Slides
Page 1
4Q 2025 Earnings Conference Call February 4, 2026 CTVA 4Q25 EARNINGS
Page 2
CTVA 4Q25 EARNINGS 2 Safe Harbor Regarding Forward-Looking Statements Forward-Looking Statements This presentation contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva’s financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; the anticipated benefits of the Proposed Separation; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements. Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva’s control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva’s business, results of operations and financial condition. Some of the important factors that could cause Corteva’s actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) failure to comply with competition and antitrust laws; (v) effect of changes in agricultural and related policies of governments and international organizations; (vi) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vii) effect of climate change and unpredictable seasonal and weather factors; (viii) effect of competition in Corteva's industry; (ix) competitor’s establishment of an intermediary platform for distribution of Corteva's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in Corteva's input costs; (xiii) risks related to Corteva's global operations; (xiv) effect of industrial espionage and other disruptions to Corteva’s supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the Corteva Separation; (xvi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of Corteva’s customers to pay their debts to Corteva, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xx) increases in pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) Corteva’s intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) Corteva’s dependence on intellectual property cross-license agreements; (xxvi) risks related to Corteva’s Separation from DowDuPont; and (xxvii) risks related to Corteva’s Proposed Separation, including, but not limited to, whether the objectives of the proposed separation will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the proposed separation; the timing of any such separation or related action and whether any such separation will be consummated at all; the risk that the proposed separation could divert the attention and time of the company’s management; the risk of any unexpected costs or expenses resulting from the proposed separation process or separation itself; and the risk of any litigation as a result of, or relating to, the proposed separation. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva’s management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” in Corteva’s annual and quarterly reports filed on Forms 10-K and 10-Q with the U.S. Securities and Exchange Commission.
Page 3
CTVA 4Q25 EARNINGS 3 Safe Harbor Regarding Forward-Looking Statements Regulation G (Non-GAAP Financial Measures) This presentation includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating EBITDA margin, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company’s U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided at the end of this presentation. Corteva is not able to reconcile its forward-looking non-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company’s control, such as Significant Items, without unreasonable effort. For Significant items reported in the periods presented, refer to slide 32. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company’s non-exclusive license in the United States and Canada for Monsanto’s Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Due to the ramp-up of Enlist E3TM, Corteva significantly reduced the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. In 2023 and 2024, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2026. The company expects to record approximately $80 million to $90 million net pre-tax restructuring charges during 2026 for these activities. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items and separation costs. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense. Operating EBITDA margin is defined as Operating EBITDA as a percentage of net sales. Operating earnings (loss) per share is defined as “earnings (loss) per common share from continuing operations - diluted” excluding the after-tax impact of significant items, the after-tax impact of separation costs, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Corteva Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company’s intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, separation costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs. The Company also uses Free Cash Flow and Free Cash Flow Conversion as non-GAAP measures to evaluate and discuss its liquidity position and ability to generate cash. Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures. Free Cash Flow Conversion is defined as Free Cash Flow divided by Operating EBITDA. We believe that Free Cash Flow and Free Cash Flow Conversion provide investors with meaningful information regarding the Company’s ongoing ability to generate cash through core operations, and our ability to service our indebtedness, pay dividends (when declared), make share repurchases, and meet our ongoing cash needs for our operations. Corteva is not able to reconcile its forward-looking Free Cash Flow Conversion non-GAAP financial measure to its most comparable U.S. GAAP financial measure, as it is unable to predict with reasonable certainty Operating EBITDA due to items outside of the company’s control, which includes the same Significant Items noted above, without unreasonable effort.
Page 4
Remain on track to close in 2H 2026 Separation Update: Key Milestone Targets CTVA 4Q25 EARNINGS 4 1H 2026 • New Corteva(1) CEO named • SpinCo(1) name and brand identity launched • Key executive leadership announcements • Initial and first amendment to Form 10 filed with SEC • Credit agency review and response to capital structure submissions for New Corteva (1) and SpinCo(1) 2H 2026 • Form 10 goes effective • Approval of final capital structures • Complete IT separation • Investor Day events and roadshows (late 3Q) • Board of Directors appointments • SpinCo (1) operating as separate public company Targeting 4Q spin date (1) New Corteva will comprise the Company’s current Crop Protection business. SpinCo will comprise the Company’s current Seed business.
