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Item 7. Management’s Discussion and Analysis

2026-02-12 compared with 2025-02-14 · 246 added, 264 removed, 742 unchanged (41% of the section changed)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

CAUTIONARY STATEMENTS ABOUT FORWARD-LOOKING STATEMENTS

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 the company’s financial results or outlook;

All statements that address expectations or projections about the future, including statements about Corteva’s financial results or outlook;

strategy for growth;

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capital allocation strategy;

sustainability commitments and strategies;

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.

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(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;

(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) risk related to geopolitical and military conflict;

(xi) effect of volatility in the company's input costs;

(xii) risks related to the company's global operations;

(xiii) effect of industrial espionage and other disruptions to the company's supply chain, information technology or network systems;

(xiv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva;

(xv) impact of the company's dependence on third parties with respect to certain of its raw materials or licenses and commercialization;

(xvi) failure of the company's customers to pay their debts to the company, including customer financing programs;

(xvii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions;

(xviii) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to the company;

(xix) increases in pension and other post-employment benefit plan funding obligations;

(xx) risks related to pandemics or epidemics;

(xxi) EIDP's material weakness;

(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 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;

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(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 the company is unable to currently identify or that the company 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 the company'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.

The company 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 section titled “Risk Factors” (Part I, Item 1A of this Form 10-K).

and (xxvi) risks related to Corteva's Separation from DowDuPont;

and (xxvii) risks related to Corteva’s Proposed Separation, including, but not limited to, whether the objectives of the proposed separation will be achieved;

the terms, structure, benefits and costs of any action or transaction resulting from the proposed separation;

the timing of any such separation or related action and whether any such separation will be consummated at all;

the risk that the proposed separation could divert the attention and time of the company’s management;

the risk of any unexpected costs or expenses resulting from the proposed separation process or separation itself;

and the risk of any litigation as a result of, or relating to, the Proposed Separation.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

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 section titled “Risk Factors” (Part I, Item 1A of this Form 10-K).

The following is a summary of results from continuing operations for the year ended December 31, 2025:

• The company reported net sales of $16,908 million, a decrease of 2 percent versus the year ended December 31, 2023, reflecting a 1 percent decrease in price, and a 3 percent unfavorable currency impact, partially offset by a 2 percent increase in volume.

• Cost of goods sold ("COGS") totaled $9,529 million, down from $9,920 million for the year ended December 31, 2023, primarily driven by favorable currency effects, ongoing cost and productivity actions, Crop Protection raw material deflation and a reduction in Seed royalty expense, with a partial offset from increased commodity prices.

• The company reported net sales of $17,401 million, an increase of 3 percent versus the year ended December 31, 2024, reflecting a 1 percent increase in price and a 3 percent increase in volume, partially offset by a 1 percent unfavorable currency impact.

• Cost of goods sold ("COGS") totaled $9,172 million, down from $9,529 million for the year ended December 31, 2024, primarily driven by ongoing cost and productivity actions, raw material deflation, lower commodity prices, and a reduction in net royalty expense, with a partial offset from higher volumes.

• Restructuring and asset related charges - net were $146 million, a decrease from $288 million for the year ended December 31, 2024.

The charges for the year ended December 31, 2024 primarily relate to asset related charges, severance and related benefit costs, contract termination charges, and decommissioning and demolition costs associated with the Crop Protection Operations Strategy Restructuring Program and non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

The charges for the year ended December 31, 2025 primarily relate to asset related charges, severance and related benefit costs, contract termination charges, and decommissioning and demolition costs associated with the Crop Protection Operations Strategy Restructuring Program.

• Income from continuing operations after income taxes was $1,204 million, as compared to $863 million for the year ended December 31, 2024.

• Operating EBITDA was $3,376 million, down from $3,381 million for the year ended December 31, 2023, primarily driven by competitive Crop Protection pricing and continued investment in Seed research and development, partially offset by Seed pricing gains, the reduction of royalty expense and ongoing cost and productivity actions.

Refer to page 44 for further discussion of the company's Non-GAAP financial measures.

• Operating EBITDA was $3,848 million, up from $3,376 million for the year ended December 31, 2024, primarily driven by volume growth, favorable Seed price and product mix, ongoing cost and productivity benefits and net royalty improvement, partially offset by continued investment in research and development, additional commissions and compensation expense, competitive Crop Protection pricing and unfavorable currency effects .

See page 44 for further discussion of the company's Non-GAAP financial measures.

In addition to the financial highlights above, the following events occurred during the year ended December 31, 2025:

• The company returned approximately $1.5 billion to shareholders during the year ended December 31, 2025 under its previously announced share repurchase programs and through common stock dividends.

• On July 29, 2024, the company's Board of Directors approved a 6.25 percent increase in the quarterly common stock dividend from $0.16 per share to $0.17 per share.

• On July 29, 2025, the company's Board of Directors approved an approximately 6 percent increase in the quarterly common stock dividend from $0.17 per share to $0.18 per share.

The company believes the following priorities will continue to create significant value for its customers and shareholders over the mid-term:

• Focus on Execution – the company will focus on a value creation framework and its four key catalysts:

(1) the delivery of top tier technology in our prioritized core markets and crops while achieving best-in-class cost performance;

(2) a continued move towards Seed royalty neutrality;

(3) a continued improvement in our product mix to strengthen focus on differentiation and yield advantage;

and (4) operational improvements focused on driving price and productivity improvements.

• Focus on Execution – the company will focus on a value creation framework including:

(1) the delivery of top tier technology in our prioritized core markets and crops with a continued focus on differentiation and yield advantage;

(2) a continued move towards market share gains in Seed trait out-licensing market;

(3) operational improvements focused on driving cost and productivity benefits;

and (4) completing the intended separation into two industry-leading public companies in the second half of 2026.

• Deliver Innovation to Farmers, Faster – Corteva aims to deliver greater value and productivity to growers through more differentiated and sustainably advantaged solutions, which in turn promise to strengthen global food security and help farmers address the impacts of climate change.

• Deploy capital with discipline – the company aims to prioritize investment, growth, M&A opportunities and returning cash to shareholders.

• Deploy capital with discipline – the company aims to prioritize investment, organic and inorganic growth, and returning cash to shareholders.

Recent Developments

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.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Analysis of Operations

On March 1, 2023, Corteva completed its acquisitions of all the outstanding equity interests in Stoller Group Inc.

(“Stoller”), one of the largest independent companies in the Biologicals industry, and Quorum Vital Investment, S.L.

and its affiliates (“Symborg”), an expert in microbiological technologies.

The purchase price for Stoller and Symborg was $1,220 million, inclusive of a working capital adjustment, and $370 million, respectively.

These acquisitions supplement the Crop Protection business with additional biological tools that complement evolving farming practices.

See Note 4 - Business Combinations, to the Consolidated Financial Statements, for additional information.

Crop Protection Operations Strategy Restructuring Program

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In October 2024, management of the company amended the Crop Protection Operations Strategy Restructuring Program to include updates to its previous estimates and decommissioning and demolition costs associated with the ceasing of operations, primarily at the Pittsburg, California site.

The company expects to record aggregate pre-tax restructuring and asset related charges of $650 million to $700 million, comprised of $85 million to $105 million of severance and related benefit costs, $320 million to $340 million of asset-related and impairment charges, and $245 million to $255 million of costs related to exiting the company's production activities and ceasing operations (inclusive of contract terminations and decommissioning and demolition costs).

The company expects to record aggregate pre-tax restructuring and asset related charges of $650 million to $700 million, comprised of $85 million to $105 million of severance and related benefit costs, $320 million to $340 million of asset-related and impairment charges, and $245 million to $255 million of costs related to exiting the company's production activities and ceasing operations (inclusive of decommissioning and demolition costs and contract terminations).

Decommissioning and demolition costs are expensed on an as-incurred basis.

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See Note 5 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information.

2022 Restructuring Actions

In connection with the company’s shift to a global business unit model during 2022, the company assessed its business priorities and operational structure to maximize the customer experience and deliver on growth and earnings potential.

As a result of this assessment, the company committed to restructuring actions during the second quarter of 2022, which included the company’s separate announcement to withdraw from Russia ("Russia Exit") (collectively the “2022 Restructuring Actions”).

The actions associated with this program are substantially complete.

The remaining cash payments related to the 2022 Restructuring Actions is $30 million, and primarily relate to the payment of severance and related benefits and contract terminations.

The 2022 Restructuring Actions are expected to contribute to the company’s ongoing cost and productivity improvement efforts through achieving an estimated $210 million to $220 million of savings on a run rate basis by 2025.

See Note 6 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Share Buyback Plan

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The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors.

In connection with the 2024 Share Buyback Plan, the company repurchased and retired 8,318,000 shares in the open market for a cost (excluding excise taxes) of $571 million during the year ended December 31, 2025.

On September 13, 2022, Corteva, Inc.

announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 Share Buyback Plan").

The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors.

In connection with the 2022 Share Buyback Plan, the company repurchased and retired 17,909,000 and 10,026,000 shares in the open market and through privately-negotiated transactions for a cost (excluding excise taxes) of $1 billion and $500 million during the years ended December 31, 2024 and 2023, respectively.

