6)% FY 2020 $ Chg. Margin p.p. Chg. Gross Profit         Agriculture 2,087 (196)   19.1% (1.7) p.p. Construction 81 (269) 3.7% (8.9) p.p. Commercial & Specialty Vehicles 835 (387) 8.9% (2.8) p.p. Powertrain 480 (167) 13.2% (2.5) p.p. Eliminations & Other 12 15     Total Industrial Activities 3,495 (1,004)   14.4% (2.8) p.p. Financial Services 615 (71)   33.7% (0.4) p.p. Eliminations & Other           Total 4,110 (1,075)   15.8% (2.7) p.p.

FY 2020 | Industrial Activities Net Sales (1) Note: Net Sales: Excluding Other Activities, Unallocated Items and Adjustment & Eliminations (*) Note: @CC means at constant currency NA EU SA RoW TRACTORS COMBINES OTHERS NA EU SA RoW NA EU SA RoW N.M. NA EU SA RoW C&S (*) Gen. CE (*) R&S (*) TRUCKS BUSES S. VEHICLES ENGINES TRANSM. AXLES AG CE C&SV PT > (15%) vs. FY 19 < (15%) vs. FY 19 IA Segments | Net Sales by Region & Product (as reported) > 15% vs. FY 19 ($mn) 26,149 286 (520) (981) (520) 288 24,702 (417) 24,285 FY 2019 AG CE C&SV PT ELIM & OTHER FY 2020 @ CC (*) FX TRANSLATION FY 2020 CHANGE IN NET SALES AT CONSTANT CURRENCY (1,447) (5.5%) BY SEGMENT AG CE C&SV PT EUR 46% USD 26% BRL 7% CAD 3% GBP 1% AUD 3% OTHER 14% BY CURRENCY < 15% vs. FY 19

FY 2020 | IA Adj. EBIT walk by Segment & driver Non-GAAP measures (definition and reconciliation in appendix) (*) PT Pricing net within Volume & Mix 1,390 (754) 128 (120) 170 99 (238) (123) 552 Adj. EBIT VOL & MIX PRICING NET (*) PROD COST SG&A R&D FX | OTHER UNALLOCATED ITEMS ELIM & OTHERS Adj. EBIT 2019 2020 5.3% 2.3% INDUSTRIAL ACTIVITIES CHANGE IN ADJUSTED EBIT (838) ($mn) FY IA - Adj. EBIT walk by driver                 Agricultural 897 (126) 183 (78) 97 41 (134) 880 Construction 51 (120) (104) (32) 21 9 (9) (184) Commercial & Specialty Vehicles 224 (327) 49 (21) 43 21 (98) (109) Powertrain 363 (181)* 11 9 28 3 233 Eliminations & Other (145) (123) (268) Total Industrial Activities 1,390 552

Q4 & FY 2020 | Organic Investment in Future Growth (1) Excluding assets sold under buy-back commitments and assets under operating leases Capex at $253mn down 18% vs. Q4 2019 Capex at 3.1% of net sales in Q4 2020 CAPEX (1) ($mn) R&D at $289mn up 5% vs. Q4 2019 R&D at 3.6% of net sales in Q4 2020 R&D (1) 310 253 2019 2020 Q4 275 289 2019 2020 Q4 633 481 2019 2020 FY 1,030 932 2019 2020 FY Total spending (Capex + R&D) in new products was $304mn, up 3% vs. Q4 ‘19 Digitalization; Electrification; Autonomous & Telematics Regulatory Other New Products

FY 2021E | Preliminary Industry Outlook (*) NOTE: Total Industry Volume FY 2021E vs. FY 2020 reflecting aggregate for key markets where Company competes (*) Regional split definition in Appendix TRACTORS COMBINES NA EU SA RoW WW 0-140 HP Flat Flat – 5% Flat – 5% Flat – 5% Flat – 5% 140+ HP 10%+ 10%+ 5% - 10% Flat Flat – 5% 5% COMPACT AND SERVICE EQ. NA EU SA RoW WW Flat – 5% Flat 15% Flat Flat General Construction | Road building and site preparation General CE Flat 5% 10% 5% 5% R&S Flat 15% 5% 10% 5% - 10% TRUCKS > 3.5t BUSES - Flat 15% 5% - 10% 5% - 10% NA EU SA RoW WW LCV - 10% 20% Flat 5% - 10% M&H - 20% - 25% 15% 10% 15% - 20%

