Corteva, Inc. (CTVA) September 2026 Capital Markets Day Transcript

begin in 10 minutes. Our program will begin in five minutes. Our program will begin momentarily. As a courtesy to all of our presenters, we ask that you please silence your cell phone and all other electronic devices. Thank you very much for your consideration.

Good afternoon, and thank you for joining us. I'm Hafiz Oates, head of investor relations for Corteva. It's great to have you here today. We have prepared presentation slides to supplement our remarks during this meeting, which are posted on the Investor Relations section of the Cortevo website and through the link to our webcast. We'll open this afternoon with remarks from Luke Kassem, Chief Executive Officer. Luke will be followed by Dr. Reza Razalpour, Chief Technology Officer, and Brooke Cunningham, Chief Commercial Officer. After a short break, we'll hear from Ralph Ford, Chief Integrated Operations Officer, And finally, Jeff Rudolph, Chief Financial Officer, who will outline our financial framework. We'll then conclude the day with a Q&A session with all the leaders. During this meeting, we'll make forward-looking statements, which are our expectations about the future. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. Our actual results could materially differ from these statements due to these risks and uncertainties, including but not limited to those discussed at this meeting and in the risk factor section of reports filed with the SEC. We do not undertake any duty to update any forward-looking statement. Please note, in today's presentation, we'll be making reference to certain non-GAAP financial measures. Reconciliations of non-GAAP measures can be found at the end of this presentation. or in other investor materials available in our Investor Relations website. Welcome to Corteva's 2026 Investor Day.

In the decades ahead, the world will need to feed 2 billion more people. Yet farmland is finite, resources are constrained, and growing food is becoming increasingly complex. So how do we produce more with less? At Corteva, we believe the answer is innovation. Innovation that protects crops from weeds, insects, pests, and disease. Innovation that helps farmers produce stronger, healthier harvests. From cornfields in Iowa to wheat fields in Alberta. From vineyards in France to citrus groves in Brazil. From rice fields in India to cherry orchards in Michigan. Wherever food is grown, Corteva is helping agriculture become more productive, more resilient, and more sustainable. And that is why what we do matters, because agriculture is essential, and helping farmers succeed is essential. Today, we begin the next chapter of the Corteva story, a chapter that will be defined by innovation, execution, an unwavering commitment to our customers, and a focus on safety in all that we do. And a future that we believe will result in lasting value for farmers, shareholders, employees, and society. This is a new day for Corteva, a company built to solve one of the world's most important challenges, a company with momentum, a company with purpose, and a company whose greatest opportunities still lie ahead. Welcome to Corteva Investor Day.

Please welcome Chief Executive Officer Luke Kassam.

All right, some of y'all told me we needed to get excited and have a little excitement this afternoon. After sitting through the longest lunch break in the history of New York. I hope everybody's excited. That song, we're trying to do the best we could there, but good afternoon everybody. Thank all of you for coming. We really appreciate it. My name is Luke Kassam, and I'm honored to be here with you today as we begin the next chapter at Corteva, a chapter that we expect to be defined by innovation, improved execution, and an unwavering commitment to our stakeholders. I grew up around farming and I learned early on in my life that farming is synonymous with optimism. Farmers work really hard. They plant their seeds every year and they pray for rain. They make decisions with uncertainties like weather, commodity prices, pest and weed resistance, and input costs circling all around them. Yet every year at the end of that season they harvest their crop, and they feed the world. That's a noble profession and we're honored to be able to help them toward that cause. Corteva's story doesn't begin today. The business has been around for years and it's always focused on improving its portfolio, expanding margins, and launching solutions to meet the needs of growers. What we're talking about today is how we build on that past success. In a little while, Reza is going to talk about our innovation pipeline. Brooke and Ralph are going to talk about how we're going to execute effectively and turn that pipeline into sustainable and profitable growth. Jeff's then going to walk through what that means from a financial standpoint and how we think about capital deployment. My job is pretty easy. I'm just supposed to explain how all that fits together and why I believe that this business can create consistent, long-term value for our stakeholders. Let me start with the messages I want you to take away from today. First, Corteva is a pure play crop protection company with a history of successful execution. Second, innovation provides the opportunity for our sustained growth. The problems that farmers face today are getting harder and harder to solve. Corteva can deliver solutions that have better economics for the farmer and for Corteva, and that capability is a huge competitive advantage. Third, customer focus turns innovation into adoption and value capture. We have to understand the needs of the grower and solve those problems in a way that works in the real world. Fourth, execution turns innovation innovative solutions into results and disciplined capital allocation drives future growth and increasing returns for our stakeholders. That's the Corteva system. We innovate, we execute, we allocate capital with discipline, and we do it over again and again and again, always with the focus on our growers and our stakeholders. Now look, competitive pressure is real. Farm economics matter. Channel inventory and routes to market matter. Regulations always change. We understand all that, but Corteva has the ability to innovate, execute, and allocate capital effectively enough to grow in that environment.

