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DuPont de Nemours, Inc.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

DD$156.88+1.1%Stored close · as of Nov 10, 2026

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Segments and Geographic Regions

NOTE 21 -SEGMENTS AND GEOGRAPHIC REGIONS

The Company's segments are aligned with the market verticals they serve, while maintaining integration and innovation strengths within strategic value chains. DuPont is comprised oftwo operating segments: ElectronicsCo and IndustrialsCo. Major products by segment include: ElectronicsCo (CMP pads and slurries, photoresists and advanced coatings for lithography, removers and cleaners, dielectric and metallization solutions for advanced chip packaging, specialty thermal materials and laminates); and IndustrialsCo (medical packaging, medical silicones, specialty medical devices, water purification and separation, water filtration and purification resins, flexible packaging products, nonwovens, construction materials, auto adhesives and fluids). The Company operates globally in substantially all of its product lines. Transfers of products between operating segments are generally valued at cost, to the extent such transfers are applicable.

The revenues and certain expenses of the Aramids Divestiture are classified as discontinued operations in the current and historical periods.

Aramids Business costs that are classified as discontinued operations include only direct operating expenses incurred by the business. Indirect costs, such as those related to corporate and shared service functions previously allocated to the Aramids Business, do not meet the criteria for discontinued operations and remain reported within continuing operations. A portion of these indirect costs include costs related to activities the Company will continue to undertake post-closing of the Aramids Divestitures, and for which it is reimbursed (“Future Reimbursable Indirect Costs”). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs are not subject to future reimbursement (“Stranded Costs”). Stranded Costs are reported within continuing operations in Corporate and are included within Operating EBITDA.

The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The CODM utilizes Operating EBITDA to assess financial performance and allocate resources by comparing actual results to historical and previously forecasted results. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding future reimbursable indirect costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.

The information below reflects segment structure as of September 30, 2025.

Segment Revenue, Significant Segment Expenses and Segment Operating EBITDAThree Months Ended September 30,
20252024
(In millions)ElectronicsCoIndustrialsCoElectronicsCoIndustrialsCo
Segment net sales$1,275$1,797$1,147$1,715
Less 1:
Cost of sales$703$1,169$607$1,119
Selling, general and administrative expenses143203147190
Research and development expenses92488142
Amortization of intangibles & other segment items 249665573
Add:
Equity in earnings of nonconsolidated affiliates$14$1$10$(1)
Depreciation and amortization 3101153112155
Segment operating EBITDA$403$465$379$445
Segment Revenue, Significant Segment Expenses and Segment Operating EBITDANine Months Ended September 30,
20252024
(In millions)ElectronicsCoIndustrialsCoElectronicsCoIndustrialsCo
Segment net sales$3,563$5,157$3,235$5,028
Less 1:
Cost of sales$1,922$3,346$1,753$3,291
Selling, general and administrative expenses417598435585
Research and development expenses263136231133
Amortization of intangibles & other segment items 2155215172222
Add:
Equity in earnings of nonconsolidated affiliates$37$1$33$1
Depreciation and amortization 3306457325446
Segment operating EBITDA$1,149$1,320$1,002$1,244
  1. The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

  2. Other segment items include immaterial other gains or losses and miscellaneous income and expenses.

  3. Depreciation is a reconciling item to Segment Operating EBITDA as it is included within "Cost of sales", "Selling, general and administrative expenses" and "Research and development expenses".

Total reportable segment net sales are $3,072 million and $2,862 million for the three months ended September 30, 2025, and 2024, respectively, and $8,720 million and $8,263 million for the nine months ended September 30, 2025, and 2024, respectively.

Reconciliation of Segment Operating EBITDA to Income from Continuing Operations Before Income Taxes · Three Months Ended September 30, · Nine Months Ended September 30,
In millions · 2025 · 2024 · 2025 · 2024
IndustrialsCo segment operating EBITDA$465$445$1,320$1,244
ElectronicsCo segment operating EBITDA4033791,1491,002
Total segment operating EBITDA$868$824$2,469$2,246
+Corporate Operating EBITDA 1$(28)$(33)$(108)$(122)
-Depreciation and amortization257267772777
+Interest income 218145355
-Interest expense 38486250281
+Non-operating pension/OPEB benefit (costs) credits(1)3212
+Foreign exchange losses, net(11)(17)(33)(17)
-Future reimbursable indirect costs882524
+Significant items (charge) benefit(170)122(398)(51)
Income from continuing operations before income taxes$327$552$938$1,041
  1. Corporate includes certain enterprise and governance activities including non-allocated corporate overhead costs and support functions, leveraged services, non-business aligned litigation expenses, DuPont's equity interest in Derby related to the Delrin® Divestiture and other costs not absorbed by reportable segments.

  2. The three and nine months ended September 30, 2025 excludes accrued interest income earned on employee retention credits and interest earned on cash held in escrow associated with the Qnity financing. Refer to details of significant items below.

  3. The three and nine months ended September 30, 2025 excludes interest rate swap basis amortization and interest expense associated the Qnity notes. Refer to details of significant items below.

The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above:

Significant Items by Segment for the Three Months Ended September 30, 2025ElectronicsCoIndustrialsCoCorporateTotal
In millions
Restructuring and asset related charges - net 1$(1)$(13)$(6)$(20)
Acquisition, integration and separation costs 2—(1)(138)(139)
Interest rate swap mark-to-market loss 3——(4)(4)
Qnity financing 4——(5)(5)
Other benefits (credits), net 5—(2)—(2)
Total$(1)$(16)$(153)$(170)
  1. Acquisition, integration and separation costs related primarily to the Electronics Separation.

