Financial Performance - Q3 2025 - Sales increased by 2.4% to $853 million compared to Q3 2024[12, 14] - Gross profit rose by 18% to $242 million, with gross margin improving to 28.3% from 24.6%[12, 14] - EBITDA surged by 59% to $97 million, with EBITDA margin increasing to 11.3% from 7.3%[12, 14] - Net loss improved by 69% from -$73 million to -$23 million[12] Financial Performance - 9M 2025 - Sales remained stable at $2,698 million, a decrease of 0.8% compared to 9M 2024[15, 17] - Gross profit increased by 11% to $788 million, with gross margin improving to 29.2% from 26.1%[15, 17] - EBITDA increased by 29% to $341 million, with EBITDA margin improving to 12.6% from 9.7%[15, 17] - Net loss significantly improved from -$142 million to approximately $0 million[15, 17] Regional Performance - 9M 2025 - North America experienced a sales growth of 16% at CER[19] - APAC experienced a sales decline of 14% at CER[19]

Financial Data and Key Metrics Changes - Organic sales increased by 11% year-over-year in Q3, with both seed and crop protection contributing to this growth [20] - Year-to-date organic sales were up 6%, driven by a 3% increase in price mix and a 4% increase in volume for seeds [21] - Operating EBITDA for the quarter was positive, showing over 600 basis points of margin expansion compared to the previous year [20] - Full-year operating EBITDA is now expected to be in the range of $3.8 billion to $3.9 billion, reflecting a 14% growth at the midpoint [13][24] Business Line Data and Key Metrics Changes - The seed business achieved $200 million in productivity and deflation benefits, alongside $90 million in royalty improvements [9] - Crop protection business is expected to see full-year EBITDA growth in the high single digits, driven by demand for differentiated technology [10] - New products and biologicals in crop protection delivered double-digit volume gains compared to the prior year [21] Market Data and Key Metrics Changes - The overall agricultural market fundamentals remain mixed, with record demand for food and fuel, and major crop inventories within normal ranges [12] - In Brazil, the crop protection market is expected to stabilize pricing, moving from high single-digit losses to mid-single-digit growth [60] - The crop protection industry is anticipated to see low single-digit growth in 2026, with high single-digit growth in biologicals [16] Company Strategy and Development Direction - The company plans to separate into two public entities by the second half of 2026 to better position its seed and crop protection businesses for long-term growth [6][8] - Focus on differentiated technologies and collaborations is expected to drive innovation and market success [7] - The introduction of hundreds of new products is anticipated to enhance returns for farmers and contribute to volume growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong early demand for safrinha seeds in Brazil and a robust R&D pipeline valued at $9 billion [8][30] - The company is raising its full-year operating EBITDA guidance due to broad-based organic sales growth and cost improvements [24] - Management noted that the agricultural market is experiencing competitive pricing dynamics, particularly in Brazil, but underlying demand remains strong [12][60] Other Important Information - The company expects to achieve a free cash flow conversion rate of approximately 50% for the year, alongside $1 billion in share repurchases [15][26] - The anticipated separation is aimed at sharpening focus and accelerating innovation, with a commitment to delivering strong results during the transition [18] Q&A Session Summary Question: What should the independent company focus on post-separation? - Management highlighted the importance of their strong R&D pipeline and differentiated technology as key areas for growth and margin improvement [30] Question: Will there be further pruning of the AI portfolio? - Management expressed satisfaction with the current portfolio and indicated openness to partnerships and collaborations to enhance offerings [36] Question: How are credit market conditions evolving for growers in Latin America? - Management noted that while there are higher borrowing costs and increased bankruptcies, Corteva is managing risks effectively with minimal losses [40][41] Question: What are the expectations for biologicals growth? - Management reported strong growth in biologicals, with expectations for continued high single- to low double-digit growth rates in the future [53] Question: How is the company managing working capital? - Management indicated that working capital improvements have contributed significantly to free cash flow, with expectations for typical inventory builds in Q4 [73]

