Slides
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3Q 2025 Financial Results November 6, 2025
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2 Overview DuPont de Nemours, Inc. (“DuPont”) completed the previously announced separation of its Electronics business (the “Electronics Separation”) into an independent public company, Qnity Electronics, Inc. (“Qnity”), by way of the distribution to DuPont's stockholders of record as of October 22, 2025 of all the issued and outstanding common stock of Qnity on November 1, 2025 (the “Distribution”). As a result, beginning in the fourth quarter of 2025, the financial results of the divested Electronics business will be reflected in DuPont's Consolidated Financial Statements as discontinued operations, along with comparative periods. On August 29, 2025, DuPont announced a definitive agreement to sell the aramids business (the “Aramids Divestiture”) to TJC LP, (“TJC”), in return for cash proceeds of approximately $1.2 billion, subject to customary transaction adjustments, a note from TJC in the principal amount of $300 million and a minority equity interest valued at $325 million in the future Arclin holding company that will hold the Arclin global materials business and the aramids business being divested. The transaction is expected to close in the first quarter 2026, subject to customary closing conditions and receipt of regulatory approvals. As a result, beginning in the third quarter of 2025, the financial results of the aramids business being divested are reflected in DuPont's Consolidated Financial Statements as discontinued operations, along with comparative periods. Cautionary Statement Regarding Forward-looking Statements Certain statements in this release may be considered forward-looking statements, within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often contain words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “seek”, “see”, “will”, “would”, “target”, “outlook”, “stabilization”, “confident”, “preliminary”, “initial”, “continue”, “may”, “could”, “project”, “estimate”, “forecast” and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to (i) the ability to realize the intended benefits of the Electronics Separation and Distribution, including achievement of the intended tax treatment; contractual allocation to, and assumption by Qnity of certain liabilities, including certain legacy liabilities with respect to PFAS; the possibility of disputes, litigation or unanticipated costs in connection with the Electronics Separation and Distribution; and DuPont's success in achieving its intended post-Electronics Separation capital structure; (ii) the ability to timely effect, if at all, the announced sale of the Aramids Divestiture and the impact on DuPont’s balance sheet, financial condition and future results of operations; (iii) risks and costs related to the impact of the arrangement to share future eligible PFAS costs by and among DuPont, Corteva and Chemours, including the outcome of pending or future litigation related to PFAS or PFOA, which includes personal injury claims and natural resource damages claims; the extent and cost of ongoing and potential future remediation obligations; and changes in laws and regulations applicable to PFAS chemicals; (iv) the failure to realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with the Electronics Separation, the Aramids Divestiture and completed and future, if any, divestitures, mergers, acquisitions, and other portfolio management, productivity and infrastructure actions; (v) risks and uncertainties that are outside the Company’s control but adversely impact the overall environment in which DuPont, its customers and/or its suppliers operate, including changes in economic, political, regulatory, international trade, geopolitical, military conflicts, capital markets and other external conditions, including pandemics and responsive actions, as well as natural and other disasters or weather-related events; (vi) the ability to offset increases in cost of inputs, including raw materials, energy and logistics; (vii) the risks and uncertainties associated with continuing or expanding trade disputes or restrictions and responsive actions, new or increased tariffs or export controls including on exports to China of U.S.-regulated products and technology; (viii) other risks to DuPont’s business and operations, including the risk of impairment; (ix) risks and uncertainties in connection with completing the $2 billion share buyback authorization DuPont announced on November 3, 2025, including timeline, associated costs and the possibility that the authorization may be suspended, or discontinued prior to completion; and (x) other risk factors discussed in DuPont’s most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission. 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 or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Basis of Presentation Financial results for the third quarter 2025 includes the segments of ElectronicsCo and IndustrialsCo excluding the Aramids business, which is reported as discontinued operations. Beginning in the fourth quarter 2025, the results of ElectronicsCo and the Aramids business will be reported as discontinued operations.
