Damon: with achieving free cash flow in the targeted range of 75% to 100% of adjusted net income for the full year. Our approach to capital allocation remains disciplined and consistent, prioritizing reinvestment in the business, maintaining an investment-grade balance sheet, pursuing targeted acquisitions that accelerate technology adoption, and returning capital to shareholders. This framework continues to guide both our decision-making and the sequencing of capital deployments. As part of this approach, today we announced that we are evolving our longstanding Agco Finance U.S. and Canadian joint ventures to better align with increasing regulatory and compliance requirements while enhancing capital efficiency. On April 30th, the company executed various agreements with wholly owned subsidiaries of Rabobank to sell AGCO's 49% equity interest in its U.S. and Canadian joint ventures for approximately $190 million while establishing new financing framework agreements that are intended to strengthen the strategic and commercial benefits of these partnerships. AGCO Finance remains the predominant financing partner for AGCO and our customers. This structural evolution strengthens AGCO's farmer-first strategy by ensuring continued access to competitive finance offerings. These actions optimize regulatory capital deployment, strengthen our commitment to providing competitive financing solutions to our farmers and dealers, and bolster our financial flexibility. The proceeds from these transactions are incremental to free cash flow and are being used to support capital returns to shareholders. Building on both our record-free cash flow generation in 2025 and these proceeds, ADCO has increased our capacity to return capital to shareholders. We continue to execute share repurchases under our $1 billion authorization. Following the initial $300 million announcement in October last year, we are initiating an additional $350 million in repurchases during the second quarter of 2026. In addition, Board of Directors also improved an increase in our regular quarterly dividend to 30 cents per share, up from 29 cents. At this rate, annualized dividends would total $1.20 per common share. Collectively, these actions demonstrate a continued focus on disciplined capital deployment, balancing enhancing near-term shareholder returns with long-term financial flexibility. Turning to slide 12. which summarizes our 2026 market outlook across our three major regions. Global agricultural markets entered 2026 reflecting conservative purchasing behavior shaped by high borrowing costs, extended margin compression, and evolving policy and trade dynamics. Recently, geopolitical developments have contributed to higher fertilizer and fuel costs, reinforcing cautious behaviors across the industry. Current conditions point to a gradual and uneven recovery rather than a near-term rebound. We are maintaining our forecast for North America and Western Europe and adjusting our Latin American forecast from flat to down modestly in 2026. In North America, farm income dynamics and increased input costs continue to shape demand, particularly for large equipment. Dealer activity continues to focus on managing used inventories and limiting new commitments, which is weighing on large tractors and combine purchases. Higher fertilizer and diesel costs tied to recent geopolitical developments have added to grower caution heading into the planting season, further limiting discretionary capital spending. Smaller equipment continues to demonstrate relatively stable demand compared to large ag supported by livestock and hay-related demand. While performance has improved year over year, Early year activity has been more modest than anticipated amid recent macro events, reinforcing our views that upside remains limited for the remainder of the year. Overall, we expect the North American large ag equipment market to be down around 15% below 2025 levels, with the small ag segment modestly higher. In Western Europe, near-term demand has demonstrated select areas of strength. At the same time, Confidence remains fragile. Farmer profitability challenges, increased input costs, evolving regulatory uncertainty, and prudent capital spending behavior continue to weigh on sentiment. Recent geopolitical developments, including the development in the Middle East, have added to this environment, particularly around energy costs, despite near-term demand strengths. Subsidy frameworks and relatively favorable interest rate dynamics continue to provide a stabilizing foundation for the region. Taken together, we still expect Western Europe to be up modestly in 2026. In Brazil and broader Latin American region, interest rates and tighter credit conditions continue to influence purchasing patterns, particularly for large machinery. Increasing input costs and financing dynamics are guiding investment decisions, contributing to equipment demand variability. Brazilian retail tractor volumes in 26 are now projected modestly below 2025 levels, but with long-term fundamentals remaining relatively constructive. Overall, the agricultural equipment cycle in 26 reflects discipline, selective