MAAT INDEX

CLAIM #20267 · DE (DE) · 2025Q3 earnings call · Aug 14, 2025 · due Oct 31, 2025

Brazil, coming off of last year where we ran some negative price, this year, we're mid-single digits positive.

Josh Jepsen · CFO

PENDING
graded after results covering Oct 31, 2025 are reported

In context

some additional incentives in place for pool funds at that point in time. So comparably, you've got a lift in the fourth quarter of '25 just with that timing aspect. The additional thing we're seeing in the fourth quarter of '25 is pricing on -- some model year '26 pricing is starting to come through. We'll start to ship model year '26 sprayers in the fourth quarter of the year, which average pricing on sprayers for next year, 4% to 4.5%. So some of that price comes through. In addition, pricing for model year '26 equipment in Brazil will start to be shipped in our fourth quarter as well. So that will provide a lift year-over-year. Joshua A. Jepsen: Steve, this is Jepsen. One thing I'd add to that. I mean, Josh mentioned starting to ship model year '26 in Brazil and in North America. But Brazil, coming off of last year where we ran some negative price, this year, we're mid-single digits positive. So that's returned, which is a good thing. And given the growth in that market for us over the last decade was more meaningful when we look at price. Operator: Our next question is from Tim Thein with Raymond James. Timothy W. Thein: The question is on the cash flow guidance, call it, $1 billion range with just a quarter left. I'm curious how much of that reflects maybe potential difference in outcomes with respect to channel inventory. I guess you are saying that you're kind of done underproducing, but obviously, the fourth quarter can have -- always have some variability with production, how you're thinking about channel inventories and an initial look into '26. And again, there's a lot there. But maybe just help us with why with the quarter left, there's such a wide range in operating

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SEC filings for DE · Claim quote is verbatim from the 2025Q3 earnings call.