Slide 1: 1Q 2025 Earnings Conference Call
1Q 2025 Earnings Conference Call May 8, 2025
Slide 2: Safe Harbor Regarding Forward-Looking Statements
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, whi
Slide 3: Safe Harbor: Regulation G (Non-GAAP Financial Measures)
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), oper
Slide 4: CEO Messages Strong 1Q Financial Performance
CEO Messages Strong Strength of Seed demonstrates global demand for new hybrids and varieties 1Q Financial Crop Protection volume growth, driven by new products and biologicals Performance Ongoing benefits from controllable levers support full-year guide assumptions Record demand for grain,
Slide 5: Tariff Scenario Planning
Tariff Scenario Planning Corteva U.S. Import Value by Country(1) Key Considerations(2) Rest of Key franchise products Enlist® herbicide and Spinosyns World insecticides manufactured in U.S. China U.S. imports from China represent ~2% of total COGS Exemptions per Annex II interpretation allow f
Slide 6: 1Q 2025 Financial Performance
1Q 2025 Financial Performance Metric 1Q 2025(1) Highlights Seed pricing gains led by NA(3) and EMEA(3) on strength of portfolio Net Sales $4.4B -2% Crop Protection delivered broad-based volume growth Seed price / mix gains and more corn acres in NA Organic Sales (2) $4.6B +3% Crop Protection organic
Slide 7: 1Q 2025 Operating EBITDA
1Q 2025 Operating EBITDA(1) Q1 2025 Bridge Key Drivers ($ in millions) Seed pricing gains across the portfolio to capture value for technology, offset by Crop Protection competitive pressures $169 ($89) Favorable weather and strong portfolio enable North America(2) ($1) $1,189 Seed volume growth
Slide 8: Key Sensitivities – FY 2025 Guidance
Key Sensitivities – FY 2025 Guidance(1) LSD Revenue Growth Operating EBITDA(2) $3.6 – $3.8B Downside Case Upside Case Stronger U.S. Dollar Weaker U.S. Dollar Lower EMEA and Latin America corn acres More North America / Latin America corn acres Increased Crop Protection pricing pressure S
Slide 9: 2025 1H / 2H Key Assumptions
2025 1H / 2H Key Assumptions First Half Second Half Strong NA Seed performance on more corn acres Brazil corn area increase / some Argentina recovery Flat price (Seed up LSD, Crop Protection down LSD) Seed price up LSD/MSD, Crop Protection down LSD Significant productivity / raw material c
Slide 10: Key Takeaways
Key Takeaways Strong 1Q 2025 Performance, Organic Growth in Seed and Crop Protection Cost Savings from Controllables Translated to 1Q Margin Expansion 1Q 2025 Free Cash Flow Supports FY 40 – 45% FCF / EBITDA Conversion(1) On-track to complete $1B of Share Repurchase for FY 2025 Reaffirming FY 2025 S
Slide 11: Appendix
Appendix
Slide 12: 1Q 2025 Highlights
1Q 2025 Highlights ($ in millions, except EPS) 1Q 2024 1Q 2025 Change Net Sales $4,492 $4,417 (2)% GAAP Income from Continuing Operations After Income Taxes $376 $667 +77% Operating EBITDA(1) $1,034 $1,189 +15% Operating EBITDA Margin(1) 23.0% 26.9% +390 bps GAAP EPS from Continuing Operations $0.53
Slide 13: 1Q 2025 Seed Performance Highlights
1Q 2025 Seed Performance Highlights ($ in millions) 1Q 2025 vPY 1Q 2025 Revenue by Product Line Net Sales $2,707 (2)% Organic(1) Sales Growth +2% Other oilseeds(2) Other(3) Operating EBITDA $842 +13% (9)% reported growth Operating EBITDA Margin 31.1% +391 bps (3)% organic(1) growth Seed Operating EB
Slide 14: 1Q 2025 Regional Net Sales Highlights – Seed
1Q 2025 Regional Net Sales Highlights – Seed North Latin Global Net Sales Reported Organic(1) Reported Organic(1) America(2) 9% 9% America 32% 19% 1Q 2024 1Q 2025 1Q 2024 1Q 2025 $2.75B $2.71B Net Sales ($M) $1,471 $1,597 Net Sales ($M) $271 $185 Volume Price Currency Portfolio Volume Price Currency
Slide 15: 1Q 2025 Crop Protection Performance Highlights
1Q 2025 Crop Protection Performance Highlights ($ in millions) 1Q 2025 vPY 1Q 2025 Revenue by Product Line Net Sales $1,710 (2)% Organic(1) Sales Growth +3% Other(2) Operating EBITDA $377 +22% Biologicals Operating EBITDA Margin 22.0% +424 bps 2% reported growth 10% organic(1) growth Crop Protection
Slide 16: 1Q 2025 Regional Net Sales Highlights – Crop Protection
