EX-99.1 2 a2q_2026xearningsxnewsxr.htm EX-99.1 a2q_2026xearningsxnewsxr 1 News Release Corteva Delivers Strong 1H 2026, Raises FY 2026 Outlook, On-Track for October 1 Separation • Seed 1H results reflect continued value capture on latest in-demand germplasm and trait technologies, including licensing growth • Crop Protection 1H demand for new products and focus on operational excellence helped offset competitive pricing dynamics • Full-year 2026 guidance3 increased to reflect strong first half performance, incremental benefits on controllable levers, and growth platforms • Corteva remains on-track to complete the planned separation, targeting October 1 Vylor spin-off date INDIANAPOLIS, Ind., July 30, 2026 – Corteva, Inc. (NYSE: CTVA) (“Corteva” or the “Company”) today reported financial results for the second quarter and six months ended June 30, 2026. 2Q 2026 Results Overview Net Sales Inc. from Cont. Ops (After Tax) EPS GAAP $6.38B $1.22B $1.81 vs. 2Q 2025 (1)% (12)% (10)% Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $6.32B $2.26B $2.30 vs. 2Q 2025 (2)% 4% 5% 1H 2026 Results Overview Net Sales Inc. from Cont. Ops (After Tax) EPS GAAP $11.28B $1.94B $2.88 vs. 1H 2025 4% (5)% (3)% Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $11.05B $3.70B $3.80 vs. 1H 2025 2% 10% 14% First Half 2026 Highlights • Net sales increased 4% versus prior year. Organic1 sales increased 2% in the same period with gains in almost all regions. • Seed net sales increased 4% and organic1 sales increased 3%. Price/mix was up 3% led by North America2 and EMEA2 with continued execution on the Company’s price for value strategy and increased royalty income. Volume was flat, primarily reflecting the shift from corn to soy in North America2 and timing shifts in Latin America. • Crop Protection net sales increased 3% and organic1 sales decreased 1%. Volume increased 2%, driven by demand for new products. Price declined 3% primarily due to the market dynamics in Latin America. • GAAP income and earnings per share (EPS) from continuing operations were $1.94 billion and $2.88 per share, respectively. • Operating EBITDA1 and Operating EPS1 were $3.70 billion, and $3.80 per share, respectively. • The Company updated full-year 2026 guidance3 and expects Operating EBITDA1 to be in the range of $4.1 to $4.3 billion. Operating EPS1 is expected to be $3.60 to $3.80 per share. 1. Organic Sales, Operating EPS, and Operating EBITDA are non-GAAP measures. See page 7 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. See page 6 for further discussion. 4. One-time separation costs do not include deferred asset expenses related to debt issuance costs to be amortized/incurred as future interest payments. News Release 2Q/1H 2026 2 “Our strong first half was fueled by demand for next-gen Seed technologies, differentiated Crop Protection products, and focused execution. This level of performance, combined with our company- wide focus on productivity, cost discipline and operational excellence, allowed us to deliver continued margin expansion. Given these results, and our confidence in the opportunities ahead, we are raising our full-year guidance. We also continue to make meaningful progress toward the planned separation, an important milestone that will create two focused, industry-leading companies with enhanced strategic flexibility and ambition to continue to create sustainable value for farmers, customers, shareholders, and employees. As we begin the second half of the year, our focus remains where it should be: on our customers, on delivering the year and on ensuring the separation on October 1 is both timely and smooth. I’m excited to see what the future holds for both companies.” Chuck Magro Chief Executive Officer Company Updates Separation Update: Key Milestone Targets • Corteva remains on track to complete the planned separation on October 1, 2026, with already announced key milestones o Appointment of both companies’ Board of Directors o Form 10 public filing available – due to regulatory requirements, Vylor is shown as the continuing operations of Corteva, Inc. with New Corteva presented as discontinued operations o Both companies reviewed capital structure submissions with the credit rating agencies o Net dis-synergies largely offset on run-rate basis; $25 million headwind included in full-year 2026 guidance given timing of separation-related activities • Key separation milestones expected to be achieved in the second half of 2026: o Board of Directors’ approval of final capital structures o Form 10 goes effective o Webcasted Investor Day events at New York Stock Exchange on September 15, 2026 o Vylor operating as separate public company on October 1, 2026 News Release 2Q/1H 2026 3 Summary of Second Quarter 2026 For the second quarter ended June 30, 2026, net sales decreased 1% versus the same