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 May 2022

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 May 2022

The following exhibits are furnished herewith:

Exhibit 99.1	Press release, dated May 3, 2022, titled: “CNH Industrial reports solid first quarter performance: Consolidated revenues of $4.6 billion, (up 13.4% compared to Q1 2021 for continuing operations) Net income of $336 million, Adjusted Net Income of $378 million, with adjusted diluted EPS of $0.28, and Adjusted EBIT of Industrial Activities of $429 million (up $36 million compared to Q1 2021). Seasonal free cash flow absorption of $1,059 million (Industrial Activities) amid continued supply chain disruptions.”
Exhibit 99.2	First Quarter 2022 Results Review Presentation
Exhibit 99.3	Press release, dated May 2, 2022, titled: “CNH Industrial: periodic report on the buy-back program”
Exhibit 99.4	Press release, dated April 29, 2022, titled: “CNH Industrial completes divestiture of Raven Engineered Films Division”

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/ Roberto Russo
Name:	Roberto Russo
Title:	Chief Legal and Compliance Officer

May 3, 2022

Index of Exhibits

Exhibit Number	Description of Exhibit
Exhibit 99.1	Press release, dated May 3, 2022, titled: “CNH Industrial reports solid first quarter performance: Consolidated revenues of $4.6 billion, (up 13.4% compared to Q1 2021 for continuing operations) Net income of $336 million, Adjusted Net Income of $378 million, with adjusted diluted EPS of $0.28, and Adjusted EBIT of Industrial Activities of $429 million (up $36 million compared to Q1 2021). Seasonal free cash flow absorption of $1,059 million (Industrial Activities) amid continued supply chain disruptions.”
Exhibit 99.2	First Quarter 2022 Results Review Presentation
Exhibit 99.3	Press release, dated May 2, 2022, titled: “CNH Industrial: periodic report on the buy-back program”
Exhibit 99.4	Press release, dated April 29, 2022, titled: “CNH Industrial completes divestiture of Raven Engineered Films Division”

EX-99.1

Exhibit 99.1

2022 FIRST QUARTER RESULTS   PRESS RELEASE

2022 FIRST QUARTER RESULTS

CNH Industrial reports solid first quarter performance:

Consolidated revenues of $4.6 billion, (up 13.4% compared to Q1 2021 for continuing operations) Net income of $336 million, Adjusted Net Income of $378 million, with adjusted diluted EPS of $0.28, and Adjusted EBIT of Industrial Activities of $429 million (up $36 million compared to Q1 2021). Seasonal free cash flow absorption of $1,059 million (Industrial Activities) amid continued supply chain disruptions.

Financial results presented under U.S. GAAP

“In our first quarter as a pure play agricultural and construction equipment business, the CNH Industrial team delivered a solid performance that demonstrates the potential of a focused, customer-centric company. With redoubled commitment to customer-inspired innovation, diligent operational execution, and improved product quality spurring margin expansion, we delivered net sales of Industrial Activities of nearly $4.2 billion, up 15% from last year on a constant currency basis. Alongside favorable product mix, this resulted in adjusted gross margin of 22.2%, up 60 basis points from Q1 2021 and adjusted EBIT of industrial activities increased by more than 9% to $429M. Order books remain exceptionally strong, up almost 40% in agriculture and 80% in construction, as demand remained healthy. Our thoughts are with our employees, customers, and dealers directly impacted by the war in Ukraine. We are all affected by the associated higher grain prices, potential food shortages, and rising energy costs. Despite these mostly unhelpful macro forces, we are maintaining our original 2022 guidance. We did not plan for positive cash flow in the first quarter, and as critical supply chain disruptions constrained our ability to ship finished goods, we ended the quarter with a cash outflow of $1.1 billion. Logistics pressures and semiconductor shortages, which are not unique to CNH Industrial, are expected to remain a headwind through the year, but I am confident in our team’s ability to navigate the current environment as evidenced by our results during the first quarter. With a robust slate of new products to be introduced, strong early returns from the Raven acquisition and our other Precision efforts, and a dedicated, tested leadership team ready to execute our ambitious plans, CNH Industrial is positioned to deliver on our strategic priorities and our short-term objectives.”

Scott W. Wine, Chief Executive Officer

2022 First Quarter Results

(all amounts $ million, comparison vs Q1 2021 continuing operations – unless otherwise stated)

	US-GAAP
	Q1 2022			PY(1)		YOY Change
Consolidated revenues		4,645			4,096		+13%	+15%  c.c.(*)
of which Net sales of Industrial Activities		4,180			3,694		+13%	+15%  c.c.
Net income		336			363		-27
Diluted EPS $		0.24			0.27		-0.03
Cash flow from operating activities		(887	)		241		-1,128
Cash and cash equivalents(**)		3,219			5,044		-1,825
Gross profit margin of Industrial Activities		21.4%			21.6%		-20 bps

	NON-GAAP(2)
	Q1 2022			PY(1)			YOY Change
Adjusted EBIT of Industrial Activities		429			393			+36
Adjusted EBIT Margin of Industrial Activities		10.3%			10.6%			-0.30 bps
Adjusted net income		378			352			+26
Adjusted diluted EPS $		0.28			0.26			+0.02
Free cash flow of Industrial Activities		(1,059	)		(13	)		-1,046
Available liquidity(**)		9,399			10,521			-1,122
Adjusted gross margin of Industrial Activities		22.2%			21.6%			+60 bps

(*) c.c. means at constant currency                (**) comparison vs December 31, 2021

Net sales of Industrial Activities of $4,180 million, up 13% mainly due to favorable price realization.

Adjusted EBIT of Industrial Activities of $429 million ($393 million in Q1 2021), with both segments up year over year. Agriculture adjusted EBIT margin above 12% and Construction at 4%.

Adjusted net income of $378 million, with adjusted diluted earnings per share of $0.28 (adjusted net income of $352 million in Q1 2021, with adjusted diluted earnings per share of $0.26). Adjusted net income in March 2022 excludes, among other items, $71 million related to asset write-downs, financial receivable allowances and valuation allowances on deferred tax assets as a result of the suspension of operations in Russia.

Adjusted gross profit margin of Industrial Activities of 22.2%, up 0.6% from Q1 2021 primarily due to better mix and favorable price realization in Agriculture.

Reported income tax expense of $159 million and adjusted income tax expense⁽¹⁾ of $138 million, with adjusted effective tax rate (adjusted ETR⁽¹⁾) of 28%, which reflects jurisdictional mix of pre-tax results and net discrete tax charges.

Free cash flow of Industrial Activities was negative $1.1 billion as a result of higher than historical seasonal working capital cash absorption primarily due to supply chain disruptions. Total Debt of $21.3 billion at March 31, 2022 ($20.9 billion at December 31, 2021).

Industrial Activities net debt⁽¹⁾ position at $2.1 billion, an increase of $960 million from December 31, 2021.

Available liquidity at $9,399 million as of March 31, 2022.

Refer to section “Notes” at page 3 for an explanation of the items referenced on this page and to page 10 onwards for the reconciliations 1

PRESS RELEASE

	Agriculture
	Q1 2022		Q1 2021(1)		Change		Change at c.c.(*)
Net sales ($ million)		3,377		3,038		+11%		+13%
Adjusted EBIT ($ million)		426		399		+27
Adjusted EBIT margin		12.6%		13.1%		-50 bps

In North America, industry volume for tractor was down 8% for under 140 HP, and up 9% for over 140 HP; combines were down 22%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 8% and up 6%, respectively. South America tractor demand was up 11% and combine demand was down 9%. Asia Pacific tractor demand was down 14% and combine demand was up 10%.

Net sales were up 11%, mainly due to favorable price realization and better mix, mostly driven by the North America and South America regions.