Reconciliation of Net Income (Loss) to Adj. EBIT by Segment (US GAAP) (1)In the three months ended December 31, 2020, this item includes the pre-tax gain of $29 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. In the three months ended December 31, 2020, this item also includes a pre-tax non-cash settlement charge of $124 million, resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations. (2)In the three months ended December 31, 2020, this item includes the negative impact from the costs recognized by a Chinese joint venture, accounted for under the equity method, for valuation allowances against deferred tax assets and restructuring actions ($mn) Q4 2020 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Consolidated Net income (loss)           187 Less: Consolidated Income tax benefit (expense)           (28) Consolidated Income (loss) before taxes           215 Less: Financial Services             Financial Services Net income           60   Financial Services Income taxes           9 Add back of the following Industrial Activities items:               Interest expenses, net of interest income and eliminations           63 Foreign exchange (gains) losses, net           23   Finance and non-service component of Pension and other post-employment benefit costs (1)           99 Adjustments for the following Industrial Activities items:               Restructuring expenses 4 4 7 15 - 30 Other discrete items(2) - - 24 - 1 25 Nikola investment fair value adjustment - - - - 134 134 Adjusted EBIT of Industrial Activities 379 10 110 110 (89) 520

Reconciliation of Net Income (Loss) to Adj. EBIT by Segment (US GAAP) ($mn) Q4 2019 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Consolidated Net income (loss)           120 Less: Consolidated Income tax benefit (expense)           10 Consolidated Income (loss) before taxes           110 Less: Financial Services           Financial Services Net income           93   Financial Services Income taxes           19 Add back of the following Industrial Activities items:           -   Interest expenses, net of interest income and eliminations           101 Foreign exchange (gains) losses, net           17   Finance and non-service component of Pension and other post-employment benefit costs (1)           105 Adjustments for the following Industrial Activities items:           -   Restructuring expenses 14 (4) 17 2 1 30 Other discrete items(2) - - 47 - 3 50 Adjusted EBIT of Industrial Activities 236 3 3 84 (25) 301 (1)In the three months ended December 31, 2019, this item includes the pre-tax gain of $29 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. In the three months ended December 31, 2019, this item also includes a pre-tax non-cash settlement charge of $112 million, resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations. (2)In the three months ended December 31, 2019, this item mainly included other asset optimization charges for $30 million due to actions included in the “Transform2Win” strategy.

Reconciliation of Net Income (Loss) to Adj. EBIT by Segment (US GAAP) ($mn) FY 2020 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Consolidated Net income (loss)           (438) Less: Consolidated Income tax benefit (expense)           50 Consolidated Income (loss) before taxes           (488) Less: Financial Services             Financial Services Net income           249   Financial Services Income taxes           83 Add back of the following Industrial Activities items:               Interest expenses, net of interest income and eliminations           244 Foreign exchange (gains) losses, net           45   Finance and non-service component of Pension and other post-employment benefit costs (1)           14 Adjustments for the following Industrial Activities items:               Restructuring expenses 13 9 11 16 - 49 Goodwill impairment charge       585 585   Other discrete items 176 72 313   8 569 Nikola investment fair value adjustment         (134) (134) Adjusted EBIT of Industrial Activities 880 (184) (109) 233 (268) 552 (1)In the year ended December 31, 2020, this item includes the pre-tax gain of $119 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. In the year ended December 31, 2020, this item also includes a pre-tax non-cash settlement charge of $124 million, resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations. (2)In the year ended December 31, 2020, this item mainly includes impairment of intangible and other long-lived assets, asset optimization charges, and the negative impact from the costs recognized by a Chinese joint venture, accounted for under the equity method, for valuation allowances against deferred tax assets and restructuring actions.

