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,
2026202520262025
Net sales$6,379 $6,456 $11,284 $10,873 
Cost of goods sold2,718 2,932 5,090 5,274 
Research and development expense388 375 729 710 
Selling, general and administrative expenses1,164 1,156 2,041 1,907 
Amortization of intangibles194 161 354 323 
Restructuring and asset related charges - net49 79 141 101 
Separation costs79 — 131 — 
Other income (expense) - net(115)103 (232)118 
Interest expense47 52 83 88 
Income (loss) from continuing operations before income taxes1,625 1,804 2,483 2,588 
Provision for (benefit from) income taxes on continuing operations408 422 541 539 
Income (loss) from continuing operations after income taxes1,217 1,382 1,942 2,049 
Income (loss) from discontinued operations after income taxes(52)(66)(54)(77)
Net income (loss)1,165 1,316 1,888 1,972 
Net income (loss) attributable to noncontrolling interests4 2 7 6 
Net income (loss) attributable to Corteva$1,161 $1,314 $1,881 $1,966 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$1.81 $2.02 $2.89 $2.99 
Basic earnings (loss) per share of common stock from discontinued operations(0.08)(0.10)(0.08)(0.11)
Basic earnings (loss) per share of common stock$1.73 $1.92 $2.81 $2.88 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$1.81 $2.02 $2.88 $2.98 
Diluted earnings (loss) per share of common stock from discontinued operations(0.08)(0.10)(0.08)(0.11)
Diluted earnings (loss) per share of common stock$1.73 $1.92 $2.80 $2.87 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic668.6681.7670.4683.3
  Diluted669.8683.1671.6684.7


A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
June 30, 2026December 31, 2025June 30, 2025
Assets
Current assets
Cash and cash equivalents$2,365 $4,521 $2,065 
Marketable securities— 9 76 
Accounts and notes receivable - net8,696 6,371 8,674 
Inventories4,443 5,667 4,316 
Other current assets853 767 873 
Total current assets16,357 17,335 16,004 
Investment in nonconsolidated affiliates145 160 134 
Property, plant and equipment9,744 9,551 9,455 
Less: Accumulated depreciation5,566 5,331 5,302 
Net property, plant and equipment4,178 4,220 4,153 
Goodwill10,437 10,465 10,518 
Other intangible assets8,006 8,301 8,583 
Deferred income taxes335 320 449 
Other assets2,184 2,044 1,918 
Total Assets$41,642 $42,845 $41,759 
Liabilities and Equity
Current liabilities
Short-term borrowings$3,193 $894 $1,942 
Accounts payable3,958 4,398 3,828 
Income taxes payable303 155 485 
Deferred revenue383 3,579 358 
Accrued and other current liabilities2,952 3,099 2,903 
Total current liabilities10,789 12,125 9,516 
Long-term debt1,682 1,686 1,687 
Other noncurrent liabilities
Deferred income tax liabilities512 251 258 
Pension and other post-employment benefits1,300 2,434 2,229 
Other noncurrent obligations1,956 1,963 1,918 
Total noncurrent liabilities5,450 6,334 6,092 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at June 30, 2026 - 667,018,000; December 31, 2025 - 672,163,000; and June 30, 2025 - 679,879,000
7 7 7 
Additional paid-in capital26,894 27,001 27,014 
Retained earnings (accumulated deficit)1,224 (67)1,532 
Accumulated other comprehensive income (loss)(2,966)(2,797)(2,644)
Total Corteva stockholders' equity25,159 24,144 25,909 
Noncontrolling interests244 242 242 
Total equity25,403 24,386 26,151 
Total Liabilities and Equity$41,642 $42,845 $41,759 