purchasing, and delayed replacement activity. As financing conditions normalize, input cost pressures moderate and grain prices improve, aging fleet and structural foundations supporting recovery remain in place, with regional timing varying by market and segment. Slide 13 highlights the key elements underlying our full-year 2026 outlook. Global industry demand in 2026 is now positioned in line with prior year levels, operating at approximately 86% of mid-cycle demand, consistent with the stabilization phase of the cycle. Our sales plan reflects continued market share gains, pricing in the range of 2% to 3%, and roughly a 3% foreign currency benefit. While pricing helps moderate the impact of material inflation and tariff-related costs, the incremental increases in these pressures from events in the first quarter will now more than offset pricing actions, resulting in margin dilution and lower profitability in 2026. Inventory management remains a priority in 2026. particularly in North America and Latin America, supporting our ongoing dealer inventory alignment and a balanced demand-driven go-to-market approach. Our outlook reflects the current tariff environment and our established mitigation actions, including cost initiatives and pricing. Since the fourth quarter earnings call, the tariff environment has evolved with the Supreme Court ruling related to IEPA tariffs, as well as new guidance on the calculation methodology related to Section 232 tariffs. We now expect tariff costs of approximately $135 million in 2026, which is around a $90 million increase from 2025, and $25 million higher than our previous estimate. These estimates could change as things evolve during the year. Our adjusted operating margin and earnings per share outlook do not assume any refunds related to the IEPA tariff. We are currently evaluating the impact to our business, and the ultimate timing and amount of any potential refunds remain uncertain. We are prepared to adjust our outlook should tariff or trade policy conditions change. Engineering expense is planned at around 5% of sales in 2026, representing an increase of nearly $40 million year over year, supporting innovation across the portfolio while maintaining investment discipline. Operational efficiency initiatives are increasing, and we now expect them to deliver approximately $60 to $70 million of benefit in 2026, up from $40 to $60 million, reinforcing our ongoing transformation progress. Production hours in 2026 are expected to be flat to slightly down compared to 2025, with a measured step down as the year progresses to support inventory normalization and demand alignment. Based on these assumptions, adjusted operating margin is still targeted in the range of 7.5% to 8%, reflecting structural portfolio improvements and cost actions, partially offset by price cost pressures, increased tariff costs, as well as increased freight costs. Finally, although our effective tax rate was 24% in the first quarter, we still expect our effective tax rate for 2026 to be in the range of 31% to 33%. Turning to slide 14 for our 2026 outlook, we have modestly tightened our full-year net sales outlook to $10.5 billion to $10.7 billion, reflecting improved performance in certain regions, slightly higher foreign exchange effects, and continued execution, partially offset by ongoing market volatility. Adjusted earnings per share are targeted at approximately $6, supported by continued strong cost discipline and execution consistency. This revised outlook reflects our strong first quarter performance, along with the incremental tariff costs and other cost headwinds I mentioned previously. The current earnings per share outlook also assumes approximately 15 cents per share benefit associated with the share repurchase announced today. Capital expenditures are planned at around $350 million, positioning the company for future demand while preserving investment discipline. Free cash flow conversion remains targeted at 75% to 100% of adjusted net income supported by strong working capital management and ongoing inventory efficiency. Second quarter net sales are targeted between 2.7 and 2.8 billion. Second quarter earnings per share are targeted between $1.35 and $1.40, reflecting the alignment of production with demand, cost execution, and timing of efficiency initiatives. The second quarter EPS target excludes any impact from the potential IEPA tariff refunds or the sale of our equity interest in the Agco Finance U.S. and Canadian joint ventures. The Agco Finance transaction in North America will accelerate cash flows from the existing portfolio and result in a second quarter earnings benefit. However, for the full year, we do not expect a meaningful change in the portfolio's earnings contributions. Slide 15 outlines the details for our 2026 Tech Day to be held near Chicago, Illinois. A strategic business update will be held on October 6th, followed by a live field demonstration of our precision agricultural stock and farmer core initiative on October 7th. We look forward to hosting you just outside of Chicago. With that, I will turn the call over to the operator to begin the Q&A.
