Slide 1: 4Q 2025 Earnings Conference Call
4Q 2025 Earnings Conference Call February 4, 2026 CTVA 4Q25 EARNINGS
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: Separation Update: Key Milestone Targets
Separation Update: Key Milestone Targets 1H 2026 2H 2026 • New Corteva(1) CEO • Initial and first • Form 10 goes effective • Board of Directors named amendment to Form appointments 10 filed with SEC • Approval of final • SpinCo(1) name and capital structures • SpinCo(1) operating as brand identity l
Slide 5: CEO Messages Strong FY 2025
CEO Messages Strong Surpassed 22% Operating EBITDA margin(1) for the first time FY 2025 FY 2025 Free Cash Flow(1) of $2.9B, 74% FCF / EBITDA conversion(1) Performance Returned $1.5B to shareholders in 2025 via dividends and share repurchases Growing Record global consumption of grain, oilsee
Slide 6: Bayer Resolution Accelerates Freedom to Operate
Bayer Resolution Accelerates Freedom to Operate Supports Long-Term Strategy Improves Farmer Choice Strengthens Financial Position • Provides multi-year clarity on • Drives advancement of out- • Translates to long-term value technology access and licensing licensing seed technologies creation, accele
Slide 7: 2025 Financial Performance
2025 Financial Performance Metric 4Q 2025(1) 2H 2025(1) FY 2025(1) FY 2025 Highlights $3.9B $6.5B $17.4B Seed volume gains led by NA(3) and LA on strength of portfolio Net Sales Crop Protection volume from new products, biologicals (2)% +4% +3% $3.8B $6.4B $17.6B Seed price/mix gains on strong NA co
Slide 8: FY 2025 Operating EBITDA
FY 2025 Operating EBITDA(1) FY 2025 Bridge Key Drivers ($ in millions) $335 ($217) ($41) $3,848 Seed price/mix gains across the portfolio to capture value for $243 technology, offset by Crop Protection competitive price pressures $152 $3,376 Favorable weather and strong portfolio enable North Am
Slide 9: FY 2026 Guidance
FY 2026 Guidance(1) Key Metrics Operating Operating Operating EPS(2) EBITDA(2) EBITDA Margin(2) Guidance $4.0 – $4.2B 22% - 23% $3.45 – $3.70 +7% at mid-point +7% at mid-point Broad-based organic Operating EBITDA Key Drivers sales growth and Low-to-mid-single- growth partially offset digit net sales
Slide 10: FY 2026 Operating EBITDA
FY 2026 Operating EBITDA(1) FY 2026 Bridge Key Drivers Seed price/mix gains across the portfolio to capture value for ($ in millions) technology, offset by Crop Protection competitive price pressures $4,000 - Seed volumes relatively flat driven by NA(2) shift from corn to soy, $4,200 Brazil soyb
Slide 11: Key Takeaways
Key Takeaways Strong 2025 Performance, Organic Growth in Seed and Crop Protection 2025 Free Cash Flow Outperformance Driven by Working Capital Efficiencies ~$1.5B Returned to Shareholders in FY 2025, On Track for 2H 2026 Separation FY 2026 Guide Reflects Continued Growth in Sales, EBITDA, and Margin
Slide 12: Appendix
Appendix
Slide 13: 4Q 2025 Highlights
4Q 2025 Highlights ($ in millions, except EPS) 4Q 2024 4Q 2025 Change Net Sales $3,978 $3,910 (2)% GAAP Income (Loss) from Continuing Operations After Income Taxes $(50) ($537) (974)% Operating EBITDA(1) $525 $446 (15)% Operating EBITDA Margin(1) 13.2% 11.4% (179) bps GAAP EPS from Continuing Operat
Slide 14: 4Q 2025 Seed Performance Highlights
4Q 2025 Seed Performance Highlights ($ in millions) 4Q 2025 vPY 4Q 2025 Revenue by Product Line Net Sales $1,737 (2)% Organic(1) Sales Growth (5)% Other oilseeds(2) Other(3) Operating EBITDA $124 +33% 8% reported growth 8% organic(1) growth Operating EBITDA Margin 7.1% +189 bps Soybean Seed Operatin
Slide 15: 4Q 2025 Regional Net Sales Highlights – Seed