Page 5
Strong FY25 Results | FY26 Guide = HSD Operating EBITDA Growth FY 2026 Outlook(2) for Growth Operating EBITDA(1) $4.0 – $4.2B, ~7% growth vPY at mid-point Operating EBITDA margin(1) of 22% – 23% Ongoing controllable benefits, including acceleration of royalty neutrality to 2026 Record global consumption of grain, oilseeds, feed, and biofuels to continue in 2026 On-farm demand steady as farmers prioritize premium crop input technologies Government aid payments to U.S. row crop sector bridging farmer income Growing Global Demand Strong FY 2025 Performance Surpassed 22% Operating EBITDA margin(1) for the first time FY 2025 Free Cash Flow(1) of $2.9B, 74% FCF / EBITDA conversion(1) Returned $1.5B to shareholders in 2025 via dividends and share repurchases (1) Operating EBITDA, Operating EBITDA Margin, Free Cash Flow, and Free Cash Flow conversion are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Guidance does not contemplate any extreme weather events, operational disruptions, significant changes in customers’ demand or ability to pay, further acceleration of currency and inflation impacts resulting from macro-economic driven trends, changes in global tariff policy, any escalation of military conflict, or any material change in the socio-political environment. CEO Messages CTVA 4Q25 EARNINGS 5
Page 6
Expanded Choice for Farmers and Improved Competitiveness for CTVA Bayer Resolution Accelerates Freedom to Operate CTVA 4Q25 EARNINGS 6 Supports Long-Term Strategy • Provides multi-year clarity on technology access and licensing rights • Enhances regulatory certainty for biotech traits including next-gen technology • Comprehensive resolution of all litigation between the parties Improves Farmer Choice • Drives advancement of out- licensing seed technologies across key crops • Allows R&D team to focus on optimizing trait combinations and streamlining breeding • Broadens portfolio offerings, providing farmers increased optionality and flexibility Strengthens Financial Position • Translates to long-term value creation, accelerating royalty neutrality to 2026 • Expands margins by reducing royalty costs and accelerating transition to net licensor • Expecting to achieve $1 billion net royalty income position in 2035
Page 7
Disciplined Execution Driving Earnings and Margin Growth 2025 Financial Performance Net Sales Organic Sales(2) Operating EBITDA(2) Metric FY 2025 Highlights4Q 2025(1) Operating EBITDA Margin(2) Seed margin expansion on price/mix, and productivity Seed volume gains led by NA(3) and LA on strength of portfolio Seed price/mix gains on strong NA corn demand Seed productivity and lower input costs offset currency 11.4% $3.9B $3.8B $446M Crop Protection organic sales growth in NA(3), LATAM, and EMEA(3) Crop Protection volume from new products, biologicals Crop Protection productivity and lower input costs offset currency Crop Protection cost savings and volume driving margin expansion $17.4B $17.6B $3.8B (179) bps (1) Growth rates versus prior year. (2) Organic sales, Operating EBITDA and Operating EBITDA Margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (3) North America (NA) is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. CTVA 4Q25 EARNINGS 7 FY 2025(1) (2)% +3% (4)% +4% (15)% +14% 22.1% +215 bps $6.5B $6.4B $495M 2H 2025(1) +4% +2% +16% 7.6% +84 bps
Page 8
Strong Operational Execution Driving Record EBITDA and Margins FY 2025 Operating EBITDA(1) FY 2025 Bridge Key Drivers Seed price/mix gains across the portfolio to capture value for technology, offset by Crop Protection competitive price pressures Favorable weather and strong portfolio enable North America(2) and Latin America Seed volume growth Double-digit volume growth in Crop Protection biologicals, strong demand for new products ~$90M benefit from Seed net royalties, driven by increased corn and soybean out-licensing income, lower soybean royalty expense ~$655M in net cost of sale improvement across both Seed (~$340M) and Crop Protection (~$315M) Currency headwind primarily driven by Brazilian Real, Canadian Dollar, and Turkish Lira ($ in millions) FY 2025Volume Cost Currency OtherPrice/Mix 20.0% 22.1%Operating EBITDA Margin(1) FY 2024 $3,376 $3,848 $152 $243 $335 ($217) ($41) (1) Operating EBITDA and Operating EBITDA margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. CTVA 4Q25 EARNINGS 8
Page 9
CTVA 4Q25 EARNINGS Targeting Low-End of 2027 EBITDA Framework Range A Year Early FY 2026 Guidance(1) Key Metrics (1) Guidance does not contemplate any extreme weather events, operational disruptions, significant changes in customers’ demand o r ability to pay, further acceleration of currency and inflation impacts resulting from macro-economic driven trends, changes in global tariff policy, any escalation of military conflict, or any material change in th e socio-political environment. (2) Operating EBITDA, Operating EBITDA Margin, and Operating EPS are non-GAAP measures. Corteva is not able to reconcile its forward-looking non-GAAP financial measures to their most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the company’s control, such as Significant It ems, without unreasonable effort. See slide 3 for further discussion. 9 Operating EBITDA(2) $4.0 – $4.2B +7% at mid-point Broad-based organic sales growth and incremental benefits from controllable levers Operating EPS(2) $3.45 – $3.70 +7% at mid-point Operating EBITDA growth partially offset by higher net interest expense Operating EBITDA Margin(2) 22% - 23% Low-to-mid-single- digit net sales growth vs prior year Guidance Key Drivers