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3 CEO Third Quarter Highlights • Reached a definitive agreement to divest Aramids business • Successfully completed Qnity spin-off on Nov 1st Portfolio Milestones Highlights Mid single-digit organic sales growth driven by electronics, healthcare and water end-markets Higher volume and solid operational execution drove financial performance Raised FY’25 earnings guidance for new DuPont Announced $2 billion share repurchase authorization, expect to quickly launch ASR in the amount of $500 million Declared quarterly dividend for new DuPont, in line with targeted payout ratio
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4 Delivering On Our Strategy 4 • Streamlined portfolio of leading businesses, well-positioned in high-growth secular markets • Innovation excellence: launch of Tyvek® APXTM for protective garments Drive Organic Growth • Business system: rollout of enhanced KPIs; implemented refreshed set of management standards • Commercial excellence: data-driven process to enhance pipeline discipline • Operational excellence: refreshed KPIs; updated toolkit on OEE and reliability Build a Robust Business System • Declared quarterly dividend for new DuPont, in line with targeted payout ratio • Announced $2B share repurchase authorization; expect to launch $500MM ASR • Acquired manufacturing capacity in China to meet demand for reverse osmosis Deploy Balanced Capital Allocation • Exceeded our third quarter financial guidance • Commitment to delivering medium-term targets (2026 – 2028): Organic Sales: 3-4% CAGR; Margin Expansion: 150 – 200 bps; EPS Growth: 8-10% CAGR; Free Cash Flow Conversion: >90% Perform Consistently
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5 Profitability & Cash Flow Sales Drivers 3Q 2025 Financial Highlights Organic Sales: +6% Growth in electronics, healthcare, water and industrials end-markets, coupled with timing benefits related to system cut-over activities Currency: +1% Portfolio: flat Organic Sales by Segment: IndustrialsCo +4% ElectronicsCo +10% Organic Sales by Region: U.S./Canada +7% Asia Pacific +7% EMEA +6% • Operating EBITDA up 6% YoY on organic growth and productivity, partially offset by growth investments • Operating EBITDA margin of 27.3% • Adjusted EPS even with prior year as higher segment earnings were primarily offset by a higher tax rate • Transaction-adjusted free cash flow (FCF) from continuing operations of $576 million and related conversion of 126% Net Sales $3.1 billion +7% Organic Sales +6% Operating EBITDA $840 million Adjusted EPS $1.09/share Transaction- Adjusted FCF1 $576 million 1 Cash provided by operating activities from continuing operations of $591 million, CapEx of $146 million and separation-related transaction cost and other payments of $131 million resulted in transaction-adjusted free cash flow (FCF) from continuing operations of $576 million.
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6 Sales Drivers $0.09 ($0.07) ($0.02) $1.09 $1.09 3Q24 Adjusted EPS Segments Tax Rate Other Below-the-Line 3Q25 Adjusted EPS 3Q 2025 Adjusted EPS Bridge ₊Organic Growth ₋Growth investments ₊Interest, net +$0.01 ₋Exchange Loss ($0.01) ₋NCI ($0.02) flat ₋Tax rate
