Corteva (CTVA) investor relations material

Executive summary

• First half 2026 net sales rose 4% year-over-year to $11.3B, with organic growth in nearly all regions and robust demand for advanced technology in both Seed and Crop Protection segments.

• Operating EBITDA for 1H 2026 reached $3.7B, up 10% year-over-year, and operating EPS was $3.80, up 14%, driven by margin expansion and strong execution.

• The company is on track for the planned separation into Corteva and Vylor by October 1, 2026, with key milestones achieved and leadership teams in place.

• Returned $740M to shareholders in H1 2026 via share repurchases and dividends, and continued to invest in innovation and R&D.

• Announced acquisition of Biotelliga, expanding biological crop protection pipeline and innovation capabilities.

Financial highlights

• 2Q 2026 net sales were $6.38B, down 1% year-over-year; 1H 2026 net sales reached $11.3B, up 4% year-over-year.

• 2Q 2026 operating EBITDA was $2.26B, up 4% year-over-year, with margin up 193 bps to 35.4%; 1H 2026 operating EBITDA grew 10% to $3.7B, margin up 194 bps to 32.8%.

• 2Q 2026 operating EPS increased 5% to $2.30; 1H 2026 operating EPS was $3.80, up from $3.33.

• Cash flow from operations for 1H 2026 was $(3.35)B, reflecting significant working capital outflows.

• Returned $740M to shareholders in H1 2026 and repurchased 6.3M shares for $500M in Q2 2026.

Outlook and guidance

• Full-year 2026 operating EBITDA guidance raised to $4.1–$4.3B (up 9% at midpoint); operating EPS expected at $3.60–$3.80 (up 11% at midpoint).

• Operating EBITDA margin outlook increased to 22.5%–23.5%.

• Second half EBITDA expected to be flat year-over-year, with all earnings delivered in Q4 due to seasonal patterns.

• Net dis-synergies from separation expected to be largely offset on a run-rate basis; $25M headwind included in FY guidance.

• Guidance assumes LSD-MSD organic growth in both Seed and Crop Protection for 2H 2026.