Page 10
Margin Expansion on Demand for Technology, Controllables FY 2026 Operating EBITDA(1) FY 2026 Bridge Key Drivers Seed price/mix gains across the portfolio to capture value for technology, offset by Crop Protection competitive price pressures Seed volumes relatively flat driven by NA(2) shift from corn to soy, Brazil soybean shift to licensing model Double-digit volume growth in Crop Protection new products and biologicals ~$120M benefit from Seed net royalties driven by increased out- licensing of Conkesta E3®(3) soybeans and reductions to in-licensing expense on corn ~$200M in productivity savings partially offset by ~$80M impact from tariffs and higher other costs in Seed, including freight & field costs SG&A / R&D flat as a percentage of sales, inclusive of ~$50M of net dis-synergies Currency benefit primarily driven by Brazilian Real ($ in millions) FY 2026Volume Cost Currency OtherPrice/Mix 22.1% 22.0 – 23.0% Operating EBITDA Margin(1) FY 2025 $3,848 $4,000 - $4,200 (1) Operating EBITDA and Operating EBITDA margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. (3) The transgenic soybean event in Enlist E3® soybeans and Conkesta E3® soybeans is jointly developed and owned by Corteva Agriscience and M.S. Technologies L.L.C. CTVA 4Q25 EARNINGS 10
Page 11
Strong 2025 Performance, Organic Growth in Seed and Crop Protection 2025 Free Cash Flow Outperformance Driven by Working Capital Efficiencies ~$1.5B Returned to Shareholders in FY 2025, On Track for 2H 2026 Separation FY 2026 Guide Reflects Continued Growth in Sales, EBITDA, and Margin Demand for Differentiated Technology and Operational Execution Driving Growth Key Takeaways CTVA 4Q25 EARNINGS 11
Page 12
Appendix
Page 13
(1) Organic sales growth, Operating EBITDA, Operating EBITDA margin and Operating earnings per share are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. (2) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 4Q 2025 Highlights ($ in millions, except EPS) 4Q 2024 4Q 2025 Change Net Sales $3,978 $3,910 (2)% GAAP Income (Loss) from Continuing Operations After Income Taxes $(50) ($537) (974)% Operating EBITDA(1) $525 $446 (15)% Operating EBITDA Margin(1) 13.2% 11.4% (179) bps GAAP EPS from Continuing Operations $(0.08) $(0.80) (900)% Operating EPS(1) $0.32 $0.22 (31)% 4Q 2025 Net Sales ($ in millions) 4Q 2025 Operating EBITDA (1) ($ in millions) 4Q 2024 North America Latin AmericaEMEA Asia Pacific Portfolio 4Q 2025 $3,978 $3,910 4Q 2024 4Q 2025Volume Cost Other(1), (2) (1), (2) Currency Price/mix $525 $446 Currency(1) (1) CTVA 4Q25 EARNINGS 13
Page 14
4Q 2025 Seed Performance Highlights 4Q 2024 CostPrice/mix 4Q 2025 Seed Operating EBITDA ($ in millions) Currency (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Other oilseeds includes sunflower and canola. ($ in millions) 4Q 2025 vPY Net Sales $1,737 (2)% Organic(1) Sales Growth (5)% Operating EBITDA $124 +33% Operating EBITDA Margin 7.1% +189 bps Volume $1,737 Corn (2)% reported growth (5)% organic(1) growth 4Q 2025 Revenue by Product Line Soybean 6% reported growth 6% organic(1) growth Other oilseeds(2) 8% reported growth 8% organic(1) growth Other(3) 5.2% 7.1%Operating EBITDA Margin Seasonal price increases in LA, EMEA(4), and Asia Pacific Volume declines driven by lower Pioneer corn deliveries in NA(4) and early safrinha deliveries in LA shifting sales into 3Q Cost benefit from lower commodity costs and productivity partially offset by higher compensation, bad debt, and R&D Summary Takeaways $93 $124 (3) Other product line primarily includes cotton, alfalfa, sorghum, wheat, rice, inoculants, and millet. (4) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. Other CTVA 4Q25 EARNINGS 14
Page 15
4Q 2025 Regional Net Sales Highlights – Seed Global Net Sales 2% 5% 4Q 2024 4Q 2025 Volume Price/Mix Currency Portfolio (8)% 3% 3% - % Reported Organic(1) (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. North America(2) Asia Pacific 15% Organic(1) 15% Reported Latin America EMEA (2) Volume Price/Mix Currency Portfolio (12)% (3)% - % - % Volume Price/Mix Currency Portfolio 30% 9% (8)% - % 4Q 2024 4Q 2025 Net Sales ($M) $639 $545 4Q 2024 4Q 2025 Net Sales ($M) $90 $118 Volume Price/Mix Currency Portfolio (6)% 7% 6% - % Volume Price/Mix Currency Portfolio (18)% 2% 4% - % 4Q 2024 4Q 2025 Net Sales ($M) $827 $884 4Q 2024 4Q 2025 Net Sales ($M) $216 $190 16%12% Reported 7% Reported 39%31% Reported Volume declines driven by lower Pioneer corn deliveries due to freight optimization and weather delays, shifting sales to 1Q26 Volume declines driven by early safrinha deliveries in Brazil shifting sales into 3Q Volume declines driven by reduced acreage in key regions due to drought, coupled with record comp in 4Q24 Volume gains due to delayed mustard season, pushing sales from 3Q to 4Q, and increased corn acreage and market share gains in India Organic(1) Organic(1) Organic(1) Price/mix declines driven by timing shift of out-licensing income to 3Q Price/mix gains driven by demand for new technology and increased out-licensing income Strong price/mix execution across the portfolio 1% $1.77B $1.74B CTVA 4Q25 EARNINGS 15 Price/mix gains driven by demand for technology
Page 16