The company completed the 2022 Share Buyback Plan during the second quarter of 2025 and repurchased and retired 7,815,000, 17,909,000 and 10,026,000 shares in the open market and through privately-negotiated transactions for a cost (excluding excise taxes) of $500 million, $1 billion and $500 million during the years ended December 31, 2025, 2024 and 2023, respectively.

On August 5, 2021, Corteva, Inc.

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The company completed the 2021 Share Buyback Plan during the first quarter of 2023 and repurchased and retired 4,098,000, 17,425,000 and 5,572,000 shares in the open market for a total cost of $250 million, $1 billion and $250 million during the years ended December 31, 2023, 2022 and 2021, respectively.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Results of Operations

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Net sales were $17,401 million for the year ended December 31, 2025, compared to $16,908 million for the year ended December 31, 2024.

The increase was primarily driven by a 1 percent increase in price and a 3 percent increase in volume, partially offset by a 1 percent unfavorable currency impact.

Improvements in Crop Protection volume were driven by demand for new products and biologicals, while Seed experienced volume growth primarily due to increased corn area in North America and Brazil.

Pricing improvements were driven by Seed, led by North America and EMEA with continued execution on the company's price for value strategy, partially offset by a decline in Crop Protection pricing primarily due to the market dynamics in Latin America.

The unfavorable currency impacts were led by the Canadian Dollar and Turkish Lira.

2024 versus 2023

Net sales were $16,908 million for the year ended December 31, 2024, compared to $17,226 million for the year ended December 31, 2023.

The decrease was primarily driven by a 1 percent decrease in price and a 3 percent unfavorable currency impact, partially offset by a 2 percent increase in volume.

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The unfavorable currency impacts were led by the Brazilian Real and Turkish Lira.

2023 versus 2022

Net sales were $17,226 million for the year ended December 31, 2023, compared to $17,455 million for the year ended December 31, 2022.

The decrease was primarily driven by a 10 percent decrease in volume versus the prior year and a 1 percent unfavorable impact from currency, partially offset by a 7 percent increase in price and a 3 percent favorable portfolio and other impact.

Volume declines were driven by strategic product exits, Crop Protection channel inventory destocking, delayed farmer purchases, lower corn planted area in EMEA, reduced summer corn planted area and lower expected Safrinha corn planted area in Brazil, and the Russia Exit, partially offset by increased corn acres in North America.

The unfavorable currency impacts were led by the Turkish Lira, Canadian Dollar and Chinese Renminbi.

Price gains were driven by continued execution on the company's price for value strategy, strong demand for new technology and strong execution in response to cost inflation led by EMEA, partially offset by challenging market dynamics in Latin America and North America.

The portfolio and other impact was driven by the biologicals acquisitions and the sale of seeds already under production in Russia when the decision to exit the country was made and that the company was contractually required to purchase.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

For the Year Ended December 31,

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Total $ 493 3 % 1 % 3 % (1) % — %

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Year Ended December 31, 2024 vs.

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COGS was $9,172 million (53 percent of net sales) for the year ended December 31, 2025 compared to $9,529 million (56 percent of net sales) for the year ended December 31, 2024.

The decrease was primarily driven by favorable currency effects, ongoing cost and productivity actions, Crop Protection raw material deflation, and a reduction in net royalty expense, partially offset by an increase in volumes and higher commodity costs.

The decrease was primarily driven by ongoing cost and productivity actions, a reduction in net royalty expense, lower commodity prices and raw material deflation, with a partial offset from higher volumes.

2024 versus 2023

COGS was $9,529 million (56 percent of net sales) for the year ended December 31, 2024 compared to $9,920 million (58 percent of net sales) for the year ended December 31, 2023.

The decrease was primarily driven by lower volumes, ongoing cost and productivity actions and a decrease in royalty expense, partially offset by higher input costs, which are primarily macro-economic driven.

The macro-economic driven trends are due to inflationary pressures impacting raw material inputs, which were expected to improve in 2024.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Research and Development Expense ("R&D")

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R&D expense was $1,474 million (8 percent of net sales) for the year ended December 31, 2025 and $1,402 million (8 percent of net sales) for the year ended December 31, 2024.

The increase in R&D expense is in support of the company’s long-term growth plans and was primarily driven by an increase in salaries due to higher headcount, variable compensation and contractor costs, partially offset by favorable currency impacts.

The increase in R&D expense is in support of the company's long-term growth plans and was primarily driven by higher employee compensation costs due to variable compensation increases, as well as higher contractor, consulting and field, lab and facilities costs.

2024 versus 2023

R&D expense was $1,402 million (8 percent of net sales) for the year ended December 31, 2024 and $1,337 million (8 percent of net sales) for the year ended December 31, 2023.

The increase in R&D expense is in support of the company’s long-term growth plans and was primarily driven by an increase in salaries due to higher headcount and the associated spending on field, lab and facilities, and third-party research costs.

The increase was partially offset by a decrease in variable compensation.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Selling, General and Administrative Expenses ("SG&A")

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SG&A expenses were $3,492 million (20 percent of net sales) for the year ended December 31, 2025 and $3,196 million (19 percent of net sales) for the year ended December 31, 2024.

The increase was primarily driven by an increase in salaries and variable compensation, commissions, bad debt expense, legal support fees and portfolio impact from the Stoller and Symborg acquisitions, partially offset by favorable currency impacts and lower consulting and professional fees and marketing costs.

The increase was primarily driven by an increase in commissions, variable compensation, bad debt expense, legal support fees and personnel and information technology costs, partially offset by favorable currency impacts.

2024 versus 2023

SG&A expenses were $3,196 million (19 percent of net sales) for the year ended December 31, 2024 and $3,176 million (18 percent of net sales) for the year ended December 31, 2023.

The flat results were primarily driven by incremental costs from the Stoller and Symborg acquisitions, an unfavorable impact relating to deferred compensation plans due to market improvements and an increase in bad debt expense, partially offset by a decrease in selling expense, variable compensation, functional spend, commissions and consulting fees.

Amortization of Intangibles

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Intangible asset amortization was $644 million for the year ended December 31, 2025 and $685 million for the year ended December 31, 2024.

The increase was primarily driven by the impact of amortization relating to the intangible assets recognized in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023, partially offset by lower amortization on certain intangible assets arising from the Merger that became fully amortized in 2024.

The decrease was primarily driven by lower amortization on certain intangible assets arising from the Merger that became fully amortized in 2024.

2024 versus 2023

Intangible asset amortization was $685 million for the year ended December 31, 2024 and $683 million for the year ended December 31, 2023.

The decrease was primarily driven by the expiration of the favorable supply contracts in the fourth quarter of 2022, at which point the contracts became fully amortized, partially offset by amortization relating to the intangible assets recognized in connection with the Stoller and Symborg acquisitions.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

See Note 12 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for additional information.

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Restructuring and asset related charges - net $ 146 $ 288 $ 336

Restructuring and asset related charges - net were $146 million for the year ended December 31, 2025, which was primarily comprised of a $150 million charge associated with the Crop Protection Operations Strategy Restructuring Program consisting of $11 million of severance and related benefit costs, $13 million of asset related charges, $60 million in decommissioning and demolition costs and $66 million of contract termination charges.

Restructuring and asset related charges - net were $288 million for the year ended December 31, 2024, which was primarily comprised of a $232 million charge associated with the Crop Protection Operations Strategy Restructuring Program and a $55 million net charge from non-cash accelerated prepaid royalty amortization expense related to the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

The $232 million charge associated with the Crop Protection Operations Strategy Restructuring Program was primarily comprised of $91 million of severance and related benefit costs, $101 million of asset related charges, $10 million in decommissioning and demolition costs and $30 million of contract termination charges.

The $232 million charge associated with the Crop Protection Operations

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Strategy Restructuring Program was primarily comprised of $91 million of severance and related benefit costs, $101 million of asset related charges, $10 million in decommissioning and demolition costs and $30 million of contract termination charges.

Restructuring and asset related charges - net were $336 million for the year ended December 31, 2023, which was primarily comprised of a $217 million charge related to the Crop Protection Operations Strategy Restructuring Program, a $72 million net charge related to non-cash accelerated prepaid royalty amortization expense related to the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits and $42 million related to severance and related benefit costs, asset related charges and contract termination charges (including early lease terminations) associated with the 2022 Restructuring Actions.

The $217 million net charge associated with the Crop Protection Operations Strategy Restructuring Program was primarily comprised of $214 million of asset related charges, which includes non-cash impairment charges of $152 million consisting of $92 million and $60 million related to operating lease assets and property, plant and equipment, respectively, associated with the exit of the company’s production activities at its site in Pittsburg, California.

Restructuring and asset related charges - net were $336 million for the year ended December 31, 2022, which was primarily comprised of a $272 million net charge related to the 2022 Restructuring Actions and $109 million of restructuring and asset related charges - net from non-cash accelerated prepaid royalty amortization expense related to the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

The $272 million net charge associated with the 2022 Restructuring Actions was comprised of $111 million of severance and related benefit costs, $104 million of asset related charges and $57 million of costs related to contract terminations (including early lease terminations).

