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 superior germplasm with advanced traits to produce high yield potential for farmers around the world. The segment offers seed and trait technologies that improve resistance to weather, diseases, pests and herbicides used to manage weeds. Its digital solutions provide data driven insights that assist farmer decision-making with a view to optimize product selection and, ultimately, help maximize yield and profitability. The segment competes in a wide variety of agricultural markets.

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 improve 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 the tools they need 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 months ended March 31, 2026, compared with the same period in 2025. 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 and separation costs. 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 months ended March 31, 2026 and 2025 is included in Note 17 - Segment Information, to the interim Consolidated Financial Statements.

Seed

Seed net sales were $3,023 million in the first quarter of 2026, up 12 percent from $2,707 million in the first quarter of 2025. The sales increase over the prior period was driven by a 6 percent increase in volume, a 3 percent increase in price, and a 3 percent favorable impact from currency.

Price gains in all regions demonstrate demand for top technology and the strength of the portfolio. Volume increases in North America and EMEA are due to timing shifts and favorable weather in the northern hemisphere. Favorable currency impacts were led by the Euro.

Segment operating EBITDA was $1,034 million in the first quarter of 2026, up 23 percent from $842 million in first quarter of 2025. Volume, price execution, net cost and productivity benefits, and net royalty improvement more than offset higher selling expense and compensation. Segment operating EBITDA margin improved by approximately 310 basis points versus the prior-year period.

Crop Protection

Crop Protection net sales were $1,882 million in the first quarter of 2026, up 10 percent from $1,710 million in the first quarter of 2025. The sales increase over the prior period was driven by a 6 percent increase in volume and a 6 percent favorable impact from currency, partially offset by a 2 percent decrease in price.

Volume improvement was driven by demand for new products and spinosyns, coupled with timing shifts in North America and EMEA. Price declines, primarily in Latin America and Asia Pacific, are due to continued competitive market dynamics in those regions. Favorable currency impacts were led by the Euro and Brazilian Real..

Segment operating EBITDA was $434 million in the first quarter of 2026, up 15 percent from $377 million in the first quarter of 2025. Volume growth, productivity savings, and favorable currency more than offset price pressure, higher selling expense and a charge related to intellectual property realignment. Segment operating EBITDA margin improved by approximately 100 basis points versus the prior-year period.