Gross profit margin was 24.1%, up 0.8% compared to Q1 2021, mainly due to better mix, favorable price realization, and favorable manufacturing absorption primarily in North America and South America, partially offset by supply chain disruption costs in all regions.

Adjusted EBIT was $426 million ($399 million for Q1 2021), with Adjusted EBIT margin at 12.6% with the $27 million increase driven by higher gross margin, partially offset by higher labor cost, SG&A and R&D expenses.

Order book in Agriculture was up almost 40% year over year for both tractors and combines, driven by strong growth in North America and EMEA for tractors, and in South America and EMEA for combines.

	Construction
	Q1 2022		Q1 2021(1)		Change		Change at c.c.(*)
Net sales ($ million)		803		656		+22%		+23%
Adjusted EBIT ($ million)		32		25		+7
Adjusted EBIT margin		4.0%		3.8%		+20 bps

Global industry volume for construction equipment decreased in both Heavy and Light sub-segments, with Heavy down 20% and Light down 14%, mostly driven by a 33% decrease in Light and Heavy equipment demand for Asia Pacific, particularly in China. Demand increased 4% in North America, 9% in EMEA and 30% in South America.

Net sales were up 22%, as a result of positive volumes due to higher industry demand in our main markets, market share growth, and better price realization primarily in North America and South America.

Gross profit margin was 13.3%, down 1.0.% compared to Q1 2021, mainly due to supply chain disruption costs, primarily raw materials, partially offset by better mix and favorable price realization, in all regions.

Adjusted EBIT increased $7 million due to favorable volume and mix and positive price realization, partially offset by higher purchasing costs. Adjusted EBIT margin at 4.0%.

Construction order book up more that 80% year over year in both Heavy and Light sub-segments, with increases in all regions.

	Financial Services
	Q1 2022		Q1 2021(1)		Change		Change at c.c.(*)
Revenues ($ million)		466		397		+17%		+17%
Net income ($ million)		82		78		+4
Equity at quarter-end ($ million)		2,254		2,120		+134
Retail loan originations ($ million)		2,139		2,019		+5.9%

Revenues were up 17% due to higher used equipment sales, higher base rates in South America and higher average portfolios in South America and EMEA, partially offset by lower retail yields in North America.

Net income increased $4 million to $82 million, primarily as a result of higher recoveries on used equipment sales in North America, higher base rates in South America, and higher average portfolios in South America and EMEA, offset by additional risk costs due to the Eastern Europe situation, including $15 million for domestic Russian receivables which are considered an adjusting item for consolidated adjusted net income.

The managed portfolio (including unconsolidated joint ventures) was $20.8 billion at the end of the quarter (of which retail was 73% and wholesale was 27%), up $1.3 billion compared to March 31, 2021 (up $1.0 billion on a constant currency basis).

The receivable balance greater than 30 days past due as a percentage of receivables was 1.3% (1.4% as of March 31, 2021).

2022 Outlook

The Company is confirming the following 2022 outlook for its Industrial Activities:

• Net sales^(***) up between 10% and 14% year on year including currency translation effects

• SG&A expenses lower or equal to 7.5% of net sales

• Free cash flow in excess of $1.0 billion

• R&D expenses and capital expenditures at around $1.4 billion

Refer to section “Notes” at page 3 for an explanation of the items referenced on this page and to page 10 onwards for the reconciliations 2

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) Effective January 1, 2022, the Iveco Group business was separated from CNH Industrial N.V. by way of a demerger under Dutch law to Iveco Group N.V. and Iveco Group became a public listed company independent from CNH Industrial. Accordingly, that business is presented as discontinued operations beginning in the first quarter of 2022. The Company has reclassified the financial results of Iveco Group to Net income (loss) from discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. The Company has reclassified the related assets and liabilities as Assets held for distribution and Liabilities held for distribution on the Condensed Consolidated Balance Sheets as of December 31, 2021. Cash flows from the Company’s discontinued operations are presented in the Condensed Consolidated Statements of Cash Flows for all periods. All comparative figures shown exclude the results of the discontinued operations.

(2) 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.

(**) Certain financial information in this report has been presented by geographic area. Our geographical regions are: (1) North America; (2) Europe, Middle East and Africa; (3) South America and (4) Asia Pacific. The geographic designations have the following meanings:

North America: United States, Canada, Mexico and Puerto Rico, previously included in South America;

Europe, Middle East, and Africa (previously Europe): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, Balkans, Russia, Turkey, the African continent, and the Middle East, previously included in Rest of World;

South America: Central and South America, and the Caribbean Islands; and

Asia Pacific (previously Rest of World): Continental Asia, Oceania and member countries of the Commonwealth of Independent States.

(***) Net sales reflecting the exchange rate of 1.15 EUR/USD

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.

• Adjusted Gross Profit Margin of Industrial Activities: is computed by dividing Net sales less Cost of goods sold, as adjusted by non-recurring items, by Net sales.

• Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (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 Cash (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 Cash (Debt) 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 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 medium-term unsecured committed facilities, net receivables/payables with Iveco Group N.V. and other current financial assets (primarily current securities, short-term deposits and investments in instruments of 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.

3

PRESS RELEASE

Forward-looking statements

All statements other than statements of historical fact contained in this earning release, including 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. Forward looking statements also include statements regarding the future performance of CNH Industrial and its subsidiaries on a standalone basis. 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, including any assumptions regarding strategic plans, 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 continued uncertainties related to 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; supply chain disruptions, including delays caused by mandated shutdowns, industry capacity constraints, material availability, and global logistics delays and constraints; 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 the war in the Ukraine and COVID-19; 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 equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH Industrial and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including other pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.

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. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH Industrial’s control. CNH Industrial expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH Industrial, 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. CEST / 2:30 p.m. BST/ 9:30 a.m. EDT, management will hold a conference call to present first quarter 2022 results to financial analysts and institutional investors. The call can be followed live online at https://bit.ly/CNH_Industrial_Q1_2022 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,  May 3, 2022

CONTACTS

Media Inquiries

Laura Overall

Tel +44 207 925 1964

Rebecca Fabian

Tel: +1 312 515 2249

E-mail: mediarelations@cnhind.com

www.cnhindustrial.com

Investor Relations

Noah Weiss

Tel: +1 773 896 5242

4

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021

(Unaudited, U.S.-GAAP)

	Three Months Ended March 31,
($ million)	2022			2021
Revenues
Net sales		4,180			3,694
Finance, interest and other income		465			402
TOTAL REVENUES		4,645			4,096
Costs and Expenses
Cost of goods sold		3,286			2,896
Selling, general and administrative expenses		378			319
Research and development expenses		184			132
Restructuring expenses		2			1
Interest expense		138			153
Other, net		183			142
TOTAL COSTS AND EXPENSES		4,171			3,643
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		474			453
Income tax (expense) benefit		(159	)		(116	)
Equity in income (loss) of unconsolidated subsidiaries and affiliates		21			26
Net income (loss) from continuing operations		336			363
Net income (loss) from discontinued operations		-			62
NET INCOME (LOSS)		336			425
Net income attributable to noncontrolling interests		3			17
NET INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		333			408
Basic earnings (loss) per share attributable to common shareholders (in $)
Continuing operations		0.24			0.27
Discontinued operations		-			0.03
Basic earnings per share attributable to CNH Industrial N.V.		0.24			0.30
Diluted earnings (loss) per share attributable to common shareholders (in $)
Continuing operations		0.24			0.27
Discontinued operations		-			0.03
Diluted earnings per share attributable to CNH Industrial N.V.		0.24			0.30
Average shares outstanding (in millions)
Basic		1,356			1,354
Diluted		1,362			1,359
Cash dividends declared per common share		-			-

These Condensed Consolidated Statements of Operations should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2021 included in the Annual Report on Form 20-F. These Condensed Consolidated Statements of Operations represent the consolidation of all CNH Industrial N.V. subsidiaries.