These charges were partially offset by a benefit associated with previous restructuring programs.

See Note 5 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information.

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Other income (expense) - net was $(570) million and $(300) million for the years ended December 31, 2025 and 2024, respectively.

Lower other expense was primarily driven by decreases in net exchange losses and charges related to estimated settlement reserves, as well as the receipt of insurance proceeds and an indemnification payment negotiated with the former Stoller owners, partially offset by a decrease in interest income.

Higher other expense was primarily driven by the resolution of litigation matters and the one-time receipt of an indemnification payment negotiated with the former Stoller owners during the first quarter of 2024.

These increases were partially offset by the receipt of insurance proceeds, the absence of charges related to estimated settlement reserves, a more favorable net exchange loss, a favorable tax indemnification adjustment and lower non-operating pension and OPEB costs.

2024 versus 2023

Other income (expense) - net was $(448) million for the year ended December 31, 2023 and $(60) million for the year ended December 31, 2022.

Higher other expense was primarily driven by an increase in net exchange losses and estimated settlement reserves and an increase in non-operating pension and other post-employment costs in the current period versus a benefit in the

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

prior period.

Higher other expense was partially offset by an increase in interest income and the absence of charges incurred in 2022 relating to certain legal matters and losses associated with a previously held equity investment.

Other income (expense) - net was $(300) million and $(448) million for the years ended December 31, 2024 and 2023, respectively.

See Note 6 - Supplementary Information, to the Consolidated Financial Statements, for additional information.

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Interest expense was $180 million and $233 million for the years ended December 31, 2025 and 2024, respectively.

The impact of lower short-term borrowings and lower interest rates was offset by higher interest related to the senior notes issued in 2023 and higher foreign currency borrowings.

The change was primarily driven by lower short-term borrowings and lower interest rates.

2024 versus 2023

Interest expense was $233 million and $233 million for the years ended December 31, 2024 and 2023, respectively.

The change was primarily driven by higher interest rates, the issuance of Senior Notes in connection with the May 2023 Debt Offering, and an increase in short term borrowings.

The impact of lower short-term borrowings and lower interest rates was offset by higher interest related to the senior notes issued in 2023 and higher foreign currency borrowings.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Provision for (Benefit from) Income Taxes on Continuing Operations

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primarily from current year earnings, and the unfavorable tax impact of certain net exchange losses recognized on the re-measurement of the net monetary asset positions.

These items were partially offset by a $(55) million deferred tax benefit associated with a change in a legal entity’s U.S.

tax characterization, a $(47) million benefit related to U.S.

tax credits for increasing research activities, a $(29) million benefit related to a capital loss (net of valuation allowance), as well as net tax benefits associated with changes in accruals for certain prior year tax positions.

For the year ended December 31, 2024, the company’s effective tax rate of 32.3 percent on pre-tax income from continuing operations of $1,275 million was unfavorably impacted by a $120 million charge on the establishment of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil, unfavorable geographic mix of earnings, a $22 million charge associated with repatriation of cash held outside of the U.S.

primarily from current year earnings, and the unfavorable tax impact of certain net exchange losses recognized on the re-measurement of the net monetary asset positions.

These items were partially offset by a $(59) million benefit related to U.S.

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primarily from current year earnings.

For the year ended December 31, 2022, the company’s effective tax rate of 14.7 percent on pre-tax income from continuing operations of $1,426 million was favorably impacted by tax benefits relating to the establishment of deferred taxes in connection with the impact of a change in a U.S.

legal entity's tax characterization, a worthless stock deduction in the U.S., and the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil in the amount of $(55) million, $(42) million and $(36) million, respectively.

These items were partially offset by the unfavorable tax impact of certain net exchange losses recognized on the re-measurement of the net monetary asset positions which were not deductible in their local jurisdictions, and a $24 million charge associated with repatriation of cash held outside of the U.S.

primarily from current year earnings.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Income (Loss) from Discontinued Operations After Income Taxes

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Income (loss) from discontinued operations after income taxes was $(99) million for the year ended December 31, 2025.

The after-tax charge was driven by charges recognized relating to the MOU with Chemours and DuPont, including a charge associated with the NJ Statewide Settlement as well as PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility, along with other environmental matters.

Income (loss) from discontinued operations after income taxes was $56 million for the year ended December 31, 2024.

The after-tax benefit was driven by charges pursuant to the MOU with Chemours and DuPont relating to PFAS remediation activities primarily at Chemours' Fayetteville Works facility and litigation activity, which were more than offset by a favorable adjustment of certain prior year tax positions for previously divested businesses, the derecognition of an indemnification liability associated with the Water District Settlement Fund contribution, and insurance proceeds related to legacy matters.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Income (loss) from discontinued operations after income taxes was $(194) million for the year ended December 31, 2023, which was primarily comprised of charges associated with the settlement of certain PFAS related legal matters that are subject to the MOU with Chemours and DuPont, including the Nationwide Water District Settlement and the State of Ohio for natural resources damage claims, and charges associated with PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility.

Income (loss) from discontinued operations after income taxes was $(58) million for the year ended December 31, 2022, which was primarily comprised of charges pursuant to the MOU with Chemours and DuPont relating to PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility and adjustments of certain prior year tax positions for previously divested businesses.

See Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for further discussion.

EIDP Analysis of Operations

As discussed in Note 1 - Basis of Presentation, to the EIDP Consolidated Financial Statements, EIDP is a subsidiary of Corteva, Inc.

As discussed in EIDP Note 1 - Basis of Presentation, to the EIDP Consolidated Financial Statements, EIDP is a subsidiary of Corteva, Inc.

and continues to be a reporting company, subject to the requirements of the Exchange Act.

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Other income (expense) - net was $(570) million and $(261) million for the years ended December 31, 2025 and 2024, respectively.

Higher other expense was primarily driven by the items noted on page 36, under the header “Other Income (Expense) – Net – 2025 versus 2024." See EIDP Note 2 - Related Party Transactions, to the EIDP Consolidated Financial Statements, for further information.

2024 versus 2023

Other income (expense) - net was $(261) million and $(448) million for the years ended December 31, 2024 and 2023, respectively.

Lower other expense was primarily driven by the items noted on page 36, under the header “Other Income (Expense) – Net – 2024 versus 2023." In addition, EIDP earned interest income from Corteva, Inc.

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See EIDP Note 2 - Related Party Transactions, to the EIDP Consolidated Financial Statements, for further information.

2023 versus 2022

Other income (expense) - net was $(448) million for the year ended December 31, 2023 and $(60) million for the year ended December 31, 2022.

Higher other expense was primarily driven by the items noted on page 36, under the header “Other Income (Expense) – Net – 2023 versus 2022." See EIDP Note 2 - Related Party Transactions, to the EIDP Consolidated Financial Statements, for further information.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Interest Expense

For the Year Ended December 31,

(In millions) 2025 2024 2023

Interest expense $ 180 $ 233 $ 253

2025 versus 2024

EIDP’s interest expense was $180 million and $233 million for the years ended December 31, 2025 and 2024, respectively.

The change was primarily driven by the items noted on page 37, under the header “Interest Expense – 2024 versus 2023,” and lower average borrowings on the related party loan between EIDP and Corteva, Inc., as the loan was repaid in the fourth quarter of 2023.

See Note 2 - Related Party Transactions, to the EIDP Consolidated Financial Statements, for further information.

The change was primarily driven by the items noted on page 36, under the header “Interest Expense – 2025 versus 2024."

2024 versus 2023

EIDP’s interest expense was $233 million and $253 million for the years ended December 31, 2024 and 2023, respectively.

The change was primarily driven by the items noted on page 37, under the header “Interest Expense – 2023 versus 2022,” and lower average borrowings on the related party loan between EIDP and Corteva, Inc.

The change was primarily driven by the items noted on page 36, under the header “Interest Expense – 2024 versus 2023,” and lower average borrowings on the related party loan between EIDP and Corteva, Inc., as the loan was repaid in the fourth quarter of 2023.

See Note 2 - Related Party Transactions, to the EIDP Consolidated Financial Statements, for further information.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Provision for (Benefit from) Income Taxes on Continuing Operations

For the Year Ended December 31,

(In millions) 2025 2024 2023

Provision for (benefit from) income taxes on continuing operations $ 484 $ 421 $ 147

Effective tax rate 28.7 % 32.0 % 13.7 %

For the year ended December 31, 2025, EIDP had an effective tax rate of 28.7 percent on pre-tax income from continuing operations of $1,688 million, driven by the items noted on page 37, under the header “Provision for (Benefit from) Income Taxes on Continuing Operations - 2025".

See Note 3 - Income Taxes, to the EIDP Consolidated Financial Statements, for further information.

For the year ended December 31, 2023, EIDP had an effective tax rate of 13.7 percent on pre-tax income from continuing operations of $1,073 million, driven by the items noted on page 37, under the header “Provision for (Benefit from) Income Taxes on Continuing Operations - 2023" and a tax benefit related to the interest expense incurred on the related party loan between EIDP and Corteva, Inc.

