Item 1. CONSOLIDATED FINANCIAL STATEMENTS

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Item 1. CONSOLIDATED FINANCIAL STATEMENTS

Corteva, Inc.

Consolidated Statements of Operations (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share amounts)	2025		2024		2025		2024
Net sales	$	2,618	$	2,326	$	13,491	$	12,930
Cost of goods sold	1,644		1,565		6,918		7,033
Research and development expense	351		348		1,061		1,037
Selling, general and administrative expenses	725		671		2,632		2,461
Amortization of intangibles	162		170		485		521
Restructuring and asset related charges - net	30		32		131		199
Separation costs	7		—		7		—
Other income (expense) - net	(23)		(107)		95		(319)
Interest expense	46		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 interests	2		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

See Notes to the Interim Consolidated Financial Statements beginning on page 9.

Corteva, Inc.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Net income (loss)	$	(318)	$	(521)	$	1,654	$	958
Other comprehensive income (loss) - net of tax:
Cumulative translation adjustments	4		424		873		(206)
Adjustments to pension benefit plans	(2)		—		—		1
Adjustments to other benefit plans	(3)		(2)		(10)		(7)
Unrealized gain (loss) on investments	—		9		5		(14)
Derivative instruments	(16)		7		(60)		17
Total other comprehensive income (loss)	(17)		438		808		(209)
Comprehensive income (loss)	(335)		(83)		2,462		749
Comprehensive income (loss) attributable to noncontrolling interests - net of tax	2		3		8		10
Comprehensive income (loss) attributable to Corteva	$	(337)	$	(86)	$	2,454	$	739

See Notes to the Interim Consolidated Financial Statements beginning on page 9.

Corteva, Inc.

Consolidated Balance Sheets (Unaudited)


(In millions, except share amounts)	September 30, 2025		December 31, 2024		September 30, 2024
Assets
Current assets
Cash and cash equivalents	$	2,509	$	3,106	$	2,421
Marketable securities	77		63		72
Accounts and notes receivable - net	7,784		5,676		6,651
Inventories	5,310		5,432		5,674
Other current assets	758		820		831

Total current assets	16,438		15,097		15,649
Investment in nonconsolidated affiliates	141		134		128
Property, plant and equipment	9,633		9,074		9,235
Less: Accumulated depreciation	5,431		4,975		5,025
Net property, plant and equipment	4,202		4,099		4,210
Goodwill	10,512		10,408		10,629
Other intangible assets	8,428		8,876		9,084
Deferred income taxes	434		401		564
Other assets	2,043		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 payable	4,337		4,039		3,753
Income taxes payable	254		207		313
Deferred revenue	483		3,287		429
Accrued and other current liabilities	2,661		2,103		2,188

Total current liabilities	10,420		10,386		10,424
Long-term debt	1,688		1,953		1,975
Other noncurrent liabilities
Deferred income tax liabilities	373		478		496
Pension and other post-employment benefits	2,215		2,271		2,473
Other noncurrent obligations	2,041		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 capital	27,039		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’ equity	25,219		23,789		24,737
Noncontrolling interests	242		241		242
Total equity	25,461		24,030		24,979
Total Liabilities and Equity	$	42,198	$	40,825	$	41,908

See Notes to the Interim Consolidated Financial Statements beginning on page 9.

Corteva, Inc.

Consolidated Statements of Cash Flows (Unaudited)


(In millions)	Nine Months Ended September 30,
	2025		2024
Operating activities
Net income (loss)	$	1,654	$	958
(Income) loss from discontinued operations after income taxes	87		(45)
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization	897		925
Provision for (benefit from) deferred income tax	(72)		(422)
Net periodic pension and OPEB (benefit) cost, net	27		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 - net	131		199
Other net loss	386		377
Changes in assets and liabilities, net
Accounts and notes receivable	(1,659)		(1,450)
Inventories	331		1,060
Accounts payable	123		(518)
Deferred revenue	(2,824)		(2,974)
Other assets and liabilities	105		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 divested	26		2

Investments in and loans to nonconsolidated affiliates	(7)		(7)

Purchases of investments	—		(137)
Proceeds from sales and maturities of investments	68		115
Proceeds from (payments 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 debt	1,643		3,047
Payments on debt	(1,116)		(1,529)
Repurchase of common stock	(770)		(757)
Proceeds from exercise of stock options	75		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 equivalents	85		(45)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents	(685)		(402)
Cash, cash equivalents and restricted cash equivalents at beginning of period	3,422		3,158
Cash, cash equivalents and restricted cash equivalents at end of period1	$	2,737	$	2,756

See page 15 for reconciliation of cash and cash equivalents and restricted cash equivalents presented in interim Consolidated Balance Sheets to total cash, cash equivalents and restricted cash equivalents presented in the interim Consolidated Statements of Cash Flows.

See Notes to the Interim Consolidated Financial Statements beginning on page 9.

Corteva, Inc.

Consolidated Statements of Equity (Unaudited)


(In millions, except per share amounts)	Common Stock		Additional Paid-in Capital		Retained Earnings (Accum. Deficit)		Accumulated Other Comp. Income (Loss)		Non-Controlling Interests		Total Equity
2025
Balance at January 1, 2025	$	7	$	27,196	$	55	$	(3,469)	$	241	24,030
Net income (loss)					652				4		656
Other comprehensive income (loss)							198				198
Share-based compensation			(2)								(2)
Common dividends ($0.17 per share)			(116)								(116)
Issuance of Corteva stock			35								35
Repurchase of common stock			(150)		(120)						(270)
Other - net			(1)						(3)		(4)
Balance at March 31, 2025	$	7	$	26,962	$	587	$	(3,271)	$	242	$	24,527
Net income (loss)					1,314				2		1,316
Other comprehensive income (loss)							627				627
Share-based compensation			17								17
Common dividends ($0.17 per share)					(116)						(116)
Issuance of Corteva stock			35								35
Repurchase of common stock					(250)						(250)
Other - net					(3)				(2)		(5)
Balance at June 30, 2025	$	7	$	27,014	$	1,532	$	(2,644)	$	242	$	26,151
Net income (loss)					(320)				2		(318)
Other comprehensive income (loss)							(17)				(17)
Share-based compensation			19		(1)						18
Common dividends ($0.18 per share)					(122)						(122)
Issuance of Corteva stock			5								5
Repurchase of common stock					(250)						(250)
Other - net			1		(5)				(2)		(6)
Balance at September 30, 2025	$	7	$	27,039	$	834	$	(2,661)	$	242	$	25,461


(In millions, except per share amounts)	Common Stock		Additional Paid-in Capital		Retained Earnings (Accum. Deficit)		Accumulated Other Comp. Income (Loss)		Non-Controlling Interests		Total Equity
2024
Balance at January 1, 2024	$	7	$	27,748	$	(41)	$	(2,677)	$	242	$	25,279
Net income (loss)					419				4		423
Other comprehensive income (loss)							(333)				(333)
Share-based compensation			3		(1)						2
Common dividends ($0.16 per share)			(112)								(112)
Issuance of Corteva stock			8								8
Repurchase of common stock			(178)		(74)						(252)
Other - net			(1)		(1)				(5)		(7)
Balance at March 31, 2024	$	7	$	27,468	$	302	$	(3,010)	$	241	$	25,008
Net income (loss)					1,053				3		1,056
Other comprehensive income (loss)							(314)				(314)
Share-based compensation			15								15
Common dividends ($0.16 per share)					(111)						(111)
Issuance of Corteva stock			20								20
Repurchase of common stock					(252)						(252)
Other - net			1						(2)		(1)
Balance at June 30, 2024	$	7	$	27,504	$	992	$	(3,324)	$	242	$	25,421
Net income (loss)					(524)				3		(521)
Other comprehensive income (loss)							438				438
Share-based compensation			13								13
Common dividends ($0.17 per share)					(117)						(117)
Issuance of Corteva stock			2								2
Repurchase of common stock					(253)						(253)
Other - net			(1)						(3)		(4)
Balance at September 30, 2024	$	7	$	27,518	$	98	$	(2,886)	$	242	$	24,979

See Notes to the Interim Consolidated Financial Statements beginning on page 9.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


			Corteva, Inc.
			Notes to the Interim Consolidated Financial Statements (Unaudited)

Table of Contents


Note		Page
1	Summary of Significant Accounting Policies	10
2	Recent Accounting Guidance	10

3	Revenue	11
4	Restructuring and Asset Related Charges - Net	13
5	Supplementary Information	14
6	Income Taxes	15
7	Earnings Per Share of Common Stock	16
8	Accounts and Notes Receivable - Net	17
9	Inventories	18
10	Other Intangible Assets	18
11	Short-Term Borrowings, Long-Term Debt and Available Credit Facilities	19
12	Commitments and Contingent Liabilities	20
13	Stockholders' Equity	31
14	Pension Plans and Other Post Employment Benefits	33
15	Financial Instruments	34
16	Fair Value Measurements	39
17	Segment Information	39

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, collectively referred to as the “2024 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. The interim Consolidated Financial Statements and other financial information included in this Form 10-Q, unless otherwise specified, have been presented to separately show the effects of discontinued operations.

Since 2018, Argentina has been considered a highly-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. Argentina contributes approximately 3 percent to the company's annual net sales and less than 2 percent to each of the company's annual Seed and Crop Protection segment operating EBITDA. The company remeasures net monetary assets utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The ability to draw down Peso cash balances is limited at this time due to government restrictions and market availability of U.S. Dollars. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 5 – Supplementary Information, to the interim Consolidated Financial Statements, and Note 7 – Supplementary Information, to the Consolidated Financial Statements, in the company's 2024 Annual Report). The Argentina government has offered USD-denominated bonds to importers, the proceeds from which can be used to pay off outstanding intercompany payables. As of September 30, 2025, the company holds these foreign government bonds with an amortized cost of $98 million as part of its strategy to manage its net monetary asset exposure in Argentina. Refer to the “Debt Securities” section in Note 15 – Financial Instruments, to the interim Consolidated Financial Statements, for additional information. As of September 30, 2025, a further 10 percent deterioration in the official Peso to USD exchange rate would not have a significant impact on the USD value of our net monetary assets or pre-tax earnings. The company will continue to assess the implications to our operations and financial reporting.

NOTE 2 - RECENT ACCOUNTING GUIDANCE

Recently Adopted Accounting Guidance

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU includes amendments that expand the existing reportable segment disclosure requirements and requires disclosure of (i) significant expense categories and amounts by reportable segment as well as the segment’s profit or loss measure(s) that are regularly provided to the chief operating decision maker (the “CODM”) to allocate resources and assess performance; (ii) how the CODM uses each reported segment profit or loss measure to allocate resources and assess performance; (iii) the nature of other segment balances contributing to reported segment profit or loss that are not captured within segment revenues or expenses; and (iv) the title and position of the individual or name of the group or committee identified as the CODM. This guidance requires retrospective application to all prior periods presented in the financial statements and was effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The company adopted this guidance and has included enhanced disclosures relating to its reportable segments. See Note 17 - Segment Information, to the interim Consolidated Financial Statements, for the company's updated disclosure.

Accounting Guidance Issued But Not Adopted as of September 30, 2025

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU includes amendments that require entities to bifurcate specified expense line items on the income statement into their underlying components, including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion, as applicable. Qualitative descriptions of the remaining components are required. These enhanced disclosures are required for both interim and annual periods. Selling expenses must also be separately disclosed for both interim and annual periods, along with an annual qualitative description of the composition of selling expenses. In January 2025, the FASB subsequently issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to provide clarification on the ASU's effective date. The new standard is effective for fiscal years beginning after December 15, 2026 on a prospective basis with the option to apply it retrospectively, and for interim periods

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

within fiscal years beginning after December 15, 2027. Early adoption is permitted. The adoption of this guidance will result in the company being required to include enhanced disclosures around income statement expenses.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction. The new standard is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply it retrospectively. Early adoption is permitted. The adoption of this guidance will result in the company being required to include enhanced income tax related disclosures in its Annual Report on Form 10-K for the year ended December 31, 2025.

NOTE 3 - REVENUE

Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. The company applies the practical expedient to disclose the transaction price allocated to the remaining performance obligations for only those contracts with an original duration of more than one year. The transaction price allocated to remaining performance obligations with an original duration of more than one year related to material rights granted to customers for contract renewal options were $147 million, $139 million and $140 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively. The company expects revenue to be recognized for the remaining performance obligations evenly over the period of one year to six years.