Operator: We will now begin the question and answer session. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. Please limit yourself to one question and one follow-up. The first question is from Jamie Cook with Truist. Please go ahead.
Jamie Cook: Hi, good morning. I guess two questions. Damon, just unpacking how we think about, I mean, we had losses in North America and in Latin America in the first quarter. Just trying to understand, in particular with like the restatement with Mexico, how do we think about, you know, the full year potential loss in cadence, I guess, of earnings throughout the year, I guess would be my first question. And then my second question, can you just dig a little deeper on, you know, some of the pricing commentary that you refer to, like by region? You know what I mean? I guess I was impressed that we actually held the 2% to 3% price increase. Thanks.
Damon: Good morning, Jamie. So I think if we look at the cadence here with the incremental tariff costs that we alluded to in the scripted remarks earlier, We're going to see North America sort of stay at this sort of the mid-teens margin loss for the balance of the year here. Despite the solid pricing, that incremental $25 million is going to really be concentrated in North America, as you would expect. It'll fluctuate a little bit in the quarters with volume here, but generally you're looking at sort of the earnings kind of in that negative 10%, negative 12% for the full year. South America, we had a challenging first quarter, or Latin America, excuse me, we had a challenging first quarter. We see that sort of rolling into the second quarter here with a slight break even, a slight loss likely in Q2. And then as we hopefully see the industry recover, we've talked about the election year, some of the incentives as we get to the FENAMI funding in the middle of the year, we see that turning positive. I think net for the full year, when you look at the first half headwinds, Second half opportunities, probably closer to a break-even business for Latin America as we look at the full year. I think, Jamie, on the second question on pricing, again, we did reaffirm the 2% to 3%. When I look at how pricing panned out in the first quarter, overall, I would say total prices company, it was modestly a little bit better than what we had expected. Now, we saw stronger performance in pricing in North America and in Europe, and then we saw significantly weaker pricing in the Latin American region. For total company, again, I still feel good that we're in that 2% to 3% range, but as I look at how things are unfolding so far, I would say it's going to be a little bit stronger coming from North America and Europe and a little bit weaker coming out of the Latin American region, at least to start the year.
Operator: Thank you. The next question is from Kristen Owen with Oppenheimer. Please go ahead.
Kristen Owen: Hi. Good morning. Thank you for the question. Damon, you walked through a lot of puts and takes on the guidance. You know, it's easy to look at it and say, okay, you beat by 50 cents in the first quarter, so we're going to raise the guidance by 50 cents. But it sounds like there's a lot more to it than that. So maybe just help us with the bridge on the updated guidance, what got better, what got worse, and then I have a follow-up on some of the cost-related items.
Damon: Yeah, sure. Sure, Kristen. Okay. So I think if you look at our prior guidance, we were $5.50 to $6, so we'll use the midpoint there. We rolled through the $0.50 beat in the first quarter. I alluded on the call, tariffs are around a $25 million increments of headwinds, so call that around $0.25 of a headwind. Kristen, we tweaked our volumes, our industry outlook for Latin America and and a little bit, I would say, in Eastern Europe, Turkey mainly. So the industry being a little bit softer for the balance of the year, that's around a 20 cent headwind. We have incremental freight costs as we look at diesel fuel, ocean freight charges, other costs that we're seeing given the Middle East conflict. That's around a 20 cent headwind flowing into our cost of goods sold. To offset that, we've included the share repurchase. We've estimated that at around 15 cents of a positive for the full year. And then we've also increased our restructuring savings outlook, which was 40 to 60. We now have that at 60 to 70. So that coupled with a little bit of other cost of goods sold savings opportunities, that's around a 20 cent positive relative to our original outlook. And so when you put those together, you get around $6.
Kristen Owen: Fantastic. Thank you. So the restructuring savings and the 40 to 60 now, 60 to 70, and some of the prepared remarks, you talked about some of the internal initiatives. Can you maybe help us understand how much of that is just an acceleration or maybe a pull forward of the bridge that gets us to 14 to 16% by the end of the decade? Or how much of that is sort of incremental upside that maybe gives you greater confidence in that mid-cycle margin target? Thank you.