See Note 3 - Income Taxes, to the EIDP Consolidated Financial Statements for further information.

For the year ended December 31, 2024, EIDP had an effective tax rate of 32.0 percent on pre-tax income from continuing operations of $1,314 million, driven by the items noted on page 37, under the header “Provision for (Benefit from) Income Taxes on Continuing Operations - 2024." See Note 3 - Income Taxes, to the EIDP Consolidated Financial Statements, for further information.

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Seed and Crop Protection.

The company’s Seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world.

The segment offers trait technologies that improve resistance to weather, disease, insects and enhance food and nutritional characteristics, herbicides used to control weeds, and digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, help maximize yield and profitability.

The company’s Seed segment is a global leader in developing and supplying commercial seed combining superior germplasm with advanced traits to produce high yield potential for farmers around the world.

The segment offers seed and trait technologies that improve resistance to weather, diseases, pests and herbicides used to manage weeds.

Its digital solutions provide data driven insights that assist farmer decision-making with a view to optimize product selection and, ultimately, help maximize yield and profitability.

The segment competes in a wide variety of agricultural markets.

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The segment is a leader in global herbicides, insecticides, nitrogen stabilizers, pasture and range management herbicides and biologicals.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Summarized below are comments on individual segment net sales and segment operating EBITDA for the years ended December 31, 2025, 2024 and 2023.

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.

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.

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All references to prices are based on local price unless otherwise specified.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

A reconciliation of segment operating EBITDA to income (loss) from continuing operations after income taxes for the years ended December 31, 2025, 2024 and 2023 is included in Note 22 - Segment Information, to the Consolidated Financial Statements.

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Total $ 353 4 % 3 % 2 % (1) % — %

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Seed 2024 vs.

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Total $ 73 1 % 3 % 1 % (2) % (1) %

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Seed net sales were $9,898 million in 2025, up 4 percent from $9,545 million in 2024.

The sales increase was driven by a 3 percent increase in price and a 2 percent increase in volume, partially offset by a 1 percent unfavorable currency impact.

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 and Brazil, partially offset by lower soybean area in North America.

The unfavorable currency impacts were led by the Turkish Lira and Canadian Dollar.

Seed operating EBITDA was $2,636 million in 2025, up 19 percent from $2,219 million in 2024.

Commercial execution and market share gains in North America and Brazil, product mix, reduction of net royalty expense and ongoing cost and productivity actions more than offset increased compensation, research and development expense, bad debt expense, selling expenses and the unfavorable impact of currency.

Segment operating EBITDA margin improved by approximately 340 basis points versus the prior-year period.

Seed net sales were $9,545 million in 2024, up 1 percent from $9,472 million in 2023.

The sales increase was driven by a 3 percent increase in price and 1 percent increase in volume partially offset by a 2 percent unfavorable currency impact and a 1 percent unfavorable portfolio impact.

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Segment operating EBITDA margin improved by approximately 90 basis points versus the prior-year period.

Seed net sales were $9,472 million in 2023, up 5 percent from $8,979 million in 2022.

The sales increase was driven by a 13 percent increase in price, partially offset by a 6 percent decline in volume and a 2 percent unfavorable currency impact.

The increase in price was broad-based and driven by strong demand for top technology and operational execution globally, with global corn and soybean prices up 14 percent and 7 percent, respectively.

Pricing actions more than offset currency impacts in EMEA.

The decline in volume was driven by the 2022 decision to exit Russia, lower corn planted area in EMEA, reduced summer corn planted area and lower expected Safrinha corn planted area in Brazil, partially offset by increased corn acres in North America.

Unfavorable currency impacts were led by the Turkish Lira and the Canadian Dollar.

Seed operating EBITDA was $2,117 million in 2023, up 28 percent from $1,656 million in 2022.

Price execution, reduction of net royalty expense, and ongoing cost and productivity actions more than offset higher commodity and input costs, lower volumes, and the unfavorable impact of currency.

Segment operating EBITDA margin improved by approximately 390 basis points versus the prior-year period.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Crop Protection For the Year Ended December 31,

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Total $ 140 2 % (2) % 5 % (1) % — %

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Crop Protection 2025 vs.

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Total $ (391) (5) % (5) % 3 % (3) % — %

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Crop Protection

Crop Protection net sales were $7,503 million in 2025, up 2 percent from $7,363 million in 2024.

The sales increase was driven by a 5 percent increase in volume, partially offset by a 2 percent decrease in price and a 1 percent unfavorable impact from currency.

Volume growth was driven by demand for new products, herbicides and biologicals, while price declined primarily due to market dynamics in Latin America, partially offset by North America price increases.

The unfavorable currency impacts were led by the Turkish Lira and Brazilian Real.

Segment operating EBITDA was $1,350 million in 2025, up 6 percent from $1,272 million from 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 70 basis points versus the prior-year period.

Crop Protection net sales were $7,363 million in 2024, down 5 percent from $7,754 million in 2023.

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Unfavorable currency impacts were led by the Brazilian Real and Turkish Lira.

The increase in volumes was driven by growth in Latin America on demand for new products and spinosyns, partially offset by unfavorable weather impacts in EMEA as well as just-in-time purchasing behavior in North America.

Segment Operating EBITDA was $1,272 million in 2024, down 7 percent from $1,374 million from 2023.

The increase in volumes was driven by growth in Latin America on demand for new products

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

and spinosyns, partially offset by unfavorable weather impacts in EMEA as well as just-in-time purchasing behavior in North America.

Segment operating EBITDA was $1,272 million in 2024, down 7 percent from $1,374 million in 2023.

Pricing pressure and the unfavorable impact of currency more than offset productivity savings, raw material deflation, and volume growth.

Segment operating EBITDA margin contracted by approximately 45 basis points versus the prior-year period.

Crop Protection net sales were $7,754 million in 2023, up 9 percent from $8,476 million in 2022.

The decrease was driven by a 14 percent decrease in volume and a 1 percent unfavorable impact from currency, partially offset by a 4 percent favorable impact from portfolio and a 2 percent increase in price.

The decrease in volume was driven by strategic product exits, channel inventory destocking, and delayed farmer purchases.

The increase in price was led by EMEA, and mostly reflected pricing for the value of our differentiated technology, including new products, and currency in EMEA, partially offset by challenging market dynamics in Latin America and North America.

Unfavorable currency impacts were led by the Turkish Lira and Chinese Renminbi.

The portfolio impact was driven by the Stoller and Symborg acquisitions, which added approximately $420 million of net sales.

Segment Operating EBITDA was $1,374 million in 2023, down 18 percent from $1,684 million in 2022.

Pricing execution, productivity actions, and the favorable impact from the Stoller and Symborg acquisitions were more than offset by lower volumes, higher input costs, and the unfavorable impact of currency.

Segment operating EBITDA margin declined by 215 basis points versus the prior-year period.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

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GAAP are provided below.

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.

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.

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 separation costs, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Corteva 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.

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Management believes that Free Cash Flow provides investors with meaningful information regarding the company’s ongoing ability to generate cash through core operations, and the company’s ability to service its indebtedness, pay dividends (when declared), make share repurchases, and meet its ongoing cash needs for its operations.

During the fourth quarter of 2023, the company made the decision, which was retrospectively applied, to adjust the presentation of the Consolidated Statement of Cash Flows to separately show the cash provided by (used for) operating activities – discontinued operations, which was previously presented within cash provided by (used for) operating activities.

See Note 1 – Background and Basis of Presentation, to the Consolidated Financial Statements, for additional information.

As a result, the definition for Free Cash Flow was revised to utilize cash provided by (used for) operating activities – continuing operations.

The change in definition did not have a material impact to prior years’ Free Cash Flow.

Management made this decision to better present the liquidity generated from the company’s ongoing business operations.

Under the revised definition, Free Cash Flow was $307 million for the year ended December 31, 2022.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Reconciliation of Income (Loss) from Continuing Operations after Income Taxes to Operating EBITDA

Year Ended December 31,

For the Year Ended December 31,

(In millions) 2025 2024 2023

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Significant items (benefit) charge 658 315 579

Separation costs 35 — —

Operating EBITDA (Non-GAAP) $ 3,848 $ 3,376 $ 3,381

Significant Items

Year Ended December 31,

For the Year Ended December 31,

(In millions) 2025 2024 2023

Restructuring and asset related charges - net $ 146 $ 288 $ 336

Bayer resolution 1

Estimated settlement expense 2

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(37) (7) (14)

Settlement costs associated with the Russia Exit 2

Seed sale associated with Russia Exit 3,5

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Tax only significant item (benefit) charge 10

116 (45) (133)

Total significant items (benefit) charge, after tax $ 582 $ 351 $ 403

Consists of a charge relating to the resolution of litigation with Bayer.

See Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information.

Consists of estimated Lorsban® related charges.

Incremental (gains) losses associated with activities related to the 2022 Restructuring Actions.

Incremental loss associated with activities related to the Crop Protection Operations Strategy Restructuring Program.

