First Quarter FY2021 Earnings Conference Call May 28, 2020

Safe Harbor Statement

Forward-Looking StatementsThis presentation contains “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar expressions may constitute 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. Forward-looking statements made herein, which may include statements regarding the impact of the COVID-19 pandemic on our business, Agriculture, Construction and International segment performance expectations, inventory levels, agricultural and macro-economic trends, effects of cost-cutting measures and realignment initiatives, rental fleet size, the balance sheet effects of our cash flow from operations, availability of acquisition opportunities, modeling assumptions, projections regarding agricultural production legislation and changes to tax policy, and income, growth, operating expense, cash flow, and profitability expectations, and the expected results of operations for the fiscal year ending January 31, 2021, involve known and unknown risks and uncertainties that may cause Titan Machinery’s actual results in current or future periods to differ materially from forecasted results. The Company’s risks and uncertainties include, among other things, the duration, scope and impact of the COVID-19 pandemic on the Company's business and operations, a substantial dependence on a single equipment manufacturer, the continued availability of organic growth and acquisition opportunities, potential difficulties integrating acquired stores, industry supply levels, fluctuating agriculture and construction industry economic conditions, the success of recently implemented performance improvement initiatives, the uncertainty and fluctuating conditions in the capital and credit markets, difficulties in conducting international operations, governmental agriculture policies, seasonal fluctuations, climate conditions, disruption in receiving ample inventory financing, 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 risk factors may arise. It is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on Titan Machinery’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Except as required by applicable law, Titan Machinery disclaims any obligation to update such factors or to publicly announce results of revisions to any of the forward-looking statements contained herein 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 Pre-Tax Income (Loss), Adjusted EBITDA and Adjusted Cash Flow Provided by (Used for) Operating Activities. 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 InformationInformation 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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Financial Overview

▪ First Quarter FY 2021 Results• Revenue $310.2 Million• Adjusted Pre-Tax Income $4.9 Million(1)

• Adjusted Diluted EPS $0.15(1)

▪ Conference Call Discussion Points• Industry Overviews• Financial Results

(1)See the Non-GAAP Reconciliations included in the Appendix

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Agriculture Segment Overview ▪ Overall Market Conditions

• Excellent planting conditions and early crop development in Titan's Southern Ag Footprint• Wet, cold and late planting conditions in Titan's North Dakota and Northern Minnesota Footprint• Continued depressed corn and soybean prices forecasted through USDA 2020/2021 marketing year• $16B USDA Coronavirus Food Assistance Program (CFAP) announced-providing direct payments to Farmers and Ranchers• Anticipated increase in planted acres and crop yields• Farmers and Ranchers benefit from lower Fuel and Propane costs, low interest rate environment and participation in PPP program

▪ Detailed Market ConditionsMarket Conditions Key ActionsReplacement Demand and Technology - Catalyst for new machinery sales Promote large planters, precision technology, and connectivity and data solutions

in tractors, combines and self propelled sprayers.Industry Used Inventory Levels Stable - Demand for late model and quality used equipment is resulting in stability for used equipment pricing

Continue to focus on equipment margins and retail opportunities; improved used inventory levels place Company in good position to capitalize on future new sales.

Grower Fleet Duty Cycle Increasing – With the continued lower base of industry tractor and combine sales, farmers are extending age and hours in their current fleet of equipment

Target customers' replacement demand to sell on-hand new inventory. Continue to focus on parts and service revenues.

Excellent Growing Conditions - In many of our markets in creating the potential for large yields

Focus on new and used Combines and Harvest Equipment. Reduce on hand equipment inventories

Increased Acquisition Opportunites Actively explore quality AG Dealerships in top producing farming areas creating synergies and efficiencies to Titan's core business

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Construction Segment Overview

▪ Overall Market Conditions• COVID-19 softening economy and related construction activity• Depressed oil prices negatively impacting crude oil production markets• Low interest rates and potential infrastructure activity support demand for construction equipment• Operational Initiatives are partially offsetting challenging end markets conditions

▪ Detailed Market Conditions

Market Conditions Key ActionsLow Interest Rates and Strong Economy (Pre COVID-19) - Supporting demand for construction equipment

Focus on new and used equipment margins, inventory reduction, and improved quality and age of new and used inventory.

Operating Improvements – Positions our CE segment to capitalize on industry opportunities and potential infrastructure related stimulus packages

Target retail approach on core segments, maintaining right fleet/inventory levels. Continued focus in parts and service business.

Low Commodity Prices - Impacting farm and ranch new construction equipment demand

Target farmers and ranchers for used construction equipment purchases.Continue to support aged fleet with aftermarket parts and service.

