DuPont to Outline Value Creation Strategy and Financial Framework
DuPont (NYSE: DD) unveiled its strategic transformation plan during its 2025 Investor Day, highlighting its evolution into a simplified, focused multi-industrial company following the planned spin-off of Qnity Electronics on November 1, 2025. The company presented medium-term financial targets through 2028, including 3-4% organic sales growth CAGR and 150-200 basis points improvement in operating EBITDA margin.
DuPont recast its 2025 guidance to reflect discontinued operations, projecting Q3 2025 net sales of $2.98 billion and operating EBITDA of $805 million. For full year 2025, the company estimates net sales of $6.865 billion and operating EBITDA of $1.575 billion. The guidance reflects the impact of both the Aramids business divestiture and the upcoming Qnity Electronics spin-off.
DuPont (NYSE: DD) ha svelato il piano di trasformazione strategica durante l'Investor Day 2025, evidenziando l'evoluzione in una realtà semplificata e focalizzata su più settori, dopo la prevista scissione di Qnity Electronics il 1 novembre 2025. L'azienda ha presentato obiettivi finanziari a medio termine fino al 2028, tra cui una crescita organica delle vendite annua composta (CAGR) del 3-4% e un miglioramento di 150-200 punti base nel margine EBITDA operativo.
DuPont ha rivisto le previsioni per il 2025 per riflettere attività cessate, stimando una vendite nette nel 3° trimestre 2025 di 2,98 miliardi di dollari e un EBITDA operativo di 805 milioni. Per l'intero 2025, l'azienda prevede vendite nette di 6,865 miliardi e EBITDA operativo di 1,575 miliardi. Le previsioni tengono conto sia della cessione dell'attività Aramids sia della prossima spin-off di Qnity Electronics.
DuPont (NYSE: DD) presentó su plan de transformación estratégica durante su Investor Day 2025, destacando su evolución hacia una empresa multi-industrial más simple y enfocada, tras la eventual separación de Qnity Electronics el 1 de noviembre de 2025. La compañía presentó metas financieras a medio plazo hasta 2028, entre las que destacan un crecimiento orgánico de las ventas del 3-4% y una mejora de 150-200 puntos base en el margen EBITDA operativo.
DuPont ajustó sus previsiones para 2025 para reflejar operaciones en descontinuidad, proyectando unas ventas netas del 3T 2025 de 2.98 mil millones de dólares y un EBITDA operativo de 805 millones. Para el conjunto de 2025, la empresa estima ventas netas de 6.865 mil millones y un EBITDA operativo de 1.575 mil millones. Las previsiones reflejan el impacto tanto de la desinversión del negocio Aramids como de la inminente spin-off de Qnity Electronics.
듀폰(DuPont, NYSE: DD)가 2025년 투자자 데이에서 전략적 변화 계획을 공개하며, 2025년 11월 1일에 예정된 Qnity Electronics의 분사를 거친 뒤 간소하고 집중된 다중 산업 기업으로의 진화를 강조했다. 회사는 2028년까지의 중기 재무 목표를 제시했고, 유기매출 성장률 연평균 3-4%, 영업 EBITDA 마진 150-200bp 개선을 포함했다.
듀폰은 중단 작업의 영향을 반영하기 위해 2025년 가이던스를 재설정했고, 2025년 3분기 순매출 29.8억 달러, 영업 EBITDA 8.05억 달러를 예상한다. 2025년 연간으로는 순매출 68.65억 달러, 영업 EBITDA 15.75억 달러를 전망한다. 이 가이던스는 Aramids 사업 매각과 다가오는 Qnity Electronics 분사의 영향을 반영한다.
DuPont (NYSE: DD) a dévoilé son plan de transformation stratégique lors de l'Investor Day 2025, soulignant son évolution vers une entreprise multi-industrielle simplifiée et axée, après la scission prévue de Qnity Electronics le 1er novembre 2025. L'entreprise a présenté des objectifs financiers à moyen terme jusqu'en 2028, dont une croissance organique des ventes de 3 à 4 % et une amélioration de 150 à 200 points de base de la marge EBITDA opérationnelle.