period last year. Organic1 sales decreased 2%. Volume was down 3% versus prior year. Crop Protection volume decreased 2% over the prior year driven primarily by timing shifts in North America. Seed volume decreased 3% versus prior year due primarily to timing shifts in North America and Latin America, coupled with corn acre declines in North America and EMEA that were partially offset by higher soybean acres in North America and higher sunflower acres in EMEA. Price/mix was up 1% versus prior year, reflecting higher Seed pricing, partially offset by competitive price dynamics in Crop Protection, primarily in Latin America. GAAP income from continuing operations after income taxes was $1.22 billion in second quarter of 2026 compared to $1.38 billion in second quarter of 2025. Operating EBITDA1 for the second quarter of 2026 was $2.26 billion, up 4% compared to prior year, translating into over 190 basis points of Operating EBITDA1 margin improvement. 2Q 2Q % % ($ in millions, except where noted) 2026 2025 Change Organic1 Change Net Sales $6,379 $6,456 (1)% (2)% North America $4,548 $4,629 (2)% (2)% EMEA $730 $747 (2)% (4)% Latin America $679 $672 1% (7)% Asia Pacific $422 $408 3% 8% 1H 1H % % ($ in millions, except where noted) 2026 2025 Change Organic1 Change Net Sales $11,284 $10,873 4% 2% North America $6,987 $6,839 2% 2% EMEA $2,385 $2,224 7% 1% Latin America $1,185 $1,114 6% (3)% Asia Pacific $727 $696 4% 7% News Release 2Q/1H 2026 4 Seed Summary Seed net sales were $4.53 billion in the second quarter of 2026, flat with the second quarter of 2025. This reflects a 3% increase in price/mix, offset by a 3% decrease in volume. The increase in price/mix is due primarily to demand for top technology and increased out-licensing income. Volume declines in the quarter were due to timing shifts in North America and Brazil, coupled with the acreage shift from corn to soy in North America and corn to sunflower in EMEA. Segment operating EBITDA was $1.97 billion in the second quarter of 2026, up 6% from the second quarter of 2025. Price/mix, reductions in net royalty expense, and ongoing cost and productivity actions more than offset lower volumes and increased R&D and functional cost. Segment operating EBITDA margin improved by over 230 basis points versus the prior-year period. 2Q 2Q % % ($ in millions, except where noted) 2026 2025 Change Organic1 Change North America $3,955 $3,954 - % - % EMEA $272 $282 (4)% (4)% Latin America $160 $154 4% (5)% Asia Pacific $145 $147 (1)% 7% Total 2Q Seed Net Sales $4,532 $4,537 - % - % 2Q Seed Operating EBITDA $1,966 $1,863 6% N/A Seed net sales were $7.56 billion in the first half of 2026, up 4% from the same period of 2025. The sales increase reflects a 3% increase in price/mix and a 1% favorable currency impact. Price/mix gains in all regions, led by North America, demonstrate demand for top technology and the strength of the portfolio, coupled with increased out-licensing income. Volumes were flat, as higher soybean area in North America was offset by lower corn area in North America and timing shifts in Latin America. Favorable currency impacts were led by the Euro and the Brazilian Real, partially offset by the Turkish lira. Segment operating EBITDA was $3.00 billion for the first half of 2026, up 11% from the same period of 2025. Price/mix execution, reductions in net royalty expense, and ongoing cost and productivity actions more than offset increased selling, admin and R&D expense, including higher bad debt. Segment operating EBITDA margin improved by over 235 basis points versus the prior-year period. 1H 1H % % ($ in millions, except where noted) 2026 2025 Change Organic1 Change North America $5,725 $5,551 3% 3% EMEA $1,200 $1,108 8% 3% Latin America $384 $339 13% 2% Asia Pacific $246 $246 - % 6% Total 1H Seed Net Sales $7,555 $7,244 4% 3% 1H Seed Operating EBITDA $3,000 $2,705 11% N/A News Release 2Q/1H 2026 5 Crop Protection Summary Crop Protection net sales were approximately $1.85 billion in the second quarter of 2026 compared to approximately $1.92 billion in the second quarter of 2025. The sales decrease over the prior period reflects a 4% price decline and a 2% decrease in volume, partially offset by a 2% favorable impact from currency. The decrease in volume was driven primarily by channel purchase timing in North America, coupled with dry weather in EMEA and partially offset by broad-based volume growth in Asia Pacific. The price decline was primarily due to the competitive pricing environment in Latin America. Favorable currency impacts were led by the Brazilian Real and the Euro. Segment operating EBITDA was $342 million in the second quarter of 2026, up 2% from the second quarter of 2025. Cost and productivity actions along with currency more than offset the unfavorable impact of volume and price pressure. Segment operating EBITDA margin improved by over 110 basis points versus the prior-year period. 