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7 3Q24 3Q25 25.9% 25.9% 15% 20% 25% 30% 35% $0 $100 $200 $300 $400 $500 Margin % $ in Millions $465 $ in Millions Vol (+2%), Price (-1%), Currency (0%), Portfolio (0%)3Q Net Sales 3Q Operating EBITDA Organic Sales by Line of Business1 • Healthcare & Water Technologies Sales up high-single digits on an organic basis with growth in medical packaging and biopharma and continued strength in reverse osmosis and ion exchange • Diversified Industrials Sales up low-single digits on an organic basis, on growth in Industrial Technologies, partially offset by continued softness in construction markets 3Q 2025 YoY Highlights • Operating EBITDA increased on organic growth and productivity, partially offset by growth investments • Operating EBITDA margin of 25.9% was flat offsetting margin headwinds from currency IndustrialsCo 1 Effective in the first quarter of 2025, in light of the Intended Electronics Separation, the Company realigned its management and reporting structure which resulted in a change in reportable segments and lines of business. Refer to slide 2 for additional information. 3Q24 Volume Price Currency Portfolio 3Q25 Organic Growth +4% $1,797 $1,715 +5% +5% -1% +1% flat $445 (+2% ex order timing benefits)
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8 3Q24 3Q25 33.0% 31.6% 20% 25% 30% 35% 40% $0 $100 $200 $300 $400 Margin % $ in Millions $403 $ in Millions Vol (+2%), Price (-1%), Currency (0%), Portfolio (0%)3Q Net Sales 3Q Operating EBITDA Organic Sales by Line of Business1 • Semiconductor Technologies Sales up high-single digits from ongoing end-market demand strength, due to advanced nodes and AI technology applications • Interconnect Solutions Sales up low-teens reflecting continued demand strength from AI-driven technology ramps and content and share gains 3Q 2025 YoY Highlights • Operating EBITDA increased due to organic growth, partially offset by unfavorable mix and growth investments • Operating EBITDA margin of 31.6% was down 140 basis points on unfavorable mix and headwinds from currency ElectronicsCo 1 Effective in the first quarter of 2025, in light of the Intended Electronics Separation, the Company realigned its management and reporting structure which resulted in a change in reportable segments and lines of business. Refer to slide 2 for additional information. 3Q24 Volume Price Currency Portfolio 3Q25 Organic Growth +10% $1,275 $1,147 +11% +11% -1% +1% flat $379 (+7% ex order timing benefits)
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9 4Q and FY 2025 Guidance • 4Q’25: ~1 percent growth YoY when adjusted for timing shift into 3Q; ~1 percent organic decline as reported year-over-year • FY’25: 2 percent growth YoY, in line with prior guidance Organic Growth Assumptions • Stronger business results and corporate cost reductions driving full-year guidance raise • Corporate cost reductions accelerating run-rate toward targeted $95M on a pro-forma basis • Currency headwind to sales of ~$25 million compared to prior guidance FY 2025 Operating EBITDA Guidance Key Metrics 4Q 2025 FY 2025 Net Sales ~$1.685 billion ~$6.840 billion Operating EBITDA ~$385 million ~$1.6 billion Adjusted EPS ~$0.43 (vs. $0.39 in prior year) ~$1.66 (vs. $1.43 in prior year) Guidance reflects Aramids and Qnity as discontinued operations Corporate cost reductions Stronger Business Performance, net of currency headwind Previous FY25 Guide (Investor Day) Current FY25 Guide (Nov) ~$1.575B ~$10M ~$15M ~$1.6B Note: Segment expectations and additional modeling guidance included on slides 12-13, respectively.
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10 Appendix
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11 Sales Drivers 3Q24 Portfolio Currency ElectronicsCo IndustrialsCo 3Q25 3Q 2025 Net Sales Bridge +7% ₊ Euro, JPY₊ Donatelle acquisition (IndustrialsCo) ₋ PV product line exit (IndustrialsCo) Semiconductor Technologies Interconnect Solutions flat $2,862 $3,072+1% +10% +4% Organic Sales +6% Volume +7% Price -1% Healthcare & Water Technologies Diversified Industrials $ in Millions Note: Portfolio primarily reflects sales activity associated with the acquisition of Donatelle which closed July 28, 2024, offset by the exit of a Tedlar® PV product line beginning in 4Q.24.
