Slides
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2026 Investor Day Built on genetics. Powered by innovation. September 15, 2026
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Welcome & Opening Remarks Kimberly Booth VICE PRESIDENT, INVESTOR RELATIONS AND FP&A
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3 Legal Disclaimers 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,” “assumes,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “poised,” “launch,” “positioned,” “committed,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about ‘our financial results or outlook; strategy for growth; product development; pipeline value estimates; regulatory approvals; market position; industry size and growth estimates; assumptions regarding planted acreage, commodity prices, currency rates, and market conditions; capital allocation strategy; licensing and royalty income targets; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; the anticipated benefits, impacts, and timing of the proposed spin-off; 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 our 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 our business, results of operations and financial condition. Some of the important factors that could cause our 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 our industry; (ix) competitor’s establishment of an intermediary platform for distribution of our 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 our input costs; (xiii) risks related to our global operations; (xiv) effect of industrial espionage and other disruptions to our supply chain, information technology or network systems; (xv) risks related to environmental, litigation, and other commitments and contingencies; (xvi) impact of our dependence on third parties with respect to certain of its seed production or licenses and commercialization; (xvii) failure of our customers to pay their debts to us, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) risks related to our use of artificial intelligence and machine learning technologies; (xx) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to us; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) our intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) our dependence on intellectual property cross-license agreements; (xxvi) risks related to our common stock; and (xxvii) risks related to the spin-off, including, but not limited to, whether the objectives of the spin-off will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the spin-off; the timing of the spin-off or related action and whether the spin-off will be consummated at all; the risk that the spin-off could divert the attention and time of the company’s management; the risk of any unexpected costs or expenses resulting from the spin-off process or the spin-off itself; and the risk of any litigation as a result of, or relating to, the spin-off. Additionally, there may be other risks and uncertainties that Vylor is unable to currently identify or that Vylor 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 Vylor’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. Vylor 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 and the preliminary registration statement on Form 10 of Vylor, as amended. Vylor Unaudited Pro Forma Financial Information and Management Adjustments The following presentation presents the pro forma results of Vylor, after giving effect to events that are (1) directly attri but able to the Pro Forma Transactions including the disposition of Corteva’s Crop Protection Business, the effect of our anticip ate d capital structure following the spin - off, the pro - rata distribution of our issued and outstanding common stock by Corteva in connection with the spin - offs, and the impact of the Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreeme nt, Transition Services Agreements, Commercial Agreements, Intellectual Property Matters Agreement and other ancillary agreements be tween Vylor and New Corteva and the provisions contained therein; (2) factually supportable and (3) with respect to the pro f orm a statements of income, expected to have a continuing impact on the consolidated results. Refer to Vylor’s preliminary Form 10 reg istration statement (and subsequent amendments thereto), which can be found on the investors section of the Corteva website, for further details on the above transactions. The pro forma financial statements were prepared in accordance with Article 11 of Reg ulation S - X, and are presented for informational purposes only, and do not purport to represent what the results of operations w ould have been had the above actually occurred on the dates indicated, nor do they purport to project the results of operations fo r a ny future period or as of any future date.
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4 Legal Disclaimers Vylor Unaudited Pro Forma Financial Information and Management Adjustments (continued) This presentation also reflects management adjustments that would not be included in the pro forma financial statements prepa red in accordance with Article 11 of Regulation S - X. These adjustments reflect management’s estimates of certain incremental costs and cost savings associated with Vylor operating as an independent public company that are not reflected in Pro Forma Operati ng EBITDA. These estimates are based on assumptions management believes are reasonable as of the date of this presentation. Actu al costs and savings may differ materially from these estimates, including as a result of the timing or extent to which anticipa ted cost savings are realized. 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 m ay include operating EBITDA, operating EBITDA margin, adjusted pro forma operating EBITDA, adjusted pro forma operating EBITDA margin, free cash flow, and free cash flow conversion. Management uses these measures internally for planning and forecasting, including a ll ocating 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 inf orm ation to investors as they provide insight with respect to ongoing operating results of the Company and a more useful compari son 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 m easures of performance. Furthermore, such non - GAAP measures may not be consistent with similar measures provided or used by other companies. This data should be read in conjunction with the Company’s preliminary registration statement on Form 10 filing (and subseque nt amendments thereto). Reconciliations of historical non - GAAP measures to U.S. GAAP are provided at the end of this presentation. Vylor does not provide reconciliations of certain forward - looking non - GAAP financial measures to their most directly comparable U.S. GAAP financial measures because Vylor is unable to predict with reasonable certainty and without unreasonable effort cer tai n items necessary to provide such reconciliations. These items may include, among others, restructuring and separation - related cha rges, certain pension items, asset impairments, acquisition - or divestiture - related items, and other significant items. These it ems are uncertain, depend on various factors and could have a significant impact, individually or in the aggregate, on the correspond ing U.S. GAAP financial measures. 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 upf ront 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 E 3 TM , the Company 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. Pro forma operating EBITDA is defined as pro forma earnings (loss) (i.e., pro forma income (loss) from continuing operations bef ore 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 no n - operating pension and OPEB credits (costs). Net unrealized gain or loss from mark - to market activity for certain foreign currency derivati ve instruments that do not qualify for hedge accounting represents the non - cash net gain (loss) from changes in fair value of ce rtain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of t he contract, the realized gain (loss) from the changes in fair value of the non - qualified foreign currency derivative contracts wil l 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. Pro forma Operating EBITDA margin is defined as pro forma Operating EBITDA as a percentage of net sales. Adjusted Pro Forma Operating EBITDA represents Pro Forma Operating EBITDA, further adjusted to reflect management’s estimates of certa in incremental cost savings associated with operating Vylor as an independent public company that are not reflected in the Pro Form Operating EBITDA. Adjusted Pro Forma Operating EBITDA margi n i s defined as Adjusted Pro Forma Operating EBITDA as a percentage of net sales. Management believes this measure provides useful supplemental information regarding the expected cost structure of Vylor as an independent public company. The managem ent adjustments are based on estimates and assumptions and actual costs and savings may differ materially from those reflected in the adjustments. As used in this presentation, "operating EBITDA" presented in forward - looking periods refers to Pro Forma Opera ting EBITDA, unless otherwise noted. Historical "operating EBITDA" figures shown for FY 2025 refer to Adjusted Pro Forma Oper ati ng EBITDA, unless otherwise noted. The Company also uses Free Cash Flow and Free Cash Flow Conversion as non - GAAP measures to evaluate and discuss its liquidity po sition 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 Adjusted Pro Forma O per ating 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 , p ay dividends (when declared), make share repurchases, and meet our ongoing cash needs for our operations. Vylor is not able to reconcile its forward - looking Free Cash Flow Conversion non - GAAP financial measure to its most comparable U.S. GAAP financial me asure, as it is unable to predict with reasonable certainty Operating EBITDA due to items outside of the company’s control, w hic h includes the same Significant Items noted above, without unreasonable effort.
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5 Legal Disclaimers No Offer or Solicitation This presentation does not constitute a solicitation of a proxy, consent or authorization with respect to any securities of V ylo r. This presentation also does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will th ere be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qua lification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a pr osp ectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. Industry and Share Data This presentation includes information and statistics regarding market participants in the sectors in which Vylor competes an d o ther industry data which was obtained from third - party sources, including reports by market research firms, governmental agencie s, intergovernmental organizations, industry publications, academic research and publicly available company information. While w e b elieve the third - party market and industry data included in this presentation are generally reliable, the market and industry da ta have not been independently verified by us and involve risks and uncertainties and are subject to change based on various factors. Th is presentation also includes data derived from Vylor’s internal research, testing, and analysis, which has not been independently verified and involves estimates and assumptions that are subject to change. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the propert y o f their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM © or ® symbols, but we will assert, to the fullest extent under applicable la w, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Certain trade mar ks used in this presentation are the property of Corteva, Inc. and will be owned by or licensed to Vylor following the completion of the sp in - off, as described in Vylor’s Form 10 registration statement. Projected Financial Information This presentation contains financial forecasts, which were prepared in good faith by Vylor on a basis believed to be reasonab le. Certain financial measures and targets in this presentation are non - GAAP measures, as described in the Regulation G disclaimer included elsewhere in this presentation. The pro forma financial information has been prepared in accordance with Article 11 of Regulation S - X. The financial projections in this presentation have not been audited or reviewed by Vylor’s independent auditors. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future result s. See the Forward - Looking Statements disclaimer included elsewhere in this presentation for a discussion of risks and uncertaintie s that may cause actual results to differ materially.
