Corteva Financial Highlights for Q2 2025

    Corteva Financial Highlights for Q2 2025

    F1 week ago 12

    Loading...

    2Q 2025 Earnings 
Conference Call
August 7, 2025
CTVA 2Q25 EARNINGS 1
    1/35

    Loading...

    CTVA 2Q25 EARNINGS 2
Safe Harbor Regarding Forward-Looking Statements
Forward-Looking Statements
This presentation contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which 
are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” 
“anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva’s financial results or 
outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost 
savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.
Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and 
uncertainties, many of which are beyond Corteva’s control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. 
Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements 
could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva’s business, results of operations 
and financial condition. Some of the important factors that could cause Corteva’s actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary 
regulatory approvals for some of Corteva’s products; (ii) failure to successfully develop and commercialize Corteva’s pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of 
Corteva’s biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the 
effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of 
competition in Corteva's industry; (ix) competitor’s establishment of an intermediary platform for distribution of Corteva's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to 
geopolitical and military conflict; (xii) effect of volatility in Corteva's input costs; (xiii) risks related to Corteva's global operations; (xiv) effect of industrial espionage and other disruptions to Corteva’s supply chain, information 
technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva; (xvi) impact of Corteva's dependence on third 
parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of Corteva’s customers to pay their debts to Corteva, including customer financing programs; (xviii) failure to effectively manage 
acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xx) increases in 
pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) Corteva’s intellectual property rights or defense 
against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) Corteva’s dependence on intellectual property cross-license agreements; and (xxvi) other risks related to the Separation from 
DowDuPont.
Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other 
estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva’s management and expressed in good faith and believed to have a 
reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, 
except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section 
titled “Risk Factors” in Corteva’s annual and quarterly reports filed on Forms 10-K and 10-Q with the U.S. Securities and Exchange Commission.
    2/35

    Loading...

    CTVA 2Q25 EARNINGS 3
Safe Harbor Regarding Forward-Looking Statements
Regulation G (Non-GAAP Financial Measures)
This presentation includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating 
EBITDA margin, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes 
that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating 
results of the Company and a more useful comparison of year over year results.
These non-GAAP measures supplement the Company’s U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar 
measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided at the end of this presentation.
Corteva is not able to reconcile its forward-looking non-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company’s 
control, such as Significant Items, without unreasonable effort. For Significant items reported in the periods presented, refer to slide 24. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a 
significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company’s non-exclusive license in the United States and 
Canada for Monsanto’s Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Due to the ramp-up of Enlist E3TM, Corteva significantly reduced the volume of products with the Roundup Ready 2 Yield® and 
Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. In 2023 and 2024, the company committed to restructuring activities to optimize the Crop Protection network of 
manufacturing and external partners, which are expected to be substantially complete in 2026. The company expects to record approximately $150 million to $165 million net pre-tax restructuring charges during 2025 for these activities.
Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) 
before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for 
hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental 
remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva 
and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense. Operating EBITDA margin is defined as Operating EBITDA as a percentage of net sales. Operating earnings (loss) per share is defined as “earnings (loss) 
per common share from continuing operations - diluted” excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets 
existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although 
amortization of the Company’s intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of 
intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from 
mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. 
Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP 
financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective income tax rate 
less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
The Company also uses Free Cash Flow and Free Cash Flow Conversion as non-GAAP measures to evaluate and discuss its liquidity position and ability to generate cash. Free Cash Flow is defined as cash provided by (used for) operating 
activities – continuing operations, less capital expenditures. Free Cash Flow Conversion is defined as Free Cash Flow divided by Operating EBITDA. We believe that Free Cash Flow and Free Cash Flow Conversion provide investors with 
meaningful information regarding the Company’s ongoing ability to generate cash through core operations, and our ability to service our indebtedness, pay dividends (when declared), make share repurchases, and meet our ongoing cash 
needs for our operations. Corteva is not able to reconcile its forward-looking Free Cash Flow Conversion non-GAAP financial measure to its most comparable U.S. GAAP financial measure, as it is unable to predict with reasonable certainty 
Operating EBITDA due to items outside of the company’s control, which includes the same Significant Items noted above, without unreasonable effort.
    3/35

    Loading...

    Raising 2025 Guidance on Market Leadership and Controllables
Increasing 
FY 2025 
Outlook(2)
 Operating EBITDA(1) $3.75 – $3.85B, 13% growth vPY at mid-point
 ~150 bps of Operating EBITDA margin(1) improvement vPY 
 On track for ~$1B in share repurchases for FY 2025
 Record consumption of grain, oilseeds, feed, and biofuels continues in 2025
 On-farm demand strong as farmers prioritize premium crop input technologies
 Uncertainty remains on global trade policy and export market accessibility 
Overall 
Ag Market 
Outlook
Strong
1H Financial 
Performance 
 Strong market execution and operational excellence accelerating margin improvement
 Seed results reflect growing demand for newest hybrids on additional U.S. corn acres
 Crop Protection new products and biologicals delivering meaningful growth
(1) Operating EBITDA and Operating EBITDA Margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) Guidance does not contemplate any extreme weather events, operational disruptions, significant changes in customers’ demand or ability to pay, further acceleration of currency 
and inflation impacts resulting from macro-economic driven trends, changes in global tariff policy, any escalation of military conflict, or any material change in the socio-political 
environment.
CEO Messages
CTVA 2Q25 EARNINGS 4
    4/35

    Loading...

    Farmers Stepping Up to the Task of Meeting Growing Demand
5 5
1,0211,1291,0871,1331,1281,1341,2211,1661,2311,2251,264
950
1,000
1,050
1,100
1,150
1,200
1,250
1,300
15/1616/1717/1818/1919/2020/2121/2222/2323/2424/25
25/26e
Production
Consumption
Global Corn (MMT) Global Soybeans (MMT) 316 351 344 363 342 370 361 378 397 422
428
275
300
325
350
375
400
425
450
15/1616/1717/1818/1919/2020/2121/2222/2323/2424/25
25/26e
Production
Consumption
Crop Sector Market Outlook
Growing Global Demand for Agricultural Commodities
 Record consumption for grain and oilseeds continues in 2025
 2025 U.S. growing conditions have been very favorable
 Global corn stocks-to-use ratios at tightest levels in over a 
decade and expected to remain below historical average
 Favorable U.S. agricultural policy changes related to biofuels 
and farmer programs support 2026 fundamentals 
Annual Productivity is Key to Farmers’ Financial Health
 Farm prices for most grains and oilseeds are down from very 
large prices realized from 2021 – 2023 crops 
 Input costs remain at higher than historically observed levels 
 Farmers remain focused on investment in top-performing seed 
and crop protection technologies to maximize yields
 Input optimization is key to profit maximization 
CTVA 2Q25 EARNINGS
Source: Historical data from USDA-July 2025.
6%
8%
10%
12%
14%
16%
18%
20%
91/9293/9495/9697/9899/0001/0203/0405/0607/0809/1011/1213/1415/1617/1819/2021/2223/24
25/26e
Global (ex China) Corn Ending Stocks-to-Use Ratio (%)1
    5/35

    Loading...

    Execution Across both Seed and CP Driving Margin Growth
1H 2025 Financial Performance
Net Sales
Organic Sales(2)
Operating EBITDA(2)
Metric 2Q 2025 Highlights (1)
Operating EBITDA 
Margin(2)
Seed margin expansion on pricing, product mix, and productivity
Seed pricing gains led by NA(3) and EMEA(3) on strength of portfolio
Seed price / mix gains on additional corn acres in NA
Seed productivity and lower input costs offset currency
33.5%
$6.5B
$6.5B
$2.2B
Crop Protection organic sales growth in NA, LATAM, and EMEA 
Crop Protection volume driven by new products and biologicals
Crop Protection productivity and lower input costs offset currency
Crop Protection volume and cost savings driving margin expansion 
$10.9B
$11.1B
$3.4B
+215 bps
(1) Growth rates versus prior year.
(2) Organic sales, Operating EBITDA and Operating EBITDA Margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation.
(3) North America (NA) is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 
CTVA 2Q25 EARNINGS 6
1H 2025(1)
+6% +3%
+7% +5%
+13% +14%
30.8%
+301 bps
    6/35

    Loading...

    Strong 1H Operational Execution Supports Updated FY Guidance
1H 2025 Operating EBITDA(1)
1H 2025 Bridge Key Drivers
 Seed pricing gains across the portfolio to capture value for 
technology, offset by Crop Protection competitive price pressures
 Favorable weather and strong portfolio enable North America(2)
Seed volume growth
 Double-digit volume growth of Crop Protection new products and 
biologicals
 ~$70M benefit from Seed net royalties, driven by increased corn 
out-licensing income and lower soybean royalty expense
 ~$410M in productivity savings and lower input costs with 
benefits in both Seed and Crop Protection
 Currency headwind primarily driven by Turkish Lira and Canadian 
Dollar
($ in millions)
Volume Cost Currency Portfolio / 1H 2025
Other
Price/Mix
27.8% Operating EBITDA Margin(1) 30.8%
1H 2024
$2,951
$3,353
$129
$173
$274 ($149) ($25)
(1) Operating EBITDA and Operating EBITDA margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 
CTVA 2Q25 EARNINGS 7
    7/35

    Loading...

    CTVA 2Q25 EARNINGS
Raising Full Year Earnings and Cash Flow Guidance
Updated FY 2025 Guidance(1) Key Metrics
(1) Guidance does not contemplate any extreme weather events, operational disruptions, significant changes in customers’ demand or ability to pay, further acceleration of currency and inflation impacts resulting from 
macro-economic driven trends, changes in global tariff policy, any escalation of military conflict, or any material change in the socio-political environment.
(2) Operating EBITDA, Operating EBITDA Margin, Operating EPS, Free Cash Flow, and Free Cash Flow Conversion are non-GAAP measures. Corteva is not able to reconcile its forward-looking non-GAAP financial measures, 
except Free Cash Flow, to their most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the company’s control, such as Significant Items, without unreasonable 
effort. See slide 3 for further discussion.
8
Operating 
EBITDA(2)
$3.75 – $3.85B
+13% at mid-point
Broad-based organic 
sales growth and 
increased benefit 
from cost 
improvements
Operating EPS(2)
$3.00 – $3.20
+21% at mid-point
Increased Operating 
EBITDA growth and 
lower than expected 
net interest expense
Free Cash Flow / 
EBITDA 
Conversion(2)
~50%
Earnings growth and 
lower cash taxes
Operating 
EBITDA Margin(2)
~150 bps 
Improvement
Mid-single-digit net 
sales growth vs prior 
year
Revised 
Guidance
Prior 
Guidance
$3.6 – $3.8B
+10% at mid-point
Key Drivers
100 – 150 bps
improvement
$2.70 – $2.95
+10% at mid-point 40 – 45%
    8/35

    Loading...

