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Corteva Delivers Strong 1H 2025, Raises Full-Year Guidance

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Corteva (NYSE:CTVA) reported strong financial results for Q2 and 1H 2025, leading to increased full-year guidance. The company achieved Q2 net sales of $6.46B (up 6% YoY) and operating EBITDA of $2.16B (up 13% YoY).

Key performance drivers included strong North American corn and soybean market position, with Seed net sales up 2% to $7.24B in 1H 2025, and Crop Protection sales increasing 3% to $3.63B. The company demonstrated significant margin expansion, with Operating EBITDA margin improving by 215 basis points in Q2.

Corteva raised its 2025 guidance, projecting net sales of $17.6-17.8B and operating EBITDA of $3.75-3.85B. The company plans to return value to shareholders through a $1B share repurchase program in 2025.

Corteva (NYSE:CTVA) ha riportato solidi risultati finanziari per il secondo trimestre e il primo semestre del 2025, portando a una revisione al rialzo delle previsioni per l'intero anno. L'azienda ha registrato vendite nette nel Q2 pari a 6,46 miliardi di dollari (in aumento del 6% su base annua) e un EBITDA operativo di 2,16 miliardi di dollari (in crescita del 13% su base annua).

I principali fattori di crescita sono stati la forte posizione di mercato nel mais e nella soia in Nord America, con vendite nette di sementi in aumento del 2% a 7,24 miliardi di dollari nel primo semestre 2025, e vendite di prodotti per la protezione delle colture cresciute del 3% a 3,63 miliardi di dollari. L'azienda ha mostrato un'espansione significativa dei margini, con un miglioramento del margine EBITDA operativo di 215 punti base nel Q2.

Corteva ha rivisto al rialzo le previsioni per il 2025, stimando vendite nette tra 17,6 e 17,8 miliardi di dollari e un EBITDA operativo tra 3,75 e 3,85 miliardi di dollari. L'azienda prevede di restituire valore agli azionisti attraverso un programma di riacquisto azionario da 1 miliardo di dollari nel 2025.

Corteva (NYSE:CTVA) reportó sólidos resultados financieros para el segundo trimestre y el primer semestre de 2025, lo que llevó a un aumento en las previsiones para todo el año. La compañía alcanzó ventas netas en el Q2 de 6.46 mil millones de dólares (un aumento del 6% interanual) y un EBITDA operativo de 2.16 mil millones de dólares (un incremento del 13% interanual).

Los principales impulsores del desempeño incluyeron la fuerte posición en el mercado de maíz y soja en Norteamérica, con ventas netas de semillas que aumentaron un 2% hasta 7.24 mil millones de dólares en el primer semestre de 2025, y ventas de protección de cultivos que crecieron un 3% hasta 3.63 mil millones de dólares. La compañía mostró una expansión significativa de márgenes, con una mejora de 215 puntos básicos en el margen EBITDA operativo en el Q2.

Corteva elevó sus previsiones para 2025, proyectando ventas netas entre 17.6 y 17.8 mil millones de dólares y un EBITDA operativo de 3.75 a 3.85 mil millones de dólares. La empresa planea devolver valor a los accionistas mediante un programa de recompra de acciones de 1 mil millones de dólares en 2025.

Corteva (NYSE:CTVA)는 2025년 2분기 및 상반기 강력한 재무 실적을 발표하며 연간 가이던스를 상향 조정했습니다. 회사는 2분기 순매출 64억 6천만 달러(전년 대비 6% 증가)와 영업 EBITDA 21억 6천만 달러(전년 대비 13% 증가)를 기록했습니다.

주요 성과 요인으로는 북미 옥수수 및 대두 시장에서의 강력한 입지가 포함되며, 2025년 상반기 종자 순매출은 72억 4천만 달러로 2% 증가했고, 작물 보호 제품 매출은 36억 3천만 달러로 3% 증가했습니다. 회사는 2분기 영업 EBITDA 마진이 215 베이시스 포인트 개선되며 상당한 마진 확장을 보였습니다.

Corteva는 2025년 가이던스를 상향 조정하여 순매출 176억~178억 달러, 영업 EBITDA 37억 5천만~38억 5천만 달러를 예상했습니다. 또한 2025년에 10억 달러 규모의 자사주 매입 프로그램을 통해 주주 가치 환원을 계획하고 있습니다.

Corteva (NYSE:CTVA) a publié de solides résultats financiers pour le deuxième trimestre et le premier semestre 2025, ce qui a conduit à une révision à la hausse des prévisions annuelles. La société a réalisé un chiffre d'affaires net de 6,46 milliards de dollars au T2 (en hausse de 6 % en glissement annuel) et un EBITDA opérationnel de 2,16 milliards de dollars (en hausse de 13 % en glissement annuel).