Includes a benefit of $18 million and $3 million for the years ended December 31, 2023 and 2022, respectively, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the company was contractually required to purchase.

It consists of $71 million and $8 million of net sales and $53 million and $5 million of cost of goods sold for the years ended December 31, 2023 and 2022, respectively.

Within (gain) loss on sale of business, assets and equity investments, such benefits are $(14) million, $(7) million and $(14) million for the years ended December 31, 2025, 2024 and 2023, respectively.

Incremental (gains) losses associated with activities related to the Crop Protection Operations Strategy Restructuring Program.

Within (gain) loss on sale of business, assets and equity investments, a $(23) million benefit was recorded for the year ended December 31, 2025.

Includes a benefit of $(18) million for the year ended December 31, 2023, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the company was contractually required to purchase.

It consists of $71 million of net sales and $53 million of cost of goods sold for the year ended December 31, 2023.

Relates to acquisition-related costs, including transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg as well as the recognition of the inventory fair value step-up.

See Note 4 - Business Combinations, to the Consolidated Financials Statements, for additional information.

Relates to a charge to increase the remediation accrual at the AltEn facility relating to Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans.

See Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information.

Includes proceeds received related to prior significant items.

Unless specifically addressed above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

The tax only significant item for the year ended December 31, 2025 relates to the establishment of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil (Crop Protection business) in the amount of $132 million, as well as a deferred tax benefit associated with a change in a legal entity's U.S.

tax characterization in the amount of $(55) million.

The tax only significant item charge for the year ended December 31, 2024 relates to the establishment of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil (Seed business) in the amount of $120 million, as well as a change in estimate related to intellectual property realignment.

The tax only significant item benefit for the year ended December 31, 2023 relates to the impact of changes to deferred taxes and a tax currency change for legal entities within Switzerland of $(62) million and $(24) million, respectively, as well as adjustments due to intellectual property realignment of $46 million and a change in estimate related to a worthless stock deduction in the U.S.

The tax only significant item benefit for the year ended December 31, 2022 relates to the impact of a change in a U.S.

legal entity's tax characterization, resulting in the establishment of deferred taxes, the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil (Crop Protection Business) and a worthless stock deduction in the U.S.

of $(55) million, $(36) million, and $(42) million, respectively.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Reconciliation of Income (Loss) from Continuing Operations Attributable to Corteva and Earnings (Loss) Per Share of Common Stock from Continuing Operations - Diluted to Operating Earnings (Loss) and Operating Earnings (Loss) Per Share

Year Ended December 31,

For the Year Ended December 31,

(In millions) 2025 2024 2023

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Non-operating benefits (costs), after tax (36) (127) (111)

Amortization of intangibles (existing as of Separation), after tax (459) (471) (542)

Amortization of intangibles (existing as of Corteva Separation), after tax (434) (459) (471)

Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax — — —

Significant items benefit (charge), after tax (582) (351) (403)

Separation costs, after tax (31) — —

Operating Earnings (Loss) (Non-GAAP) $ 2,276 $ 1,788 $ 1,914

Year Ended December 31,

2024 2023 2022

For the Year Ended December 31,

(Dollars per Share) 2025 2024 2023

Earnings (loss) per share of common stock from continuing operations attributable to Corteva common stockholders - diluted (GAAP)

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Non-operating benefits (costs), after tax (0.05) (0.18) (0.16)

Amortization of intangibles (existing as of Separation), after tax (0.67) (0.66) (0.75)

Amortization of intangibles (existing as of Corteva Separation), after tax (0.64) (0.67) (0.66)

Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax — — —

Significant items benefit (charge), after tax (0.85) (0.50) (0.57)

Separation costs, after tax (0.05) — —

Operating Earnings (Loss) Per Share (Non-GAAP) $ 3.34 $ 2.57 $ 2.69

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Reconciliation of Cash Provided by (Used for) Operating Activities – Continuing Operations to Free Cash Flow

(In millions) Year Ended December 31,

(In millions) For the Year Ended December 31,

2025 2024 2023

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Free Cash Flow (Non-GAAP) $ 2,866 $ 1,699 $ 1,214

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Liquidity & Capital Resources

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Standard & Poor's 1

A- A-2 Stable

Moody’s Investors Service A3 P-2 Stable

A- A-2 Watch Negative

Moody’s Investors Service Baa1 P-2 Watch Negative

Fitch Ratings 1

A F1 Watch Negative

In addition, Corteva, Inc.

has been assigned a long-term issuer credit rating of A- with Stable outlook by Standard & Poor's and an Issuer Default Rating of A with Stable outlook by Fitch Ratings.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

The company believes its ability to generate cash from operations and access to capital markets and commercial paper markets will be adequate to meet anticipated cash requirements to fund its operations, including seasonal working capital, capital spending, dividend payments, share repurchases, pension obligations and litigation costs, net of recoveries.

has been assigned a long-term issuer credit rating of A- with Watch Negative outlook by Standard & Poor's and an Issuer Default Rating of A with Watch Negative outlook by Fitch Ratings.

The company believes its cash on hand, as well as its ability to generate cash from operations and access to capital markets and commercial paper markets, will be adequate to meet anticipated cash requirements to fund its operations, including seasonal working capital, capital spending, dividend payments, share repurchases, pension obligations and litigation costs, net of recoveries.

Corteva's strong financial position, liquidity and credit ratings will provide access as needed to capital markets and commercial paper markets to fund seasonal working capital needs.

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These facilities are provided to the company by highly rated and well capitalized global financial institutions.

In May 2025, the company issued $500 million of 5.125 percent Senior Notes due in May 2032 (the “May 2025 Debt Offering”).

The proceeds were used to repay the $500 million senior notes that matured in July 2025.

In May 2023, the company issued $600 million of 4.50 percent Senior Notes due in 2026 and $600 million of 4.80 percent Senior Notes due in 2033 (the “May 2023 Debt Offering”).

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In February 2023, the company drew down $1 billion under the 364-Day Revolving Credit Facility, which was used for general corporate purposes, including funding seasonal working capital needs, capital spending, dividend payments, share repurchases and to partially fund the Stoller and Symborg acquisitions.

In May 2023, the company repaid the $1 billion loan using the proceeds from the May 2023 Debt Offering.

In May 2023, the company repaid the $1 billion loan using the proceeds from the May 2023 Debt Offering and subsequently, in July 2023 reduced the available credit from $1 billion to $500 million.

In February 2024, the company amended and restated the 364-Day Revolving Credit Facility, increasing the facility amount to $1 billion and extending the expiration date to February 2025.

In February 2025, the company amended and restated the 364-Day Revolving Credit Facility, decreasing the facility amount from $1 billion to $750 million and extending the expiration date to February 2026.

In February 2026, the company amended and restated the 364-Day Revolving

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Credit Facility, increasing the facility amount from $750 million to $1.25 billion, extended the expiration date to February 2027 and amended the interest rate to Term SOFR plus the applicable margin.

The 364-Day Revolving Credit Facility contains customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings.

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At December 31, 2025, the company was in compliance with these covenants.

In May 2022, the company entered into a $3 billion, 5 year revolving credit facility and a $2 billion, 3-year revolving credit facility (the "Revolving Credit Facilities”) expiring in May 2027 and May 2025, respectively.

In May 2022, the company entered into a $3 billion, five year revolving credit facility and a $2 billion, three-year revolving credit facility (the "Revolving Credit Facilities”) expiring in May 2027 and May 2025, respectively.

In June 2024, the Revolving Credit Facilities were refinanced for purposes of extending the maturity dates for the five-year and three-year revolving credit facilities to June 2029 and June 2027, respectively, and lowering the facility amount of the five-year revolving credit facility to $2.85 billion and the three-year revolving credit facility to $1.9 billion.

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Total unused bank credit lines on the Foreign Currency Loans at December 31, 2025 was approximately $86 million.

The company’s long-term Foreign Currency Loans have varying maturities through 2026.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

The company’s long-term Foreign Currency Loans are maturing in March 2026.

The company's indenture covenants include customary limitations on liens, sale and leaseback transactions, and mergers and consolidations affecting manufacturing plants, mineral producing properties or research facilities located in the U.S.

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The settling companies utilized the balance in the MOU Escrow Account, along with amounts previously expected to be contributed to the MOU Escrow Account in 2023, among other sources, to make their respective contributions to the Water District Settlement Fund.

Refer to Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information.

In April 2024, the settlement was deemed final resulting in the release of the previously restricted cash in the Water District Settlement Fund and derecognition of the associated liability.

See Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information.

The company has meaningful seasonal working capital needs based in part on providing financing to its customers.

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For arrangements that include an element of recourse, the company provides a guarantee of the trade receivables in the event of customer default.

Refer to Note 10 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements, for more information.

The company also organizes agreements with third-party financial institutions who directly provide financing for select customers of its Seed and Crop Protection products in each region.

See Note 9 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements, for additional information.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

The company also organizes agreements with third-party financial institutions that directly provide financing for select customers of its seed and crop protection products in each region.