Financial Data and Key Metrics Changes - Organic sales increased by 11% year-over-year for the third quarter, with both seed and crop protection contributing to this growth [20] - Year-to-date organic sales were up 6%, driven by a 3% increase in seed price mix and a 4% increase in volume [21] - Operating EBITDA for the third quarter showed a significant improvement, with a margin expansion of over 600 basis points compared to the prior year [20][21] - Full year operating EBITDA is now expected to be in the range of $3.8 billion to $3.9 billion, reflecting a 14% growth at the midpoint [13][24] Business Line Data and Key Metrics Changes - The seed business achieved $200 million in productivity and deflation benefits, alongside $90 million in royalty improvements [9] - Crop protection business is expected to see full year EBITDA growth in the high single digits, driven by demand for differentiated technology [10] - New products and biologicals in crop protection delivered double-digit volume gains compared to the prior year [21] Market Data and Key Metrics Changes - The overall agricultural market fundamentals remain mixed, with record demand for food and fuel, and major crop inventories within normal ranges [12] - In the crop protection market, competitive pricing dynamics persist in some major markets, but underlying farmer demand remains strong [12] - Brazil is expected to see mid-single-digit pricing improvements in crop protection, compared to high single-digit losses the previous year [60] Company Strategy and Development Direction - The company plans to separate into two public entities to better position its seed and crop protection businesses for long-term growth [6][8] - The focus will be on leveraging new technologies like gene editing and artificial intelligence to capture market opportunities [7] - The company aims to maintain a strong R&D investment of 6%-7% of revenue to drive innovation [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong current performance and the potential for greater success as separate entities [8] - The company anticipates continued record demand for grains and oilseeds, with farmers prioritizing top-tier technologies [15] - The crop protection industry is expected to see low single-digit growth in 2026, with high single-digit growth in biologicals [16] Other Important Information - The company is on track for $1 billion in share repurchases in 2025, reflecting confidence in its balance sheet and cash flow outlook [26] - Free cash flow is expected to be approximately $1.9 billion, with a cash conversion rate of about 50% [24] Q&A Session Summary Question: What should the independent company focus on post-separation? - Management highlighted the importance of their R&D pipeline and differentiated technology as key growth drivers for the independent crop protection business [30] Question: Will there be further pruning of the AI portfolio? - Management expressed satisfaction with the current portfolio and indicated openness to partnerships for further innovation [36] Question: How are credit market conditions evolving for growers in Latin America? - Management noted that while there are higher borrowing costs and increased bankruptcies, Corteva is managing risks effectively with minimal losses [40] Question: What are the expectations for biologicals growth? - Management is pleased with the current growth in biologicals and expects continued strong growth rates in the future [53] Question: How is the company managing working capital? - Management indicated that working capital improvements have been a significant driver of free cash flow, with expectations for typical inventory builds in Q4 [73]

Financial Data and Key Metrics Changes - Organic sales increased by 11% year-over-year for the third quarter, with both seed and crop protection contributing to this growth [17] - Year-to-date organic sales were up 6%, driven by a 3% increase in seed price mix and a 4% increase in seed volume [18] - Operating EBITDA for the third quarter showed a significant improvement, with a margin expansion of over 600 basis points compared to the prior year [17] - Full year operating EBITDA is now expected to be in the range of $3.8 billion to $3.9 billion, reflecting a 14% growth at the midpoint compared to the previous year [10][21] Business Line Data and Key Metrics Changes - The seed business achieved $200 million in productivity and deflation benefits, alongside $90 million in royalty improvements [7] - Crop protection business is expected to see full year EBITDA growth in the high single digits, driven by demand for differentiated technology [8] - New products and biologicals in crop protection delivered double-digit volume gains compared to the prior year [18] Market Data and Key Metrics Changes - The overall agricultural market fundamentals remain mixed, with record demand for food and fuel, and major crop inventories within normal ranges [10] - Competitive pricing dynamics continue in some major markets, particularly in crop protection [10][15] - In Brazil, crop protection pricing is expected to stabilize, moving from high single-digit losses last year to mid-single-digit losses this year [41] Company Strategy and Development Direction - The company announced plans to separate into two public companies to better position its seed and crop protection businesses for long-term growth [4][6] - Focus on differentiated technologies and new product introductions is expected to drive solid returns for farmers and premium market positioning [15] - The company anticipates rolling out several hundred new hybrids and varieties in 2026 to enhance farmer productivity [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong early safrinha seed demand in Brazil and a robust R&D pipeline valued at $9 billion [6][25] - The company expects low single-digit growth in the crop protection industry, with high single-digit growth in biologicals [14] - Management highlighted the importance of maintaining a strong balance sheet and cash flow outlook, with a commitment to $1 billion in share repurchases [23] Other Important Information - The company is on track for a free cash flow conversion rate of approximately 50% for the year [12] - The anticipated separation is expected to unlock value and sharpen focus on innovation [16] - The company is committed to maintaining R&D investment at 6%-7% of revenue to support ongoing innovation [28] Q&A Session Summary Question: What should the independent company focus on post-separation? - Management emphasized the strength of the crop protection business and the depth of its R&D pipeline, indicating that the focus should remain on differentiated technology and collaboration opportunities [24][25] Question: Are there plans for further pruning of the AI portfolio? - Management expressed satisfaction with the current portfolio and indicated openness to partnerships and collaborations to enhance offerings [29][30] Question: How are credit market conditions evolving for growers in Latin America? - Management noted that while there are higher borrowing costs and increased bankruptcies, Corteva has managed risks effectively, resulting in minimal losses [31][32] Question: What are the expectations for synergy costs post-separation? - Initial estimates for synergy costs were projected at $80 million to $100 million, with ongoing efforts to minimize this number [34][36] Question: How is the biologicals segment performing? - Management reported strong growth in biologicals, with expectations for continued high single-digit to low double-digit growth rates [39] Question: What is the outlook for crop chemical pricing? - Management expects crop chemical pricing to stabilize, with Brazil showing signs of improvement compared to previous years [41][42] Question: How is the seed market share performing? - Management expressed confidence in gaining market share in key crops, particularly corn and soy, with expectations for Conkesta to reach double-digit market penetration in Brazil [50][51]