DuPont a révisé ses prévisions pour 2025 afin de refléter les activités non opérationnelles, en projetant des ventes nettes du T3 2025 de 2,98 milliards de dollars et un EBITDA opérationnel de 805 millions. Pour l'ensemble de 2025, l'entreprise estime des ventes nettes de 6,865 milliards et un EBITDA opérationnel de 1,575 milliard. La guidance prend en compte à la fois la cession de l'activité Aramids et la prochaine spin-off de Qnity Electronics.
DuPont (NYSE: DD) hat seinen strategischen Transformationsplan während des Investor Day 2025 vorgestellt und die Entwicklung zu einem vereinfachten, fokussierten Multi-Industrie-Unternehmen nach dem geplanten Spin-off von Qnity Electronics am 1. November 2025 betont. Das Unternehmen präsentierte mittelfristige Finanzziele bis 2028, darunter 3-4% organisches Umsatzwachstum CAGR und eine Verbesserung der operativen EBITDA-Marge um 150-200 Basispunkte.
DuPont passte seine Guidance für 2025 an, um stillgelegte Operationen widerzuspiegeln, und prognostizierte Nettoumsatz im 3. Quartal 2025 von 2,98 Milliarden USD sowie operatives EBITDA von 805 Millionen USD. Für das Gesamtjahr 2025 schätzt das Unternehmen Nettoumsatz von 6,865 Milliarden USD und operatives EBITDA von 1,575 Milliarden USD. Die Guidance berücksichtigt sowohl den Verkauf des Aramids-Geschäfts als auch die bevorstehende Spin-off von Qnity Electronics.
DuPont (NYSE: DD) كشفت عن خطة التحول الاستراتيجي خلال يوم المستثمر 2025، مبرزة تطورها إلى شركة متعددة الصناعات مركزة وبسيطة عقب الانفصال المخطط لـ Qnity Electronics في 1 نوفمبر 2025. قدمت الشركة أهدافها المالية متوسطة المدى حتى 2028، بما في ذلك نمو مبيعات عضوي بمعدل 3-4% و تحسن في هامش EBITDA التشغيلي بمقدار 150-200 نقطة أساس.
أعادت DuPont صياغة توجيهات 2025 لتعكس الأعمال المتوقفة، متوقعة مبيعات صافية للربع الثالث من 2025 تبلغ 2.98 مليار دولار و EBITDA تشغيلي قدره 805 ملايين دولار. للسنة الكلية 2025، تتوقع مبيعات صافية قدرها 6.865 مليار دولار و EBITDA تشغيلي قدره 1.575 مليار دولار. تعكس التوجيهات أثر بيع أعمال الأراميدز والتقسيم الوشيك لـ Qnity Electronics.
杜邦（NYSE: DD） 在2025年投资者日上公布了其战略转型计划，强调在计划于2025年11月1日完成Qnity Electronics分拆后，向一个简化、聚焦的多元化工业公司转型的进展。该公司提出了直至2028年的中期财务目标，其中包括3-4%的有机销售增长 CAGR以及运营 EBITDA 利润率提升150-200个基点。
杜邦对2025年的指引进行了重述，以体现非持续经营的影响，预计2025年第三季度净销售为29.8亿美元和运营EBITDA为8.05亿美元。对于2025年全年，公司预计净销售为68.65亿美元和运营EBITDA为15.75亿美元。该指引反映了Aramids业务剥离的影响以及即将进行的Qnity Electronics分拆。
- Strategic transformation into a simplified, more focused portfolio aligned with secular growth trends
- Medium-term targets include 3-4% organic sales growth CAGR through 2028
- Projected 150-200 basis points improvement in operating EBITDA margin
- Strong free cash flow conversion target of >90%
- 8-10% adjusted EPS growth CAGR (excluding deployment of excess free cash flow)
- Significant portfolio restructuring with divestiture of Aramids business and spin-off of electronics business
- Reduced revenue base following discontinued operations
- Full year 2025 EPS guidance pending finalization of capital structure
Insights
DuPont's restructuring through electronics spin-off creates focused portfolio with strong medium-term targets and disciplined capital allocation strategy.
