Corteva, Inc.

The company operates in two reportable segments: Seed and Crop Protection.

Seed

The company’s Seed segment is a global leader in developing and supplying commercial seed combining advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects, herbicides used to control weeds and enhance food and nutritional characteristics, and digital solutions that assist farmer decision-making to help maximize yield and profitability.

Crop Protection

The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that support overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment offers crop protection solutions and digital solutions that provide farmers tools to improve productivity and profitability, and help keep fields free of weeds, insects and diseases. The segment is a leader in global herbicides, insecticides, nitrogen stabilizers, pasture and range management herbicides and biologicals.

Summarized below are comments on individual segment net sales and segment operating EBITDA for the three and six months ended June 30, 2025, compared with the same period in 2024. The company defines segment operating EBITDA as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, 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 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. See Note 17 - Segment Information, to the interim Consolidated Financial Statements, for details related to significant pre-tax benefits (charges) excluded from segment operating EBITDA. All references to prices are based on local price unless otherwise specified.

A reconciliation of segment operating EBITDA to income (loss) from continuing operations after income taxes for the three and six months ended June 30, 2025 and 2024 is included in Note 17 - Segment Information, to the interim Consolidated Financial Statements.

Seed

Seed net sales were $4,537 million in the second quarter of 2025, up 5 percent from $4,331 million in the second quarter of 2024. The sales increase over the prior period was driven by a 3 percent increase in volume and a 3 percent increase in price, partially offset by a 1 percent unfavorable impact from currency.

Volume growth was driven by increased corn area and share gains in North America, partially offset by lower soybean area in North America and just-in-time seed purchases in Argentina, shifting sales to the second half. Seed pricing increases were primarily due to demand for top technology and increased out-licensing income. The unfavorable currency impacts were led by the Canadian Dollar.

Segment operating EBITDA was $1,863 million in the second quarter of 2025, up $165 million from $1,698 million in the second quarter of 2024. Price execution and market share gains in North America, product mix, reduction of net royalty expense and ongoing cost and productivity actions more than offset increased compensation and research and development activities, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 185 basis points versus the prior-year period.

Seed net sales were $7,244 million in the first half of 2025, up 2 percent from $7,082 million in the first half of 2024. The sales increase over the prior period was driven by a 3 percent increase in price and a 2 percent increase in volume, partially offset by a 3 percent unfavorable impact from currency.

Seed pricing gains in most regions, led by North America, demonstrate demand for top technology and the strength of the portfolio, coupled with increased out-licensing income. Volume growth was driven primarily by increased corn area and share gains in North America, partially offset by reduced corn area and just-in-time seed purchases in Argentina, as well as lower soybean area in North America. The unfavorable currency impacts were led by the Brazilian Real and Canadian Dollar.

Segment operating EBITDA was $2,705 million in the first half of 2025, up $259 million from $2,446 million in the first half of 2024. Price execution and market share gains in North America, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation and research and development activities and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 280 basis points versus the prior-year period.

Crop Protection

Crop Protection net sales were $1,919 million in the second quarter of 2025, up 8 percent from $1,781 million in the second quarter of 2024. The sales increase over the prior period was driven by an 11 percent increase in volume, partially offset by a 2 percent decline in price and a 1 percent unfavorable impact from currency.

Volume growth was driven primarily by Latin America on demand for new products, fungicides, spinosyns and biologicals. The price decline was primarily due to the competitive pricing environment in Latin America, partially offset by North America price increases. The unfavorable currency impacts were led by the Brazilian Real.

Segment operating EBITDA was $334 million in the second quarter of 2025, up $79 million from $255 million in the second quarter of 2024. Raw material deflation, productivity savings and volume growth more than offset the unfavorable impact from currency, price pressure and higher compensation and bad debt expense. Segment operating EBITDA margin improved by approximately 310 basis points versus the prior-year period.

Crop Protection net sales were $3,629 million in the first half of 2025, up 3 percent from $3,522 million in the first half of 2024. The sales increase over the prior period was driven by an 8 percent increase in volume, partially offset by a 3 percent unfavorable impact from currency and a 2 percent decline in price.

Volume growth was driven by demand for new products, fungicides and biologicals, while price declined due to market dynamics in Latin America. The unfavorable currency impacts were led by the Brazilian Real and Turkish Lira.

Segment operating EBITDA was $711 million in the first half of 2025, up $146 million from $565 million in the first half of 2024. Raw material deflation, productivity savings and volume growth more than offset the unfavorable impact from currency, price pressure and higher compensation and bad debt expense. Segment operating EBITDA margin improved by approximately 355 basis points versus the prior-year period.