Terms of the third-party loans are less than a year and programs are renewed on an annual basis.

In some cases, the company guarantees a portion of the extension of such credit to such customers.

Refer to Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for more information on the company’s guarantees.

See Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for more information on the company’s guarantees.

The company's cash, cash equivalents and marketable securities at December 31, 2025 and 2024 are $4.5 billion and $3.2 billion, respectively, of which $2.1 billion and $1.7 billion, respectively, was held by subsidiaries in foreign countries, including United States territories.

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The cash held by foreign subsidiaries is generally used to finance the subsidiaries' operational activities and future foreign investments.

At December 31, 2024, management believed that sufficient liquidity is available in the U.S.

with global operating cash flows, borrowing capacity from existing committed credit facilities, and access to capital markets and commercial paper markets.

At December 31, 2025, management believed that sufficient liquidity is available in the United States with global operating cash flows, borrowing capacity from existing committed credit facilities, and access to capital markets and commercial paper markets.

Summary of Cash Flows

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Cash provided by (used for) operating activities – continuing operations for the year ended December 31, 2025 was $3,457 million compared to $2,296 million for the year ended December 31, 2024.

The change was primarily driven by higher net income, favorable changes in customer prepayments and collections, and favorable changes in accounts payable due to lower payments to third-party growers resulting from lower commodity costs and planted area, partially offset by an unfavorable change in inventories due to a lower comparable decline in volumes and the sale of lower-cost inventory in the current year.

Cash provided by (used for) operating activities – continuing operations for the year ended December 31, 2024 was $2,296 million compared to $1,809 million for the year ended December 31, 2023.

The change was primarily driven by favorable changes in working capital.

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Within accounts payable, lower payments to third-party growers resulted from lower commodity costs and production plans, supplemented by a change in inventory purchasing patterns.

Accrued and other current liabilities benefited from a decrease in

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

soybean royalties, while noncurrent assets and liabilities benefited from derivative settlements driven by a weaker Brazilian Real currency.

Accrued and other current liabilities benefited from a decrease in soybean royalties, while noncurrent assets and liabilities benefited from derivative settlements driven by a weaker Brazilian Real currency.

These movements were partially offset by unfavorable changes in receivables driven by slower collections and higher sales on credit terms.

Cash provided by (used for) operating activities – continuing operations for the year ended December 31, 2023 was $1,809 million compared to $912 million for the year ended December 31, 2022.

The change was primarily driven by favorable changes in receivables due to lower Crop Protection sales and higher collections as well as favorable changes in inventories due to higher Seed sales and lower Crop Protection purchases.

Partially offsetting these sources of cash were lower accounts payable driven by higher payments to third-party growers and higher seed production costs and the timing of payments to lenders for providing financing to select customers.

For the Year Ended December 31,

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The cash outflows were primarily related to PFAS activities that are subject to the MOU with Chemours and DuPont associated with environmental remediation activities primarily at Chemours' Fayetteville Works facility.

In addition, the disbursement of cash held in the Water District Settlement Fund is reflected in the year ended December 31, 2024.

Cash provided by (used for) operating activities – discontinued operations for the years ended December 31, 2024 and 2023 was $(151) million and $(40) million, respectively.

In addition, the disbursement of the cash held in the Water District Settlement Fund is reflected in the year ended December 31, 2024.

These outflows were partially offset by the receipt of insurance proceeds related to legacy matters.

Cash provided by (used for) operating activities – discontinued operations for the year ended December 31, 2023 and 2022 was $(40) million.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

For the Year Ended December 31,

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Cash provided by (used for) investing activities was $(543) million for the year ended December 31, 2025 compared to $(589) million for the year ended December 31, 2024.

The change was primarily due to the acquisitions of Stoller and Symborg in 2023, partially offset by lower current year proceeds from sales and maturities of investments and higher proceeds from sales of property, businesses, and consolidated companies in 2023.

The change was primarily due to lower purchases of investments and proceeds from sales of property, partially offset by higher payments to settle net investment hedges.

Cash provided by (used for) investing activities was $(589) million for the year ended December 31, 2024 compared to $(1,987) million for the year ended December 31, 2023.

The change was primarily due to the acquisitions of Stoller and Symborg and lower proceeds from sales and maturities of investments, partially offset by lower purchases of investments and the proceeds from the settlement of the net investment hedge.

Capital expenditures totaled $591 million, $597 million, and $595 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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Cash provided by (used for) financing activities was $(1,644) million for the year ended December 31, 2025 compared to $(1,199) million for the year ended December 31, 2024.

The change was primarily due to lower borrowings in 2025, and higher dividend payments and share repurchases.

Cash provided by (used for) financing activities was $(1,199) million for the year ended December 31, 2024 compared to $(99) million for the year ended December 31, 2023.

The change was primarily due lower required borrowings in 2024 to fund working capital needs, capital spending, dividend payments and share repurchases.

In addition, there were additional

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

borrowings in 2023 to partially fund the Stoller and Symborg acquisitions.

In addition, there were additional borrowings in 2023 to partially fund the Stoller and Symborg acquisitions.

These lower current year borrowings were offset by higher payments on debt and higher repurchases of common stock and paid dividends in 2024.

Cash provided by (used for) financing activities was $(99) million for the year ended December 31, 2023 compared to $(1,180) million for the year ended December 31, 2022.

The change was primarily due to the May 2023 Debt Offering and higher borrowings to fund working capital needs, capital spending, dividend payments, share repurchases and to partially fund the Stoller and Symborg acquisitions.

The change was also driven by lower share repurchases.

During 2025, the company's Board of Directors authorized and paid quarterly dividends on its common stock of $0.17 in the first and second quarters and $0.18 in third and fourth quarters, respectively.

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The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors.

On September 13, 2022, Corteva, Inc.

The timing, price and volume of purchases in connection with the 2022 Share Buyback Plan will be based on market conditions, relevant securities laws and other factors.

In connection with the 2022 Share Buyback Plan, the company repurchased and retired 17,909,000 shares and 10,026,000 shares in the open market and through privately-negotiated transactions for a cost (excluding excise taxes) of $1 billion and $500 million during the year ended December 31, 2024 and 2023, respectively.

The company completed the 2022 Share Buyback Plan during the second quarter of 2025 and repurchased and retired 7,815,000, 17,909,000 and 10,026,000 shares in the open market and through privately-negotiated transactions for a cost (excluding excise taxes) of $500 million, $1 billion and $500 million during the year ended December 31, 2025, 2024 and 2023, respectively.

On August 5, 2021, the company's Board of Directors authorized a $1.5 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date (“2021 Share Buyback Plan”).

The company completed the 2021 Share Buyback Plan during the first quarter of 2023 and repurchased and retired 4,098,000, 17,425,000 and 5,572,000 shares in the open market for a total cost of $250 million, $1 billion, and $250 million during the years ended December 31, 2023, 2022 and 2021, respectively.

For the full year 2025, the company expects repurchases of approximately $1 billion under the 2022 Share Buyback Plan and 2024 Share Buyback Plan discussed above.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

For the first half of 2026, the company expects repurchases of approximately $500 million under the 2024 Share Buyback Plan discussed above.

The total amount, timing, price and volume of purchases will be based on market conditions, relevant securities laws and other market and company specific factors.

See Note 16 - Stockholders' Equity, to the Consolidated Financial Statements, for additional information related to the share buyback plans.

EIDP Liquidity Discussion

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and continues to be a reporting company, subject to the requirements of the Exchange Act.

The below relates to EIDP only and is presented to provide a Liquidity discussion, only for the differences between EIDP and Corteva, Inc.

The discussion below relates to EIDP only and is presented to provide a Liquidity discussion, only for the differences between EIDP and Corteva, Inc.

Cash provided by (used for) operating activities - continuing operations

EIDP’s cash provided by (used for) operating activities - continuing operations for the year ended December 31, 2024 was $2,338 million compared to an as-restated $1,768 million for the year ended December 31, 2023.

The change was primarily driven by the items noted on page 48, under the header "Cash provided by (used for) operating activities - continuing operations," as well as lower net interest expense related to loan activity with Corteva.

EIDP’s cash provided by (used for) operating activities - continuing operations for the year ended December 31, 2023 was an as-restated $1,768 million compared to $879 million for the year ended December 31, 2022.

EIDP’s cash provided by (used for) operating activities - continuing operations for the year ended December 31, 2025 was $3,457 million compared to $2,338 million for the year ended December 31, 2024.

The change was primarily driven by the items noted on page 49, under the header "Cash provided by (used for) operating activities - continuing operations."

EIDP’s cash provided by (used for) operating activities - continuing operations for the year ended December 31, 2024 was $2,338 million compared to $1,768 million for the year ended December 31, 2023.

The change was primarily driven by the items noted on page 49, under the header "Cash provided by (used for) operating activities - continuing operations," as well as lower net interest expense related to loan activity with Corteva.

Cash provided by (used for) operating activities - discontinued operations

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The change was primarily driven by the items noted on page 49, under the header "Cash provided by (used for) operating activities - discontinued operations."