    2025 1H / 2H Key Operating EBITDA Drivers
CTVA 2Q25 EARNINGS 9
First Half Performance
 Strong NA Seed performance on more corn acres
 LSD price gains (Seed +LSD, Crop Protection -LSD)
 Significant productivity / raw material cost benefits
 SG&A up (commissions, compensation, bad debt)
 Currency headwind from weaker TRY and CAD
Second Half Assumptions
 Brazil and Argentina corn area increase
 Seed price up LSD, Crop Protection down LSD/MSD
 Double-digit volume growth in Crop Protection
 Modest productivity and raw material cost savings
 Currency headwind driven by BRL hedge impact
2H Grows MSD, Seasonal 3Q Loss More than Offset by Strong 4Q
    9/35

    Loading...

    Strong 1H 2025 Performance, Organic Growth in Seed and Crop Protection
Net Cost of Sales Improvement Increased to $450M for Full Year
Updated FY 2025 Sales, Earnings, EPS, and Free Cash Flow Guidance
On-track to return ~$1.5B to Shareholders for FY 2025
FY2025 Guidance Reflects Strength of 1H and Confidence in 2H Assumptions
Key Takeaways
CTVA 2Q25 EARNINGS 10
    10/35

    Loading...

    Appendix
    11/35

    Loading...

    (1) Organic sales growth, Operating EBITDA, Operating EBITDA margin and Operating earnings per share are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa.
(2) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa.
2Q 2025 Highlights
($ in millions, except EPS) 2Q 2024 2Q 2025 Change
Net Sales $6,112 $6,456 +6%
GAAP Income from Continuing Operations After Income Taxes $1,056 $1,382 31%
Operating EBITDA(1) $1,917 $2,164 +13%
Operating EBITDA Margin(1) 31.4% 33.5% +215 bps
GAAP EPS from Continuing Operations $1.51 $2.02 +34%
Operating EPS(1) $1.83 $2.20 +20%
2Q 2025 Net Sales ($ in millions) 2Q 2025 Operating EBITDA (1) ($ in millions)
2Q 2024 North 
America
Latin 
America EMEA Asia 
Pacific Portfolio 2Q 2025
$6,112
$6,456
2Q 2024 Volume Cost Portfolio / 2Q 2025 Other (1), (2) (1), (2) Currency Price 
$1,917
$2,164
(1) Currency (1)
CTVA 2Q25 EARNINGS 12
    12/35

    Loading...

    2Q 2025 Seed Performance Highlights
2Q 2024 Price Cost 2Q 2025
Seed Operating EBITDA ($ in millions)
Currency
(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) Other oilseeds includes sunflower and canola.
($ in millions) 2Q 2025 vPY
Net Sales $4,537 +5%
Organic(1) Sales Growth +6%
Operating EBITDA $1,863 +10%
Operating EBITDA Margin 41.1% +186 bps
Volume
$4,537
Corn
10% reported growth
12% organic(1) growth
2Q 2025 Revenue by Product Line
Soybean
(5)% reported growth
(4)% organic(1) growth
Other oilseeds(2)
- % reported growth
4% organic(1) growth
Other(3)
39.2% Operating EBITDA Margin 41.1%
 Pricing gains in most regions on demand for technology
 Higher corn volumes in North America(4), EMEA(4), and APAC, 
offset by lower soybean acres in North America
 Cost benefit from productivity and lower commodity costs 
offset by higher production cost, compensation, and R&D
Summary Takeaways
$1,698
$1,863
(3) Other product line primarily includes cotton, alfalfa, sorghum, wheat, rice, inoculants, and millet.
(4) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 
Portfolio / 
Other
CTVA 2Q25 EARNINGS 13
    13/35

    Loading...

    2Q 2025 Regional Net Sales Highlights – Seed
Global Net Sales
5%
6%
2Q 2024 2Q 2025
Volume Price Currency Portfolio
3% 3% (1)% - %
Reported
Organic(1)
(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa.
North 
America(2)
Asia 
Pacific
6%
Organic(1)
5%
Reported Latin 
America
EMEA(2)
Volume Price Currency Portfolio
4% 2% (1)% - %
Volume Price Currency Portfolio
19% 6% (2)% - %
2Q 2024 2Q 2025
Net Sales ($M) $3,753 $3,954
2Q 2024 2Q 2025
Net Sales ($M) $120 $147
Volume Price Currency Portfolio
(17)% (2)% (7)% - %
Volume Price Currency Portfolio
11% 12% (11)% - %
2Q 2024 2Q 2025
Net Sales ($M) $207 $154
2Q 2024 2Q 2025
Net Sales ($M) $251 $282
12% 23%
Reported
26%
Reported
23% 25%
Reported
Volume gains driven by increased corn 
acres and market share gains offsetting 
lower soybean acres
Lower volume driven by Argentina due to justin-time farmer behavior, partially offset by 
higher Summer corn volume in Brazil
Pricing gains driven by demand for 
technology and to offset currency
Volume reflects higher corn planted area and 
share gains in key markets
Organic(1)
Organic(1) Organic(1)
Pricing gains driven by demand for 
technology and increased out-licensing 
income
Price reflects competitive environment in 
Argentina
Strong price execution across the portfolio
19%
$4.33B
$4.54B
CTVA 2Q25 EARNINGS 14
Volume gains driven by strong demand for 
corn in Turkey and South Africa
    14/35

    Loading...

    1H 2025 Seed Performance Highlights
1H 2024 Price Cost 1H 2025
Seed Operating EBITDA ($ in millions)
Currency
(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) Other oilseeds includes sunflower and canola.
($ in millions) 1H 2025 vPY
Net Sales $7,244 +2%
Organic(1) Sales Growth +5%
Operating EBITDA $2,705 +11%
Operating EBITDA Margin 37.3% +280 bps
Volume
$7,244
Corn
5% reported growth
8% organic(1) growth
1H 2025 Revenue by Product Line
Soybean
(3)% reported growth
(3)% organic(1) growth
Other oilseeds(2)
(5)% reported growth
-% organic(1) growth
Other(3)
34.5% Operating EBITDA Margin 37.3%
 Pricing gains in most regions on demand for technology
 Higher corn volumes in North America(4) offset by lower 
soybean acres and just-in-time farmer behavior in Argentina
 Cost benefit from productivity and lower commodity costs 
offset by higher production cost, compensation, and R&D
Summary Takeaways
$2,446
$2,705
(3) Other product line primarily includes cotton, alfalfa, sorghum, wheat, rice, inoculants, and millet.
(4) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 
Portfolio / 
Other
CTVA 2Q25 EARNINGS 15
    15/35

    Loading...

    1H 2025 Regional Net Sales Highlights – Seed
Global Net Sales
2%
5%
1H 2024 1H 2025
Volume Price Currency Portfolio
2% 3% (3)% -%
Reported
Organic(1)
(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa.
North 
America(2)
Asia 
Pacific
7%
Organic(1)
6%
Reported Latin 
America
EMEA(2)
Volume Price Currency Portfolio
4% 3% (1)% -%
Volume Price Currency Portfolio
11% 8% (2)% -%
1H 2024 1H 2025
Net Sales ($M) $5,224 $5,551
1H 2024 1H 2025
Net Sales ($M) $211 $246
Volume Price Currency Portfolio
(15)% (4)% (10)% -%
Volume Price Currency Portfolio
(2)% 5% (8)% -%
1H 2024 1H 2025
Net Sales ($M) $478 $339
1H 2024 1H 2025
Net Sales ($M) $1,169 $1,108
5% 3%
Reported
29%
Reported
17% 19%
Reported
Volume gains driven by increased corn 
acres and market share gains offsetting 
lower soybean acres
Lower volume driven by Argentina on reduced 
24/25 corn area and JIT farmer behavior,
partially offset by increased corn area in Brazil
Volume decline driven by reduction of corn, 
sunflower, and soybean planted area
Pricing gains driven by strong execution and 
demand for technology and to offset 
currency
Volume reflects corn market recovery in India 
and Pakistan
Organic(1)
Organic(1) Organic(1)
Pricing gains driven by demand for 
technology and increased out-licensing 
income
Price declines driven by competitive 
environment in Brazil and Argentina
Strong price execution across the portfolio
19%
$7.08B
$7.24B
CTVA 2Q25 EARNINGS 16
    16/35

    Loading...

     Volume gains in most regions, including double-digit volume 
growth in fungicides, new products, and biologicals
 Pricing gains in North America(3) and APAC more than offset 
by competitive market dynamics in Brazil
 Cost benefit from lower raw material costs and productivity 
gains
2Q 2025 Crop Protection Performance Highlights
2Q 2024 Price Volume Portfolio / 
Other
2Q 2025
Crop Protection Operating EBITDA ($ in millions)
Cost
$255
(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) Other product line primarily includes seed applied technology.
(3) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa
($ in millions) 2Q 2025 vPY
Net Sales $1,919 +8%
Organic(1) Sales Growth +9%
Operating EBITDA $334 +31%
Operating EBITDA Margin 17.4% 309 bps
Currency
2Q 2025 Revenue by Product Line
Herbicides
5% reported growth
6% organic(1) growth
Insecticides
5% reported growth
7% organic(1) growth
Fungicides
37% reported growth
40% organic(1) growth
Other(2)
$1,919
14.3% Operating EBITDA Margin 17.4%
Summary Takeaways
$334
Biologicals
8% reported growth
13% organic(1) growth
CTVA 2Q25 EARNINGS 17
    17/35

    Loading...

    2Q 2025 Regional Net Sales Highlights – Crop Protection
2Q 2024 2Q 2025
8%
9%
Global Net Sales
Volume Price Currency Portfolio
11% (2)% (1)% -%
(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa.
Reported
Organic(1)
North 
America(2)
Asia 
Pacific
5%
Reported Latin 
America
EMEA(2)
Volume Price Currency Portfolio
(5)% 3% (1)% -%
2Q 2024 2Q 2025
Net Sales ($M) $647 $675
2Q 2024 2Q 2025
Net Sales ($M) $269 $261
Volume Price Currency Portfolio
34% (9)% (8)% -%
Volume Price Currency Portfolio
8% (1)% 3% -%
2Q 2024 2Q 2025
Net Sales ($M) $443 $518
2Q 2024 2Q 2025
Net Sales ($M) $422 $465
10% 7%
Reported
17% 25%
Reported
2%
Reported
Higher volume driven by demand for 
spinosyns insecticides and the ramp of 
biologicals 
Volume gains driven by demand for new 
products and growing fungicide portfolio
Price reflects route-to-market optimization 
Organic(1) Organic(1)
Organic(1) Organic(1)
Volume Price Currency Portfolio
4% 1% (1)% -%
Price includes mid-season pricing 
adjustment
Price reflects continued competitive market 
dynamics in Brazil
Currency tailwind driven by EUR
Volume reflects competitive market dynamics 
in key markets, partially offset by ramp up of 
biologicals
4%
Broad-based double-digit volume growth, led 
by fungicides, driven by strength of portfolio
3%
$1.78B
$1.92B
CTVA 2Q25 EARNINGS 18
    18/35

    Loading...