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12 Healthcare & Water Technologies1 3Q Operating EBITDA Diversified Industrials1 2025 Segment Expectations 4Q2025 • Expect ~2% organic sales growth year-over-year; sales up ~4% year-over-year when adjusted for timing shift into 3Q • Continued growth in healthcare and water end-markets FY2025 • Expect mid-to-high-single digit organic sales growth year-over- year • Broad-based strength in Healthcare driven by medical packaging and biopharma; Growth in Water led by strength in reverse osmosis 4Q2025 • Expect ~3% sales decline year-over-year; sales down ~1% when adjusted for timing shift into 3Q • Growth in industrial end-markets more than offset by continued weakness in construction end-markets FY2025 • Expect low-single digit organic sales decline year-over-year • Industrial Technologies about flat on strength in aerospace and industrial is offset by weakness in automotive; Declines in Building Technologies on weakness in construction end- markets 1 Effective in the fourth quarter 2025, the Company will realign its reportable segments into Healthcare & Water Technologies and Diversified Industrials. See slide 15 for details.
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13 Vol (+2%), Price (-1%), Currency (0%), Portfolio (0%)Additional Modeling Guidance 3Q Operating EBITDA Additional Modeling Guidance Base Tax Rate ~27% - 4Q25 ~28% - FY 25 D&A ~$645 million, pre-tax Depreciation ~$355 million, pre-tax Intangible Amortization ~$290 million, pre-tax Interest Expense, net ~$40 million, pre-tax – 4Q25 ~$240 million, pre-tax – FY25 Exchange Losses ~$20 million, after-tax Share count – diluted ~415 million – 4Q25 Weighted Average ~419 million – FY25 Corporate1 ~$140 million 1 Includes results related to the Company’s non-controlling equity interest acquired as part of the Delrin® (19.9%) divestiture
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14 2025 Pro Forma Financials - Updated FY 2025 Pro Forma • Estimates New DuPont as a stand-alone company for full 12 months • Net Sales reduction due to lower currency benefit • Op EBITDA increase on stronger underlying business performance • No change to expected public company corporate costs of $95M for New DuPont • Will report ~$30M of stranded costs in corporate line item 14 FY 2025E Pro Forma1 Updates FY 2025 Pro Forma1 Adjusted Net Sales $6,865 ($25) $6,840 Op EBITDA $1,620 $10 $1,630 Margin 23.6% – 23.8% 1 Financial information is provided on a pro forma basis giving effect to the expected Qnity Electronics spin-off and Aramids divestiture. 2 FY 2025E Adjusted pro forma EPS assumes a post-separation base tax rate of 25-26% and interest expense in line with our intended capital structure. Adjusted EPS $2.00 $0.02 $2.02
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New DuPont Segment Structure – Preliminary Supplemental Historical Segment Information 15 Following the separation of the Electronics business, DuPont will change its segment reporting structure effective in the fourth quarter 2025 to reflect Healthcare & Water Technologies and Diversified Industrials as reportable segments. The following select preliminary supplemental unaudited historical segment informationreflects the results of these segment realignments. This information is preliminary and is subject to change as the Company finalizes the segment recast accounting and discontinued operations reporting for the Electronics business. 1) The Company did not operate using this measure of segment operating performancein periods prior to the fourth quarter of 2025 and will begin to report comparative results under this basis with the filing of the Company’s Annual Report on Form10-K for year ending December31, 2025. The Company is providing this information as management believes it is useful to investors to aid in understanding,on a timely basis, the impacts of these changes on historical periods as they prepare to consider DuPont's future results on the updated basis. This information is preliminary and is subject to change as the Company finalizes the segment recast accounting and discontinued operations reporting for the Electronics business.