Contract Balances

Contract liabilities primarily reflect deferred revenue from prepayments under contracts with customers where the company receives advance payments for products to be delivered in future periods. Corteva classifies deferred revenue as current or noncurrent based on the timing of when the company expects to recognize revenue. Contract assets primarily include amounts related to conditional rights to consideration for completed performance not yet invoiced. Accounts receivable are recorded when the right to consideration becomes unconditional.


Contract Balances	September 30, 2025		December 31, 2024		September 30, 2024
(In millions)
Accounts and notes receivable - trade1	$	6,428	$	4,615	$	5,501
Contract assets - current2	$	33	$	30	$	29
Contract assets - noncurrent3	$	81	$	74	$	73
Deferred revenue - current	$	483	$	3,287	$	429
Deferred revenue - noncurrent4	$	123	$	114	$	115

1.Included in accounts and notes receivable - net in the interim Consolidated Balance Sheets.

2.Included in other current assets in the interim Consolidated Balance Sheets.

3.Included in other assets in the interim Consolidated Balance Sheets.

4.Included in other noncurrent obligations in the interim Consolidated Balance Sheets.

Revenue recognized during the nine months ended September 30, 2025 and 2024 from amounts included in deferred revenue at the beginning of the period was $3,202 million and $3,314 million, respectively.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Disaggregation of Revenue

Corteva's operations are classified into two reportable segments: Seed and Crop Protection. The company disaggregates its revenue by major product line and geographic region, as the company believes it best depicts the nature, amount and timing of its revenue and cash flows. Net sales by major product line are included below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Corn	$	586	$	315	$	5,616	$	5,085
Soybean	152		164		1,714		1,773
Other oilseeds	141		135		550		566
Other	38		77		281		349
Seed	917		691		8,161		7,773
Herbicides	813		736		2,668		2,568
Insecticides	409		437		1,181		1,225
Fungicides	222		216		868		761
Biologicals	147		135		328		307
Other	110		111		285		296
Crop Protection	1,701		1,635		5,330		5,157
Total	$	2,618	$	2,326	$	13,491	$	12,930

Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below:


Seed	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
North America1	$	175	$	170	$	5,726	$	5,394
EMEA2	262		196		1,370		1,365
Latin America	391		218		730		696
Asia Pacific	89		107		335		318
Total	$	917	$	691	$	8,161	$	7,773


Crop Protection	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
North America1	$	532	$	440	$	1,820	$	1,703
EMEA2	200		219		1,316		1,311
Latin America	770		771		1,545		1,458
Asia Pacific	199		205		649		685
Total	$	1,701	$	1,635	$	5,330	$	5,157

1.Represents U.S. & Canada.

2.Europe, Middle East and Africa ("EMEA").

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 4 - RESTRUCTURING AND ASSET RELATED CHARGES - NET

Crop Protection Operations Strategy Restructuring Program

On November 5, 2023, management of the company approved a plan to further optimize its Crop Protection network of manufacturing and external partners (the "Crop Protection Operations Strategy Restructuring Program"). The plan includes the exit of the company's production activities at its site in Pittsburg, California, as well as ceasing operations in select manufacturing lines at other locations. In October 2024, management of the company amended the Crop Protection Operations Strategy Restructuring Program to include updates to its previous estimates and decommissioning and demolition costs associated with the ceasing of operations, primarily at the Pittsburg, California site.

The company expects to record aggregate pre-tax restructuring and asset related charges of $650 million to $700 million, comprised of $85 million to $105 million of severance and related benefit costs, $320 million to $340 million of asset related and impairment charges and $245 million to $255 million of costs related to exiting the company’s production activities and ceasing operations (inclusive of contract terminations and decommissioning and demolition costs). Decommissioning and demolition costs are expensed on an as-incurred basis. Reductions in workforce are subject to local regulatory requirements. Through the third quarter of 2025, the company recorded net pre-tax restructuring and asset related charges of $594 million inception-to-date under the Crop Protection Operations Strategy Restructuring Program, consisting of $103 million of severance and related benefit costs, $340 million of asset related and impairment charges, $54 million of decommissioning and demolition costs, and $97 million of costs related to contract terminations.

Cash payments related to these charges are anticipated to be $330 million to $360 million, which primarily relate to the payment of severance and related benefits, decommissioning and demolition costs and contract terminations. Through the third quarter of 2025, the company paid $150 million associated with these charges. The restructuring actions associated with these charges are expected to be substantially complete by the end of 2026.

The following table is a summary of charges incurred related to the Crop Protection Operations Strategy Restructuring Program for the three and nine months ended September 30, 2025 and 2024:


(In millions)	Three Months Ended September 30,				Nine Months Ended September 30,
2025	2024		2025		2024
Severance and related benefit costs1	$	—	$	19	$	12	$	60
Asset related charges2	—		10		13		83
Decommissioning and demolition costs2	20		—		44		—
Contract termination charges2	8		—		64		—
Total restructuring and asset related charges - net	$	28	$	29	$	133	$	143

1.Reflects corporate-related charges.

2.Reflects charges which are substantially all associated with the Crop Protection segment.

A reconciliation of the December 31, 2024 to the September 30, 2025 liability balances related to the Crop Protection Operations Strategy Restructuring Program is summarized below:


(In millions)	Severance and Related Benefit Costs		Asset Related Charges		Decommissioning and Demolition Costs		Contract Termination Charges		Total
Balance at December 31, 2024	$	70	$	—	$	—	$	—	$	70
Charges to income from continuing operations	12		13		44		64		133
Payments	(34)		—		(44)		(8)		(86)
Asset write-offs	—		(13)		—		—		(13)
Balance at September 30, 2025	$	48	$	—	$	—	$	56	$	104

Other Asset Related Charges

The company recognized charges of $55 million for the nine months ended September 30, 2024 in restructuring and asset related charges - net, in the interim Consolidated Statements of Operations, from non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits, which as of the end of the second quarter of 2024 was complete.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 5 - SUPPLEMENTARY INFORMATION


Other Income (Expense) - Net	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Interest income	$	29	$	33	$	92	$	93
Equity in earnings (losses) of affiliates - net	(1)		—		9		7
Net gain (loss) on sales of businesses and other assets	—		—		17		17
Net exchange gains (losses)1	(45)		(97)		(97)		(234)
Non-operating pension and other post employment benefit credits (costs)2	(6)		(37)		(18)		(109)
Miscellaneous income (expenses) - net3	—		(6)		92		(93)
Other income (expense) - net	$	(23)	$	(107)	$	95	$	(319)

1.Includes net pre-tax exchange gains (losses) of $(15) million and $(26) million associated with impacts from the devaluation of the Argentine Peso for the three and nine months ended September 30, 2025, respectively, and $(26) million and $(54) million for the three and nine months ended September 30, 2024, respectively.

2.Includes non-service related components of net periodic benefit credits (costs), comprised of interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss).

3.The nine months ended September 30, 2025 includes the receipt of insurance proceeds and other items. The three and nine months ended September 30, 2024 includes tax indemnification adjustments related 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 ("Tax Indemnification Adjustments"), while the nine months ended September 30, 2024 additionally includes the receipt of an indemnification payment negotiated with the prior Stoller owners and estimated settlement reserves.

The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. 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 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 interim Consolidated Statements of Operations.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
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) benefits	18		(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)

Noncontrolling interest adjustment	—		—		—		1

Net after-tax exchange gain (loss) attributable to Corteva	$	(50)	$	(104)	$	(116)	$	(203)

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Cash, cash equivalents and restricted cash equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash equivalents presented in the interim Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash equivalents presented in the interim Consolidated Statements of Cash Flows. Corteva classifies restricted cash equivalents as current or noncurrent based on the nature of the restrictions, and includes them within other current assets and other assets, respectively, in the interim Consolidated Balance Sheets.


(In millions)	September 30, 2025		December 31, 2024		September 30, 2024
Cash and cash equivalents	$	2,509	$	3,106	$	2,421
Restricted cash equivalents	228		316		335
Total cash, cash equivalents and restricted cash equivalents	$	2,737	$	3,422	$	2,756

Restricted cash equivalents primarily relates to a trust funded by EIDP for cash obligations under certain non-qualified benefit and deferred compensation plans due to the Merger, which was a change in control event, and contributions to escrow accounts established for the settlement of certain legal matters and the settlement of legacy PFAS matters and the associated qualified spend. During the second quarter of 2024, the company's previously-restricted cash in the Water District Settlement Fund, which was established by Corteva, EIDP, Inc., DuPont and Chemours in September 2023 under the Nationwide Water District Settlement, was released. All of the company's restricted cash equivalents are classified as current as of September 30, 2025, December 31, 2024 and September 30, 2024, except for the $15 million MOU Escrow Account balance at December 31, 2024 and September 30, 2024. See Note 12 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information.

Accounts payable

At September 30, 2025, December 31, 2024 and September 30, 2024, accounts payable was $4,337 million, $4,039 million and $3,753 million, respectively, which includes accounts payable - trade of $2,286 million, $2,632 million, and $2,051 million, respectively. Included in accounts payable – trade was seed grower compensation of approximately $257 million, $410 million, and $214 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively, which is measured at fair value using Level 2 inputs for each period presented.

NOTE 6 - INCOME TAXES

The effective tax rate for the three and nine months ended September 30, 2025 was 16.8 percent and 21.5 percent, respectively, and 18.0 percent and 23.1 percent for the three and nine months ended September 30, 2024, respectively.

During the three and nine months ended September 30, 2025, the company recognized $2 million and $37 million, respectively, of net tax benefits for income taxes on continuing operations associated with changes in deferred taxes and accruals for certain prior year tax positions in various jurisdictions as well as from stock-based compensation. During the nine months ended September 30, 2025, the company recognized a $55 million deferred tax benefit associated with a change in a legal entity’s U.S. tax characterization.

During the three and nine months ended September 30, 2024, the company recognized $10 million and $25 million, respectively, of net tax benefits for income taxes on continuing operations associated with changes in deferred taxes and accruals for certain prior year tax positions in various jurisdictions as well as from stock-based compensation.

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 the program, which resides in the U.S., 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, which can drive material impacts on the company's effective tax rate. For further discussion of pre-tax and after-tax impacts of the company's foreign currency hedging program and net monetary asset programs, refer to Note 5 - Supplementary Information, to the interim Consolidated Financial Statements.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law, enacting changes in a wide array of policy areas, including federal tax law. The impacts of OBBBA are included in the financial statements for the three and nine months ended September 30, 2025, including the reinstatement of expensing of domestic research and development expenditures.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 7 - EARNINGS PER SHARE OF COMMON STOCK

The following tables provide earnings per share calculations for the periods indicated below:


Net Income (Loss) for Earnings (Loss) Per Share Calculations - Basic and Diluted	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Income (loss) from continuing operations after income taxes	$	(308)	$	(519)	$	1,741	$	913
Net income (loss) attributable to continuing operations noncontrolling interests	2		3		8		10

Income (loss) from continuing operations available to Corteva common stockholders	(310)		(522)		1,733		903
Income (loss) from discontinued operations available to Corteva common stockholders	(10)		(2)		(87)		45
Net income (loss) available to common stockholders	$	(320)	$	(524)	$	1,646	$	948


Earnings (Loss) Per Share Calculations - Basic	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars per share)	2025		2024		2025		2024
Earnings (loss) per share of common stock from continuing operations	$	(0.46)	$	(0.76)	$	2.54	$	1.30
Earnings (loss) per share of common stock from discontinued operations	(0.01)		—		(0.13)		0.06
Earnings (loss) per share of common stock	$	(0.47)	$	(0.76)	$	2.41	$	1.36


Earnings (Loss) Per Share Calculations - Diluted	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars per share)	2025		2024		2025		2024
Earnings (loss) per share of common stock from continuing operations	$	(0.46)	$	(0.76)	$	2.54	$	1.29
Earnings (loss) per share of common stock from discontinued operations	(0.01)		—		(0.13)		0.06
Earnings (loss) per share of common stock	$	(0.47)	$	(0.76)	$	2.41	$	1.35


Share Count Information	Three Months Ended September 30,		Nine Months Ended September 30,
(Shares in millions)	2025	2024	2025	2024
Weighted-average common shares - basic	678.7	691.1	681.7	695.8
Plus: dilutive effect of equity compensation plans1	—	—	1.4	2.5

Weighted-average common shares - diluted	678.7	691.1	683.1	698.3
Potential shares of common stock excluded from EPS calculations2	2.1	2.5	2.4	3.4

1.Diluted earnings (loss) per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect.

