Corteva : Earning Presentations Q1 2024

1Q 2024 Earnings Conference Call

May 2, 2024

Safe Harbor Regarding Forward-Looking Statements

Forward-Looking Statements

This presentation 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; environmental, social and governance ("ESG") targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.

Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond 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 Corteva's products; (ii) failure to successfully develop and commercialize Corteva's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva's biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in Corteva's industry; (ix) competitor's establishment of an intermediary platform for distribution of Corteva's products; (x) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xi) effect of volatility in Corteva's input costs; (xii) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva; (xiv) risks related to Corteva's global operations; (xv) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xvi) effect of industrial espionage and other disruptions to Corteva's supply chain, information technology or network systems; (xvii) failure of Corteva's customers to pay their debts to Corteva, including customer financing programs; (xviii) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xix) increases in pension and other post-employment benefit plan funding obligations; (xx) capital markets sentiment towards ESG matters; (xxi) risks related to pandemics or epidemics; (xxii) Corteva's intellectual property rights or defense against intellectual property claims asserted by others; (xxiii) effect of counterfeit products; (xxiv) Corteva's dependence on intellectual property cross-license agreements; and (xxv) other risks related to the Separation from DowDuPont.

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

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A Reminder About Non-GAAP Financial Measures

Regulation G (Non-GAAP Financial Measures)

This presentation includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating EBITDA margin, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results.

These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided at the end of this presentation.

Corteva is not able to reconcile its forward-lookingnon-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company's control, such as Significant Items, without unreasonable effort. For Significant items reported in the periods presented, refer to slide 28. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non- exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. During the ramp-up period of Enlist E3TM, Corteva has begun to significantly reduce the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. During 2023, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2024. The company expects to record approximately $180 million to $230 million net pre-tax restructuring charges during 2024 for these activities.

Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense. Operating EBITDA margin is defined as Operating EBITDA as a percentage of net sales. Operating earnings (loss) per share is defined as "earnings (loss) per common share from continuing operations - diluted" excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective tax rate excluding the impacts of foreign exchange gains (losses), non-operating benefits (costs), amortization of intangibles (existing as of the Separation), mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, and significant items.

The Company also uses Free Cash Flow and Free Cash Flow Conversion as non-GAAP measures to evaluate and discuss its liquidity position and ability to generate cash. Free Cash Flow is defined as cash provided by (used for) operating activities - continuing operations, less capital expenditures. Free Cash Flow Conversion is defined as Free Cash Flow divided by Operating EBITDA. We believe that Free Cash Flow and Free Cash Flow Conversion provide investors with meaningful information regarding the Company's ongoing ability to generate cash through core operations, and our ability to service our indebtedness, pay dividends (when declared), make share repurchases, and meet our ongoing cash needs for our operations. Corteva is not able to reconcile its forward-looking Free Cash Flow Conversion non-GAAP financial measure to its most comparable U.S. GAAP financial measure, as it is unable to predict with reasonable certainty Operating EBITDA due to items outside of the company's control, which includes the same Significant Items noted above, without reasonable effort.

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CEO Messages

	Solid	 Record-setting demand for grain, oilseeds, feed, and biofuels continues in 2024
	Global	 Healthy on-farm product demand despite normalization of commodity prices
	Demand	 Global Crop Protection market remains imbalanced, volume growth expected in 2H
	1Q Financial	 Strength of Seed demonstrates global demand for top technology
	Performance	 Crop Protection declines reflect JIT purchases and residual inventory imbalances
	In Line	 Ongoing benefits from controllable levers support full-year guide assumptions
	Reaffirming	 Net Sales $17.4 - $17.7B, 2% growth vPY at mid-point
	FY 2024	 Operating EBITDA(1) $3.5B - $3.7B, 6% growth vPY at the mid-point
	Outlook(2)	 On-track for ~$1B in share repurchases for FY 2024

2024 Guidance Reflects Continued Growth at Attractive Margin

1. Operating EBITDA, Operating EBITDA Margin, and Free Cash Flow are non-GAAP measures. The definition for Free Cash Flow was revised to utilize cash provided by (used for) operating activities - continuing operations. See slide 3 for further

discussion and reconciliations at the end of this presentation.	4
(2) Guidance does not contemplate any extreme weather events, operational disruptions, significant changes in customers' demand or ability to pay, or further acceleration of currency and inflation impacts resulting from macro- economic driven trends.