    1H 2025 Crop Protection Performance Highlights
1H 2024 Price Volume Portfolio / 
Other
1H 2025
Crop Protection Operating EBITDA ($ in millions)
Cost
$565
(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) Other product line primarily includes seed applied technology.
($ in millions) 1H 2025 vPY
Net Sales $3,629 +3%
Organic(1) Sales Growth +6%
Operating EBITDA $711 +26%
Operating EBITDA Margin 19.6% +355 bps
Currency
1H 2025 Revenue by Product Line
Herbicides
1% reported growth
4% organic(1) growth
Insecticides
(2)% reported growth
2% organic(1) growth
Fungicides
19% reported growth
23% organic(1) growth
Other(2)
$3,629
16.0% Operating EBITDA Margin 19.6%
 Volume gains across the portfolio, including double-digit 
volume growth in new products and biologicals
 Pricing reflects competitive market dynamics in Brazil
 Cost benefit from lower raw material costs and productivity 
gains
Summary Takeaways
$711
Biologicals
5% reported growth
12% organic(1) growth
CTVA 2Q25 EARNINGS 19
    19/35

    Loading...

    1H 2025 Regional Net Sales Highlights – Crop Protection
1H 2024 1H 2025
3%
6%
Global Net Sales
Volume Price Currency Portfolio
8% (2)% (3)% -%
(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.
(2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa.
Reported
Organic(1)
North 
America(2)
Asia 
Pacific
3%
Reported Latin 
America
EMEA(2)
Volume Price Currency Portfolio
(6)% 1% (1)% -%
1H 2024 1H 2025
Net Sales ($M) $1,263 $1,288
1H 2024 1H 2025
Net Sales ($M) $480 $450
Volume Price Currency Portfolio
30% (7)% (10)% -%
Volume Price Currency Portfolio
5% (1)% (2)% -%
1H 2024 1H 2025
Net Sales ($M) $687 $775
1H 2024 1H 2025
Net Sales ($M) $1,092 $1,116
2% 4%
Reported
13% 23%
Reported
5%
Reported
Higher volume driven by ramp of 
biologicals, partially offset by seasonal 
timing shift of nitrogen stabilizers 
Volume gains driven by demand for new 
products and growing fungicide portfolio
Currency headwind driven by INR and AUD
Organic(1) Organic(1)
Organic(1) Organic(1)
Volume Price Currency Portfolio
4% (1)% (1)% -%
Price reflects competitive market 
dynamics primarily in Canada
Price reflects continued competitive market 
dynamics in Brazil
Currency headwind driven by TRY and EUR
Volume reflects competitive market dynamics 
in key markets, partially offset by ramp up of 
biologicals
2%
Broad-based double-digit volume growth, led 
by fungicides, driven by strength of portfolio
6%
$3.52B
$3.63B
CTVA 2Q25 EARNINGS 20
    20/35

    Loading...

    Portfolio / Other
 Reflects lower share count and lower net interest 
expense
(1) Operating earnings per share and base income tax rate are non-GAAP measures. See slide 3 for further discussion. 
2Q 2025 Operating EPS(1) Variance
Operating EPS(1) ($)
Volume/Price
 Low-single digit Seed price and volume gains in 
Seed and Crop Protection partially offset by 
competitive price pressure in Crop Protection
Costs
 Realization of Seed and Crop Protection raw material
input cost deflation and ongoing productivity 
actions
1 2
1 2 6
Exchange Gain / Loss (EGL) 6
 Primarily reflects lower after-tax exchange losses 
related to the balance sheet hedge program
5
2Q 2024 Volume/
Price
Costs EGL Portfolio / 
Other
2Q 2025
3
$1.83
$0.26
$0.12 $(0.06) $0.03 $2.20
Currency
$0.02
5
CTVA 2Q25 EARNINGS 21
Currency
 Currency headwinds from the Canadian Dollar and 
the Brazilian Real
3
    21/35

    Loading...

    CTVA 2Q25 EARNINGS
FY 2025 Operating EBITDA(1)
FY 2025 Bridge Key Drivers
 LSD pricing gains in Seed to capture value for technology, partially 
offset by additional Crop Protection market price pressure
 Volume gains driven by Crop Protection new products and
biologicals and additional North America corn acres in Seed
 ~$80M improvement in Seed net royalties, driven by increased 
out-licensing of Conkesta E3®(2) soybeans and PowerCore Enlist® corn
 ~$450M net cost of sales improvement driven by lower Seed and 
Crop Protection input costs and productivity
 SG&A and R&D spend as % of sales about flat versus 2024
 ~($240M) currency headwind driven by BRL, TRY, and CAD
 Impact of tariffs included but immaterial on a net basis given 
ongoing mitigation actions
($ in millions)
Volume Cost Currency Portfolio / FY 2025
Other
Price/Mix
20.0% 21.0 –
21.5% Operating EBITDA Margin(1)
FY 2024
$3,376
$3,750 -
$3,850
Margin Expansion on Pricing, Volume, and Cost Benefits
(1) Operating EBITDA and Operating EBITDA margin are non-GAAP measures. Corteva is not able to reconcile its forward-looking non-GAAP financial measures to their most comparable U.S. GAAP financial 
measures, as it is unable to predict with reasonable certainty items outside of the company’s control, such as Significant Items, without unreasonable effort. See slide 3 for further discussion and reconciliations at 
the end of this presentation.
(2) The transgenic event in the Conkesta E3® soybeans is jointly developed and owned by Corteva Agriscience and M.S. Technologies L.L.C.
22
    22/35

    Loading...

    FY 2025 Modeling Guidance – Operating Earnings Per Share(1)
($ in millions, except where noted) Guidance
Depreciation and Post-Merge Amortization (635 – 645)
Net Interest (Expense) Income (95 – 105)
Base Income Tax Rate(1) 22% – 24% 
Exchange Losses – net, after tax (220 – 240)
Net Income – Non-controlling interest (12)
Diluted Shares 681 – 683
Operating Earnings Per Share(1) $3.00 – 3.20
(1) Operating earnings per share and base income tax rate are non-GAAP measures. Corteva does not provide a reconciliation of forward-looking non-GAAP measures. See slide 3 for further discussion.
($ in millions, except where noted) Cash Flow Guidance
Amortization ~660
Capital Expenditures ~600
23
CTVA 2Q25 EARNINGS 23
    23/35

    Loading...

    Product Disclosures
TM ® SM Trademarks and service marks of Corteva Agriscience and its affiliated companies. © 2025 Corteva and its affiliated companies.
The transgenic soybean event in Enlist E3® soybeans is jointly developed and owned by Corteva Agriscience LLC and M.S. Technologies, L.L.C. Enlist Duo® and Enlist One® herbicides are not registered for sale or use 
in all states or counties. Contact your state pesticide regulatory agency to determine if a product is registered for sale or use in your area. Enlist Duo and Enlist One are the only 2,4-D products authorized for use with 
Enlist crops. Consult Enlist herbicide labels for weed species controlled. Always read and follow label directions.
Qrome® products are approved for cultivation in the U.S. and Canada. They have also received approval in a number of importing countries, most recently China. For additional information about the status of 
regulatory authorizations, visit http://www.biotradestatus.com/
Pioneer® brand products are provided subject to the terms and conditions of purchase which are part of the labeling and purchase document.
CTVA 2Q25 EARNINGS 24
    24/35

    Loading...

    Thank you
    25/35

    Loading...

    $ In millions
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
As 
Reported Margin %
As 
Reported Margin %
As 
Reported Margin %
As 
Reported Margin %
Income (loss) from continuing operations after income taxes (GAAP) $ 1,382 21.4 % $ 1,056 17.3 % $ 2,049 18.8 % $ 1,432 13.5 %
Provision for (benefit from) income taxes on continuing operations 422 6.5 % 282 4.6 % 539 5.0 % 388 3.7 %
Income (loss) from continuing operations before income taxes (GAAP) $ 1,804 27.9 % $ 1,338 21.9 % $ 2,588 23.8 % $ 1,820 17.2 %
.+ Depreciation and amortization 301 4.7 % 312 5.1 % 597 5.5 % 619 5.8 %
.- Interest income (31) (0.5) % (25) (0.4) % (63) (0.6) % (60) (0.6) %
.+ Interest expense 52 0.8 % 66 1.1 % 88 0.8 % 107 1.0 %
.+ / - Exchange (gains) losses - net 25 0.4 % 78 1.3 % 52 0.5 % 137 1.3 %
.+ / - Non-operating (benefits) costs - net 3 — % 30 0.5 % 13 0.1 % 82 0.8 %
.+ / - Mark-to-market (gains) losses on certain foreign currency contracts not 
designated as hedges 43 0.7 % (19) (0.3) % 52 0.5 % (18) (0.2) %
.+ / - Significant items (benefit) charge (33) (0.5) % 137 2.2 % 26 0.2 % 264 2.5 %
Corteva Operating EBITDA / EBITDA Margin (Non-GAAP) 1,2 $ 2,164 33.5 % $ 1,917 31.4 % $ 3,353 30.8 % $ 2,951 27.8 %
1. Corteva Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign 
exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of 
significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation 
and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters 
Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
2. The EBITDA margin percentages are determined by dividing amounts in the table above for the three months ended June 30, 2025 and 2024 by net sales of $6,456 million and $6,112 million, respectively, 
and amounts for the six months ended June 30, 2025 and 2024 by net sales of $10,873 million and $10,604 million, respectively. Margin percentages may not foot, due to rounding.
Corteva, Inc.
Non-GAAP Calculation of Corteva Operating EBITDA
    26/35

    Loading...

    Net sales by segment
In millions
Three Months Ended 
June 30,
Six Months Ended 
June 30,
2025 2024 2025 2024
Seed $ 4,537 $ 4,331 $ 7,244 $ 7,082 
Crop Protection 1,919 1,781 3,629 3,522 
Total net sales $ 6,456 $ 6,112 $ 10,873 $ 10,604 
Net Margin (GAAP)
$ In millions
Three Months Ended 
June 30,
Six Months Ended 
June 30,
2025 2024 2025 2024
Income (loss) from continuing operations after income taxes $ 1,382 $ 1,056 $ 2,049 $ 1,432 
Net Margin GAAP 1 21.4 % 17.3 % 18.8 % 13.5 %
1. Net Margin is defined as income (loss) from continuing operations after income taxes, as a percentage of net sales.
Corteva Operating EBITDA
In millions
Three Months Ended 
June 30,
Six Months Ended 
June 30,
2025 2024 2025 2024
Seed $ 1,863 $ 1,698 $ 2,705 $ 2,446 
Crop Protection 334 255 711 565 
Corporate Expenses (33) (36) (63) (60) 
Corteva Operating EBITDA (Non-GAAP) 2$ 2,164 $ 1,917 $ 3,353 $ 2,951 
2. Corteva Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign 
exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of 
significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and 
legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, 
between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 
Operating EBITDA Margin
Three Months Ended 
June 30,
Six Months Ended 
June 30,
2025 2024 2025 2024
Seed 41.1 % 39.2 % 37.3 % 34.5 %
Crop Protection 17.4 % 14.3 % 19.6 % 16.0 %
Total Operating EBITDA Margin (Non-GAAP) 3,4 33.5 % 31.4 % 30.8 % 27.8 %
3. Operating EBITDA margin is Operating EBITDA as a percentage of net sales.
4. Operating EBITDA margin %s for Corporate are not presented separately above as they are not meaningful; however, the results are included in the Total margin %s above.
Corteva, Inc.
Segment Information
    27/35

    Loading...