Reconciliation of Net Income (Loss) to Adj. EBIT by Segment (US GAAP) ($mn) FY 2019 AG CE CV PT Unallocated Items, Elim. & Other Industrial Activities Consolidated Net income (loss)           1,454 Less: Consolidated Income tax benefit (expense)           271 Consolidated Income (loss) before taxes           1,183 Less: Financial Services             Financial Services Net income           361   Financial Services Income taxes           120 Add back of the following Industrial Activities items:           -   Interest expenses, net of interest income and eliminations           282 Foreign exchange (gains) losses, net           56   Finance and non-service component of Pension and other post-employment benefit costs (1)           58 Adjustments for the following Industrial Activities items:           -   Restructuring expenses 41 18 37 7 2 105 Other discrete items(2) - - 182 - 5 187 Adjusted EBIT of Industrial Activities 897 51 224 363 (145) 1,390 (1)In the year ended December 31, 2019, this item includes the pre-tax gain of $119 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. In the year December 31, 2019, this item also includes a pre-tax non-cash settlement charge of $112 million, resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations. (2)In year ended December 31, 2019, this item mainly included other asset optimization charges for $165 million due to actions included in the “Transform2Win” strategy.

Q4 & FY 2020 Reconciliation of Adj. net income and Adj. income tax benefit (expense) to Net Income (loss) and Income tax benefit (expense) and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP ($mn) FY 2020   FY 2019   Q4 2020   Q4 2019   (438) 1,454   Net income (loss) 187 120 1,051 320   Adjustments impacting Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates (a) 261 195 24 - Adjustments impacting Equity in income of unconsolidated subsidiaries and affiliates (*) 24 - (200) (596)   Adjustments impacting Income tax benefit (expense) (b) (40) (36) 437 1,178   Adjusted net income 432 279 379 1,141   Adjusted net income attributable to CNH Industrial N.V. 409 270 1,352 1,354 Weighted average shares outstanding – diluted (million) 1,353 1,351 0.28 0.84   Adjusted diluted EPS ($) 0.30 0.20 (505) 1,170   Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates 230 107 1,051 320   Adjustments impacting Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates (a) 261 195 546 1,490   Adjusted income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates (A) 491 302 50 271   Income Tax benefit (expense) (28) 10 (200) (596)   Adjustments impacting Income tax benefit (expense) (b) (40) (36) (150) (325)   Adjusted income tax benefit (expense) (B) (68) (26) 27% 22%   Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) 14% 9% (*) This item includes the negative impact from the costs recognized by a Chinese joint venture, accounted for under the equity method, for valuation allowances on deferred tax assets and restructuring actions.

Q4 & FY 2020 ($mn) Reconciliation of Adj. net income and Adj. income tax benefit (expense) to Net Income (loss) and Income tax benefit (expense) and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP FY 2020   FY 2019   Q4 2020   Q4 2019           (a) Adjustments impacting Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates         (134) - Nikola investment fair value adjustment 134 - 49 109   Restructuring expenses 30 31 (119) (119) Pre-tax gain related to the modification of a healthcare plan in the U.S. (29) (29) 125 116 Pre-tax settlement charge related to the purchase of annuity contracts to settle a portion of U.S. pension obligations 125 116 585 -   Goodwill impairment charge - - 255 - Other assets impairment charges - - - 27 Cost of repurchase/early redemption of notes - 27 282 165   Optimization charges on asset portfolio relating to vehicles sold under buy-back commitments - 30 8 22 Other discrete items 1 20 1,051 320 Total 261 195       (b) Adjustments impacting Income tax benefit (expense) (106) (53) Tax effect of adjustments impacting Income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates (32) (28) (82) (539) Adjustment to valuation allowances on deferred tax assets - - (12) (4) Other (8) (8) (200) (596)   Total (40) (36)