FY 2025 Seed Performance Highlights FY 2024 CostPrice/mix FY 2025 Seed Operating EBITDA ($ in millions) Currency (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Other oilseeds includes sunflower and canola. ($ in millions) FY 2025 vPY Net Sales $9,898 +4% Organic(1) Sales Growth +5% Operating EBITDA $2,636 +19% Operating EBITDA Margin 26.6% +338 bps Volume $9,898 Corn 8% reported growth 9% organic(1) growth FY 2025 Revenue by Product Line Soybean (3)% reported growth (2)% organic(1) growth Other oilseeds(2) (1)% reported growth 2% organic(1) growth Other(3) 23.2% 26.6%Operating EBITDA Margin Price/mix gains in all regions on demand for new technology, increased out-licensing income Higher corn volumes in North America(4) and Brazil, partially offset by lower soybean acres in the U.S. Cost benefit from productivity and lower commodity costs, partly offset by higher compensation, R&D, and bad debt Summary Takeaways $2,219 $2,636 (3) Other product line primarily includes cotton, alfalfa, sorghum, wheat, rice, inoculants, and millet. (4) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. Other CTVA 4Q25 EARNINGS 16
Page 17
FY 2025 Regional Net Sales Highlights – Seed Global Net Sales 4% 5% FY 2024 FY 2025 Volume Price/Mix Currency Portfolio 2% 3% (1)% - % Reported Organic(1) (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. North America(2) Asia Pacific 4% Organic(1) 4% Reported Latin America EMEA (2) Volume Price/Mix Currency Portfolio 2% 2% - % - % Volume Price/Mix Currency Portfolio 7% 7% (3)% - % FY 2024 FY 2025 Net Sales ($M) $6,033 $6,271 FY 2024 FY 2025 Net Sales ($M) $408 $453 Volume Price/Mix Currency Portfolio 3% 2% 1% - % Volume Price/Mix Currency Portfolio (1)% 5% (5)% - % FY 2024 FY 2025 Net Sales ($M) $1,523 $1,614 FY 2024 FY 2025 Net Sales ($M) $1,581 $1,560 4%1% Reported 6% Reported 14%11% Reported Volume gains driven by increased corn acres and market share gains offsetting lower soybean acres Volume driven by increased corn area in Brazil, partially offset by higher returns in Argentina and shift to licensing model in Brazil soy Volume declines driven by acreage reductions due to drought in key markets, coupled with record comp in 4Q24 Price/mix gains driven by strong execution, demand for technology, and to offset currency Volume reflects corn market recovery in India and Pakistan, coupled with strong demand for rice and millet Organic(1) Organic(1) Organic(1) Price/mix gains driven by demand for technology and increased out-licensing income Price/mix gains driven by demand for technology, increased out-licensing income Strong price/mix execution across the portfolio 5% $9.55B $9.90B CTVA 4Q25 EARNINGS 17
Page 18
Volume declines driven by timing shift of herbicides in NA(3), early demand for fungicides in LA shifting sales to Q2/Q3, partially offset by strong demand for biologicals, spinosyns Price gains in NA(3) more than offset by competitive market dynamics in Brazil Productivity gains more than offset by higher compensation and R&D 4Q 2025 Crop Protection Performance Highlights 4Q 2024 VolumePrice/Mix Other 4Q 2025 Crop Protection Operating EBITDA ($ in millions) Cost $461 (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Other product line primarily includes seed applied technology. (3) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa ($ in millions) 4Q 2025 vPY Net Sales $2,173 (1)% Organic(1) Sales Growth (3)% Operating EBITDA $360 (22)% Operating EBITDA Margin 16.6% (433) bps Currency 4Q 2025 Revenue by Product Line Herbicides 3% reported growth 1% organic(1) growth Insecticides - % reported growth (2)% organic(1) growth Fungicides (15)% reported growth (17)% organic (1) growth Other(2) $2,173 20.9% 16.6%Operating EBITDA Margin Summary Takeaways $360 Biologicals 13% reported growth 8% organic (1) growth CTVA 4Q25 EARNINGS 18
Page 19
4Q 2025 Regional Net Sales Highlights – Crop Protection 4Q 2024 4Q 2025 1% 3% Global Net Sales Volume Price/Mix Currency Portfolio (2)% (1)% 2% - % (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. Reported Organic(1) North America(2) Asia Pacific 1% Reported Latin America EMEA (2) Volume Price/Mix Currency Portfolio (4)% (1)% (2)% - % 4Q 2024 4Q 2025 Net Sales ($M) $924 $933 4Q 2024 4Q 2025 Net Sales ($M) $255 $237 Volume Price/Mix Currency Portfolio (1)% (7)% 5% - % Volume Price/Mix Currency Portfolio (5)% 3% 3% - % 4Q 2024 4Q 2025 Net Sales ($M) $795 $769 4Q 2024 4Q 2025 Net Sales ($M) $232 $234 2%1% Reported 8%3% Reported 5% Reported Volumes down on seasonal timing shift of herbicides to 1Q26, partially offset by demand for SAT and launch of Forcivo Volumes down on seasonal shift of demand to 3Q25 and 1Q26, partially offset by continued ramp of biologicals and SAT Price reflects market competitiveness Organic(1) Organic(1) Organic(1) Organic(1) Volume Price/Mix Currency Portfolio (3)% 4% - % - % Price includes mid-season pricing adjustment Price reflects continued competitive market dynamics in Brazil and Argentina Price gains driven by value capture for new and differentiated products, as well as to offset currency Volume declines driven by unfavorable weather in key markets 1% Lower volumes driven by timing shift in fungicides, partially offset by strong demand for spinosyns, biologicals, and new products 7% $2.21B $2.17B CTVA 4Q25 EARNINGS 19
Page 20
