A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net sales$6,456 $6,112 $10,873 $10,604 
Cost of goods sold2,932 2,918 5,274 5,468 
Research and development expense375 357 710 689 
Selling, general and administrative expenses1,156 1,054 1,907 1,790 
Amortization of intangibles161 174 323 351 
Restructuring and asset related charges - net79 92 101 167 
Other income (expense) - net103 (113)118 (212)
Interest expense52 66 88 107 
Income (loss) from continuing operations before income taxes1,804 1,338 2,588 1,820 
Provision for (benefit from) income taxes on continuing operations422 282 539 388 
Income (loss) from continuing operations after income taxes1,382 1,056 2,049 1,432 
Income (loss) from discontinued operations after income taxes(66)— (77)47 
Net income (loss)1,316 1,056 1,972 1,479 
Net income (loss) attributable to noncontrolling interests2 3 6 7 
Net income (loss) attributable to Corteva$1,314 $1,053 $1,966 $1,472 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$2.02 $1.51 $2.99 $2.04 
Basic earnings (loss) per share of common stock from discontinued operations(0.10)— (0.11)0.07 
Basic earnings (loss) per share of common stock$1.92 $1.51 $2.88 $2.11 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$2.02 $1.51 $2.98 $2.03 
Diluted earnings (loss) per share of common stock from discontinued operations(0.10)— (0.11)0.07 
Diluted earnings (loss) per share of common stock$1.92 $1.51 $2.87 $2.10 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic681.7695.9683.3698.1
  Diluted683.1698.1684.7700.4


A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
June 30, 2025December 31, 2024June 30, 2024
Assets
Current assets
Cash and cash equivalents$2,065 $3,106 $1,839 
Marketable securities76 63 120 
Accounts and notes receivable - net8,674 5,676 7,615 
Inventories4,316 5,432 4,893 
Other current assets873 820 892 
Total current assets16,004 15,097 15,359 
Investment in nonconsolidated affiliates134 134 113 
Property, plant and equipment9,455 9,074 9,088 
Less: Accumulated depreciation5,302 4,975 4,933 
Net property, plant and equipment4,153 4,099 4,155 
Goodwill10,518 10,408 10,490 
Other intangible assets8,583 8,876 9,238 
Deferred income taxes449 401 538 
Other assets1,918 1,810 1,571 
Total Assets$41,759 $40,825 $41,464 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$1,942 $750 $2,253 
Accounts payable3,828 4,039 3,300 
Income taxes payable485 207 488 
Deferred revenue358 3,287 413 
Accrued and other current liabilities2,903 2,103 2,499 
Total current liabilities9,516 10,386 8,953 
Long-term debt1,687 1,953 2,471 
Other noncurrent liabilities
Deferred income tax liabilities258 478 607 
Pension and other post-employment benefits2,229 2,271 2,452 
Other noncurrent obligations1,918 1,707 1,560 
Total noncurrent liabilities$6,092 $6,409 $7,090 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at June 30, 2025 - 679,879,000; December 31, 2024 - 685,595,000; and June 30, 2024 - 693,617,0007 7 7 
Additional paid-in capital27,014 27,196 27,504 
Retained earnings (accumulated deficit)1,532 55 992 
Accumulated other comprehensive income (loss)(2,644)(3,469)(3,324)
Total Corteva stockholders' equity25,909 23,789 25,179 
Noncontrolling interests242 241 242 
Total equity26,151 24,030 25,421 
Total Liabilities and Equity$41,759 $40,825 $41,464 

A-3
Corteva, Inc.
Consolidated Statements of Cash Flows
(Dollars in millions, except per share amounts)