Capex (1) (1) Excluding assets sold under buy-back commitments and assets under operating leases Q4 2020 Q4 2019 FY 2020 FY 2019 Investments in property, plant and equipment, and intangible assets (1) 253 310 481 633 Breakdown by Category NEW PRODUCT & TECHNOLOGY 43% 44% 47% 44% MAINTENANCE & OTHER 54% 53% 51% 53% INDUSTRIAL CAPACITY EXPANSION & LT INVESTMENTS 3% 3% 2% 3% Breakdown by Segment AGRICULTURE 33% 33% 39% 37% CONSTRUCTION 9% 7% 9% 7% COMMERCIAL & SPECIALTY VEHICLES 34% 43% 33% 41% POWERTRAIN 24% 17% 19% 15% ($mn)

Reconciliation of Total Debt to Net Debt (US GAAP) Consolidated Industrial Activities Financial Services ($mn) (1)Total Debt of Industrial Activities includes Intersegment notes payable to Financial Services of $1,017 million and $1,332 million as of December 31, 2020 and 2019, respectively. Total Debt of Financial Services includes Intersegment notes payable to Industrial Activities of $856 million and $1,120 million as of December 31, 2020 and 2019, respectively. (2)This item includes short-term deposits and investments towards high-credit rating counterparties. (3)The net intersegment (receivable)/payable balance recorded by Financial Services relating to Industrial Activities was $(161) million and $(212) million as of December 31, 2020 and 2019, respectively December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Third party debt 26,053 24,854 7,271 5,226 18,782 19,628 Intersegment notes payable - - 1,017 1,332 856 1,120 Total Debt (1) 26,053 24,854 8,288 6,558 19,638 20,748 Less: Cash and cash equivalents 8,785 4,875 8,017 4,407 768 468 Restricted cash 844 898 99 120 745 778 Intersegment notes receivable - - 856 1,120 1,017 1,332 Other current financial assets(2) 94 58 94 58 - - Derivatives hedging debt 8 (1) 8 (1) - - Net debt / (Cash) (3) 16,322 19,024 (786) 854 17,108 18,170

From Total Debt to Net Industrial Debt Dec 31, 2020 Dec 31, 2019 Total (Debt) (1) (26,053) (24,854) Financial Services Third Party Debt 18,782 19,628 Intersegment Note Payables (1,017) (1,332) Intersegment Note Receivables 856 1,120 Cash and cash equivalents 8,017 4,407 Restricted cash 99 120 Other current financial assets (2) 94 58 Derivatives hedging debt 8 (1) Net Industrial (Debt) / Cash (3) 786 (854) ($mn) (1) Including other cash flow items related to operating lease and buy-back activities. (2)Excluding assets sold under buy-back commitments and assets under operating leases. (3)Including share buy-back transactions. (1)Total Debt of Industrial Activities includes Intersegment notes payable to Financial Services of $1,017 million and $1,332 million as of December 31, 2020 and 2019, respectively. Total Debt of Financial Services includes Intersegment notes payable to Industrial Activities of $856 million and $1,120 million as of December 31, 2020 and 2019, respectively. (2)This item includes short-term deposits and investments towards high-credit rating counterparties. (3)The net intersegment (receivable)/payable balance recorded by Financial Services relating to Industrial Activities was $(161) million and $(212) million as of December 31, 2020 and 2019, respectively Q4 2020 Q4 2019   Net (debt)/cash of Industrial Activities at beginning of period (1,544) (2,370) Adjusted EBIT of Industrial Activities 520 301 Depreciation and Amortization 169 165 Depreciation of assets under operating leases and assets sold with buy-back commitments 86 75 Cash interest and taxes (35) (60) Changes in provisions and similar(1) (60) (70) Change in working capital 1,964 1,617 Operating cash flow of Industrial Activities 2,644 2,028 Investments in property, plant and equipment, and intangible assets(2) (253) (310) Other changes (26) (7) Free cash flow of Industrial Activities 2,365 1,711 Capital increases and dividends(3) (4) (15) Currency translation differences and other (31) (180) Change in Net debt of Industrial Activities 2,330 1,516 Net (debt)/cash of Industrial Activities at end of period 786 (854)