FY 2025 Crop Protection Performance Highlights FY 2024 VolumePrice/Mix Other FY 2025 Crop Protection Operating EBITDA ($ in millions) Cost $1,272 (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Other product line primarily includes seed applied technology. ($ in millions) FY 2025 vPY Net Sales $7,503 +2% Organic(1) Sales Growth +3% Operating EBITDA $1,350 +6% Operating EBITDA Margin 18.0% +72 bps Currency 2025 Revenue by Product Line Herbicides 4% reported growth 4% organic(1) growth Insecticides (3)% reported growth (2)% organic (1) growth Fungicides 5% reported growth 7% organic (1) growth Other(2) $7,503 17.3% 18.0%Operating EBITDA Margin Volume gains across the portfolio, led by double-digit volume growth in biologicals and strong demand for new products Price reflects competitive market dynamics in Brazil Cost benefit from productivity and lower raw material costs, partially offset by higher compensation and bad debt Summary Takeaways $1,350 Biologicals 9% reported growth 9% organic(1) growth CTVA 4Q25 EARNINGS 20
Page 21
FY 2025 Regional Net Sales Highlights – Crop Protection FY 2024 FY 2025 2% 3% Global Net Sales Volume Price/Mix Currency Portfolio 5% (2)% (1)% - % (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. Reported Organic(1) North America(2) Asia Pacific 5% Reported Latin America EMEA (2) Volume Price/Mix Currency Portfolio (4)% - % (1)% (1)% FY 2024 FY 2025 Net Sales ($M) $2,627 $2,753 FY 2024 FY 2025 Net Sales ($M) $940 $886 Volume Price/Mix Currency Portfolio 11% (7)% (1)% - % Volume Price/Mix Currency Portfolio 1% - % (1)% - % FY 2024 FY 2025 Net Sales ($M) $2,253 $2,314 FY 2024 FY 2025 Net Sales ($M) $1,543 $1,550 1%- % Reported 4%3% Reported 4% Reported Volume driven by strong demand for herbicides and SAT, ramp of biologicals Volume gains driven by demand for new products and growing fungicide portfolio Price reflects market competitiveness, offset by end of season settlements Organic(1) Organic(1) Organic(1) Organic(1) Volume Price/Mix Currency Portfolio 4% 1% - % - % Price reflects mid-season U.S. price increase, partially offset by competitive market dynamics in Canada Price reflects continued competitive market dynamics in Brazil and Argentina Price pressure on off-patent portfolio, partially offset by value capture for new and differentiated products Volume reflects competitive market dynamics and adverse weather in key markets 5% Broad-based double-digit volume growth, driven by strength of portfolio 6% $7.36B $7.50B CTVA 4Q25 EARNINGS 21
Page 22
Portfolio / Other Reflects lower net interest expense and lower base tax rate (1) Operating earnings per share and base income tax rate are non-GAAP measures. See slide 3 for further discussion. FY 2025 Operating EPS(1) Variance Operating EPS(1) ($) Volume/Price Low-single digit Seed price/mix and volume gains in Seed and Crop Protection partially offset by competitive price pressure in Crop Protection Costs Realization of Seed and Crop Protection raw material input cost deflation and ongoing productivity actions, partially offset by increased SARD 1 2 1 2 6 6Exchange Gain / Loss (EGL) Primarily reflects lower after-tax exchange losses related to the balance sheet hedge program 5 FY 2024 Volume/ Price Costs EGL Portfolio / Other FY 2025 3 $2.57 $0.45 $0.38 ($0.24) $0.08 $3.34 Currency $0.10 5 CTVA 4Q25 EARNINGS 22 Currency Currency headwinds primarily from the Brazilian Real 3
Page 23
Strong Execution to Drive EBITDA Growth and Margin Expansion 2025 / 2026 Key Themes CTVA 4Q25 EARNINGS 23 2025 Performance 2026 Expectations Mixed Ag fundamentals Continued demand for top technology Seed share gains in key crops and markets Continued pricing pressure in Crop Protection Productivity, royalty, and cost deflation benefits Strong cash flow driven by working capital Seed gains driven by mix, licensing improvement CP new product and biologicals volume gains Shift in U.S. planted area from corn to soybeans Productivity benefits, partially offset by tariffs Manageable headwinds from net dis-synergies Currency tailwind from stronger BRL
Page 24
CTVA 4Q25 EARNINGS Key Sensitivities – FY 2026 Guidance(1) Balanced Assumptions Support FY 2026 EBITDA Growth (1) (1) Guidance does not contemplate any extreme weather events, operational disruptions, significant changes in customers’ demand o r ability to pay, further acceleration of currency and inflation impacts resulting from macro-economic driven trends, changes in global tariff policy, any escalation of military conflict, or any material change in the socio -political environment. (2) (2) Operating EBITDA is a non-GAAP measure. Corteva is not able to reconcile its forward-looking non-GAAP financial measures to their most comparable U.S. GAAP financial measures, as it is unabl e to predict with reasonable certainty items outside of the company’s control, such as Significant Items, without unreasonable eff ort. See slide 3 for further discussion and reconciliations at the end of this presentation. Downside Case Upside Case Lower Brazil / Argentina corn planted area Lower Crop Protection market growth Less demand for new products and biologicals Trade policy and geopolitical conditions More North America / Latin America corn acres Stronger Crop Protection pricing environment More demand for new products and biologicals Greater savings from cost / productivity actions LSD/MSD Revenue Growth Operating EBITDA(2) $4.0 – $4.2B 24
Page 25