Damon: Yeah, so I would say, Kristen, it's probably about 50-50. So we did have some savings that was planned more into the Q3, Q4 timeframe. Given the industry, we've been able to pull, as we did a little bit last year, we pulled some of that ahead. So if you remember on the fourth quarter call, we said we were run rating at around $190 million. I would tell you now after the end of the first quarter, we're run rating just a little bit over $200 million. So part of that was pulling some things ahead. But in this environment, as we leverage technology more, the teams are seeing more opportunities. So there is some incremental long-term savings. So again, for this year, I would say it's kind of split between a pull ahead and an incremental. So that will carry over to some incremental savings as we get into 2027, given the annualization. But generally, I'd say we're run rating a little bit north of 200 now.
Operator: The next question is from Meg Dobro with Baird. Please go ahead.
Peter Kellum: Hey, thanks, guys. This is Peter Kellum carrying on for MIG this morning. Thank you for taking my questions. I guess I have one on Europe here. You know, how confident are you in the relative strength in Europe holding through the remainder of the year? You know, it's my understanding that EU farmers maybe don't preorder their inputs to the same extent as we see in North America. So could you maybe help me understand the dynamics there, what you're seeing in terms of farmer health? And then second part of the question, on margin progression for Europe, I believe previously been a pretty steady mid-teens through the year. Is there any change there that we should be aware of?
Eric Hansodia: Yeah, I'll start off with that answer. So if you think about the crops that are planted in Europe, the biggest crop planted is wheat. And it's often, it's a winter wheat predominantly. So that's planted in the fall. It starts growing over the winter and then it continues to grow in the spring and in the summer and is harvested early summer. So the cycle is a little different than what we think about in North America of most of the planting happening in the spring because of the mix of grains that they put in. So that's one dimension. They still do pre-buy a fair amount, not quite as much as North America, but a fair amount. And so I think it really comes down to how long is this war going to last and how long big of an impact is the increase in cost for fertilizer. Fertilizer is up somewhere between 35 and 50 percent, but it all depends on if that lasts through the rest of the year. Most predictions right now, of course, this is unpredictable, but many folks are using the assumption that this war is not going to last in terms of quarters. It's going to last in terms of several more weeks in terms of cutting off the street. So if that's true, then flow can normalize in time for the next big use of fertilizer in the northern hemisphere, which is more weighted toward the fall.
Damon: Peter, in answer to your second question about the European margins and the cadence, again, Europe continues to be very strong for us if I think about the margins. Generally speaking, likely in the mid-teens for each of the remaining three quarters. A little bit lower here in the second quarter as we'll have some of that incremental engineering expense. Remember, we have a high concentration of engineering expense in Europe. I'd say probably closer to flat to last year's margins. And then picking up modestly here in the back half of the year as we introduce some new products and some of that new product pricing kicks in. But generally speaking, kind of in those mid-teens here for the balance of the year.
Peter Kellum: Awesome. Thank you, guys, for that color. And then quick follow-up here on Latin America products. How many, you know, do you have the pricing in place, you feel, to clear the channel here in the next couple of quarters, or do you think that price will have to come down even further? And I guess tangential to that question, how many quarters of D-stock do you think we have left before inventory can get down to that target level of, you know, call it three-ish months?
Damon: Yeah, I think, you know, Peter, for us, we're We're always looking market-backed from a pricing standpoint and our relative value to the farmers and also relative to the competition. I don't see a significant change in pricing, but again, subject to market conditions, I think we're trying to be much more proactive on our side. We will have inventory. Production will come down probably around 20%. year over year in Q2 as we look to better adjust the production schedule. We made great progress on the dealer inventories this last quarter. I mentioned in my part of the remarks, units were down around 10%. So we are taking the units out. We're reducing the production here. We'll reduce it again another 20%, trying to get closer to that three-month target here, hopefully by the end of the second quarter. But again, remember for us, when we give you the dealer's month of supply, that's a 12-month forward look. So as that industry is changing, either positively or negatively, that 12-month forward calculation can also influence, even though the units may come down. So feel good about what the team is doing in managing a very challenging situation. We know South America is likely the most susceptible to the diesel fuel costs, the fertilizer increases that Eric just alluded to. So the team's doing a good job sort of managing the production schedule to try to keep the retail and production as closely aligned as possible. But at the same time, getting the dealer inventory levels down, but still servicing the demand we're seeing. So a lot of work down there, but we feel good about how the team's managing it.
