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A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net sales$2,618 $2,326 $13,491 $12,930 
Cost of goods sold1,644 1,565 6,918 7,033 
Research and development expense351 348 1,061 1,037 
Selling, general and administrative expenses725 671 2,632 2,461 
Amortization of intangibles162 170 485 521 
Restructuring and asset related charges - net30 32 131 199 
Separation costs7 — 7 — 
Other income (expense) - net(23)(107)95 (319)
Interest expense46 66 134 173 
Income (loss) from continuing operations before income taxes(370)(633)2,218 1,187 
Provision for (benefit from) income taxes on continuing operations(62)(114)477 274 
Income (loss) from continuing operations after income taxes(308)(519)1,741 913 
Income (loss) from discontinued operations after income taxes(10)(2)(87)45 
Net income (loss)(318)(521)1,654 958 
Net income (loss) attributable to noncontrolling interests2 3 8 10 
Net income (loss) attributable to Corteva$(320)$(524)$1,646 $948 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$(0.46)$(0.76)$2.54 $1.30 
Basic earnings (loss) per share of common stock from discontinued operations(0.01)— (0.13)0.06 
Basic earnings (loss) per share of common stock$(0.47)$(0.76)$2.41 $1.36 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$(0.46)$(0.76)$2.54 $1.29 
Diluted earnings (loss) per share of common stock from discontinued operations(0.01)— (0.13)0.06 
Diluted earnings (loss) per share of common stock$(0.47)$(0.76)$2.41 $1.35 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic678.7691.1681.7695.8
  Diluted678.7691.1683.1698.3


A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
September 30, 2025December 31, 2024September 30, 2024
Assets
Current assets
Cash and cash equivalents$2,509 $3,106 $2,421 
Marketable securities77 63 72 
Accounts and notes receivable - net7,784 5,676 6,651 
Inventories5,310 5,432 5,674 
Other current assets758 820 831 
Total current assets16,438 15,097 15,649 
Investment in nonconsolidated affiliates141 134 128 
Property, plant and equipment9,633 9,074 9,235 
Less: Accumulated depreciation5,431 4,975 5,025 
Net property, plant and equipment4,202 4,099 4,210 
Goodwill10,512 10,408 10,629 
Other intangible assets8,428 8,876 9,084 
Deferred income taxes434 401 564 
Other assets2,043 1,810 1,644 
Total Assets$42,198 $40,825 $41,908 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$2,685 $750 $3,741 
Accounts payable4,337 4,039 3,753 
Income taxes payable254 207 313 
Deferred revenue483 3,287 429 
Accrued and other current liabilities2,661 2,103 2,188 
Total current liabilities10,420 10,386 10,424 
Long-term debt1,688 1,953 1,975 
Other noncurrent liabilities
Deferred income tax liabilities373 478 496 
Pension and other post-employment benefits2,215 2,271 2,473 
Other noncurrent obligations2,041 1,707 1,561 
Total noncurrent liabilities$6,317 $6,409 $6,505 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at September 30, 2025 - 676,755,000; December 31, 2024 - 685,595,000; and September 30, 2024 - 689,170,000
7 7 7 
Additional paid-in capital27,039 27,196 27,518 
Retained earnings (accumulated deficit)834 55 98 
Accumulated other comprehensive income (loss)(2,661)(3,469)(2,886)
Total Corteva stockholders' equity25,219 23,789 24,737 
Noncontrolling interests242 241 242 
Total equity25,461 24,030 24,979 
Total Liabilities and Equity$42,198 $40,825 $41,908 

A-3
Corteva, Inc.
Consolidated Statements of Cash Flows
(Dollars in millions, except per share amounts)