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Investor day webcast agenda TIME AGENDA ITEM SPEAKER(S) DURATION 9:00–9:05 AM ET Welcome, safe harbor language Kim Booth 5 MINS 9:05–9:30 AM ET CEO address — strategy overview Chuck Magro 25 MINS 9:30–9:55 AM ET Growth through innovation Sam Eathington 25 MINS 9:55–10:20AM ET Positioned for success Judd O’Connor 25 MINS 10:20–10:35 AM ET Break 15 MINS 10:35–10:55 AM ET Financial framework David Johnson 20 MINS 10:55–11:25 AM ET Q&A session All speakers, moderated by Kim Booth 30 MINS 11:25–11:30 AM ET CEO closing remarks Chuck Magro 5 MINS
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Introducing Vylor Chuck Magro CHIEF EXECUTIVE OFFICER
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“Vylor is the only global pure-play ag genetics platform.” Chuck Magro, CEO 8 CEO perspective
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300+ Products launched annually ~27% Operating EBITDA margin2 (2026E) ~10% (~2X peer avg ROI) Annual R&D investment as a percent of sales ~$19B Pipeline value (estimated peak NTR3) ~8,000 Patents An unrivaled innovator with a century-long track record 9 1. 2025 Net sales are stated on an as reported basis for the Seed segment of Corteva. 2. Represents management's forward-looking estimates and is presented on a pro forma basis giving effect to the transactions described in the Form 10. 2026 Operating EBITDA is a non- GAAP financial measure. See slide 4 regarding forward-looking non-GAAP measures. See appendix for non-GAAP reconciliations. 3. Estimated peak net trade revenue pipeline value by the end of 2039. 4. Oilseeds includes sunflower and canola. 5. Other includes cotton, mustard, sorghum, wheat, rice, inoculants, and millet. 6. Europe, Middle East, and Africa. 7. Includes U.S. & Canada. Corn 71% Soybean 19% Oilseeds 6% Other 4% North America 63% Latin America 16% EMEA 16% Asia Pacific 5% 2025 revenue: ~$10B1 Pioneer® is the #1 U.S. corn and soybean brand Established platforms with diversified mix REVENUE BY CROP Global reach across ~70 countries REVENUE BY REGION 6 4 5 7
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$7.8 $9.9 $1.2 $2.6 16% 27% What we have delivered 101. 2020 and 2025 Net sales, Operating EBITDA, and Operating EBITDA margin are stated on an as reported basis for the Seed segment of Corteva. Foundation for next phase: pipeline + licensing + productivity REVENUE1 ($B) OPERATING EBITDA1 ($B) EBITDA MARGIN1 2025 2020 Key accomplishments since 2020 • Advantaged routes - to - market with the #1 U.S. corn and soybean brand • Launched over 1,700 new products (hybrids and varieties) • Improved net licensing position by > $550M • Disciplined focus on productivity drove earnings benefits of ~$ 570M • Cumulative $ 4.25 B R&D investment ~5% CAGR ~17% CAGR ~1,100bps Expansion
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Foundational drivers of agriculture technology remain intact 11 1. United Nations, Department of Economic and Social Affairs, Population Division (2024). World Population Prospects 2024, Online Edition. 2. Jägermeyr, J., Müller, C., Ruane, A.C. et al. Climate impacts on global agriculture emerge earlier in new generation of clima te and crop models. Nat Food 2, 873–885 (2021); assumes no technology changes or improvements. 3. Food and Agriculture Organization of the United Nations. (2021, June 2). Climate change fans spread of pests and threatens plants and crops, new FAO study. 4. S&P Global Commodity Insights. Fueling the Future – Biofuels driving progress on net zero (February 2024). Global biofuels demand is on track to reach ~80 billion gallons annually by 2040 D riven by structural growth in renewable diesel and sustainable aviation fuel, with advanced feedstocks supplying more than 60% of total volumes 4 Growing population with ~2B more people in the next 25 years 1 ~5 – 25% potential reduction in crop yields in key regions from 2° C increase in global temperatures 2 Up to 40% of crop production globally lost to pests and diseases 3 Food security Changing weather patterns Energy transition Need to feed more people Food is getting harder to grow Biofuels demand expected to double in next decade
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What sets Vylor apart 12 Global germplasm library supports yield leadership and a structural advantage. • 100 years of germplasm experience • Doubling rate of genetic gain with new technology deployment 1. North America Pioneer and regional brands. Strongest genetic foundation Innovation at scale Faster commercialization Together, these advantages create compounding innovation, growth and returns 1 2 3 Advanced R&D and production accelerates genetic gain through breeding, gene editing, analytics and AI. • 137 R&D facilities • 60 production facilities • 19,000 seed production grower network • ~90% customer retention 1 • ~4,000 field employees & sales representatives 1 Integrated routes - to - market deliver innovation directly to growers at scale.
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CORN #1 North America #2 Latin America #1 EMEA #1 APAC2 SOYBEAN #1 North America #6 Latin America WHEAT #4 North America CANOLA #2 North America #4 EMEA #1 APAC2 COTTON #2 North America SUNFLOWER #2 EMEA SORGHUM #1 North America #1 Latin America A top-tier global seed and genetics company with proven leadership and depth Vylor’s regional leadership positions1 13 Strong market presence across core crops with leadership positions in key geographies 1. Market share and ranks based on branded business. Source: Agrowin Seed 3rd-party market research. 2. APAC excluding China. 3. Launch pending applicable global regulatory reviews and completion of field testing. launch3 by 2035 across markets representing ~90% of our corn business1 TO BE UPDATED - WILL ALSO ADD FOOTNOTES FOR ABBREVIATIONS launch3 by 2035 across markets representing ~95% of our soybean business1 NORTH AMERICA • Next Gen Above • Next Gen Above & Below • Herbicide Tolerance • Hard Red Winter Hybrid • Soft Red Winter Hybrid • Hard Red Spring Hybrid LATIN AMERICA • ABRANVO • Next Gen Above • Next Gen Lep • 1st Gen Asian Soybean Rust GLOBAL LEVERAGED TECHNOLOGY PLATFORMS • Yield & Yield Stability • Multi - Disease Resistance • Reduced Stature Corn • Multi - Disease Resistance • XPEDITE Hybrid Wheat Breeding System CORN SOYBEANS WHEAT launch3 in 2027 with North America Hard Red Winter 7 Differentiated Technology Platforms 1 Differentiated Technology Platform 4 Differentiated Technology Platforms
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Scale our growth platforms • Shift from technology buyer to technology owner • Hybrid wheat creates an entirely new category • Biofuels creates a new demand engine • Gene - edited disease resistance moves into commercial scale Corn and soybean licensing Vylor performance acceleration framework Foundational value engine • Corn pipeline reinforces competitive advantage • Expanding soybean leadership position • Increasing value capture from proprietary traits and genetics, including novel Yield & Yield Stability (YYS) traitTODAY FUTURE Hybrid wheat Largest innovation cycle in company history, built on the foundation of enduring competitive advantages Expand into future value pools • Largest ag gene editing patent estate outside China • Technology licensing beyond core crops • Addressable market expands well beyond today’s seed business 14 Core business New and adjacent opportunities Biofuels GENE EDITING
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VALUE TO INDUSTRY VALUE TO VYLOR Increased choice for farmers and independent seed companies Expanded market access beyond branded business Open ecosystems and collaboration Broad adoption of Vylor technology Expanded scope beyond Americas and beyond row crops Incremental profit for our leading technology Licensing unlocks incremental value Latin America Corn Soy Established platform with diversified mix generating ~$0.4B in licensing revenue in 2026 Americas: $4B licensing market opportunity ~$2B Corn Soy North America ~$2B Transitioning to royalty positive in 2026; targeting $1B net licensing income position by 2035 15