Six Months Ended
June 30,
20252024
Operating activities
Net income (loss)$1,972 $1,479 
(Income) loss from discontinued operations after income taxes77(47)
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization597 619 
Provision for (benefit from) deferred income tax(209)(303)
Net periodic pension and OPEB (benefit) cost, net19 82 
Pension and OPEB contributions(84)(95)
Net (gain) loss on sales of property, businesses, consolidated companies and investments(17)(17)
Restructuring and asset related charges - net101 167 
Other net loss272 245 
Changes in assets and liabilities, net
         Accounts and notes receivable(2,544)(2,427)
         Inventories1,310 1,783 
         Accounts payable(356)(913)
         Deferred revenue(2,944)(2,978)
         Other assets and liabilities667 406 
Cash provided by (used for) operating activities - continuing operations$(1,139)$(1,999)
Cash provided by (used for) operating activities - discontinued operations(23)(159)
Cash provided by (used for) operating activities$(1,162)$(2,158)
Investing activities
Capital expenditures$(212)$(262)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested25 20 
Purchases of investments— (136)
Proceeds from sales and maturities of investments62 65 
Proceeds from (payment for) settlement of net investment hedge(56)15 
Other investing activities, net(17)(7)
Cash provided by (used for) investing activities$(198)$(305)
Financing activities
Net change in borrowings (less than 90 days)$28 $628 
Proceeds from debt1,214 2,559 
Payments on debt(335)(943)
Repurchase of common stock(520)(504)
Proceeds from exercise of stock options70 28 
Dividends paid to stockholders(232)(223)
Other financing activities, net(38)(27)
Cash provided by (used for) financing activities$187 $1,518 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents68 (72)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents$(1,105)$(1,017)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,422 3,158 
Cash, cash equivalents and restricted cash equivalents at end of period$2,317 $2,141 

A-4
Corteva, Inc.
Consolidated Segment Information
(Dollars in millions, except per share amounts)

Three Months Ended
June 30,		Six Months Ended
June 30,
SEGMENT NET SALES - SEED2025202420252024
    Corn$2,961 $2,683 $5,030 $4,770 
    Soybean1,257 1,317 1,562 1,609 
    Other oilseeds186 186 409 431 
    Other133 145 243 272 
Seed$4,537 $4,331 $7,244 $7,082 
Three Months Ended
June 30,		Six Months Ended
June 30,
SEGMENT NET SALES - CROP PROTECTION2025202420252024
    Herbicides$995 $946 $1,855 $1,832 
    Insecticides436 415 772 788 
    Fungicides342 250 646 545 
    Biologicals97 90 181 172 
    Other49 80 175 185 
Crop Protection$1,919 $1,781 $3,629 $3,522 
Three Months Ended
June 30,		Six Months Ended
June 30,
GEOGRAPHIC NET SALES - SEED2025202420252024
North America1
$3,954 $3,753 $5,551 $5,224 
EMEA2
282 251 1,108 1,169 
Latin America154 207 339 478 
Asia Pacific147 120 246 211 
Rest of World3
583 578 1,693 1,858 
Net Sales$4,537 $4,331 $7,244 $7,082 
Three Months Ended
June 30,		Six Months Ended
June 30,
GEOGRAPHIC NET SALES - CROP PROTECTION2025202420252024
North America1
$675 $647 $1,288 $1,263 
EMEA2
465 422 1,116 1,092 
Latin America518 443 775 687 
Asia Pacific261 269 450 480 
Rest of World3
1,244 1,134 2,341 2,259 
Net Sales$1,919 $1,781 $3,629 $3,522 

1.Reflects U.S. & Canada
2.Reflects Europe, Middle East, and Africa
3.Reflects EMEA, Latin America, and Asia Pacific

A-5
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Three Months Ended
June 30,		Six Months Ended
June 30,
20252025
Net Sales (GAAP)$6,456 $10,873 
Add: Impacts from Currency and Portfolio / Other83 274 
Organic Sales (Non-GAAP)$6,539 $11,147 
Three Months Ended
June 30,		Six Months Ended
June 30,
OPERATING EBITDA2025202420252024
Seed$1,863 $1,698 $2,705 $2,446 
Crop Protection334 255 711 565 
Corporate Expenses(33)(36)(63)(60)
Operating EBITDA (Non-GAAP)$2,164 $1,917 $3,353 $2,951 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Income (loss) from continuing operations after income taxes (GAAP)$1,382 $1,056 $2,049 $1,432 
Provision for (benefit from) income taxes on continuing operations422 282 539 388 
Income (loss) from continuing operations before income taxes (GAAP)1,804 1,338 2,588 1,820 
Depreciation and amortization301 312 597 619 
Interest income(31)(25)(63)(60)
Interest expense52 66 88 107 
Exchange (gains) losses - net1
25 78 52 137 
Non-operating (benefits) costs - net2
3 30 13 82 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges43 (19)52 (18)
Significant items (benefit) charge3
(33)137 26 264 
Operating EBITDA (Non-GAAP)$2,164 $1,917 $3,353 $2,951 

1.Refer to page A-14 for pre-tax and after tax impacts of exchange (gains) losses.
2.Non-operating (benefits) costs consists of non-operating pension and other post-employment benefit (OPEB) (credits) costs, tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
3.Refer to page A-10 for pre-tax and after tax impacts of significant items.

