Corteva Inc

The company operates in two reportable segments: Seed and Crop Protection.

Seed

The company’s Seed segment is a global leader in developing and supplying commercial seed combining advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects, herbicides used to control weeds and enhance food and nutritional characteristics, and digital solutions that assist farmer decision-making to help maximize yield and profitability.

Crop Protection

The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that support overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment offers crop protection solutions and digital solutions that provide farmers tools to improve productivity and profitability, and help keep fields free of weeds, insects and diseases. The segment is a leader in global herbicides, insecticides, nitrogen stabilizers, pasture and range management herbicides and biologicals.

Summarized below are comments on individual segment net sales and segment operating EBITDA for the three months ended March 31, 2025, compared with the same period in 2024. The company defines segment operating EBITDA as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and OPEB credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. See Note 17 - Segment Information, to the interim Consolidated Financial Statements, for details related to significant pre-tax benefits (charges) excluded from segment operating EBITDA. All references to prices are based on local price unless otherwise specified.

A reconciliation of segment operating EBITDA to income (loss) from continuing operations after income taxes for the three months ended March 31, 2025 and 2024 is included in Note 17 - Segment Information, to the interim Consolidated Financial Statements.

Seed

Seed net sales were $2,707 million in the first quarter of 2025, down 2% from $2,751 million in the first quarter of 2024. The sales decrease was driven by a 4% unfavorable impact from currency and a 1% decrease in volume, partially offset by a 3% increase in price.

Decreases in volume were driven by EMEA due to timing shifts and Latin America due to impacts from reduced corn area in Argentina, partially offset by increased corn area in North America and Brazil. Seed pricing increases in most regions, led by North America, demonstrate demand for top technology and the strength of the portfolio. The unfavorable currency impacts were led by the Brazilian Real, Turkish Lira and Euro.

Segment operating EBITDA was $842 million in the first quarter of 2025, up $94 million from $748 million in the first quarter of 2024. Price execution, net cost and productivity benefits and net royalty improvement more than offset increased investment in research and development and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 390 basis points versus the prior-year period.

Crop Protection

Crop Protection net sales were $1,710 million in the first quarter of 2025, down 2% from $1,741 million in the first quarter of 2024. The sales decline over the prior period was driven by a 5% unfavorable impact from currency and a 2% decline in price, partially offset by a 5% increase in volume.

Price declined globally on continued competitive market dynamics, while volume improvement in most regions was driven by demand for new products and biologicals. The unfavorable currency impacts were led by the Brazilian Real, Turkish Lira and Euro.

Segment operating EBITDA was $377 million in the first quarter of 2025, up $67 million from $310 million in the first quarter of 2024. Raw material cost benefits, productivity savings and volume growth more than offset price pressure and the unfavorable impact from currency. Segment operating EBITDA margin improved by approximately 425 basis points versus the prior-year period.