FY 2026 Modeling Guidance – Operating Earnings Per Share(1) ($ in millions, except where noted) Guidance Depreciation and Post-Merge Amortization (610 – 620) Net Interest (Expense) Income (130 – 140) Base Income Tax Rate(1) 21% – 23% Exchange Losses – net, after tax (180 – 200) Net Income – Non-controlling interest (13) Diluted Shares 672 – 675 Operating Earnings Per Share(1) $3.45 – 3.70 (1) Operating earnings per share and base income tax rate are non-GAAP measures. Corteva does not provide a reconciliation of forward-looking non-GAAP measures. See slide 3 for further discussion. ($ in millions, except where noted) Cash Flow Guidance Amortization ~650 Capital Expenditures ~600 25 CTVA 4Q25 EARNINGS 25
Page 26
Separation Spotlight: SpinCo Seed Out-Licensing
Page 27
Advancing Our Seed Licensing Business Seed Net Royalty Position ($M) 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2035E ~($120) ($570) ~($210) 27 On Track to Achieve $1 Billion Net Royalty Income Position by 2035 ~$0 Triple-stack corn traits expected to be available for out-licensing as early as 2027 (an acceleration of ~5 years) 3rd gen above-ground insect trait licensing in corn advanced by ~2 years to end of decade Expansive freedom to operate across corn, soybeans, canola and cotton Expanding volumes in U.S. cotton out-licensing market with Enlist® Cotton 1 The transgenic soybean event in Enlist E3® soybeans and Conkesta E3® soybeans is jointly developed and owned by Corteva Agriscience and M.S. Technologies L.L.C. ~$1B Next decade transition of Enlist E3®(1) and Conkesta E3®(1) soybeans to next-gen herbicide tolerance (NA and LATAM) and next-gen insect control (Brazil) CTVA 4Q25 EARNINGS
Page 28
Product Disclosures TM ® SM Trademarks and service marks of Corteva Agriscience and its affiliated companies. © 2025 Corteva and its affiliated companies. The transgenic soybean event in Enlist E3® soybeans is jointly developed and owned by Corteva Agriscience LLC and M.S. Technologies, L.L.C. Enlist One® herbicide is not registered for sale or use in all states or counties. Contact your state pesticide regulatory agency to determine if a product is registered for sale or use in your area. Enlist One is the only 2,4-D product authorized for use with Enlist crops. Consult Enlist herbicide labels for weed species controlled. Always read and follow label directions. Qrome® products are approved for cultivation in the U.S. and Canada. They have also received approval in a number of importing countries, most recently China. For additional information about the status of regulatory authorizations, visit http://www.biotradestatus.com/ Pioneer ® brand products are provided subject to the terms and conditions of purchase which are part of the labeling and purchase document. CTVA 4Q25 EARNINGS 28
Page 29
Thank you
Page 30
$ In millions Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 As Reported Margin % As Reported Margin % As Reported Margin % As Reported Margin % Income (loss) from continuing operations after income taxes (GAAP) $ (537) (13.7) %$ (50) (1.3) %$ 1,204 6.9 %$ 863 5.1 % Provision for (benefit from) income taxes on continuing operations 7 0.2 % 138 3.5 % 484 2.8 % 412 2.4 % Income (loss) from continuing operations before income taxes (GAAP) $ (530) (13.6) %$ 88 2.2 %$ 1,688 9.7 %$ 1,275 7.5 % .+ Depreciation and amortization 306 7.8 % 302 7.6 % 1,203 6.9 % 1,227 7.3 % .- Interest income (44) (1.1) % (39) (1.0) % (136) (0.8) % (132) (0.8) % .+ Interest expense 46 1.2 % 60 1.5 % 180 1.0 % 233 1.4 % .+ / - Exchange (gains) losses - net 84 2.1 % 50 1.3 % 181 1.0 % 284 1.7 % .+ / - Non-operating (benefits) costs - net 12 0.3 % 42 1.1 % 39 0.2 % 174 1.0 % .+ / - Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (58) (1.5) % 4 0.1 % — — % — — % .+ / - Significant items (benefit) charge 602 15.4 % 18 0.5 % 658 3.8 % 315 1.9 % .+ Separation costs 28 0.7 % — — % 35 0.2 % — — % Corteva Operating EBITDA / EBITDA Margin (Non-GAAP) 1,2 $ 446 11.4 %$ 525 13.2 %$ 3,848 22.1 %$ 3,376 20.0 % 1. Corteva Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items and separation costs. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 2. The EBITDA margin percentages are determined by dividing amounts in the table above for the three months ended December 31, 2025 and 2024 by net sales of $3,910 million and $3,978 million, respectively, and amounts for the twelve months ended December 31, 2025 and 2024 by net sales of $17,401 million and $16,908 million, respectively. Margin percentages may not foot, due to rounding. Corteva, Inc. Non-GAAP Calculation of Corteva Operating EBITDA
Page 31
Net sales by segment In millions Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Seed $ 1,737 $ 1,772 $ 9,898 $ 9,545 Crop Protection 2,173 2,206 7,503 7,363 Total net sales $ 3,910 $ 3,978 $ 17,401 $ 16,908 Net Margin (GAAP) $ In millions Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Income (loss) from continuing operations after income taxes $ (537) $ (50) $ 1,204 $ 863 Net Margin GAAP 1 (13.7) % (1.3) % 6.9 % 5.1 % 1. Net Margin is defined as income (loss) from continuing operations after income taxes, as a percentage of net sales. Corteva Operating EBITDA In millions Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Seed $ 124 $ 93 $ 2,636 $ 2,219 Crop Protection 360 461 1,350 $ 1,272 Corporate Expenses (38) (29) (138) (115) Corteva Operating EBITDA (Non-GAAP) 2 $ 446 $ 525 $ 3,848 3,376 2. Corteva Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items and separation costs. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. Operating EBITDA Margin Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Seed 7.1 % 5.2 % 26.6 % 23.2 % Crop Protection 16.6 % 20.9 % 18.0 % 17.3 % Total Operating EBITDA Margin (Non-GAAP) 3,4 11.4 % 13.2 % 22.1 % 20.0 % 3. Operating EBITDA margin is Operating EBITDA as a percentage of net sales. 4. Operating EBITDA margin %s for Corporate are not presented separately above as they are not meaningful; however, the results are included in the Total margin %s above. Corteva, Inc. Segment Information