The purpose of today is for us to tell you why.

We're a team of approximately 9,000 colleagues in 110 countries who wake up every day thinking about agriculture. They're supported by 25 R&D facilities and more than 8,000 patents. As you can see from these charts, Corteva has a balanced portfolio. We're not a one-trick pony. We're not dependent on any one geography, one crop, one segment, or one active ingredient. And that balance is critical because products evolve and grower needs change over time. Our goal will be to keep that portfolio balanced, relevant, differentiated, and aligned with the needs of growers. Now, since 2020, this has been a tough market, but the business has delivered good results. Driven by new products, revenue has increased by over $1 billion, while EBITDA margins expanded by approximately 250 basis points on a segment basis. During that same period, Corteva improved the quality of its portfolio as well. We exited approximately a half a billion dollars of low-margin products and replaced them with new solutions that demanded higher margins. We invested in an industry-leading biologicals platform, which helped increase the percentage of our portfolio that is differentiated from 45% to approximately 65% of revenue. And finally, we increased our investment in R&D. And shown on slide 10, as you can see, we must continue to get better because farming is getting harder and harder. The world needs more agricultural output, but the land base is fixed or shrinking. Weather and climate stress are putting pressure on yield. You have resistance and pest shifts require product replacement and new modes of action. and regulations continue to tighten all over the world. Farmers need better solutions to these increasingly complex challenges, and Corteva has always excelled in an environment like that. We've had a history of innovation success. Corteva launched seven new actives in the past 10 years. That's more than anybody else in the industry, and those actives are contributing approximately 1.4 billion dollars of revenue in 2026 at average margin 10 to 15 percentage points higher than the overall portfolio average. Going forward, we have 12 new solutions poised to launch over the next decade, five of which are biologicals. These 12 novel solutions have the potential to create approximately $4 billion of peak revenue while meeting our margin and profit expectations for differentiated products. So let's take a high-level look at this portfolio on page 12. Every crop protection company eventually faces some combination of product maturity, competitive pressure, resistance, or regulatory change. An innovative organization replaces older products with newer and better solutions. To be successful, that pipeline has to launch solutions to problems that the growers are facing, and the grower has to see an economic benefit in that solution versus the alternative. And the grower has to be willing to pay a price consistent with the producer's profit and return expectations. And that's exactly what this pipeline represents. The pipeline's balanced. It's not one product, one crop, or one geography. It's a multi-year, multi-segment innovation strategy. And it's focused on some of the toughest problems that growers face. It's important to note that this innovation is not all invented by Corteva. Strong innovation companies are intentional about where they invent, where they partner, and where they acquire capabilities. We're agnostic as to where the idea came from. For example, our acquisition of biotelega strengthened our capabilities in fungal biology, biocontrol, as well as natural product discovery. Our collaboration on remisoxifen will expand our ability to provide growers with advanced weed control solutions with effectiveness against some of the most difficult herbicide resistant weeds out there. And our recently announced joint venture with GlobalChem will combine each company's complementary strengths to accelerate innovations in crop protection. Our goal is to access the best means of innovation to provide value for our farmers and our stakeholders, whether that comes from our own R&D, partnerships, or targeted acquisitions. As you can see on slide 13, our approach has been and will continue to be to focus resources where differentiated solutions matter and where the value we create justifies the investment. That gets back to the grower being able to calculate the benefit of Corteva's solution versus the alternative and being willing to pay for that solution. Our objective will be to sell value-based solutions, not products. We'll combine that focus on differentiated solutions with an enterprise-wide focus on low-cost and productivity improvements. That type of focus on executions leads to structural cost savings that compound over time. Ralph's going to share some really good examples of that in his presentation. This operating system has allowed Corteva to lead the industry in margin expansion through the ag cycle. As I mentioned earlier, Corteva expanded EBITDA margins by about 250 basis points since 2020. And we reinvested