Nine Months Ended September 30,
20252024
Operating activities
Net income (loss)$1,654 $958 
(Income) loss from discontinued operations after income taxes87(45)
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization897 925 
Provision for (benefit from) deferred income tax(72)(422)
Net periodic pension and OPEB (benefit) cost, net27 121 
Pension and OPEB contributions(110)(123)
Net (gain) loss on sales of property, businesses, consolidated companies and investments(17)(17)
Restructuring and asset related charges - net131 199 
Other net loss386 377 
Changes in assets and liabilities, net
         Accounts and notes receivable(1,659)(1,450)
         Inventories331 1,060 
         Accounts payable123 (518)
         Deferred revenue(2,824)(2,974)
         Other assets and liabilities105 38 
Cash provided by (used for) operating activities - continuing operations$(941)$(1,871)
Cash provided by (used for) operating activities - discontinued operations(28)(157)
Cash provided by (used for) operating activities$(969)$(2,028)
Investing activities
Capital expenditures$(369)$(416)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested26 2 
Investments in and loans to nonconsolidated affiliates(7)(7)
Purchases of investments— (137)
Proceeds from sales and maturities of investments68 115 
Proceeds from (payment for) settlement of net investment hedge(56)15 
Other investing activities, net(17)(38)
Cash provided by (used for) investing activities$(355)$(466)
Financing activities
Net change in borrowings (less than 90 days)$1,119 $1,715 
Proceeds from debt1,643 3,047 
Payments on debt(1,116)(1,529)
Repurchase of common stock(770)(757)
Proceeds from exercise of stock options75 30 
Dividends paid to stockholders(354)(340)
Other financing activities, net(43)(29)
Cash provided by (used for) financing activities$554 $2,137 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents85 (45)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents$(685)$(402)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,422 3,158 
Cash, cash equivalents and restricted cash equivalents at end of period$2,737 $2,756 

A-4
Corteva, Inc.
Consolidated Segment Information
(Dollars in millions, except per share amounts)

Three Months Ended September 30,Nine Months Ended September 30,
SEGMENT NET SALES - SEED2025202420252024
    Corn$586 $315 $5,616 $5,085 
    Soybean152 164 1,714 1,773 
    Other oilseeds141 135 550 566 
    Other38 77 281 349 
Seed$917 $691 $8,161 $7,773 
Three Months Ended September 30,Nine Months Ended September 30,
SEGMENT NET SALES - CROP PROTECTION2025202420252024
    Herbicides$813 $736 $2,668 $2,568 
    Insecticides409 437 1,181 1,225 
    Fungicides222 216 868 761 
    Biologicals147 135 328 307 
    Other110 111 285 296 
Crop Protection$1,701 $1,635 $5,330 $5,157 
Three Months Ended September 30,Nine Months Ended September 30,
GEOGRAPHIC NET SALES - SEED2025202420252024
North America1
$175 $170 $5,726 $5,394 
EMEA2
262 196 1,370 1,365 
Latin America391 218 730 696 
Asia Pacific89 107 335 318 
Rest of World3
742 521 2,435 2,379 
Net Sales$917 $691 $8,161 $7,773 
Three Months Ended September 30,Nine Months Ended September 30,
GEOGRAPHIC NET SALES - CROP PROTECTION2025202420252024
North America1
$532 $440 $1,820 $1,703 
EMEA2
200 219 1,316 1,311 
Latin America770 771 1,545 1,458 
Asia Pacific199 205 649 685 
Rest of World3
1,169 1,195 3,510 3,454 
Net Sales$1,701 $1,635 $5,330 $5,157 

1.Reflects U.S. & Canada
2.Reflects Europe, Middle East, and Africa
3.Reflects EMEA, Latin America, and Asia Pacific

A-5
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
20252025
Net Sales (GAAP)$2,618 $13,491 
Add: Impacts from Currency and Portfolio / Other(31)243 
Organic Sales (Non-GAAP)$2,587 $13,734 
Three Months Ended September 30,Nine Months Ended September 30,
OPERATING EBITDA2025202420252024
Seed$(193)$(320)$2,512 $2,126 
Crop Protection279 246 990 811 
Corporate Expenses(37)(26)(100)(86)
Operating EBITDA (Non-GAAP)$49 $(100)$3,402 $2,851 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Income (loss) from continuing operations after income taxes (GAAP)$(308)$(519)$1,741 $913 
Provision for (benefit from) income taxes on continuing operations(62)(114)477 274 
Income (loss) from continuing operations before income taxes (GAAP)(370)(633)2,218 1,187 
Depreciation and amortization300 306 897 925 
Interest income(29)(33)(92)(93)
Interest expense46 66 134 173 
Exchange (gains) losses - net1
45 97 97 234 
Non-operating (benefits) costs - net2
14 50 27 132 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges6 14 58 (4)
Significant items (benefit) charge3
30 33 56 297 
Separation costs7 — 7 — 
Operating EBITDA (Non-GAAP)$49 $(100)$3,402 $2,851 

1.Refer to page A-15 for pre-tax and after tax impacts of exchange (gains) losses.
2.Non-operating (benefits) costs consists of non-operating pension and other post-employment benefit (OPEB) (credits) costs, tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
3.Refer to page A-10 for pre-tax and after tax impacts of significant items.

