### At a GlanceCorteva delivered strong second-quarter results, with management raising its full-year outlook and confirming that the plan to complete the spin-off on October 1 is on track.

First-quarter net sales were $6.4 billion, with operating EBITDA up 4% year-over-year to $2.3 billion. First-half net sales grew 4% to $11.3 billion, operating EBITDA rose 10% to $3.7 billion, and operating earnings per share increased 14%. The seed business achieved organic growth across all regions, while new product volumes in the crop protection segment maintained high single-digit growth.

In the seed business, the North American market continues to benefit from a differentiated technology portfolio and licensing revenue growth. Penetration of Conkesta E3 in Brazil is expected to reach high single-digit to low double-digit levels by 2027. In the crop protection business, the annual revenue from the new product portfolio is approaching $2 billion, with pricing roughly flat. However, competitive pressure in Latin America led to low single-digit overall pricing declines. Management expects high single-digit volume growth and low to mid single-digit pricing declines in crop protection for the second half of the year.

Management raised its full-year operating EBITDA guidance to $4.1–$4.3 billion (midpoint representing approximately 9% year-over-year growth) and operating EPS guidance to $3.60–$3.80 (midpoint representing 11% year-over-year growth). The annual synergy losses related to the spin-off have been largely offset, with an expected impact of only approximately $25 million this year.

Management noted tight credit conditions in Brazil and competitive pressures in certain markets but emphasized that global food demand growth, rising crop prices, and the company's innovation pipeline (seven new active ingredients over the next decade) provide support for long-term growth.