those additional profits into further portfolio and productivity improvements. We know how to do what needs to be done. We've proven that this playbook works. The opportunity is to make it work better, make it work faster, and make it work more consistently. The question that I think about often is, if I had $1, where would I put it? Here's what I know. We're going to continue to invest to operate this business safely and reliably. We're going to continue to invest in projects that enable us to improve productivity and operate more efficiently and effectively. We must continue to fund innovation that drives organic growth. And we will return cash to shareholders via dividends and targeted stock buybacks. And finally, we'll pursue accretive acquisitions and partnerships that accelerate or de-risk our strategy. And we're going to do all of that while maintaining an investment-grade balance sheet. We're going to allocate every dollar in a way that will strengthen the business, improve returns, and create value for our stakeholders. Now, a strategy is only as good as the team that executed and the culture that they helped create. The management team that you see on slide 15 is built for the opportunities that lie ahead. Each one is talented and brings relevant and diverse experiences across chemicals, agriculture, and industrials. We are all aligned on our strategy and the culture that we need to cultivate in order to win in any market condition. We also have a very talented board that understands its role in governance and takes that role very seriously. Their expertise and experience dovetail perfectly with our strategy. Good governance creates clarity, accountability, and discipline. And that's exactly what we have at Corteva. As you can see on slide 16, our strategy is pretty clear. Innovation creates the opportunity. Execution turns opportunity into profitable growth. and disciplined capital allocation turns profitable growth into sustainable value. We start by understanding what farmers need. Higher yields, better economics, resistance management, sustainability and simplicity. Innovation provides those solutions. But innovation only creates value when it solves a real problem and a grower can readily see the benefit in that solution over the alternative. That means focusing on markets where farmers can pay a price for that differentiated solution that is consistent with our profit and return expectations. We do that by bringing chemistry, biologicals, and seed-applied technologies together into solutions that deliver better outcomes for that grower. That translates into more profit per acre for that grower and for Corteva. Then, we must seek continuous improvement in the execution across our enterprise. That mindset has to be embedded in our DNA. It means getting products registered quickly, launching successfully, manufacturing reliably, servicing customers well and relentlessly pursuing productivity improvements. Then we've got to be great stewards of our capital. So the strategy is pretty simple. Solve the hardest girl problems, commercialize differentiated solutions, operate with discipline and efficiency, and allocate capital like owners. You know investors have many choices in where they can invest. Let me close by telling you what they can expect of an investment in Corteva. Corteva is a global crop protection company with a balanced portfolio and a history of top-tier performance through the cycle. We have a proven track record and a playbook that works. Second, we have a robust pipeline of solutions to some of the toughest issues farmers are facing and Reza is going to share those with you in a second. Third, cost discipline and productivity are part of our DNA. We have a continuous improvement mindset and a list of opportunities for productivity and margin gains. We're committed to an investment grade balance sheet and strong cash flow generation that should provide financial flexibility. And fifth, we will be disciplined and intentional with our capital deployment. Jeff's going to review the market assumptions with you that we included in the forecast in his presentation, but let me address pricing for a second. Since 2023, this business has experienced sustained pricing headwinds, essentially wiping out the pricing gains achieved during the COVID years. Recently, a manufacturer announced a price reduction in North America on an older herbicide used in corn and soybeans. I tell you that, both those points, so that you realize this. Pricing pressure is real, but it's not new. Producers have always managed product life cycles in a way that they think is best for them. How we anticipate and react to those actions has always been critical and will always be critical in how we manage our business and deliver value to our stakeholders. That's why I focus so much today on innovation and productivity. Our playbook allows us to outperform in any pricing environment. Innovation will lead to differentiated solutions that low-cost producers can't legally copy or technically replicate. A focus on productivity across the enterprise