A-6
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Q3 2025 vs. Q3 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$97 16 %$99 16 %6 %10 %— %— %
EMEA47 11 %29 7 %1 %6 %4 %— %
Latin America172 17 %150 15 %(5)%20 %2 %— %
Asia Pacific(24)(8)%(17)(5)%1 %(6)%(2)%(1)%
Rest of World195 11 %162 9 %(3)%12 %2 %— %
Total$292 13 %$261 11 %(1)%12 %2 %— %
SEED
Q3 2025 vs. Q3 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$5 3 %$6 4 %12 %(8)%(1)%— %
EMEA66 34 %61 31 %5 %26 %3 %— %
Latin America173 79 %165 76 %(2)%78 %3 %— %
Asia Pacific(18)(17)%(17)(16)%4 %(20)%(1)%— %
Rest of World221 42 %209 40 %2 %38 %2 %— %
Total$226 33 %$215 31 %4 %27 %2 %— %
CROP PROTECTION
Q3 2025 vs. Q3 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$92 21 %$93 21 %3 %18 %— %— %
EMEA
(19)(9)%(32)(15)%(4)%(11)%6 %— %
Latin America(1)— %(15)(2)%(6)%4 %2 %— %
Asia Pacific(6)(3)%— — %(2)%2 %(2)%(1)%
Rest of World(26)(2)%(47)(4)%(5)%1 %2 %— %
Total$66 4 %$46 3 %(2)%5 %1 %— %

A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Q3 2025 vs. Q3 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$271 86 %$263 83 %7 %76 %3 %— %
Soybeans(12)(7)%(15)(9)%4 %(13)%2 %— %
Other oilseeds6 4 %5 4 %3 %1 %— %— %
Other(39)(51)%(38)(49)%(1)%(48)%(2)%— %
Total $226 33 %$215 31 %4 %27 %2 %— %
CROP PROTECTION PRODUCT LINE
Q3 2025 vs. Q3 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$77 10 %$64 9 %(1)%10 %1 %— %
Insecticides(28)(6)%(32)(7)%(5)%(2)%1 %— %
Fungicides6 3 %5 2 %— %2 %2 %(1)%
Biologicals12 9 %11 8 %(4)%12 %1 %— %
Other(1)(1)%(2)(2)%(7)%5 %1 %— %
Total$66 4 %$46 3 %(2)%5 %1 %— %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.

A-8
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Nine Months 2025 vs. Nine Months 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$449 6 %$477 7 %2 %5 %(1)%— %
EMEA10 — %108 4 %2 %2 %(4)%— %
Latin America121 6 %218 10 %(6)%16 %(4)%— %
Asia Pacific(19)(2)%1 — %2 %(2)%(2)%— %
Rest of World112 2 %327 6 %— %6 %(4)%— %
Total$561 4 %$804 6 %1 %5 %(2)%— %
SEED
Nine Months 2025 vs. Nine Months 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$332 6 %$349 6 %3 %3 %— %— %
EMEA5 — %92 7 %5 %2 %(7)%— %
Latin America34 5 %74 11 %(3)%14 %(6)%— %
Asia Pacific17 5 %23 7 %7 %— %(2)%— %
Rest of World56 2 %189 8 %3 %5 %(6)%— %
Total$388 5 %$538 7 %3 %4 %(2)%— %
CROP PROTECTION
Nine Months 2025 vs. Nine Months 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$117 7 %$128 8 %— %8 %(1)%— %
EMEA
5 — %16 1 %(1)%2 %(1)%— %
Latin America87 6 %144 10 %(7)%17 %(4)%— %
Asia Pacific(36)(5)%(22)(3)%— %(3)%(1)%(1)%
Rest of World56 2 %138 4 %(3)%7 %(2)%— %
Total$173 3 %$266 5 %(2)%7 %(2)%— %

A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Nine Months 2025 vs. Nine Months 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$531 10 %$649 13 %4 %9 %(3)%— %
Soybeans(59)(3)%(57)(3)%1 %(4)%— %— %
Other oilseeds(16)(3)%6 1 %3 %(2)%(4)%— %
Other(68)(19)%(60)(17)%4 %(21)%(2)%— %
Total $388 5 %$538 7 %3 %4 %(2)%— %
CROP PROTECTION PRODUCT LINE
Nine Months 2025 vs. Nine Months 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$100 4 %$134 5 %(2)%7 %(1)%— %
Insecticides(44)(4)%(20)(2)%(3)%1 %(2)%— %
Fungicides107 14 %133 17 %(1)%18 %(3)%— %
Biologicals21 7 %31 10 %(5)%15 %(3)%— %
Other(11)(4)%(12)(4)%(3)%(1)%— %— %
Total$173 3 %$266 5 %(2)%7 %(2)%— %