A-6
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Q2 2025 vs. Q2 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$229 5 %$244 6 %2 %4 %(1)%— %
EMEA74 11 %87 13 %4 %9 %(2)%— %
Latin America22 3 %72 11 %(7)%18 %(8)%— %
Asia Pacific19 5 %24 6 %4 %2 %(1)%— %
Rest of World115 7 %183 11 %— %11 %(4)%— %
Total$344 6 %$427 7 %1 %6 %(1)%— %
SEED
Q2 2025 vs. Q2 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$201 5 %$214 6 %2 %4 %(1)%— %
EMEA31 12 %57 23 %12 %11 %(11)%— %
Latin America(53)(26)%(40)(19)%(2)%(17)%(7)%— %
Asia Pacific27 23 %30 25 %6 %19 %(2)%— %
Rest of World5 1 %47 8 %5 %3 %(7)%— %
Total$206 5 %$261 6 %3 %3 %(1)%— %
CROP PROTECTION
Q2 2025 vs. Q2 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$28 4 %$30 5 %1 %4 %(1)%— %
EMEA
43 10 %30 7 %(1)%8 %3 %— %
Latin America75 17 %112 25 %(9)%34 %(8)%— %
Asia Pacific(8)(3)%(6)(2)%3 %(5)%(1)%— %
Rest of World110 10 %136 12 %(3)%15 %(2)%— %
Total$138 8 %$166 9 %(2)%11 %(1)%— %

A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Q2 2025 vs. Q2 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$278 10 %$321 12 %4 %8 %(2)%— %
Soybeans(60)(5)%(57)(4)%1 %(5)%(1)%— %
Other oilseeds— — %8 4 %2 %2 %(4)%— %
Other(12)(8)%(11)(8)%1 %(9)%— %— %
Total $206 5 %$261 6 %3 %3 %(1)%— %
CROP PROTECTION PRODUCT LINE
Q2 2025 vs. Q2 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$49 5 %$58 6 %(2)%8 %(1)%— %
Insecticides21 5 %29 7 %(2)%9 %(2)%— %
Fungicides92 37 %100 40 %2 %38 %(3)%— %
Biologicals7 8 %12 13 %(8)%21 %(5)%— %
Other(31)(39)%(33)(41)%(4)%(37)%2 %— %
Total$138 8 %$166 9 %(2)%11 %(1)%— %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.

A-8
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
First Half 2025 vs. First Half 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$352 5 %$378 6 %2 %4 %(1)%— %
EMEA(37)(2)%79 3 %2 %1 %(5)%— %
Latin America(51)(4)%68 6 %(6)%12 %(10)%— %
Asia Pacific5 1 %18 3 %3 %— %(2)%— %
Rest of World(83)(2)%165 4 %— %4 %(6)%— %
Total$269 3 %$543 5 %1 %4 %(2)%— %
SEED
First Half 2025 vs. First Half 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$327 6 %$343 7 %3 %4 %(1)%— %
EMEA(61)(5)%31 3 %5 %(2)%(8)%— %
Latin America(139)(29)%(91)(19)%(4)%(15)%(10)%— %
Asia Pacific35 17 %40 19 %8 %11 %(2)%— %
Rest of World(165)(9)%(20)(1)%3 %(4)%(8)%— %
Total$162 2 %$323 5 %3 %2 %(3)%— %
CROP PROTECTION
First Half 2025 vs. First Half 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$25 2 %$35 3 %(1)%4 %(1)%— %
EMEA
24 2 %48 4 %(1)%5 %(2)%— %
Latin America88 13 %159 23 %(7)%30 %(10)%— %
Asia Pacific(30)(6)%(22)(5)%1 %(6)%(1)%— %
Rest of World82 4 %185 8 %(2)%10 %(4)%— %
Total$107 3 %$220 6 %(2)%8 %(3)%— %