5

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

(Unaudited, U.S.-GAAP)

($ million)	March 31, 2022		December 31, 2021
ASSETS
Cash and cash equivalents		3,219		5,044
Restricted cash		842		801
Financing receivables, net		16,083		15,376
Receivables from Iveco Group N.V.		297		-
Inventories, net		5,427		4,216
Property, plant and equipment, net and equipment under operating lease		3,139		3,213
Intangible assets, net		4,395		4,417
Other receivables and assets		3,083		2,803
Assets held for distribution		-		13,546
TOTAL ASSETS		36,485		49,416
LIABILITIES AND EQUITY
Debt		21,335		20,897
Payables to Iveco Group N.V.		47		502
Other payables and liabilities		9,447		9,272
Liabilities held for distribution		-		11,892
Total Liabilities		30,829		42,563
Redeemable noncontrolling interest		47		45
Equity		5,609		6,808
TOTAL LIABILITIES AND EQUITY		36,485		49,416

6

PRESS RELEASE

CNH INDUSTRIAL N.V.

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

(Unaudited- U.S.-GAAP)

	Three Months Ended March 31,
($ million)	2022			2021
Net income (loss)		336			425
Less: Net income (loss) of Discontinued Operations		-			62
Net income (loss) of Continuing Operations		336			363
Adjustments to reconcile net income (loss) from Continuing Operations to net cash provided by (used in) operating activities from Continuing Operations:		(1,223	)		(122	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS		(887	)		241
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			131
TOTAL NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(887	)		372
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS		(979	)		(317	)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			127
TOTAL NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(979	)		(190	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS		65			(1,235	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			(359	)
TOTAL NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		65			(1,594	)
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		17			(250	)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(1,784	)		(1,662	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		5,845			9,629
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		4,061			7,967
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (Discontinued Operations)		-			529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (Continuing Operations)		4,061			7,438

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the three months ended March 31, 2022 and 2021

(Unaudited, U.S.-GAAP)

	Three Months Ended March 31, 2022												Three Months Ended March 31, 2021
($ million)	Industrial Activities(1)			Financial Services			Eliminations			Consolidated			Industrial Activities(1)			Financial Services			Eliminations			Consolidated
Revenues
Net sales		4,180			-			-			4,180			3,694			-			-			3,694
Finance, interest and other income		10			466			(11	)  (2)		465			13			397			(8	)  (2)		402
TOTAL REVENUES		4,190			466			(11	)		4,645			3,707			397			(8	)		4,096
Costs and Expenses
Cost of goods sold		3,286			-			-			3,286			2,896			-			-			2,896
Selling, general and administrative expenses		329			49			-			378			286			33			-			319
Research and development expenses		184			-			-			184			132			-			-			132
Restructuring expenses		2			-			-			2			1			-			-			1
Interest expense		45			104			(11	)  (3)		138			53			108			(8	)  (3)		153
Other, net		(17	)		200			-			183			(13	)		155			-			142
TOTAL COSTS AND EXPENSES		3,829			353			(11	)		4,171			3,355			296			(8	)		3,643
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		361			113			-			474			352			101			-			453
Income tax (expense) benefit		(123	)		(36	)		-			(159	)		(90	)		(26	)		-			(116	)
Equity in income (loss) of unconsolidated subsidiaries and affiliates		16			5			-			21			23			3			-			26
NET INCOME (LOSS) Continuing Operations		254			82			-			336			285			78			-			363
NET INCOME (LOSS) Discontinued Operations		-			-			-			-			49			13			-			62
NET INCOME (LOSS)		254			82			-			336			334			91			-			425

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction 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.

7

PRESS RELEASE

CNH INDUSTRIAL N.V.

Supplemental Balance Sheets as of March 31, 2022 and December 31, 2021

(Unaudited, U.S.-GAAP)

	March 31, 2022									December 31, 2021
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)		Financial Services		Eliminations			Consolidated
ASSETS
Cash and cash equivalents		2,698		521		-			3,219		4,386		658		-			5,044
Restricted cash		157		685		-			842		128		673		-			801
Financing receivables, net		431		16,411		(759	)(2)		16,083		199		15,508		(331	)(2)		15,376
Receivables from Iveco Group N.V.		241		56		-			297		-		-		-			-
Inventories, net		5,409		18		-			5,427		4,187		29		-			4,216
Property, plant and equipment, net and equipment on operating lease		1,490		1,649		-			3,139		1,504		1,709		-			3,213
Intangible assets, net		4,231		164		-			4,395		4,255		162		-			4,417
Other receivables and assets		2,841		416		(174	)(3)		3,083		2,656		345		(198	)(3)		2,803
Assets held for distribution		-		-		-			-		9,814		4,543		(811	)		13,546
TOTAL ASSETS		17,498		19,920		(933	)		36,485		27,129		23,627		(1,340	)		49,416
LIABILITIES AND EQUITY
Debt		5,572		16,522		(759	)(2)		21,335		5,485		15,743		(331	)(2)		20,897
Payables to Iveco Group N.V.		4		43		-			47		334		168		-			502
Other payables and liabilities		8,520		1,101		(174	)(3)		9,447		8,426		1,044		(198	)(3)		9,272
Liabilities held for distribution		-		-		-			-		8,985		3,718		(811	)		11,892
Total Liabilities		14,096		17,666		(933	)		30,829		23,230		20,673		(1,340	)		42,563
Redeemable noncontrolling interest		47		-		-			47		45		-		-			45
Equity		3,355		2,254		-			5,609		3,854		2,954		-			6,808
TOTAL LIABILITIES AND EQUITY		17,498		19,920		(933	)		36,485		27,129		23,627		(1,340	)		49,416

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction 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 tax assets/liabilities in the same taxing jurisdiction and elimination of intercompany activity between Industrial Activities and Financial Services.

8

PRESS RELEASE

CNH INDUSTRIAL N.V.

Supplemental Statements of Cash Flows for the three months ended March 31, 2022 and 2021

(Unaudited- U.S.-GAAP)

	Three Months Ended March 31, 2022												Three Months Ended March 31, 2021
($ million)	Industrial Activities(1)			Financial Services			Eliminations			Consolidated			Industrial Activities(1)			Financial Services			Eliminations			Consolidated
Net income (loss)		254			82			-			336			334			91			-			425
Less: Net income (loss) of Discontinued Operations		-			-			-			-			49			13			-			62
Net income (loss) of Continuing Operations		254			82			-			336			285			78			-			363
Adjustments to reconcile net income (loss) from Continuing Operations to net cash provided by (used in) operating activities from Continuing Operations:		(1,237	)		39			(25	)(2)		(1,223	)		(220	)		98			-			(122	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS		(983	)		121			(25	)		(887	)		65			176			-			241
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			-			-			-			(165	)		298			(2	)		131
TOTAL NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(983	)		121			(25	)		(887	)		(100	)		474			(2	)		372
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS		(606	)		(373	)		-			(979	)		(427	)		106			4			(317	)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			-			-			-			68			57			2			127
TOTAL NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(606	)		(373	)		-			(979	)		(359	)		163			6			(190	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS		(62	)		102			25			65			(712	)		(519	)		(4	)		(1,235	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			-			-			-			(24	)		(335	)		-			(359	)
TOTAL NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(62	)		102			25	(4)		65			(736	)		(854	)		(4	)		(1,594	)
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		(8	)		25			-			17			(227	)		(23	)		-			(250	)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(1,659	)		(125	)		-			(1,784	)		(1,422	)		(240	)		-			(1,662	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		4,514			1,331			-			5,845			8,116			1,513			-			9,629
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		2,855			1,206			-			4,061			6,694			1,273			-			7,967
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (DISCONTINUED OPERATIONS)		-			-			-			-			396			133			-			529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (CONTINUING OPERATIONS)		2,855			1,206			-			4,061			6,298			1,140			-			7,438

Notes:

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction 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, which are included in Industrial Activities net cash used in operating activities.