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

Six Months Ended
June 30,
20262025
Operating activities
Net income (loss)$1,888 $1,972 
(Income) loss from discontinued operations after income taxes5477 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization636 597 
Provision for (benefit from) deferred income tax232 (209)
Net periodic pension and OPEB (benefit) cost, net(5)19 
Pension and OPEB contributions(1,140)(84)
Net (gain) loss on sales of property, businesses, consolidated companies and investments6 (17)
Restructuring and asset related charges - net141 101 
Other net loss319 272 
Changes in assets and liabilities, net
         Accounts and notes receivable(2,416)(2,544)
         Inventories1,227 1,310 
         Accounts payable(487)(356)
         Deferred revenue(3,187)(2,944)
         Other assets and liabilities(613)667 
Cash provided by (used for) operating activities - continuing operations(3,345)(1,139)
Cash provided by (used for) operating activities - discontinued operations(12)(23)
Cash provided by (used for) operating activities(3,357)(1,162)
Investing activities
Capital expenditures(203)(212)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested1 25 
Acquisitions of businesses - net of cash acquired(43)— 
Investments in and loans to nonconsolidated affiliates(6)— 
Proceeds from sales and maturities of investments9 62 
Proceeds from (payment for) settlement of net investment hedge— (56)
Other investing activities, net(5)(17)
Cash provided by (used for) investing activities(247)(198)
Financing activities
Net change in borrowings (less than 90 days)2,398 28 
Proceeds from debt868 1,214 
Payments on debt(989)(335)
Repurchase of common stock(500)(520)
Proceeds from exercise of stock options31 70 
Dividends paid to stockholders(241)(232)
Other financing activities, net(37)(38)
Cash provided by (used for) financing activities1,530 187 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents(32)68 
Increase (decrease) in cash, cash equivalents and restricted cash equivalents(2,106)(1,105)
Cash, cash equivalents and restricted cash equivalents at beginning of period4,725 3,422 
Cash, cash equivalents and restricted cash equivalents at end of period$2,619 $2,317 

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 - SEED2026202520262025
    Corn$2,868 $2,961 $5,241 $5,030 
    Soybean1,318 1,257 1,624 1,562 
    Other oilseeds228 186 473 409 
    Other118 133 217 243 
Seed$4,532 $4,537 $7,555 $7,244 
Three Months Ended
June 30,		Six Months Ended
June 30,
SEGMENT NET SALES - CROP PROTECTION2026202520262025
    Herbicides$932 $995 $1,959 $1,855 
    Insecticides399 436 776 772 
    Fungicides263 342 597 646 
    Biologicals86 97 156 181 
    Other167 49 241 175 
Crop Protection$1,847 $1,919 $3,729 $3,629 
Three Months Ended
June 30,		Six Months Ended
June 30,
GEOGRAPHIC NET SALES - SEED2026202520262025
North America 1
$3,955 $3,954 $5,725 $5,551 
EMEA 2
272 282 1,200 1,108 
Latin America160 154 384 339 
Asia Pacific145 147 246 246 
Rest of World 3
577 583 1,830 1,693 
Net Sales$4,532 $4,537 $7,555 $7,244 
Three Months Ended
June 30,		Six Months Ended
June 30,
GEOGRAPHIC NET SALES - CROP PROTECTION2026202520262025
North America 1
$593 $675 $1,262 $1,288 
EMEA 2
458 465 1,185 1,116 
Latin America519 518 801 775 
Asia Pacific277 261 481 450 
Rest of World 3
1,254 1,244 2,467 2,341 
Net Sales$1,847 $1,919 $3,729 $3,629 

1.Reflects U.S. and 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,
20262026
Net Sales (GAAP)$6,379 $11,284 
Add: Impacts from Currency and Portfolio / Other(57)(236)
Organic Sales (Non-GAAP)$6,322 $11,048 
Three Months Ended
June 30,		Six Months Ended
June 30,
OPERATING EBITDA2026202520262025
Seed$1,966 $1,863 $3,000 $2,705 
Crop Protection342 334 776 711 
Corporate Expenses(47)(33)(77)(63)
Operating EBITDA (Non-GAAP)$2,261 $2,164 $3,699 $3,353 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Income (loss) from continuing operations after income taxes (GAAP)$1,217 $1,382 $1,942 $2,049 
Provision for (benefit from) income taxes on continuing operations408 422 541 539 
Income (loss) from continuing operations before income taxes (GAAP)1,625 1,804 2,483 2,588 
Depreciation and amortization339 301 636 597 
Interest income(27)(31)(61)(63)
Interest expense47 52 83 88 
Exchange (gains) losses - net 1
75 25 142 52 
Non-operating (benefits) costs - net 2
17 3 (1)13 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges21 43 24 52 
Significant items (benefit) charge 3
85 (33)262 26 
Separation costs79 — 131 — 
Operating EBITDA (Non-GAAP)$2,261 $2,164 $3,699 $3,353 

