Corteva, Inc.

Results of Operations

Net Sales

Net sales were $6,379 million and $6,456 million for the three months ended June 30, 2026 and 2025, respectively. The decrease was primarily drivenby a 3 percent decrease in volume, partially offset by a 1 percent increase in price and a 1 percent favorable impact from currency. The decrease in volume was driven by timing shifts in North America and Brazil, partially offset by broad-based Crop Protection growth in Asia Pacific. North America volumes were impacted by the acreage shift from corn to soy as well as channel purchase timing from Crop Protection customers, while EMEA Crop Protection volumes were impacted by dry weather. The Seed pricing and mix improvement was driven by demand for top technology and increased out-licensing income, partially offset by the competitive Crop Protection pricing environment in Latin America. The favorable currency impacts were driven by the Brazilian Real and the Euro, partially offset by the Indian Rupee.

Net sales were $11,284 million and $10,873 million for the six months ended June 30, 2026 and 2025, respectively. The increase was primarily drivenby a 2 percent favorable impact from currency, a 1 percent increase in volume and a 1 percent increase in price. The favorable currency impacts were driven by the Euro and Brazilian Real, partially offset by the Turkish Lira. Volume increases were driven by demand for Crop Protection new products, partially offset by timing impacts in Latin

America Seed and channel purchase timing in North America Crop Protection. Favorable Seed pricing and mix was driven by demand for top technology and the strength of the portfolio, coupled with increased out-licensing income, which was partially offset by the competitive pricing environment impacting Latin America Crop Protection.

Cost of Goods Sold (“COGS”)

COGS was $2,718 million (43 percent of net sales) and $2,932 million (45 percent of net sales) for the three months ended June 30, 2026 and 2025, respectively, and $5,090 million (45 percent of net sales) and $5,274 million (49 percent of net sales) for the six months ended June 30, 2026 and 2025, respectively. The change in the three months ended June 30, 2026 wasdriven by ongoing cost and productivity actions, a reduction in net royalty expense and lower volumes. The change in the six months ended June 30, 2026 wasdriven by reductions in net royalty expense and ongoing cost and productivity actions, partially offset by higher volumes.

Research and Development Expense (“R&D”)

R&D expense was $388 million (6 percent of net sales) and $375 million (6 percent of net sales) for the three months ended June 30, 2026 and 2025, respectively, and $729 million (6 percent of net sales) and $710 million (7 percent of net sales) for the six months ended June 30, 2026 and 2025, respectively. The increase in R&D expense is in support of the company’s long-term investment plans and was primarily driven by unfavorable currency impacts and increases in salaries, contract labor and field, lab and facilities costs, partially offset by cost recoveries received from third parties.

Selling, General and Administrative Expenses (“SG&A”)

SG&A expenses were $1,164 million (18 percent of net sales) and $1,156 million (18 percent of net sales) for the three months ended June 30, 2026 and 2025, respectively. The change was primarily driven by unfavorable currency impacts and an increase in stock-based compensation and personnel and information technology costs, partially offset by lower bad debt expense, legal support fees, commissions and variable compensation.

SG&A expenses were $2,041 million (18 percent of net sales) and $1,907 million (18 percent of net sales) for the six months ended June 30, 2026 and 2025, respectively. The change was primarily driven by unfavorable currency impacts and an increase in bad debt expense, consulting fees and personnel and information technology costs, partially offset by lower legal support fees.

Amortization of Intangibles

Intangible asset amortization was $194 million and $161 million for the three months ended June 30, 2026 and 2025, respectively, and $354 million and $323 million for the six months ended June 30, 2026 and 2025, respectively. The change was driven primarily by the acceleration of amortization expense related to certain trade names that were retired during the second quarter of 2026. See Note 10 - Other Intangible Assets, to the interim Consolidated Financial Statements, for additional information.

Restructuring and Asset Related Charges - Net

Restructuring and asset related charges - net were $49 million and $79 million for the three months ended June 30, 2026 and 2025, respectively, and $141 million and $101 million for the six months ended June 30, 2026 and 2025, respectively. The charges in the second quarter of 2026, as well as the second quarter and first half of 2025, primarily consisted of severance and related benefit costs, asset related charges, decommissioning and demolition costs and contract terminations under the Crop Protection Operations Strategy Restructuring Program. The charges in the first half of 2026 also included severance and related benefit costs under the 2026 Restructuring Actions.