(3) This item includes the elimination of certain minor activities between Industrial Activities and Financial Services.

(4) This item includes 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 March 31, 2022
		Agriculture		Construction		Unallocated items, eliminations and other		Total
	Consolidated Net income								336
	Less: Consolidated Income tax (expense) benefit								(159)
	Consolidated Income before taxes								495
	Less: Financial Services
	Financial Services Net income								82
	Financial Services Income taxes								36
	Add back of the following Industrial Activities items:
	Interest expenses, net of interest income and eliminations								35
	Foreign exchange (gains) losses, net								13
	Finance and non-service component of Pension and other post-employment benefit costs(1)								(38)
	Adjustments for the following Industrial Activities items:
	Restructuring expenses		2		-		-		2
	Other discrete items(2)		-		-		40		40
	Adjusted EBIT of Industrial Activities		426		32		(29)		429
		Three Months ended March 31, 2021
		Agriculture		Construction		Unallocated items, eliminations and other		Total
	Consolidated Net income (loss)								425
	Less: Consolidated Net Income (loss) of Discontinued Operations								62
	Consolidated Net income (loss) of Continuing Operations								363
	Less: Consolidated Income tax (expense) benefit								(116)
	Consolidated Income (loss) before taxes (continuing operations)								479
	Less: Financial Services
	Financial Services Net income								78
	Financial Services Income taxes								26
	Add back of the following Industrial Activities items:
	Interest expenses, net of interest income and eliminations								40
	Foreign exchange (gains) losses, net								11
	Finance and non-service component of Pension and other post-employment benefit costs(1)								(34)
	Adjustments for the following Industrial Activities items:
	Restructuring expenses		2		(1)		-		1
	Other discrete items(2)		-		-		-		-
	Adjusted EBIT of Industrial Activities		399		25		(31)		393
	(1)  In the three months ended March 31, 2022, this item includes the pre-tax gain of $30 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the 2018 modification of a healthcare plan in the U.S. and a pre-tax gain of $6 million as a result of the amortization over 4 years of the $101 million positive impact from 2021 modifications of a healthcare plan in the U.S. In the three months ended March 31, 2021, this item includes the pre-tax gain of $30 million as a result of the 2018 modification. (2)  In the three months ended March 31, 2022, this item included $44 million of asset write-downs, $3.8 million of separation costs incurred in connection with our spin-off of the Iveco Group Business and $7.8 million of income from the two Raven businesses that are held for sale.

10

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
		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
	Third party (debt)		(21,335)		(20,897)		(5,228)		(5,335)		(16,107)		(15,562)
	Intersegment notes payable		-		-		(344)		(150)		(415)		(181)
	Payable to Iveco Group N.V.(4)		(47)		(3,986)		(4)		(3,764)		(43)		(222)
	Total (Debt)(1)		(21,382)		(24,883)		(5,576)		(9,249)		(16,565)		(15,965)
	Cash and cash equivalents		3,219		5,044		2,698		4,386		521		658
	Restricted cash		842		801		157		128		685		673
	Intersegment notes receivable		-		-		415		181		344		150
	Receivables from Iveco Group N.V.(4)		297		3,484		241		3,430		56		54
	Other current financial assets(2)		1		1		1		1		-		-
	Derivatives hedging debt		(22)		(3)		(22)		(3)		-		-
	Net Cash (Debt)(3)		(17,045)		(15,556)		(2,086)		(1,126)		(14,959)		(14,430)
	(1)   Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $344 million and $150 million as of March 31, 2022 and December 31, 2021, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $415 million and $181 million as of March 31, 2022 and December 31, 2021, 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 $(71) million and $(31) million as of March 31, 2022 and December 31, 2021, respectively. (4)   For December 31, 2021, this item is shown net on the CNH Industrial balance sheet.

Reconciliation of Cash and cash equivalents to Available liquidity under U.S.-GAAP ($ million)
	March 31, 2022		December 31, 2021
Cash and cash equivalents		3,219		5,044
Restricted cash		842		801
Undrawn committed facilities		5,087		5,177
Receivables from Iveco Group N.V.		297		3,484
Payables to Iveco Group N.V.		(47)		(3,986)
Other current financial assets(1)		1		1
Available liquidity		9,399		10,521
(1)   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)
	Three Months ended March 31,
		2022	2021
Net Cash (Debt) of Industrial Activities at beginning of period		(1,126)	(893)
Adjusted EBIT of Industrial Activities		429	393
Depreciation and Amortization		82	72
Depreciation of assets under operating leases		1	-
Cash interest and taxes		(120)	(54)
Changes in provisions and similar(1)		(99)	(29)
Change in working capital		(1,296)	(332)
Operating cash flow of Industrial Activities – Continuing operations		(1,003)	50
Investments in property, plant and equipment, and intangible assets		(53)	(36)
Other changes		(3)	(27)
Free cash flow of Industrial Activities – Continuing operations		(1,059)	(13)
Capital increases and dividends(3)		(21)	(1)
Currency translation differences and other(2)		120	219
Change in Net Cash (Debt) of Industrial Activities – Continuing operations		(960)	205
Net Cash (Debt) of Industrial Activities at end of period		(2,086)	(688)
(1)   Including other cash flow items related to operating lease. (2)   In the three months ended March 31, 2021, this item also includes the charge of $8 million related to the repurchase of Notes. (3)   In the three months ended March 31, 2022, this item also includes share buy-back transactions.

11

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)
	Three Months ended March 31,
	2022		2021
Net cash provided by (used in) Operating Activities (Continuing Operations)		(887)		241
Less: Cash flows from Operating Activities of Financial Services net of eliminations		(96)		(176)
Change in derivatives hedging debt of Industrial Activities and other		(18)		(12)
Investments in assets sold under operating lease assets of Industrial Activities		(2)		(3)
Operating cash flow of Industrial Activities		(1,003)		50
Investments in property, plant and equipment, and intangible assets of Industrial Activities		(53)		(36)
Other changes(1)		(3)		(27)
Free cash flow of Industrial Activities		(1,059)		(13)
(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 (expense) benefit to Net income (loss) and Income tax (expense) benefit and calculation of Adjusted diluted EPS and Adjusted ETR under U.S.-GAAP ($ million, except per share data)
	Three Months ended March 31,
	2022		2021
Net income (loss) – Continuing Operations		336		363
Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)		21		(21)
Adjustments impacting Income tax (expense) benefit (b)		21		10
Adjusted net income (loss)		378		352
Adjusted net income (loss) attributable to CNH Industrial N.V.		375		349
Weighted average shares outstanding – diluted (million)		1,362		1,359
Adjusted diluted EPS ($)		0.28		0.26
Income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates		474		453
Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)		21		(21)
Adjusted income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A)		495		432
Income tax (expense) benefit		(159)		(116)
Adjustments impacting Income tax (expense) benefit (b)		21		10
Adjusted income tax (expense) benefit (B)		(138)		(106)
Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)		28%		25%
a)  Adjustments impacting Income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates
Restructuring expenses		2		1
Loss on repurchase of notes		-		8
Pre-tax gain related to the 2018 modification of a healthcare plan in the U.S.		(30)		(30)
Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S.		(6)		-
Asset write-down: Industrial Activities, Russia Operations		44		-
Asset write-down: Financial Services, Russia Operations		15
Spin related costs		4
Raven income from segments held for sale		(8)
Total		21		(21)
b) Adjustments impacting Income tax (expense) benefit
Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates(1)		22		7
Other		(1)		3
Total		21		10
(1)  Includes $12 million of increase to the valuation allowances on historical deferred tax assets as a result of the suspension of operations in Russia.