Les principaux moteurs de performance comprenaient une forte position sur le marché du maïs et du soja en Amérique du Nord, avec des ventes nettes de semences en hausse de 2 % à 7,24 milliards de dollars au premier semestre 2025, et une augmentation de 3 % des ventes en protection des cultures, atteignant 3,63 milliards de dollars. La société a démontré une expansion significative des marges, avec une amélioration de 215 points de base de la marge EBITDA opérationnelle au T2.

Corteva a relevé ses prévisions pour 2025, prévoyant un chiffre d'affaires net compris entre 17,6 et 17,8 milliards de dollars et un EBITDA opérationnel entre 3,75 et 3,85 milliards de dollars. La société prévoit de restituer de la valeur aux actionnaires via un programme de rachat d’actions d’un milliard de dollars en 2025.

Corteva (NYSE:CTVA) meldete starke Finanzergebnisse für das zweite Quartal und das erste Halbjahr 2025, was zu einer Anhebung der Jahresprognose führte. Das Unternehmen erzielte Nettoverkäufe im Q2 von 6,46 Mrd. USD (plus 6 % im Jahresvergleich) und ein operatives EBITDA von 2,16 Mrd. USD (plus 13 % im Jahresvergleich).

Wichtige Wachstumstreiber waren die starke Marktposition im nordamerikanischen Mais- und Sojamarkt, mit einem Anstieg der Saatgut-Nettoverkäufe um 2 % auf 7,24 Mrd. USD im ersten Halbjahr 2025 und einem Anstieg der Verkäufe im Bereich Pflanzenschutz um 3 % auf 3,63 Mrd. USD. Das Unternehmen zeigte eine deutliche Margenausweitung, wobei die operative EBITDA-Marge im Q2 um 215 Basispunkte verbessert wurde.

Corteva hob die Prognose für 2025 an und erwartet Nettoverkäufe von 17,6 bis 17,8 Mrd. USD sowie ein operatives EBITDA von 3,75 bis 3,85 Mrd. USD. Das Unternehmen plant, den Aktionären durch ein Aktienrückkaufprogramm in Höhe von 1 Mrd. USD im Jahr 2025 Wert zurückzugeben.

Positive
  • None.
Negative
  • Price decline of 2% in Crop Protection due to competitive pressure in Latin America
  • Unfavorable currency impacts from Brazilian Real and Canadian Dollar
  • Lower soybean area in North America affecting seed sales
  • Trade uncertainty and pressure on grain prices in major growing regions

Insights

Corteva delivers strong H1 2025 with 5% organic sales growth and 14% EBITDA growth, raising full-year guidance on operational excellence.

Corteva's Q2 and H1 2025 results demonstrate robust operational execution in a challenging agricultural market environment. The company achieved $11.15 billion in organic sales for H1 2025, representing a 5% increase over the prior year, while significantly expanding profitability with 14% Operating EBITDA growth to $3.35 billion.

The Seed segment, which delivered 5% organic sales growth in H1, benefited from increased North American corn acreage and successful market share gains. The segment's impressive 11% EBITDA growth and 280 basis point margin expansion highlight Corteva's pricing power and operational efficiency. Despite headwinds from lower soybean area in North America and timing shifts in Argentina, the company's technological leadership in corn and soybeans drove results.

In Crop Protection, volume growth was the star performer with an 8% increase in H1, overcoming a 2% price decline due to competitive pressures in Latin America. The segment posted remarkable 26% EBITDA growth, with margins expanding 355 basis points to 19.6%, fueled by raw material cost deflation and productivity initiatives.

Management's decision to increase full-year guidance reflects confidence in continued execution, with 2025 revenue now projected at $17.6-17.8 billion (≈5% growth) and Operating EBITDA at $3.75-3.85 billion (13% growth). The $1 billion share repurchase program underscores strong cash flow generation and management's commitment to shareholder returns.

The company is successfully navigating a complex global agricultural landscape where record demand for grain and oilseeds contrasts with pressured crop prices. Notably, Corteva expects to deliver double-digit volume growth in Crop Protection despite pricing headwinds, demonstrating the strength of its new product portfolio and biologicals segment.

  • Seed 1H results reflect leading North America corn and soybean portfolio market position and operational execution
  • Crop Protection 1H results driven by broad-based volume growth and ongoing cost improvement
  • Full-year 2025 guidance3 increased to reflect strong first half performance, incremental benefits on controllable levers, and growth platforms
  • Share buyback program and dividend increase demonstrate strong balance sheet and cash flow

INDIANAPOLIS, Aug. 6, 2025 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the second quarter and six months ended June 30, 2025.