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Cash provided by (used for) investing activities

EIDP’s cash provided by (used for) investing activities for the year ended December 31, 2024 was $(228) million compared to an as-restated $(2,007) million for the year ended December 31, 2023.

The change was primarily driven by the items noted on page 49, under the header "Cash provided by (used for) investing activities," in addition to loan repayments by Corteva during 2024 on the related party Master In-House Banking Agreement.

EIDP’s cash provided by (used for) investing activities for the year ended December 31, 2023 was an as-restated $(2,007) million compared to $(632) million for the year ended December 31, 2022.

EIDP’s cash provided by (used for) investing activities for the year ended December 31, 2025 was $(543) million compared to $(228) million for the year ended December 31, 2024.

The change was primarily driven by the items noted on page 50, under the header "Cash provided by (used for) investing activities."

EIDP’s cash provided by (used for) investing activities for the year ended December 31, 2024 was $(228) million compared to $(2,007) million for the year ended December 31, 2023.

The change was primarily driven by the items noted on page 50, under the header "Cash provided by (used for) investing activities," in addition to loan repayments by Corteva during 2024 on the related party Master In-House Banking Agreement.

Cash provided by (used for) financing activities

EIDP’s cash provided by (used for) financing activities was $(1,602) million for the year ended December 31, 2024 compared to an as-restated $(38) million for the year ended December 31, 2023.

EIDP’s cash provided by (used for) financing activities was $(1,644) million for the year ended December 31, 2025 compared to $(1,602) million for the year ended December 31, 2024.

The change was primarily driven by the items noted on page 50, under the header "Cash provided by (used for) financing activities".

EIDP’s cash provided by (used for) financing activities was $(1,602) million for the year ended December 31, 2024 compared to $(38) million for the year ended December 31, 2023.

The change was primarily due to lower debt borrowings and higher debt payments and issuance of a cash dividend by EIDP to Corteva, Inc., partially offset by lower related party debt payments.

EIDP’s cash provided by (used for) financing activities was an as-restated $(38) million for the year ended December 31, 2023 compared to $(1,147) million for the year ended December 31, 2022.

The change was primarily due to the higher borrowings to fund working capital needs, capital spending, and to partially fund the Stoller and Symborg acquisitions.

The change was also driven by lower payments on related party debt.

See EIDP Note 2 - Related Party Transactions, to the EIDP Consolidated Financial Statements for further information on the related party loan between EIDP and Corteva, Inc.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Critical Accounting Estimates

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Accounting for employee benefit plans involves assumptions and estimates.

Discount rate and expected long-term rate of return on plan assets are two critical assumptions in measuring the cost and benefit obligation of the company's pension and OPEB plans.

Discount rate and expected long-term rate of return on plan assets are two critical assumptions in measuring the cost and benefit obligation of the company's pension and other post-employment benefit ("OPEB") plans.

Management reviews these two key assumptions when plans are re-measured.

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As permitted by GAAP, actual results that differ from the assumptions are accumulated on a plan by plan basis and to the extent that such differences exceed 10 percent of the greater of the plan's benefit obligation or the applicable plan assets, the excess is amortized over the average remaining service period of active employees or the average remaining life expectancy of plan participants if all or almost all of a plan’s participants are inactive.

Most of the company's benefit obligation for pensions and OPEB are attributable to the U.S.

Most of the company's benefit obligation for pensions and OPEB plans are attributable to the U.S.

benefit plans.

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The company measures the service and interest cost components utilizing a full yield curve approach by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

For the non-U.S.

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In determining the 2025 net periodic pension cost in the U.S., an assumption of 6.00 percent for expected long-term rate of return on plan assets was used.

After re-evaluating the current strategic asset allocation and market conditions, the company increased the expected long-term rate of return on plan assets assumption to 6.00 percent to be used in determining the 2025 net periodic pension cost in the U.S.

After re-evaluating the current strategic asset allocation and market conditions, the company maintained the expected long-term rate of return on plan assets assumption at 6.00 percent to be used in determining the 2026 net periodic pension cost in the U.S.

Consistent with prior years, the expected long-term rate of return on plan assets in the U.S.

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plans, the strategic asset allocations are selected in accordance with the laws and practices for each country.

I n determining annual expense for the principal U.S.

pension plan, the company uses a market-related value of assets rather than its fair value.

In determining annual expense for the principal U.S.

pension plan, the company uses a market-related value of assets rather than the fair value.

Accordingly, there may be a lag in recognition of changes in market valuation.

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For the years ended December 31, 2025, 2024 and 2023, the market-related value of assets is calculated by averaging market returns over 36 months.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

The following table shows the market-related value and fair value of plan assets for the principal U.S.

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Therefore, considerable uncertainty exists with respect to environmental remediation and costs, and, under adverse changes in circumstances, it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately $553 million above the accrued obligations amount.

Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

operations, financial condition and cash flows.

It is the opinion of the company’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the company’s results of operations, financial condition or cash flows.

For further discussion, see "Environmental Matters" section on page 58 and Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements.

Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows.

For further discussion, see the "Environmental Matters" section on page 58 and Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements.

Legal Contingencies

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A detailed discussion of significant litigation matters is contained in Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

Indemnification Assets

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In some situations, these changes could be material.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

At December 31, 2024, the company had a net deferred tax liability balance of $77 million, inclusive of a valuation allowance of $666 million.

At December 31, 2025, the company had a net deferred tax asset balance of $69 million, inclusive of a valuation allowance of $887 million.

Realization of deferred tax assets is expected to occur over an extended period of time.

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Estimates based on these assumptions may differ significantly from actual results.

Changes in factors and assumptions used in assessing potential impairments can have a significant impact on the existence and magnitude of impairments, as well as the time in which such impairments are recognized.

Changes in factors and assumptions used in assessing potential impairments can have a significant impact on the existence and

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

magnitude of impairments, as well as the time at which such impairments are recognized.

In addition, the company continually reviews its portfolio of assets to ensure they are achieving their greatest potential and are aligned with the company's growth strategy.

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The company’s significant assumptions in these analyses include future cash flow projections, weighted average cost of capital, the terminal growth rate and the tax rate.

The company’s estimates of future cash flows are

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

based on current regulatory and economic climates, recent operating results, and assumed business strategy from a market participant perspective and includes an estimate of long-term future growth rates based on such strategy.

The company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and assumed business strategy from a market participant perspective and includes an estimate of long-term future growth rates based on such strategy.

Actual results may differ from those assumed in the company’s forecasts.

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The company believes the current assumptions and estimates utilized are both reasonable and appropriate.

Based on the qualitative annual goodwill impairment analyses performed in the fourth quarter 2024, it was concluded more likely than not that the fair value of each reporting unit exceeded its respective carrying value and, therefore, a quantitative test was not performed.

Based on the qualitative annual goodwill impairment analyses performed in the fourth quarter of 2025, it was concluded more likely than not that the fair value of each reporting unit exceeded its respective carrying value and, therefore, a quantitative test was not performed.

No goodwill impairment charge was necessary.

Prepaid Royalties

The company’s Seed segment currently has certain third-party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions.

These payments are reflected as other current assets and other assets and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the term of the license.

The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres.

Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty.

At December 31, 2024, the balance of prepaid royalties reflected in other current assets and other assets was approximately $65 million and $160 million, respectively.

Through June 30, 2024, the prepaid royalties balance largely related to the non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans, which was obtained by the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.

(“Pioneer”) (“Roundup Ready 2 License Agreement”).

In connection with the departure from these traits in the company's product portfolio in favor of the Enlist E3 TM trait platform, beginning January 1, 2020 the company presents and discloses accelerated prepaid royalty amortization expense associated with these prepaid royalties as a component of restructuring and asset related charges - net in the Consolidated Statement of Operations.

The accelerated prepaid royalty amortization expense represents the difference between the rate of amortization based on the revised number of units expected to contain the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® trait technology and the per unit cash rate per the Roundup Ready 2 License Agreement.

As of December 31, 2024, the Enlist E3 TM trait platform has grown to 65 percent of our soybean portfolio.

For the year ended December 31, 2024, the company recognized charges of $55 million in restructuring and asset related charges - net in the Consolidated Statement of Operations from non-cash accelerated prepaid royalty amortization expense, which as of the end of the second quarter of 2024 is complete.

For further discussion of accelerated prepaid royalty amortization, refer to Note 2 - Summary of Significant Accounting Policies, to the Consolidated Financial Statements.

Off-Balance Sheet Arrangements

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MOU Escrow Contributions

On January 22, 2021, Chemours, DuPont, Corteva and EIDP entered into a binding memorandum of understanding containing a settlement to resolve legal disputes originating from the Delaware Litigation and Pending Arbitration, and to establish a cost sharing arrangement for potential future legacy per- and polyfluoroalkyl substances (“PFAS”) liabilities arising out of pre-July 1, 2015 conduct (the “MOU”).

Under the terms of the MOU, Corteva’s estimated aggregate share of the potential $2 billion is approximately $600 million.

In order to support and manage any potential future PFAS liabilities, the parties have also agreed

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

to establish an escrow account ("MOU Escrow Account").