2.These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including them would have been anti-dilutive; or (ii) the performance metrics have not yet been achieved for the outstanding potential shares relating to performance-based restricted stock units, which are deemed to be contingently issuable.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 8 - ACCOUNTS AND NOTES RECEIVABLE - NET


(In millions)	September 30, 2025		December 31, 2024		September 30, 2024
Accounts receivable – trade1	$	5,050	$	4,448	$	4,260
Notes receivable – trade1,2	1,378		167		1,241
Other3	1,356		1,061		1,150
Total accounts and notes receivable - net	$	7,784	$	5,676	$	6,651

1.Accounts and notes receivable – trade are net of allowances of $220 million, $179 million and $188 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

2.Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed and chemical products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of September 30, 2025, December 31, 2024 and September 30, 2024, there were no significant impairments related to current loan agreements.

3.Other includes receivables in relation to indemnification assets, royalties, value added tax, general sales tax and other taxes. No individual group represents more than 5 percent of total current assets. In addition, Other includes amounts due from nonconsolidated affiliates of $108 million, $144 million and $145 million as of September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The company establishes the allowance for doubtful receivables using a loss-rate method where the loss rate is developed using past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets.

The following table summarizes changes in the allowance for doubtful receivables for the nine months ended September 30, 2024 and 2025:


(In millions)
2024
Balance at December 31, 2023	$	205
Net provision for credit losses	31
Other - net of write-offs charged against allowance	(48)
Balance at September 30, 2024	$	188
2025
Balance at December 31, 2024	$	179
Net provision for credit losses	58
Other - net of write-offs charged against allowance	(17)
Balance at September 30, 2025	$	220

The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the interim Consolidated Balance Sheets upon transfer, and the company receives a payment for the receivables from the third party within a mutually agreed upon time period. For arrangements involving an element of recourse, which is typically provided through a guarantee of accounts in the event of customer default, the guarantee obligation is measured using market data from similar transactions and reported as a current liability in the interim Consolidated Balance Sheets.

Trade receivables sold under these agreements were $58 million and $147 million for the three and nine months ended September 30, 2025, respectively, and $51 million and $118 million for the three and nine months ended September 30, 2024, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of September 30, 2025, December 31, 2024 and September 30, 2024 were $15 million, $15 million and $17 million, respectively. The net proceeds received are included in cash provided by (used for) operating activities in the interim Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in other income (expense) - net, in the interim Consolidated Statements of Operations. The loss on sale of receivables for the three and nine months ended September 30, 2025 and 2024 was not material. See Note 12 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information on the company’s guarantees.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 9 - INVENTORIES


(In millions)	September 30, 2025		December 31, 2024		September 30, 2024
Finished products	$	2,318	$	2,649	$	2,399
Semi-finished products	2,556		2,297		2,785
Raw materials and supplies	436		486		490
Total inventories	$	5,310	$	5,432	$	5,674

NOTE 10 - OTHER INTANGIBLE ASSETS

The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:


	September 30, 2025						December 31, 2024						September 30, 2024
(In millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets subject to amortization (finite-lived):
Germplasm	$	6,291	$	(1,524)	$	4,767	$	6,291	$	(1,336)	$	4,955	$	6,291	$	(1,272)	$	5,019
Customer-related	2,398		(987)		1,411		2,350		(863)		1,487		2,413		(844)		1,569
Developed technology	1,839		(1,264)		575		1,838		(1,161)		677		1,838		(1,126)		712
Trademarks/trade names	2,056		(445)		1,611		2,056		(380)		1,676		2,056		(359)		1,697

Other1	388		(329)		59		388		(312)		76		388		(306)		82
Total other intangible assets with finite lives	12,972		(4,549)		8,423		12,923		(4,052)		8,871		12,986		(3,907)		9,079

Intangible assets not subject to amortization (indefinite-lived):
In-process research and development	5		—		5		5		—		5		5		—		5
Total other intangible assets with indefinite lives	5		—		5		5		—		5		5		—		5
Total other intangible assets	$	12,977	$	(4,549)	$	8,428	$	12,928	$	(4,052)	$	8,876	$	12,991	$	(3,907)	$	9,084

1.Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements.

The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $162 million and $485 million for the three and nine months ended September 30, 2025, respectively, and $170 million and $521 million for the three and nine months ended September 30, 2024, respectively. The current estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2025 and each of the next five years is approximately $159 million, $634 million, $574 million, $552 million, $529 million and $519 million, respectively.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 11 - SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

The following tables summarize Corteva's short-term borrowings and finance lease obligations and long-term debt:


Short-term borrowings and finance lease obligations
(In millions)	September 30, 2025		December 31, 2024		September 30, 2024
Commercial paper	$	1,772	$	—	$	2,969
364-Day Revolving Credit Facility	—		—		—
Other loans - various currencies	125		250		271
Long-term debt payable within one year	788		500		500
Finance lease obligations payable within one year	—		—		1
Total short-term borrowings and finance lease obligations	$	2,685	$	750	$	3,741


Long-term debt
(In millions)	September 30, 2025				December 31, 2024				September 30, 2024
Amount	Weighted Average Rate		Amount		Weighted Average Rate		Amount		Weighted Average Rate
Promissory notes and debentures:
Maturing in July 2025	$	—	—	%	$	500	1.70	%	$	500	1.70	%
Maturing in May 2026	600		4.50	%	600		4.50	%	600		4.50	%
Maturing in July 2030	500		2.30	%	500		2.30	%	500		2.30	%
Maturing in May 2032	500		5.125	%	—				—
Maturing in May 2033	600		4.80	%	600		4.80	%	600		4.80	%
Other loans:
Foreign currency loans	188		12.70	%	161		12.70	%	184		12.70	%
Medium-term notes, varying maturities through 2041	104		4.09	%	104		4.41	%	104		4.94	%
Finance lease obligations	—				—				—
Less: Unamortized debt discount and issuance costs	16				12				13
Less: Long-term debt due within one year	788				500				500
Total long-term debt	$	1,688			$	1,953			$	1,975

The estimated fair value of the company's short-term and long-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy. Based on quoted market prices for the same or similar issuances, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and finance lease obligations approximated carrying value.

The fair value of the company’s long-term borrowings, including debt due within one year, was $2,469 million, $2,366 million and $2,437 million as of September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

Debt Offering

In May 2025, the company issued $500 million of 5.125 percent Senior Notes due in May 2032 (the “May 2025 Debt Offering”). The proceeds were used to repay the $500 million senior notes that matured in July 2025.

Foreign Currency Loans

The company enters into short-term and long-term foreign currency loans from time-to-time by accessing uncommitted revolving credit lines to fund working capital needs of foreign subsidiaries in the normal course of business. Interest rates are variable and determined at the time of borrowing. Total unused bank credit lines on the short-term and long-term foreign currency loans at September 30, 2025 was approximately $135 million. The company’s foreign currency loans have varying maturities through 2026.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Available Committed Credit Facilities

The following table summarizes the company's credit facilities:


Committed and available credit facilities at September 30, 2025
(In millions)	Effective Date	Committed Credit		Credit Available		Maturity Date	Interest
Revolving Credit Facility	June 2024	$	2,850	$	2,850	June 2029	Floating Rate
Revolving Credit Facility	June 2024	1,900		1,900		June 2027	Floating Rate
364-Day Revolving Credit Facility	February 2025	750		750		February 2026	Floating Rate
Total committed and available credit facilities		$	5,500	$	5,500

Revolving Credit Facilities

In May 2022, the company entered into a $3 billion, five-year revolving credit facility and a $2 billion, three-year revolving credit facility (the “Revolving Credit Facilities”) expiring in May 2027 and May 2025, respectively. Borrowings under the Revolving Credit Facilities will have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. In June 2024, the Revolving Credit Facilities were refinanced for purposes of extending the maturity dates for the five-year and three-year revolving credit facilities to June 2029 and June 2027, respectively, and lowering the facility amount of the five-year revolving credit facility to $2.85 billion and the three-year revolving credit facility to $1.90 billion. The Revolving Credit Facilities may serve as a substitute to the company's commercial paper program, and can be used, from time to time, for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At September 30, 2025, the company was in compliance with these covenants.

364-Day Revolving Credit Facility

In February 2025, the company amended and restated its January 2023 (as amended in July 2023, January 2024 and February 2024) 364-day revolving credit agreement (the “364-Day Revolving Credit Facility”) decreasing the facility amount from $1 billion to $750 million and extending the expiration date to February 2026. Borrowings under the 364-Day Revolving Credit Facility will have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. The 364-Day Revolving Credit Facility includes a provision under which the company may convert any advances outstanding prior to the maturity date into term loans having a maturity date up to one year later. The 364-Day Revolving Credit Facility contains customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the 364-Day Revolving Credit Facility contains a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At September 30, 2025, the company was in compliance with these covenants.

NOTE 12 - COMMITMENTS AND CONTINGENT LIABILITIES

Guarantees

Indemnifications

In connection with acquisitions and divestitures, the company has indemnified respective parties against certain liabilities that may arise in connection with these transactions and business activities prior to the completion of the transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. In addition, the company indemnifies its duly elected or appointed directors and officers to the fullest extent permitted by Delaware law, against liabilities incurred as a result of their activities for the company, such as adverse judgments relating to litigation matters. If the indemnified party were to incur a liability or have a liability increase as a result of a successful claim, pursuant to the terms of the indemnification, the company would be required to reimburse the indemnified party. The maximum amount of potential future payments is generally unlimited. See below for additional information relating to the indemnification obligations under the Chemours Separation Agreement and the Corteva Separation Agreement.

Obligations for Supplier Finance Programs

The company enters into supplier finance programs with various finance providers in which the company agrees to pay these finance providers the stated amount of confirmed invoices from participating suppliers by the original maturity date. The company or the finance provider may terminate the agreement upon providing at least thirty days’ written notice. The payment terms that the company has with its finance providers under supplier finance programs are less than one year. At September 30, 2025, December 31, 2024 and September 30, 2024, the outstanding obligations under supplier finance programs was $160

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

million, $88 million and $124 million, respectively, and included within accounts payable in the interim Consolidated Balance Sheets.

The rollforward of the company’s outstanding obligations confirmed as valid under its supplier finance programs for the period ended September 30, 2025 is as follows:


(In millions)
Confirmed obligations outstanding at December 31, 2024	$	88
Invoices confirmed during the period	516
Confirmed invoices paid during the period	(444)
Confirmed obligations outstanding at September 30, 2025	$	160

Obligations for Customers and Other Third Parties

The company has directly guaranteed various debt obligations under agreements with third parties related to customers and other third parties. At September 30, 2025, December 31, 2024 and September 30, 2024, the company had directly guaranteed $71 million, $64 million and $75 million, respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees in the event of default by the guaranteed party. Of the maximum future payments at September 30, 2025, approximately $15 million had terms greater than one year. The maximum future payments include $4 million, $4 million and $4 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively, of guarantees related to the various factoring agreements into which the company enters with third-party financial institutions to sell its trade receivables. See Note 8 - Accounts and Notes Receivable - Net, to the interim Consolidated Financial Statements, for additional information.

The maximum future payments also include agreements with lenders to establish programs that provide financing for select customers. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. The total amounts owed from customers to the lenders relating to these agreements was $603 million, $223 million and $598 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used.

Indemnifications under Separation Agreements

The company has entered into various agreements where the company is indemnified for certain liabilities. The term of this indemnification is generally indefinite, with exceptions, and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable.

Chemours Separation Agreement (Performance Chemicals)

Pursuant to the Chemours Separation Agreement resulting from the 2015 spin-off of the Performance Chemicals segment from Historical DuPont, Chemours indemnifies the company against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. In 2017, the Chemours Separation Agreement was amended to provide for a limited sharing of potential future liabilities related to alleged historical releases of perfluorooctanoic acids and its ammonium salts (“PFOA”) for a five-year period that began on July 6, 2017. Additionally, in January 2021, a binding memorandum of understanding as described below replaced the potential future liability sharing arrangements established in the 2017 amendment to the Chemours Separation Agreement. At September 30, 2025, December 31, 2024 and September 30, 2024, the indemnification assets from Chemours were $138 million, $43 million, and $51 million, respectively, within accounts and notes receivable - net and $466 million, $280 million and $261 million, respectively, within other assets in the interim Consolidated Balance Sheets. These indemnification assets are regularly assessed for collectability and the company has concluded that these assets are recoverable. The liabilities subject to Chemours indemnification are considered stray liabilities under the Corteva Separation Agreement. Therefore, if Chemours fails to indemnify the company, these stray liabilities are subject to proportionate cost sharing between Corteva and DuPont, on a 29 percent and 71 percent basis, respectively, as further described in this footnote below.