2Q 2025 Results Overview


Net Sales

Inc. from Cont. Ops (After Tax)

EPS

GAAP

 $6.46B

$1.38B

$2.02

vs. 2Q 2024

6 %

31 %

34 %


     Organic1 Sales

Operating EBITDA1

Operating EPS1

NON-GAAP

$6.54B

 $2.16B

$2.20

vs. 2Q 2024

7 %

13 %

20 %


1H 2025 Results Overview


Net Sales

Inc. from Cont. Ops (After Tax)

EPS

GAAP

$10.87B

$2.05B

$2.98

vs. 1H 2024

3 %

43 %

47 %


Organic1 Sales

Operating EBITDA1

Operating EPS1

NON-GAAP

$11.15B

$3.35B

$3.33

vs. 1H 2024

5 %

14 %

22 %

First Half 2025 Highlights

  • Net sales increased 3% versus prior year. Organic1 sales increased 5% in the same period with gains in all regions.
  • Seed net sales increased 2% and organic1 sales increased 5%. Price was up 3% led by North America2 and EMEA2 with continued execution on the Company's price for value strategy. Volume increased 2%, primarily reflecting increased corn area in North America2.
  • Crop Protection net sales increased 3% and organic1 sales increased 6%. Volume increased 8%, driven by demand for new products and biologicals. Price declined 2% primarily due to the market dynamics in Latin America.
  • GAAP income and earnings per share (EPS) from continuing operations were $2.05 billion and $2.98 per share, respectively.
  • Operating EBITDA1 and Operating EPS1 were $3.35 billion, and $3.33 per share, respectively.
  • The Company updated full-year 2025 guidance3 and expects net sales in the range of $17.6 billion to $17.8 billion. Operating EBITDA1 is expected to be in the range of $3.75 to $3.85 billion. Operating EPS1 is expected to be in the range of $3.00 to $3.20 per share.
  • The Company expects to repurchase approximately $1 billion of shares during 2025.

1. Organic Sales, Operating EPS, and Operating EBITDA are non-GAAP measures. See page 6 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. See page 5 for further discussion.

_________________________________________________________________________

"In the second quarter, farmers' drive to get the most out of every acre led to higher demand for our best-in-class seed and crop protection solutions.  Coupled with our continued focus on cost discipline and operational excellence, this resulted in impressive margin expansion for the quarter.  Turning to the first half of the year, growth platforms, cost discipline as well as our leadership of the North America corn and soybean market helped us deliver results that exceeded our expectations.

While we continue to navigate a fluid macro environment, we are raising our full year guidance as a result of the strength of our global business and the setup for our Latin American business in the second half.  This stronger view of 2025 also underscores our confidence in delivering our 2027 financial framework, and in the value our business offers, both in the short- and long-term."

Chuck Magro
Chief Executive Officer

_________________________________________________________________________

Summary of Second Quarter 2025
For the second quarter ended June 30, 2025, net sales increased 6% versus the same period last year. Organic1 sales increased 7%.

Volume was up 6% versus prior year on growth in both Crop Protection and Seed. Crop Protection volume increased 11% over the prior year driven primarily by Latin America on demand for new products, fungicides, spinosyns, and biologicals.  Seed volume increased 3% versus prior year due primarily to increased corn area and share gains in North America.

Price was up 1% versus prior year, reflecting higher Seed pricing, partially offset by competitive price dynamics in Crop Protection, primarily in Latin America.

GAAP income from continuing operations after income taxes was $1.38 billion in second quarter of 2025 compared to $1.06 billion in second quarter of 2024. Operating EBITDA1 for the second quarter of 2025 was $2.16 billion, up 13% compared to prior year, translating into approximately 215 basis points of Operating EBITDA1 margin improvement.


2Q

2Q

%

%

($ in millions, except where noted)

2025

2024

Change

Organic1 Change

Net Sales

$6,456

$6,112

6 %

7 %

North America

$4,629

$4,400

5 %

6 %

EMEA

$747

$673

11 %

13 %

Latin America

$672

$650

3 %

11 %

Asia Pacific

$408

$389

5 %

6 %


 

1H

 

1H

 

%

 

%

($ in millions, except where noted)

2025

2024

Change

Organic1 Change

Net Sales

$10,873

$10,604

3 %

5 %

North America

$6,839

$6,487

5 %

6 %

EMEA

$2,224

$2,261

(2) %

3 %

Latin America

$1,114

$1,165

(4) %

6 %

Asia Pacific

$696

$691

1 %

3 %

Seed Summary
Seed net sales were $4.54 billion in the second quarter of 2025, up from $4.33 billion in the second quarter of 2024. The sales increase reflects a 3% increase in volume, a 3% increase in price and a 1% unfavorable currency impact.