1Q 2025 Regional Net Sales Highlights – Crop Protection North Latin Global Net Sales Reported Organic(1) Reported Organic(1) America(2) Flat 1% America 5% 19% 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Net Sales ($M) $616 $613 Net Sales ($M) $244 $257 $1.74B $1.71B Volume Price Currency Portfolio Volume Price
Slide 17: 1Q 2025 Operating EPS Variance
1Q 2025 Operating EPS(1) Variance Operating EPS(1) ($) $0.01 $(0.10) $0.19 $0.02 $1.13 $0.03 $0.09 $0.89 1 2 3 4 5 6 1Q 2024 Volume/ Costs Change in Base Tax Currency EGL Portfolio / 1Q 2025 Price Rate(1) Other Volume/Price 1 Costs 2 Change in Base Income Tax Rate(1) 3 Low-single digit Seed price
Slide 18: FY 2025 Operating EBITDA
FY 2025 Operating EBITDA(1) FY 2025 Bridge Key Drivers LSD pricing gains in Seed to capture value for technology, more ($ in millions) than offsetting additional Crop Protection market price pressure Volume gains driven by Crop Protection new products and $3,600 - $3,800 biologicals and addition
Slide 19: FY 2025 Modeling Guidance – Operating Earnings Per Share
FY 2025 Modeling Guidance – Operating Earnings Per Share(1) ($ in millions, except where noted) Guidance Depreciation and Post-Merge Amortization (635 – 645) Net Interest (Expense) Income (160 – 170) Base Income Tax Rate(1) 22% – 24% Exchange Losses – net, after tax (260 – 280) Net Income – Non-cont
Slide 20: Product Disclosures
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. Enlis
Slide 21: Thank you
Thank you
Slide 22: Non-GAAP Calculation of Corteva Operating EBITDA
Corteva, Inc. Non-GAAP Calculation of Corteva Operating EBITDA Three Months Ended March 31, 2025 2024 In millions As Reported Margin % As Reported Margin % Income (loss) from continuing operations after income taxes (GAAP) $ 667 15.1 % $ 376 8.4 % Provision for (benefit from) income taxes on continu
Slide 23: Corteva, Inc. Segment Information
Corteva, Inc. Segment Information Net sales by segment Three Months Ended March 31, In millions 2025 2024 Seed $ 2,707 $ 2,751 Crop Protection 1,710 1,741 Total net sales $ 4,417 $ 4,492 Net Margin (GAAP) Three Months Ended March 31, $ In millions 2025 2024 Income (loss) from continuing operations a
Slide 24: Segment Information: Corteva Significant Items (Pre-tax)
Corteva, Inc. Segment Information Corteva significant items (Pre-tax) Three Months Ended March 31, In millions 2025 2024 Seed Restructuring and asset related charges - net $ (3) $ (20) Gain (loss) on sale of assets — 4 AltEn facility remediation charges (37) — Total Seed $ (40) $ (16) Crop Protectio
Slide 25: Segment Information - Price, Volume, Currency Analysis by Region
Corteva, Inc. Segment Information - Price, Volume, Currency Analysis Region Q1 2025 vs. Q1 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 2 Price & Portfolio / $ (millions) % $ (millions) % Product Mix Volume Currency Other North America 1 $ 123 6%$ 134 6% 2% 4% —% —%
Slide 26: Price, Volume, Currency Analysis by Product Line
Corteva, Inc. Segment Information - Price, Volume, Currency Analysis Seed Product Line Q1 2025 vs. Q1 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Portfolio / $ (millions) % $ (millions) % Product Mix Volume Currency Other Corn $ (18) (1)% $ 65 3% 3% —% (4)
Slide 27: Non-GAAP Calculation of Corteva Operating EPS
Corteva, Inc. Non-GAAP Calculation of Corteva Operating EPS Three Months Ended March 31, 2025 2024 2025 2024 $ (millions) $ (millions) EPS (diluted) EPS (diluted) Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP) $ 663 $ 372 $ 0.97 $ 0.53 1 Less: Non-operati
Slide 28: Non-GAAP Calculation of Corteva Base Income Tax Rate
Corteva, Inc. Non-GAAP Calculation of Corteva Base Income Tax Rate Three Months Ended March 31, $ in millions 2025 2024 Income (loss) from continuing operations before income taxes (GAAP) $ 784 $ 482 Add: Significant items (benefit) charge 59 127 Non-operating (benefits) costs 10 52 Amortization of
Slide 29: Non-GAAP Calculation of Free Cash Flow
Corteva, Inc. Non-GAAP Calculation of Free Cash Flow Twelve Months Ended December 31, 20252 In millions Low End High End Cash provided by (used for) operating activities - continuing operations (GAAP) $ 2,000 $ 2,400 Less: Capital expenditures (600) (600) Free Cash Flow (Non-GAAP) 1 $ 1,400 $ 1,800