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1. Source: USDA. 2. Internal yield testing on launch hybrids: 3 years (2024, 2025, 2026) of testing. 16 Hybrid Wheat: the next $1B platform A century of U.S. yield growth 0 20 40 60 80 100 120 140 160 180 200 1926 1930 1934 1938 1942 1946 1950 1954 1958 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 Bushels per acre U.S. YIELDS Wheat Corn Varietal wheat 3.5x Hybrid corn 7x YIELD GROWTH Launching US Hard Red Winter wheat in 2027, targeting $500M in revenue by 2035; $1B by 2040 WHY VYLOR CAN WIN • World’s most widely cultivated crop — nearly 550 million acres globally 1 • Cornerstone of food security — ~20% of the world’s caloric intake 1 • World’s most traded ag crop — ~$50B global trade market 1 • The last major under - innovated row crop • Fragmented end - markets and diverse geographic competition • Driven by novel non - GMO, non - CMS proprietary hybrid breeding system • Offers ~10 – 20 % higher yields compared to conventional varieties 2 — a significant breakthrough in productivity • Captures value through Pioneer branded sales along with licensing opportunities in additional markets Wheat opportunity Why Vylor can win Globally important crop; small in Vylor today; proprietary technology expected to scale to $1B by 2040
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BANANAS CORN The transformational potential of gene editing 17 1. Crop Protection Network data on Top 4 diseases: Gray leaf spot, Northern corn leaf blight, Southern rust, Anthracnose stalk r ot and top dieback; does not include tar spot. 2. Internal Corteva Analysis – 2022 – 2025. 3. Internal Corteva estimates. 4. Gunders, Dana. ”Op-ed: 5 billion bananas get thrown away each year — how reducing food waste can help solve the climate crisis.” The Chicago Tribune. April 9, 2021. https://www.chicagotribune.com/2021/04/09/op-ed-5-billion-bananas-get-thrown-away- each-year-how-reducing-food-waste-can-help-solve-the-climate-crisis/. 5. Tropic’s Non-Browning Gene-Edited Banana Cleared for Production in the Philippines. https://tropic.bio/tropics-non-browning-gene-edited-banana-cleared-for-production-in-the-philippines/. Protect against disease & pests Withstand stresses Deliver consumer benefits Increase crop output • Disease & pest resistance • Climate resilience • Input efficiency • Higher yield • Harvest efficiency • New applications • Convenience, ease of use • Nutrition and allergens • Expanded shelf - life • Transport durability ~$7.5B Lost to “Big 4” diseases in the last 5 years 1 ~4M Acres lost to 4 top diseases in 2025 1 > $1B Spent on fungicide treatment for corn globally every year 2 ~$125B Global retail/market value — highly produced and consumed 3 > 5B Bananas thrown away annually in the U.S. 4 > 60% Exported bananas go to waste prior to reaching consumers 5 GOOD FOR FARMERS GOOD FOR CONSUMERSGOOD FOR PLANET Precise changes in the plant’s own DNA has the potential to create new opportunities throughout the value chain Standard Cavendish Tropic Reduced Browning With MDR Without MDR
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18 Disciplined capital allocation strategy Capital investment • Fund high ROI projects • Support organic growth in attractive end markets Sustainable and growing dividend • Continued positive outlook • Dividend growth over time with earnings M&A • Focus on adjacencies / build from core • Disciplined financial return criteria Capital allocation Share repurchases • Preferred method to return capital • Intention to authorize $3B share repurchase program in 4Q 2027–2029 Cash to shareholders Invest for growth Committed to investing into R&D at ~10% of sales to ensure robust pipeline CapEx Dividend Share Repurchase and M&A
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~3–4% Net sales 1 CAGR ~7–8% Operating EBITDA 1 CAGR at midpoint ~30% margin 2029 Operating EBITDA 1 margin at midpoint ~60% (EBITDA basis) Avg. free cash flow conversion 1 ~$1B Annual share repurchase target (excluding significant M&A) 19 2027–2029 TARGETS Vylor growth algorithm 12 technology platforms launching in next 10 years $2B incremental corn revenues by 2035, including licensing $0.5B incremental soybean revenues by 2035, including licensing $1B hybrid wheat revenues by 2040, including licensing YYS i ndustry’s first Yield & Yield Stability trait in corn MDR g ene - edited Multi - Disease Resistance in corn and soybeans $19B estimated peak net trade revenue pipeline value 2 Next decade…This decade… 1. Represent management's forward-looking estimates and are presented on a pro forma basis giving effect to the transactions descri bed in the Form 10. Operating EBITDA, Operating EBITDA Margin, and Free Cash Flow Conversion are non-GAAP financial measures. See slide 4 regarding forward-looking non-GAAP measures. See appendix for non-GAAP reconciliations. 2. Estimated peak net trade revenue pipeline value by the end of 2039.
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Chuck Magro David Johnson Judd O’Connor Sam Eathington Audrey Grimm Brian Lutz Jennifer Johnson Chief Executive Officer Chief Financial Officer Chief Commercial and Operations Officer Chief Technology Officer Chief People Officer Chief Digital and Information Officer Chief Legal Officer Vylor’s management team 20
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Unique agriculture and technology platform powered by intellectual property Multiple innovation - driven growth platforms Disciplined execution driving long - term value creation Proven leadership reinforcing compelling growth opportunity 21 Key takeaways 1 2 3 4 Built on genetics. Powered by innovation.
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Sam Eathington CHIEF TECHNOLOGY OFFICER Innovation & proprietary technology unlocks growth
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1. 2025 Net sales are stated on an as reported basis for the Seed segment of Corteva. Vylor’s leadership advantage in innovation A first-mover legacy A track-record of delivery Unlocking Vylor’s bold future… $10B1 First commercial hybrid corn in Midwest 4x Expansion First winter nursery program for year - round breeding 10x Larger First to use computer for breeding data analysis 30k Genes First genomics program in corn 2x Durability First integrated refuge management biotech solution for farmers 1,700+ New hybrids and varieties launched in 10 crops 5 Technology platforms launched in corn and soybean 5%+ Improvement in genetic yield potential World Records Yields set by our corn and soybean products 300+ Biotech regulatory approvals 3,100+ Germplasm and Biotechnology patents 23 1926-2019 2020-2025 TODAY- NEXT DECADE 12 Technology platforms to be launched in the next decade First Industry’s first biotech Yield & Yield Stability (YYS) trait in corn Hybrid Wheat Novel & proprietary – Xpedite TM hybrid wheat breeding system 7 New Novel insect control genes New Protection Gene - edited Multi - Disease Resistance (MDR) in corn and soybean Global Expansion Gene editing & Genlytix ecosystem enabling expansion in where to play
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Gene editing Industry - leading science portfolio focused on improvement in core and adjacent crops 1. Food and Agriculture Organization of the United Nations: Plant Production and Protection Division report (2022). 24 Vylor’s industry-leading innovation solves increasing production challenges INSECTS Breeding World’s most elite germplasm pool, built over a century, underpins performance in 10 crops globally WEEDS DISEASES ABIOTIC STRESSES Biotechnology Industry - leading portfolio of traits designed to protect and preserve on - farm productivity INDUSTRY-LEADING INNOVATION PILLARS Annual global crop production loss to these challenges Up to $290B1
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OVER THE NEXT DECADE Corn Soybean Wheat Next Gen Above NA Next Gen Above & Below NA ABRANVO LATAM Next Gen Above LATAM Herbicide Tolerance Next Gen Lep LATAM 1st Gen Asian Soybean Rust LATAM • Hard Red Winter Hybrid • Soft Red Winter Hybrid • Ha rd Red Spring Hybrid Leveraged Technology Platforms Yield & Yield Stability Multi - Disease Resistance Reduced Stature Corn Multi - Disease Resistance XPEDITE Hybrid Wheat Breeding System Other Crops • Canola • Cotton • Millet • Mustard • Rice • Sorghum • Sunflower Vylor’s innovation portfolio enables current & future value 251. Estimated peak net trade revenue pipeline value by the end of 2039. Vylor’s industry-leading germplasm and portfolio enables growth in branded and licensing businesses NEW PROPRIETARY PRODUCTS Underpinned by world-class germplasm driving genetic gain Vylor will launch 12 technology platforms in the next decade NEXT GENERATION TECHNOLOGY Vylor will deliver never-before-seen science GROWING VALUE Vylor’s innovation pipeline is shaped by our science leadership Extreme conditions Yield & Yield Stability (YYS) Reduced Stature Corn (RSC) Disease 14 Multi - Disease Resistance genes Insect control 7 novel genes Weed control 2 novel genes ~$19B Estimated peak net trade revenue1 $4B Added peak NTR pipeline value since 2023 >55% Accretive growth 12 Technology Platforms