See Note 4 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements, for additional information.

Other Income (Expense) - Net

Other income (expense) - net was $(115) million and $103 million for the three months ended June 30, 2026 and 2025, respectively. Higher other expense was driven by litigation settlements and higher net exchange losses, as well as the absence of the receipt of insurance proceeds related to prior significant items during the second quarter of 2025.

Other income (expense) - net was $(232) million and $118 million for the six months ended June 30, 2026 and 2025, respectively. Higher other expense was driven by litigation settlements and higher net exchange losses, as well as the absence of the receipt of insurance proceeds related to prior significant items during the first half of 2025.

See Note 5 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.

Interest Expense

Interest expense was $47 million and $52 million for the three months ended June 30, 2026 and 2025, respectively, and $83 million and $88 million for the six months ended June 30, 2026 and 2025, respectively. The decreases were driven by lower short-term borrowing rates.

Provision for (Benefit from) Income Taxes on Continuing Operations

The company’s provision for income taxes on continuing operations was $408 million for the three months ended June 30, 2026 on pre-tax income from continuing operations of $1,625 million, resulting in an effective tax rate of 25.1 percent. The effective tax rate was unfavorably impacted by a $50 million charge associated with the Discretionary Pension Contribution, valuation allowances on certain foreign tax credits, as well as withholding taxes on repatriation of cash held outside of the U.S. primarily from current year earnings. Those unfavorable impacts were partially offset by $9 million of net tax benefits associated with changes in deferred taxes and accruals for certain prior year tax positions.

The company's provision for income taxes on continuing operations was $422 million for the three months ended June 30, 2025 on pre-tax income from continuing operations of $1,804 million, resulting in an effective tax rate of 23.4 percent. The effective tax rate was unfavorably impacted by tax impacts of certain net exchange losses recognized on the remeasurement of the net monetary asset positions which were not tax-deductible in their local jurisdictions, as well as withholding taxes on repatriation of cash held outside of the U.S. primarily from current year earnings.

The company’s provision for income taxes on continuing operations was $541 million for the six months ended June 30, 2026 on pre-tax income from continuing operations of $2,483 million, resulting in an effective tax rate of 21.8 percent. The effective tax rate was unfavorably impacted by a $50 million charge associated with the Discretionary Pension Contribution, valuation allowances on certain foreign tax credits, as well as withholding taxes on repatriation of cash held outside of the U.S. primarily from current year earnings. Those unfavorable impacts were partially offset by $56 million of net tax benefits associated with changes in deferred taxes and accruals for certain prior year tax positions, as well as $31 million of net tax benefits related to intellectual property realignment.

The company's provision for income taxes on continuing operations was $539 million for the six months ended June 30, 2025 on pre-tax income from continuing operations of $2,588 million, resulting in an effective tax rate of 20.8 percent. The effective tax rate was favorably impacted by a $55 million deferred tax benefit associated with a change in a legal entity’s U.S. tax characterization, as well as net tax benefits associated with changes in accruals for certain prior year tax positions. Those favorable impacts were partially offset by tax impacts of certain net exchange losses recognized on the remeasurement of the net monetary asset positions which were not tax-deductible in their local jurisdictions, as well as withholding taxes on repatriation of cash held outside of the U.S. primarily from current year earnings.

Income (Loss) from Discontinued Operations After Tax

Income (loss) from discontinued operations after tax was $(52) million and $(54) million for the three and six months ended June 30, 2026, respectively. The result for the three and six months ended June 30, 2026 was driven by charges recognized relating to the MOU with Chemours and DuPont, comprised of litigation charges as well as PFAS environmental remediation activities, along with other environmental matters.

Income (loss) from discontinued operations after tax was $(66) million and $(77) million for the three and six months ended June 30, 2025, respectively. The result for the three and six months ended June 30, 2025 was driven by charges recognized relating to the MOU with Chemours and DuPont, comprised of a litigation charge associated with the NJ Statewide Settlement as well as PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility, along with other environmental matters. These charges were partially offset by the prior year derecognition of an indemnification liability associated with the Water District Settlement Fund contribution.

Refer to Note 12 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information.

EIDP Analysis of Operations

As discussed in EIDP Note 1 - Basis of Presentation, to the EIDP interim Consolidated Financial Statements, EIDP is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. There were no differences in the components of net income on the respective Corteva and EIDP interim Consolidated Statements of Operations.