Strong 2H and Full Year 2025 Results Driven by Leading Technology, Disciplined Execution

Financial Performance - For Q4 2025, Corteva reported net sales of $3.91 billion, a decrease of 2% compared to Q4 2024, with organic sales down 4% [2][8] - Full-year 2025 net sales reached $17.40 billion, an increase of 3% from FY 2024, with organic sales up 4% [2][12] - GAAP income from continuing operations for Q4 2025 was $1.20 billion, with an EPS of $1.75, reflecting a 43% increase compared to FY 2024 [2][12] - Operating EBITDA for Q4 2025 was $446 million, down 15% year-over-year, while full-year operating EBITDA was $3.85 billion, up 14% from the previous year [2][19] Segment Performance - Seed segment net sales for Q4 2025 were $1.74 billion, down from $1.77 billion in Q4 2024, primarily due to an 8% decrease in volume [14][15] - Crop Protection segment net sales for Q4 2025 were approximately $2.17 billion, a decrease from $2.21 billion in Q4 2024, driven by a 2% decrease in volume and a 1% price decline [22][23] - For the full year 2025, Crop Protection net sales were approximately $7.50 billion, an increase of 2% from FY 2024, with a 5% increase in volume [22][28] Cash Flow and Shareholder Returns - Cash provided by operating activities for continuing operations was $3.5 billion, a 51% increase compared to the prior year, with free cash flow improving by 69% to $2.9 billion [5][12] - The company returned over $1.5 billion to shareholders, reflecting strong cash generation [5][12] Future Guidance - Corteva expects operating EBITDA for FY 2026 to be between $4.0 billion and $4.2 billion, indicating a growth of 7% at the midpoint [30] - Operating EPS for FY 2026 is projected to be between $3.45 and $3.70 per share, also reflecting a growth of 7% at the midpoint [30] Strategic Updates - The company is on track to complete its planned separation in the second half of 2026, with key milestones expected in the first half of 2026 [11][6] - A resolution with Bayer is anticipated to enhance Corteva's freedom to operate and out-licensing flexibility, supporting its strategic objective of achieving a $1 billion net royalty income position by 2035 [11][6]