Looking at this cycle, how have your revenues evolved over the past four or five years in terms of pricing versus volume? I've heard market commentary that pricing has increased significantly since Covid. I'm keen to know your view.

During that period, there were significant price increases. From 2021 to 2023, we saw about a 35% increase in prices. This significantly raised the cost of tractors. For example, $350,000 tractors became $500,000 tractors, and the same happened with combines, sprayers, and the entire lineup.

Regarding the sales cycle for selling equipment to new customers, how does it typically work? Do you usually receive pre-orders from customers, especially large ones?

To illustrate the decline in business, in 2023, we had orders for 100 model year 2024 combines, which dropped to 30 combines for 2025, a 70% decrease. Similar numbers apply to planters. Sprayers were slightly stronger; we remained flat in the 2024 early order program for 2025 model year sprayers. This is because sprayers are incorporating more technology, and more customers are operating their own sprayers instead of relying on third parties.

Regarding the sales cycle for selling equipment to new customers, how does it typically work? Do you usually receive pre-orders from customers, especially large ones?

The sprayer early order program is performing well so far, although it has been dismal. We are only one week into it, and many customers wait until closer to the end of the program to benefit from the early order program discount. They must take delivery when Deere calls it, at Deere's discretion. Customers prefer to receive new sprayers in the spring rather than in October, to avoid paying interest for an entire year.