Corteva, Inc.

Results of Operations

Net Sales

Net sales were $2,618 million and $2,326 million for the three months ended September 30, 2025 and 2024, respectively. The increase was primarily drivenby a 12 percent increase in volume and a 2 percent favorable impact from currency, partially offset by a 1 percent decline in price. Crop Protection volume increases were driven primarily by demand for new products, herbicides and biologicals. Seed experienced volume growth due primarily to early deliveries in Latin America in advance of the safrinha season. The pricing decline was driven by competitive Seed and Crop Protection pricing dynamics in Latin America, partially offset by Seed pricing gains in all other regions. The favorable currency impacts were led by the Brazilian Real and the Euro.

Net sales were $13,491 million and $12,930 million for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily driven by 5 percent increase in volume and a 1 percent increase in price, partially offset by a 2 percent unfavorable currency impact. Improvements in Crop Protection volume were driven by demand for new products, herbicides, fungicides and biologicals, while Seed experienced volume growth primarily due to increased corn area in North America and early safrinha deliveries in Latin America. Pricing improvements were driven by Seed, led by North America and EMEA with continued execution on the company's price for value strategy, partially offset by a decline in Crop Protection pricing primarily due to the market dynamics in Latin America. The unfavorable currency impacts were led by the Brazilian Real and Turkish Lira.

Cost of Goods Sold ("COGS")

COGS was $1,644 million (63 percent of net sales) and $1,565 million (67 percent of net sales) for the three months ended September 30, 2025 and 2024, respectively, driven by higher volumes, with a partial offset from ongoing cost and productivity actions and lower commodity and raw material costs.

COGS was $6,918 million (51 percent of net sales) and $7,033 million (54 percent of net sales) for the nine months ended September 30, 2025 and 2024, respectively. Improvement for the nine-month period wasdriven by ongoing cost and productivity actions, lower commodity prices and Crop Protection raw material deflation, with a partial offset from higher volumes.

Research and Development Expense ("R&D")

R&D expense was $351 million (13 percent of net sales) and $348 million (15 percent of net sales) for the three months ended September 30, 2025 and 2024, respectively, and $1,061 million (8 percent of net sales) and $1,037 million (8 percent of net sales) for the nine months ended September 30, 2025 and 2024, respectively. The increase in R&D expense is in support of the company’s long-term investment plans and was primarily driven by higher employee compensation costs due to merit and variable compensation increases, with a partial favorable currency offset for the nine-month period.

Selling, General and Administrative Expenses ("SG&A")

SG&A expenses were $725 million (28 percent of net sales) and $671 million (29 percent of net sales) for the three months ended September 30, 2025 and 2024, respectively. The change was primarily driven by an increase in commissions and variable compensation, partially offset by a decrease in consulting and professional fees.

SG&A expenses were $2,632 million (20 percent of net sales) and $2,461 million (19 percent of net sales) for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily driven by an increase in commissions, variable compensation, bad debt expense and personnel and information technology costs, partially offset by favorable currency impacts and a decrease in consulting and professional fees.

Amortization of Intangibles

Intangible asset amortization was $162 million and $170 million for the three months ended September 30, 2025 and 2024, respectively, and $485 million and $521 million for the nine months ended September 30, 2025 and 2024, respectively. As certain Merger-related intangible assets became fully amortized subsequent to the end of the prior year period, amortization expense decreased in the current year period.

Restructuring and Asset Related Charges - Net

Restructuring and asset related charges - net were $30 million and $32 million for the three months ended September 30, 2025 and 2024, respectively, and $131 million and $199 million for the nine months ended September 30, 2025 and 2024, respectively. The charges in all periods primarily relates to charges associated with the Crop Protection Operations Strategy Restructuring Program. The charges in the three and nine months of 2025 primarily consisted of severance and related benefit costs, asset related charges, decommissioning and demolition costs and contract terminations under the program. The charges in the three and nine months ended September 30, 2024 primarily consisted of severance and related benefit costs and asset related charges under the program. The charges in the nine months ended September 30, 2024 also include non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

See Note 4 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements, for additional information.

Other Income (Expense) - Net

Other income (expense) - net was $(23) million and $(107) million for the three months ended September 30, 2025 and 2024, respectively. Lower other expense was driven by a more favorable net exchange loss and lower non-operating pension and OPEB costs.

Other income (expense) - net was $95 million and $(319) million for the nine months ended September 30, 2025 and 2024, respectively. Lower other expense was driven by the receipt of insurance proceeds related to prior significant items during the second quarter of 2025, the absence of charges related to estimated settlement reserves, a more favorable net exchange loss, a favorable tax indemnification adjustment and lower non-operating pension and OPEB costs. The favorable changes were partially offset by the one-time receipt of an indemnification payment negotiated with the former Stoller owners during the first quarter of 2024.

See Note 5 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.

Interest Expense

Interest expense was $46 million and $66 million for the three months ended September 30, 2025 and 2024, respectively, and $134 million and $173 million for the nine months ended September 30, 2025 and 2024, respectively. The change was primarily driven by lower short-term borrowings and lower interest rates.