drives structural cost savings. That allows us to match a lower price if we choose to do so. And we might do that If we don't yet have a differentiated solution for an application, but still want to provide options for the grower, or if we want to protect shelf space with the distribution. My point is that we don't need pricing tailwinds to deliver the three-year plan that we're sharing today. We're assuming an annual pricing headwind of roughly 1% in our assumptions. In spite of that, at the midpoint, we expect to deliver approximately 6% compounded annual EBITDA growth by 2029, with around 150 basis points of margin improvement and around $2.4 billion of cumulative cash flow from operations. Now, our job is to take the opportunity that innovation provides, sprinkle in excellence in execution, and add a little disciplined capital allocation, and turn these opportunities into outsized returns for our shareholders. Thank you for joining us here today. Thanks for listening, and I look forward to your questions later on.

Innovation matters now more than ever. Around the world, farmers are being asked to do more with less. More food on less land, with a shrinking toolbox of available solutions. All while facing increasing pest pressure, resistance, and extreme weather events. The bottom line, the challenges of tomorrow will not be solved with yesterday's solutions. That's why innovation is at the heart of everything we do at Corteva. Across our global R&D organization, our scientists are advancing a broad portfolio of solutions from nature-derived innovations to breakthrough chemistries and next-generation crop protection technologies. Over the past decade, we've introduced seven new crop protection actives, creating value for farmers today and building a significant platform for future growth. But what excites us most is what comes next. Our world-class pipeline, enabled by the talent and expertise of our people, is designed to keep pace with the evolving needs of agriculture and deliver differentiated solutions that help farmers succeed in an increasingly complex world. Because at Corteva, innovation isn't just what we do. It's how we create value for farmers, for society, and for the future of agriculture. It's a new day, a new Corteva, and our greatest opportunities still lie ahead.

Please welcome Chief Technology Officer Reza Razalpor.

Good afternoon. My name is Reza. I'm CTO for Corteva, and I'm really excited to be here with you to share how Corteva's R&D engine creates value. At the end of the day, standing here in New York City, I want you to appreciate that farming is hard. Farmers have huge complexities facing them. And today I'm going to share with you some examples of how the challenges of the future cannot be solved with yesterday's solutions. Our strategy is a simple one. Deliver the innovation that solves a problem for a grower that they cannot solve in any other way. Because when we create value for that grower that they can see and are willing to pay for, then we share in that value. So let me start with a case study to exemplify this point, and we're going to go to Asia, where 90% of global rice production occurs. And I'm going to introduce you to this little insect here, the brown plan hopper. Due to macro trends of pest pressure evolving, resistance developing, weather changes, this pest can cause significant damage, up to $2 billion of losses in India alone. And if you look at the picture at the top right, you can see how significant of an issue this would be on a rice field. It's a productivity problem, but it's also a grower livelihood problem and a food security problem. This is the sweet spot where Corteva R&D delivers with unique solutions like paraxalt. It breaks resistance, provides superior control that you can see, and gives farmers a truly new solution for a problem that existing chemistry simply cannot solve. And that's the broader message I want you to take away today. Generic products have their place, but they're limited because they replicate tools that already exist. They do not provide the new modes of action needed to overcome resistance and address evolving pest pressures. This is where we focus. As nature creates these greater grower challenges through these macro trends. We provide a new solution to these emerging problems. The more these foundational challenges in agriculture compound, there's an increased need for innovation, and these unmet needs are where we focus. So if you look at these four different areas, our R&D engine is aligned to these areas of disease control, insect control, weed control, and plant performance. More than $100 billion of opportunity, addressable market opportunities on this slide. Note that you don't see biologicals or seed treatment called out separately, because for R&D, it's integrated into how we deliver solutions to our pharma customers. Within these four areas, we focus on that intersection between the unmet grower need and our ability to deliver a differentiated solution. That's how we stay laser focused and keep the customer at the center of our R&D