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 2026 vs. Q2 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(81)(2)%$(90)(2)%2 %(4)%— %— %
EMEA(17)(2)%(30)(4)%1 %(5)%2 %— %
Latin America7 1 %(45)(7)%(7)%— %8 %— %
Asia Pacific14 3 %31 8 %— %8 %(5)%— %
Rest of World4 — %(44)(2)%(2)%— %2 %— %
Total$(77)(1)%$(134)(2)%1 %(3)%1 %— %
SEED
Q2 2026 vs. Q2 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$1 — %$(7)— %2 %(2)%— %— %
EMEA(10)(4)%(10)(4)%3 %(7)%— %— %
Latin America6 4 %(7)(5)%7 %(12)%9 %— %
Asia Pacific(2)(1)%11 7 %8 %(1)%(8)%— %
Rest of World(6)(1)%(6)(1)%5 %(6)%— %— %
Total$(5)— %$(13)— %3 %(3)%— %— %
CROP PROTECTION
Q2 2026 vs. Q2 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(82)(12)%$(83)(12)%— %(12)%— %— %
EMEA
(7)(2)%(20)(4)%(1)%(3)%2 %— %
Latin America1 — %(38)(7)%(10)%3 %7 %— %
Asia Pacific16 6 %20 8 %(5)%13 %(2)%— %
Rest of World10 1 %(38)(3)%(6)%3 %4 %— %
Total$(72)(4)%$(121)(6)%(4)%(2)%2 %— %

A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Q2 2026 vs. Q2 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$(93)(3)%$(103)(3)%4 %(7)%— %— %
Soybean61 5 %59 5 %(1)%6 %— %— %
Other oilseeds42 23 %40 22 %11 %11 %1 %— %
Other(15)(11)%(9)(7)%2 %(9)%(4)%— %
Total $(5)— %$(13)— %3 %(3)%— %— %
CROP PROTECTION PRODUCT LINE
Q2 2026 vs. Q2 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(63)(6)%$(85)(9)%(2)%(7)%3 %— %
Insecticides(37)(8)%(40)(9)%(6)%(3)%1 %— %
Fungicides(79)(23)%(87)(25)%(4)%(21)%2 %— %
Biologicals(11)(11)%(17)(18)%(8)%(10)%7 %— %
Other118 241 %108 220 %(18)%238 %21 %— %
Total$(72)(4)%$(121)(6)%(4)%(2)%2 %— %

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
Six Months 2026 vs. Six Months 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$148 2 %$131 2 %2 %— %— %— %
EMEA161 7 %26 1 %2 %(1)%6 %— %
Latin America71 6 %(28)(3)%(5)%2 %9 %— %
Asia Pacific31 4 %46 7 %1 %6 %(3)%— %
Rest of World263 7 %44 1 %— %1 %6 %— %
Total$411 4 %$175 2 %1 %1 %2 %— %
SEED
Six Months 2026 vs. Six Months 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$174 3 %$164 3 %2 %1 %— %— %
EMEA92 8 %33 3 %4 %(1)%5 %— %
Latin America45 13 %8 2 %8 %(6)%11 %— %
Asia Pacific— — %15 6 %8 %(2)%(6)%— %
Rest of World137 8 %56 3 %5 %(2)%5 %— %
Total$311 4 %$220 3 %3 %— %1 %— %
CROP PROTECTION
Six Months 2026 vs. Six Months 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(26)(2)%$(33)(3)%— %(3)%1 %— %
EMEA
69 6 %(7)(1)%(1)%— %7 %— %
Latin America26 3 %(36)(5)%(10)%5 %8 %— %
Asia Pacific31 7 %31 7 %(4)%11 %— %— %
Rest of World126 5 %(12)(1)%(5)%4 %6 %— %
Total$100 3 %$(45)(1)%(3)%2 %4 %— %