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More value per R&D dollar: proven at Corteva, continue at Vylor 26 Realized Corteva returns from 2019 to 2025, and the forward pipeline value carried into Vylor, measured against major competitors 1Cumulative 2019–2025. Peer R&D estimated from disclosed segment data. Peak sales potential are approximate estimates. Peer average is calculated across 3 peers (Bayer, BASF & Syngenta): for each peer, seed revenue is divided by seed R&D to give that peer's ratio, and the 3 ratios are then averaged. Peak sales potential are approximate estimates. Peak sales potential is divided by current annual (2025) R&D to give that peer's ratio, and the 3 ratios are then averaged. The Peer mean column separately shows average peer peak s ales p otential and average peer R&D. This is a relative measure of pipeline value per unit of current R&D intensity, not a payback multiple: peak sales potential is realized over multiple year s a nd reflects R&D invested across that period. Peer R&D is as reported or estimated from public disclosures; Peak revenue and sales p otential is company - disclosed where available or estimated from public disclosures and internal analysis. Vylor Peer Avg* Peak sales potential $18.7B $8.7B R&D spend $1.0B $1.0B Corteva Peer Avg* Seed revenue $61.6B $38.4B R&D invested $5.8B $6.3B PROVEN Corteva | 2019–2025 Revenue per $1 of seed R&D $10.7 ~1.9x peer average CONTINUING Vylor | Forward pipeline Peak sales potential per $1 of seed R&D ~$19 ~2.5x peer average Peer Average $5.61 Peer Average ~$7.71
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1. Source: Vylor and Vylor heritage company breeding data. 2. Incremental value estimated at 2.5 acres per bag of corn seed and $4/bu corn; and 1 acre per bag of soybean seed and $10.50/bu soybean. 3. Pb= Petabases 27 Proprietary germplasm & advanced breeding creates sustained annual yield gains ADVANCED TECHNOLOGIES SUSTAINED ANNUAL YIELD INCREASES 2015 2020 2025 14 bu/A advantage 18 bu/A advantage SUSTAINED ANNUAL YIELD INCREASES 3.9 bu/A advantage 4.4 bu/A advantage P1151 AM P13777 PCE P32T16R 2015 RR P31Z03E 2025 Enlist E3 P33A53X 2020 RR2X P1197 AM Genetic insights >10B Digital field insights >400M Advanced inbreds 1M AI model solutions 145 Products launched (2025) 300+ Products delivered (2020 - 2025) 1 1,700+ Vylor captures approximately one-third of innovation value Soybean#1 in the U.S. Corn ~$3002 incremental bag value delivered in last decade >30 bu/A1 incremental yield in last decade ~$902 incremental bag value delivered in last decade >8 bu/A1 incremental yield in last decade Automated seed processing 10M Genomic sequence data >5 Pb3 Accelerated Breeding Industry-leading germplasm for 100+ years Data Collection Decision Making RECORD SETTING
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28 Expanding Vylor’s sustained yield performance and advantage in the field 1. Testing results from 154,489 total comparisons vs. competitors during crop years 2019-2025. Pioneer Top 40 corn hybrids in the U.S. 2. Testing results from 21,572 total comparisons vs competitors during crop years 2019-2025. Pioneer Top 40 soybean varieties in the U.S. 3. Testing results from 11 years of testing across 284 locations by environments in different hybrids. 4. Testing results from gene-edited trials during crop years 2024-2025 across 18 locations. Sustained Yield Advantage Proprietary Genetic Technology Gene Editing Yield & Yield Stability (YYS) • Industry’s first biotech trait to improve yield and yield stability • Delivers an average 3 bu /A yield increase 3 • Some combinations have shown up to 10 bu /A yield advantage 3 average yield advantage in gene - edited hybrid trials 4 Genetic performance & gene editing will double our annual yield improvement CORN SOYBEAN CORN CORN Yield +4–8 bu/A +3 bu/A Yield average advantage in field trials across the Americas 3 YIELD NUMBER OF PLANTS Conventional breeding variation Higher yielding plants Gene edited variation +6.3 bu/A average yield advantage of Top 40 products over 2019 - 2025 1 Win rate of 64% vs competition Higher averages the last couple seasons +2.9 bu/A average yield advantage of Top 40 products over 2019 - 2025 2 Illustrative of technology advancement opportunity Conventional Gene Edited Win rate of 70% vs competition Higher averages the last couple seasons
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Vylor vs. Others Vylor Advantage Hybrid system Native genetics + gene editing Environmental response Stable Genetic gain Faster Germplasm compatibility Works in all germplasm tested 2,3 Cost of goods Favorable Additional agronomic requirements None 1. Launch pending applicable completion of field testing. 2. Internal yield testing on pending launch hybrids: 3 years (2024, 2025, 2026) of testing with 41 locations in KS, NE, CO, & OK. 3. Internal yield testing on pending launch hybrids in stressed environments: 3 years (2024, 2025, 2026) of testing with 20 locations in KS, NE, CO & OK. 4. Map Wheat | USDA Foreign Agricultural Service 29 Hybrid wheat system enables new value for farmers, new core crop for Vylor HYBRID WHEAT BREEDING SYSTEM : HYBRID WHEAT OPPORTUNITY: North America Launches1: NEW VALUE – Vylor's proprietary technology unlocks productivity potential under normal and stressed conditions ~550M acres of wheat produced globally TESTING AT SCALE IN THE FIELD • Hard Red Winter in 2027 • Soft Red Winter in 2029 • Hard Red Spring in 2030 • System enables geographic expansion 0 - < 40K 40k - < 250k 250k - < 1M 1M - <7.5M 7.5M+ Global Applicability: >10% Increase yield potential compared to leading varieties2 20% Increase yield potential in water stressed conditions3 Up to • Breakthrough proprietary technology • Performs in all environments and geographies 2, 3 • Enables high - value, globally scalable seed platform • Breeding underway in Europe and India VALUE TO FARMERS:
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YIELD & YIELD STABILITY MULTI-DISEASE RESISTANCE REDUCED STATURE CORN Enhanced yield potential Simplified disease management Extreme weather resilience Leveraged Technology Platforms NORTH AMERICA LATIN AMERICA Broad - spectrum above - ground insect control including lepidoptera Long - term durability Multiple herbicide tolerances Broad - spectrum above - and below - ground insect protection including lepidopteran and corn root worm Two new proprietary non - Bt 2 modes of action Multiple herbicide tolerances Broad - spectrum lepidopteran control including fall armyworm Two new proprietary modes of action for insect control Multiple herbicide tolerances Broad - spectrum lepidopteran control including fall armyworm Two new proprietary modes of action for insect control Multiple herbicide tolerances Next Gen Above NA This Decade (PowerCore® Replacement) ABRANVOTM This Decade (PowerCore® Ultra Replacement) Next Gen Above LA Mid-Next Decade (ABRANVO Replacement) Next Gen Above / Below NA Early Next Decade (Vorceed® & Qrome® Replacement) 30 Vylor set to launch seven corn technology platforms in the next decade1 Industry leading technology solving insect, weed, disease, & extreme weather problems; unlocking higher yield 1. Launch pending applicable global regulatory reviews and completion of field testing. 2. Bacillus thuringiensis 3. Estimated 2039 Peak NTR Seven corn technology platforms are worth $6–$7B3 PLATFORMS UNLOCK GROWTH POTENTIAL FOR VYLOR THROUGHOUT NEXT DECADE Elite germplasm Proprietary, royalty advantaged Licensing enabled Base technology platforms by region