2Q 2Q % % ($ in millions, except where noted) 2026 2025 Change Organic1 Change North America $593 $675 (12)% (12)% EMEA $458 $465 (2)% (4)% Latin America $519 $518 - % (7)% Asia Pacific $277 $261 6% 8% Total 2Q Crop Protection Net Sales $1,847 $1,919 (4)% (6)% 2Q Crop Protection Operating EBITDA $342 $334 2% N/A Crop Protection net sales were approximately $3.73 billion for the first half of 2026 compared to approximately $3.63 billion in the same period of 2025. The sales increase reflects a 2% increase in volume and a 4% favorable impact from currency, partially offset by a 3% decline in price. The price decline was primarily due to market dynamics in Latin America. The increase in volume was driven by demand for new products, partially offset by channel purchase timing in North America. Favorable currency impacts were led by the Euro and the Brazilian Real. Segment operating EBITDA was $776 million for the first half of 2026, up 9% from the same period last year. Cost and productivity actions, currency, and volume growth more than offset the unfavorable impact of price pressure and higher selling and admin expense. Segment operating EBITDA margin improved by over 120 basis points versus the prior-year period. 1H 1H % % ($ in millions, except where noted) 2026 2025 Change Organic1 Change North America $1,262 $1,288 (2)% (3)% EMEA $1,185 $1,116 6% (1)% Latin America $801 $775 3% (5)% Asia Pacific $481 $450 7% 7% Total 1H Crop Protection Net Sales $3,729 $3,629 3% (1)% 1H Crop Protection Operating EBITDA $776 $711 9% N/A News Release 2Q/1H 2026 6 2026 Guidance Strong demand remains the defining feature of the agricultural landscape, supporting overall fundamentals across key crop markets. Farmers will continue to prioritize investments that enhance productivity and returns, driving adoption of advanced genetics, and differentiated crop protection products. While trade, currency movements, and weather will continue to influence market conditions, the overall environment remains grounded in durable end-market consumption. Against this backdrop, our full-year outlook remains positive. Seed demand continues to be supported by strong adoption of our differentiated technologies, while Crop Protection benefits from normalized channel inventories and improving industry fundamentals. Stabilizing farm economics continue to support farmer investment in solutions that drive yield improvement and profitability. As a result of these market dynamics and coupled with our strong first half execution, the Company increased full-year 2026 guidance3 with Operating EBITDA1 expected to be $4.1 billion to $4.3 billion, growth of 9% at the mid-point. Operating EPS1 is expected to be $3.60 to $3.80 per share, growth of 11% at the mid-point. The Company is not able to reconcile its forward-looking non-GAAP financial measures, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort. Second Quarter Conference Call The Company will host a live webcast of its second quarter 2026 earnings conference call with investors to discuss its results and outlook tomorrow, July 31, 2026, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company’s Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and Presentations page. About Corteva Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world’s most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com. Cautionary Statement About Forward-Looking Statements This press release contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva’s financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; 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. Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva’s control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva’s business, results of operations and financial condition. Some of the important factors that could cause Corteva’s actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) 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 Corteva's industry; (ix) competitor’s establishment of an intermediary platform for distribution of Corteva's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in Corteva's input costs; (xiii) risks related to Corteva's global operations; (xiv) effect of industrial espionage and other disruptions to Corteva’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 Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of Corteva’s customers to pay their debts to Corteva, 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 Corteva; (xx) increases in pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) Corteva’s intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) Corteva’s dependence on intellectual property cross-license agreements; (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