engine. We transform innovation into customer value by solving problems no one else can in those four areas. We do this through internal and external innovation. Some key capabilities that make us different from the competition are microbial discovery platform, our integrated development platform, and our predictive safety platforms. So today I'm going to cover five things. The first one, I'm going to share with you our track record. Secondly, I'm going to talk about these differentiated technologies and how they provide value, then we're gonna go and I'm gonna share with you some case studies from around the world to show you how our solution is better than the next alternative that a grower has. And then finally we're gonna end with our pipeline and the value created. So look, R&D is hard. This isn't just about discovering things, it's about taking candidates to do a decade of testing and regulatory to bring them to the market. Therefore a key performance indicator of any R&D organization is how many actives have you launched? We've launched seven in the last decade. That's more than the competition. And we do this and deliver value to the growers. So if you move to the middle, these aren't just launches for their own sake. We've translated those actives into $1.4 billion of 2026 estimated revenue. And importantly, we've taken those actives and the other actives within our portfolio, mixed them together to come up with our new formulations. We've launched over 1,000 new products since 2020. That is also translated into 3,200 regulatory approvals from our global teams and 3,800 new patents in order to protect our innovation. Now, what we're poised to do in the future, it's even more impressive. We're sitting on an $11 billion pipeline. That's up $2 billion since 2023. And that's coming from pipeline advancements, expansion into new markets, new opportunities. We're poised to launch 12 new actives in the next decade, seven conventionals and five biologicals. And our R&D efficiency, which we're measuring as the pipeline value over our R&D spend, is 2x the competitor average. So this is not just science for science sakes. This is not a science fair, folks. This is about creating value time and time again. So how do we do it? What's our secret sauce? I'm going to share with you three key platforms that we use to discover, develop, and deliver our actives and turn them into solutions. Let's start on the left with discovery. Finding a new active is not like looking for one grain of sand in an hourglass. It's like finding one grain of sand on the entire planet. So how does anyone do that? Will they modify existing actives? Maybe they take a protein and they do a lot of hit on it. Maybe they look at pharma data. Well, the way that we do it is a very unique way. We use our proprietary microbial discovery library. These are 700,000 strains, unique to us. It's a unique source of inspiration. Think of it as our own private beach. No one else has access. So through this, we discover natural products. We use that inspiration to inspire us for our conventional chemistry. And I want you to appreciate that without a novel source of inspiration, it is difficult to discover something truly new, something that creates differentiated value instead of just another me too. That's one reason why we have a clear advantage against the competition, regardless if they're based in the Americas, in Europe, or in China. Because the size and scale of this library, AI is so critical, and it allows us to go faster. Proprietary AI tools help us sift through the sand a thousand times faster than we could a few years ago. That's taking us from weeks to clicks, and we do this at 3x higher success rate. Now, discovery is only the first part of the process. We need to move on to development. That's the platform in the middle. Our development scales from fermentation to formulation to global field characterization, identifying the crops, the markets, the formulations where our products can provide the most value. This is a highly automated and integrated platform within Corteva. Again, AI helps. Allows us to go two times faster in formulation development from 12 to six months and two and a half times faster with our proprietary fermentation capabilities. That enables biologicals like the Spinosan franchise, Utrisha, Initrek. Now moving on to our third platform, look, we have to deliver the products, right? So safety expectations for human health, Environmental stewardship, regulatory standards, societal expectations, these are all increasing. That is why predictive safety is baked in to the earliest stages of our process. It's designing, developing the addictives. And that's important because you do regulatory right, you can get products on market faster, and you can stay on market longer. AI again helps us. We go 12 times faster in safety assessment than before, from six years to six months, and five times more actionable safety insights. That helps us pivot, de-phase, or de-risk our pipeline. So together, these platforms work in a really integrated way, which segments us from