AGCO (AGCO) Citi's Global Industrial Tech & Mobility Conference 2026 summary

Business transformation and portfolio focus

• Shifted to a pure-play equipment and technology company, divesting grain and protein business in 2024.

• Three major brands: Fendt (premium), Massey Ferguson, and Valtra, plus the PTx technology stack.

• Achieved 7.7% margin in a down cycle, nearly double 2016 levels, with a goal of 14%-15% operating margins at mid-cycle.

Precision ag and PTx strategy

• PTx portfolio emphasizes retrofit, mixed-fleet solutions, and a unique dual-channel distribution model.

• Integration of Trimble JV progressing well, with strong culture retention and accelerated product innovation (14 new products launched last year).

• Elite Dealer network expanded from 40 to over 70 in 2025, targeting 50% growth this year, though full portfolio adoption is slower due to market conditions.

• PTx revenues were $860M last year, expected flat to modestly up, with retrofit channel growing despite industry headwinds.

Digital platforms and FarmENGAGE

• FarmENGAGE platform, rolling out on 2026 models, enables seamless mixed-fleet data management and task planning.

• Phase three will enhance user interface, efficiency, and expand services, integrating legacy and new systems.