1Q 2024 Financial Performance

Metric

Net Sales

Organic Sales(2)

Operating EBITDA(2)

Operating EBITDA

Margin(2)

1Q 2024(1)

$4.5B

8%

$4.6B

6%

$1.0B

16%

23.0%

219 bps

Highlights

Strong market demand in North America(3) Seed

Crop Protection declines against a strong PY comparison

Broad based Seed pricing offset volume decline in EMEA(2) Crop Protection JIT demand and competitive market dynamics

Seed Pricing and lower net royalties offset higher input costs Crop Protection productivity offset by cost / currency headwinds

Seed margin expansion on pricing, product mix, and royalties Crop Protection down on destocking / market imbalance

Performed in line with Expectations Driven by Strength of Seed

(1)	Growth rates versus prior year.
(2)	Organic sales, Operating EBITDA and Operating EBITDA Margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation	5
(3)	North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa.

1Q 2024 Sales Highlights

Global Net Sales

1Q 2024 Sales by Segment

$4.9B	$4.5B	Reported
		8%
		Organic(1)
		6%
1Q 2023	1Q 2024

	Seed
$2.7B	$2.8B
Q1 2023	Q1 2024

Crop Protection

$2.2B
	$1.7B
Q1 2023	Q1 2024

Reported	2%	Reported	20%
Organic(1)	5%	Organic(1)	21%

• Seed Performance Reflects Strength of Product Portfolio
• CP Revenue Impacted by Just-in-Time Demand and Destocking

(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion and reconciliations at the end of this presentation.

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1Q 2024 U.S. Corn Deliveries

U.S. Pioneer Brand Corn Deliveries	Timing Shift 1Q / 2Q

 Mild weather in parts of U.S. and strong execution drove acceleration of 1H sales into 1Q vs prior year

 Pace of 1Q 2024 U.S. corn deliveries +3% ahead of

										prior year and expectations, on-track with 2022
									 Average sales per day +25% in last week of March
										vs prior week, as pace of deliveries intensified
									 1Q 2024 sales performance supported by strong
					Q1	Q2				order book and demand for top technology
3/1	3/6	3/11	3/16	3/21	3/26	3/31	4/5	4/10		Product offering and seasonal price increase
			2024	2023	2022	2021
						translating to strong Seed EBITDA mix in 1Q

Increased U.S. Corn Deliveries on Strong Order Position

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1Q 2024 Operating EBITDA(1)

Q1 2024 Bridge

($ in millions)

$114 ($204)

$1,231

($22) ($95) $10 $1,034

Q1 2023	Price/Mix Volume	Cost	Currency	Portfolio /	Q1 2024
				Other
25.2%	Operating EBITDA Margin(1)		23.0%

Key Drivers

• Broad-basedSeed pricing gains across the portfolio to capture value for technology, offsetting Crop Protection competitive pressure
• Volume impacted by Crop Protection destocking and Brazil market, coupled with product exits
• >$30M improvement in Seed net royalties, driven by Enlist E3TM(2), with both out-licensingincome and royalty expense
• Market-driveninflation and other costs partially offset by ~$50M in productivity savings
• SG&A down versus prior year, excluding acquisitions
• Currency headwind primarily driven by Turkish Lira, offset in price

Solid Execution Against Volume, Cost, and Currency Headwinds

1. Operating EBITDA and Operating EBITDA margin are non-GAAP measures. See slide 3 for further discussion and reconciliations at the end of this presentation.

(2) Enlist E3™ soybeans are jointly developed by Corteva LLC and M.S. Technologies L.L.C.

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2024 1H / 2H Key Assumptions

First Half

• Strong NA Seed on reduced corn acres
• Crop Protection JIT and Europe weather
• Biologicals modest positive impact
• Cost inflation in Seed and Crop Protection
• Royalty and productivity benefits
• Modest SG&A and R&D increase

Second Half

• Brazil Safrinha area recovery
• Crop Protection volume increase
• Biologicals / new products growth
• Crop Protection raw material deflation
• Productivity and cost benefits increase
• Normalized SG&A and R&D investment

1H EBITDA ~Flat, Double-Digit EBITDA Growth in 2H

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Key Takeaways

1Q Results in line with Expectations, on track for FY2024 Guidance

Seed Momentum Continues in 2024 driven by Pricing and Royalty Improvement

Crop Protection Cost Performance and Market Rebalance drives 2H Outlook

Strong 1Q Cash Flow Supports $1.75B FCF FY 2024 Guidance

Reaffirming 2024 Sales, Earnings, and Cash Flow Guidance

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