12

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Adjusted gross profit to gross profit under U.S.-GAAP ($ million,)
	Three Months ended March 31,
		2022	2021
Net Sales (A)		4,180	3,694
Cost of goods sold		3,286	2,896
Gross profit (B)		894	798
Asset write down (Russia operations)		34	-
Adjusted gross profit (C)		928	798
Gross profit margin (B ÷ A)		21.4%	21.6%
Adjusted gross profit margin (C ÷ A)		22.2%	21.6%

Revenues by Segment under EU-IFRS ($ million)
	Three Months ended March 31,
	2022		2021		% change
Agriculture		3,377		3,039		11.1%
Construction		803		656		22.4%
Eliminations and other		-		-		-
Total Industrial Activities of Continuing Operations		4,180		3,695		13.1%
Financial Services		465		396		17.4%
Eliminations and other		(8)		(5)		60.0%
Total of Continuing Operations		4,637		4,086		13.5%

Adjusted EBIT of Industrial Activities(1) by Segment under EU-IFRS ($ million)
							Three Months ended March 31,
	2022		2021		$ change		2022 adjusted EBIT margin		2021 adjusted EBIT margin
Agriculture		421		390		31		12.5%		12.8%
Construction		30		24		6		3.7%		3.7%
Unallocated items, eliminations and other		(30)		(34)		4		-		-
Adjusted EBIT of Industrial Activities of Continuing Operations		421		380		41		10.1%		10.3%
(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.

13

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

Other key data under EU-IFRS
($ million)
		March 31, 2022			December 31, 2021
	Total Assets		37,272			51,122
	Total Equity		6,258			8,426
	Equity attributable to CNH Industrial N.V.		6,251			8,393
	Net Cash (Debt) of Continuing Operations		(17,454	)		(15,840	)
	Net Cash (Debt) of Discontinued Operations		-			(1,480	)
	Net Cash (Debt) of CNH Industrial		(17,454	)		(17,320	)
	of which Net Cash (Debt) of Industrial Activities(1) of Continuing Operations		(2,452	)		(1,374	)
	of which Net Cash (Debt) of Industrial Activities(1) of Discontinued Operations		-			1,204
	of which Net Cash (Debt) of Industrial Activities(1)		(2,452	)		(170	)
	Net Income of Financial Services of Continuing Operations		73			357
	Net Income of Financial Services of Discontinued Operations		-			71
	Net Income of Financial Services of CNH Industrial Pre-Demerger		73			428
	(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)
		Three Months ended March 31,
			2022		2021
	Net income (loss) in accordance with U.S. GAAP		336		363
	Adjustments to conform with EU-IFRS:
	Development costs		(7	)	(11	)
	Other adjustments(1)		(52	)	(31	)
	Tax impact on adjustments and other income tax differences		11		10
	Total adjustments		(48	)	(32	)
	Profit (loss) in accordance with EU-IFRS		288		331
	(1)  This item also includes the different accounting impacts from the modifications of a healthcare plan in the U.S.

Total Equity reconciliation U.S. GAAP to EU-IFRS
($ million)
		March 31, 2022			December 31, 2021
	Total Equity under U.S. GAAP		5,609			6,808
	Adjustments to conform with EU-IFRS:
	Development costs		783			2,058
	Other adjustments		41			28
	Tax impact on adjustments and other income tax differences		(175	)		(468	)
	Total adjustments		649			1,618
	Total Equity under EU-IFRS		6,258			8,426

14

PRESS RELEASE

Other Supplemental Financial Information

(Unaudited)

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:

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	Average		At March 31,		At December 31, 2021		Average		At March 31,
Euro		0.892		0.901		0.883		0.830		0.853
Pound sterling		0.746		0.762		0.742		0.725		0.727
Swiss franc		0.924		0.925		0.912		0.906		0.944
Polish zloty		4.121		4.192		4.059		3.773		3.967
Brazilian real		5.233		4.775		5.571		5.477		5.749
Canadian dollar		1.267		1.252		1.271		1.266		1.261
Turkish lira		13.972		14.667		13.450		7.400		8.294

Condensed Consolidated Income Statement for the three months ended March 31, 2022 and 2021

(Unaudited, EU-IFRS)

	Three Months Ended March 31,
($ million)	2022			2021
Net revenues		4,637			4,086
Cost of sales		3,609			3,159
Selling, general and administrative costs		358			309
Research and development costs		193			144
Result from investments:
Share of the profit/(loss) of investees accounted for using the equity method		22			26
Restructuring costs		2			1
Other income/(expenses)		(9	)		(13	)
Financial income/(expenses)		(52	)		(49	)
PROFIT/(LOSS) BEFORE TAXES		436			437
Income tax (expense) benefit		(148	)		(106	)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		288			331
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX		-			82
PROFIT/(LOSS) FOR THE PERIOD		288			413
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS ATTRIBUTABLE TO:
Owners of the parent		285			328
Non-controlling interests		3			3
(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE		0.21			0.29
Basic earnings/(loss) per common share from continuing operations		0.21			0.24
DILUTED EARNINGS/(LOSS) PER COMMON SHARE		0.21			0.29
Diluted earnings/(loss) per common share from continuing operations		0.21			0.24

Notes:

(*) The 2021 data have been re-presented following the classification of the Iveco Group Business as Discontinued Operations for the quarter ended March 31, 2021, as requested by the IFRS 5 - Non-current assets held for sale and discontinued operations.

15

PRESS RELEASE

Condensed Consolidated Statement of Financial Position as of March 31, 2022 and December 31, 2021

(Unaudited, EU-IFRS)

($ million)	March 31, 2022		December 31, 2021
ASSETS
Intangible assets		5,129		5,159
Property, plant and equipment and Leased assets		3,356		3,435
Inventories		5,456		4,228
Receivables from financing activities		16,442		15,443
Cash and cash equivalents		4,061		5,845
Other receivables and assets		2,828		2,535
Assets held for distribution(*)		-		14,477
TOTAL ASSETS		37,272		51,122
EQUITY AND LIABILITIES
Issued capital and reserves attributable to owners of the parent		6,251		8,393
Non-controlling interests		7		33
Total Equity		6,258		8,426
Debt		21,648		21,689
Other payables and liabilities		9,366		9,148
Liabilities held for distribution(*)		-		11,859
Total Liabilities		31,014		42,696
TOTAL EQUITY AND LIABILITIES		37,272		51,122

Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2022 and 2021

(Unaudited, EU-IFRS)

($ million)	March 31, 2022			March 31, 2021
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR		5,845			9,629
Profit/(loss) from Continuing Operations		288			331
Adjustment to reconcile profit/(loss) from Continuing Operation to cash flows from/(used in) operating activities from Continuing Operations		(1,132	)		(26	)
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS		(844	)		305
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			(230	)
TOTAL		(844	)		75
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS		(1,081	)		(386	)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			500
TOTAL		(1,081	)		114
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS		125			(1,233	)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS		-			(366	)
TOTAL		125			(1,599	)
Translation exchange differences		16			(252	)
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS		(1,784	)		(1,662	)
Less: CASH AND EQUIVALENTS AT END OF THE PERIOD – INCLUDED WITHIN ASSETS HELD FOR DISTRUBUTION AT THE END OF THE PERIOD		-			529
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD		4,061			7,438

16

EX-99.2

Q1 2022 RESULTS REVIEW MAY 3, 2022 Ex EE Exhibit 99.2

Safe Harbor Statement and Disclosures All statements other than statements of historical fact contained in this earning release, including 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. Forward looking statements also include statements regarding the future performance of CNH Industrial and its subsidiaries on a standalone basis. 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, including any assumptions regarding strategic plans, 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 continued uncertainties related to 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; supply chain disruptions, including delays caused by mandated shutdowns, industry capacity constraints, material availability, and global logistics delays and constraints; 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 the war in the Ukraine and by COVID-19; 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 equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH Industrial and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including other pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing. 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. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH Industrial’s control. CNH Industrial expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH Industrial, 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.