On May 13, 2019, Chemours filed suit in the Delaware Court of Chancery against DuPont, EIDP, and Corteva, seeking, among other things, to limit its responsibility for the litigation and environmental liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement (the “Delaware Litigation”). On March 30, 2020, the Court of Chancery granted a

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

motion to dismiss. On December 15, 2020, the Delaware Supreme Court affirmed the judgment of the Court of Chancery. Meanwhile, a confidential arbitration process regarding the same and other claims proceeded (the “Arbitration”).

On January 22, 2021, Chemours, DuPont, Corteva and EIDP entered into a binding memorandum of understanding resolving legal disputes originating from the Delaware Litigation and Arbitration, and establishing a cost sharing arrangement and escrow account supporting and managing potential future legacy per- and polyfluoroalkyl substances (“PFAS”) liabilities arising out of pre-July 1, 2015 conduct (the “MOU”). The MOU replaced a prior 2017 amendment to the Chemours Separation Agreement. According to the terms of the MOU, Corteva and DuPont together, on one hand, and Chemours, on the other hand, agreed to a 50-50 split of certain qualified expenses related to PFAS liabilities incurred over a term not to exceed twenty years or $4 billion of qualified spend and escrow account contributions (see below for discussion of the escrow account) in the aggregate. DuPont’s and Corteva’s 50 percent share under the MOU will be limited to $2 billion, including qualified expenses and escrow account contributions. These expenses and escrow account contributions will be subject to the existing Letter Agreement, under which DuPont and Corteva will each bear 50 percent of the first $300 million (up to $150 million each), and thereafter DuPont bears 71 percent and Corteva bears the remaining 29 percent. Under the terms of the MOU, Corteva’s estimated aggregate share of the potential $2 billion is approximately $600 million.

In order to support and manage any potential future PFAS liabilities, the parties also agreed to establish an escrow account (“MOU Escrow Account”). The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million into an escrow account and DuPont and Corteva shall together deposit $100 million in the aggregate into an escrow account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million into an escrow account and DuPont and Corteva shall together deposit $50 million in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Over this period, Chemours will deposit a total of $500 million in the account and DuPont and Corteva will deposit an additional $500 million pursuant to the terms of the Letter Agreement. Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, Chemours will make 50 percent of the deposits and DuPont and Corteva together will make 50 percent of the deposits necessary to restore the balance of the escrow account to $700 million, pursuant to the terms of the Letter Agreement. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029, pursuant to the escrow account replenishment terms as set forth in the MOU. The MOU provides that no withdrawals from the MOU Escrow Account can be made before year six, except to fund mutually agreed upon third-party settlements in excess of $125 million. Starting with year six, withdrawals can only be made to fund qualified spend if the parties’ aggregate qualified spend in that particular year is greater than $200 million. Beginning with year 11, the amounts in the MOU Escrow Account can be used to fund any qualified spend. The company made its annual installment deposits due to the MOU Escrow Account through September 30, 2025.

In April 2024, Corteva, EIDP, DuPont, and Chemours received a final judgment resolving all drinking water claims related to PFAS of a defined class of U.S. public water systems that serve the vast majority of the United States population (the “Nationwide Water District Settlement”). In connection with the Nationwide Water District Settlement, the MOU was supplemented to waive funding due to the MOU Escrow Account by Chemours, DuPont and Corteva for 2023 provided that each party fully funds its portion of the Nationwide Water District Settlement and said settlement is consummated. The funding obligation to the MOU Escrow Account with respect to 2024 and due September 30, 2024 was to be waived if (i) between October 1, 2023 and September 30, 2024, the parties had entered into settlement agreements resolving liabilities under the MOU that in the aggregate exceed $100 million; (ii) each company had fully funded its respective share, in accordance with the MOU, of such settlements; and (iii) such settlements were consummated. No such waiver was triggered for the 2024 escrow funding obligation due September 30, 2024 and, therefore, the company made its required contribution.

After the term of this arrangement, Chemours’ indemnification obligations under the original 2015 Chemours Separation Agreement, would continue unchanged, subject in each case to certain exceptions set out in the MOU. Under the MOU, Chemours waived specified claims regarding the construct of its 2015 spin-off transaction, and the parties dismissed the pending arbitration regarding those claims. Additionally, the parties have agreed to resolve the Ohio MDL PFOA personal injury litigation (as discussed below). The parties are expected to cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU.

Corteva Separation Agreement

On April 1, 2019, in connection with the Dow Distribution, Corteva, DuPont and Dow entered into the Corteva Separation Agreement, the Tax Matters Agreement ("TMA"), the Employee Matters Agreement, and certain other agreements (collectively, the “Corteva Separation Agreements”). The Corteva Separation Agreements allocate among Corteva, DuPont and Dow assets, employees, certain liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) and provides for indemnification obligation among the parties. Under the Corteva Separation Agreement, DuPont indemnifies Corteva against certain litigation, environmental, tax, workers' compensation and other

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liabilities that arose prior to the Corteva Distribution, Dow indemnifies Corteva against certain litigation, environmental, tax, workers' compensation and other liabilities that relate to the Historical Dow business, and Corteva indemnifies DuPont and Dow for certain liabilities.

Indemnification matters under the Corteva Separation Agreements contain dispute resolution clauses. Corteva and DuPont were pursuing a resolution of a matter under the terms of the TMA that had the potential to significantly impact the current carrying value of our indemnification liability. On September 15, 2025, the dispute resolution firm issued a decision resulting in no material impact to the current carrying value of our indemnification liability.

Under the Corteva Separation Agreements, certain legacy EIDP liabilities from discontinued and/or divested operations and businesses of EIDP (including Performance Chemicals) (a “stray liability”) were allocated to Corteva or DuPont. For those stray liabilities allocated to Corteva and DuPont (which may include a specified amount of liability associated with that liability), Corteva and DuPont are responsible for liabilities in an amount up to that specified amount plus an additional $200 million each. Once each company has met the $200 million threshold, Corteva and DuPont will share future liabilities proportionally on the basis of 29 percent and 71 percent, respectively; provided, however, that for PFAS, DuPont managed such liabilities with Corteva and DuPont sharing the costs on a 50 percent - 50 percent basis starting from $1 and up to $300 million (with such amount, up to $150 million, to be credited to each company’s $200 million threshold) and once the $300 million threshold was met, the companies share proportionally on the basis of 29 percent and 71 percent respectively, subject to a $1 million de minimis requirement. The aggregate amount of cash remitted by Corteva has exceeded the stray liability thresholds, including PFAS, noted above.

At September 30, 2025, December 31, 2024 and September 30, 2024, the aggregate indemnification assets from DuPont and Dow were $112 million, $47 million and $36 million, respectively, within accounts and notes receivable - net and $263 million, $143 million and $129 million, respectively, within other assets in the interim Consolidated Balance Sheets. At September 30, 2025, December 31, 2024 and September 30, 2024, the aggregate indemnification liabilities to DuPont and Dow were $17 million, $9 million and $19 million, respectively, within accrued and other current liabilities and $145 million, $149 million and $141 million, respectively, within other noncurrent obligations in the interim Consolidated Balance Sheets.

Discontinued Operations Activity

The company recorded benefits (charges) of $(10) million and $(87) million for the three and nine months ended September 30, 2025, respectively, and $(2) million and $45 million for the three and nine months ended September 30, 2024, respectively to income (loss) from discontinued operations after income taxes, in the interim Consolidated Statements of Operations.

The after-tax charge for the three months ended September 30, 2025 was driven by charges recognized relating to the MOU with Chemours and DuPont relating to PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility, along with other environmental matters. The after-tax charge for the nine months ended September 30, 2025 was driven by charges recognized relating to the MOU with Chemours and DuPont, comprised of a litigation charge associated with the NJ Statewide Settlement as well as PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility, along with other environmental matters.

The after-tax charge for the three months ended September 30, 2024 was primarily driven by litigation-related activity. The after-tax benefits recognized during the nine months ended September 30, 2024 was driven by charges recognized relating to the MOU with Chemours and DuPont relating to PFAS environmental remediation activities primarily at Chemours' Fayetteville Works facility and litigation-related activity, more than offset by a favorable adjustment of certain prior year tax positions for previously divested businesses and the derecognition of an indemnification liability associated with the Water District Settlement Fund contribution.

Litigation

The company is subject to various legal proceedings, including, but not limited to, product liability, intellectual property, antitrust, commercial, property damage, personal injury, environmental and regulatory matters arising out of the normal course of its current businesses or legacy EIDP businesses unrelated to Corteva’s current businesses but allocated to Corteva as part of the Corteva Separation from DuPont. It is not possible to predict the outcome of these various proceedings, as considerable uncertainty exists. The company records accruals for legal matters when the information available indicates that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Accruals may reflect the impact and status of negotiations, settlements, rulings, advice from counsel and other information and events that may pertain to a particular matter. For the litigation matters discussed below, management believes that it is reasonably possible that the company could incur liabilities in excess of amounts accrued, for which the ultimate liability could be material to the results of operations and the cash flows in the period recognized. However, the company is unable to estimate the possible loss beyond amounts accrued due to various reasons, including, among others, that the underlying matters are either in early stages and/or

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have significant factual issues to be resolved. In addition, even when the company believes it has substantial defenses, the company may consider settlement of matters if it believes it is in the best interest of the company.

Bayer Dispute

In August 2022, Bayer filed a breach of contract/declaratory judgment lawsuit in Delaware state court against Corteva relating to an agrobacterium cross-license agreement and E3® soybeans. Bayer alleged that Corteva practiced two Bayer patents in developing E3® soybeans, and therefore, is entitled pursuant to the terms of the cross-license agreement to royalties for sales between 2019 through 2029, along with interest. In January 2025, the court issued several rulings precluding Corteva's invalidity and inequitable conduct defenses, while also aligning on key aspects of Corteva's patent claim construction. In May 2025, the Delaware state court granted Corteva’s motion for partial summary judgment agreeing that U.S. Supreme Court precedent precludes the collection of royalties after patent expiration. In June 2025, Bayer’s motion for reconsideration was denied. In July 2025, a stipulated order allowed Bayer to appeal the summary judgment finding, while also allowing Corteva’s cross-appeal of the dismissal of its invalidity and inequitable conduct defenses.

In August 2025, Corteva and Bayer executed an agreement to pause legal proceedings through mid-January 2026 (the “Pause Agreement”) to enable a comprehensive resolution of outstanding disputes and litigation outstanding between both parties, including additional matters set forth in Part II, Item 1 – Legal Proceedings. The Delaware Supreme Court subsequently approved the stay mutually requested by Corteva and Bayer.

Federal Trade Commission Investigation

On May 26, 2020, Corteva received a subpoena from the Federal Trade Commission (“FTC”) directing it to submit documents pertaining to its Crop Protection products generally, as well as business plans, rebate programs, offers, pricing and marketing materials specifically related to its acetochlor, oxamyl, rimsulfuron and other related products in order to determine whether Corteva engaged in unfair methods of competition through anticompetitive conduct. Corteva has fully cooperated with all requests related to this subpoena. On September 29, 2022, the FTC, along with ten state attorneys general in California, Colorado, Illinois, Indiana, Iowa, Minnesota, Nebraska, Oregon, Wisconsin, and Texas, filed a lawsuit against Corteva and another competitor alleging the parties engaged in unfair methods of competition, unlawful conditioning of payments, unreasonably restrained trade, and have an unlawful monopoly (the “FTC lawsuit”). In December 2022, attorneys general in Tennessee and Washington joined the FTC lawsuit and the Arkansas state attorney general filed a separate lawsuit against Corteva and another competitor based on the allegations set forth in the FTC lawsuit. In July 2025, the Arkansas state attorney general amended the complaint to include methoxyfenozide, cyhalofop, picloram, triclopyr, and aminopyralid products. Several proposed private class action lawsuits were also filed in federal court alleging anticompetitive conduct based on the allegations set forth in the FTC lawsuit.