4Q 2025 Regional Net Sales Highlights – Seed North Latin Global Net Sales Reported Organic(1) Reported Organic(1) America(2) 15% 15% America 7% 1% $1.77B 4Q 2024 4Q 2025 4Q 2024 4Q 2025 Net Sales ($M) $639 $545 Net Sales ($M) $827 $884 $1.74B Volume Price/Mix Currency Portfolio Volume Price/Mix Curr
Slide 16: FY 2025 Seed Performance Highlights
FY 2025 Seed Performance Highlights ($ in millions) FY 2025 vPY FY 2025 Revenue by Product Line Net Sales $9,898 +4% Organic(1) Sales Growth +5% Other oilseeds(2) Other(3) Operating EBITDA $2,636 +19% (1)% reported growth 2% organic(1) growth Operating EBITDA Margin 26.6% +338 bps Seed Operating EBI
Slide 17: FY 2025 Regional Net Sales Highlights – Seed
FY 2025 Regional Net Sales Highlights – Seed North Latin Global Net Sales Reported Organic(1) Reported Organic(1) America(2) 4% 4% America 6% 5% $9.90B FY 2024 FY 2025 FY 2024 FY 2025 Net Sales ($M) $6,033 $6,271 Net Sales ($M) $1,523 $1,614 $9.55B Volume Price/Mix Currency Portfolio Volume Price/Mi
Slide 18: 4Q 2025 Crop Protection Performance Highlights
4Q 2025 Crop Protection Performance Highlights ($ in millions) 4Q 2025 vPY 4Q 2025 Revenue by Product Line Net Sales $2,173 (1)% Organic(1) Sales Growth (3)% Biologicals Other(2) Operating EBITDA $360 (22)% 13% reported growth 8% organic(1) growth Operating EBITDA Margin 16.6% (433) bps Crop Protect
Slide 19: 4Q 2025 Regional Net Sales Highlights – Crop Protection
4Q 2025 Regional Net Sales Highlights – Crop Protection North Latin Global Net Sales Reported Organic(1) Reported Organic(1) America(2) 1% 1% America 3% 8% 4Q 2024 4Q 2025 4Q 2024 4Q 2025 $2.21B Net Sales ($M) $924 $933 Net Sales ($M) $795 $769 Volume Price/Mix Currency Portfolio Volume Price/Mix Cu
Slide 20: FY 2025 Crop Protection Performance Highlights
FY 2025 Crop Protection Performance Highlights ($ in millions) FY 2025 vPY 2025 Revenue by Product Line Net Sales $7,503 +2% Organic(1) Sales Growth +3% Other(2) Operating EBITDA $1,350 +6% Biologicals 9% reported growth Operating EBITDA Margin 18.0% +72 bps 9% organic(1) growth Crop Protection Oper
Slide 21: FY 2025 Regional Net Sales Highlights – Crop Protection
FY 2025 Regional Net Sales Highlights – Crop Protection North Latin Global Net Sales Reported Organic(1) Reported Organic(1) America(2) 5% 5% America 3% 4% FY 2024 FY 2025 FY 2024 FY 2025 $7.50B Net Sales ($M) $2,627 $2,753 Net Sales ($M) $2,253 $2,314 Volume Price/Mix Currency Portfolio Volume Pric
Slide 22: Operating EPS
FY 2025 Operating EPS(1) Variance Operating EPS(1) ($) $0.38 ($0.24) $0.08 $3.34 $0.10 $0.45 $2.57 1 2 3 5 6 FY 2024 Volume/ Costs Currency EGL Portfolio / FY 2025 Price Other Volume/Price 1 Costs 2 Currency 3 Low-single digit Seed price/mix and volume gains in Realization of Seed and Crop Prote
Slide 23: 2025 / 2026 Key Themes
2025 / 2026 Key Themes 2025 Performance 2026 Expectations Mixed Ag fundamentals Seed gains driven by mix, licensing improvement Continued demand for top technology CP new product and biologicals volume gains Seed share gains in key crops and markets Shift in U.S. planted area from corn t
Slide 24: Key Sensitivities – FY 2026 Guidance
Key Sensitivities – FY 2026 Guidance(1) LSD/MSD Revenue Growth Operating EBITDA(2) $4.0 – $4.2B Downside Case Upside Case Lower Brazil / Argentina corn planted area More North America / Latin America corn acres Lower Crop Protection market growth Stronger Crop Protection pricing environment
Slide 25: FY 2026 Modeling Guidance – Operating Earnings Per Share
FY 2026 Modeling Guidance – Operating Earnings Per Share(1) ($ in millions, except where noted) Guidance Depreciation and Post-Merge Amortization (610 – 620) Net Interest (Expense) Income (130 – 140) Base Income Tax Rate(1) 21% – 23% Exchange Losses – net, after tax (180 – 200) Net Income – Non-cont
Slide 26: Separation Spotlight: SpinCo Seed Out-Licensing