Group 1: Export Performance - The total export quantity under item 3808 increased by 20.91% year-on-year from January to September 2025, with a significant increase of 28.69% in the third quarter [3] - The total export value under item 3808 increased by 16.48% year-on-year from January to September 2025, with a notable increase of 21.61% in the third quarter [4] - The average export price rose from USD 2.87/Kg in January to USD 2.96/Kg in September 2025, showing stability [4] Group 2: Company Strategy and Growth - The company's TO C business revenue share increased from 37.73% in the first nine months of 2024 to 41.39% in the reporting period [6] - The revenue share from the EU and North America increased from 8.53% in the first nine months of 2024 to 11.35% in the reporting period [6] - The revenue share from insecticides and fungicides increased from 25.46% to 28.64% during the same period [6] Group 3: Market Challenges - The company faced delays in the planting and procurement seasons in Brazil and Argentina, impacting sales [9] - Credit risk in Brazil and Argentina has risen, leading to the cancellation of contracts worth approximately USD 40 million in the third quarter [9] - The company has identified accounts receivable risk as a top operational risk in its 2025-2029 strategic plan [9] Group 4: Financial Outlook - The company aims for a gradual increase in gross margin and net margin from 2025 to 2029, with specific numerical targets set [14] - The gross margin is expected to rise due to the increasing share of TO C business, which has a gross margin approximately 15 percentage points higher than TO B business [14] - The company anticipates that the gross margin will benefit from the successful expansion of biological agents, which currently have the highest gross margin among product categories [15] Group 5: Competitive Landscape - The separation of seed and crop protection businesses by multinational companies like Corteva is expected to benefit non-patented crop protection companies by reducing customer loyalty to bundled products [10] - The company has not yet included seed business in its strategic planning, focusing instead on becoming a leading crop protection company [11] Group 6: Future Projections - The company expects steady growth in revenue and net profit in 2026, primarily driven by markets in Brazil, Argentina, the EU, North America, Africa, and Australia/New Zealand [18] - The company aims to achieve a 10% global market share in the crop protection market, which is valued at approximately USD 75 billion [22]

Financial Performance - Q2 2025 - Sales increased by 3% to $968 million compared to Q2 2024[11] - Gross profit increased by 14% compared to Q2 2024[11] - EBITDA increased by 19.3% compared to Q2 2024[10] - Net loss improved by $47 million, from -$54 million to -$8 million[12] Financial Performance - H1 2025 - Sales decreased by 2.2% to $1,845 million compared to H1 2024[14] - Gross profit increased by 8.2% compared to H1 2024[14] - EBITDA increased by 19.9% compared to H1 2024[10] - Net profit was $22 million, compared to a loss of $69 million in H1 2024[14] - Free cash flow increased by $24 million to $32 million compared to $8 million in H1 2024[10] Regional Performance - North America sales increased by 25% in Q2 and 20% in H1 at CER[17, 17] - Latin America sales increased by 6% in Q2 but decreased by 4% in H1 at CER[18, 18] - Asia Pacific sales decreased by 14% in both Q2 and H1 at CER[20, 20]