First Quarter 2022 Highlights Net sales up 13%, positive pricing and negative FX Continued supply chain/logistic challenges Plant inventories and seasonal buildup of finished goods drove negative FCF Ongoing support for Ukrainian dealers and customers Halted Russia imports and production Guidance for the year unchanged

$426M adj. EBIT1 12.6% adj. EBIT margin1 $3.4B net sales 1Q22 13% change net sales (@CC)* AGRICULTURE Cost offset by pricing Gross margin at 24.1%, up YoY and sequentially Increased R&D sustaining digital investments Take rates on Precision Ag continue to increase Order books up almost 40% YoY for tractors and combines New Holland introduced new T6 Methane Power tractor in US (*) @CC means at constant currency (1) Non-GAAP measures (definition and reconciliation in appendix)

$32M adj. EBIT1 4.0% adj. EBIT margin1 $803M net sales 1Q22 23% change net sales (@CC*) Construction Most profitable first quarter in more than a decade Market share increase in North America Order book up YoY for Heavy and Light and in all regions Case Construction celebrates 180th anniversary (*) @CC means at constant currency (1) Non-GAAP measures (definition and reconciliation in appendix)

Precision Technology Update DIGITAL SERVICES AUTOMATION AUTONOMY In the last year we have unlocked significant value for customers In the last year we have unlocked significant value for customers

STRATEGIC PRIORITIES | IN FOCUS OPERATIONAL EXCELLENCE BRAND AND DEALER STRENGTH CUSTOMER INSPIRED INNOVATION

First Quarter 2022 | Financial Highlights INDUSTRIAL ACTIVITIES | Q1 2022 CONSOLIDATED | Q1 2022 +13% +60 bps +9% +$0.02 -$1.1B Industrial Activities Consolidated 3,694 429 4,180 393 (1,059) (13) $0.26 $0.28 $10.5B $9.4B 21.6% 22.2% ($mn) -1,046 (*) Non-GAAP measures (definition and reconciliation in appendix) Note: all figures for 2021 in this presentation refer to continuing operations

FIRST QUARTER 2022 | INDUSTRIAL ACTIVITIES ADJ. EBIT(*) WALK (*) Non-GAAP measures (definition and reconciliation in appendix) Note: Numbers may not add due to rounding Q1 2021 Volume & Mix Pricing Net Product Cost SG&A R&D FX | Other Unallocated, Elim & Other Q1 2022 Ag CE 10.3% 10.6% 90 29 343 74 (323) (78) (29) (8) (56) (1) 2 (9) Ag 24.1% 12.6% CE 13.3% 4.0% Gross Margin Adj. EBIT Margin By Segment +0.8 p.p. (1.0) p.p. (0.5) p.p. +0.2 p.p. Note: p.p. change vs. Q1 2021 ($mn)

($mn) Q1 2022 Q1 2021 Full year 2021 | financial services Delinquencies on Book (>30 Days) Profitability Ratios Managed Portfolio(*) & Retail Originations(*) Net Income Gross Margin / Average Assets on Book ROA(**) (**) RoA defined as: EBIT / average managed assets annualized (*) Including unconsolidated JVs $19.5bn $20.8bn March 31, 2021 Retail Wholesale Operating Lease Q1 ’22 retail originations at $2.1bn, up $0.1bn compared to March 31, 2021 Managed portfolio(*) at $20.8bn, up $1.3bn compared to March 31, 2021 (up $1.0bn on a constant currency basis) March 31, 2022

FIRST QUARTER 2022 | INDUSTRIAL ACTIVITIES CHANGE IN NET CASH (DEBT)(*) Change in Working Capital TRADE RECEIVABLES INVENTORIES TRADE PAYABLES OTHER CHG IN WORKING CAPITAL Q1 2022 Q1 2021 Cash inflow Cash outflow (1.296) ($mn) Industrial Net (Debt) / Cash and Free Cash Flow Net (Debt) / Cash IA ($bn) Free Cash Flow IA ($bn) (2.1) (1.1) ($mn) Dec 31, 2021 IA | ADJ EBITDA CASH INTEREST AND TAXES CHANGE IN WORKING CAPITAL CHANGE IN PROVISIONS & OTHERS PP&E CAPEX OTHER CHANGES DIVIDENDS & EQUITY CHANGES FX & OTHER Mar 31, 2022 Shares BB (20) Dividends (1) Free cash flow(*) of Industrial Activities (1,059) (*) Non-GAAP measures (definition and reconciliation in appendix) Note: Numbers may not add due to rounding

CAPITAL ALLOCATION PRIORITIES Support growth and ensure shareholder returns, while maintaining a strong balance sheet ORGANIC GROWTH Capex at $53m up 47% from Q1 2021, R&D up 39% major increase in digital CREDIT RATING Obtained Moody’s upgrade in February and Fitch in January GROSS DEBT Gross Debt stable in Q1, cash absorption funded with liquidity buffer SHAREHOLDER RETURNS Started share buy back program, largest dividend ever (to be paid May 4, 2022) INORGANIC GROWTH Progressing with Raven non-AG business divestiture and scouting for opportunities

FULL YEAR 2022 ESTIMATES | INDUSTRY UNIT PERFORMANCE VS. FY’21 NORTH AMERICA EUROPE REST OF EMEA SOUTH AMERICA APAC 0-140 HP Tractors Flat Flat – 5% ~(10%) Flat – 5% (5%) – Flat 140+ Large Tractors ~15% Combines 10% Flat – 5% ~(40%) Flat – 5% Flat – 5% Light Flat – 5% (5%) – Flat ~(15%) ~10 - 15% (10%) – (5%) Heavy Flat – 5% (5%) – Flat (15%) – (10%) ~10% ~(10%) Note: Updated geographic regions disclosed in appendix geographic information slide

FY 2022E | GUIDANCE (*) Net Sales outlook reflecting €/$ at 1.15 INDUSTRIAL ACTIVITIES INDUSTRIAL ACTIVITIES Net Sales(*) 10-14% Confirmed SG&A ≤ 7.5% Confirmed Free Cash Flow > $1.0B Confirmed R&D ~ $1.4B Confirmed CapEx

2022 | FOCUS AND PRIORITIES Persistent supply chain and inflation challenges Labor negotiations ongoing; majority of operations unaffected Order books remain strong, sentiment above historical trend Inventory management a top priority, ours and our dealers Raven penetration / Precision Ag investment accelerating Model Year 2023 product introductions

APPENDIX

First Quarter 2022 | UNIT PERFORMANCE VS. Q1 2021 NORTH AMERICA EUROPE REST OF EMEA SOUTH AMERICA APAC 0-140 HP Tractors (8%) (2%) (14%) 11% (14%) 140+ Large Tractors 9% Combines (22%) 13% ~Flat (9%) 10% Light 1% 5% 11% 25% (32%) Heavy 15% 5% 26% 33% (35%) TRACTORS COMBINES LIGHT Heavy COMPANY INVENTORY DEALER INVENTORY RETAIL PRODUCTION Up 1.4x Order Book* Up 1.2x Order Book* Up 1.8x Order Book* Up 2.1x Order Book* Industry Company * YoY change for orders to be built as of end of March 2022

