Corteva, Inc.

Previous wording

This report 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, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva’s financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.

Current wording

This report 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, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva’s financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; the anticipated benefits, impacts, and timing of the Proposed Separation; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.

Previous wording

Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond the company's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the company's business, results of operations and financial condition. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in the company's industry; (ix) competitor’s establishment of an intermediary platform for distribution of the company's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in the company's input costs; (xiii) risks related to the company's global operations; (xiv) effect of industrial espionage and other disruptions to the company's supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the Corteva Separation; (xvi) impact of the company's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of the company's customers to pay their debts to the company, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise …

Excerpt shortened here; the source contains the full paragraph.

Current wording

Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond the company's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the company's business, results of operations and financial condition. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) failure to comply with competition and antitrust laws; (v) effect of changes in agricultural and related policies of governments and international organizations; (vi) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vii) effect of climate change and unpredictable seasonal and weather factors; (viii) effect of competition in the company's industry; (ix) competitor’s establishment of an intermediary platform for distribution of the company's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in the company's input costs; (xiii) risks related to the company's global operations; (xiv) effect of industrial espionage and other disruptions to the company's supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the Corteva Separation; (xvi) impact of the company's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of the company's customers to pay their debts to the company, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise …

Excerpt shortened here; the source contains the full paragraph.

Previous wording

On October 1, 2025, the company announced its intent to separate its seed and crop protection businesses into two standalone, publicly traded companies, in a transaction that is intended to be a tax-free spin-off for U.S. federal income tax purposes.

Current wording

On October 1, 2025, the company announced its intent to pursue, subject to the approval of the Board of Directors and any required regulatory approvals, its separation into two independent publicly traded companies - one for each of its Seed and Crop Protection businesses. The transaction is intended to be a tax-free spin-off for U.S. federal income tax purposes.

Previous wording

•The company reported net sales of $2,618 million, up 13 percent versus the same quarter last year, reflecting a 12 percent increase in volume and a 2 percent favorable impact from currency, partially offset by a 1 percent decline in price.

Current wording

•The company reported net sales of $4,905 million, up 11 percent versus the same quarter last year, reflecting a 6 percent increase in volume, a 4 percent favorable impact from currency and a 1 percent increase in price.

Previous wording

•Cost of goods sold totaled $1,644 million in the third quarter of 2025, up from $1,565 million in the third quarter of 2024, which wasdriven by higher volumes, with a partial offset from ongoing cost and productivity actions and lower commodity prices.

Current wording

•Cost of goods sold totaled $2,372 million in the first quarter of 2026, up from $2,342 million in the first quarter of 2025, which wasdriven by volume growth, with a partial offset from net cost and productivity benefits and net royalty improvement.

Previous wording

•Restructuring and asset related charges - net were $30 million in the third quarter of 2025, a decrease from $32 million in the third quarter of 2024. The charges for the three months ended September 30, 2025 primarily relate to contract termination charges and decommissioning and demolition costs associated with the Crop Protection Operations Strategy Restructuring Program.

Current wording

•Restructuring and asset related charges - net were $92 million in thefirst quarter of 2026, an increase from $22 million in thefirst quarter of 2025. The charges for the three months ended March 31, 2026 were primarily comprised of severance and related benefit costs associated with the 2026 Restructuring Actions, and contract termination charges and decommissioning and demolition costs associated with the Crop Protection Operations Strategy Restructuring Program.

Previous wording

•Income (loss) from continuing operations after income taxes was $(308) million, as compared to $(519) million in the same quarter last year.

Current wording

•Income (loss) from continuing operations after income taxes was $725 million, as compared to $667 million in the same quarter last year.

Previous wording

•Operating EBITDA was $49 million for the three months ended September 30, 2025, up from $(100) million for the three months ended September 30, 2024, primarily driven by Seed and Crop Protection volume growth, favorable Seed product mix, ongoing cost and productivity benefits and net royalty improvement, partially offset by continued investment in Seed research and development, additional Seed commissions and compensation expense, competitive Crop Protection pricing and unfavorable currency effects. Refer to page 52 for further discussion of the company's non-GAAP financial measures.

Current wording

•Operating EBITDA was $1,438 million for the three months ended March 31, 2026, up from $1,189 million for the three months ended March 31, 2025, primarily driven by volume growth, pricing gains, net cost and productivity benefits, net royalty improvement and favorable currency effects, partially offset by higher selling expense and higher compensation. Refer to the company's non-GAAP financial measures for further discussion.

Previous wording

In addition to the financial highlights above, the following events occurred during the nine months ended September 30, 2025:

Current wording

In addition to the financial highlights above, the following event occurred during the three months ended March 31, 2026:

Previous wording

•The company returned approximately $1.1 billion to shareholders during the nine months ended September 30, 2025 under its previously announced share repurchase programs and through common stock dividends.

Current wording

•The company returned approximately $370 million to shareholders during the three months ended March 31, 2026 under its previously announced share repurchase programs and through common stock dividends.