  2. Includes the non-cash mark-to-market net gain related to the 2022 Swaps and 2024 Swaps offset by the cash settlement loss on the 2024 Swaps and the interest settlement loss on the 2022 Swaps. The three months ended September 30, 2025 also includes basis amortization on the 2022 Swaps ($1 million pre-tax, reflected in "Interest expense" within the interim Consolidated Statements of Operations). See Note 19 for additional information.

  3. Includes interest income earned on cash held in escrow ($9 million pre-tax) and interest expense ($14 million pre-tax) associated with the Qnity notes. See Note 13 for additional information.

  4. Reflects legal costs within the IndustrialsCo segment associated with a pending intellectual property matter ($9 million pre-tax cost) offset by benefits related to an adjustment of the Donatelle contingent earn-out liability ($7 million pre-tax benefit).

Significant Items by Segment for the Three Months Ended September 30, 2024ElectronicsCoIndustrialsCoCorporateTotal
In millions
Restructuring and asset related charges - net 1$2$(21)$(2)$(21)
Inventory write-offs 2—(2)—(2)
Acquisition, integration and separation costs 3—(3)(40)(43)
Interest rate swap mark-to-market gain 4——190190
Other benefits (credits), net 5—(2)—(2)
Total$2$(28)$148$122
  1. Reflects an adjustment to raw material inventory write-offs recorded in “Cost of sales” within the interim Consolidated Statements of Operations in connection with restructuring actions related to plant line closures within the IndustrialsCo segment.

  2. Acquisition, integration and separation costs related primarily to the Electronics Separation.

  3. Includes the mark-to-market gain related to the 2022 Swaps and 2024 Swaps offset by the interest settlement loss on the 2022 Swaps. The three months ended September 30, 2024 also includes basis amortization on the 2022 Swaps ($1 million pre-tax, reflected in "Interest expense" within the interim Consolidated Statements of Operations). Refer to Note 19 for further details.

  4. Reflects credit related to the amortization of an inventory step-up adjustment related to the Donatelle Plastics Acquisition ($2 million pre-tax benefit).

Significant Items by Segment for the Nine Months Ended September 30, 2025ElectronicsCoIndustrialsCoCorporateTotal
In millions
Restructuring and asset related charges - net 1$(8)$(24)$(35)$(67)
Acquisition, integration and separation costs 2——(383)(383)
Interest rate swap mark-to-market gain 3——4646
Qnity financing 4——(5)(5)
Other benefits (credits), net 5—5611
Total$(8)$(19)$(371)$(398)
  1. Acquisition, integration and separation costs related primarily to the Electronics Separation.

  2. Includes the non-cash mark-to-market net gain related to the 2022 Swaps and 2024 Swaps offset by the cash settlement loss on the 2024 swaps and the interest settlement loss on the 2022 Swaps. The nine months ended September 30, 2025 also includes basis amortization on the 2022 Swaps ($2 million pre-tax, reflected in "Interest expense" within the interim Consolidated Statements of Operations). See Note 19 for additional information.

  3. Includes interest income earned on cash held in escrow ($9 million pre-tax) and interest expense ($14 million pre-tax) associated with the Qnity notes. See Note 13 for additional information.

  4. Reflects benefits related to an adjustment of the Donatelle contingent earn-out liability ($19 million pre-tax cost) and accrued interest earned on employee retention credits ($6 million pre-tax benefit), offset by legal costs within the IndustrialsCo segment associated with a pending intellectual property matter ($14 million pre-tax benefit).

Significant Items by Segment for the Nine Months Ended September 30, 2024ElectronicsCoIndustrialsCoCorporateTotal
In millions
Restructuring and asset related charges - net 1(2)$(47)$(7)$(56)
Inventory write-offs 2—(27)—(27)
Acquisition, integration and separation costs 3—(9)(42)(51)
Loss on debt extinguishment 4——(74)(74)
Interest rate swap mark-to-market gain 5——151151
Income tax items 6——88
Other benefits (credits), net 7—(2)—(2)
Total$(2)$(85)$36$(51)
  1. Reflects raw material inventory write-offs recorded in “Cost of sales” within the interim Consolidated Statements of Operations in connection with restructuring actions related to plant line closures within the IndustrialsCo segment.

  2. Acquisition, integration and separation costs related primarily to the Electronics Separation.

  3. Reflects the loss on extinguishment of debt related to the partial redemption of an aggregate principal amount of the 2038 Notes. Refer to Note 13 for further details.

  4. Includes the non-cash mark-to-market gain related to the 2022 Swaps and 2024 Swaps offset by the interest settlement loss on the 2022 Swaps. The nine months ended September 30, 2024 also includes basis amortization on the 2022 Swaps ($1 million pre-tax, reflected in "Interest expense" within the interim Consolidated Statements of Operations). Refer to Note 19 for further details.

  5. Reflects the impact of an international tax audit.

  6. Reflects credit related to the amortization of an inventory step-up adjustment related to the Donatelle Plastics Acquisition ($2 million pre-tax credit).

Segment and Corporate InformationElectronicsCoIndustrialsCoCorporateTotal
In millions
Assets of continuing operations$13,817$16,862$5,552$36,231
Investment in nonconsolidated affiliates4199108536
Assets of continuing operations$13,599$16,358$3,676$33,633
Investment in nonconsolidated affiliates3829117508
Capital Expenditure Reconciliation to Consolidated Financial StatementsThree Months Ended September 30,Nine Months Ended September 30,
In millions2025202420252024
IndustrialsCo$79$68$195$168
ElectronicsCo7962200145
Segment totals$158$130$395$313
Accrual to cash adjustment 1(12)(31)8863
Total$146$99$483$376
  1. Reflects the incremental cash spent or unpaid on capital expenditures; total capital expenditures are presented on a cash basis.
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