Virtually all of these private lawsuits were centralized into a multi-district litigation in the U.S. District Court for the Middle District of North Carolina. In January 2025, federal court for the multi-district litigation granted in part, and denied in part, Corteva's motion to dismiss. Specifically, the court order dismissed the plaintiff's federal damages claims and 13 of the 27 state consumer protection act claims. The plaintiffs amended their complaint to include methoxyfenozide products. The trials for these claims are expected to begin in 2027.

Lorsban® Lawsuits

As of September 30, 2025, there were asserted claims for personal injury against the former Dow Agrosciences LLC, alleging injuries related to chlorpyrifos exposure, the active ingredient in Lorsban®, an insecticide used by commercial farms for field fruit, nut and vegetable crops. Corteva ended its production of Lorsban® in 2020. Chlorpyrifos products are restricted-use pesticides, which are not available for purchase or use by the general public, and may only be sold to, and used by, certified applicators or someone under the certified applicator's direct supervision. These lawsuits do not relate to Dursban®, a residential type chlorpyrifos product that was authorized for indoor purposes, which was discontinued over two decades ago prior to the Merger and Corteva’s formation and Separation. Claimants allege personal injury, including autism, developmental delays and/or decreased neurologic function, resulting from farm worker exposure and bystander drift and in utero exposure to chlorpyrifos. Certain claimants have also put forth remediation claims due to alleged property contamination from chlorpyrifos. As of September 30, 2025, an accrual has been established for the estimated resolution of certain claims.

Litigation related to legacy EIDP businesses unrelated to Corteva’s current businesses

For purposes of this report, the term PFOA means collectively perfluorooctanoic acid and its salts, including the ammonium salt and does not distinguish between the two forms, and PFAS, including PFOA, PFOS (perfluorooctanesulfonic acid), GenX and other perfluorinated chemicals and compounds ("PFCs").

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EIDP is a party to various legal proceedings relating to the use of PFOA by its former Performance Chemicals segment for which potential liabilities would be subject to the cost sharing arrangement under the MOU as long as it remains effective.

Leach Settlement and Ohio MDL Settlement

EIDP has residual liabilities under its 2004 settlement of a West Virginia state court class action, Leach v. EIDP, which alleged that PFOA from EIDP’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. The settlement class has about 80,000 members. In addition to relief that was provided to class members years ago, the settlement requires EIDP to continue providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. As of September 30, 2025, approximately $2 million had been disbursed from the account since its establishment in 2012 and the remaining balance is approximately $1 million.

PFOA Personal Injury Claims

In January 2021, Chemours, DuPont and Corteva agreed to settle approximately 95 filed and unfiled matters remaining in the Ohio MDL, with the exception of the Abbott Case, for $83 million, with Chemours contributing $29 million to the settlement, and DuPont and Corteva contributing $27 million each. The company paid $27 million during the year ended December 31, 2021. In December 2024, the defendants reached a settlement of all of the currently filed and unfiled personal injury cases in the Ohio MDL for $59 million. The settlement was payable in two installments, with $8 million contributed in aggregate by Corteva. The final installment was paid upon the court dissolving the MDL in March 2025.

Other PFOA Matters

EIDP is a party to other PFOA lawsuits involving claims for property damage, medical monitoring and personal injury. Defense costs and any future liabilities that may arise out of these lawsuits are subject to the MOU and the cost sharing arrangement disclosed above. Under the MOU, fraudulent conveyance claims associated with these matters are not qualified expenses, unless Corteva, Inc. and EIDP would prevail on the merits of these claims.

EIDP did not make any film-forming foams, PFOS, or PFOS products. While EIDP made surfactants and intermediaries that some manufacturers used in making foams, which may have contained PFOA as an unintended byproduct or an impurity, EIDP’s products were not formulated with PFOA, nor was PFOA an ingredient of these products. EIDP has never made or sold PFOA as a commercial product.

Aqueous Film-Forming Foams. Approximately 10,100 filed cases against 3M and other defendants, including EIDP and Chemours, and some including Corteva and DuPont, alleging personal injury (primarily kidney, testicular, liver and thyroid cancer) from the use of aqueous film-forming foams (“AFFF”) or contamination, in most cases due to migration from military installations or airports, consolidated in a multi-district litigation proceeding in federal district court in South Carolina (“SC MDL”). Most of these recent cases also assert claims that the EIDP and Chemours separation constituted a fraudulent conveyance.

In August 2025, the SC MDL entered multiple case management orders requiring cases filed outside the SC MDL to be transferred to the SC MDL, establishing a 21-day window for unfiled cases to be filed, and allowing the filing of multi-plaintiff complaints. A significant number of new cases asserting personal injury were filed or transferred to the SC MDL. Many of the personal injury cases both inside and outside the SC MDL include and continue to include, as new cases are threatened, multiple plaintiffs. Therefore, the number of plaintiffs asserting such claims is substantially higher than the number of cases set forth above. The first bellwether personal injury trial is expected to be scheduled for 2026. Discussions between the parties on a resolution to these cases remain ongoing.

Nationwide Water District Settlement. On June 1, 2023, Corteva, EIDP, DuPont, and Chemours (collectively, the “settling companies”) entered into a binding agreement in principle to comprehensively resolve all drinking water claims related to PFAS of a defined class of U.S. public water systems that serve the vast majority of the United States population, including, but not limited to the AFFF claims in the SC MDL, under the Nationwide Water District Settlement, for $1.185 billion in the aggregate. PFAS, as defined in the settlement, includes PFOA and HFPO-DA, among a broad range of fluorinated organic substances. In April 2024, the settlement was deemed final resulting in the release of the previously restricted cash in the Water District Settlement Fund and derecognition of the associated liability. The Nationwide Water District Settlement was entered into solely by way of compromise and settlement and is not in any way an admission of liability or fault by Corteva or EIDP.

The class represented by the Nationwide Water District Settlement is composed of all Public Water Systems, as defined in 42 U.S.C. § 300f, with a current detection of PFAS or that are currently required to monitor for PFAS under the Environmental Protection Agency’s Fifth Unregulated Contaminant Monitoring Rule (“UCMR 5”) or other applicable federal or state law (the “Class”). Approximately 88 percent of the U.S. is served by systems required to test under UCMR 5. The Class does not

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include water systems owned and operated by a State or the United States government; small systems that have not detected the presence of PFAS and are not currently required to monitor for it under federal or state requirements; and, unless they otherwise request to be included, water systems in the lower Cape Fear River Basin of North Carolina.

The total number of requests for exclusion (“opt-outs”) was approximately 900 water districts while most public water districts (approximately 93 percent of the Class) remain in the class settlement.

New Jersey. In late March 2019, the New Jersey State Attorney General filed four lawsuits against EIDP, Chemours, and others alleging that operations at and discharges from former EIDP sites in New Jersey (Chambers Works, Parlin, Pompton Lakes and Repauno) damaged the State’s natural resources. Two of these lawsuits (those involving the Chambers Works and Parlin sites) allege contamination from PFAS. DuPont and Corteva were subsequently added as defendants to these lawsuits. These lawsuits include claims for remediation, fraudulent conveyance, as well as claims under the New Jersey Water Pollution Control Act and the New Jersey Industrial Site Recovery Act (“ISRA”).

On August 3, 2025, the company, together with Chemours and DuPont agreed to a proposed Judicial Consent Order with the State of New Jersey (the "NJ Statewide Settlement") to resolve all outstanding claims by the State of New Jersey pending against the companies related to the legacy use of a wide variety of substances of concern, including, but not limited to DNAPL (dense non-aqueous phase liquids), chemical solvents, and PFAS. Subject to a public notice and comment period and subject to court approval following that period, the NJ Statewide Settlement will also resolve legacy claims related to four Historical DuPont operating sites (Chambers Works, Parlin, Pompton Lakes and Repauno) in the State, including claims under ISRA, alleged statewide PFAS contamination, including from the use of AFFF, claims of fraudulent conveyance, and claims for known natural resource damages from these Historical DuPont sites that the State of New Jersey and its departments have, or may have, in the future against the companies.

The NJ Statewide Settlement includes aggregate cash payments to the State of New Jersey of $875 million, payable over a period of 25 years (net present value of approximately $500 million, using an 8 percent discount rate), responsibility for which will be allocated among the settling companies in accordance with the terms of the MOU. Of the $875 million, approximately $16 million is allocated to statewide natural resource damages unrelated to the four Historical DuPont sites, 25 percent of which relates to alleged statewide AFFF contamination. Accordingly, in the second quarter of 2025, the company recorded a pre-tax loss of $72 million ($58 million after-tax) within discontinued operations, reflecting the net present value of the company's share of the aggregate cash payment in accordance with the MOU. The settling companies have agreed to count the NJ Statewide Settlement against the MOU limit at net present value as of the date of the NJ Statewide Settlement. Entry into the NJ Statewide Settlement suspended the companies' 2025 MOU escrow funding obligations and funding of the initial payment under the NJ Statewide Settlement, expected in 2026, will be deemed to satisfy these obligations for 2025.

In addition to the cash payment, the NJ Statewide Settlement obligates certain settling companies to continue to undertake remediation at the four Historical DuPont sites, which will be determined in accordance with applicable law and the respective cost sharing arrangements between the settling companies, to the extent applicable. DuPont and Chemours will be responsible for the remediation at the sites under their current respective ownership. As part of the NJ Statewide Settlement, the companies have agreed to a binding third party review process of the remedial funding source ("RFS") for each of the four Historical DuPont sites (in the form of a surety bond or similar financial instrument) to ensure available funds for future remediation of these sites. This review process could identify additional required remediation, and an increase to the RFS for each of these sites.

The company and DuPont will also establish a reserve fund (in the form of a surety bond or similar financial instrument) in the amount of $475 million (the "Reserve Fund") with DuPont funding 71 percent and the company bearing the remaining 29 percent. The Reserve Fund is further financial security, separate from, and secondary to, the RFS, and the Reserve Fund will be accessible only in the event the RFS for a site has been exhausted and the party responsible for a site is not otherwise performing the required remediation. If a responsible party under the NJ Statewide Settlement defaults on their remediation or payment obligations (subject first to the cost sharing arrangements under the Corteva Separation Agreements, which provides that these obligations are "stray liabilities"), EIDP will become responsible for such obligations.

The NJ Statewide Settlement, after the expiration of the public notice and comment period, is subject to court approval hearing, which is scheduled for January 2026. Under the NJ Statewide Settlement, no settling party admits any liability or wrongdoing or agrees to waive any defenses as to any such liability or wrongdoing.

Pursuant to a separate agreement among the company, DuPont, and Chemours, and contingent upon the court's approval of the NJ Statewide Settlement, DuPont and the company will purchase Chemours' future interest, if any, in certain insurance proceeds. DuPont and the company will make the purchase by contributing a total of $150 million, with $106 million from

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DuPont and $44 million from the company, into an escrow fund, with funds to be released to pay Chemours' share of the NJ Statewide Settlement. DuPont and the company will pay Chemours, as additional contingent consideration, amounts received from the acquired insurance proceeds in excess of $150 million plus an accrued fee. The accrued fee will equal the lesser of (a) $35 million, and (b) $3 million plus interest (at prime minus 2 percent) on an initial balance of $150 million, as reduced by any amounts received by DuPont and Corteva from the acquired insurance proceeds, until DuPont and the company have so received $150 million, plus the accrued fee. The purchase price to be paid to Chemours, and the insurance proceeds recovered, by DuPont and the company from the insurance proceeds acquired from Chemours, will be shared in accordance with the sharing percentages under the Letter Agreement.

Ohio. EIDP is a defendant in two lawsuits, including an action by the State of Ohio based on alleged damage to natural resources. The natural resources damage claim was preliminarily resolved in December 2023 for $110 million, with Corteva’s share of the settlement under the MOU being approximately $16 million and expected to be paid in the coming months. As of September 30, 2025, an accrual has been established. The second, a putative nationwide class action ("the Hardwick Class Action") brought on behalf of anyone who has detectable levels of PFAS in their blood serum seeks declaratory and injunctive relief, including the establishment of a “PFAS Science Panel.” In December 2023, the Sixth Circuit Court of Appeals dismissed the Hardwick Class Action due to lack of standing by Mr. Hardwick. With further opportunities for appeals expired, the plaintiffs filed a new case, narrowing their original claims, in June 2024. In January 2025, EIDP filed a motion to dismiss the new case on the grounds it remains similar to the original claim.