Reconciliation of Net cash provided by (used in) Operating Activities to Free cash flow of Industrial Activities under U.S. GAAP ($mn) Q4 2020 Q4 2019 FY 2020 FY 2019 Net cash provided by (used in) Operating Activities 2,766 1,970 5,529 1,826 Less: Cash flows from Operating Activities of Financial Services net of eliminations 256 220 (2,214) (485) Change in derivatives hedging debt of Industrial Activities and other (24) 2 (15) 7 Investments in assets sold under buy-back commitments and operating lease assets of Industrial Activities (354) (164) (687) (568) Operating cash flow of Industrial Activities 2,644 2,028 2,613 780 Investments in property, plant and equipment, and intangible assets of Industrial Activities (253) (310) (481) (633) Other changes (1) (26) (7) (206) (126) Free cash flow of Industrial Activities 2,365 1,711 1,926 21 (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments

Debt Maturity Schedule | Breakdown Note: Numbers may not add due to rounding Note: Numbers may not add due to rounding Outstanding Dec 31, 2020 2021 2022 2023 2024 2025 Beyond 3.4 Bank Debt 1.8 0.8 0.3 0.2 0.1 0.1 10.4 Capital Market 1.9 1.3 1.7 1.5 1.0 3.1 0.4 Other Debt 0.1 0.2 0.0 0.0 0.0 0.0 14.1 Cash Portion of (Debt) Maturities 3.9 2.3 2.0 1.7 1.1 3.2 (9.7) Cash & Cash Equivalents (0.8) of which restricted cash (6.1) Undrawn Committed credit lines (15.9) Total Available Liquidity ($mn)

Q4 2020 | Debt Maturity Schedule Industrial Activities Financial Services Bank Debt Capital Market Other (0.7) (1.1) (1.1) (0.9) (0.9) (2.6) 2021 2022 2023 2024 2025 Beyond (3.2) (1.3) (0.9) (0.7) (0.2) (0.6) 2021 2022 2023 2024 2025 Beyond

Europe Trucks | Company performance (*) Europe: 27 countries reflecting key markets where the segment competes (excluding United Kingdom and Ireland for market share reporting purposes); (1) Company’s estimated market share in the European truck market (GVW ≥3.5 tons) Q4         2017 2018 2019 2020             MKT SHARE(1) Light (3.5-7.49t) 16.4% 13.5% 13.4% 12.7% M&H (≥7.5t) 9.5% 6.6% 7.6% 9.0%   Europe (*) 13.6% 11.0% 11.5% 11.5% B-TO-B Light (3.5-7.49t) 1.02 0.94 0.92 0.93 M&H (≥7.5t) 0.91 0.97 1.03 1.05   Europe 0.99 0.94 0.95 0.96           Δ 17/18 Δ 18/19 Δ 19/20         MKT SHARE(1) Light (3.5-7.49t)   (2.9) p.p. (0.1) p.p. (0.7) p.p. M&H (≥7.5t)   (2.8) p.p. 1.0 p.p. 1.4 p.p.   Europe (*)   (2.7) p.p. 0.5 p.p. 0.0 p.p. ORDERS Light (3.5-7.49t)   (9.6)% (9.0)% 10.9% M&H (≥7.5t)   (25.1)% 8.2% 11.0%   Europe   (13.9)% (4.9)% 10.9% DELIVERIES Light (3.5-7.49t)   (1.9)% (6.6)% 9.6% M&H (≥7.5t)   (29.5)% 1.3% 9.3%   Europe   (10.1)% (4.8)% 9.5%