Eric Hansodia: Maybe one more thing on Brazil. It's a very, very tight presidential race. And last week was AgriShow. there was a lot of talk at AgriShow about favorable terms coming into the market from the government. Unfortunately, there was no detail on what those terms are going to be, but certainly a lot of talk about their coming. And so farmers, I think, to some degree are a bit on hold until they get clarity on what that environment will be. But if you anticipate the chapter we're in right before an election, there's probably going to be something positive for farmers. Just don't have any clarity on it yet.
Operator: The next question is from Steve Volkman with Jefferies. Please go ahead.
Steve Volkman: Hi. Good morning. Thanks for taking my question. I apologize if I missed this, Damon. I think you said that 26 production hours are going to be flat to slightly down, but it sounds like they're going to be down quite a bit in the second quarter, and you obviously reduced inventory in the first. So is the cadence that we're going to have like some big increases in the second half? Just how does that sort of play out?
Damon: Yes, Steve. So we had the big increase here in the first quarter. It was heavily in Europe because of the year over year comparison. It wasn't that we were running in excess. If you remember last year, we had a slow start as we were sort of destocking a little bit in Europe. If I look at Q2 here, you're looking at North America is likely going to be relatively flat to Europe. year over year. The big change will be the South American market will be slowing production there in Q2 and likely in Q3 based on the current industry outlook. But as Eric just alluded to, such a volatile market or uncertain market there. We manage it one quarter at a time, but at least our outlook right now, this flat to down guide assumes more underproduction in the Latin American region, but relatively stable production in Europe and in North America for the balance of the year.
Steve Volkman: Okay, I see. Thanks. And then just anything to call out relative to your view of kind of how precision ag sales kind of flow this year? Is there any upside or downside to your views there?
Damon: I don't think there's any upside or downside. Again, the first quarter was very much in line with our expectations. I think the sales for PTX as a whole were relatively flat year over year. So I think, Steve, when you look at the industry being down here in North America, down into the challenge in South America. The fact that PTX delivered relatively flat sales year over year is a testament to the retrofit market and how well that business is doing. For the full year, we still expect it to be flat to modestly up for the full year.
Operator: The next question is from Joel Jackson with BMO Capital Markets. Please go ahead.
Joel Jackson: Hi, good morning. Thanks for taking my questions. I wonder if you can provide any, like we're talking about traversing the bottom here, things getting better as the year progresses. Do you have any updated views on what you think this cycle will look like in the next year or two as you get back into growth, you know, and maybe compare that to prior cycle things?
Eric Hansodia: Yeah, it's a pretty uncertain environment we're in, but I would say we expect that, you know, you look at what are the drivers of cycles, right? And the primary one I'd look at is the age of the existing fleet in the farm. And in all of our regions, it's at peak levels. So when the farmer looks out into their machine shed, they see old equipment and they see a lot of technology coming into the market. And so there's a draw for replacement demand that's going to happen. And there's other turbochargers that could happen and could boost that. Brazil is putting a lot more of their corn into ethanol. The U.S. ethanol blend may move from 10% to 15%. It may move to year-round. I don't know yet, but that's under a heavy discussion. Biofuel policy and sustainable aviation fuel are getting a lot of attention right now. There's more protein demand with the GLP drugs. So you combine all those things, and those are the ones we've been talking about for several years. Those are natural tailwinds for this industry to recover. tactically because of the fleet agent, more strategically because of these macro drivers. And we see all of those as playing for the farmer. They need some more certainty. They need this straight to open up. They need their cost to settle back down, and they need the trade flows to open up, which is a relatively short-term thing. Once that happens, I think the cycle will progress like it usually does. We've been two to three years now at the bottom, And then it usually works its way back up. It's just depending on the situation, seven to 10 year overall cycle. So we expect a migration back up to mid-cycle volumes and then hopefully above mid-cycle after that.