A-10
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Seed$— $(3)$(41)$(50)
Crop Protection(28)(11)(5)(187)
Corporate(2)(19)(10)(60)
Total significant items before income taxes$(30)$(33)$(56)$(297)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax 9
($ Per Share)
202520242025202420252024
1st Quarter
Restructuring and asset related charges - net 1
$(22)$(75)$(17)$(56)$(0.02)$(0.08)
Estimated settlement expense 2
— (54)— (41)— (0.06)
   Gain (loss) on sale of assets 3
— 4 — 3 — 0.01 
   Acquisition-related costs 4
— (2)— (1)— — 
   AltEn facility remediation charges 5
(37)— (28)— (0.04)— 
   Income tax items 6
— — 55 — 0.08 — 
1st Quarter – Total
$(59)$(127)$10 $(95)$0.02 $(0.13)
2nd Quarter
Restructuring and asset related charges - net 1
$(79)$(92)$(59)$(69)$(0.09)$(0.10)
Estimated settlement expense 2
— (47)— (36)— (0.05)
Inventory write-offs 3
— 2 — 2 — — 
Gain (loss) on sale of assets 3
14 3 12 2 0.02 — 
Acquisition-related costs 4
— (3)— (2)— — 
Insurance proceeds 7
98 — 74 — 0.11 — 
2nd Quarter – Total
$33 $(137)$27 $(103)$0.04 $(0.15)
3rd Quarter
Restructuring and asset related charges, net 1
$(30)$(32)$(23)$(24)$(0.03)$(0.03)
Acquisition-related costs 4
— (1)— (1)— — 
Income tax items 6
— — — 4 — — 
3rd Quarter – Total
$(30)$(33)$(23)$(21)$(0.03)$(0.03)
Year-to-Date Total 8
$(56)$(297)$14 $(219)$0.02 $(0.31)

1.Third, second and first quarter 2025 includes restructuring and asset related benefits (charges) of $(30), $(79) and $(22), respectively. The charges primarily relate to the Crop Protection Operations Strategy Restructuring Program.

Third, second and first quarter 2024 includes restructuring and asset related benefits (charges) of $(32), $(92) and $(75), respectively. The charges primarily relate to the Crop Protection Operations Strategy Restructuring Program of $(29), $(57) and $(55) for the third, second and first quarter, respectively, and to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits of $(35) and $(20) for the second and first quarter, respectively.

2.Second and first quarter 2024 included estimated Lorsban® related charges of $(47) and $(54), respectively.

3.Second quarter 2025 includes a benefit of $14 related to the 2022 Restructuring Actions consisting of a gain on the sale of assets. Second and first quarter 2024 includes a benefit of $3 and $4, respectively, related to the 2022 Restructuring Actions consisting of a gain on the sale of assets. Second quarter 2024 also includes a $2 benefit associated with sales of inventory previously reserved for in association with the 2022 Restructuring Actions.

4.Third, second and first quarter 2024 includes acquisition-related costs relating to third-party integration costs associated with the completed acquisitions of Stoller and Symborg.

5.First quarter 2025 includes a charge relating to the increase in the remediation accrual at the AltEn facility consisting of Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans.

6.First quarter 2025 reflects a deferred tax benefit of $55 associated with a change in a legal entity's U.S. tax characterization. Third quarter 2024 includes a tax benefit of $4 related to intellectual property realignment.

7.The insurance proceeds include proceeds received related to prior significant items.


A-11
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)

8.Earnings per share for the year may not equal the sum of quarterly earnings per share due to the changes in average share calculations.

9.Unless specifically addressed in notes 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.

A-12
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Operating Earnings (Loss) Per Share (Non-GAAP)
Operating earnings (loss) per share is defined as earnings (loss) per 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.
Three Months Ended September 30,
2025202420252024
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$(310)$(522)$(0.46)$(0.76)
Less: Non-operating benefits (costs), after tax1
(12)(37)(0.02)(0.05)
Less: Amortization of intangibles (existing as of Corteva Separation), after tax(108)(115)(0.16)(0.17)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(4)(11)(0.01)(0.02)
Less: Significant items benefit (charge), after tax(23)(21)(0.03)(0.03)
Less: Separation costs, after tax(7)— (0.01)— 
Operating Earnings (Loss) (Non-GAAP)2
$(156)$(338)$(0.23)$(0.49)

Nine Months Ended September 30,
2025202420252024
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$1,733 $903 $2.54 $1.29 
Less: Non-operating benefits (costs), after tax1
(28)(98)(0.04)(0.14)
Less: Amortization of intangibles (existing as of Corteva Separation), after tax(327)(350)(0.48)(0.50)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(44)3 (0.06)— 
Less: Significant items benefit (charge), after tax14 (219)0.02 (0.31)
Less: Separation costs, after tax(7)— (0.01)— 
Operating Earnings (Loss) (Non-GAAP)2
$2,125 $1,567 $3.11 $2.24 

1.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
2.Refer to page A-13 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.

