Slide 1: 1Q 2024 Earnings Conference Call
1Q 2024 Earnings Conference Call May 2, 2024
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: A Reminder About Non-GAAP Financial Measures
A Reminder About Non-GAAP Financial Measures 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), operatin
Slide 4: CEO Messages: 2024 Guidance Reflects Continued Growth at Attractive Margin
CEO Messages Solid Record-setting demand for grain, oilseeds, feed, and biofuels continues in 2024 Global Healthy on-farm product demand despite normalization of commodity prices Demand Global Crop Protection market remains imbalanced, volume growth expected in 2H 1Q Financial Strength of Se
Slide 5: 1Q 2024 Financial Performance
1Q 2024 Financial Performance Metric 1Q 2024(1) Highlights Strong market demand in North America(3) Seed Net Sales $4.5B 8% Crop Protection declines against a strong PY comparison Broad based Seed pricing offset volume decline in EMEA(2) Organic Sales(2) $4.6B 6% Crop Protection JIT demand and compe
Slide 6: 1Q 2024 Sales Highlights
1Q 2024 Sales Highlights Global Net Sales 1Q 2024 Sales by Segment Seed Crop Protection $4.9B $2.8B $4.5B Reported $2.7B 8% $2.2B Organic(1) $1.7B 6% 1Q 2023 1Q 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Reported 2% Reported 20% Organic(1) 5% Organic(1) 21% • Seed Performance Reflects Strength of Product
Slide 7: 1Q 2024 U.S. Corn Deliveries
1Q 2024 U.S. Corn Deliveries U.S. Pioneer Brand Corn Deliveries Timing Shift 1Q / 2Q Mild weather in parts of U.S. and strong execution drove acceleration of 1H sales into 1Q vs prior year Pace of 1Q 2024 U.S. corn deliveries +3% ahead of prior year and expectations, on-track with 2022 Average
Slide 8: 1Q 2024 Operating EBITDA
1Q 2024 Operating EBITDA(1) Q1 2024 Bridge Key Drivers ($ in millions) Broad-based Seed pricing gains across the portfolio to capture value for technology, offsetting Crop Protection competitive pressure $114 ($204) $1,231 Volume impacted by Crop Protection destocking and Brazil ($22) ($95) mark
Slide 9: 1H EBITDA ~Flat, Double-Digit EBITDA Growth in 2H
2024 1H / 2H Key Assumptions First Half Second Half Strong NA Seed on reduced corn acres Brazil Safrinha area recovery Crop Protection JIT and Europe weather Crop Protection volume increase Biologicals modest positive impact Biologicals / new products growth Cost inflation in Seed and
Slide 10: Key Takeaways
Key Takeaways 1Q Results in line with Expectations, on track for FY2024 Guidance Seed Momentum Continues in 2024 driven by Pricing and Royalty Improvement Crop Protection Cost Performance and Market Rebalance drives 2H Outlook Strong 1Q Cash Flow Supports $1.75B FCF FY 2024 Guidance Reaffirming 2024
Slide 11: Corteva 2024 Investor Day
Corteva 2024 Investor Day Tuesday, November 19, 2024 10:00 AM – 1:00 PM ET New York City and Virtual Key Themes: Corteva’s Position as an Ag Technology Company Spotlight on Sustainable Growth Platforms Update on Business Operational Efficiency Innovation Highlights Financial Targets throug
Slide 12: Appendix
Appendix 12
Slide 13: 1Q 2024 Highlights
1Q 2024 Highlights ($ in millions, except EPS) 1Q 2023 1Q 2024 Change Net Sales $4,884 $4,492 (8)% GAAP Income (Loss) from Continuing Operations After Income Taxes $607 $376 (38)% Operating EBITDA(1) $1,231 $1,034 (16)% Operating EBITDA Margin(1) 25.2% 23.0% (219) bps GAAP EPS from Continuing Operat
Slide 14: 1Q 2024 Seed Performance Highlights
1Q 2024 Seed Performance Highlights ($ in millions) 1Q 2024 vPY 1Q 2024 Revenue by Product Line Net Sales $2,751 2% Organic(1) Sales Growth 5% Other oilseeds(3) Other(4) Operating EBITDA $748 15% (19)% reported growth Operating EBITDA Margin 27.2% 300 bps (3)% organic(1) growth Seed Operating EBITDA
Slide 15: 1Q 2024 Regional Net Sales Highlights – Seed
1Q 2024 Regional Net Sales Highlights – Seed North Latin Global Net Sales Reported Organic(1) Reported Organic(1) America(2) 11% 11% America 5% 1% 1Q 2023 1Q 2024 1Q 2023 1Q 2024 Net Sales ($M) $1,323 $1,471 Net Sales ($M) $259 $271 $2.70B $2.75B Volume Price Currency Portfolio Volume Price Currency
Slide 16: 1Q 2024 Crop Protection Highlights
1Q 2024 Crop Protection Highlights ($ in millions) 1Q 2024 vPY 1Q 2024 Revenue by Product Line Net Sales $1,741 (20)% Organic(1) Sales Growth (21)% Other(3) Operating EBITDA $310 (49)% Fungicides Operating EBITDA Margin 17.8% (974) bps (18)% reported growth (16)% organic(1) growth Herbicides (29)% r