the industry. Now, I want to show you the results of this R&D engine in practice. I'm going to go through an example from each one of our four segments, and we're going to start in the top left corner of our R&D engine. with disease control. So this is Haviza. Haviza is going to set the new standard in Asian soybean rust control. Brazil is the largest soybean producer in the world with over 49 million hectares. That's about 120 million acres dedicated to soybean production. Asian soybean rust has decimated these crops with losses of up to 80 and 90 percent. So virtually every hectare in Brazil is treated to protect against this disease. On the left, you see untreated soybeans and significant damage related to that. In the middle is the best current competitor standard, and Haviza is over on the right. Haviza delivers superior control compared to anything else on the market and provides a consistent and durable yield bump of more than 2%. We expect to launch this product in the next few years, and it has the peak revenue potential of over $500 million. The visa is important because it solves a problem, and it strengthens our disease control franchise, building off of Innitrek and Attevelt. We're now going to move on to our next segment, and I'm going to introduce you to Varpelgo. Varpelgo is our next generation insecticide blockbuster. Building on the foundations of our natural product spinosan franchise, this nature-inspired active is a broad-spectrum product, and it could only have been crafted from within our R&D engine. On the top left, you see untreated tomatoes with a lot of chewing pest damage from the tomato leaf miner, Tuda absoluta. Hopefully you learned something today. Tuda absoluta, it's a great pest. In the middle is our best competitor product. Now, that one, it's better than untreated, certainly better than generics, but there still is quite a lot of damage, and that will reduce tomato quality and yield. On the right is Varpelgo. We're launching this in early 2030s, and it's a dual-use product for both foliar application and seed treatment. It's really broad spectrum, targeting over 70 crops in over 40 countries. And you can see some examples of that in the bottom. The breadth of this active on lots of different pests, in cabbage in the U.S., rice in Vietnam, and seed treatment in corn and wheat. At over $700 million peak revenue, Varapelga is going to have industry-leading performance against generics and competitor actives due to its novel mode of action, and it also has an excellent bee and pollinator safety profile. In our next segment, we're going to talk about weed control. This is a discovery active we're going to launch sometime in the next decade, but it's another really good example of how we're using nature to solve problems created by nature with resistant weeds. On the left is waterhemp. It's in North America, and it's developed resistance to all generic modes of action. In the middle is a high rate of a competitor standard chemistry. You see that it knocks down some of those weeds, but many of those are still standing. And that's going to compete for the natural resources that whatever grower wants to grow in that field will have. So it's going to hinder the yield of whatever crop the grower wants. On the right is Corteva's nature-inspired solution, and you can see how clean that field is, controlling those resistant weeds very effectively. This came from our microbial discovery platform. It helped us identify something truly new to solve future challenges. New modes of action come from novel sources of inspiration. Our last segment is plant performance, and I'm going to tell you about a product that's launched but it's ramping up, Utrisha N. This is a nature-derived product that's a microbe that helps plants use resources more efficiently. At the top, you see potatoes that are grown in Germany under a standard fertilizer program. In the middle, we added 25% extra fertilizer, just for the experiment. And on the right is that standard fertilizer program with Utrisha. Utrisha gave us three tons more potatoes per hectare. It even beat that middle panel of 25% extra fertilizer by 2x, helping the growers get more from the resources they're already using. In the bottom are some examples of yield improvement across a wide range of other crops. Over 4 tons per hectare in onions, almost 3 bags per hectare improvement in soybeans, 2.5 tons per hectare yield in grapes, and over 460 kilograms per hectare more in coffee. And I really appreciate that because I love coffee. This is the type of solution that's targeted towards our megatrends, helping growers get more out of less with an integrated field program. It's expected to be more than 300 million as it ramps up. So across disease, insect, weed control, and plant performance, these four examples help illustrate how we translate differentiated science into grower value. And the common thread across this is very simple. When the challenge is new, the answer is not generics. It's differentiated innovation. And these are just four examples from our broader Corteva