DuPont is executing a strategic transformation that will fundamentally reshape its business profile. The company is spinning off its electronics business (Qnity) on November 1, 2025, creating a more focused multi-industrial company aligned with high-growth secular trends. This restructuring follows the divestiture of its Aramids business (Kevlar and Nomex), further streamlining operations.
The medium-term financial targets are particularly noteworthy. DuPont projects
The
For Q3 2025, DuPont estimates
This strategic shift creates a more nimble organization that can better capitalize on innovation and customer relationships. The focus on a "performance-based culture" with "continuous improvement" suggests management is implementing structural changes to drive long-term operational excellence beyond just portfolio reshaping.
- Transformation to a simplified, more focused portfolio aligned to secular growth trends with a clear path for acceleration
- Outlines strategy to enhance operational and commercial excellence to drive growth, margin expansion and strong free cash flow
- Presents medium-term financial targets; recasts 2025 financial guidance to reflect the impact of discontinued operations
New DuPont: A Focused, High Performing Company with a Clear Strategy to Accelerate Value Creation
- Executing Transformation: The new DuPont is a simplified portfolio, increasingly focused on high growth end markets with secular tailwinds with further opportunity to optimize.
- Focused on Excellence: DuPont is codifying its innovation, operational and commercial excellence models into a business system that will drive continuous improvement.
- Poised for Growth Acceleration: As a more focused and agile organization, DuPont is leveraging core competencies in innovation and deep customer relationships to accelerate growth.
- Disciplined Capital Allocation: DuPont is committed to unlocking significant shareholder value through a balanced approach to targeted organic and inorganic investments and returning cash to shareholders.
- Enhancing Culture: The DuPont leadership team is confident and energized, and with a performance-based culture and clear strategy is well-positioned to deliver consistent and measurable results.
"DuPont is entering a new chapter as a more simplified, agile and high-performing multi-industrial company. As a leading advanced solutions provider with differentiated technologies, a strong innovation engine and deep customer relationships in attractive end-markets with strong secular trends, we are well positioned to drive profitable growth," said Lori Koch, DuPont Chief Executive Officer.
"Our team is energized to continue to drive value from our strong set of businesses, enhanced culture to further build on performance and accountability, and an emphasis on continuous improvement through elevated innovation, operational and commercial excellence initiatives," Koch added.
"We have a clear path to our 2028 financial targets which includes solid revenue and earnings growth along with robust cash generation. Our strong balance sheet positions us to invest for the future while also allowing us to continue to return cash to shareholders. Overall, I am excited about DuPont's future and the value creation opportunity that lies ahead," Koch concluded.
Medium-Term Financial Targets
DuPont is providing medium-term financial targets* reflecting expected performance from full year 2025 presented on a pro forma basis through full year 2028 as follows:
- 3
-4% organic sales growth CAGR - 150-200 basis points improvement in operating EBITDA margin
- 8
-10% adjusted EPS growth CAGR (excluding deployment of excess free cash flow) - >
90% free cash flow conversion
DuPont Recasts 2025 Guidance to Reflect the Impact of Discontinued Operations
DuPont will reflect the previously announced divestiture of its Aramids business(2) as discontinued operations beginning with third quarter 2025 reporting and will reflect its electronics business, Qnity, as discontinued operations beginning in fourth quarter 2025 reporting following the intended separation of Qnity on November 1, 2025.