Volume growth in the quarter reflects increased corn area and share gains in North America, partially offset by lower soybean area in North America and just-in-time seed purchases in Argentina, shifting sales to the second half. The increase in price is due primarily to demand for top technology and increased out-licensing income.  Unfavorable currency impacts were led by the Canadian Dollar.

Segment operating EBITDA was $1.86 billion in the second quarter of 2025, up 10% from the second quarter of 2024. Price execution and market share gains in North America, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation and research expense, and the unfavorable impact of currency.  Segment operating EBITDA margin improved by about 185 basis points versus the prior-year period.


 

2Q

 

2Q

 

%

 

%

($ in millions, except where noted)

2025

2024

Change

Organic1 Change

 

North America

 

$3,954

 

3,753

 

5 %

 

6 %

EMEA

$282

$251

12 %

23 %

Latin America

$154

$207

(26) %

(19) %

Asia Pacific

$147

$120

23 %

25 %

Total 2Q

Seed Net Sales

 

$4,537

 

$4,331

 

5 %

 

6 %

2Q Seed Operating EBITDA

$1,863

$1,698

10 %

N/A

Seed net sales were $7.24 billion in the first half of 2025, up 2% from the same period of 2024. The sales increase reflects a 3% increase in price and a 2% increase in volume, partially offset by a 3% unfavorable currency impact.

Price 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, partially offset by reduced 2024/2025 corn area and just-in-time seed purchases in Argentina, as well as lower soybean area in North America. Unfavorable currency impacts were led by the Brazilian Real and the Canadian dollar.

Segment operating EBITDA was $2.71 billion for the first half of 2025, up 11% from the same period of 2024. Price execution and market share gains in North America, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation and research expense and the unfavorable impact of currency. Segment operating EBITDA margin improved by 280 basis points versus the prior-year period.


1H

 

1H

 

%

 

%

($ in millions, except where noted)

2025

2024

Change

Organic1Change

 

North America

 

$5,551

 

$5,224

 

6 %

 

7 %

EMEA

$1,108

$1,169

(5) %

3 %

Latin America

$339

$478

(29) %

(19) %

Asia Pacific

$246

$211

17 %

19 %

Total 1H

Seed Net Sales

 

$7,244

 

$7,082

 

2 %

 

5 %

1H Seed Operating EBITDA

$2,705

$2,446

11 %

N/A

Crop Protection Summary
Crop Protection net sales were approximately $1.92 billion in the second quarter of 2025 compared to approximately $1.78 billion in the second quarter of 2024. The sales increase over the prior period reflects an 11% increase in volume, partially offset by a 2% price decline and a 1% unfavorable impact from currency.

The increase in volume was driven primarily by Latin America on demand for new products, fungicides, spinosyns, and biologicals. The price decline was primarily due to the competitive pricing environment in Latin America, partially offset by North America price increases.  Unfavorable currency impacts were led by the Brazilian Real.

Segment operating EBITDA was $334 million in the second quarter of 2025, up 31% from the second quarter of 2024. Raw material deflation, productivity savings, and volume growth more than offset the unfavorable impact of currency, price pressure, and higher compensation and bad debt expense in SG&A. Segment operating EBITDA margin improved by approximately 310 basis points versus the prior-year period.


 

2Q

 

2Q

 

%

 

%

($ in millions, except where noted)

2025

2024

Change

Organic1 Change

 

North America

 

$675

 

$647

 

4 %

 

5 %

EMEA

$465

$422

10 %

7 %

Latin America

$518

$443

17 %

25 %

Asia Pacific

$261

$269

(3) %

(2) %

Total 2Q Crop Protection Net Sales

 

$1,919

 

$1,781

 

8 %

 

9 %

2Q Crop Protection Operating EBITDA

$334

$255

31 %

N/A

Crop Protection net sales were approximately $3.63 billion for the first half of 2025 compared to approximately $3.52 billion in the same period of 2024. The sales increase reflects an 8% increase in volume, partially offset by a 2% decline in price and a 3% unfavorable impact from currency.

The price decline was primarily due to market dynamics in Latin America.  The increase in volume was driven by demand for new products, fungicides and biologicals. Unfavorable currency impacts were led by the Brazilian Real and the Turkish Lira.

Segment operating EBITDA was $711 million for the first half of 2025, up 26% from the same period last year. Raw material deflation, productivity savings, and volume growth more than offset the unfavorable impact of currency, price pressure, and higher compensation and bad debt expense in SG&A.  Segment operating EBITDA margin improved by approximately 355 basis points versus the prior-year period.