    Corteva significant items (Pre-tax)
In millions
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Seed
Restructuring and asset related charges - net $ (1) $ (33) $ (4) $ (53) 
Inventory write-offs — 2 — 2 
Gain (loss) on sale of assets — — — 4 
AltEn facility remediation charges — — (37) — 
Total Seed $ (1) $ (31) $ (41) $ (47) 
Crop Protection
Restructuring and asset related charges - net $ (75) $ (32) $ (89) $ (73) 
Estimated settlement expense — (47) — (101) 
Gain (loss) on sale of assets 14 3 14 3 
Acquisition-related costs — (3) — (5) 
Insurance proceeds 98 — 98 — 
Total Crop Protection $ 37 $ (79) $ 23 $ (176) 
Corporate
Restructuring and asset-related charges - net $ (3) $ (27) $ (8) $ (41) 
Total Corporate $ (3) $ (27) $ (8) $ (41) 
Total pre-tax significant items benefit (charge) by segment $ 33 $ (137) $ (26) $ (264) 
Total tax (provision) benefit impact of significant items 1 (6) 34 8 66 
Tax only significant item benefit (charge) — — 55 — 
Total significant items benefit (charge), after tax 2$ 27 $ (103) $ 37 $ (198) 
1. Unless specifically addressed above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the 
underlying non-GAAP adjustment.
2. Refer to page A-10 of the Financial Statement Schedules for further information on significant items.
Corteva, Inc.
Segment Information
    28/35

    Loading...

    Region
Q2 2025 vs. Q2 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 2
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
North America 1$ 229 5 % $ 244 6 % 2 % 4 % (1) % — %
EMEA 1 74 11 % 87 13 % 4 % 9 % (2) % — %
Latin America 22 3 % 72 11 % (7) % 18 % (8) % — %
Asia Pacific 19 5 % 24 6 % 4 % 2 % (1) % — %
Rest of World 115 7 % 183 11 % — % 11 % (4) % — %
Total $ 344 6 % $ 427 7 % 1 % 6 % (1) % — %
Seed
Q2 2025 vs. Q2 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 2
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
North America 1 $ 201 5 % $ 214 6 % 2 % 4 % (1) % — %
EMEA 1 31 12 % 57 23 % 12 % 11 % (11) % — %
Latin America (53) (26) % (40) (19) % (2) % (17) % (7) % — %
Asia Pacific 27 23 % 30 25 % 6 % 19 % (2) % — %
Rest of World 5 1 % 47 8 % 5 % 3 % (7) % — %
Total $ 206 5 % $ 261 6 % 3 % 3 % (1) % — %
Crop Protection
Q2 2025 vs. Q2 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 2
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
North America 1$ 28 4 % $ 30 5 % 1 % 4 % (1) % — %
EMEA 1 43 10 % 30 7 % (1) % 8 % 3 % — %
Latin America 75 17 % 112 25 % (9) % 34 % (8) % — %
Asia Pacific (8) (3) % (6) (2) % 3 % (5) % (1) % — %
Rest of World 110 10 % 136 12 % (3) % 15 % (2) % — %
Total $ 138 8 % $ 166 9 % (2) % 11 % (1) % — %
1. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa.
2. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. 
Corteva, Inc.
Segment Information - Price, Volume, Currency Analysis
    29/35

    Loading...

    Seed Product Line
Q2 2025 vs. Q2 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 1
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
Corn $ 278 10 % $ 321 12 % 4 % 8 % (2) % — %
Soybeans (60) (5) % (57) (4) % 1 % (5) % (1) % — %
Other oilseeds — — % 8 4 % 2 % 2 % (4) % — %
Other (12) (8) % (11) (8) % 1 % (9) % — % — %
Total $ 206 5 % $ 261 6 % 3 % 3 % (1) % — %
Crop Protection Product Line
Q2 2025 vs. Q2 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 1
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
Herbicides $ 49 5 % $ 58 6 % (2) % 8 % (1) % — %
Insecticides 21 5 % 29 7 % (2) % 9 % (2) % — %
Fungicides 92 37 % 100 40 % 2 % 38 % (3) % — %
Biologicals 7 8 % 12 13 % (8) % 21 % (5) % — %
Other (31) (39) % (33) (41) % (4) % (37) % 2 % — %
Total $ 138 8 % $ 166 9 % (2) % 11 % (1) % — %
1. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. 
Corteva, Inc.
Segment Information - Price, Volume, Currency Analysis
    30/35

    Loading...

    Region
First Half 2025 vs. First Half 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 2
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
North America 1$ 352 5 % $ 378 6 % 2 % 4 % (1) % — %
EMEA 1 (37) (2) % 79 3 % 2 % 1 % (5) % — %
Latin America (51) (4) % 68 6 % (6) % 12 % (10) % — %
Asia Pacific 5 1 % 18 3 % 3 % — % (2) % — %
Rest of World (83) (2) % 165 4 % — % 4 % (6) % — %
Total $ 269 3 % $ 543 5 % 1 % 4 % (2) % — %
Seed
First Half 2025 vs. First Half 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 2
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
North America 1 $ 327 6 % $ 343 7 % 3 % 4 % (1) % — %
EMEA 1 (61) (5) % 31 3 % 5 % (2) % (8) % — %
Latin America (139) (29) % (91) (19) % (4) % (15) % (10) % — %
Asia Pacific 35 17 % 40 19 % 8 % 11 % (2) % — %
Rest of World (165) (9) % (20) (1) % 3 % (4) % (8) % — %
Total $ 162 2 % $ 323 5 % 3 % 2 % (3) % — %
Crop Protection
First Half 2025 vs. First Half 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 2
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
North America 1$ 25 2 % $ 35 3 % (1) % 4 % (1) % — %
EMEA 1 24 2 % 48 4 % (1) % 5 % (2) % — %
Latin America 88 13 % 159 23 % (7) % 30 % (10) % — %
Asia Pacific (30) (6) % (22) (5) % 1 % (6) % (1) % — %
Rest of World 82 4 % 185 8 % (2) % 10 % (4) % — %
Total $ 107 3 % $ 220 6 % (2) % 8 % (3) % — %
1. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa.
2. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
Corteva, Inc.
Segment Information - Price, Volume, Currency Analysis
    31/35

    Loading...

    Seed Product Line
First Half 2025 vs. First Half 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 1
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
Corn $ 260 5 % $ 386 8 % 3 % 5 % (3) % — %
Soybeans (47) (3) % (42) (3) % 1 % (4) % — % — %
Other oilseeds (22) (5) % 1 — % 3 % (3) % (5) % — %
Other (29) (11) % (22) (8) % 5 % (13) % (3) % — %
Total $ 162 2 % $ 323 5 % 3 % 2 % (3) % — %
Crop Protection Product Line
First Half 2025 vs. First Half 2024 Percent Change Due To:
Net Sales Change (GAAP) Organic Change (Non-GAAP) 1
Price & 
Product Mix Volume Currency
Portfolio / 
$ (millions) % $ (millions) % Other
Herbicides $ 23 1 % $ 70 4 % (2) % 6 % (3) % — %
Insecticides (16) (2) % 12 2 % (1) % 3 % (4) % — %
Fungicides 101 19 % 128 23 % (2) % 25 % (4) % — %
Biologicals 9 5 % 20 12 % (6) % 18 % (7) % — %
Other (10) (5) % (10) (5) % (1) % (4) % — % — %
Total $ 107 3 % $ 220 6 % (2) % 8 % (3) % — %
1. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
Corteva, Inc.
Segment Information - Price, Volume, Currency Analysis
    32/35

    Loading...

    Three Months Ended June 30,
2025 2024 2025 2024
$ (millions) $ (millions) EPS (diluted) EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP) $ 1,380 $ 1,053 $ 2.02 $ 1.51 
Less: Non-operating benefits (costs), after tax 1 (8) (21) (0.01) (0.03) 
Less: Amortization of intangibles (existing as of Separation), after tax (110) (118) (0.16) (0.16) 
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax (33) 15 (0.05) 0.02 
Less: Significant items benefit (charge), after tax 27 (103) 0.04 (0.15) 
Operating Earnings (Loss) (Non-GAAP) 2$ 1,504 $ 1,280 $ 2.20 $ 1.83 
Six Months Ended June 30,
2025 2024 2025 2024
$ (millions) $ (millions) EPS (diluted) EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP) $ 2,043 $ 1,425 $ 2.98 $ 2.03 
Less: Non-operating benefits (costs), after tax 1 (16) (61) (0.02) (0.09) 
Less: Amortization of intangibles (existing as of Separation), after tax (219) (235) (0.32) (0.34) 
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax (40) 14 (0.06) 0.02 
Less: Significant items benefit (charge), after tax 37 (198) 0.05 (0.28) 
Operating Earnings (Loss) (Non-GAAP) 2$ 2,281 $ 1,905 $ 3.33 $ 2.72 
1. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs 
associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between 
Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
2. Operating earnings (loss) is defined as income (loss) from continuing operations attributable to Corteva excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), 
the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity 
for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of intangible assets (existing as of Separation) is excluded from these non-GAAP measures, 
management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future 
periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain 
foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. 
Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be 
reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value 
volatility. 
Corteva, Inc.
Non-GAAP Calculation of Corteva Operating EPS
    33/35

    Loading...