Europe Trucks | Company performance (*) Europe: 27 countries reflecting key markets where the segment competes (excluding United Kingdom and Ireland for market share reporting purposes); (1) Company’s estimated market share in the European truck market (GVW ≥3.5 tons) FY         2017 2018 2019 2020             MKT SHARE(1) Light (3.5-7.49t) 15.0% 13.9% 13.2% 11.5% M&H (≥7.5t) 9.4% 7.6% 6.6% 8.8%   Europe (*) 12.8% 11.6% 10.9% 10.7% B-TO-B Light (3.5-7.49t) 1.03 0.99 0.98 1.20 M&H (≥7.5t) 1.03 0.92 1.02 1.17   Europe 1.03 0.98 0.99 1.19           Δ 17/18 Δ 18/19 Δ 19/20         MKT SHARE(1) Light (3.5-7.49t)   (1.1) p.p. (0.7) p.p. (1.7) p.p. M&H (≥7.5t)   (1.8) p.p. (1.0) p.p. 2.2 p.p.   Europe (*)   (1.3) p.p. (0.7) p.p. (0.2) p.p. ORDERS Light (3.5-7.49t)   0.6% (3.5%) (5.7%) M&H (≥7.5t)   (26.6%) (2.5%) 3.2%   Europe   (7.4%) (3.3%) (3.6%) DELIVERIES Light (3.5-7.49t)   4.0% (1.9%) (22.9%) M&H (≥7.5t)   (18.6%) (11.6%) (9.8%)   Europe   (2.7%) (4.3%) (19.9%)

Geographic Information The composition of our regions part of the geographic information is as follow: North America: United States, Canada and Mexico; Europe: member countries of the European Union, European Free Trade Association, Ukraine, and Balkans; South America: Central and South America, and the Caribbean Islands; and Rest of World: Continental Asia (including Turkey and Russia), Oceania and member countries of the Commonwealth of Independent States (excluding Ukraine), and African continent and Middle East. Market Share / Market Position Data Certain industry and market share information in this report has been presented on a worldwide basis which includes all countries. In this presentation, management estimates of past market-share information are generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various Rest of the World markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers’ in North America, the Committee for European Construction Equipment in Europe, the ANFAVEA in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by an independent service bureau. Not all agricultural or construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Russia, Turkey, Brazil, and any country where local shipments are not reported. For Commercial Vehicles regions are defined as: Europe (the EU 27 countries where Commercial Vehicles competes, excluding United Kingdom and Ireland, for market share and total industry volume “TIV” reporting purpose); South America (Brazil, Argentina and Venezuela) and RoW (Russia, Turkey, South East Asia, Australia, New Zealand). In addition, there may be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be estimated, in making any adjustments to the shipment, delivery, sale, or registration data to determine our estimates of retail unit data in any period.

Non-GAAP Financial Measures CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH Industrial’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP or EU-IFRS and are unlikely to 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 as prepared in accordance with U.S. GAAP and/or EU-IFRS. CNH Industrial non-GAAP financial measures are defined as follows: Adjusted EBIT of Industrial Activities: is defined as net income (loss) before income taxes, Financial Services results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax. Adjusted Diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH Industrial share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Adjusted Income Taxes: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items and non-recurring tax charges or benefits. Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items. Net Debt and Net Debt / (Cash) of Industrial Activities: Net Debt is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparts) and derivative hedging debt. CNH Industrial provides the reconciliation of Net Debt to Total Debt, which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Debt / (Cash) of Industrial Activities. Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities, only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under buy-back commitments, assets under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations. Available Liquidity: is defined as cash and cash equivalents plus restricted cash, undrawn committed facilities and other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparts). Change excl. FX or Constant Currency: CNH Industrial discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations. The tables attached to this presentation provide reconciliations of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures.

Investor Relations Team e-mail: investor.relations@cnhind.com website: www.cnhindustrial.com Federico Donati – Head of Global Investor Relations ( +44 (207) 76 - 60386 ( +39 (011) 00 - 71929 Noah Weiss – Investor Relations North America ( +1 (630) 887 - 3745 Giovanni Somajni – Investor Relations Europe ( +44 (207) 76 - 60369