New York. EIDP is a defendant in a putative class action (the "Baker Class Action"), brought by persons who live in and around Hoosick Falls, New York. These lawsuits assert claims for medical monitoring, property damage and personal injury based on alleged PFOA releases from manufacturing facilities owned and operated by co-defendants in Hoosick Falls. The lawsuits allege that EIDP and others supplied materials used at these facilities resulting in PFOA air and water contamination. A court approved settlement was reached between the plaintiffs and the other co-defendants regarding the Baker Class Action case. In September 2022, the class certification of the Baker Class Action was granted, with the court certifying three separate classes consisting of a private well property damage class, a medical monitoring class and a nuisance class. A settlement in principle of the Baker Class Action was reached in June 2025 for $22 million, plus funding $1 million annually to a medical monitoring fund for five years. As of September 30, 2025, an accrual for Corteva’s share of the expected settlement under the MOU was established.

EIDP is a defendant in a lawsuit brought by the Town of East Hampton, New York alleging PFOA and PFOS contamination of the town’s well water. This district submitted a timely op-out request from the Nationwide Water District Settlement. EIDP and Chemours are also defendants in two lawsuits by a private water utility provider in New Jersey and New York alleging damages from PFAS releases into the environment, that impacted water sources that the utilities use to provide water, as well as product liability, negligence, nuisance, and trespass claims. The court dismissed the New York plaintiff's trespass claims and limited plaintiffs’ nuisance claims to abatement damages.

Other Natural Resource Damage Cases. In addition to the natural resource damage cases in New Jersey and New York, natural resource damage lawsuits against EIDP, Chemours, and others, claiming, among other things, PFC (including PFOA) contamination of groundwater and drinking water, have been filed by attorneys general in 31 states, the District of Columbia and three U.S. territories. Certain cases also name DuPont and Corteva as defendants and include claims of fraudulent conveyance. The complaints seek reimbursement for past and future costs to investigate and remediate the alleged contamination and compensation for the loss of value and use of the state’s natural resources. Due to overlapping AFFF allegations, virtually all of these cases have been transferred, or are pending transfer to the SC MDL. These cases are largely in the discovery phase.

On July 13, 2021, Chemours, DuPont, EIDP and Corteva entered into a settlement agreement with the State of Delaware reflecting the companies' and the State's agreement to settle and fully resolve claims alleged against the companies regarding their historical Delaware operations, manufacturing, use and disposal of all chemical compounds, including PFAS. Under the settlement, if the companies, individually or jointly, within 8 years of the settlement, enter into a proportionally similar agreement to settle or resolve claims of another state for PFAS-related natural resource damages, for an amount greater than $50 million, the companies shall make a supplemental payment directly to the Natural Resources and Sustainability Trust (the “NRS Trust”) in an amount equal to such other states’ recovery in excess of $50 million ("Supplemental Payment"). Supplemental Payment(s), if any, will not exceed $25 million in the aggregate. All amounts paid by the companies under the settlement are subject to the MOU and the Corteva Separation Agreement. Due to the settlement of natural resource damages claims with the State of Ohio, the one-time Supplemental Payment will be triggered when further opportunity for appeals expires under the Ohio judicial consent order process. As of September 30, 2025, an accrual has been established for Corteva's share under the MOU. Under the settlement, if the state sues other parties and those parties seek contribution from the companies, the companies will have protection from contribution up to the amounts previously paid under the settlement

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agreement. The companies will also receive a credit up to the amount of the payment if the state seeks natural resource damage claims against the companies outside the scope of the settlement’s release of claims.

Canada. The Province of British Columbia, filed a class action against various defendants, including 3M, DuPont Canada, EIDP, and Chemours alleging harms caused by PFAS/AFFF. The class consists of all municipalities, regional districts, and other governance authorities and other persons in Canada that were responsible for a “Drinking Water System” from 1970 to the present. The plaintiff seeks to recover costs for the treatment and restoration of natural resources, as well as property, economic, and punitive damages. A putative class action was also filed in July 2024 on behalf of citizens of Quebec, Canada seeking class certification to recover for alleged PFAS and AFFF contamination of private wells and public water treatment facilities. In January 2024, a class action was also filed in Canada against 3M and other defendants, including EIDP and Chemours, alleging PFOS and PFOA environmental contamination and personal injury from use of AFFF. Additionally, several lawsuits on behalf of consumers of PFAS-infused products in the Province of British Columbia for personal injury and PFAS contamination in Manitoba, Canada have been filed.

Netherlands. In April 2021, four municipalities in the Netherlands filed complaints alleging contamination of land and groundwater resulting from the emission of PFOA and GenX by Corteva, DuPont and Chemours. The municipalities seek to recover costs incurred due to the alleged emissions, including damages for investigation costs, construction project delays, depreciation of land, soil remediation, liabilities to contractors, and attorneys’ fees. In September 2023, the court entered a second interlocutory judgment, ruling, inter alia, that defendants were liable to the municipalities for PFOA emissions during a certain time period, and the removal costs of deposited emissions on the municipalities' land infringes their property rights by an objective standard. In June 2024, Chemours and these Dutch municipalities signed a letter of intent that included the implementation of a specific remediation plan for the restoration of restricted vegetable gardens in certain areas of those municipalities to be funded by Chemours, sampling and developing a program to address a recreational lake, and further settlement discussions, including a potential fund to cover certain other expenditures aimed at environmental-related activities. While the letter of intent contemplates the possibility of settlement, discussions between the parties related to the resolution to these matters remain ongoing. Although the company believes a loss is probable, it is not estimable at this time due to various reasons including, among others, that such discussions remain in their early stages. As of September 30, 2025, an accrual has been established for the estimated environmental remediation set forth in the letter of intent. Additionally, the Office of Public Prosecutor in the Netherlands opened a criminal investigation against certain Dutch subsidiaries of Chemours and Historical DuPont, as well as each subsidiary's directors, alleging unlawful PFOA and GenX emissions from Chemours' Dordrecht Works facility.

Carpet Mill Cases. The city of Centre, Alabama water district alleged defendants, including EIDP, Chemours, other chemical suppliers and large carpet mills, discharged PFAS in their industrial wastewater, and that this wastewater after treatment, resulted in PFAS contamination of drinking water supplies. The trial for the Centre, Alabama water district carpet mill case is expected to be scheduled for January 2026. In July 2024, the town of Lyerly, Georgia filed a case making similar allegations as those brought in the Centre, Alabama case. Numerous carpet, textile, and paper manufacturers, their alleged suppliers and former suppliers, including EIDP and Chemours, and certain municipal or utility defendants are also subject to several lawsuits in Georgia, Alabama and South Carolina, alleging negligence, nuisance and trespass related to the release of PFOA, and requesting injunctive relief related to PFOA contamination.

Fayetteville Works Facility, North Carolina

Prior to the separation of Chemours, EIDP introduced GenX as a polymerization processing aid and a replacement for PFOA at the Fayetteville Works facility in Bladen County, North Carolina. The facility is now owned and operated by Chemours, which continues to manufacture and use GenX.

As of September 30, 2025, several actions, including personal injury, are pending in the North Carolina federal court against Chemours and EIDP relating to PFC discharges from the Fayetteville Works facility. One of these is a consolidated putative class action that asserts claims for medical monitoring and property damage on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority (“CFPUA”) and Brunswick County, that seek actual and punitive damages as well as injunctive relief. EIDP and Chemours filed a motion for summary judgment on this consolidated action in March 2025. Cumberland County, North Carolina, which is not part of the forgoing consolidation action or the Nationwide Water District Settlement, filed an action for alleged PFOA contamination to its groundwater sources used in drinking water and seeking recovery for costs associated with water filtration, monitoring, and compliance costs. The pending mediation and trial for this matter are no longer scheduled.

In March 2023, CFPUA filed a Delaware Chancery Court action claiming the spin-off of Chemours and the Dow and Historical DuPont merger were unlawful and should be voided, so CFPUA is not precluded from recovering amounts it is entitled in its

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

pending litigation. EIDP filed a motion to dismiss the Delaware Chancery Court action based upon failure to state a claim under Delaware law in June 2023, along with a counterclaim in October 2023. CFPUA’s motion to stay the case was granted in January 2024.

In a state court action, approximately 2,400 private property owners near the Fayetteville Works facility seek compensatory and punitive damages for their claims of private nuisance, trespass, negligence, water monitoring and property damage allegedly caused by release of certain PFCs. In addition, several personal injury cases have been filed in the North Carolina federal court alleging thyroid disease, and prostate, breast and kidney cancers as a result of PFAS exposure.

Generally, site-related expenses related to GenX claims are subject to the cost sharing arrangements as defined in the MOU.

Environmental

Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. These obligations are included in accrued and other current liabilities and other noncurrent obligations in the interim Consolidated Balance Sheets. It is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration.

For a discussion of the allocation of environmental liabilities under the Chemours Separation Agreement and the Corteva Separation Agreement, see pages 21-22.

The accrued environmental obligations and indemnification assets include the following:


	As of September 30, 2025
(In millions)	Indemnification asset		Accrual balance3		Potential exposure above amount accrued3
Environmental Remediation Stray Liabilities
Chemours related obligations - subject to indemnity1,2	$	258	$	270	$	207
Other discontinued or divested businesses obligations1	34		72		197

Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont2	52		57		55

Environmental remediation liabilities not subject to indemnity	—		118		86

Indemnification liabilities related to the MOU4	—		63		10
Total	$	344	$	580	$	555

1.Represents liabilities that are subject to the $200 million threshold and sharing arrangements as discussed on page 22, under the header "Corteva Separation Agreement."

2.The company has recorded an indemnification asset related to these accruals, including $23 million related to the Superfund sites.

3.Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. Accrual balance includes $51 million for remediation of Superfund sites. Amounts do not include all possible impacts from the remediation elements of the EPA's October 2021 PFAS Strategic Roadmap (as applicable), except as disclosed on page 28 relating to Chemours' remediation activities at the Fayetteville Works facility pursuant to the Consent Order with the North Carolina Department of Environmental Quality ("NC DEQ").

4.Represents liabilities that are subject to the $150 million threshold and sharing agreements as discussed on page 21, under the header "Chemours Separation Agreement (Performance Chemicals)."

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Chambers Works, New Jersey

On January 28, 2022, the State of New Jersey filed a request for a preliminary injunction against EIDP and Chemours seeking the establishment of a Remediation Funding Source (“RFS”) in an amount exceeding $900 million for environmental remediation at EIDP’s former Chambers Works facility in New Jersey, along with fines and penalties. The RFS primarily relates to non-PFAS remediation, which is not subject to the MOU. This RFS matter will be resolved upon the court's approval of the NJ Statewide Settlement, discussed on page 26.

Nebraska Department of Environment and Energy, AltEn Facility

The EPA and the Nebraska Department of Environment and Energy (“NDEE”) are pursuing investigations, response and removal actions, litigation and enforcement action related to an ethanol plant located near Mead, Nebraska that is owned and operated by AltEn LLC (“AltEn”). The agencies have alleged violations under the Resource Conservation and Recovery Act (“RCRA”) and other federal and state laws stemming from AltEn’s lack of compliance with the terms and conditions of its operating permits and other regulatory requirements. Corteva is one of six seed companies, who were customers of AltEn (collectively, the "Facility Response Group"), participating in the NDEE’s Voluntary Cleanup Program to address certain interim remediation needs at the site. In February 2022, the Facility Response Group filed a lawsuit against AltEn and certain of its affiliates to preserve certain contractual and common law indemnification claims. In March 2025, the Facility Response Group reached an agreement to settle this lawsuit with AltEn. The agreement, among other things, limits AltEn’s ability to dispose of the property or take any adverse action with respect to its property or assets. As of September 30, 2025, an accrual was established for Corteva’s estimated voluntary contribution to the solid waste and wastewater remedial action plans for the AltEn location.