Joel Jackson: Attention. Thanks, Sir. I'm going in the background. I apologize for the background noise. And just on my second question, the buyback you just announced, would that be very upfront about the buyback last year or more square across the state and federal?
Damon: Yeah, Joel, excuse me, normally we do the buyback in the form of an ASR. There is a portion that is directly done with Toffee, our largest shareholder, so you can assume that 85% of it directionally is done through the form of an ASR, and then the balance comes from Toffee at a later date.
Operator: The next question is from Kyle Menges with Citigroup. Please go ahead.
Randy: Hi, good morning. This is Randy. I'm for Kyle. Um, it would just be great to get some more color on some of the changing, changing tenant, changing tariff, tariff dynamics as relates to your outlook, maybe bifurcating between impacts from the IEPA overturn, the new section two 32 rolling, and then any color on how you're thinking about what potential section three to one impacts could be, uh, will be helpful. Thank you.
Damon: Yeah, Randy. So, um, With the IEPA ruling, we have now taken that out of our guidance and factored in the new cost calculation for 232. When we look at the net of those two, that's around a $24 million headwind rate. relative to our prior guidance. And so that's sort of been factored into our outlook. As I mentioned in my pre-scripted remarks, we've not assumed any refund or anything related to the IEPA in our current EPS outlook. If something was to be monetized, that would be incremental. As it relates to the pending 301 tariffs, again, we have not assumed anything beyond what's currently in place today. into our outlook. I think it's important to remember, though, as if there is something that comes as a result of 301, the question of when do those take effect, when do they hit our inventory, and then when does that flow through cost of goods sold. So as we think about something maybe coming this summer, The reality of that hitting 2026 is quite low, just giving the flow of inventory and finding its time to our cost of goods. So, again, we're monitoring the situation. The teams are doing a great job in trying to mitigate those. These tariffs, looking for offsets or ways to ship directly to Canada, which historically we would have flown those European products into the U.S. and then up to Canada. So looking for ways to avoid some of these where possible to limit the impact on our dealers and our farmers. But overall, as I said, around $25 million is the net headwind this year.
Randy: Got it. Thank you.
Operator: The next question is from Kevin from Wells Fargo. Please go ahead.
Kevin: Morning, guys. Can you talk about what you're seeing in terms of used inventory to stocking in North America during the quarter, and what do you expect in terms of the pace going forward?
Damon: Yeah, Kevin, I think overall, we don't have as much visibility as maybe some of our competitors do on the used. But overall, generally speaking, it's not as big of an issue for our dealers versus the new. We're probably directionally about maybe a month in a better position than we are in the new. So overall, not a huge issue, but something that we're watching closely.
Kevin: Got it. And then maybe switching gears, how should we think about the sales of the stake in the Joy Ventures in terms of the impact on the equity income line on a go-forward basis?
Damon: Yeah, I think the – so, Kevin, thanks for asking the question. I guess the way to think about this is the $190 million of cash that I mentioned is reflective of the equity value of and the cash flow considerations of the existing portfolio as of April 30th. So if you think about that, the transaction, it's going to accelerate the cash flows from the existing portfolio, and that's what's going to result in this Q2 earnings benefit. But on the full year basis, the contribution from the portfolio hasn't really changed. So that's the way to think about it here in 2026. As I think about 27 and beyond, what's happening is that equity in earnings is now going to disappear for those two entities. And you're going to see that show up at a smaller percentage, but show up as a reduction in sales discount. So it'll be slightly accretive to the operating margin and a little bit negative from an earnings per share perspective.
Operator: The next question is from Angel Castillo with Morgan Stanley. Please go ahead.