1H

1H

 

%

 

%

($ in millions, except where noted)

2025

2024

Change

Organic1 Change

 

North America

 

$1,288

 

$1,263

 

2 %

 

3 %

EMEA

$1,116

$1,092

2 %

4 %

Latin America

$775

$687

13 %

23 %

Asia Pacific

$450

$480

(6) %

(5) %

Total 1H Crop Protection Net Sales

 

$3,629

 

$3,522

 

3 %

 

6 %

1H Crop Protection Operating EBITDA

$711

$565

26 %

N/A

2025 Market Outlook & Guidance
Farmers continue to prioritize top-tier seed and crop protection technologies to maximize and protect their yields to keep pace with record global demand for grain and oilseeds. Global corn area is up in 2025, with a five percent increase in North America, driven by favorable corn economics relative to soybeans and other crops. Expectations for a large production year in 2025 and trade uncertainty have pressured grain prices in most major growing regions.  However, the global corn stocks-to-use ratio for the 2025/2026 crop year is still expected to be at its lowest point in over a decade.

In Crop Protection, our latest view of the market for the full year continues to be a "flattish" environment, with volume gains offset by pricing headwinds. For Corteva's Crop Protection business, we are expecting full-year double-digit volume gains in excess of low-single-digit pricing headwinds from broad-based portfolio gains, including new products and biologicals.  As it pertains to ongoing tariff negotiations around the world, we are not expecting a material net impact on our full-year 2025 results given policies in place today.  Global grain and oilseed demand is not expected to decline, regardless of any changes in trade flows.

As a result of its strong first half performance and expectations for modest growth in the second half, the Company increased full-year 2025 guidance3 with net sales expected to be in the range of $17.6 billion to $17.8 billion, growth of ~5% at the mid-point. Operating EBITDA1 is expected to be $3.75 billion to $3.85 billion, growth of 13% at the mid-point. Operating EPS1 is expected to be $3.00 to $3.20 per share, growth of 21% at the mid-point. The Company expects to repurchase approximately $1.0 billion of shares in 2025.

The Company is not able to reconcile its forward-looking non-GAAP financial measures, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort.

Second Quarter Conference Call
The Company will host a live webcast of its second quarter 2025 earnings conference call with investors to discuss its results and outlook tomorrow, August 7, 2025, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company's Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and  Presentations page.

About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.

Cautionary Statement About Forward-Looking Statements
This press release 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.

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 separation of Corteva; (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 capital through the capital markets or short-term borrowings on terms acceptable to the company; (xx) increases in pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) the company's intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) the company's dependence on intellectual property cross-license agreements; and (xxvi) other risks related to the Separation from DowDuPont.

Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.

Regulation G (Non-GAAP Financial Measures)
This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-5 of the Financial Statement Schedules.

Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company's control, such as significant items, without unreasonable effort. For significant items reported in the periods presented, refer to page A-10 of the Financial Statement Schedules. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Due to the ramp-up of Enlist E3TM, Corteva significantly reduced the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. In 2023 and 2024, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2026. The company expects to record approximately $150 million to $165 million net pre-tax restructuring charges during 2025 for these activities.

Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, 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 other post- employment benefit (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.

Operating earnings (loss) per share is defined as "earnings (loss) per common share from continuing operations - diluted" excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.

® TM Corteva Agriscience and its affiliated companies.

8/6/2025

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SOURCE Corteva Agriscience

FAQ

What were Corteva's (CTVA) Q2 2025 earnings results?

Corteva reported Q2 2025 net sales of $6.46B (up 6% YoY), with operating EBITDA of $2.16B (up 13% YoY) and operating EPS of $2.20 (up 20% YoY).

What is Corteva's updated guidance for full-year 2025?

Corteva raised guidance, expecting net sales of $17.6-17.8B, operating EBITDA of $3.75-3.85B, and operating EPS of $3.00-3.20 per share.

How did Corteva's Seed segment perform in 1H 2025?

Seed net sales increased 2% to $7.24B, with operating EBITDA up 11% to $2.71B, driven by increased corn area and share gains in North America.

What is Corteva's capital return plan for 2025?

Corteva plans to repurchase approximately $1 billion worth of shares during 2025.

How did Corteva's Crop Protection segment perform in 1H 2025?

Crop Protection net sales grew 3% to $3.63B, with operating EBITDA up 26% to $711M, driven by volume growth in new products, fungicides, and biologicals.
Corteva Inc

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47.99B
678.50M
0.09%
86.86%
1.06%
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