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 and nine months ended September 30, 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 and separation costs. 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 and nine months ended September 30, 2025 and 2024 is included in Note 17 - Segment Information, to the interim Consolidated Financial Statements.

Seed

Seed net sales were $917 million in the third quarter of 2025, up 33 percent from $691 million in the third quarter of 2024. The sales increase over the prior period was driven by a 27 percent increase in volume, a 4 percent increase in price, and a 2 percent favorable impact from currency.

Volume growth was driven by early safrinha deliveries in Brazil, recovery of corn acres in Argentina and increased corn area in EMEA, partially offset by lower oilseed area in Asia Pacific. Seed pricing increases were primarily due to higher out-licensing income and continued demand for top technology. The favorable currency impacts were led by the Brazilian Real.

Segment operating EBITDA was $(193) million in the third quarter of 2025, up 40 percent from $(320) million in the third quarter of 2024. Increased corn volumes, royalty income and cost benefits from productivity and lower commodity prices drove the improvement versus prior year, partially offset by higher compensation expense, commissions and research and development activities.

Seed net sales were $8,161 million in the first nine months of 2025, up 5 percent from $7,773 million in the first nine months 2024. The sales increase over the prior period was driven by a 3 percent increase in price and a 4 percent increase in volume, partially offset by a 2 percent unfavorable impact from currency.

Pricing gains in most regions, led by North America, demonstrate demand for top technology and the strength of the portfolio, coupled with increased out-licensing income. Volume growth was driven primarily by increased corn area and share gains in North America, an early start to safrinha deliveries in Brazil and recovery of corn acres in Argentina. These increases were partially offset by lower soybean area in North America. The unfavorable currency impacts were led by the Brazilian Real and Canadian Dollar.

Segment operating EBITDA was $2,512 million in the first nine months 2025, up 18 percent from $2,126 million in the first nine months 2024. Price execution and market share gains in North America, product mix, net royalty improvement and ongoing cost and productivity actions more than offset increased compensation, commission and research and development activities and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 340 basis points versus the prior-year period.

Crop Protection

Crop Protection net sales were $1,701 million in the third quarter of 2025, up 4 percent from $1,635 million in the third quarter of 2024. The sales increase over the prior period was driven by a 5 percent increase in volume and a 1 percent favorable impact from currency, partially offset by a 2 percent decline in price.

Volume growth was primarily driven by demand for new products, herbicides and biologicals. The price decline was primarily due to the competitive pricing environment in Latin America, partially offset by North America pricing gains. The favorable currency impacts were led by the Brazilian Real.

Segment operating EBITDA was $279 million in the third quarter of 2025, up 13 percent from $246 million in the third quarter of 2024. Raw material deflation, productivity savings and volume growth more than offset the unfavorable impact from currency and price pressure. Segment operating EBITDA margin improved by approximately 135 basis points versus the prior-year period.

Crop Protection net sales were $5,330 million in the first nine months of 2025, up 3 percent from $5,157 million in the first nine months of 2024. The sales increase over the prior period was driven by a 7 percent increase in volume, partially offset by a 2 percent unfavorable impact from currency and a 2 percent decline in price.

Volume growth was driven by demand for new products, herbicides, fungicides and biologicals, while price declined primarily due to market dynamics in Latin America. The unfavorable currency impacts were led by the Brazilian Real and Turkish Lira.

Segment operating EBITDA was $990 million in the first nine months of 2025, up 22 percent from $811 million in the first nine months of 2024. Raw material deflation, productivity savings and volume growth more than offset the unfavorable impact from currency, price pressure and higher compensation and bad debt expense. Segment operating EBITDA margin improved by approximately 285 basis points versus the prior-year period.