Financial Data and Key Metrics Changes - Total revenues for 2025 were approximately $3.2 million, an increase from $2.3 million in 2024, primarily driven by strong seed sales from the subsidiary Castera [9][26] - Research and development expenses for 2025 were approximately $4.8 million, down from $6.5 million in the same period last year, due to reduced R&D activities at Biomica and the discontinuation of operations at Canonic [10][27] - Total operating expenses for 2025 were approximately $7.7 million, significantly decreased from $11.1 million in the same period last year, attributed to reduced activity levels in subsidiaries [11][29] - The net loss for 2025 was approximately $7.7 million, compared to $9.8 million in the same period last year, reflecting decreased operating expenses and increased financing income [32] Business Line Data and Key Metrics Changes - Castera, the subsidiary responsible for seed sales, was the primary contributor to revenue growth, with revenues recognized for seed sales in 2025 [9][26] - Biomica is focused on completing its clinical trial expected in early 2026 and securing partners for its development programs, holding approximately $4 million in cash [17][21] - Laviv Bio's activities were largely sold to ICL, with a total consideration of $15.25 million, enhancing cash flow for Evogene [14] Market Data and Key Metrics Changes - The company is undergoing a strategic shift to maximize the value of Campus AI, focusing on AI-driven discovery and optimization in pharmaceuticals and agriculture [12][19] - The collaboration with Tel Aviv University aims to develop small molecule therapeutics targeting diseases caused by metabolite accumulation, leveraging Campus AI [13] Company Strategy and Development Direction - The strategic priorities include strengthening Campus AI, expanding collaborations in small molecule drug discovery, and streamlining operational expenses [12][19] - The company plans to establish a dedicated business development arm to accelerate growth in the pharmaceutical vertical and maintain strategic collaborations in agriculture [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the new strategic direction and the potential for increased investor interest as new collaborations are announced [40] - The company expects continued reductions in operating expenses in the third and fourth quarters of 2025 [42] Other Important Information - Evogene raised $4.4 million through an at-the-market facility, enhancing its financial position and providing an operational runway of approximately 18 months [18] - The company is focusing on operational discipline and long-term value creation, with plans to present its updated corporate strategy at industry conferences [23] Q&A Session Summary Question: How much caster seed inventory do you have today, both finished and expected to be finished after the harvest? - The company has a few hundred tons of castor seed ready for sale and plans to utilize its seeds for cultivation to sell grain to partners [35][36] Question: What steps need to occur before you can announce a castor oil business? - The company is currently focused on grain cultivation and selling grain to partners, with existing crushing oil factories eager for castor grain [38] Question: The stock is still low. When will it start going up? - Management indicated that they cannot control the stock market but are finalizing a new company presentation and plan to announce new collaborations that could positively impact stock value [39][40] Question: How representative are operating expenses in Q2 2025 for going forward operations? - Management confirmed that all cost reductions are fully reflected in the numbers, with expectations for continued expense declines [42] Question: What was revenue in Q2 2025? How should we think about peak sales given recent results? - The revenue in Q2 2025 was primarily from Castera, with expectations for future sales growth as the company engages with multiple partners [43][44] Question: For Campus AI platform, what catalyst milestones should we expect in the next twelve to eighteen months? - The company anticipates announcements of new collaborations and breakthroughs in technology development as key milestones [46][49]

Financial Data and Key Metrics Changes - Corteva reported top and bottom line growth with over 200 basis points of operating EBITDA margin expansion in Q2 2025 compared to the same period last year [6] - Organic sales increased by 7% year-over-year in Q2, with operating EBITDA growth of 13% and a margin expansion of 215 basis points [17][18] - For the first half of 2025, operating EBITDA was up more than $400 million to just over $3.35 billion, with a margin of nearly 31%, reflecting a 300 basis point increase [20] Business Line Data and Key Metrics Changes - The Seed Business Unit experienced a 32% increase in price and volume gains, contributing to a significant performance in North America [18] - Crop Protection business saw an 8% increase in volume, with double-digit growth in Brazil, despite a 2% decline in pricing due to competitive dynamics [18][19] - The Seed segment achieved a $70 million benefit in net royalties, exceeding expectations for the full year [7] Market Data and Key Metrics Changes - Overall agricultural fundamentals remain mixed, with growing demand for grains and oilseeds, but moderated crop prices and margins [11] - The U.S. is expected to have a record harvest, with corn futures reflecting above-average crop condition ratings [12] - The market is seeing a shift from soybeans to corn, with expectations of increased corn acreage in Brazil and Argentina [26] Company Strategy and Development Direction - Corteva is focused on operational excellence initiatives and has raised its full-year net cost improvement target to $450 million from $400 million [7] - The company remains optimistic about growth in 2026, with a focus on investing in growth platforms and delivering meaningful royalty productivity [14] - The strategy includes enhancing product offerings and leveraging out-licensing opportunities, particularly in corn and soybeans [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit bottom line growth and meaningful margin improvement for the year [10] - The company anticipates low to mid-single-digit pricing headwinds in the Crop Protection segment for the second half of the year [9] - Management highlighted the importance of global production keeping pace with consumption, which is critical for maintaining market stability [13] Other Important Information - Corteva is on track for $1 billion in share repurchases in 2025 and announced a nearly 6% increase in the annual dividend [29] - The company expects a full-year free cash flow of approximately $1.9 billion, with a cash conversion rate of about 50% [22] Q&A Session Summary Question: What factors are influencing the forecast for the back half of the year? - Management acknowledged the tough comparison for Crop Protection and negative pricing in Brazil, while also discussing seed acreage expectations [32][33] Question: Can you elaborate on the free cash flow guidance? - Management indicated that the increase in free cash flow guidance is driven by earnings growth and lower cash taxes due to recent legislation [38][41] Question: What are the expectations for share gains in corn and soy? - Management reported strong performance in both corn and soy, with significant market share gains attributed to product performance and licensing strategies [70] Question: How is the company navigating tariff impacts on the supply chain? - Management stated that the impact of tariffs has been minimal due to proactive strategies in improving supply chain resiliency [88][90] Question: What are the expectations for Crop Protection pricing in the back half? - Management noted that while pricing pressures exist, there are signs of stabilization and potential improvement in the Crop Protection market [82][84]