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International Segment Overview

▪ Overall Market Conditions• COVID-19 impacting European Business due to business restrictions and shut down mandates• Customer sentiment negatively impacted by depressed global commodity prices, COVID-19, European economies, capital availability and

weather conditions• Persistent dry conditions hurting small grain crops. Crops being destroyed in some of the Balkans and Black Sea Region markets

▪ Detailed Market Conditions

Market Conditions Key ActionsUkraine – Ongoing land reform legislation in the Ukraine parliament. Favorable winter crop development; farmers investing in productivity, technology and precision

Developing key accounts, matching equipment inventories to targeted demand, and continuing to build out parts and service capabilities.

Balkans – Lack of subvention funds continued to impact our Romania, Serbia and Bulgaria markets

Continuing to target equipment categories by territory; improving aftermarket support, precision technologies and digital connectivity to build loyalty and profitability.

Germany - Cautious sentiment as farmers delay purchases until they have more visibility to crop yields and post harvest crop prices.

Focus on the aftermarket parts and service business. Execute on operational process initiatives.

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First Quarter Revenue Analysis

(in millions of dollars) Q1 FY2021 Q1 FY2020 Change

Total Revenue $310.2 $278.3 +11.5%

Equipment $218.5 $194.0 +12.7%

Parts $56.6 $51.9 +9.0%

Service $25.6 $22.8 +12.1%

Rental & Other $9.5 $9.6 -0.8%

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First Quarter Financials

(in millions of dollars, except per share) Q1 FY2021 Q1 FY2020 Change

Total Revenue $310.2 $278.3 +11.5%

Gross Profit $58.4 $53.9 +8.4%

Gross Profit Margin 18.8% 19.4% -60 bps

Operating Expenses $53.1 $52.6 -1.0%

Floorplan and Other Interest Expense $2.1 $2.5 +15.9%

Adjusted Net Income(1) $3.4 $0.5 **N/M

Adjusted Diluted EPS(1) $0.15 $0.02 **N/M

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(1)See the Non-GAAP Reconciliations included in the Appendix

(in millions of dollars) Q1 FY2021 Q1 FY2020 Change

Revenue $310.2 $278.3 +11.5%

Agriculture $193.6 $153.8 +25.9%

Construction $60.1 $70.7 -15.0%

International $56.5 $53.8 +5.0%

Adjusted Pre-Tax Income (Loss)(1) $4.9 $0.6 **N/M

Agriculture(1) $6.2 $1.9 +226.3%

Construction(1) $(2.7) $(2.1) -29.3%

International(1) $0.5 $0.2 +150.0%

First Quarter Segment Overview

**NM = Not Meaningful

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(1)See the Non-GAAP Reconciliations included in the Appendix

Balance Sheet Highlights - April 30, 2020

▪ $50.8 Million of Cash

▪ Equipment Inventory Decreased $15 Million to $501 Million as of April 30, 2020 vs. $516 Million as of January 31, 2020

• $12 million decrease in new equipment and $3 million decrease in used equipment• Equipment inventory turn of 1.6 vs. 1.8 in the prior year period

▪ Rental Fleet Increased slightly to $104.9 Million as of April 30, 2020 from $104.1 Million as of January 31, 2020

▪ $378.3 Million Outstanding Floorplan Payables on $762.0 Million Floorplan Lines of Credit

▪ New credit facility providing an aggregate $250 Million financing commitment, consisting of $185 Million floorplan financing and $65 Million working capital

• Lower interest rate and enhances liquidity position

▪ Total Liabilities to Tangible Net Worth Ratio of 1.9 as of April 30, 2020 vs. 2.1 as of April 30, 2019

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Equipment Inventory

11

Mill

ions R

atio

1.4

1.8 1.8 1.81.7 1.7

1.51.6

Used Inventory New Inventory Non-Interest Bearing Inventory Inventory Turns

Q4 FY17 Q4 FY18 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21$—

$200

$400

$600

0.0

0.5

1.0

1.5

2.0

2.5

16.4%

33.3%36.4%

47.4%

49.2%47.3%

39.8% 40.3%

Cash Flow Statement Highlights

(in millions of dollars) First 3 Months FY2021

First 3 Months FY2020

Cash Flow Provided by (Used for) Operating Activities $(5.4) $2.9

Net Change in Non-Manufacturer Floorplan Payable $18.8 $12.8

Adjustment for Constant Equity in Inventory(1) $(16.9) $(53.0)

Adjusted Cash Flow Provided by (Used for) Operating Activities $(3.6) $(37.4)

Cash Flow Used for Operating Activities

(1)The equity in our equipment inventory decreased to 24.5% as of April 30, 2020 from 27.9% as of January 31, 2020 and decreased to 23.6% as of April 30, 2019 from 34.4% as of January 31, 2019.