    Three Months Ended 
June 30,
Six Months Ended 
June 30,
$ In millions 2025 2024 2025 2024
Income (loss) from continuing operations before income taxes (GAAP) $ 1,804 $ 1,338 $ 2,588 $ 1,820 
Add: Significant items (benefit) charge (33) 137 26 264 
 Non-operating (benefits) costs 3 30 13 82 
 Amortization of intangibles (existing as of Separation) 143 154 285 308 
 Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 43 (19) 52 (18) 
Less: Exchange gains (losses) 1 (25) (78) (52) (137) 
Income (loss) from continuing operations before income taxes, significant items, non-operating (benefits) 
costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign 
currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP) $ 1,985 $ 1,718 $ 3,016 $ 2,593 
Provision for (benefit from) income taxes on continuing operations (GAAP) $ 422 $ 282 $ 539 $ 388 
Add: Tax (expenses) benefits on significant items (benefit) charge (6) 34 63 66 
 Tax (expenses) benefits on non-operating (benefits) costs (5) 9 (3) 21 
 Tax benefits on amortization of intangibles (existing as of Separation) 33 36 66 73 
 Tax benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 10 (4) 12 (4) 
 Tax (expenses) benefits on exchange gains (losses) 1 (11) 30 (14) 37 
Provision for (benefit from) income taxes on continuing operations before significant items, non-operating 
(benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on 
certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP) $ 443 $ 387 $ 663 $ 581 
Effective income tax rate (GAAP) 23.4 % 21.1 % 20.8 % 21.3 %
Significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-tomarket (gains) losses on certain foreign currency contracts not designated as hedges effect (0.2) % 0.7 % 2.0 % 0.9 %
Tax rate from continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles 
(existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as 
hedges 23.2 % 21.8 % 22.8 % 22.2 %
Exchange gains (losses), net effect 1 (0.9) % 0.7 % (0.8) % 0.2 %
Base income tax rate from continuing operations (Non-GAAP) 2 22.3 % 22.5 % 22.0 % 22.4 %
1. Refer to page A-14 of the Financial Statement Schedules for further information on exchange gains (losses).
2. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) 
losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
Corteva, Inc.
Non-GAAP Calculation of Corteva Base Income Tax Rate
    34/35

    Loading...

    Twelve Months Ended December 31, 20252
In millions Low End High End
Cash provided by (used for) operating activities - continuing operations (GAAP) $ 2,475 $ 2,525 
 Less: Capital expenditures (600) (600) 
Free Cash Flow (Non-GAAP) 1$ 1,875 $ 1,925 
1. Free Cash Flow is defined as cash provided by (used for) operating activities - continuing operations, less capital expenditures.
2. This represents the reconciliation of the Company's range provided for its forward-looking non-GAAP financial measures relating to Free Cash Flow. 
Corteva is not able to reconcile its forward-looking Free Cash Flow Conversion non-GAAP financial measure to its most comparable U.S. GAAP financial measure, as it is unable to predict with reasonable 
certainty Operating EBITDA due to items outside of the Company’s control, which include Significant Items, without unreasonable effort.
Corteva, Inc.
Non-GAAP Calculation of Free Cash Flow
    35/35