Page 32
Corteva significant items (Pre-tax) In millions Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Seed Restructuring and asset related charges - net $ — $ 1 $ (4) $ (55) Bayer resolution (610) — (610) — Inventory write-offs — — — 2 Gain (loss) on sale of assets — — — 4 AltEn facility remediation charges — — (37) — Total Seed $ (610) $ 1 $ (651) $ (49) Crop Protection Restructuring and asset related charges - net $ (18) $ (59) $ (135) $ (142) Estimated settlement expense — — — (101) Gain (loss) on sale of assets 23 — 37 3 Acquisition-related costs — — — (6) Insurance proceeds — 71 98 71 Total Crop Protection $ 5 $ 12 $ — $ (175) Corporate Restructuring and asset-related charges - net $ 3 $ (31) $ (7) $ (91) Total Corporate $ 3 $ (31) $ (7) $ (91) Total pre-tax significant items benefit (charge) by segment $ (602) $ (18) $ (658) $ (315) Total tax (provision) benefit impact of significant items 1 138 6 153 80 Tax only significant item benefit (charge) (132) (120) (77) (116) Total significant items benefit (charge), after tax 2 $ (596) $ (132) $ (582) $ (351) 1. Unless specifically addressed above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. 2. Refer to page A-10 of the Financial Statement Schedules for further information on significant items. Corteva, Inc. Segment Information
Page 33
Region Q4 2025 vs. Q4 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % North America 1 $ (85) (5) %$ (85) (5) % 1 % (6) % — % — % EMEA 1 (24) (5) % (39) (9) % 2 % (11) % 4 % — % Latin America 31 2 % (55) (3) % — % (3) % 5 % — % Asia Pacific 10 3 % 23 7 % 2 % 5 % (4) % — % Rest of World 17 1 % (71) (3) % 1 % (4) % 4 % — % Total $ (68) (2) %$ (156) (4) % 1 % (5) % 2 % — % Seed Q4 2025 vs. Q4 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % North America 1 $ (94) (15) %$ (94) (15) % (3) % (12) % — % — % EMEA 1 (26) (12) % (34) (16) % 2 % (18) % 4 % — % Latin America 57 7 % 8 1 % 7 % (6) % 6 % — % Asia Pacific 28 31 % 35 39 % 9 % 30 % (8) % — % Rest of World 59 5 % 9 1 % 6 % (5) % 4 % — % Total $ (35) (2) %$ (85) (5) % 3 % (8) % 3 % — % Crop Protection Q4 2025 vs. Q4 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % North America 1 $ 9 1 %$ 9 1 % 4 % (3) % — % — % EMEA 1 2 1 % (5) (2) % 3 % (5) % 3 % — % Latin America (26) (3) % (63) (8) % (7) % (1) % 5 % — % Asia Pacific (18) (7) % (12) (5) % (1) % (4) % (2) % — % Rest of World (42) (3) % (80) (6) % (4) % (2) % 3 % — % Total $ (33) (1) %$ (71) (3) % (1) % (2) % 2 % — % 1. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 2. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Corteva, Inc. Segment Information - Price, Volume, Currency Analysis
Page 34
Seed Product Line Q4 2025 vs. Q4 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % Corn $ (25) (2) %$ (72) (5) % 3 % (8) % 3 % — % Soybeans 10 6 % 9 6 % 10 % (4) % — % — % Other oilseeds 7 8 % 7 8 % 4 % 4 % — % — % Other (27) (23) % (29) (24) % (8) % (16) % 1 % — % Total $ (35) (2) %$ (85) (5) % 3 % (8) % 3 % — % Crop Protection Product Line Q4 2025 vs. Q4 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % Herbicides $ 31 3 %$ 15 1 % 3 % (2) % 2 % — % Insecticides (2) — % (12) (2) % (5) % 3 % 2 % — % Fungicides (48) (15) % (55) (17) % 2 % (19) % 2 % — % Biologicals 22 13 % 14 8 % (9) % 17 % 5 % — % Other (36) (18) % (33) (17) % (10) % (7) % (1) % — % Total $ (33) (1) %$ (71) (3) % (1) % (2) % 2 % — % 1. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Corteva, Inc. Segment Information - Price, Volume, Currency Analysis
Page 35
Region Twelve Months 2025 vs. Twelve Months 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % North America 1 $ 364 4 %$ 392 5 % 2 % 3 % (1) % — % EMEA 1 (14) — % 69 2 % 2 % — % (2) % — % Latin America 152 4 % 163 4 % (3) % 7 % — % — % Asia Pacific (9) (1) % 24 2 % 2 % — % (2) % (1) % Rest of World 129 2 % 256 3 % — % 3 % (1) % — % Total $ 493 3 %$ 648 4 % 1 % 3 % (1) % — % Seed Twelve Months 2025 vs. Twelve Months 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % North America 1 $ 238 4 %$ 255 4 % 2 % 2 % — % — % EMEA 1 (21) (1) % 58 4 % 5 % (1) % (5) % — % Latin America 91 6 % 82 5 % 2 % 3 % 1 % — % Asia Pacific 45 11 % 58 14 % 7 % 7 % (3) % — % Rest of World 115 3 % 198 6 % 4 % 2 % (3) % — % Total $ 353 4 %$ 453 5 % 3 % 2 % (1) % — % Crop Protection Twelve Months 2025 vs. Twelve Months 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % North America 1 $ 126 5 %$ 137 5 % 1 % 4 % — % — % EMEA 1 7 — % 11 1 % — % 1 % (1) % — % Latin America 61 3 % 81 4 % (7) % 11 % (1) % — % Asia Pacific (54) (6) % (34) (4) % — % (4) % (1) % (1) % Rest of World 14 — % 58 1 % (4) % 5 % (1) % — % Total $ 140 2 %$ 195 3 % (2) % 5 % (1) % — % 1. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 2. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Corteva, Inc. Segment Information - Price, Volume, Currency Analysis
Page 36