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Appendix

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Same Store Results(1)

(in millions of dollars)Three Months Ended April 30, Percent

2020 2019 ChangeSame Store SalesAgriculture $ 189.6 $ 153.8 23.3 %Construction 60.1 68.4 (12.2) %International 56.5 53.8 5.0 %Total $ 306.2 $ 276.0 11.0 %

Same Store Gross ProfitAgriculture $ 35.0 $ 30.4 14.9 %Construction 14.0 15.3 (8.0) %International 8.6 7.9 9.4 %Total $ 57.6 $ 53.6 7.6 %

(1)Same-store results are calculated by including stores that were with the Company for the entire period of both fiscal years that we are comparing. For the three months ended April 30, 2020, 1 Agriculture store and 1 Construction store were excluded from our same-store results.

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Operating Expenses & Absorption(1)

15

Mill

ions R

ate

66.3%

69.2% 68.9%

71.6% 71.8%

73.4%

Operating Expenses Absorption Rate

FY16 FY17 FY18 FY19 FY20 TTM FY21$150

$200

$250

$300

60.0%

62.0%

64.0%

66.0%

68.0%

70.0%

72.0%

74.0%

76.0%

(1)Absorption is calculated in a given period by dividing our gross profit from sales of parts, service and rental fleet activity by our operating expenses, less commission expense on equipment sales, plus interest expense on floorplan payables and rental fleet debt.

Liabilities to Tangible Net Worth

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**Total liabilities measured after Q4 FY19 includes the impact of adopting new lease accounting rules on February 1, 2019

Mill

ions R

atio

1.4 1.4 1.4

1.9 1.9

Total Liabilities Tangible Net Worth Total Liabilities to Tangible Net Worth

Q4 FY17 Q4 FY18 Q4 FY19 Q4 FY20 Q1 FY21$—

$200

$400

$600

$800

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Non-GAAP Reconciliation Tables(in thousands, except per share data) Three Months Ended April 30,

2020 2019Adjusted Income Before Income TaxesIncome (Loss) Before Income Taxes $ 3,148 $ (515) AdjustmentsERP transition costs 721 1,016 Impairment charges 216 135 Ukraine remeasurement 765 (12) Total Adjustments 1,702 1,139

Adjusted Income Before Income Taxes $ 4,850 $ 624

Adjusted Net IncomeNet Income (Loss) $ 2,262 $ (445) AdjustmentsERP transition costs 721 1,016 Impairment charges 216 135 Ukraine remeasurement 765 (12) Total Pre-Tax Adjustments 1,702 1,139

Less: Tax Effect of Adjustments (1) 580 243 Total Adjustments 1,122 896

Adjusted Net Income $ 3,384 $ 451

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Non-GAAP Reconciliation Tables, continued(in thousands, except per share data) Three Months Ended April 30,

2020 2019Adjusted EBITDANet Income (Loss) $ 2,262 $ (445) AdjustmentsInterest expense, net of interest income 853 518 Provision for (benefit from) income taxes 886 (70) Depreciation and amortization 5,375 6,064

EBITDA 9,376 6,067 AdjustmentsERP transition costs 721 99 Impairment charges 216 135 Ukraine remeasurement 765 (12) Total Adjustments 1,702 222

Adjusted EBITDA $ 11,078 $ 6,289

Adjusted Diluted EPSDiluted EPS $ 0.10 $ (0.02) Adjustments (2)ERP transition costs 0.03 0.05 Impairment charges 0.01 — Ukraine remeasurement 0.04 — Total Pre-Tax Adjustments 0.08 0.05

Less: Tax Effect of Adjustments (1) 0.03 0.01 Total Adjustments 0.05 0.04

Adjusted Diluted EPS $ 0.15 $ 0.02

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Non-GAAP Reconciliation Tables, continued(in thousands, except per share data) Three Months Ended April 30,

2020 2019Adjusted Loss Before Income Taxes - ConstructionLoss Before Income Taxes $ (2,873) $ (2,222) AdjustmentsImpairment charges 216 135 Total Adjustments 216 135

Adjusted Loss Before Income Taxes $ (2,657) $ (2,087)

Adjusted Income Before Income Taxes - InternationalIncome (Loss) Before Income Taxes $ (280) $ 216 AdjustmentsUkraine currency translation 765 (12) Total Adjustments 765 (12)

Adjusted Income Before Income Taxes $ 485 $ 204

(1) The tax effect of U.S. related adjustments was calculated using a 26% tax rate, determined based on a 21% federal statutory rate and a 5% blended state income tax rate. Included in the tax effect of the adjustments is the tax impact of foreign currency changes in Ukraine of $0.3 million in first quarter fiscal 2021.(2) Adjustments are net of amounts allocated to participating securities where applicable.

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