A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
First Half 2025 vs. First Half 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$260 5 %$386 8 %3 %5 %(3)%— %
Soybeans(47)(3)%(42)(3)%1 %(4)%— %— %
Other oilseeds(22)(5)%1 — %3 %(3)%(5)%— %
Other(29)(11)%(22)(8)%5 %(13)%(3)%— %
Total $162 2 %$323 5 %3 %2 %(3)%— %
CROP PROTECTION PRODUCT LINE
First Half 2025 vs. First Half 2024Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$23 1 %$70 4 %(2)%6 %(3)%— %
Insecticides(16)(2)%12 2 %(1)%3 %(4)%— %
Fungicides101 19 %128 23 %(2)%25 %(4)%— %
Biologicals9 5 %20 12 %(6)%18 %(7)%— %
Other(10)(5)%(10)(5)%(1)%(4)%— %— %
Total$107 3 %$220 6 %(2)%8 %(3)%— %

A-10
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Seed$(1)$(31)$(41)$(47)
Crop Protection37 (79)23 (176)
Corporate(3)(27)(8)(41)
Total significant items before income taxes$33 $(137)$(26)$(264)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax 9
($ Per Share)
202520242025202420252024
1st Quarter
Restructuring and asset related charges - net 1
$(22)$(75)$(17)$(56)$(0.02)$(0.08)
Estimated settlement expense 2
— (54)— (41)— (0.06)
   Gain (loss) on sale of assets 3
— 4 — 3 — 0.01 
   Acquisition-related costs 4
— (2)— (1)— — 
   AltEn facility remediation charges 5
(37)— (28)— (0.04)— 
   Income tax items 6
— — 55 — 0.08 — 
1st Quarter – Total
$(59)$(127)$10 $(95)$0.02 $(0.13)
2nd Quarter
Restructuring and asset related charges - net 1
$(79)$(92)$(59)$(69)$(0.09)$(0.10)
Estimated settlement expense 2
— (47)— (36)— (0.05)
Inventory write-offs 3
— 2 — 2 — — 
Gain (loss) on sale of assets 3
14 3 12 2 0.02 — 
Acquisition-related costs 4
— (3)— (2)— — 
Insurance proceeds 7
$98 $— $74 $— $0.11 $— 
2nd Quarter – Total
$33 $(137)$27 $(103)$0.04 $(0.15)
Year-to-Date Total 8
$(26)$(264)$37 $(198)$0.05 $(0.28)

1.Second and first quarter 2025 includes restructuring and asset related benefits (charges) of $(79) and $(22), respectively. The charges primarily relate to the Crop Protection Operations Strategy Restructuring Program.

Second and first quarter 2024 includes restructuring and asset related benefits (charges) of $(92) and $(75), respectively. The charges relate to a $(57) and $(55) charge for the second and first quarter, respectively, primarily associated with the Crop Protection Operations Strategy Restructuring Program and a $(35) and $(20) charge for the second and first quarter, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

2.Second and first quarter 2024 included estimated Lorsban® related charges of $(47) and $(54), respectively.

3.Second quarter 2025 includes a benefit of $14 related to the 2022 Restructuring Actions consisting of a gain on the sale of assets. Second and first quarter 2024 includes a benefit of $3 and $4, respectively, related to the 2022 Restructuring Actions consisting of a gain on the sale of assets. Second quarter of 2024 also includes a $2 benefit associated with sales of inventory previously reserved for in association with the 2022 Restructuring Actions.

4.Second and first quarter 2024 includes acquisition-related costs relating to third-party integration costs associated with the completed acquisitions of Stoller and Symborg.

5.First quarter 2025 includes a charge relating to the increase in the remediation accrual at the AltEn facility consisting of Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans.

6.The tax only significant item benefit for the first quarter 2025 reflects a deferred tax benefit associated with a change in a legal entity's U.S. tax characterization.

7.The insurance proceeds include proceeds received related to prior significant items.

8.Earnings per share for the year may not equal the sum of quarterly earnings per share due to the changes in average share calculations.

9.Unless specifically addressed in notes above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

A-11
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Operating Earnings (Loss) Per Share (Non-GAAP)
Operating earnings (loss) per share is defined as earnings (loss) per share from continuing operations – diluted, excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting.
Three Months Ended June 30,
2025202420252024
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$1,380 $1,053 $2.02 $1.51 
Less: Non-operating benefits (costs), after tax1
(8)(21)(0.01)(0.03)
Less: Amortization of intangibles (existing as of Separation), after tax(110)(118)(0.16)(0.16)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(33)15 (0.05)0.02 
Less: Significant items benefit (charge), after tax27 (103)0.04 (0.15)
Operating Earnings (Loss) (Non-GAAP)2
$1,504 $1,280 $2.20 $1.83 

Six Months Ended June 30,
2025202420252024
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$2,043 $1,425 $2.98 $2.03 
Less: Non-operating benefits (costs), after tax1
(16)(61)(0.02)(0.09)
Less: Amortization of intangibles (existing as of Separation), after tax(219)(235)(0.32)(0.34)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(40)14 (0.06)0.02 
Less: Significant items benefit (charge), after tax37 (198)0.05 (0.28)
Operating Earnings (Loss) (Non-GAAP)2
$2,281 $1,905 $3.33 $2.72 

1.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
2.Refer to page A-12 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.