    Corteva Financial Highlights for Q2 2025

    • 1. 2Q 2025 Earnings Conference Call August 7, 2025 CTVA 2Q25 EARNINGS 1
    • 2. CTVA 2Q25 EARNINGS 2 Safe Harbor Regarding Forward-Looking Statements Forward-Looking Statements This presentation contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva’s financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements. Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva’s control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva’s business, results of operations and financial condition. Some of the important factors that could cause Corteva’s actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of Corteva’s products; (ii) failure to successfully develop and commercialize Corteva’s pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva’s biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in Corteva's industry; (ix) competitor’s establishment of an intermediary platform for distribution of Corteva's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in Corteva's input costs; (xiii) risks related to Corteva's global operations; (xiv) effect of industrial espionage and other disruptions to Corteva’s supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva; (xvi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of Corteva’s customers to pay their debts to Corteva, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xx) increases in pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) Corteva’s intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) Corteva’s dependence on intellectual property cross-license agreements; and (xxvi) other risks related to the Separation from DowDuPont. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva’s management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” in Corteva’s annual and quarterly reports filed on Forms 10-K and 10-Q with the U.S. Securities and Exchange Commission.
    • 3. CTVA 2Q25 EARNINGS 3 Safe Harbor Regarding Forward-Looking Statements Regulation G (Non-GAAP Financial Measures) This presentation includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating EBITDA margin, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company’s U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided at the end of this presentation. Corteva is not able to reconcile its forward-looking non-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company’s control, such as Significant Items, without unreasonable effort. For Significant items reported in the periods presented, refer to slide 24. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company’s non-exclusive license in the United States and Canada for Monsanto’s Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Due to the ramp-up of Enlist E3TM, Corteva significantly reduced the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. In 2023 and 2024, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2026. The company expects to record approximately $150 million to $165 million net pre-tax restructuring charges during 2025 for these activities. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense. Operating EBITDA margin is defined as Operating EBITDA as a percentage of net sales. Operating earnings (loss) per share is defined as “earnings (loss) per common share from continuing operations - diluted” excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company’s intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs. The Company also uses Free Cash Flow and Free Cash Flow Conversion as non-GAAP measures to evaluate and discuss its liquidity position and ability to generate cash. Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures. Free Cash Flow Conversion is defined as Free Cash Flow divided by Operating EBITDA. We believe that Free Cash Flow and Free Cash Flow Conversion provide investors with meaningful information regarding the Company’s ongoing ability to generate cash through core operations, and our ability to service our indebtedness, pay dividends (when declared), make share repurchases, and meet our ongoing cash needs for our operations. Corteva is not able to reconcile its forward-looking Free Cash Flow Conversion non-GAAP financial measure to its most comparable U.S. GAAP financial measure, as it is unable to predict with reasonable certainty Operating EBITDA due to items outside of the company’s control, which includes the same Significant Items noted above, without unreasonable effort.
    • 4. Raising 2025 Guidance on Market Leadership and Controllables Increasing FY 2025 Outlook(2)  Operating EBITDA(1) $3.75 – $3.85B, 13% growth vPY at mid-point  ~150 bps of Operating EBITDA margin(1) improvement vPY  On track for ~$1B in share repurchases for FY 2025  Record consumption of grain, oilseeds, feed, and biofuels continues in 2025  On-farm demand strong as farmers prioritize premium crop input technologies  Uncertainty remains on global trade policy and export market accessibility Overall Ag Market Outlook Strong 1H Financial Performance  Strong market execution and operational excellence accelerating margin improvement  Seed results reflect growing demand for newest hybrids on additional U.S. corn acres  Crop Protection new products and biologicals delivering meaningful growth (1) Operating EBITDA and Operating EBITDA Margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Guidance does not contemplate any extreme weather events, operational disruptions, significant changes in customers’ demand or ability to pay, further acceleration of currency and inflation impacts resulting from macro-economic driven trends, changes in global tariff policy, any escalation of military conflict, or any material change in the socio-political environment. CEO Messages CTVA 2Q25 EARNINGS 4
    • 5. Farmers Stepping Up to the Task of Meeting Growing Demand 5 5 1,0211,1291,0871,1331,1281,1341,2211,1661,2311,2251,264 950 1,000 1,050 1,100 1,150 1,200 1,250 1,300 15/1616/1717/1818/1919/2020/2121/2222/2323/2424/25 25/26e Production Consumption Global Corn (MMT) Global Soybeans (MMT) 316 351 344 363 342 370 361 378 397 422 428 275 300 325 350 375 400 425 450 15/1616/1717/1818/1919/2020/2121/2222/2323/2424/25 25/26e Production Consumption Crop Sector Market Outlook Growing Global Demand for Agricultural Commodities  Record consumption for grain and oilseeds continues in 2025  2025 U.S. growing conditions have been very favorable  Global corn stocks-to-use ratios at tightest levels in over a decade and expected to remain below historical average  Favorable U.S. agricultural policy changes related to biofuels and farmer programs support 2026 fundamentals Annual Productivity is Key to Farmers’ Financial Health  Farm prices for most grains and oilseeds are down from very large prices realized from 2021 – 2023 crops  Input costs remain at higher than historically observed levels  Farmers remain focused on investment in top-performing seed and crop protection technologies to maximize yields  Input optimization is key to profit maximization CTVA 2Q25 EARNINGS Source: Historical data from USDA-July 2025. 6% 8% 10% 12% 14% 16% 18% 20% 91/9293/9495/9697/9899/0001/0203/0405/0607/0809/1011/1213/1415/1617/1819/2021/2223/24 25/26e Global (ex China) Corn Ending Stocks-to-Use Ratio (%)1
    • 6. Execution Across both Seed and CP Driving Margin Growth 1H 2025 Financial Performance Net Sales Organic Sales(2) Operating EBITDA(2) Metric 2Q 2025 Highlights (1) Operating EBITDA Margin(2) Seed margin expansion on pricing, product mix, and productivity Seed pricing gains led by NA(3) and EMEA(3) on strength of portfolio Seed price / mix gains on additional corn acres in NA Seed productivity and lower input costs offset currency 33.5% $6.5B $6.5B $2.2B Crop Protection organic sales growth in NA, LATAM, and EMEA Crop Protection volume driven by new products and biologicals Crop Protection productivity and lower input costs offset currency Crop Protection volume and cost savings driving margin expansion $10.9B $11.1B $3.4B +215 bps (1) Growth rates versus prior year. (2) Organic sales, Operating EBITDA and Operating EBITDA Margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (3) North America (NA) is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. CTVA 2Q25 EARNINGS 6 1H 2025(1) +6% +3% +7% +5% +13% +14% 30.8% +301 bps
    • 7. Strong 1H Operational Execution Supports Updated FY Guidance 1H 2025 Operating EBITDA(1) 1H 2025 Bridge Key Drivers  Seed pricing gains across the portfolio to capture value for technology, offset by Crop Protection competitive price pressures  Favorable weather and strong portfolio enable North America(2) Seed volume growth  Double-digit volume growth of Crop Protection new products and biologicals  ~$70M benefit from Seed net royalties, driven by increased corn out-licensing income and lower soybean royalty expense  ~$410M in productivity savings and lower input costs with benefits in both Seed and Crop Protection  Currency headwind primarily driven by Turkish Lira and Canadian Dollar ($ in millions) Volume Cost Currency Portfolio / 1H 2025 Other Price/Mix 27.8% Operating EBITDA Margin(1) 30.8% 1H 2024 $2,951 $3,353 $129 $173 $274 ($149) ($25) (1) Operating EBITDA and Operating EBITDA margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. CTVA 2Q25 EARNINGS 7
    • 8. CTVA 2Q25 EARNINGS Raising Full Year Earnings and Cash Flow Guidance Updated FY 2025 Guidance(1) Key Metrics (1) Guidance does not contemplate any extreme weather events, operational disruptions, significant changes in customers’ demand or ability to pay, further acceleration of currency and inflation impacts resulting from macro-economic driven trends, changes in global tariff policy, any escalation of military conflict, or any material change in the socio-political environment. (2) Operating EBITDA, Operating EBITDA Margin, Operating EPS, Free Cash Flow, and Free Cash Flow Conversion are non-GAAP measures. Corteva is not able to reconcile its forward-looking non-GAAP financial measures, except Free Cash Flow, to their most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the company’s control, such as Significant Items, without unreasonable effort. See slide 3 for further discussion. 8 Operating EBITDA(2) $3.75 – $3.85B +13% at mid-point Broad-based organic sales growth and increased benefit from cost improvements Operating EPS(2) $3.00 – $3.20 +21% at mid-point Increased Operating EBITDA growth and lower than expected net interest expense Free Cash Flow / EBITDA Conversion(2) ~50% Earnings growth and lower cash taxes Operating EBITDA Margin(2) ~150 bps Improvement Mid-single-digit net sales growth vs prior year Revised Guidance Prior Guidance $3.6 – $3.8B +10% at mid-point Key Drivers 100 – 150 bps improvement $2.70 – $2.95 +10% at mid-point 40 – 45%
    • 9. 2025 1H / 2H Key Operating EBITDA Drivers CTVA 2Q25 EARNINGS 9 First Half Performance  Strong NA Seed performance on more corn acres  LSD price gains (Seed +LSD, Crop Protection -LSD)  Significant productivity / raw material cost benefits  SG&A up (commissions, compensation, bad debt)  Currency headwind from weaker TRY and CAD Second Half Assumptions  Brazil and Argentina corn area increase  Seed price up LSD, Crop Protection down LSD/MSD  Double-digit volume growth in Crop Protection  Modest productivity and raw material cost savings  Currency headwind driven by BRL hedge impact 2H Grows MSD, Seasonal 3Q Loss More than Offset by Strong 4Q
    • 10. Strong 1H 2025 Performance, Organic Growth in Seed and Crop Protection Net Cost of Sales Improvement Increased to $450M for Full Year Updated FY 2025 Sales, Earnings, EPS, and Free Cash Flow Guidance On-track to return ~$1.5B to Shareholders for FY 2025 FY2025 Guidance Reflects Strength of 1H and Confidence in 2H Assumptions Key Takeaways CTVA 2Q25 EARNINGS 10
    • 11. Appendix
    • 12. (1) Organic sales growth, Operating EBITDA, Operating EBITDA margin and Operating earnings per share are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. (2) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 2Q 2025 Highlights ($ in millions, except EPS) 2Q 2024 2Q 2025 Change Net Sales $6,112 $6,456 +6% GAAP Income from Continuing Operations After Income Taxes $1,056 $1,382 31% Operating EBITDA(1) $1,917 $2,164 +13% Operating EBITDA Margin(1) 31.4% 33.5% +215 bps GAAP EPS from Continuing Operations $1.51 $2.02 +34% Operating EPS(1) $1.83 $2.20 +20% 2Q 2025 Net Sales ($ in millions) 2Q 2025 Operating EBITDA (1) ($ in millions) 2Q 2024 North America Latin America EMEA Asia Pacific Portfolio 2Q 2025 $6,112 $6,456 2Q 2024 Volume Cost Portfolio / 2Q 2025 Other (1), (2) (1), (2) Currency Price $1,917 $2,164 (1) Currency (1) CTVA 2Q25 EARNINGS 12
    • 13. 2Q 2025 Seed Performance Highlights 2Q 2024 Price Cost 2Q 2025 Seed Operating EBITDA ($ in millions) Currency (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Other oilseeds includes sunflower and canola. ($ in millions) 2Q 2025 vPY Net Sales $4,537 +5% Organic(1) Sales Growth +6% Operating EBITDA $1,863 +10% Operating EBITDA Margin 41.1% +186 bps Volume $4,537 Corn 10% reported growth 12% organic(1) growth 2Q 2025 Revenue by Product Line Soybean (5)% reported growth (4)% organic(1) growth Other oilseeds(2) - % reported growth 4% organic(1) growth Other(3) 39.2% Operating EBITDA Margin 41.1%  Pricing gains in most regions on demand for technology  Higher corn volumes in North America(4), EMEA(4), and APAC, offset by lower soybean acres in North America  Cost benefit from productivity and lower commodity costs offset by higher production cost, compensation, and R&D Summary Takeaways $1,698 $1,863 (3) Other product line primarily includes cotton, alfalfa, sorghum, wheat, rice, inoculants, and millet. (4) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. Portfolio / Other CTVA 2Q25 EARNINGS 13