First Quarter 2022 | Financial Summary (*) @CC means at constant currency (1) Non-GAAP measures (definition and reconciliation in appendix) Note: Numbers may not add due to rounding Q1 2022   Q1 2021   Δ U.S. GAAP           Revenues ($mn) 4,645 4,096   13% Net Sales | Industrial Activities ($mn) 4,180 3,694   13% Net Income ($mn) 336 363   (27) Diluted EPS ($) 0.24 0.27   (0.03)   Non – GAAP (1) Net Sales | Industrial Activities @CC(*) ($mn) 4,234 3,694   15% Adjusted EBIT | Industrial Activities ($mn) 429 393   9% Adjusted EBIT Margin | Industrial Activities (%) 10.3% 10.6%   (30) bps Adjusted income (loss) before income tax benefit (expense) and equity in income of unconsolidated subsidiaries and affiliates 495 432   15% Adjusted Effective Tax Rate 28% 25%   3 pp Adjusted Net Income ($mn) 378 352   26 Adjusted net income attributable to CNH Industrial N.V. 375 349   26 Weighted average shares outstanding – diluted (million) 1,362 1,359   0.1% Adjusted Diluted EPS ($) 0.28 0.26   0.02 Free Cash Flow | Industrial Activities ($bn) (1,059) (13)   (1,046)             Mar 31, 2022   Dec 3, 2021   Δ Net Industrial Cash (Debt) ($bn) (2.1)   (1.1)   (85%) Available Liquidity ($bn) 9.4   10.5   (11%)

First Quarter 2022 | Industrial activities net sales AG CE Industrial Activities (1) $3,377mn $803mn $4,180mn +11% +13% @CC +22% +23% @CC +13% +15% @CC By Region As reported By Region As reported By Region As reported By Product As reported By Product As reported By Segment As reported (1) Net Sales | Excluding Other Activities, Unallocated Items and Adjustment & Eliminations Note: % change y-y and @CC means at constant currency Q1 2021 Q1 2022 Ag Industrial Activities (1) CE

First Quarter 2022 | Financials by segment Note: Adj EBIT and Adj EBIT Margin % are Non-GAAP measures (definition and reconciliation in appendix) REVENUES ($mn) GROSS PROFIT ($mn) Adj. EBIT ($mn) Adj. EBIT Margin % Q1 22 Q1 21 Q1 22 Q1 21 Q1 22 Q1 21 Q1 22 Q1 21 AG 3,377 3,038 814 709 426 399 12.6% 13.1% CE 803 656 107 94 32 25 4.0% 3.8% E&O - - 8 (5) (29) (31)     IA 4,180 3,694   929 798 429 393 10.3% 10.6% FS 466 397   161 135 E&O (1) 5   - - Total 4,645 4,096   1,090 933

First Quarter 2022 | Net Sales and Adj EBIT Breakdown (1) Adj EBIT is a Non-GAAP measures (definition and reconciliation in appendix) (*) Raven included in Others Note: Numbers may not add due to rounding Net Sales Split IA | Adj. EBIT Walk Q1 22 Q1 21 Q1 22 Q1 21 NA 1,176 1,058 NA 394 280 EMEA 1,195 1,267 EMEA 202 171 SA 692 398 SA 133 89 APAC 314 315 APAC 74 116 Tractors 56% 56% Heavy 37% 46% Combines 21% 21% Light 57% 49% Others* 23% 23% Others 6% 5% Ag CE Adj. EBIT(1) Q1 21 VOL & MIX PRICING NET PROD COST SG&A R&D FX | OTHER UNALLOCATED, ELIM & OTHER Adj. EBIT(1) Q1 22 IA 393 119 417 (401) (37) (57) (7) 2 429 AG 399 90 343 (323) (29) (56) 2   426 CE 25 29 74 (78) (8) (1) (9)   32 ($mn)

First Quarter 2022 | capex and r&d Q1 Q1 2022 2021 Investments in property, plant and equipment, and intangible assets ($mn) 53 36 Breakdown by Category     NEW PRODUCT & TECHNOLOGY 29% 49% MAINTENANCE & OTHER 47% 17% INDUSTRIAL CAPACITY EXPANSION & LT INVESTMENTS 24% 34% Breakdown by Segment     AGRICULTURE 89% 85% CONSTRUCTION 11% 15%       Research and Development ($mn) 184 132       Detail of spending (Capex + R&D) in new products ($mn) 135 95 Breakdown by Trend     DIGITAL 35% 21% ELECTRIC VEHICLES and CNG-LNG 4% 2% OTHER NEW PROGRAM 61% 77%

Debt maturity schedule | breakdown ($bn) Outstanding Mar 31, 2022 9M 2022 2023 2024 2025 2026 Beyond 2.6 Bank Debt 1.3 0.5 0.4 0.2 0.1 0.1 9.8 Capital Market 1.2 2.2 2.0 0.9 1.7 1.9 0.2 Other Debt 0.2 0.2 0.0 0.0 0.0 0.0 12.5 Cash Portion of Debt Maturities 2.6 2.7 2.4 1.0 1.8 2.0 of which Industrial Activities 0.2 1.0 0.8 0.8 0.6 1.8 of which Financial Services 2.5 1.7 1.5 0.2 1.3 0.2 4.1 Cash & Cash Equivalents 0.8 of which restricted cash 0.2 Net Receivables/(Payables) with Iveco Group N.V. 5.1 Undrawn Committed credit lines 9.4 Total Available Liquidity Note: Numbers may not add due to rounding

Reconciliations

Reconciliation of Net Income (Loss) to Adj. EBIT by Segment (US GAAP) Q1 2022 AG CE Unallocated Items, Elim. & Other Industrial Activities Consolidated Net income 336 Less: Consolidated Income tax (expense) benefit (159) Consolidated Income before taxes 495 Less: Financial Services Financial Services Net income 82 Financial Services Income taxes 36 Add back of the following Industrial Activities items: Interest expenses, net of interest income and eliminations 35 Foreign exchange (gains) losses, net 13 Finance and non-service component of Pension and other post-employment benefit costs (1) (38) Adjustments for the following Industrial Activities items: Restructuring expenses 2 - - 2 Other discrete items (2) - - 40 40 Adjusted EBIT of Industrial Activities 426 32 (29) 429 (1)  In the three months ended March 31, 2022, this item includes the pre-tax gain of $30 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the 2018 modification of a healthcare plan in the U.S. and a pre-tax gain of $6 million as a result of the amortization over 4 years of the $101 million positive impact from 2021 modifications of a healthcare plan in the U.S.  (2)  In the three months ended March 31, 2022, this item included $44 million of asset write-downs, $3.8 million of separation costs incurred in connection with our spin-off of the Iveco Group Business and $7.8 million of income from the two Raven businesses that are held for sale.  ($mn)

Reconciliation of Net Income (Loss) to Adj. EBIT by Segment (US GAAP) Q1 2021 AG CE Unallocated Items, Elim. & Other Industrial Activities Consolidated Net income (loss) 425 Less:  Consolidated Net Income (loss) of Discontinued Operations Consolidated Net Income (loss) of Discontinued Operations 62 Consolidated Net Income (loss) of Continuing Operations 363 Less: Consolidated Income tax (expense) benefit (116) Consolidated Income (loss) before taxes (continuing operations) 479 Less: Financial Services Financial Services Net income 78 Financial Services Income taxes 26 Add back of the following Industrial Activities items: Interest expenses, net of interest income and eliminations 40 Foreign exchange (gains) losses, net 11 Finance and non-service component of Pension and other post-employment benefit costs (1) (34) Adjustments for the following Industrial Activities items: Restructuring expenses 2 (1) - 1 Other discrete items - - - - Adjusted EBIT of Industrial Activities 399 25 (31) 393 (1)  In the three months ended March 31, 2021, this item includes the pre-tax gain of $30 million as a result of the 2018 modification. ($mn)