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Leveraged Technology Platforms MULTI-DISEASE RESISTANCE Simplified disease management Vylor set to launch four soybean technology platforms in the next decade1 31 1. Launch pending applicable global regulatory reviews and completion of field testing. 2. The transgenic soybean event in Enlist E3® soybeans is jointly developed and owned by Corteva Agriscience and M.S. Technologies, L.L.C. 3. Estimated 2039 Peak NTR Industry leading platforms solving pest and disease problems; unlocking higher yield NORTH AMERICA LATIN AMERICA Industry first transgenic Asian soybean rust resistance trait for Brazil/LA Highly effective with excellent agronomics to protect yield Complements Multi-Disease Resistance for broader disease control of key targets Novel Herbicide Tolerance Portfolio This Decade – Mid-Next Decade (Builds beyond Enlist E3® Soybeans2) Next Gen Lepidopteran Early Next Decade (Conkesta E3® Replacement) 1st Gen Asian Soybean Rust Mid-Next Decade ACCELERATED LAUNCH Broadest-spectrum insect control on the market including fall armyworm and other LA pests 3 new novel proprietary MOA for lepidopteran control Weed-control flexibility through additional herbicide tolerance MOAs Four soybean technology platforms are worth $3B–$3.5B3 Builds beyond the proven Enlist E3® soybeans weed-control foundation Expand weed-control flexibility through novel trait stacks with additional herbicide tolerance MOAs Next Gen herbicide tolerance expands weed- control optionality through additional MOAs SOYBEAN PORTFOLIO POISED FOR DIFFERENTIATING YIELD & YIELD PROTECTION Elite germplasm Proprietary, royalty advantaged Licensing enabled
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Added 6 crop species Doubled gene targets Expanded editing of elite lines Increased edited plants by 20% World’s largest IP portfolio in ag Doubled external collaborations 1. Data shown represents the total cumulative number across each category. 2. Number encompasses products, concepts and technologies. 3. When predicting significant change in gene expression direction in AI-designed gene edits leveraging Large Language Models (LLMS) or Foundation Models. 4. For more information on Vylor Edge, please reference the Sept. 3, 2026, press release. 32 Vylor’s industry-leading gene editing position & Genlytix ecosystem1 expands growth opportunity NEW: AI-driven innovation GROWING VALUE Expanding global opportunity SCALE ~20M gene modifications predicted across hundreds of corn lines SPEED <2 days to generate megaplexed design ACCURACY 94%3 accuracy in predicting expression changes Accelerating our leadership since 2024 The industry-leading gene editing ecosystem to accelerate sustainable agriculture GenlytixTM 12 university collaborations 375+ patents granted 14K+ allelic variation generated 16 edited crop species 1,000+ edits field tested 100+ megaplexed edits in a single plant 170K+ edited plants generated 3,100+ unique gene targets edited 2 value chain transparency programs 8 collaborations with foundations & institutions 18 startup company collaborations 4 food company collaborations 46 CRISPR- Cas9 out- licensing agreements Vylor Edge4 External investments expanding technology platform and product delivery across crops and geographies ~
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Advancements in gene-edited breeding doubles annual yield improvement 1. Testing results from gene-edited trials during crop years 2024-2025 across 18 locations. 33 Vylor set to double annual yield improvement with gene editing in elite germplasm • Advanced design and selection using global data Relative Maturity Bridges geographies: Ex pands 2 - 3 RM zones Kernel row number Improves standability: 30% height reduction Stature Conventional Gene Edited Reduced Stature Standard Relative Maturity Conventional Gene Edited Gene Edited Improves yield: 4 - 8 bu /A 1 Improves yield: 4 - 8 bu /A 1 z VYLOR’S ADVANTAGE FOR GENE EDITING • Unmatched elite global germplasm performance Superior Products Global & local field testing Industry-leading germplasm pool Characterization & agronomy WORLD CLASS BREEDING ENGINE Elite plant transformation • Gene editing possible in elite pipeline of new lines • Global network to test and select best gene edits • Advanced tech enables rapid evaluation and advancement 1M >400M 145 1000’S >12M AI Models Insights Plots Elite Lines lines World class automated phenotyping
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1. Stewarded advanced trials. Launch pending applicable global regulatory reviews and completion of field testing 2. Pb= Petabases 3. Based on 2025 field testing results under high Southern Rust testing considitions 34 Vylor’s gene editing advancements set to simplify disease management Better disease management in cropping systems helps farmers protect yield Disease Pressure (BY REGION) • Novel disease management solution • Targets: o Soybean Cyst Nematode o Phytophthora Root Rot o Root - Knot Nematode With MDR Without MDR Gray Leaf Spot Northern Corn Leaf Blight Southern Rust PROTECTS YIELD: up to 20% 3 Deep pipeline focused on new discoveries and durability Foundational advantage Global germplasm pool with >90K corn lines enable wide screening for disease research 3.3 Pb 2 genomics sequence data unlocks performance insights Industry - leading phenotyping of 35 corn and soybean diseases 1st Gen Multi-Disease Resistance Corn 1st Gen Multi-Disease Resistance Soybean Southern Rust PrevalentScarce • Protects yield against o Northern Corn Leaf Blight o Gray Leaf Spot o Southern Rust o Anthracnose Stalk Ro t • Excellent yield performance • Target markets of NA, LATAM, and EU Leverageable across other crops 2019 2022 2025 Root-Knot Nematode With MDR Without MDR Growing Pipeline of Genes 20+ MustardMilletCotton Canola Rice Wheat Sorghum Sunflower ADJACENT MARKETS Fruits and Vegetables Trees, Nuts, and Vines
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12 New technology platforms launching in the next decade — the Largest in the Industry ~$19B Estimated peak net trade revenue 1 ~$19 Best ROI per dollar invested Biotechnology Proprietary portfolio of technologies extends leadership and expands licensing opportunity 35 Vylor’s leadership in innovation, proprietary solutions underpin strong value and growth opportunities 1. Estimated peak net trade revenue pipeline value by the end of 2039. Growing value Vylor’s innovation differentiators Gene editing Industry - leading position in gene editing , Genlytix ecosystem extends performance and expands where to play Breeding Industry - leading advantaged germplasm delivers sustained annual performance advantage, unlocks new value in crops
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A closer look at our seed business Judd O'Connor CHIEF COMMERCIAL AND OPERATIONS OFFICER
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1. Market based on grower-level value including branded business and out-licensing revenue. 37 Unlocking a meaningfully larger opportunity ~$60B TRADITIONAL ROW CROP SEED MARKET¹ Farmers prioritize seed performance leading to resilient low single digit pricing growth ~$75B TRADITIONAL ROW CROP SEED MARKET¹ Vylor’s seed and genetics expands our addressable market well beyond existing value pool Strong demand for crop outputs resulting in consistent planted area v 2025 2035E Additional expanded opportunities: • Hybrid wheat value creation • Gene editing shifting value upstream into genetics • Adjacent genetics opportunities Above market growth through: • New traits • New geographies • Licensing
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v Our end-to-end operating model sets Vylor apart 38 Value for farmers • Innovative pipeline with competitive products to meet farmers’ evolving needs globally • Increased yields, year after year • Consistent, high - quality reliable seed GLOBAL PRODUCTION NETWORK Creating value with a farmer focused mindset Value for Vylor • Leading brand position - #1 or 2 in key markets • Value - based pricing through differentiation • High returns on invested capital • Recurring revenue model with attractive margins Strong pipeline of proprietary traits INDUSTRY-LEADING R&D 100 years of breeding expertise Superior germplasm driving genetic gain COMMERCIAL EXCELLENCE Trusted farmer relationships Robust portfolio offering Differentiated routes - to - market Tailored solutions with elite agronomy service Largest grower network built on strong relationships Globally integrated, locally executed Scalable, reliable, high - quality seed Vylor One Seed
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v Seed operations network: quality, reliable supply at scale 391. Capacity inclusive of Vylor internal and tollers. Scaled, locally executed operations enable reliable supply, margin consistency, and future growth Seed production process optimized through automation and AI PLANT ACTIVITIES • Conditioning • Treat & pack • Warehouse • Distribution 137 sites 30+ countries 3,000 + employees • Planting • Field management • Harvest • Stabilization 19,000 growers 40,000+ fields 1.5 million+ acres FIELD NETWORKR&D 100 million+ unit capacity 1 30 countries 4,500+ employees PRODUCTION FOCUS Quality and productivity per acre for reliable supply FOCUS Scale, productivity and efficient delivery 60 production sites FIELD ACTIVITIES v South America 8 sites Asia 3 sites Europe 7 sites Africa 5 sites North America 37 sites