Separation Spotlight: SpinCo Seed Out-Licensing
Slide 27: Advancing Our Seed Licensing Business
Advancing Our Seed Licensing Business Expansive freedom to operate across corn, soybeans, canola and cotton Seed Net Royalty Position ($M) Triple-stack corn traits expected to be available for out-licensing as early as 2027 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2035E (an acceleration of
Slide 28: 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 29: Thank you
Thank you
Slide 30: Non-GAAP Calculation of Corteva Operating EBITDA
Corteva, Inc. Non-GAAP Calculation of Corteva Operating EBITDA Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 As As As As $ In millions Reported Margin % Reported Margin % Reported Margin % Reported Margin % Income (loss) from continuing operations after income
Slide 31: Segment Information
Corteva, Inc. Segment Information Net sales by segment Three Months Ended Twelve Months December 31, Ended December 31, In millions 2025 2024 2025 2024 Seed $ 1,737 $ 1,772 $ 9,898 $ 9,545 Crop Protection 2,173 2,206 7,503 7,363 Total net sales $ 3,910 $ 3,978 $ 17,401 $ 16,908 Net Margin (GAAP) Thr
Slide 32: Segment Information: Significant Items
Corteva, Inc. Segment Information Corteva significant items (Pre-tax) Three Months Ended Twelve Months Ended December 31, December 31, In millions 2025 2024 2025 2024 Seed Restructuring and asset related charges - net $ — $ 1 $ (4) $ (55) Bayer resolution (610) — (610) — Inventory write-offs — — — 2
Slide 33: Price, Volume, Currency Analysis – Region (Q4)
Corteva, Inc. Segment Information - Price, Volume, Currency Analysis Region Q4 2025 vs. Q4 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 $ (85) (5)% $ (85) (5)% 1% (6
Slide 34: Price, Volume, Currency Analysis – Product Line (Q4)
Corteva, Inc. Segment Information - Price, Volume, Currency Analysis Seed Product Line Q4 2025 vs. Q4 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Portfolio / $ (millions) % $ (millions) % Product Mix Volume Currency Other Corn $ (25) (2)% $ (72) (5)% 3% (8
Slide 35: Price, Volume, Currency Analysis – Region (Twelve Months)
Corteva, Inc. Segment Information - Price, Volume, Currency Analysis Region Twelve Months 2025 vs. Twelve Months 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 $ 364 4
Slide 36: Price, Volume, Currency Analysis – Product Line (Twelve Months)
Corteva, Inc. Segment Information - Price, Volume, Currency Analysis Seed Product Line Twelve Months 2025 vs. Twelve Months 2024 Percent Change Due To: Net Sales Change (GAAP) Organic Change (Non-GAAP) 1 Price & Portfolio / $ (millions) % $ (millions) % Product Mix Volume Currency Other Corn $ 506 8
Slide 37: Non-GAAP Calculation of Corteva Operating EPS
Corteva, Inc. Non-GAAP Calculation of Corteva Operating EPS Three Months Ended December 31, 2025 2024 2025 2024 $ (millions) $ (millions) EPS (diluted) EPS (diluted) Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP) $ (540) $ (52) $ (0.80) $ (0.08) Less: Non
Slide 38: Non-GAAP Calculation of Corteva Base Income Tax Rate
Corteva, Inc. Non-GAAP Calculation of Corteva Base Income Tax Rate Three Months Ended Twelve Months December 31, Ended December 31, $ In millions 2025 2024 2025 2024 Income (loss) from continuing operations before income taxes (GAAP) $ (530) $ 88 $ 1,688 $ 1,275 Add: Significant items (benefit) char
Slide 39: Non-GAAP Calculation of Free Cash Flow
Corteva, Inc. Non-GAAP Calculation of Free Cash Flow Twelve Months Ended December 31, In millions 2025 2024 Cash provided by (used for) operating activities - continuing operations (GAAP) $ 3,457 $ 2,296 Less: Capital expenditures (591) (597) Free Cash Flow (Non-GAAP) 1 $ 2,866 $ 1,699 Corteva Opera