California Department of Toxic Substances Control, Pittsburg Plant

The California Department of Toxic Substances Control (“DTSC”) has filed a state court lawsuit challenging whether the Pittsburg plant’s high purity water system (“HPWS”), as operated by Dow and now Corteva, required a permit pursuant to RCRA. Discussions between the parties remain ongoing and further litigation, including discovery, is stayed.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 13 - STOCKHOLDERS' EQUITY

Share Buyback Plan

On November 19, 2024, Corteva, Inc. announced that its Board of Directors authorized a $3 billion share repurchase program to

purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2024 Share Buyback Plan"). The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. In connection with the 2024 Share Buyback Plan, the company repurchased and retired 3,401,000 and 3,681,000 shares in the open market for a total cost (excluding excise taxes) of $250 million and $270 million during the three and nine months ended September 30, 2025, respectively.

On September 13, 2022, Corteva, Inc. announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 Share Buyback Plan"). The timing, price and volume of purchases were based on market conditions, relevant securities laws and other factors. The company completed the 2022 Share Buyback Plan during the second quarter of 2025 and repurchased and retired 7,815,000 shares in the open market for a total cost (excluding excise taxes) of $500 million for the nine months ended September 30, 2025, respectively, and 4,722,000 and 13,838,000 shares in the open market for a total cost (excluding excise taxes) of $250 million and $750 million for the three and nine months ended September 30, 2024, respectively. Included within the shares repurchased during the nine months ended September 30, 2025 and the year ended December 31, 2024 were $145 million and $125 million, respectively, of shares from the master trust fund of the principal U.S. pension plan, as part of the Pension Investment Committee's periodic portfolio rebalancing process. Shares were repurchased by the company at the prevailing market rate authorized and agreed to by a third-party independent fiduciary for the plan.

Shares repurchased pursuant to Corteva's share buyback plans are immediately retired upon repurchase. Repurchased common stock is reflected as a reduction of stockholders' equity. The company's accounting policy related to its share repurchases is to reduce its common stock based on the par value of the shares and to reduce its retained earnings for the excess of the repurchase price over the par value. When Corteva has an accumulated deficit balance, the excess over the par value is applied to additional paid-in capital ("APIC"). When Corteva has retained earnings, the excess is charged entirely to retained earnings.

Noncontrolling Interest

Corteva, Inc. owns 100 percent of the outstanding common shares of EIDP. However, EIDP has preferred stock outstanding to third parties which is accounted for as a non-controlling interest in Corteva's interim Consolidated Balance Sheets. Each share of EIDP Preferred Stock - $4.50 Series and EIDP Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EIDP and was unaffected by the Corteva Distribution.

Below is a summary of the EIDP Preferred Stock at September 30, 2025, December 31, 2024 and September 30, 2024, which is classified as noncontrolling interests in Corteva's interim Consolidated Balance Sheets.


(Shares in thousands)			Number of Shares
Authorized			23,000
$4.50 Series, callable at $120			1,673
$3.50 Series, callable at $102			700

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Other Comprehensive Income (Loss)

The changes and after-tax balances of components comprising accumulated other comprehensive income (loss) are summarized below:


(In millions)	Cumulative Translation Adjustment1		Derivative Instruments		Pension Benefit Plans		Other Benefit Plans		Unrealized Gain (Loss) on Investments		Total
2024
Balance at January 1, 2024	$	(2,458)	$	(55)	$	(353)	$	189	$	—	$	(2,677)
Other comprehensive income (loss) before reclassifications	(206)		(8)		2		—		(14)		(226)
Amounts reclassified from accumulated other comprehensive income (loss)	—		25		(1)		(7)		—		17
Net other comprehensive income (loss)	(206)		17		1		(7)		(14)		(209)
Balance at September 30, 2024	$	(2,664)	$	(38)	$	(352)	$	182	$	(14)	$	(2,886)

2025
Balance at January 1, 2025	$	(3,472)	$	16	$	(226)	$	219	$	(6)	$	(3,469)
Other comprehensive income (loss) before reclassifications	873		(106)		2		—		5		774
Amounts reclassified from accumulated other comprehensive income (loss)	—		46		(2)		(10)		—		34
Net other comprehensive income (loss)	873		(60)		—		(10)		5		808

Balance at September 30, 2025	$	(2,599)	$	(44)	$	(226)	$	209	$	(1)	$	(2,661)

1.The cumulative translation adjustment gain for the nine months ended September 30, 2025 was primarily driven by the weakening of the USD against the Euro ("EUR"), Brazilian Real ("BRL") and Mexican Peso ("MXN"). The cumulative translation adjustment loss for the nine months ended September 30, 2024 was primarily driven by the strengthening of the USD against the Brazilian Real (“BRL”) and Mexican Peso ("MXN").

The tax (expense) benefit on the net activity related to each component of other comprehensive income (loss) was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Derivative instruments	$	2	$	(4)	$	5	$	(13)
Pension benefit plans - net	(1)		—		—		—
Other benefit plans - net	2		1		4		3
Unrealized gains (losses) on investments	—		—		—		—
(Provision for) benefit from income taxes related to other comprehensive income (loss) items	$	3	$	(3)	$	9	$	(10)

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

A summary of the reclassifications out of accumulated other comprehensive income (loss) is provided as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Derivative instruments1:	$	2	$	12	$	70	$	38
Tax (benefit) expense2	(1)		(4)		(24)		(13)
After-tax	$	1	$	8	$	46	$	25
Amortization of pension benefit plans:
Prior service (benefit) cost3,4	$	(1)	$	(1)	$	(3)	$	(2)


Settlement (gain) loss3,4	—		1		—		1
Total before tax	$	(1)	$	—	$	(3)	$	(1)
Tax (benefit) expense2	—		(1)		1		—
After-tax	$	(1)	$	(1)	$	(2)	$	(1)
Amortization of other benefit plans:
Prior service (benefit) cost3,4	$	(1)	$	—	$	(1)	$	(1)
Actuarial (gains) losses3,4	(4)		(3)		(13)		(9)

Total before tax	$	(5)	$	(3)	$	(14)	$	(10)
Tax (benefit) expense2	2		1		4		3
After-tax	$	(3)	$	(2)	$	(10)	$	(7)






Total reclassifications for the period, after-tax	$	(3)	$	5	$	34	$	17

1.Reflected in cost of goods sold in the interim Consolidated Statements of Operations.

2.Reflected in provision for (benefit from) income taxes from continuing operations in the interim Consolidated Statements of Operations.

3.These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 14 - Pension Plans and Other Post Employment Benefits, to the interim Consolidated Financial Statements, for additional information.

4.Reflected in other income (expense) - net in the interim Consolidated Statements of Operations.

NOTE 14 - PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS

The following sets forth the components of the company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits ("OPEB"):


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Defined Benefit Pension Plans:
Service cost	$	2	$	3	$	9	$	12
Interest cost	158		162		471		488
Expected return on plan assets	(156)		(133)		(466)		(399)

Amortization of prior service (benefit) cost	(1)		—		(3)		(2)
Settlement loss	—		1		—		1
Net periodic benefit (credit) cost	$	3	$	33	$	11	$	100
Other Post Employment Benefits:

Interest cost	$	10	$	11	$	30	$	31
Amortization of unrecognized (gain) loss	(4)		(3)		(13)		(9)
Amortization of prior service (benefit) cost	(1)		(1)		(1)		(1)

Net periodic benefit (credit) cost	$	5	$	7	$	16	$	21

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 15 - FINANCIAL INSTRUMENTS

Time Deposits and Money Market Funds

At September 30, 2025, December 31, 2024 and September 30, 2024, the company held $1,726 million, $2,179 million and $1,543 million, respectively, of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents in the interim Consolidated Balance Sheets, as these securities had maturities of three months or less at the time of purchase; and $1 million, $8 million and $1 million of held-to-maturity securities (primarily time deposits) classified as marketable securities in the interim Consolidated Balance Sheets at September 30, 2025, December 31, 2024 and September 30, 2024, respectively, as these securities had maturities of more than three months to less than one year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. At these periods, the company held additional held-to-maturity securities, as well as available-for-sale securities, consisting of investments in foreign government bonds which are discussed further in the “Debt Securities” section. Reclassifications of prior year held-to-maturity balances have been made in the current year to disaggregate between those that are time deposits and foreign government bonds.

Derivative Instruments

Objectives and Strategies for Holding Derivative Instruments

In the ordinary course of business, the company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency and commodity price risks. The company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk.

Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any non-derivatives as hedging instruments.

The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges, and multinational grain exporters. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management.

The aggregate notional amounts for the company's derivative instruments (both designated and not designated) was a net buy (sell) position of $1,724 million, $(1,056) million and $1,305 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

Foreign Currency Risk

The company's objective in managing exposure to foreign currency fluctuations is to reduce earnings and cash flow volatility associated with foreign currency rate changes and to mitigate the exposure of certain investments in foreign subsidiaries against changes in the EUR/USD exchange rate. Accordingly, the company enters into various contracts that change in value as foreign exchange rates change to protect the value of its existing foreign currency-denominated assets, liabilities, commitments, investments and cash flows.

The company uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of its operations. The primary business objective of this hedging program is to maintain an approximately balanced position in foreign currencies so that exchange gains and losses resulting from exchange rate changes, after related tax effects, are minimized. The company also uses foreign currency exchange contracts to offset a portion of the company’s exposure to certain forecasted transactions as well as the translation of foreign currency-denominated earnings. The company also frequently uses commodity contracts to offset risks associated with foreign currency devaluation in certain countries.

Commodity Price Risk

Commodity price risk management programs serve to reduce exposure to price fluctuations on purchases of inventory such as corn and soybeans. The company enters into over-the-counter and exchange-traded derivative commodity instruments to hedge the commodity price risk associated with agricultural commodity exposures.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Derivatives Designated as Cash Flow Hedges

Commodity Contracts

The company enters into over-the-counter and exchange-traded derivative commodity instruments, including options, forwards, futures and swaps, to hedge the commodity price risk associated with agricultural commodity exposures.

While each risk management program has a different maturity period, most programs currently do not extend beyond the next two years. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is not probable of occurring.

The following table summarizes the after-tax effect of commodity contract cash flow hedges on accumulated other comprehensive income (loss):


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Beginning balance	$	(1)	$	(92)	$	(49)	$	(71)
Additions and revaluations of derivatives designated as cash flow hedges	(19)		25		(29)		(13)
Clearance of hedge results to earnings	1		7		59		24
Ending balance	$	(19)	$	(60)	$	(19)	$	(60)

At September 30, 2025, an after-tax net loss of $8 million is expected to be reclassified from accumulated other comprehensive income (loss) into earnings over the next twelve months.

Foreign Currency Contracts

The company enters into forward contracts to hedge the foreign currency risk associated with forecasted transactions within certain foreign subsidiaries.

While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two years. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is not probable of occurring.

The following table summarizes the after-tax effect of foreign currency cash flow hedges on accumulated other comprehensive income (loss):


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Beginning balance	$	—	$	20	$	13	$	1
Additions and revaluations of derivatives designated as cash flow hedges	—		—		—		19
Clearance of hedge results to earnings	—		1		(13)		1
Ending balance	$	—	$	21	$	—	$	21

At September 30, 2025, no after-tax net gain (loss) is expected to be reclassified from accumulated other comprehensive income (loss) into earnings over the next twelve months.

Derivatives Designated as Net Investment Hedges

Foreign Currency Contracts

In March 2025, the company designated €1.7 billion of forward contracts to exchange Euro as net investment hedges. Of these hedges, €1.2 billion expired and were settled in May 2025, while the remaining €500 million will expire and be settled in December 2025. The purpose of these forward contracts is to mitigate foreign exchange exposure related to a portion of the company’s Euro net investments in certain foreign subsidiaries against changes in EUR/USD exchange rates.

In May 2024, the company designated €500 million of forward contracts to exchange Euro as net investment hedges. An additional tranche of €500 million of forward contracts to exchange Euro were executed in July 2024 and also designated as net investment hedges. These hedges expired and were settled in December 2024. The company had previously designated €1.2 billion of forward contracts to exchange Euro as net investment hedges, which expired and were settled in May 2024.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The company elected to apply the spot method in testing for effectiveness of the hedging relationship.

Derivatives not Designated in Hedging Relationships

Foreign Currency Contracts

The company uses foreign exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The company also frequently uses foreign currency exchange contracts to offset a portion of the company’s exposure to the translation of certain foreign currency-denominated earnings so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated earnings over the relevant aggregate period.