Seed Product Line Twelve Months 2025 vs. Twelve Months 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % Corn $ 506 8 %$ 577 9 % 3 % 6 % (1) % — % Soybeans (49) (3) % (48) (2) % 2 % (4) % (1) % — % Other oilseeds (9) (1) % 13 2 % 3 % (1) % (3) % — % Other (95) (20) % (89) (19) % 1 % (20) % (1) % — % Total $ 353 4 %$ 453 5 % 3 % 2 % (1) % — % Crop Protection Product Line Twelve Months 2025 vs. Twelve Months 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Product Mix Volume Currency Portfolio / Other$ (millions) % $ (millions) % Herbicides $ 131 4 %$ 149 4 % — % 4 % — % — % Insecticides (46) (3) % (32) (2) % (4) % 2 % (1) % — % Fungicides 59 5 % 78 7 % — % 7 % (1) % (1) % Biologicals 43 9 % 45 9 % (7) % 16 % — % — % Other (47) (10) % (45) (9) % (6) % (3) % (1) % — % Total $ 140 2 %$ 195 3 % (2) % 5 % (1) % — % 1. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Corteva, Inc. Segment Information - Price, Volume, Currency Analysis
Page 37
Three Months Ended December 31, 2025 2024 2025 2024 $ (millions) $ (millions) EPS (diluted) EPS (diluted) Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP) $ (540) $ (52) $ (0.80) $ (0.08) Less: Non-operating benefits (costs), after tax 1 (8) (29) (0.01) (0.04) Less: Amortization of intangibles (existing as of Corteva Separation), after tax (107) (109) (0.16) (0.16) Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax 44 (3) 0.07 (0.01) Less: Significant items benefit (charge), after tax (596) (132) (0.88) (0.19) Less: Separation costs, after tax (24) — (0.04) — Operating Earnings (Loss) (Non-GAAP) 2 $ 151 $ 221 $ 0.22 $ 0.32 Twelve Months Ended December 31, 2025 2024 2025 2024 $ (millions) $ (millions) EPS (diluted) EPS (diluted) Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP) $ 1,193 $ 851 $ 1.75 $ 1.22 Less: Non-operating benefits (costs), after tax 1 (36) (127) (0.05) (0.18) Less: Amortization of intangibles (existing as of Corteva Separation), after tax (434) (459) (0.64) (0.67) Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax — — — — Less: Significant items benefit (charge), after tax (582) (351) (0.85) (0.50) Less: Separation costs, after tax (31) — (0.05) — Operating Earnings (Loss) (Non-GAAP) 2 $ 2,276 $ 1,788 $ 3.34 $ 2.57 1. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 2. Operating earnings (loss) is defined as income (loss) from continuing operations attributable to Corteva excluding the after-tax impact of significant items, the after-tax impact of separation costs, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Corteva Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of intangible assets (existing as of Corteva Separation) is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Corteva, Inc. Non-GAAP Calculation of Corteva Operating EPS
Page 38
Three Months Ended December 31, Twelve Months Ended December 31, $ In millions 2025 2024 2025 2024 Income (loss) from continuing operations before income taxes (GAAP) $ (530) $ 88 $ 1,688 $ 1,275 Add: Significant items (benefit) charge 602 18 658 315 Separation costs 28 — 35 — Non-operating (benefits) costs 12 42 39 174 Amortization of intangibles (existing as of Corteva Separation) 139 144 566 603 Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (58) 4 — — Less: Exchange gains (losses) 1 (84) (50) (181) (284) Income (loss) from continuing operations before income taxes, significant items, separation costs, non- operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP) $ 277 $ 346 $ 3,167 $ 2,651 Provision for (benefit from) income taxes on continuing operations (GAAP) $ 7 $ 138 $ 484 $ 412 Add: Tax (expenses) benefits on significant items (benefit) charge 6 (114) 76 (36) Tax benefits on separation costs 4 — 4 — Tax benefits on non-operating (benefits) costs 4 13 3 47 Tax benefits on amortization of intangibles (existing as of Corteva Separation) 32 35 132 144 Tax (expenses) benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (14) 1 — — Tax benefits on exchange gains (losses) 1 22 7 3 37 Provision for (benefit from) income taxes on continuing operations before significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP) $ 61 $ 80 $ 702 $ 604 Effective income tax rate (GAAP) (1.3) % 156.8 % 28.7 % 32.3 % Significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect 21.5 % (132.1) % (5.3) % (8.3) % Tax rate from continuing operations before significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 20.2 % 24.7 % 23.4 % 24.0 % Exchange gains (losses), net effect 1 1.8 % (1.6) % (1.2) % (1.2) % Base income tax rate from continuing operations (Non-GAAP) 2 22.0 % 23.1 % 22.2 % 22.8 % 1. Refer to page A-15 of the Financial Statement Schedules for further information on exchange gains (losses). 2. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, separation costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs. Corteva, Inc. Non-GAAP Calculation of Corteva Base Income Tax Rate
Page 39
In millions Twelve Months Ended December 31, 2025 2024 Cash provided by (used for) operating activities - continuing operations (GAAP) $ 3,457 $ 2,296 Less: Capital expenditures (591) (597) Free Cash Flow (Non-GAAP) 1 $ 2,866 $ 1,699 Corteva Operating EBITDA (Non-GAAP) 2 $ 3,848 $ 3,376 Free Cash Flow Conversion (Non-GAAP) 3 74 % 50 % 1. Free Cash Flow is defined as cash provided by (used for) operating activities - continuing operations, less capital expenditures. 2. Refer to the "Non-GAAP Calculation of Corteva Operating EBITDA" reconciliation for further discussion on Operating EBITDA. 3. Free Cash Flow Conversion represents Free Cash Flow divided by Operating EBITDA. Corteva, Inc. Non-GAAP Calculation of Free Cash Flow