“Based on the results of the EOP and expected order intake post EOP, which is based on historical activity, we project model year '26 sprayers to be down roughly 20% year-over-year.”

In context

“ally closes today. Planter EOP opened at the beginning of June and will close at the end of September. Lastly, combine EOP just opened at the beginning of August and will run through the middle of December. The structure for all the EOPs was a little bit different this year as we generally shortened all the programs and introduced more flexibility for price adjustments given potential tariff changes. The announced list price increases for the active phases of all EOP products are between 2% and 4%. As a side note and as a reminder, North America tractors are on a rolling order book with roughly 4 to 5 months of visibility, providing confidence in our production plans as we close out the fiscal year. In terms of EOP progress, let's focus on sprayers, which, as mentioned, just closed today. Based on the results of the EOP and expected order intake post EOP, which is based on historical activity, we project model year '26 sprayers to be down roughly 20% year-over-year. Cory J. Reed: Thanks, Josh. And I'd like to jump in with a little color on the sprayer EOP and what it might mean for North American products, other product lines in North America. We need to first keep in mind that sprayers are cycling on a different time line than other products. Given the timing of the model year '24 EOP, along with the excitement for new technology in the product line, sprayer demand was actually up year-over-year in fiscal year '24, while tractors and combines were down over 20% in the same year. Essentially, in 2025, sprayers are in year 1 of a down cycle versus year 2 for tractors and combines. Additionally, as we've discussed, we currently have more uncertainty than ever in the North American ag market, which translates to the broadest range of outcomes for a foll”