    • 14. 2Q 2025 Regional Net Sales Highlights – Seed Global Net Sales 5% 6% 2Q 2024 2Q 2025 Volume Price Currency Portfolio 3% 3% (1)% - % Reported Organic(1) (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. North America(2) Asia Pacific 6% Organic(1) 5% Reported Latin America EMEA(2) Volume Price Currency Portfolio 4% 2% (1)% - % Volume Price Currency Portfolio 19% 6% (2)% - % 2Q 2024 2Q 2025 Net Sales ($M) $3,753 $3,954 2Q 2024 2Q 2025 Net Sales ($M) $120 $147 Volume Price Currency Portfolio (17)% (2)% (7)% - % Volume Price Currency Portfolio 11% 12% (11)% - % 2Q 2024 2Q 2025 Net Sales ($M) $207 $154 2Q 2024 2Q 2025 Net Sales ($M) $251 $282 12% 23% Reported 26% Reported 23% 25% Reported Volume gains driven by increased corn acres and market share gains offsetting lower soybean acres Lower volume driven by Argentina due to justin-time farmer behavior, partially offset by higher Summer corn volume in Brazil Pricing gains driven by demand for technology and to offset currency Volume reflects higher corn planted area and share gains in key markets Organic(1) Organic(1) Organic(1) Pricing gains driven by demand for technology and increased out-licensing income Price reflects competitive environment in Argentina Strong price execution across the portfolio 19% $4.33B $4.54B CTVA 2Q25 EARNINGS 14 Volume gains driven by strong demand for corn in Turkey and South Africa
    • 15. 1H 2025 Seed Performance Highlights 1H 2024 Price Cost 1H 2025 Seed Operating EBITDA ($ in millions) Currency (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Other oilseeds includes sunflower and canola. ($ in millions) 1H 2025 vPY Net Sales $7,244 +2% Organic(1) Sales Growth +5% Operating EBITDA $2,705 +11% Operating EBITDA Margin 37.3% +280 bps Volume $7,244 Corn 5% reported growth 8% organic(1) growth 1H 2025 Revenue by Product Line Soybean (3)% reported growth (3)% organic(1) growth Other oilseeds(2) (5)% reported growth -% organic(1) growth Other(3) 34.5% Operating EBITDA Margin 37.3%  Pricing gains in most regions on demand for technology  Higher corn volumes in North America(4) offset by lower soybean acres and just-in-time farmer behavior in Argentina  Cost benefit from productivity and lower commodity costs offset by higher production cost, compensation, and R&D Summary Takeaways $2,446 $2,705 (3) Other product line primarily includes cotton, alfalfa, sorghum, wheat, rice, inoculants, and millet. (4) North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. Portfolio / Other CTVA 2Q25 EARNINGS 15
    • 16. 1H 2025 Regional Net Sales Highlights – Seed Global Net Sales 2% 5% 1H 2024 1H 2025 Volume Price Currency Portfolio 2% 3% (3)% -% Reported Organic(1) (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. North America(2) Asia Pacific 7% Organic(1) 6% Reported Latin America EMEA(2) Volume Price Currency Portfolio 4% 3% (1)% -% Volume Price Currency Portfolio 11% 8% (2)% -% 1H 2024 1H 2025 Net Sales ($M) $5,224 $5,551 1H 2024 1H 2025 Net Sales ($M) $211 $246 Volume Price Currency Portfolio (15)% (4)% (10)% -% Volume Price Currency Portfolio (2)% 5% (8)% -% 1H 2024 1H 2025 Net Sales ($M) $478 $339 1H 2024 1H 2025 Net Sales ($M) $1,169 $1,108 5% 3% Reported 29% Reported 17% 19% Reported Volume gains driven by increased corn acres and market share gains offsetting lower soybean acres Lower volume driven by Argentina on reduced 24/25 corn area and JIT farmer behavior, partially offset by increased corn area in Brazil Volume decline driven by reduction of corn, sunflower, and soybean planted area Pricing gains driven by strong execution and demand for technology and to offset currency Volume reflects corn market recovery in India and Pakistan Organic(1) Organic(1) Organic(1) Pricing gains driven by demand for technology and increased out-licensing income Price declines driven by competitive environment in Brazil and Argentina Strong price execution across the portfolio 19% $7.08B $7.24B CTVA 2Q25 EARNINGS 16
    • 17.  Volume gains in most regions, including double-digit volume growth in fungicides, new products, and biologicals  Pricing gains in North America(3) and APAC more than offset by competitive market dynamics in Brazil  Cost benefit from lower raw material costs and productivity gains 2Q 2025 Crop Protection Performance Highlights 2Q 2024 Price Volume Portfolio / Other 2Q 2025 Crop Protection Operating EBITDA ($ in millions) Cost $255 (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Other product line primarily includes seed applied technology. (3) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa ($ in millions) 2Q 2025 vPY Net Sales $1,919 +8% Organic(1) Sales Growth +9% Operating EBITDA $334 +31% Operating EBITDA Margin 17.4% 309 bps Currency 2Q 2025 Revenue by Product Line Herbicides 5% reported growth 6% organic(1) growth Insecticides 5% reported growth 7% organic(1) growth Fungicides 37% reported growth 40% organic(1) growth Other(2) $1,919 14.3% Operating EBITDA Margin 17.4% Summary Takeaways $334 Biologicals 8% reported growth 13% organic(1) growth CTVA 2Q25 EARNINGS 17
    • 18. 2Q 2025 Regional Net Sales Highlights – Crop Protection 2Q 2024 2Q 2025 8% 9% Global Net Sales Volume Price Currency Portfolio 11% (2)% (1)% -% (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. Reported Organic(1) North America(2) Asia Pacific 5% Reported Latin America EMEA(2) Volume Price Currency Portfolio (5)% 3% (1)% -% 2Q 2024 2Q 2025 Net Sales ($M) $647 $675 2Q 2024 2Q 2025 Net Sales ($M) $269 $261 Volume Price Currency Portfolio 34% (9)% (8)% -% Volume Price Currency Portfolio 8% (1)% 3% -% 2Q 2024 2Q 2025 Net Sales ($M) $443 $518 2Q 2024 2Q 2025 Net Sales ($M) $422 $465 10% 7% Reported 17% 25% Reported 2% Reported Higher volume driven by demand for spinosyns insecticides and the ramp of biologicals Volume gains driven by demand for new products and growing fungicide portfolio Price reflects route-to-market optimization Organic(1) Organic(1) Organic(1) Organic(1) Volume Price Currency Portfolio 4% 1% (1)% -% Price includes mid-season pricing adjustment Price reflects continued competitive market dynamics in Brazil Currency tailwind driven by EUR Volume reflects competitive market dynamics in key markets, partially offset by ramp up of biologicals 4% Broad-based double-digit volume growth, led by fungicides, driven by strength of portfolio 3% $1.78B $1.92B CTVA 2Q25 EARNINGS 18
    • 19. 1H 2025 Crop Protection Performance Highlights 1H 2024 Price Volume Portfolio / Other 1H 2025 Crop Protection Operating EBITDA ($ in millions) Cost $565 (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) Other product line primarily includes seed applied technology. ($ in millions) 1H 2025 vPY Net Sales $3,629 +3% Organic(1) Sales Growth +6% Operating EBITDA $711 +26% Operating EBITDA Margin 19.6% +355 bps Currency 1H 2025 Revenue by Product Line Herbicides 1% reported growth 4% organic(1) growth Insecticides (2)% reported growth 2% organic(1) growth Fungicides 19% reported growth 23% organic(1) growth Other(2) $3,629 16.0% Operating EBITDA Margin 19.6%  Volume gains across the portfolio, including double-digit volume growth in new products and biologicals  Pricing reflects competitive market dynamics in Brazil  Cost benefit from lower raw material costs and productivity gains Summary Takeaways $711 Biologicals 5% reported growth 12% organic(1) growth CTVA 2Q25 EARNINGS 19
    • 20. 1H 2025 Regional Net Sales Highlights – Crop Protection 1H 2024 1H 2025 3% 6% Global Net Sales Volume Price Currency Portfolio 8% (2)% (3)% -% (1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) North America is defined as U.S. and Canada. EMEA Is defined as Europe, Middle East and Africa. Reported Organic(1) North America(2) Asia Pacific 3% Reported Latin America EMEA(2) Volume Price Currency Portfolio (6)% 1% (1)% -% 1H 2024 1H 2025 Net Sales ($M) $1,263 $1,288 1H 2024 1H 2025 Net Sales ($M) $480 $450 Volume Price Currency Portfolio 30% (7)% (10)% -% Volume Price Currency Portfolio 5% (1)% (2)% -% 1H 2024 1H 2025 Net Sales ($M) $687 $775 1H 2024 1H 2025 Net Sales ($M) $1,092 $1,116 2% 4% Reported 13% 23% Reported 5% Reported Higher volume driven by ramp of biologicals, partially offset by seasonal timing shift of nitrogen stabilizers Volume gains driven by demand for new products and growing fungicide portfolio Currency headwind driven by INR and AUD Organic(1) Organic(1) Organic(1) Organic(1) Volume Price Currency Portfolio 4% (1)% (1)% -% Price reflects competitive market dynamics primarily in Canada Price reflects continued competitive market dynamics in Brazil Currency headwind driven by TRY and EUR Volume reflects competitive market dynamics in key markets, partially offset by ramp up of biologicals 2% Broad-based double-digit volume growth, led by fungicides, driven by strength of portfolio 6% $3.52B $3.63B CTVA 2Q25 EARNINGS 20
    • 21. Portfolio / Other  Reflects lower share count and lower net interest expense (1) Operating earnings per share and base income tax rate are non-GAAP measures. See slide 3 for further discussion. 2Q 2025 Operating EPS(1) Variance Operating EPS(1) ($) Volume/Price  Low-single digit Seed price and volume gains in Seed and Crop Protection partially offset by competitive price pressure in Crop Protection Costs  Realization of Seed and Crop Protection raw material input cost deflation and ongoing productivity actions 1 2 1 2 6 Exchange Gain / Loss (EGL) 6  Primarily reflects lower after-tax exchange losses related to the balance sheet hedge program 5 2Q 2024 Volume/ Price Costs EGL Portfolio / Other 2Q 2025 3 $1.83 $0.26 $0.12 $(0.06) $0.03 $2.20 Currency $0.02 5 CTVA 2Q25 EARNINGS 21 Currency  Currency headwinds from the Canadian Dollar and the Brazilian Real 3
    • 22. CTVA 2Q25 EARNINGS FY 2025 Operating EBITDA(1) FY 2025 Bridge Key Drivers  LSD pricing gains in Seed to capture value for technology, partially offset by additional Crop Protection market price pressure  Volume gains driven by Crop Protection new products and biologicals and additional North America corn acres in Seed  ~$80M improvement in Seed net royalties, driven by increased out-licensing of Conkesta E3®(2) soybeans and PowerCore Enlist® corn  ~$450M net cost of sales improvement driven by lower Seed and Crop Protection input costs and productivity  SG&A and R&D spend as % of sales about flat versus 2024  ~($240M) currency headwind driven by BRL, TRY, and CAD  Impact of tariffs included but immaterial on a net basis given ongoing mitigation actions ($ in millions) Volume Cost Currency Portfolio / FY 2025 Other Price/Mix 20.0% 21.0 – 21.5% Operating EBITDA Margin(1) FY 2024 $3,376 $3,750 - $3,850 Margin Expansion on Pricing, Volume, and Cost Benefits (1) Operating EBITDA and Operating EBITDA margin are non-GAAP measures. Corteva is not able to reconcile its forward-looking non-GAAP financial measures to their most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the company’s control, such as Significant Items, without unreasonable effort. See slide 3 for further discussion and reconciliations at the end of this presentation. (2) The transgenic event in the Conkesta E3® soybeans is jointly developed and owned by Corteva Agriscience and M.S. Technologies L.L.C. 22
    • 23. FY 2025 Modeling Guidance – Operating Earnings Per Share(1) ($ in millions, except where noted) Guidance Depreciation and Post-Merge Amortization (635 – 645) Net Interest (Expense) Income (95 – 105) Base Income Tax Rate(1) 22% – 24% Exchange Losses – net, after tax (220 – 240) Net Income – Non-controlling interest (12) Diluted Shares 681 – 683 Operating Earnings Per Share(1) $3.00 – 3.20 (1) Operating earnings per share and base income tax rate are non-GAAP measures. Corteva does not provide a reconciliation of forward-looking non-GAAP measures. See slide 3 for further discussion. ($ in millions, except where noted) Cash Flow Guidance Amortization ~660 Capital Expenditures ~600 23 CTVA 2Q25 EARNINGS 23
    • 24. Product Disclosures TM ® SM Trademarks and service marks of Corteva Agriscience and its affiliated companies. © 2025 Corteva and its affiliated companies. The transgenic soybean event in Enlist E3® soybeans is jointly developed and owned by Corteva Agriscience LLC and M.S. Technologies, L.L.C. Enlist Duo® and Enlist One® herbicides are not registered for sale or use in all states or counties. Contact your state pesticide regulatory agency to determine if a product is registered for sale or use in your area. Enlist Duo and Enlist One are the only 2,4-D products authorized for use with Enlist crops. Consult Enlist herbicide labels for weed species controlled. Always read and follow label directions. Qrome® products are approved for cultivation in the U.S. and Canada. They have also received approval in a number of importing countries, most recently China. For additional information about the status of regulatory authorizations, visit http://www.biotradestatus.com/ Pioneer® brand products are provided subject to the terms and conditions of purchase which are part of the labeling and purchase document. CTVA 2Q25 EARNINGS 24