Commodity Contracts

The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn and soybeans. The company uses commodity contracts to offset a portion of the company’s exposure to commodity price fluctuations so that gains and losses on the contracts offset changes in the commodity price over the relevant aggregate period. The company uses forward agreements, with durations of less than one year, to buy and sell USD-priced commodities in order to reduce its exposure to currency devaluation for a portion of its local currency cash balances. Counterparties to the forward sales agreements are multinational grain exporters and subject to the company’s financial risk management procedures.

Fair Value of Derivative Instruments

Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows:


		September 30, 2025
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Interim Consolidated Balance Sheets
Asset derivatives:



Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	49		(49)		—
Commodity contracts	Other current assets	4		—		4
Total asset derivatives		$	53	$	(49)	$	4

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	36	$	—	$	36
Commodity contracts	Accrued and other current liabilities	12		—		12
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	131		(49)		82
Commodity contracts	Accrued and other current liabilities	3		—		3
Total liability derivatives		$	182	$	(49)	$	133

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


		December 31, 2024
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives:
Derivatives designated as hedging instruments:

Commodity contracts	Other current assets	$	8	$	—	$	8
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	71		(45)		26
Commodity contracts	Other current assets	12		—		12
Total asset derivatives		$	91	$	(45)	$	46

Liability derivatives:
Derivatives designated as hedging instruments:

Commodity contracts	Accrued and other current liabilities	$	2	$	—	$	2
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	104		(45)		59
Commodity contracts	Accrued and other current liabilities	5		—		5
Total liability derivatives		$	111	$	(45)	$	66


		September 30, 2024
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Interim Consolidated Balance Sheets
Asset derivatives:
Derivatives designated as hedging instruments:

Commodity contracts	Other current assets	$	2	$	—	$	2
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	105		(61)		44
Commodity contracts	Other current assets	3		—		3
Total asset derivatives		$	110	$	(61)	$	49

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	23	$	—	$	23
Commodity contracts	Accrued and other current liabilities	1		—		1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	64		(61)		3
Commodity contracts	Accrued and other current liabilities	3		—		3
Total liability derivatives		$	91	$	(61)	$	30

Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Effect of Derivative Instruments


	Amount of Gain (Loss) Recognized in OCI - Pre-Tax1
	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts	$	3	$	(36)	$	(100)	$	(19)
Cash flow hedges:
Foreign currency contracts	—		1		—		29
Commodity contracts	(23)		34		(35)		(18)
Total derivatives designated as hedging instruments	$	(20)	$	(1)	$	(135)	$	(8)

1.OCI is defined as other comprehensive income (loss).


	Amount of Gain (Loss) Recognized in Income - Pre-Tax1
	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2	$	—	$	(2)	$	6	$	(3)
Commodity contracts2	(2)		(10)		(76)		(35)
Total derivatives designated as hedging instruments	$	(2)	$	(12)	$	(70)	$	(38)
Derivatives not designated as hedging instruments:
Foreign currency contracts3	$	(73)	$	59	$	76	$	(32)
Foreign currency contracts2	(33)		(6)		(102)		12
Commodity contracts2,4	—		3		9		(41)
Commodity contracts3	—		1		—		(2)
Total derivatives not designated as hedging instruments	$	(106)	$	57	$	(17)	$	(63)
Total derivatives	$	(108)	$	45	$	(87)	$	(101)

1.For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period.

2.Recorded in cost of goods sold in the interim Consolidated Statements of Operations.

3.Recognized in other income (expense) - net. Note that net gain (loss) from foreign currency contracts was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 5 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.

4.The net gain (loss) relating to commodity contracts that are not designated as hedging instruments that were recorded in cost of goods sold, in the interim Consolidated Statements of Operations, are mostly offset by the related net gain (loss) on third-party grower contracts denominated as liabilities.

Debt Securities

At December 31, 2024 and September 30, 2024, the company held $55 million and $55 million, respectively, of held-to-maturity debt securities consisting of foreign government bonds classified as marketable securities in the interim Consolidated Balance Sheets as these securities had maturities of more than three months to less than one year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value, and are held by certain foreign subsidiaries in which the USD is the functional currency.

The company held debt securities, which consisted of foreign government bonds classified as available-for-sale securities at September 30, 2025, December 31, 2024 and September 30, 2024. The company's investments in available-for-sale securities are recorded at fair value with unrealized gains and losses recorded in accumulated other comprehensive income (loss), within the interim Consolidated Statements of Equity, or current period earnings if an allowance for credit losses has been established, within the interim Consolidated Statements of Operations. At September 30, 2025, December 31, 2024, and September 30, 2024, the company had $76 million, $— million, and $16 million, respectively, of these available-for-sale securities within marketable securities in the interim Consolidated Balance Sheets, as these securities had maturities of more than three months to less than one year at the time of purchase.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The company held $21 million, $97 million and $90 million of these available-for-sale securities classified as other assets in the interim Consolidated Balance Sheets at September 30, 2025, December 31, 2024 and September 30, 2024, respectively, as these securities had maturities of more than one year at the time of purchase. At September 30, 2025, available-for-sale debt securities with contractual maturities less than one year and of one year through five years included gross unrealized gains (losses) of $1 million and $(2) million, respectively.

The estimated fair value of the available-for-sale securities as of September 30, 2025, December 31, 2024 and September 30, 2024 was determined using Level 2 inputs within the fair value hierarchy. Level 2 measurements were based on the end of period quoted closing market prices in active markets for identical assets and liabilities.

NOTE 16 - FAIR VALUE MEASUREMENTS

The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis:


		September 30, 2025			December 31, 2024		September 30, 2024
(In millions)	Level 21			Level 21	Level 21
Assets at fair value:

Marketable securities		$	1		$	63	$	56
Debt securities:
Foreign government bonds2		97			97		106
Derivatives relating to:3
Foreign currency		49			71		105
Commodity contracts		4			20		5


Total assets at fair value		$	151		$	251	$	272
Liabilities at fair value:
Derivatives relating to:3
Foreign currency		167			104		87
Commodity contracts		15			7		4

Total liabilities at fair value		$	182		$	111	$	91

1.Reflects significant other observable inputs.

2.Represents the company's investments in debt securities that are classified as available-for-sale, which are included in marketable securities and other assets in the interim Consolidated Balance Sheets.

3.See Note 15 - Financial Instruments, to the interim Consolidated Financial Statements, for the classification of derivatives in the interim Consolidated Balance Sheets.

NOTE 17 - SEGMENT INFORMATION

Corteva’s reportable segments reflects the manner in which its chief operating decision maker ("CODM") allocates resources and assesses performance, which is at the operating segment level (Seed and Crop Protection). The company's CODM is the Chief Executive Officer. The primary measure used by Corteva's CODM for purposes of allocating resources to the segments and assessing segment performance is segment operating EBITDA.

Segment operating EBITDA is primarily utilized in the annual planning and monthly forecasting processes. On a monthly basis, the CODM considers variances between comparable prior year actual results and current year actual or forecasted results when evaluating the company's success in delivering its innovative proprietary technology to farmers and monitoring of expected savings from cost and productivity actions. The CODM also utilizes segment operating EBITDA when evaluating the impacts of market-driven trends on segment performance, such as input costs and inflationary and currency impacts. The CODM does not use segment assets to inform resource allocation decisions or assess segment performance.

The company defines segment operating EBITDA as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, 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 and separation costs. 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

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 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 respective segment results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility.


As of and for the Three Months Ended September 30, (In millions)	Seed		Crop Protection		Total
2025
Net sales	$	917	$	1,701	$	2,618
Segment operating EBITDA	(193)		279		86
Depreciation and amortization	195		105		300


Purchases of property, plant and equipment	108		49		157

2024
Net sales	$	691	$	1,635	$	2,326
Segment operating EBITDA	(320)		246		(74)
Depreciation and amortization	202		104		306


Purchases of property, plant and equipment	99		55		154


As of and for the Nine Months Ended September 30, (In millions)	Seed		Crop Protection		Total
2025
Net sales	$	8,161	$	5,330	$	13,491
Segment operating EBITDA	2,512		990		3,502
Depreciation and amortization	586		311		897
Purchases of property, plant and equipment	227		142		369

2024
Net sales	$	7,773	$	5,157	$	12,930
Segment operating EBITDA	2,126		811		2,937
Depreciation and amortization	610		315		925
Purchases of property, plant and equipment	258		158		416

Reconciliation of Segment Profitability


(In millions)	Seed		Crop Protection		Total
For the Three Months Ended September 30, 2025
Net sales	$	917	$	1,701	$	2,618
Cost of goods sold	578		1,054		1,632
Other expenses1	532		368		900
Segment operating EBITDA	$	(193)	$	279	$	86

(In millions)	Seed		Crop Protection		Total
For the Three Months Ended September 30, 2024
Net sales	$	691	$	1,635	$	2,326
Cost of goods sold	531		1,012		1,543
Other expenses1	480		377		857
Segment operating EBITDA	$	(320)	$	246	$	(74)

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


(In millions)	Seed		Crop Protection		Total
For the Nine Months Ended September 30, 2025
Net sales	$	8,161	$	5,330	$	13,491
Cost of goods sold	3,557		3,253		6,810
Other expenses1	2,092		1,087		3,179
Segment operating EBITDA	$	2,512	$	990	$	3,502

(In millions)	Seed		Crop Protection		Total
For the Nine Months Ended September 30, 2024
Net sales	$	7,773	$	5,157	$	12,930
Cost of goods sold	3,733		3,293		7,026
Other expenses1	1,914		1,053		2,967
Segment operating EBITDA	$	2,126	$	811	$	2,937

Other expenses consisted primarily of selling, general and administrative expenses and research and development expense, net of depreciation add-back.

Reconciliation to interim Consolidated Financial Statements


Income (loss) from continuing operations after income taxes to segment operating EBITDA	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Income (loss) from continuing operations after income taxes	$	(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	$	(370)	$	(633)	$	2,218	$	1,187
Depreciation and amortization	300		306		897		925
Interest income	(29)		(33)		(92)		(93)
Interest expense	46		66		134		173
Exchange (gains) losses - net	45		97		97		234
Non-operating (benefits) costs - net	14		50		27		132

Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges	6		14		58		(4)
Significant items (benefit) charge	30		33		56		297
Separation costs	7		—		7		—
Corporate expenses	37		26		100		86
Segment operating EBITDA	$	86	$	(74)	$	3,502	$	2,937

Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA

The three and nine months ended September 30, 2025 and 2024, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA:


(In millions)	Seed		Crop Protection		Corporate		Total
For the Three Months Ended September 30, 2025
Restructuring and asset related charges - net1	$	—	$	(28)	$	(2)	$	(30)







Total	$	—	$	(28)	$	(2)	$	(30)


(In millions)	Seed		Crop Protection		Corporate		Total
For the Three Months Ended September 30, 2024
Restructuring and asset related charges - net1	$	(3)	$	(10)	$	(19)	$	(32)




Acquisition-related costs5	—		(1)		—		(1)

Total	$	(3)	$	(11)	$	(19)	$	(33)

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


(In millions)	Seed		Crop Protection		Corporate		Total
For the Nine Months Ended September 30, 2025
Restructuring and asset related charges - net1	$	(4)	$	(117)	$	(10)	$	(131)



Gain (loss) on sale of assets2	—		14		—		14


AltEn facility remediation charges6	(37)		—		—		(37)
Insurance proceeds3	—		98		—		98
Total	$	(41)	$	(5)	$	(10)	$	(56)


(In millions)	Seed		Crop Protection		Corporate		Total
For the Nine Months Ended September 30, 2024
Restructuring and asset related charges - net1	$	(56)	$	(83)	$	(60)	$	(199)
Estimated settlement expense4	—		(101)		—		(101)
Inventory write-offs2	2		—		—		2
Gain (loss) on sale of assets2	4		3		—		7

Acquisition-related costs5	—		(6)		—		(6)

Total	$	(50)	$	(187)	$	(60)	$	(297)

1.Includes restructuring plans and asset related charges, as well as accelerated prepaid amortization expense for the three and nine months ended September 30, 2024. See Note 4 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements, for additional information.

2.Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions. The nine months ended September 30, 2024 includes a $2 million benefit associated with sales of inventory previously reserved for in association with the 2022 Restructuring Actions.

3.Includes proceeds received related to prior significant items.

4.Consists of estimated Lorsban® related charges.

5.Relates to acquisition-related costs, including third-party integration costs associated with the completed acquisitions of Stoller and Symborg.

6.Relates to a charge to increase the remediation accrual at the AltEn facility relating to Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans. See Note 12 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information.

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