Titan Machinery : ICR Conference 2023 Presentation

ICR Conference 2023

January 10, 2023

Safe Harbor Statement

Forward-Looking Statements

Except for historical information contained herein, the statements in this presentation are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "expected", "opportunity", "look forward", "supports", "assumptions", and similar words and expressions are intended to identify forward-looking statements. These statements are based upon the current beliefs and expectations of our management. Forward-looking statements made herein include statements regarding Agriculture, Construction and International segment growth drivers, opportunities and performance expectations, synergies and growth opportunities related to the recent Heartland Ag acquisition and the recently announced Pioneer Equipment Idaho dealer acquisition, U.S. dealer consolidation trends and potential acquisition opportunities, estimates of annual net farm income in the U.S., agricultural and construction industry macroeconomic trends and forecasts, impacts of new technology on equipment purchasing decisions, assumptions regarding the impact and continuation of U.S. agricultural government policy, potential International segment market opportunities related to an aging farm equipment fleet, parts and service growth opportunities in our International segment, dealer consolidation opportunities in our International segment, estimates respecting our Ukraine operations for fiscal 2023, fiscal year 2023 modeling assumptions for revenue by segment and diluted EPS, and inventory availability and levels across all segments. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, the following: our substantial dependence on CNH Industrial including CNH Industrial's ability to design, manufacture and allocate inventory to our stores necessary to satisfy our customers' demands, supply chain disruptions impacting our suppliers including CNH Industrial, fluctuating agriculture and construction industry economic conditions, the continued availability of organic growth and acquisition opportunities, potential difficulties integrating acquired stores, the uncertainty and fluctuating conditions in the capital and credit markets, difficulties in conducting international operations, governmental agriculture policies, seasonal fluctuations, weather related conditions affecting our customers, the success of our inventory management efforts and increased competition in the geographic areas served. These and other risks are more fully described in Titan Machinery's filings with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q. Titan Machinery conducts its business in a highly competitive and rapidly changing environment. Accordingly, new risks and uncertainties may arise. It is not possible for management to predict all such risks and uncertainties, nor to assess the impact of all such risks and uncertainties on Titan Machinery's business or the extent to which any individual risk or uncertainty, or combination of risks and uncertainties, may cause results to differ materially from those contained in any forward-looking statement. Except as required by law, Titan Machinery disclaims any obligation to update such risks and uncertainties or to publicly announce results of revisions to any of the forward-looking statements contained in this release to reflect future events or developments.

Non-GAAP Financial Measures

Within this presentation, the Company makes reference to certain adjusted financial measures ("non-GAAP financial measures"), including Adjusted Net Income (Loss), Adjusted Diluted EPS, Adjusted Income (Loss) Before Income Taxes, and Adjusted EBITDA. These adjusted measures are provided so that investors have the same financial data that management uses with the belief that it will assist the investment community in assessing the underlying performance of the Company for the periods being reported. The presentation of this additional information is not meant to be considered a substitute for, or superior to, measures prepared in accordance with GAAP. Included in the Appendix to this presentation is a reconciliation of each of these non-GAAP financial measures to its most directly comparable GAAP financial measure.

Industry Information

Information regarding market and industry statistics contained in this presentation is based on information available to us that we believe is accurate.

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Executive Management

BRYAN KNUTSON - PRESIDENT/CHIEF OPERATING OFFICER

• • Joined Titan Machinery in 2002
  • Executive Leadership Team since 2016
  • Titan Machinery COO since 2017, Promoted to President/COO 2022
  • Vice Chairman of the Pioneer Equipment Dealers Association
  • Serves on the Case IH Agriculture and Case Construction Dealer Advisory Boards
• BO LARSEN - CHIEF FINANCIAL OFFICER
• • Joined Titan Machinery in 2022 as CFO
  • 15 Years of accounting/finance background
  • 7 Years of Ag Industry experience across Ag Tech, OEM and now equipment dealerships

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COMPANY OVERVIEW

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Financial Snapshot

COMPANY SUMMARY:	NASDAQ: TITN
Stock Price (as of 1/05/2023)	$40.12
Book Value per share1	$22.52
Cash1	$45.9M
Debt1	$97.9M
Market Cap (as of 1/05/2023)	$911.0M

1 Balance sheet and per share data as of most recently filed quarterly report, fiscal third quarter end.

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