3Q 2025
For the third quarter of 2025, DuPont estimates net sales of about
FY 2025
For the full year 2025, DuPont estimates net sales of about
Supplemental information related to the recast of DuPont's 2025 guidance is included in its 2025 Investor Day presentation which will be available on the DuPont's Investor Relations Events and Presentations page. The financial information and metrics presented have been voluntarily provided to reflect the estimated impact of reclassifying the Aramids and electronics businesses as discontinued operations. The unaudited discontinued operations information is preliminary and is subject to change as the Company finalizes discontinued operations accounting in the third and fourth quarter of 2025.
* Reflects non-GAAP measure. Refer to Non-GAAP Measures section for specific definitions and other information. | |
(1) | On January 15, 2025, DuPont announced it is targeting November 1, 2025, for the completion of the spin-off of its electronics business, Qnity. The spin-off will not require a shareholder vote and is subject to satisfaction of customary conditions, including final approval by DuPont's board of directors, receipt of tax opinion from counsel, the completion and effectiveness of the Form 10 registration statement filed with the SEC, applicable regulatory approvals and satisfactory completion of financing. |
(2) | On August 29, 2925, DuPont announced a definitive agreement to divest its Aramids business (Kevlar® and Nomex®) to Arclin, a portfolio company of an affiliate of TJC, L.P. (TJC). |
Webcast and Supplemental Material
A live webcast of the investor day event will begin at 9:00 a.m. ET. The webcast and accompanying slide presentation will be available on the DuPont's Investor Relations Events and Presentations page. A replay of the webcast also will be available on the DuPont's Investor Relations Events and Presentations page following the live event.
About DuPont
DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
DuPont™ and all products, unless otherwise noted, denoted with TM, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.
Cautionary Statement Regarding Forward-Looking Statements
On January 15, 2025, DuPont de Nemours, Inc. ("DuPont", or after the completion of the Intended Electronics Separation, "New DuPont") announced it is targeting November 1, 2025 to complete the intended separation of its Electronics business (the "Intended Electronics Separation") by way of a spin-off transaction, thereby creating a new independent, publicly traded electronics company ("Qnity Electronics, Inc." or "Qnity"). The Intended Electronics Separation will not require a shareholder vote and is subject to satisfaction of customary conditions, including final approval by DuPont's Board of Directors, receipt of tax opinion from counsel, the completion and effectiveness of the Form 10 registration statement filed with the
On August 29, 2025, DuPont announced a definitive agreement to sell the aramids business (the "Aramids Divestiture") to Arclin, a portfolio company of an affiliate of TJC LP, ("TJC"), in return for
This presentation contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target, "outlook," "stabilization," "confident," "preliminary," "initial," and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements, including statements regarding outlook, expectations and guidance, including with respect to the potential impact of tariffs and discussion of trade sensitivity and macroeconomic uncertainties. Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements.
Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) the ability of DuPont to effect the Intended Electronics Separation and to meet the conditions related thereto; (ii) the possibility that the Intended Electronics Separation will not be completed within the anticipated time period or at all; (iii) the possibility that the Intended Electronics Separation will not achieve its intended benefits; (iv) the impact of Intended Electronics Separation on DuPont's businesses and the risk that the separation may be more difficult, time-consuming or costly than expected, including the impact on DuPont's resources, systems, procedures and controls, diversion of management's attention and the impact and possible disruption of existing relationships with customers, suppliers, employees and other business counterparties; (v) the possibility of disruption, including disputes, litigation or unanticipated costs, in connection with the Intended Electronics Separation; (vi) the uncertainty of the expected financial performance of DuPont or the separated company following completion of the Intended Electronics Separation; (vii) negative effects of the announcement or pendency of the Intended Electronics Separation on the market price of DuPont's securities and/or on the financial performance of DuPont; (viii) the ability to achieve anticipated capital structures in connection with Intended Electronics Separation, including the future availability of credit and factors that may affect such availability; (ix) the ability to achieve anticipated credit ratings in connection with the Intended Electronics Separation; (x) the ability to achieve anticipated tax treatments in connection with the Intended Electronics Separation and completed and future, if any, divestitures, mergers, acquisitions and other portfolio changes and the impact of changes in relevant tax and other laws; (xi) the ability to timely effect, if at all, the planned Aramids Divestiture and the impact of the Aramids Divestiture and ownership of the Equity Consideration on DuPont's results of operations; (xii) risks