Provision for (Benefit from) Income Taxes on Continuing Operations

The company’s benefit from income taxes on continuing operations was $(62) million for the three months ended September 30, 2025 on pre-tax loss from continuing operations of $(370) million, resulting in an effective tax rate of 16.8 percent. The effective tax rate was unfavorably impacted bytax impacts of certain net exchange losses recognized on the re-measurement of the net monetary asset positions which were not tax-deductible in their local jurisdictions, as well as geographic mix of earnings.

The company's benefit from income taxes on continuing operations was $(114) million for the three months ended September 30, 2024 on pre-tax loss from continuing operations of $(633) million, resulting in an effective tax rate of 18.0 percent. The effective tax rate was unfavorably impacted by tax impacts of certain net exchange losses recognized on the re-measurement of the net monetary asset positions which were not tax-deductible in their local jurisdictions.

The company’s provision for income taxes on continuing operations was $477 million for the nine months ended September 30, 2025 on pre-tax income from continuing operations of $2,218 million, resulting in an effective tax rate of 21.5 percent. The effective tax rate was favorably impacted by a $55 million deferred tax benefit associated with a change in a legal entity’s U.S. tax characterization, as well as net tax benefits associated with changes in accruals for certain prior year tax positions. Those favorable impacts were partially offset by unfavorable geographic mix of earnings, as well as withholding taxes on repatriation of cash held outside of the U.S. primarily from current year earnings.

The company's provision for income taxes on continuing operations was $274 million for the nine months ended September 30, 2024 on pre-tax income from continuing operations of $1,187 million, resulting in an effective tax rate of 23.1 percent. The effective tax rate was unfavorably impacted by geographic mix of earnings, as well as withholding taxes on repatriation of cash held outside of the U.S. primarily from current year earnings. Those unfavorable impacts were partially offset by net tax benefits associated with changes in accruals for certain prior year tax positions.

Income (Loss) from Discontinued Operations After Tax

Income (loss) from discontinued operations after tax was $(10) million and $(87) million for the three and nine months ended September 30, 2025, respectively. The after-tax charge for the three months ended September 30, 2025 was driven by charges recognized relating to the MOU with Chemours and DuPont relating to PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility, along with other environmental matters. The after-tax charge for the nine months ended September 30, 2025 was driven by charges recognized relating to the MOU with Chemours and DuPont, comprised of a litigation charge associated with the NJ Statewide Settlement as well as PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility, along with other environmental matters.

Income (loss) from discontinued operations after tax was $(2) million and $45 million for the three and nine months ended September 30, 2024, respectively. The result for the three months ended September 30, 2024 was primarily driven by litigation-related activity. The after-tax benefit recognized during the nine months ended September 30, 2024 was driven by charges recognized relating to the MOU with Chemours and DuPont relating to PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility and litigation-related activity, more than offset by a favorable adjustment of certain prior year tax positions for previously divested businesses and the derecognition of an indemnification liability associated with the Water District Settlement Fund contribution.

Refer to Note 12 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information.

EIDP Analysis of Operations

As discussed in EIDP Note 1 - Basis of Presentation, to the EIDP interim Consolidated Financial Statements, EIDP is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. The below relates to EIDP only and is presented to provide an Analysis of Operations, only for the differences between EIDP and Corteva, Inc.

Other Income (Expense) - Net

EIDP's other income (expense) - net was $(23) million and $95 million for the three and nine months ended September 30, 2025, respectively, and $(89) million and $(281) million for the three and nine months ended September 30, 2024, respectively. The change was primarily driven bythe items noted above, under the header "Other Income (Expense) - Net," as well as interest income earned by EIDP on Corteva, Inc.'s borrowings under the related party Master In-House Banking Agreement prior to Corteva's intention to no longer repay borrowings from EIDP during the fourth quarter of 2024.

See EIDP Note 2 - Related Party Transactions, to the EIDP interim Consolidated Financial Statements, for further information.

Provision for (Benefit from) Income Taxes on Continuing Operations

EIDP’s benefit from income taxes on continuing operations was $(62) million for the three months ended September 30, 2025 on pre-tax loss from continuing operations of $(370) million, resulting in an effective tax rate of 16.8 percent. EIDP’s benefit from income taxes on continuing operations was $(110) million for the three months ended September 30, 2024 on pre-tax loss from continuing operations of $(615) million, resulting in an effective tax rate of 17.9 percent.

EIDP’s provision for income taxes on continuing operations was $477 million for the nine months ended September 30, 2025 on pre-tax income from continuing operations of $2,218 million, resulting in an effective tax rate of 21.5 percent. EIDP’s provision for income taxes on continuing operations was $283 million for the nine months ended September 30, 2024 on pre-tax income from continuing operations of $1,225 million, resulting in an effective tax rate of 23.1 percent.

EIDP’s effective tax rates for the three and nine months ended September 30, 2025 and 2024 were driven by the items noted above, under the header “Provision for (Benefit from) Income Taxes on Continuing Operations.”

See EIDP Note 3 - Income Taxes, to the EIDP interim Consolidated Financial Statements, for further information.