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1. The transgenic soybean event in Enlist E3® and Conkesta E3® soybeans is jointly developed and owned by Corteva Agriscience and M .S. Technologies L.L.C. 40 Comprehensive route-to-market based on customer segmentation and buying preferences High - touch experience with premium products and services Local professional with local knowledge and experience Full - service retail, broad selection of high - quality inputs and services Access from non - Vylor source Deep customer relationships backed by performance and yield outcomes Enables a differentiated customer experience through industry-leading brand portfolio FLAGSHIP PIONEER® BRAND GLOBALL Y FULL-SERVICE RETAIL BRAND ~12 COUNTRIES TRAIT AND GERMPLASM LICENSING 1 Vylor One REGIONAL & DISTRIBUTION BRANDS ~5 COUNTRIES ABRANVO
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1. Pending applicable regulatory reviews and completion of field testing. 2. Pioneer® brand corn Top 40 products. Data is based on average of 2025 23,718 comparisons made in the United States through November 17, 2025. Comparisons are against all competitors, within +/- .3 RM of the competitive brand. Product responses are variable and subject to any number of environmental, disease and pest pressures. Individual results may vary. 3. Grower value, based on 2025 Kynetic Data. 41 Unlocking a new era in yield: 7 corn technology platforms in ten years fit 90% of Americas corn market Next Gen Above NA Next Gen Above/Below NA ABRANVO Next Gen Above LA Reduced Stature Corn Anticipated to be a segment Multi-Disease Resistance Delivered on Next Gen platforms Total North America corn market Differentiated product delivered in advantaged germplasm driving customer value through disciplined launch sequence Strengthens our brands. Licensing enabled. Royalty advantaged. $2B in value by 2035. Validate and demonstrate in stewarded plots Pilot and launch additional technologies Scale and expand commercial launches NORTH AMERICA CORN MARKET LATIN AMERICA CORN MARKET Above ground 60% Above ground 98% Other 2% Other 9% Above & below ground 31% ~$11B3 Total Latin America corn market ~$4.7B3 Leading position globally with 2025 Top 40 Products delivering 6.9 bu/A yield advantage2 -- creates foundation for future launches 2026–28 Validate & demonstrate in stewarded plots 2028–34 Pilot & launch additional technologies 2031–35 Scale & expand commercial launches Yield & Yield Stability
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NORTH AMERICA LATIN AMERICA Market leader with continued opportunity • #1 HT soybean trait in U.S. 1 • Proven revenue generator • Positioned for continued leadership • Latin America is Vylor’s largest soybean growth opportunity • Multiple Lepidopteran pests driving demand Delivering powerful technology • Pioneer Z series delivers 3.4 bu/A advantage 2 ; world record of 218 bu/A 3 • Complete trait and herbicide system • Investing to pave way for next gen herbicide tolerance and disease resistance through gene editing in mid - 2030s 4 • Multiple modes of insect control • Superior control of resistant and hard - to - control weeds and grasses • Investing in next generatio n of superior insect control, herbicide, and disease control traits 4 Meeting farmers where they are • Available in multiple Vylor brands and to over 100 licensees • In >95% of Vylor branded products • Broad trait licensing to leading genetic suppliers • Multiplier networks enable ramp up of product licensing 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. 2. Pioneer® brand Z-Series soybeans delivered a 3.4 bu/A yield advantage over all Enlist E3® competitors across 4,485 comparisons, providing an estimated $33 per-acre income advantage (based on $9.75/bu soybeans). 3. Alex Harrell of Leesburg, Georgia, set a new world record of 218.2856 bu/A with Pioneer® brand Z-Series variety P49Z02E . Verified by the University of Georgia extension, Harrell broke his previous world record of 206 bu/A set in 2023. 4. Launch timelines pending applicable regulatory review. 42 Proven market leader at scale with elite germplasm in U.S. soybeans, unlocking growth in Latin America Conkesta E3® soybeans Control 2019 2026E ~65% Trait penetration (U.S.) <5% +60 ppts 2021 End Decade >30% Trait penetration (Brazil) <5% Leading genetic, innovative technology and winning go-to-market strategy—expand opportunities in the Americas +30 ppts
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Extending our corn & soy advantage across high-value regional crops 43 Vylor leverages our leading positions to capture additional value in key regional crops 1. Source: Vylor and Kynetec; US wheat and cotton, Canada canola, EU sunflower (excluding Russia), India mustard. Crop Primary geography Vylor position Examples WHEAT U.S. & Canada Hybrid wheat pre-launch • Proven lineup of patented Soft Red Winter Wheat varieties with proprietary genetics and top performance • Applied R&D expertise to develop Xpedite Hybrid Wheat Breeding System to improve reliable, efficient production • Initial Hard Red Winter hybrid launch in 2027 SUNFLOWER EU #2 • Strengthening hybrid performance and farmer ROI to drive share gains in core markets (Black Sea, EU) • Protecting yield and farmer value with next gen downy mildew resistance and differentiated defensive trait package • Leveraging our short /second season sunflowers for biofuels in Europe through Etlas MUSTARD India #1 • Launched first herbicide tolerant mustard in 2026, high value oilseed crop in India • Testing opportunities in biofuels across the Americas CANOLA Canada #2 • Capturing biofuel growth through breeding leadership — testing spring canola in Latin America and expanding winter canola in NA in partnership • Unlocking yield and reducing harvest risk through next - gen traits (e.g., pod shatter resistance) COTTON U.S. #2 • Leading PhytoGen elite germplasm and breeding engine enables penetration across growing region • Cotton growth accelerated by strategic access and advanced traits, boosting competitiveness and market share: Widestrike® 3 Glyphosate Tolerant Enlist® Cotton available for licensing >100 MILLION ACRES1 OF OPPORTUNITY Creating new market biofuel opportunities through partnerships Wheat Sunflower Cotton Canola Mustard Focuses on high-value growth opportunities, maximizes ROI on R&D, strengthens farmer relationships
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1. The transgenic soybean event in Enlist E3® soybeans and Conkesta E3® soybeans is jointly developed and owned by Corteva Agris cience and M.S. Technologies L.L.C. 2. Vylor internal analysis. 3. $1B licensing income position and $2B licensing revenue across portfolios. 44 Licensing improves ROI, accelerates growth • Extend market reach through targeted opportunities in Europe, Africa, and Asia Pacific • Expand offer: Cotton Next Gen Lep; Xpedite Hybrid Wheat Breeding System; Additional germplasm/finished lines • Superior soybean germplasm with leading Enlist E3® soybean technology available through 120+ licensees • Expand partnerships & collaborations; secure freedom to operate • Expand offer: PowerCore®; Qrome® corn products; ABRANVO ; Next Gen Above NA; Enlist® Cotton products; growing portfolio of finished lines • Growing pipeline of proprietary technology and technology packages in corn • Additional portfolio of commercial-ready finished products for licensing • Gene editing enabled, Multi-Disease Resistance • Expand offer: Hybrid Wheat; U.S. Enlist® Cotton trait; Next Gen HT Soybean; Next Gen Lep; Soybean germplasm offering ~$300M ~$750M ~$1.2B ~$2B 2025 2030 2035 2040 Achieve a >$1B licensing income position by 2035 and generate annual licensing revenue of ~$2B by 2040 3 Seed licensing revenue END OF 2020’s: Technology access EARLY 2030’s: Mix evolution 2035 AND BEYOND: Global expansion Strategic approach tailored by market—licensing growth in 2020s expanding rapidly in the 2030s Available through Vylor One
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Innovation - driven products and solutions: world class R&D and proprietary germplasm delivering deep pipeline of proprietary technology Global production network: global scale and operational excellence deliver reliable, high - quality seed Commercial execution excellence: trusted relationships and superior insights drive adoption and value for farmers through established brands Licensing and partnerships: expanding royalty and licensing opportunities to unlock future growth 45 Proven seed and genetics engine with multiple paths to value creation 1 2 3 4 Proven core, a larger addressable market ahead, and multiple paths to compound growth over time
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46 Break
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Financial model & long-term value creation David Johnson CHIEF FINANCIAL OFFICER
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1. Represent management's forward-looking estimates and are presented on a pro forma basis giving effect to the transactions described in the Form 10. See slide 4 regarding forward-looking non-GAAP measures. 48 Setting the stage: 2026E net sales $10.4 Corn Soybean Other Oilseeds Other $10.0 Americas Rest of World Licensing sales1 ($B) $0.4 Product sales1 ($B) Total sales1 ($B) = Corn Soybean Other Oilseeds Unrivaled route to market Licensing margin expansion Productivity cost advantage
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2026–2029 financial framework 49 1. Represent management's forward-looking estimates and are presented on a pro forma basis giving effect to the transactions described in the Form 10. 2025 and 2026 represent Adjusted pro forma Operating EBITDA. Operating EBITDA, Adjusted Pro Forma Operating EBITDA, Operating EBITDA Margin, and Adjusted Pro Forma Operating EBITDA Margin are non- GAAP financial measures. See slide 4 regarding forward-looking non-GAAP measures. See appendix for non-GAAP reconciliations. Key assumptions Price - for - value strategy Increased licensing income Share gains in key markets Cost and productivity actions Targeting ~60% FCF conversion 1 3–4% revenue CAGR, 7–8% Operating EBITDA CAGR reflects demand for technology and disciplined execution ~$10.4 ~$11.2 – 11.9 ~$2.8 ~$3.3 – $3.7 Operating EBITDA margin1 ~30% ~27% 2029E 2026E NET SALES1 ($B) OPERATING EBITDA1 ($B)
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Market assumptions 2027–2029 Seed planted area stable versus 2026 outlook Crop commodity prices remain relatively stable versus current On - farm demand and competitive landscape remain steady Consistency in global trade policy and export market accessibility Constant currency versus 2027 outlook rates Balanced market assumptions support EBITDA growth 2026–2029 50
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Straightforward 2029 growth algorithm 51 1. Represents management's forward-looking estimates and is presented on a pro forma basis giving effect to the transactions described in the Form 10. See slide 4 regarding forward- looking non-GAAP measures. ~$10.4 ~$11.2 – 11.9 FY 2026E Price/Mix Licensing income FY 2029E Volume Currency 3–4% Revenue CAGR driven by core engines and licensing NET SALES1 BRIDGE ($B) Key assumptions LSD seed price and mix from new technology >70% increase in licensing income vs. 2026 Elite germplasm on track to double genetic gain by 2035 Currency at 2027E constant rates ~$10.1 FY 2025 +3% Growth
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Operating EBITDA growth outlook: 2026–2029 52 1. Represent management's forward-looking estimates and are presented on a pro forma basis giving effect to the transactions described in the Form 10. 2025 and 2026 represent Adjusted pro forma Operating EBITDA. Operating EBITDA, Adjusted Pro Forma Operating EBITDA, Operating EBITDA Margin, and Adjusted Pro Forma Operating EBITDA Margin are non-GAAP financial measures. See slide 4 regarding forward-looking non-GAAP measures. See appendix for non-GAAP reconciliations. 7–8% Operating EBITDA CAGR driven by base business + licensing + operational excellence Key assumptions LSD seed price / mix from new technology >$200M EBITDA improvement in net licensing Benefits from productivity and cost actions offsetting incremental cost of production SG&A and R&D as a % of sales consistent with 2026E Operating EBITDA margin1 ~27% ~30% OPERATING EBITDA1 BRIDGE ($B) Base business Net licensing Net cost and productivity FY 2026E FY 2029E SG&A / currency / other R&D $3.3 – $3.7 ~$2.8 FY 2025 ~$2.6 +10% Growth ~26%
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53 Exceptional business model of capturing value on innovation 1. Represents global seed pricing (Source: Corteva internal analysis) 53 ~$1B in annual R&D → LSD pricing R&D is the engine to our compounding growth PRICE/MIX TRENDS OVER TIME (% YOY GROWTH) 2016-2025 Value capture 2 – 3% per year Value equation Elite germplasm yield gains + New products + New traits + licensing FTO • Seed pricing demonstrates durable value delivery and structural resilience, supporting consistent growth across commodity price cycles • Commodity volatility contrasts with smoother and lagged seed pricing • Seed yield remains a priority for farmers, underpinning pricing power and demand stability by improving farm - level economics and profitability • The only farming input that has demonstrated consistent incremental value to the customer Key drivers
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Licensing inflection 541. The transgenic soybean event in Enlist E3® soybeans and Conkesta E3® soybeans is jointly developed and owned by Corteva Agris cience and M.S. Technologies L.L.C. 54 Transforming ~$700M net cost headwind in 2020 to net $1B profit engine by 2035 Licensing income driven by adoption of Enlist E3 ® soybeans and Conkesta E3 ® soybeans and PowerCore ® Enlist ® corn ~65% of US soy acres and >10% Brazil soy acres utilizing Enlist technology in 2026 >120 licensees Triple stack corn launching in 2027 in U.S., contributing ~$40M by 2029 NET LICENSING EXPENSE/INCOME ($M) 2020 2025 2030E 2035E Licensing Income Licensing Expense ~($120) ~($700) ~$300 ~$1B
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1. 2025 Net sales are stated on an as reported basis for the Seed segment of Corteva. 55 Vylor seasonality based on annual business cycle First half • Northern Hemisphere selling season — Primarily NA and Europe • Includes tail - end Brazil Safrinha season • Seasonal debt builds • Substantial n et working capital outflow, driven by U.S. business model Second half • Southern Hemisphere selling season — Sales concentrated in LATAM, including majority of Brazil Safrinha season — Potential early shipments in NA • Seasonal debt peaks and then is largely repaid • Significant cash collections from receivables and prepay customers in December 73% 27% 2025 Seed sales1 (%) by half
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Uses $7.0–$8.0B 2027–2029 cash flow from operations Capital allocation strategy 56 1. Represent management's forward-looking estimates and are presented on a pro forma basis giving effect to the transactions described in the Form 10. Free Cash Flow and Free Cash Flow Conversion are non-GAAP financial measures. See slide 4 regarding forward-looking non-GAAP measures. See appendix for non-GAAP reconciliations. Summary highlights Cumulative $5.5 – $6.5B free cash flow 1 Strong BBB+ / Baa1 investment grade rating Intend to return ~$1B annually via disciplined share repurchases, absent strategic M&A Dividend grows over time in line with operating EBITDA Investing in R&D at ~10% of sales Targeting average FCF / EBITDA 1 ~60% Exceptional cash generation and disciplined deployment supporting growth and shareholder returns SOURCES AND USES OF CASH 2027–2029 56 Sources M&A and share repurchases Dividends CapEx ~65% ~20% ~15%
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Strategic M&A priorities KEY AREAS OF FOCUS OUR M&A APPROACH Wheat Adjacent crops Gene editing technology Targeted & capability - driven Above - market revenue growth Enhancing our innovation pipeline & growth potential 57 FINANCIAL CRITERIA Focused, disciplined approach Return - focused investments Disciplined valuation criteria Value creation and returns > hurdle rate
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58 Financial highlights 1. Represent management's forward-looking estimates and are presented on a pro forma basis giving effect to the transactions described in the Form 10. Operating EBITDA and Operating EBITDA margin are non-GAAP financial measures. See slide 4 regarding forward-looking non-GAAP measures. 2. At midpoint. Strong execution, consistent investment, and commitment to capital returns create long-term shareholder value 2027-2029 GOALS VALUE DRIVERS Top-line growth driven by pipeline innovation 3–4% revenue1 CAGR2 Innovation pipeline and licensing platform position Vylor for durable, above - market growth Earnings growth and margin expansion 7–8% EBITDA1 CAGR2 ~300bps EBITDA margin1 expansion2 Licensing inflection, pricing power, and productivity expand EBITDA margins to ~ 30 % Disciplined capital allocation Capex ~4% of sales Strong free cash flow funds growth investments while supporting dividends and buybacks Seasonality Strong liquidity Predictable seasonality is supported by liquidity, customer financing, and strong collections