1, 2015 conduct (the “MOU”).

Under the terms of the MOU, Corteva’s estimated aggregate share of the potential $2 billion is approximately $600 million.

In order to support and manage any potential future PFAS liabilities, the parties have also agreed to establish an escrow account ("MOU Escrow Account").

The MOU provides that contributions to the MOU Escrow Account will be made by Chemours, DuPont and Corteva, annually over an eight-year period through 2028.

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Additionally, if on December 31, 2028, the balance of the MOU Escrow Account (including interest) is less than $700 million, Chemours will make 50% of the deposits and DuPont and Corteva, together, will make 50% of the deposits necessary to restore the balance of the escrow account to $700 million pursuant to the terms of the Letter Agreement.

The company made its annual installment deposits due to the MOU Escrow Account through December 31, 2024, waiving the contribution due in 2023 pursuant to the supplemental agreement to the MOU executed by Chemours, DuPont and Corteva provided certain conditions were met.

Refer to Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for further details on the MOU and funding of the MOU Escrow Account.

The company made its annual installment deposits due to the MOU Escrow Account through December 31, 2025, when considering the 2023 waiver and 2025 suspension pursuant to supplemental agreements to the MOU executed by Chemours, DuPont and Corteva as certain conditions were met.

See Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for further details on the MOU and funding of the MOU Escrow Account.

Contractual Obligations

Our principal commitments consist of long-term debt, operating and finance lease obligations and environmental remediation obligations.

Refer to Note 15 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, Note 14 – Leases, and Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, respectively, for further discussion.

See Note 14 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, Note 13 – Leases, and Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, respectively, for further discussion.

Information related to the company's other significant contractual obligations are summarized in the following table:

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In December 2020, the company amended its retiree medical, dental and life insurance plans resulting in the company no longer providing retiree dental and life insurance benefits effective January 1, 2022 and Corteva’s portion of the cost of non-Medicare retiree medical coverage no longer being adjusted for cost increases, which capped the Corteva cost at the level as of December 31, 2021 ("2020 OPEB Plan Amendments").

As a result of these changes, the company recorded a $939 million decrease in OPEB benefit obligations as of December 31, 2020 with a corresponding prior service benefit within other comprehensive income (loss) for the year ended December 31, 2020.

A substantial amount of the prior service benefit within other comprehensive income (loss) in 2020 was recognized in other income (expense) - net in the Consolidated Statement of Operations during 2021 with the remainder recognized during 2022.

Pension benefits are paid primarily from trust funds established to comply with applicable laws and regulations.

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pension plan and approximately $ 100 million to its OPEB plans.

The company does not anticipate making contributions to its principal U.S.

In planning for the Proposed Separation, including the future capital structures of the two new companies, the company expects to evaluate discretionary contributions to its principal U.S.

pension plan in 2026.

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Long-term employee benefit plan (credit) charges - continuing operations $ 186 $ 306 $ 284

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

The above (credit) charges for pension and OPEB are determined as of the beginning of each period.

Long-term employee benefit plan (credits) costs were $186 million and $306 million for the years ended December 31, 2025 and 2024, respectively.

The change is mainly due to a decrease in asset values.

The change is mainly due to the increase in the expected long-term rate of return on plan assets assumption for the U.S plan net

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

of the increase in the discount rates.

See "Pension Plans and Other Post-Employment Benefits" under the Critical Accounting Estimates section beginning on page 52 of this report for additional information on determining annual expense.

For 2026, long-term employee benefit costs are expected to decrease by approximately $50 million.

The change is mainly due the increase in the expected long-term rate of return on plan assets assumption for the U.S plan net of the increase in the discount rates.

The change is mainly due to the decrease in the discount rates.

Environmental Matters

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The company also incurs costs related to environmental related research and development activities including environmental field and treatment studies as well as toxicity and degradation testing to evaluate the environmental impact of products and raw materials.

About 85 percent of total pre-tax environmental operating costs charged to income (loss) from continuing operations for the year ended December 31, 2024 resulted from operations in the U.S.

Approximately 85 percent of total pre-tax environmental operating costs charged to income (loss) from continuing operations for the year ended December 31, 2025 resulted from operations in the U.S.

Based on existing facts and circumstances, management does not believe that year-over-year changes, if any, in environmental operating costs charged to current operations will have a material impact on the company's financial position, liquidity or results of operations.

Annual expenditures in the near term are not expected to vary significantly from the range of such expenditures experienced in the past few years.

Longer term, expenditures are subject to considerable uncertainty and may fluctuate significantly.

Over the longer term, expenditures are subject to considerable uncertainty and may fluctuate significantly.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

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Balance at December 31, 2025 3

Excludes indemnified remediation obligations.

Represents the net change in indemnified remediation obligations based on activity.

Pursuant to the Chemours Separation Agreement and subsequent MOU, and the Corteva Separation Agreement, as discussed in Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, EIDP is indemnified by Chemours and DuPont for certain environmental matters.

Environmental remediation activity relates to Corteva-specific sites, along with accruals and payments made that are subject to the Corteva Separation Agreement as discussed in Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements.

Represents the net change in indemnified remediation obligations.

Substantially all relates to activity pursuant to the Chemours Separation Agreement and subsequent MOU, as discussed in Note 15 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, in which EIDP is indemnified by Chemours and DuPont for certain environmental matters.

Includes accrued obligations of $137 million due in the next twelve months with the remainder being due subsequent to 2025.

Considerable uncertainty exists with respect to environmental remediation costs and, under adverse changes in circumstances, the potential liability may range up to approximately $553 million above the amount accrued as of December 31, 2025.

However, based on existing facts and circumstances, management does not believe that any loss, in excess of amounts accrued, related to remediation activities at any individual site will have a material impact on the financial position, liquidity or results of operations of the company.

Refer to Note 16 – Commitments and Contingent Liabilities for further details on the company’s accrued obligations at December 31, 2024.

As of December 31, 2024, the company has been notified of potential liability under the Comprehensive Environmental Response, Compensation and Liability Act ("Superfund") or similar state laws at 507 sites around the U.S., including approximately 100 sites for which the company does not believe it has liability based on current information.

See Note 15 – Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for further details on the company’s accrued obligations at December 31, 2025.

As of December 31, 2025, the company has been notified of potential liability under the Comprehensive Environmental Response, Compensation and Liability Act ("Superfund") or similar state laws at approximately 500 sites around the U.S., including approximately 80 sites for which the company does not believe it has liability based on current information.

Active remediation is under way at approximately 60 of the 500 sites.

In addition, the company has resolved its liability at about 212 sites, either by completing remedial actions with other PRPs or by participating in "de minimis buyouts" with other PRPs whose waste, like the company's, represented only a small fraction of the total waste present at a site.

There were no new notices in 2024 and two new notices in 2023.

There were no new notices in 2025 and 2024.

Environmental Capital Expenditures

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The company currently estimates expenditures for environmental-related capital projects to be approximately $14 million in 2026.

Climate Change

The company believes that climate change is an important global environmental concern that presents risks and opportunities, of which the Sustainability and Innovation Committee of the Board of Directors maintains oversight.

Climate Impact

Shifts in climate are an important global environmental concern that presents risks and opportunities to the company, of which the Sustainability and Innovation Committee of the company’s Board of Directors maintains oversight.

Management regularly assesses and manages climate-related issues.

Across its business, individuals who are responsible for climate-related initiatives may have annual performance goals tied to the delivery of projects related to these initiatives.

Continuing political and social attention to climate change and its impacts has resulted in regulatory and market-based approaches to limit greenhouse gas emissions.

The company believes there is a way forward for sustainable climate change mitigation that both enables farmers to meet the demands of a growing population and secures the economic future for the vast majority of the world’s population who depend on agriculture for their livelihoods.

Extreme and volatile weather due to climate change may have an adverse impact on our customers’ ability to use the company's products and seed supply, potentially reducing sales volumes, revenues and margins.

The company continuously evaluates opportunities for existing and new product and service offerings to meet the anticipated demands of climate-smart agriculture

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued

and mitigate the impact of extreme and volatile weather.

The company integrates processes for identifying, assessing and managing climate-related risk into its enterprise risk management program.

While Corteva is working to reduce its role in the emission of greenhouse gasses, it also invests in enabling innovation that can create a more resilient agriculture value chain.

The company engages with multiple stakeholders and partners around the globe regarding our innovations and actionable ideas to help safeguard the health and well-being of the planet and its people.

Across its business, individuals who are responsible for climate-related initiatives may have annual performance goals tied to the delivery of projects related to these initiatives.

Extreme and volatile weather events, which may be amplified by, or become more frequent with, climate change may have an adverse impact on our customers’ ability to use the company's products and seed supply, potentially reducing sales volumes, revenues and margins.

These events may also shift or exacerbate existing pest and disease pressures.

These pressures, along with the desire for climate-smart and climate-resilient technologies may present opportunities for the company to meet these shifting demands.

Therefore, the company invests in enabling innovation that can create a more resilient agriculture value chain, while also working to reduce greenhouse gas emissions through cost effective operational improvements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis