Corteva Inc

The following is a summary of results from continuing operations for the three months ended March 31, 2024:

•The company reported net sales of $4,492 million, down 8 percent versus the same quarter last year, reflecting a 9 percent decrease in volume and a 2 percent unfavorable impact from currency, partially offset by a 3 percent increase in price.

•Cost of goods sold ("COGS") totaled $2,550 million in the first quarter of 2024, down from $2,771 million in the first quarter of 2023, primarily driven by lower volumes and ongoing cost and productivity actions, partially offset by higher input costs, which are primarily macro-economic driven and is expected to subside for crop protection in the second half of 2024.

•Restructuring and asset related charges - net were $75 million in the first quarter of 2024, an increase from $33 million in the first quarter of 2023. The charges for the three months ended March 31, 2024 primarily relate to severance and asset related charges associated with the Crop Protection Operations Strategy Restructuring Program and non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

•Income (loss) from continuing operations after income taxes was $376 million, as compared to $607 million in the same quarter last year.

•Operating EBITDA was $1,034 million for the three months ended March 31, 2024, down from $1,231 million for the three months ended March 31, 2023, primarily driven by volume declines, unfavorable mix, higher input and production costs and the unfavorable impact of currency, partially offset by seed price execution, the reduction of net royalty expense and ongoing cost and productivity actions. Refer to page 46 for further discussion of the company's Non-GAAP financial measures.

In addition to the financial highlights above, the following events occurred during the three months ended March 31, 2024:

•The company returned approximately $365 million to shareholders during the three months ended March 31, 2024 under its previously announced share repurchase programs and through common stock dividends.