    • 25. Thank you
    • 26. $ In millions Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 As Reported Margin % As Reported Margin % As Reported Margin % As Reported Margin % Income (loss) from continuing operations after income taxes (GAAP) $ 1,382 21.4 % $ 1,056 17.3 % $ 2,049 18.8 % $ 1,432 13.5 % Provision for (benefit from) income taxes on continuing operations 422 6.5 % 282 4.6 % 539 5.0 % 388 3.7 % Income (loss) from continuing operations before income taxes (GAAP) $ 1,804 27.9 % $ 1,338 21.9 % $ 2,588 23.8 % $ 1,820 17.2 % .+ Depreciation and amortization 301 4.7 % 312 5.1 % 597 5.5 % 619 5.8 % .- Interest income (31) (0.5) % (25) (0.4) % (63) (0.6) % (60) (0.6) % .+ Interest expense 52 0.8 % 66 1.1 % 88 0.8 % 107 1.0 % .+ / - Exchange (gains) losses - net 25 0.4 % 78 1.3 % 52 0.5 % 137 1.3 % .+ / - Non-operating (benefits) costs - net 3 — % 30 0.5 % 13 0.1 % 82 0.8 % .+ / - Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 43 0.7 % (19) (0.3) % 52 0.5 % (18) (0.2) % .+ / - Significant items (benefit) charge (33) (0.5) % 137 2.2 % 26 0.2 % 264 2.5 % Corteva Operating EBITDA / EBITDA Margin (Non-GAAP) 1,2 $ 2,164 33.5 % $ 1,917 31.4 % $ 3,353 30.8 % $ 2,951 27.8 % 1. Corteva Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 2. The EBITDA margin percentages are determined by dividing amounts in the table above for the three months ended June 30, 2025 and 2024 by net sales of $6,456 million and $6,112 million, respectively, and amounts for the six months ended June 30, 2025 and 2024 by net sales of $10,873 million and $10,604 million, respectively. Margin percentages may not foot, due to rounding. Corteva, Inc. Non-GAAP Calculation of Corteva Operating EBITDA
    • 27. Net sales by segment In millions Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Seed $ 4,537 $ 4,331 $ 7,244 $ 7,082 Crop Protection 1,919 1,781 3,629 3,522 Total net sales $ 6,456 $ 6,112 $ 10,873 $ 10,604 Net Margin (GAAP) $ In millions Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income (loss) from continuing operations after income taxes $ 1,382 $ 1,056 $ 2,049 $ 1,432 Net Margin GAAP 1 21.4 % 17.3 % 18.8 % 13.5 % 1. Net Margin is defined as income (loss) from continuing operations after income taxes, as a percentage of net sales. Corteva Operating EBITDA In millions Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Seed $ 1,863 $ 1,698 $ 2,705 $ 2,446 Crop Protection 334 255 711 565 Corporate Expenses (33) (36) (63) (60) Corteva Operating EBITDA (Non-GAAP) 2$ 2,164 $ 1,917 $ 3,353 $ 2,951 2. Corteva Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. Operating EBITDA Margin Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Seed 41.1 % 39.2 % 37.3 % 34.5 % Crop Protection 17.4 % 14.3 % 19.6 % 16.0 % Total Operating EBITDA Margin (Non-GAAP) 3,4 33.5 % 31.4 % 30.8 % 27.8 % 3. Operating EBITDA margin is Operating EBITDA as a percentage of net sales. 4. Operating EBITDA margin %s for Corporate are not presented separately above as they are not meaningful; however, the results are included in the Total margin %s above. Corteva, Inc. Segment Information
    • 28. Corteva significant items (Pre-tax) In millions Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Seed Restructuring and asset related charges - net $ (1) $ (33) $ (4) $ (53) Inventory write-offs — 2 — 2 Gain (loss) on sale of assets — — — 4 AltEn facility remediation charges — — (37) — Total Seed $ (1) $ (31) $ (41) $ (47) Crop Protection Restructuring and asset related charges - net $ (75) $ (32) $ (89) $ (73) Estimated settlement expense — (47) — (101) Gain (loss) on sale of assets 14 3 14 3 Acquisition-related costs — (3) — (5) Insurance proceeds 98 — 98 — Total Crop Protection $ 37 $ (79) $ 23 $ (176) Corporate Restructuring and asset-related charges - net $ (3) $ (27) $ (8) $ (41) Total Corporate $ (3) $ (27) $ (8) $ (41) Total pre-tax significant items benefit (charge) by segment $ 33 $ (137) $ (26) $ (264) Total tax (provision) benefit impact of significant items 1 (6) 34 8 66 Tax only significant item benefit (charge) — — 55 — Total significant items benefit (charge), after tax 2$ 27 $ (103) $ 37 $ (198) 1. Unless specifically addressed above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. 2. Refer to page A-10 of the Financial Statement Schedules for further information on significant items. Corteva, Inc. Segment Information
    • 29. Region Q2 2025 vs. Q2 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other North America 1$ 229 5 % $ 244 6 % 2 % 4 % (1) % — % EMEA 1 74 11 % 87 13 % 4 % 9 % (2) % — % Latin America 22 3 % 72 11 % (7) % 18 % (8) % — % Asia Pacific 19 5 % 24 6 % 4 % 2 % (1) % — % Rest of World 115 7 % 183 11 % — % 11 % (4) % — % Total $ 344 6 % $ 427 7 % 1 % 6 % (1) % — % Seed Q2 2025 vs. Q2 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other North America 1 $ 201 5 % $ 214 6 % 2 % 4 % (1) % — % EMEA 1 31 12 % 57 23 % 12 % 11 % (11) % — % Latin America (53) (26) % (40) (19) % (2) % (17) % (7) % — % Asia Pacific 27 23 % 30 25 % 6 % 19 % (2) % — % Rest of World 5 1 % 47 8 % 5 % 3 % (7) % — % Total $ 206 5 % $ 261 6 % 3 % 3 % (1) % — % Crop Protection Q2 2025 vs. Q2 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other North America 1$ 28 4 % $ 30 5 % 1 % 4 % (1) % — % EMEA 1 43 10 % 30 7 % (1) % 8 % 3 % — % Latin America 75 17 % 112 25 % (9) % 34 % (8) % — % Asia Pacific (8) (3) % (6) (2) % 3 % (5) % (1) % — % Rest of World 110 10 % 136 12 % (3) % 15 % (2) % — % Total $ 138 8 % $ 166 9 % (2) % 11 % (1) % — % 1. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 2. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Corteva, Inc. Segment Information - Price, Volume, Currency Analysis
    • 30. Seed Product Line Q2 2025 vs. Q2 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other Corn $ 278 10 % $ 321 12 % 4 % 8 % (2) % — % Soybeans (60) (5) % (57) (4) % 1 % (5) % (1) % — % Other oilseeds — — % 8 4 % 2 % 2 % (4) % — % Other (12) (8) % (11) (8) % 1 % (9) % — % — % Total $ 206 5 % $ 261 6 % 3 % 3 % (1) % — % Crop Protection Product Line Q2 2025 vs. Q2 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other Herbicides $ 49 5 % $ 58 6 % (2) % 8 % (1) % — % Insecticides 21 5 % 29 7 % (2) % 9 % (2) % — % Fungicides 92 37 % 100 40 % 2 % 38 % (3) % — % Biologicals 7 8 % 12 13 % (8) % 21 % (5) % — % Other (31) (39) % (33) (41) % (4) % (37) % 2 % — % Total $ 138 8 % $ 166 9 % (2) % 11 % (1) % — % 1. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Corteva, Inc. Segment Information - Price, Volume, Currency Analysis
    • 31. Region First Half 2025 vs. First Half 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other North America 1$ 352 5 % $ 378 6 % 2 % 4 % (1) % — % EMEA 1 (37) (2) % 79 3 % 2 % 1 % (5) % — % Latin America (51) (4) % 68 6 % (6) % 12 % (10) % — % Asia Pacific 5 1 % 18 3 % 3 % — % (2) % — % Rest of World (83) (2) % 165 4 % — % 4 % (6) % — % Total $ 269 3 % $ 543 5 % 1 % 4 % (2) % — % Seed First Half 2025 vs. First Half 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other North America 1 $ 327 6 % $ 343 7 % 3 % 4 % (1) % — % EMEA 1 (61) (5) % 31 3 % 5 % (2) % (8) % — % Latin America (139) (29) % (91) (19) % (4) % (15) % (10) % — % Asia Pacific 35 17 % 40 19 % 8 % 11 % (2) % — % Rest of World (165) (9) % (20) (1) % 3 % (4) % (8) % — % Total $ 162 2 % $ 323 5 % 3 % 2 % (3) % — % Crop Protection First Half 2025 vs. First Half 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other North America 1$ 25 2 % $ 35 3 % (1) % 4 % (1) % — % EMEA 1 24 2 % 48 4 % (1) % 5 % (2) % — % Latin America 88 13 % 159 23 % (7) % 30 % (10) % — % Asia Pacific (30) (6) % (22) (5) % 1 % (6) % (1) % — % Rest of World 82 4 % 185 8 % (2) % 10 % (4) % — % Total $ 107 3 % $ 220 6 % (2) % 8 % (3) % — % 1. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 2. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Corteva, Inc. Segment Information - Price, Volume, Currency Analysis
    • 32. Seed Product Line First Half 2025 vs. First Half 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other Corn $ 260 5 % $ 386 8 % 3 % 5 % (3) % — % Soybeans (47) (3) % (42) (3) % 1 % (4) % — % — % Other oilseeds (22) (5) % 1 — % 3 % (3) % (5) % — % Other (29) (11) % (22) (8) % 5 % (13) % (3) % — % Total $ 162 2 % $ 323 5 % 3 % 2 % (3) % — % Crop Protection Product Line First Half 2025 vs. First Half 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Product Mix Volume Currency Portfolio / $ (millions) % $ (millions) % Other Herbicides $ 23 1 % $ 70 4 % (2) % 6 % (3) % — % Insecticides (16) (2) % 12 2 % (1) % 3 % (4) % — % Fungicides 101 19 % 128 23 % (2) % 25 % (4) % — % Biologicals 9 5 % 20 12 % (6) % 18 % (7) % — % Other (10) (5) % (10) (5) % (1) % (4) % — % — % Total $ 107 3 % $ 220 6 % (2) % 8 % (3) % — % 1. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Corteva, Inc. Segment Information - Price, Volume, Currency Analysis
    • 33. Three Months Ended June 30, 2025 2024 2025 2024 $ (millions) $ (millions) EPS (diluted) EPS (diluted) Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP) $ 1,380 $ 1,053 $ 2.02 $ 1.51 Less: Non-operating benefits (costs), after tax 1 (8) (21) (0.01) (0.03) Less: Amortization of intangibles (existing as of Separation), after tax (110) (118) (0.16) (0.16) Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax (33) 15 (0.05) 0.02 Less: Significant items benefit (charge), after tax 27 (103) 0.04 (0.15) Operating Earnings (Loss) (Non-GAAP) 2$ 1,504 $ 1,280 $ 2.20 $ 1.83 Six Months Ended June 30, 2025 2024 2025 2024 $ (millions) $ (millions) EPS (diluted) EPS (diluted) Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP) $ 2,043 $ 1,425 $ 2.98 $ 2.03 Less: Non-operating benefits (costs), after tax 1 (16) (61) (0.02) (0.09) Less: Amortization of intangibles (existing as of Separation), after tax (219) (235) (0.32) (0.34) Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax (40) 14 (0.06) 0.02 Less: Significant items benefit (charge), after tax 37 (198) 0.05 (0.28) Operating Earnings (Loss) (Non-GAAP) 2$ 2,281 $ 1,905 $ 3.33 $ 2.72 1. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 2. Operating earnings (loss) is defined as income (loss) from continuing operations attributable to Corteva excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of intangible assets (existing as of Separation) is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Corteva, Inc. Non-GAAP Calculation of Corteva Operating EPS
    • 34. Three Months Ended June 30, Six Months Ended June 30, $ In millions 2025 2024 2025 2024 Income (loss) from continuing operations before income taxes (GAAP) $ 1,804 $ 1,338 $ 2,588 $ 1,820 Add: Significant items (benefit) charge (33) 137 26 264 Non-operating (benefits) costs 3 30 13 82 Amortization of intangibles (existing as of Separation) 143 154 285 308 Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 43 (19) 52 (18) Less: Exchange gains (losses) 1 (25) (78) (52) (137) Income (loss) from continuing operations before income taxes, significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP) $ 1,985 $ 1,718 $ 3,016 $ 2,593 Provision for (benefit from) income taxes on continuing operations (GAAP) $ 422 $ 282 $ 539 $ 388 Add: Tax (expenses) benefits on significant items (benefit) charge (6) 34 63 66 Tax (expenses) benefits on non-operating (benefits) costs (5) 9 (3) 21 Tax benefits on amortization of intangibles (existing as of Separation) 33 36 66 73 Tax benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 10 (4) 12 (4) Tax (expenses) benefits on exchange gains (losses) 1 (11) 30 (14) 37 Provision for (benefit from) income taxes on continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP) $ 443 $ 387 $ 663 $ 581 Effective income tax rate (GAAP) 23.4 % 21.1 % 20.8 % 21.3 % Significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-tomarket (gains) losses on certain foreign currency contracts not designated as hedges effect (0.2) % 0.7 % 2.0 % 0.9 % Tax rate from continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 23.2 % 21.8 % 22.8 % 22.2 % Exchange gains (losses), net effect 1 (0.9) % 0.7 % (0.8) % 0.2 % Base income tax rate from continuing operations (Non-GAAP) 2 22.3 % 22.5 % 22.0 % 22.4 % 1. Refer to page A-14 of the Financial Statement Schedules for further information on exchange gains (losses). 2. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs. Corteva, Inc. Non-GAAP Calculation of Corteva Base Income Tax Rate
    • 35. Twelve Months Ended December 31, 20252 In millions Low End High End Cash provided by (used for) operating activities - continuing operations (GAAP) $ 2,475 $ 2,525 Less: Capital expenditures (600) (600) Free Cash Flow (Non-GAAP) 1$ 1,875 $ 1,925 1. Free Cash Flow is defined as cash provided by (used for) operating activities - continuing operations, less capital expenditures. 2. This represents the reconciliation of the Company's range provided for its forward-looking non-GAAP financial measures relating to Free Cash Flow. Corteva is not able to reconcile its forward-looking Free Cash Flow Conversion non-GAAP financial measure to its most comparable U.S. GAAP financial measure, as it is unable to predict with reasonable certainty Operating EBITDA due to items outside of the Company’s control, which include Significant Items, without unreasonable effort. Corteva, Inc. Non-GAAP Calculation of Free Cash Flow


    • Previous
    • Next
    • f Fullscreen
    • esc Exit Fullscreen