A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Six Months 2026 vs. Six Months 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$211 4 %$132 3 %4 %(1)%1 %— %
Soybean62 4 %57 4 %— %4 %— %— %
Other oilseeds64 16 %54 13 %8 %5 %3 %— %
Other(26)(11)%(23)(9)%(3)%(6)%(2)%— %
Total $311 4 %$220 3 %3 %— %1 %— %
CROP PROTECTION PRODUCT LINE
Six Months 2026 vs. Six Months 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$104 6 %$26 1 %(2)%3 %5 %— %
Insecticides4 1 %(14)(2)%(5)%3 %3 %— %
Fungicides(49)(8)%(82)(13)%(3)%(10)%5 %— %
Biologicals(25)(14)%(35)(19)%(6)%(13)%5 %— %
Other66 38 %60 34 %(7)%41 %4 %— %
Total$100 3 %$(45)(1)%(3)%2 %4 %— %

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

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,
2026202520262025
Seed$— $(1)$— $(41)
Crop Protection(67)37 (166)23 
Corporate(18)(3)(96)(8)
Total significant items before income taxes$(85)$33 $(262)$(26)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax 8
($ Per Share)
202620252026202520262025
1st Quarter
Restructuring and asset related charges - net 1
$(92)$(22)$(71)$(17)$(0.10)$(0.02)
Litigation settlement 2
(85)— (64)— (0.10)— 
   AltEn facility remediation charges 3
— (37)— (28)— (0.04)
   Income tax items 4
— — — 55 — 0.08 
1st Quarter – Total
$(177)$(59)$(135)$10 $(0.20)$0.02 
2nd Quarter
Restructuring and asset related charges - net 1
$(49)$(79)$(38)$(59)$(0.06)$(0.09)
Litigation settlement 2
(36)— (27)— (0.04)— 
Gain (loss) on sale of assets 5
— 14 — 12 — 0.02 
Insurance proceeds 6
— 98 — 74 — 0.11 
2nd Quarter – Total
$(85)$33 $(65)$27 $(0.10)$0.04 
Year-to-Date Total 7
$(262)$(26)$(200)$37 $(0.30)$0.05 

1.Second and first quarter 2026 include restructuring and asset related benefits (charges) of $(49) and $(92), respectively. The second quarter 2026 charges primarily relate to the Crop Protection Operations Strategy Restructuring Program. The first quarter 2026 charges primarily consist of ($78) related to the 2026 Restructuring Actions and ($14) related to the Crop Protection Operations Strategy Restructuring Program.

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

2.Second and first quarter 2026 includes estimated settlement charges associated with various lawsuits filed in connection with the Federal Trade Commission investigation.

3.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.

4.First quarter 2025 reflects a deferred tax benefit of $55 associated with a change in a legal entity's U.S. tax characterization.

5.Second quarter 2025 includes a benefit of $14 related to the 2022 Restructuring Actions consisting of a gain on the sale of assets.

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

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

8.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 common share from continuing operations – diluted, excluding the after-tax impact of significant items, the after-tax impact of separation costs, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Corteva 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,
2026202520262025
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$1,213 $1,380 $1.81 $2.02 
Less: Non-operating benefits (costs), after tax 1
(51)(8)(0.08)(0.01)
Less: Amortization of intangibles (existing as of Corteva Separation), after tax(134)(110)(0.20)(0.16)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(15)(33)(0.02)(0.05)
Less: Significant items benefit (charge), after tax(65)27 (0.10)0.04 
Less: Separation costs, after tax(65)— (0.09)— 
Operating Earnings (Loss) (Non-GAAP) 2
$1,543 $1,504 $2.30 $2.20 