and costs related to each of the parties respective performance under and the impact of the arrangement to share future eligible PFAS costs by and among DuPont, Corteva and Chemours, including the outcome of any pending or future litigation related to PFAS or PFOA, including personal injury claims and natural resource damages claims; the extent and cost of ongoing remediation obligations and potential future remediation obligations; and changes in laws and regulations applicable to PFAS chemicals; (xiii) indemnification of certain legacy liabilities; (xiv) the failure to realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with the Intended Electronics Separation and completed and future, if any, divestitures, mergers, acquisitions, and other portfolio management, productivity and infrastructure actions; (xv) the risks and uncertainties, including increased costs and the ability to obtain raw materials and meet customer needs from, among other events, pandemics and responsive actions; (xvi) adverse changes in worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions; and other factors beyond DuPont's control, including inflation, recession, military conflicts, natural and other disasters or weather-related events, that impact the operations of DuPont, its customers and/or its suppliers; (xvii) the ability to offset increases in cost of inputs, including raw materials, energy and logistics; (xviii) the risks associated with continuing or expanding trade disputes or restrictions and responsive actions, new or increased tariffs or export controls including on exports to
Non-GAAP Measures
Unless otherwise indicated, all financial metrics presented and discussion of results reflect continuing operations only.
This communication includes information that does not conform to accounting principles generally accepted in
Indirect costs, such as those related to corporate and shared service functions previously allocated to the Delrin® Divestiture, do not meet the criteria for discontinued operations and were reported within continuing operations in the respective prior periods. A portion of these historical indirect costs include costs related to activities the Company is undertaking on behalf of Delrin® and for which it is reimbursed ("Future Reimbursable Indirect Costs"). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs is not subject to future reimbursement ("Stranded Costs"). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA.
Adjusted Earnings is defined as income from continuing operations excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits ("OPEB") credits / costs and Future Reimbursable Indirect Costs. Adjusted Earnings is the numerator used in the calculation of Adjusted EPS, as well as the denominator in Adjusted Free Cash Flow Conversion.
Adjusted EPS is defined as Adjusted Earnings per common share - diluted.
The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items.
Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales.
Incremental Margin is the change in Operating EBITDA divided by the change in Net Sales for the applicable period.
Significant items are items that arise outside the ordinary course of business for the Company, and beginning in the first quarter 2025, includes items for nonconsolidated affiliates, that the Company's management believes may cause misinterpretation of underlying business and investment performance, both historical and future, based on a combination of some or all of the item's size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance. Management believes the update to the definition of significant items to include those related to nonconsolidated affiliates reflects a more accurate measure of the ongoing performance of the investment.
Organic Sales is defined as net sales excluding the impacts of currency and portfolio.
Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity. As a result, Adjusted Free Cash Flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company's primary source of liquidity, cash provided by operating activities from continuing operations. Management believes Adjusted Free Cash Flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process.
Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted Earnings. Management uses Adjusted Free Cash Flow Conversion as an indicator of our ability to convert earnings to cash.
Management believes supplemental non-GAAP financial measures including Transaction-Adjusted Free Cash Flow and Transaction-Adjusted Free Cash Flow Conversion (each defined below) provide an integral view of information on the Company's underlying business performance during this period of transformational change. Management believes the Intended Electronics Separation represents a significant transformational change for the Company and the impact of separation-related transaction cost payments are expected to be material to the Company's financial statements. Management believes Transaction-Adjusted Free Cash Flow, which may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. These non-GAAP financial measures are not intended to represent residual cash flow for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.
Transaction-Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures, separation-related transaction cost payments and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity.
Transaction-Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow excluding separation-related transaction costs divided by Adjusted Earnings.
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SOURCE DuPont
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