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16 Non-GAAP Financial Measures: Unless otherwise indicated, all financial metrics presented and discussion of results reflect continuing operations only. This communication includes information that does not conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont’s management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP , and should not be viewed as an alternative to U.S. GAAP. 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 in the Selected Financial Information and Non-GAAP Measures starting on page 18 and in the Reconciliation to Non- GAAP Measures on the Investors section of the Company's website. Non-GAAP measures included in this communication are defined below. The Company has not provided forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of certain future events. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period. Indirect costs, such as those related to corporate and shared service functions previously allocated to the Delrin® Divestiture, do not meet the criteria for discontinued operations and were reported within continuing operations in the respective prior periods. A portion of these historical indirect costs include costs related to activities the Company is undertaking on behalf of Delrin® and for which it is reimbursed (“Future Reimbursable Indirect Costs”). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs is not subject to future reimbursement (“Stranded Costs”). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA. Adjusted Earnings is defined as income from continuing operations excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits (“OPEB”) credits / costs and Future Reimbursable Indirect Costs. Adjusted Earnings is the numerator used in the calculation of Adjusted EPS, as well as the denominator in Adjusted Free Cash Flow Conversion. Subsequent to the spin-off of Qnity and beginning with the fourth quarter of 2025, the Company updated its Adjusted Earnings definition to remove remediation costs associated with divested businesses as it believes the update reflects a more accurate measure of the ongoing performance of the Company. Remediation costs associated with divested businesses include environmental remediation costs including certain investigative, remediation, and restoration activities at sites where the Company once conducted operations or at sites where waste generated by the Company was disposed. Adjusted EPS is defined as Adjusted Earnings per common share - diluted. Management estimates amortization expense in 2025 associated with intangibles to be about $290 million on a pre-tax basis, or approximately $0.50 per share. The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages. Subsequent to the spin-off of Qnity and beginning with the fourth quarter of 2025, the Company updated its Operating EBITDA definition to remove corporate remediation costs associated with divested businesses as it believes the update to Operating EBITDA reflects a more accurate measure of the ongoing performance of the Company.
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17 Non-GAAP Financial Measures (continued): Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales. Incremental Margin is the change in Operating EBITDA divided by the change in Net Sales for the applicable period. Significant items are items that arise outside the ordinary course of business for the Company, and beginning in the first quarter 2025, includes items for nonconsolidated affiliates, that the Company’s management believes may cause misinterpretation of underlying business and investment performance, both historical and future, based on a combination of some or all of the item’s size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance. Management believes the update to the definition of significant items to include those related to nonconsolidated affiliates reflects a more accurate measure of the ongoing performance of the investment. There were no significant items associated with nonconsolidated affiliates recorded for the three and nine month periods ended September 30, 2025 and September 30, 2024. Organic Sales is defined as net sales excluding the impacts of currency and portfolio. Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business liquidity. As a result, Adjusted Free Cash Flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company’s primary source of liquidity, cash provided by operating activities from continuing operations. Management believes Adjusted Free Cash Flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company’s cash flow and financial performance, and it is an integral measure used in the Company’s financial planning process. Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted Earnings. Management uses Adjusted Free Cash Flow Conversion as an indicator of our ability to convert earnings to cash. Management believes supplemental non-GAAP financial measures including Transaction-Adjusted Free Cash Flow and Transaction-Adjusted Free Cash Flow Conversion (each defined below) provide an integral view of information on the Company's underlying business performance during this period of transformational change. Management believes the Intended Electronics Separation represents a significant transformational change for the Company and the impact of separation-related transaction cost payments are expected to be material to the Company’s financial statements. Management believes Transaction-Adjusted Free Cash Flow, which may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company’s cash flow and financial performance, and it is an integral measure used in the Company’s financial planning process. These non-GAAP financial measures are not intended to represent residual cash flow for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. Transaction-Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures, separation-related transaction cost payments and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business liquidity. In the third quarter 2025, the Company settled 30 percent of the interest rate swap related to the 2048 notes for $20 million, representing the respective allocation of the fair value of the swap at the time of settlement. Management notes that the $20 million settlement was reflected in other cash payments for Transaction-Adjusted Free Cash flow for the three and nine month periods ended September 30, 2025, as it was related to achieving the post-spin capital structure for new DuPont. Transaction-Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow excluding separation-related transaction costs divided by Adjusted Earnings. Capitalized terms not defined above or on page 16 are defined in the Overview and Cautionary Statement about Forward-Looking statements included at the beginning of this presentation.
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Selected Financial Information and Non -GAAP Measures 18
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