Slide 17: 1Q 2024 Regional Net Sales Highlights – Crop Protection
1Q 2024 Regional Net Sales Highlights – Crop Protection North Reported Organic(1) Latin Reported Organic(1) Global Net Sales 30% 30% 17% 27% America(2) America 1Q 2023 1Q 2024 1Q 2023 1Q 2024 Net Sales ($M) $879 $616 Net Sales ($M) $293 $244 $2.2B Volume Price Currency Portfolio Volume Price Currenc
Slide 18: Q1 2024 Operating EPS Variance
Q1 2024 Operating EPS(1) Variance Operating EPS(1) ($) $1.16 $(0.10) $(0.03) $(0.11) $(0.04) $0.89 $0.01 1 2 3 4 5 Q1 2023 Volume/ Currency Portfolio / Q1 2024 Costs EGL Price Other Volume/Price 1 Costs 2 Currency 3 Strong Seed price execution offset by Crop Realization of cost and ongoing produ
Slide 19: FY 2024 Operating EBITDA
FY 2024 Operating EBITDA(1) FY 2024 Bridge Key Drivers LSD pricing gains in Seed to capture value for technology, offset by ($ in millions) elevated pricing pressure in Crop Protection Volume gains in both Seed and Crop Protection, led by Latin $3,500 - $3,700 America, driven by increased 2024 /
Slide 20: FY 2024 Modeling Guidance – Operating Earnings Per Share
FY 2024 Modeling Guidance – Operating Earnings Per Share(1) ($ in millions, except where noted) Guidance Depreciation and Post-Merge Amortization (610 - 620) Net Interest (Expense) Income (105 – 115) Base Income Tax Rate(1) 21% - 23% Exchange Losses – net, after tax (270 – 290) Net Income – Non-cont
Slide 21: Non-GAAP Calculation of Corteva Operating EBITDA
Corteva Non-GAAP Calculation of Corteva Operating EBITDA Three Months Ended March 31, 2024 2023 In millions As Reported Margin % As Reported Margin % Income (loss) from continuing operations, net of tax (GAAP) $ 376 8.4% $ 607 12.4% Provision for (benefit from) income taxes on continuing operations
Slide 22: Corteva Segment Information: Net sales by segment
Corteva Segment Information Net sales by segment Thre e Months Ende d March 31, In millions 2024 2023 Seed $ 2,751 $ 2,695 Crop Protection 1,741 2,189 Total ne t s ale s $ 4,492 $ 4,884 Net Margin (GAAP) Thre e Months Ende d March 31, $ In millions 2024 2023 Income (loss) from continuing operations
Slide 23: Corteva Significant Items (Pretax)
Corteva significant items (Pretax) Three Months Ended March 31, In millions 2024 2023 Seed Restructuring and asset-related charges - net $ (20) $ (21) Inventory write-offs - (4) Gain (loss) on sale of assets 4 - Seed sale associated with Russia Exit - 19 Total Seed $ (16) $ (6) Crop Protection Restr
Slide 24: Segment Information - Price, Volume, Currency Analysis by Region
Corteva Segment Information - Price, Volume Currency Analysis Region Q1 2024 vs. Q1 2023 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP)2 $ (millions) % $ (millions) % Price & Product Mix Volume Currency Portfolio / Other North America1 $ (115) (5)% $ (119) (5)% -% (5)% -% -
Slide 25: Seed and Crop Protection Product Line
Seed Product Line Q1 2024 vs. Q1 2023 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP)2 $ (millions) % $ (millions) % Price & Product Mix Volume Currency Portfolio / Other 3 Corn $ 108 5% $ 149 8% 7% 1% (2)% (1)% Soybeans 23 9% 23 9% 2% 7% -% -% 3 Other oilseeds (56) (19)% (9
Slide 26: Non-GAAP Calculation of Corteva Operating EPS
Corteva Non-GAAP Calculation of Corteva Operating EPS Three Months Ended March 31, 2024 2023 2024 2023 $ (millions) $ (millions) EPS (diluted) EPS (diluted) Income (loss) from continuing operations attributable to Corteva (GAAP) $ 372 $ 603 0.53 $ 0.84 1 Less: Non-operating benefits (costs), after t
Slide 27: Non-GAAP Calculation of Corteva Base Tax Rate
Corteva Non-GAAP Calculation of Corteva Base Tax Rate Thre e Months Ende d March 31, 2024 2023 Income (los s ) from continuing ope rations be fore income taxe s (GAAP) $ 482 $ 776 Add: Significant items (benefit) charge 127 83 Non-operating (benefits) costs 52 43 Amortization of intangibles (existin
Slide 28: Non-GAAP Calculation of Free Cash Flow
Corteva Non-GAAP Caiculation of Free Cash Flow Twelve Months Ended Inmillions December 31, 2023 Cash provided by (used for) operating activities - continuing operations (GAAP) $ 1,809 Less: Capital expenditures (595)| Free Cash Flow (Non-' GAAP)! $ 1,214 | Twelve Months Ended December 31, 2024 Inmil
Slide 29: Product Disclosures
Product Disclosures TM ® SM Trademarks and service marks of Corteva Agriscience and its affiliated companies. © 2024 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