Esther: Hi, this is Esther on for Angel. Thanks for taking my question. I just had a question around North America market share. Can you unpack a bit more about what you're seeing in North America and just provide a little bit more color on the market share gains? I'm also curious to know if farmers are telling you anything that's driving the switch of brands and whether there are any particular regions in the U.S. where you're seeing this.
Eric Hansodia: Yeah, I'll take that one. globally we had our highest market share we grew again market share in quarter one we've now got our all-time record highest market share for the company um globally and a big driver that is north america we're um we're getting market share gains in both of our brands massey ferguson and fent in terms of machinery brands uh and essentially we've gone through a few phases here the First phase was getting our parts and service performing at a record level, and that's been done for several years now. Then getting our product portfolio to the best in the industry. We've got that in place solidly. And now we're working with our dealers to really raise their performance. That's the focus of this chapter. working with all of our dealers to implement FarmerCore, which is a changing of the distribution model where they do the work on the farm. They move from reactive to proactive, monitoring the machinery on the farm and doing everything proactively. Instead of having the customer having to come to the brick and mortar store, we come to the farmer. Way more convenient, way more proactive. So this establishment of the world's best products has been done Now we're working on the world's best distribution and service support that can be delivered to the farmers. And we're seeing once farmers experience that, they love it. They love the convenience of having everything done with them and on their location. So that's the primary thing. It's more of a large ag focus. You ask kind of where is it happening. It's more large ag than small ag because that's the focus of FarmerCorps. but geographically I wouldn't say that there's a specific area in the country. Did I capture all your points or was there anything?
Esther: Just like a quick follow-up, just like what you laid out, is there any concerns about any aggressive pricing from competition just due to the market share gains that you're seeing?
Eric Hansodia: Well, we always have to keep our eyes on that, but in general I think we're all – you know, public companies, disciplined players, and working on generating value as opposed to trying to take margin hits to go after price discounts. We've not seen that in the past on any kind of broad scale. I'm not saying it can't ever happen, but we haven't seen it in the past, and we're not seeing it now.
Operator: The final question today is from John Peter with Bernstein. Please go ahead.
Federico: Hi, this is Federico filling in for Chad. Can we double-click on the order book by region, please?
Damon: Yeah, sure. I'll take care of that. So for North America, our order board is kind of in the range of two to four months, depending on the product type. I would say for the lifestyle or the rural lifestyle, so the lower horsepower, we're at about two months, as I mentioned in my remarks. We're into the spring selling season right now, so very customary to see the order board at the low point. For Fent, we're probably closer to four months. In Europe, we're at three to four months, so relatively consistent to where we've been for the last several quarters. And in Latin America, if you remember, we only opened the order board up one quarter in advance, and so we're sitting at around three months of orders in South America. So again, fairly consistent as to where we've been in the last few months. The last few quarters, excuse me.
Federico: Thank you.
Operator: This concludes our question and answer session. I would like to turn the conference back over to Eric Hansodia for any closing remarks.
Eric Hansodia: Thank you for joining us today and your continued interest in ADCO. The first quarter highlights our continued progress in building a more focused and resilient ADCO, executing with discipline and staying anchored to what we control while advancing our farmer-first strategy. The performance delivered this quarter reflects the effectiveness of actions taken over several years, including portfolio sharpening, execution enhancement, and improved earnings durability. We remain focused on delivering for all of our stakeholders. For our farmers, we continue to invest in practical innovation spanning precision agriculture and AI-enabled solutions, service, and uptime, all designed to help them operate more productively and profitably. We've achieved the highest net promoter score for quarter one in the history of our company and have a record high market share globally with big gains in North America. For shareholders, our record 2025 cash generation enables balanced capital deployment, including increased dividends and ongoing share repurchases alongside continued investment. Looking ahead, we remain focused on cost management, production alignment, technology advancement, and market share growth. positioning the company to perform effectively through the current environment and capture opportunity as demand grows over time. Thank you for your continued support for AGCO. We value your partnership and look forward to building long-term value together.
Operator: Thank you for joining the AGCO earnings call. The call has concluded. Have a nice day.