A-12
Corteva, Inc.
Operating EBITDA to Operating Earnings (Loss) Per Share
(Dollars in millions, except per share amounts)

Operating EBITDA to Operating Earnings (Loss) Per Share
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Operating EBITDA (Non-GAAP)1
$2,164 $1,917 $3,353 $2,951 
Depreciation(140)(138)(274)(268)
Amortization of intangibles (post Separation)(18)(20)(38)(43)
Interest income31 25 63 60 
Interest expense(52)(66)(88)(107)
(Provision for) benefit from income taxes on continuing operations before significant items, non-operating benefits (costs), amortization of intangibles (existing as of Separation), mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)1
(443)(387)(663)(581)
Base income tax rate from continuing operations (Non-GAAP)1
22.3 %22.5 %22.0 %22.4 %
Exchange gains (losses), after tax2
(36)(48)(66)(100)
Net (income) loss attributable to non-controlling interests(2)(3)(6)(7)
Operating Earnings (Loss) (Non-GAAP)1
$1,504 $1,280 $2,281 $1,905 
Diluted Shares (in millions)683.1 698.1 684.7 700.4 
Operating Earnings (Loss) Per Share (Non-GAAP)1
$2.20 $1.83 $3.33 $2.72 

1.     Refer to pages A-5 through A-9, A-11 and A-13 for Non-GAAP reconciliations.
2.     Refer to page A-14 for pre-tax and after tax impacts of exchange gains (losses).

A-13
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)

Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Income (loss) from continuing operations before income taxes (GAAP)
$1,804 $1,338 $2,588 $1,820 
Add: Significant items (benefit) charge1
(33)137 26 264 
Non-operating (benefits) costs3 30 13 82 
Amortization of intangibles (existing as of Separation)143 154 285 308 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges43 (19)52 (18)
Less: Exchange gains (losses)2
(25)(78)(52)(137)
Income (loss) from continuing operations before income taxes, significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$1,985 $1,718 $3,016 $2,593 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$422 $282 $539 $388 
Add: Tax (expenses) benefits on significant items (benefit) charge1
(6)34 63 66 
Tax (expenses) benefits on non-operating (benefits) costs(5)9 (3)21 
Tax benefits on amortization of intangibles (existing as of Separation)33 36 66 73 
 Tax benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges10 (4)12 (4)
Tax (expenses) benefits on exchange gains (losses)2
(11)30 (14)37 
Provision for (benefit from) income taxes on continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$443 $387 $663 $581 
Effective income tax rate (GAAP)
23.4 %21.1 %20.8 %21.3 %
Significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect(0.2)%0.7 %2.0 %0.9 %
Tax rate from continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges23.2 %21.8 %22.8 %22.2 %
Exchange gains (losses), net effect2
(0.9)%0.7 %(0.8)%0.2 %
Base income tax rate from continuing operations (Non-GAAP)
22.3 %22.5 %22.0 %22.4 %

1.See page A-10 for further detail on the significant items table.
2.See page A-14 for further details of exchange gains (losses).

A-14
Corteva, Inc.
(Dollars in millions, except per share amounts)

Exchange Gains/Losses
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 United States (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 Consolidated Statements of Operations.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss)$(154)$(66)$(201)$(43)
Local tax (expenses) benefits14 28 13 18 
Net after-tax impact from subsidiary exchange gain (loss)$(140)$(38)$(188)$(25)
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)$129 $(12)$149 $(94)
Tax (expenses) benefits(25)2 (27)19 
Net after-tax impact from hedging program exchange gain (loss)$104 $(10)$122 $(75)
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss)$(25)$(78)$(52)$(137)
Tax (expenses) benefits(11)30 (14)37 
Net after-tax exchange gain (loss)$(36)$(48)$(66)$(100)
Non-controlling interest adjustment— — — 1 
Net after-tax exchange gain (loss) attributable to Corteva$(36)$(48)$(66)$(99)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program Gain (Loss)."