Six Months Ended
June 30,
2026202520262025
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$1,935 $2,043 $2.88 $2.98 
Less: Non-operating benefits (costs), after tax 1
(52)(16)(0.08)(0.02)
Less: Amortization of intangibles (existing as of Corteva Separation), after tax(240)(219)(0.35)(0.32)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(18)(40)(0.03)(0.06)
Less: Significant items benefit (charge), after tax(200)37 (0.30)0.05 
Less: Separation costs, after tax(107)— (0.16)— 
Operating Earnings (Loss) (Non-GAAP) 2
$2,552 $2,281 $3.80 $3.33 

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,
2026202520262025
Operating EBITDA (Non-GAAP) 1
$2,261 $2,164 $3,699 $3,353 
Depreciation(145)(140)(282)(274)
Amortization of intangibles (post Corteva Separation)(20)(18)(41)(38)
Interest income27 31 61 63 
Interest expense(47)(52)(83)(88)
(Provision for) benefit from income taxes on continuing operations before significant items, separation costs, non-operating benefits (costs), amortization of intangibles (existing as of Corteva Separation), mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP) 1
(466)(443)(675)(663)
Base income tax rate from continuing operations (Non-GAAP)1
22.4 %22.3 %20.1 %22.0 %
Exchange gains (losses), after tax 2
(63)(36)(120)(66)
Net (income) loss attributable to non-controlling interests(4)(2)(7)(6)
Operating Earnings (Loss) (Non-GAAP) 1
$1,543 $1,504 $2,552 $2,281 
Diluted Shares (in millions)669.8 683.1 671.6 684.7 
Operating Earnings (Loss) Per Share (Non-GAAP) 1
$2.30 $2.20 $3.80 $3.33 

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, separation costs, amortization of intangibles (existing as of Corteva 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,
2026202520262025
Income (loss) from continuing operations before income taxes (GAAP)
$1,625 $1,804 $2,483 $2,588 
Add: Significant items (benefit) charge 1
85 (33)262 26 
Separation costs79 — 131 — 
Non-operating (benefits) costs17 3 (1)13 
Amortization of intangibles (existing as of Corteva Separation)174 143 313 285 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges21 43 24 52 
Less: Exchange gains (losses) 2
(75)(25)(142)(52)
Income (loss) from continuing operations before income taxes, significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$2,076 $1,985 $3,354 $3,016 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$408 $422 $541 $539 
Add: Tax (expenses) benefits on significant items (benefit) charge 1
20 (6)62 63 
Tax benefits on separation costs14 — 24 — 
Tax (expenses) benefits on non-operating (benefits) costs(34)(5)(53)(3)
Tax benefits on amortization of intangibles (existing as of Corteva Separation)40 33 73 66 
 Tax (expenses) benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges6 10 6 12 
Tax (expenses) benefits on exchange gains (losses) 2
12 (11)22 (14)
Provision for (benefit from) income taxes on continuing operations before significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$466 $443 $675 $663 
Effective income tax rate (GAAP)
25.1 %23.4 %21.8 %20.8 %
Significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect(2.4)%(0.2)%(1.5)%2.0 %
Tax rate from continuing operations before significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges22.7 %23.2 %20.3 %22.8 %
Exchange gains (losses), net effect 2
(0.3)%(0.9)%(0.2)%(0.8)%
Base income tax rate from continuing operations (Non-GAAP)
22.4 %22.3 %20.1 %22.0 %

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,
2026202520262025
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss)$4 $(154)$89 $(201)
Local tax (expenses) benefits(7)14 (31)13 
Net after-tax impact from subsidiary exchange gain (loss)$(3)$(140)$58 $(188)
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)$(79)$129 $(231)$149 
Tax (expenses) benefits19 (25)53 (27)
Net after-tax impact from hedging program exchange gain (loss)$(60)$104 $(178)$122 
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss)$(75)$(25)$(142)$(52)
Tax (expenses) benefits12 (11)22 (14)
Net after-tax exchange gain (loss)$(63)$(36)$(120)$(66)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program Gain (Loss)."