Consolidated Industrial Activities Financial Services ($mn) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Third party debt (21,335) (20,897) (5,228) (5,335) (16,107) (15,562) Intersegment notes payable - - (344) (150) (415) (181) Payable to Iveco Group N.V.(4) (47) (3,986) (4) (3,764) (43) (222) Total (Debt) (1) (21,382) (24,883) (5,576) (9,249) (16,565) (15,965) Cash and cash equivalents 3,219 5,044 2,698 4,386 521 658 Restricted cash 842 801 157 128 685 673 Intersegment notes receivable - - 415 181 344 150 Receivables from Iveco Group N.V.(4) 297 3,484 241 3,430 56 54 Other current financial assets(2) 1 1 1 1 - - Derivatives hedging debt (22) (3) (22) (3) - - Net Cash (Debt) (3) (17,045) (15,556) (2,086) (1,126) (14,959) (14,430) (1) Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $344 million and $150 million as of March 31, 2022 and December 31, 2021, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $415 million and $181 million as of March 31, 2022 and December 31, 2021, 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 $(71) million and $(31) million as of March 31, 2022 and December 31, 2021, respectively. (4) For December 31, 2021, this item is shown net on the CNH Industrial balance sheet.  Reconciliation of Total Debt to Net Debt (US GAAP)

First QUARTER 2022 March 31, 2022 December 31, 2021 Cash and cash equivalent 3,219 5,044 Restricted cash 842 801 Undrawn committed facilities 5,087 5,177 Receivables from Iveco Group N.V. 297 3,484 Payables to Iveco Group N.V. (47) (3,986) Other current financial assets(1) 1 1 Available liquidity 9,399 10,521 (1) This item includes short-term deposits and investments towards high-credit rating counterparties ($mn) Reconciliation of Cash and cash equivalents to Available liquidity under U.S.-GAAP

Q1 2022 Q1 2021 Net cash provided by (used in) Operating Activities (887) 241 Less: Cash flows from Operating Activities of Financial Services net of eliminations (96) (176) Change in derivatives hedging debt of Industrial Activities and other (18) (12) Investments in assets sold under buy-back commitments and operating lease assets of Industrial Activities (2) (3) Operating cash flow of Industrial Activities (1,003) (50) Investments in property, plant and equipment, and intangible assets of Industrial Activities (53) (36) Other changes (1) (3) (27) Free cash flow of Industrial Activities (1,059) (13) (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments ($mn) First QUARTER 2022 Reconciliation of Net cash provided by (used in) Operating Activities to Free cash flow of Industrial Activities under U.S. GAAP

($mn) Q1 2022   Q1 2022   Net income (loss) 336 363 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) 21 (21) Adjustments impacting Income tax (expense) benefit (b) 21 10 Adjusted net income (loss) 378 352 Adjusted net income (loss) attributable to CNH Industrial N.V. 375 349 Weighted average shares outstanding – diluted (million) 1,362 1,359 Adjusted diluted EPS ($) 0.28 0.26 Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 474 453 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) 21 (21) Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A) 495 432 Income tax (expense) benefit (159) (116) Adjustments impacting Income tax (expense) benefit (b) 21 10 Adjusted income tax (expense) benefit (B) (138) (106) Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) 28% 25% First QUARTER 2022 Reconciliation of Adj. net income and Adj. income tax (expense) benefit to Net Income (loss) and Income tax (expense) benefit and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP

($mn) Q1 2022 Q1 2021 (a)  Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates Restructuring expenses 2 1 Loss on repurchase of notes - 8 Pre-tax gain related to the 2008 modification of a healthcare plan in the U.S. (30) (30) Pre-tax gain related to the 2021 modifications of a healthcare plan in the U.S. (6) - Asset write-down: Industrial Activities, Russia Operations 44 - Asset write-down: Financial Services, Russia Operations 15 Spin-off costs 4 Raven income from segments held for sale (8) Total  21 (21) (b) Adjustments impacting Income tax (expense) benefit Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates(1) 22 7 Other (1) 3 Total 21 10 First QUARTER 2022 Reconciliation of Adj. net income and Adj. income tax (expense) benefit to Net Income (loss) and Income tax (expense) benefit and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP (1) Includes $12 million of increase to the valuation allowances on historical deferred tax assets as a result of the suspension of operations in Russia.

Geographic information The composition of our regions part of the geographic information is as follow: North America: United States, Canada, Mexico and Puerto Rico, previously included in South America Europe, Middle East, and Africa (previously Europe): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, Balkans, Russia, Turkey, the African continent, and the Middle East, previously included in Rest of World; South America: Central and South America, and the Caribbean Islands; and Asia Pacific (previously Rest of World): Continental Asia, Oceania and member countries of the Commonwealth of Independent States. 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. 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’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. Adjusted Gross Profit Margin of Industrial Activities: is computed by dividing Net sales less Cost of goods sold, as adjusted by non-recurring items, by Net sales. Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (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 Cash (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 Cash (Debt) 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 medium-term unsecured committed facilities, net receivables/payables with Iveco Group N.V. and other current financial assets (primarily current securities, short-term deposits and investments in instruments of 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.

INVESTOR RELATIONS CONTACT Noah Weiss | Head of Investor Relations +1.773.896.5242 | noah.weiss@cnhind.com

EX-99.3

Exhibit 99.3     Corporate Communications  

CNH Industrial: periodic report on the buy-back program

London, May 2, 2022

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces that, under the common share buy-back program currently in place, the Company has completed the transaction reported in aggregate based on automatic orders placed with the Company’s broker (who has made its trading decisions as to the timing of the purchases independently of the Company) as follows:

Date	Number of common shares purchased	Average price per share including fees (€)	Consideration excluding fees (€)	Consideration (*) excluding fees ($)
April 27, 2022	61,455	12.9632	796,653.46	843,098.36

^(*)  All translations determined from Euro to US Dollar at the exchange rate reported by the European Central Bank on the date of each purchase.

As of May 1, 2022, the Company held 9,882,327 common shares, net of the common shares already delivered to fulfill its obligations arising from equity incentive plans.

Details of the transaction described in the table above, including the regulated markets where the purchases were made, are available on the Company’s corporate website under the Buyback Programs section at the following address: bit.ly/CNHI_Buyback

CNH Industrial N.V.

25 St James’s Street

London, SW1A 1HA

United Kingdom    

CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its five core Brands: Case IH, New Holland Agriculture and STEYR, supplying 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment delivering a full lineup of construction products that make the industry more productive. Across a history spanning over two centuries, CNH Industrial has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH Industrial’s 35,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.

For more information and the latest financial and sustainability reports visit: cnhindustrial.com

For news from CNH Industrial and its Brands visit: media.cnhindustrial.com

Contacts:

Media Relations

Email: mediarelations@cnhind.com

Investor Relations

Email: investor.relations@cnhind.com

EX-99.4

Exhibit 99.4     Corporate Communications  

CNH Industrial completes divestiture of Raven Engineered Films Division

The Company has concluded its planned repositioning of a business division deriving from its acquisition of Raven Industries with sale to Industrial Opportunity Partners.

London, April 29, 2022

CNH Industrial (NYSE: CNHI / MI: CNHI) announces that it has completed the sale of the Raven Engineered Films Division (EFD) to Industrial Opportunity Partners (IOP), an operations-focused private equity firm based in Evanston, Illinois, USA, for a purchase price of $350 million subject to customary closing adjustments.

The Raven EFD business, based in Sioux Falls, South Dakota, is a leading provider of highly-engineered polymer films and sheeting for agriculture, construction, geomembrane, and industrial applications. The business’s products are designed for critical applications and promote sustainability by protecting the Earth’s resources.

Goldman Sachs and Barclays acted as financial advisors to CNH Industrial and Wachtell, Lipton, Rosen & Katz acted as legal advisor to CNH Industrial.

CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its five core Brands: Case IH, New Holland Agriculture and STEYR, supplying 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment delivering a full lineup of construction products that make the industry more productive. Across a history spanning over two centuries, CNH Industrial has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH Industrial’s 37,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.

For more information and the latest financial and sustainability reports visit: cnhindustrial.com

For news from CNH Industrial and its Brands visit: media.cnhindustrial.com

Contacts:

Media Relations

Email: mediarelations@cnhind.com

Investor Relations

Email: investor.relations@cnhind.com

CNH Industrial N.V.

25 St. James’s Street

London, SW1A 1HA

United Kingdom