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59 Q&A session
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Closing remarks Chuck Magro CHIEF EXECUTIVE OFFICER
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Why invest with us? 61 1 Leadership in well - structured market 2 World - class germplasm and breeding 3 Unparalleled farmer relationships 4 Licensing expands reach and returns 5 New value pools: gene editing, wheat, and biofuels 6 Strong earnings, margins, and cash flow growth 7 Proven, high - performing management team
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Appendix 62
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Reconciliation of Pro Forma Income (Loss) from Continuing Operations to Pro Forma Operating EBITDA and Adjusted Pro Forma Operating EBITDA 1. Source: Amended Form 10 filed September14, 2026. 2. Historical financial statements include expense allocations for certain corporate functions performed on our behalf by Cortev a, including information technology, finance, executive, human resources and legal. As a standalone public company, we expect th at the costs we incur on a standalone basis for such expenses previously allocated to us by Corteva and new costs relating to ou r public company reporting and compliance obligations will be less than the expense allocations from Corteva within our historic al financial statements. The costs of Vylor we plan to incur are based on our expected organizational structure and expected cost structure as a standalone company. In o rder to determine the impact of the synergies and dis-synergies, Vylor prepared a detailed assessment of personnel costs based on the estimated resources and associated costs required as a baseline to stand up as a s tandalone company. Vylor also includes incremental tax expense as a result of cost savings, separation costs, and additional depreciation and amortization. 3. Vylor identified cost savings of $58 million for the year ended December 31, 2025 associated with the allocation of costs by Corteva. The net impact of the cost savings and the separation costs of $23 million resulted in incremental tax expense of $8 million and a net increase to pro forma income (loss) after income taxes from continuing operations of $27 million. Vylor also included additional depreciation and amortization of $17 million for the year ended December 31, 2025. 4. The EBITDA margin percentages are determined by dividing amounts in the table above for the for the twelve months ended Decem ber 31, 2025 by pro forma net sales of $10,067 million. Margin percentages may not foot, due to rounding. ($ in Millions) Margin % 4 Pro forma Income (loss) from continuing operations after income taxes (GAAP) 1 $325 3.2% Provision for (benefit from) income taxes on continuing operations 275 2.7% Pro forma Income (loss) from continuing operations before income taxes (GAAP) 1 $600 6.0% Depreciation and amortization 781 7.8% Interest - net 125 1.2% Exchange (gains) losses - net 143 1.4% Non-operating (benefits) costs - net 3 0.0% Significant items (benefit) charge 650 6.5% Separation costs 201 2.0% Pro forma Operating EBITDA / EBITDA Margin (Non-GAAP) $2,503 24.9% Management adjustments 2,3 75 0.7% Adjusted Pro Forma Operating EBITDA / EBITDA Margin (Non-GAAP) $2,578 25.6% 2025
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Important Notices 64 ABRANVO ® Trademarks of Corteva Agriscience or its affiliated companies. The transgenic soybean event in Conkesta E3® soybeans and Enlist E3 ® soybeans is jointly developed and owned by Corteva Agriscience and M.S. Technologies L.L.C. Enlist Duo ® and Enlist One® herbicides are not registered for sale or use in all states or counties. Contact your state pesticide regulatory agency to de termine if a product is registered for sale or use in your area. Enlist Duo and Enlist One are the only 2,4 -D products authorized for use with Enlist crops. Consult Enlist herbicide label s for weed species controlled. ALWAYS READ AND FOLLOW PESTICIDE LABEL DIRECTIONS. IT IS A VIOLATION OF FEDERAL AND STATE LAW TO USE ANY PESTICIDE PRODUCT OTHER THAN IN ACCORDANCE WITH ITS LABELING . ONLY USE FORMULATIONS THAT ARE SPECIFICALLY LABELED FOR SUCH USE IN THE STATE OF APPLICATION . USE OF PESTICIDE PRODUCTS, INCLUDING, WITHOUT LIMITATION, 2,4-D-CONTAINING PRODUCTS NOT AUTHORIZED FOR USE WITH ENLIST CROPS, MAY RESULT IN OFF-TARGET DAMAGE TO SENSITIVE CROPS/AREAS AND/OR SUSCEPTIBLE PLANTS, IN ADDITION TO CIVIL AND/OR CRIMINAL PENALTIES. Additional product-specific stewardship requirements for Enlist crops, including the Enlist Pro duct Use Guide, can be found at www.traitstewardship.com. Plenish® high oleic soybeans have an enhanced oil profile and are produced and channeled under contract to specific grain markets. Gro wers should refer to the Product Use Guide on www.corteva.us/resources/trait-stewardship.html for more information all Corteva seed products. SmartStax® multi-event technology developed by Corteva Agriscience and Monsanto. ®SmartStax and the SmartStax Logo are registere d trademarks of Bayer Group. POWERCORE® multi -event technology developed by Corteva Agriscience and Monsanto. ®Roundup and Roundup Ready, Roundup Ready 2 Xtend®, and Roundup Ready 2 Yield® are registered trademarks of Bayer Group, used under license. is a trademark of Bayer group. Roundup Ready® crops contain genes that confer tolerance to glyphosate, the active ingredient in Roundup ® brand agricultural herbicides. Roundup ® brand agricultural herbicides will kill crops that are not tolerant to glyphosate. LibertyLink® and the Water Droplet Design are registered trademarks of BASF. Agrisure Viptera® is a registered trademark of, and used under license from, a Syngenta Group Company. Agrisure® technology incorporated into these seeds is commercialized under a license from Syngenta Crop Protection AG. The unique Clearfield symbol, Clearfield ® Hybrids and varieties with the CLEARFIELD ® trait (CL) are tolerant to labeled rates of Beyond ®, Odyssey® or Absolute® herbicides. This technology allows for post -emergent applications of these herbicides without crop injury or stress (see herbic ide label). Labeled herbicides should only be used over the top of those hybrids and varieties that contain the CLEARFIELD trait. Brevant® seeds Nexera® canola are grown and marketed under identity-preserved programs. Varieties with the Glyphosate Tolerant trait (including those designated by the letter “R” in the product number) contain gen es that confer tolerance to glyphosate herbicides. Glyphosate herbicides will kill crops that are not tolerant to glyphosate. Hybrids with the Inzen trait are resistant to Zest WDG herbicide. The Inzen grain sorghum trait is not yet available for commercial sale or commercial planting. Propound advanced canola meal will not be offered for sale or distribution until completion of field testing and applicable regulatory r eviews. Always follow IRM, grain marketing and all other stewardship practices and pesticide label directions. B.t. products may not yet be registered in all states. Check with your seed representative for the registration status in your sta te. Corteva Agriscience is a member of Excellence Through Stewardship ® (ETS). Corteva Agriscience products are commercialized in accordance with ETS Product Launch Stewardship Guidance and in compliance with the Corteva Agriscience policies regarding stewardship of those products. In line with these guidelines, our product launch process for responsible launches of new products includes a l ongstanding process to evaluate export market information, value chain consultations, and regulatory functionality. Growers and end-users must take all steps within their control to follow appropriate stewardship requirements and confirm their buyer’s acceptance of the grain or other material being purchased. For more detailed information on the status of a trait or stack, please visit www.biotradestatus.com. Excellence Through Stewardship ® is a registered trademark of Excellence Through Stewardship. Always read and follow label directions. © 2026 Corteva.