Financial Data and Key Metrics Changes - Corteva reported top and bottom line growth with over 200 basis points of operating EBITDA margin expansion in Q2 2025 compared to the same period last year [5] - Organic sales increased by 7% year-over-year for the quarter, driven by gains in both seed and crop protection [15] - Operating EBITDA for the quarter grew by 13%, with a margin expansion of 215 basis points compared to the prior year [16] Business Line Data and Key Metrics Changes - The Seed business unit experienced a 32% increase in price and volume gains, contributing significantly to the first half results [16] - Crop Protection saw an 8% increase in volume, with double-digit growth in new products and biologicals [17] - The Seed and Crop Protection units combined delivered over $400 million in productivity and cost benefits, including lower commodity costs and raw material deflation [19] Market Data and Key Metrics Changes - Overall agricultural fundamentals remain mixed, with growing demand for grains and oilseeds, but moderated crop prices and margins [10] - The U.S. is expected to see a record harvest, with corn futures reflecting above-average crop condition ratings [11] - The stocks-to-use ratio for corn is expected to remain below historical averages despite the anticipated large crop [12] Company Strategy and Development Direction - Corteva is focused on investing in growth platforms and delivering top-tier technology to enhance farmer productivity and sustainability [14] - The company raised its full-year operating EBITDA guidance to $3.8 billion, reflecting confidence in continued performance [9] - There is an emphasis on out-licensing opportunities, with a projected $4 billion market potential in corn and soybeans [55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit bottom line growth and meaningful margin improvement for the year [9] - The company anticipates low to mid-single-digit pricing headwinds in the Crop Protection segment for the second half of the year [8] - Management remains optimistic about growth in 2026, with expectations for continued strong performance in key markets [13] Other Important Information - Corteva announced a nearly 6% increase in the annual dividend, marking the fifth consecutive annual increase [27] - The company is on track for $1 billion in share repurchases in 2025, reflecting a strong balance sheet and cash flow outlook [27] Q&A Session Summary Question: What factors are influencing the forecast for the back half of the year? - Management acknowledged the tough comparisons in Crop Protection and negative pricing pressures in Brazil, while also highlighting expectations for mid-single-digit acreage increases in Latin America [30][34] Question: Can you elaborate on the free cash flow guidance? - The increase in free cash flow guidance to approximately $1.9 billion is attributed to earnings growth and lower cash taxes from recent legislation [40][41] Question: What are the expectations for share gains in corn and soy? - Management indicated strong performance in both corn and soy, with significant market share gains driven by product performance and licensing opportunities [68][70] Question: How are tariffs affecting the supply chain? - The impact of tariffs has been minimal due to proactive strategies in multisourcing and supply chain management [89] Question: What are the expectations for Crop Protection pricing? - Management expects low single-digit pricing declines in Crop Protection, particularly in Brazil, but sees signs of stabilization and potential improvement in 2026 [82][83]

Core Viewpoint - The company, Andermatt A (000553.SZ), confirmed that its main business focuses on crop protection products and does not involve any antibiotic-related business [2] Company Summary - Andermatt A's primary business is in crop protection products [2] - The company does not engage in the antibiotic sector [2]