A-13
Corteva, Inc.
Operating EBITDA to Operating Earnings (Loss) Per Share
(Dollars in millions, except per share amounts)

Operating EBITDA to Operating Earnings (Loss) Per Share
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Operating EBITDA (Non-GAAP)1
$49 $(100)$3,402 $2,851 
Depreciation(138)(136)(412)(404)
Amortization of intangibles (post Separation)(20)(19)(58)(62)
Interest income29 33 92 93 
Interest expense(46)(66)(134)(173)
(Provision for) benefit from income taxes on continuing operations before significant items, separation costs, non-operating benefits (costs), amortization of intangibles (existing as of Corteva Separation), mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)1
22 57 (641)(524)
Base income tax rate from continuing operations (Non-GAAP)1
17.5 %19.8 %22.2 %22.7 %
Exchange gains (losses), after tax2
(50)(104)(116)(204)
Net (income) loss attributable to non-controlling interests(2)(3)(8)(10)
Operating Earnings (Loss) (Non-GAAP)1
$(156)$(338)$2,125 $1,567 
Diluted Shares (in millions)678.7 691.1 683.1 698.3 
Operating Earnings (Loss) Per Share (Non-GAAP)1
$(0.23)$(0.49)$3.11 $2.24 

1.     Refer to pages A-5 through A-9, A-12 and A-14 for Non-GAAP reconciliations.
2.     Refer to page A-15 for pre-tax and after tax impacts of exchange gains (losses).

A-14
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)

Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, separation costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Income (loss) from continuing operations before income taxes (GAAP)
$(370)$(633)$2,218 $1,187 
Add: Significant items (benefit) charge1
30 33 56 297 
Separation costs7 — 7 — 
Non-operating (benefits) costs14 50 27 132 
Amortization of intangibles (existing as of Corteva Separation)142 151 427 459 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges6 14 58 (4)
Less: Exchange gains (losses)2
(45)(97)(97)(234)
Income (loss) from continuing operations before income taxes, significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$(126)$(288)$2,890 $2,305 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$(62)$(114)$477 $274 
Add: Tax (expenses) benefits on significant items (benefit) charge1
7 12 70 78 
Tax benefits on separation costs— — — — 
Tax (expenses) benefits on non-operating (benefits) costs2 13 (1)34 
Tax benefits on amortization of intangibles (existing as of Corteva Separation)34 36 100 109 
 Tax (expenses) benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges2 3 14 (1)
Tax (expenses) benefits on exchange gains (losses)2
(5)(7)(19)30 
Provision for (benefit from) income taxes on continuing operations before significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$(22)$(57)$641 $524 
Effective income tax rate (GAAP)
16.8 %18.0 %21.5 %23.1 %
Significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect(6.8)%(5.0)%2.1 %0.8 %
Tax rate from continuing operations before significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges10.0 %13.0 %23.6 %23.9 %
Exchange gains (losses), net effect2
7.5 %6.8 %(1.4)%(1.2)%
Base income tax rate from continuing operations (Non-GAAP)
17.5 %19.8 %22.2 %22.7 %

1.See page A-10 for further detail on the significant items table.
2.See page A-15 for further details of exchange gains (losses).

A-15
Corteva, Inc.
(Dollars in millions, except per share amounts)

Exchange Gains/Losses
The Company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss)$28 $(156)$(173)$(199)
Local tax (expenses) benefits(23)5 (10)23 
Net after-tax impact from subsidiary exchange gain (loss)$5 $(151)$(183)$(176)
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)$(73)$59 $76 $(35)
Tax (expenses) benefits18 (12)(9)7 
Net after-tax impact from hedging program exchange gain (loss)$(55)$47 $67 $(28)
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss)$(45)$(97)$(97)$(234)
Tax (expenses) benefits(5)(7)(19)30 
Net after-tax exchange gain (loss)$(50)$(104)$(116)$(204)
Non-controlling interest adjustment— — — 1 
Net after-tax exchange gain (loss) attributable to Corteva$(50)$(104)$(116)$(203)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program Gain (Loss)."