pipeline. Here's our Corteva pipeline. This is the most detailed version of the pipeline that we've shared in a long time. And you can see $11 billion of value across disease, insect, weed control, and plant performance. We're poised to launch 12 actives from this pipeline over the next decade. And I want you to take a step back and appreciate the breadth and depth of the pipeline, vertically across discovery, development, launch, ramp-up, lifecycle management, and horizontally across our indication areas, and also our crops, our geographies, our technology types. Integrated in this pipeline are our nature-derived, those are the leaf actives, our nature-inspired, those are the hand-holding the leaf actives, and they work together with conventional actives to solve grower problems. Looking over to the right, life cycle management is really important. It's how any crop protection R&D company operates. It's how we extend the life and value of launched actives by combining them together through additional crops, geographies, formulations, and applications. The bottom line message here is we have a rich pipeline with many opportunities across multiple crops and time horizons to consistently deliver value for Corteva. Now, this pipeline also includes external innovation, and Luke talked about that. So let's double-click into a couple of those. We think about external innovation in three ways. The first is Corteva Catalyst. Through Catalyst, we target investments with critical startups and companies working in novel, potentially disruptive spaces. Biotalegia, that Luke mentioned, is a great example. If I was giving this presentation a few months ago, Biotalegia would have been part of Catalyst. But since June, we acquired Biotalegia, bringing both the people and the technology into Corteva. The second is out-licensing. some technologies may not fit within our internal efforts, but they could create value to other markets. So for example, we have two actives that didn't hit our investment hurdle rates, and we monetized them to another company for them to develop. And then two other actives were actually better fits in the adjacent spaces of animal health. The first one is a collaborative R&D effort we've engaged with, Merck Animal Health. And the second is a partnership with a global animal health company that resulted in a product we launched a few years ago. Now, the third place of external innovation is in licensing. Not every great idea originates from inside Corteva. Bringing external actives or technologies in, combining them with our development and formulation capabilities, we create broader value for everyone and provide growers with a lot of choice. Together, catalysts, out-licensing, in-licensing, they give us flexibility, ways to maximize the value of our innovation wherever it originates. And the bottom line is we leverage this external innovation in our R&D engine to maximize the value for Corteva, which requires disciplined innovation management. And you see the result of that discipline in the efficiency of our R&D engine. Our R&D engine has led to an $11 billion pipeline. And if you look on the left, compared externally to shared competitor values, our pipeline is one-third larger than the competitor average. Now, it's not the biggest, but what's critically important is our R&D spend is one-third lower than competitor average. That leads to R&D efficiency, that pipeline value over R&D spend, and we're over 2x better than average at 22x. So the bottom line message is this. This comes from thoughtful and disciplined choices. This does not come from the products of silos or bureaucracy. These are fantastic R&D scientists from around the world working together in intentional collaboration. And that unified R&D organization is laser-focused on one thing, creating differentiated solutions to solve significant problems for growers around the world and create value for them. Because when we create value for our farmer customers, we know we can share in that value. In closing, Corteva's position to lead the next generation of crop health innovation. We have a proven ability to translate innovation into value. Our R&D platforms give us a real edge to enable and accelerate this pipeline. And it fuels us to get to that next stage of growth for our company. The challenges that growers face, these are not temporary challenges. These are systemic and structural. The macro trends of pest pressure evolving, these are going to require new solutions that generic tools of the past simply cannot solve. These are really hard problems, but we're up to the challenge. That's why I'm so optimistic about our future. We've built the systems and the pipeline to deliver the products to solve these hard problems. And that's our sweet spot. That's why we're so excited to serve our grower customers and the next generation of technology from our Corteva R&D engine. Thank you very much.

Please welcome Chief Commercial Officer, Brooke Cunningham.

When you walk up here, it's kind of an adventure. Good afternoon, everyone. I'm Brooke Cunningham. It is a genuine pleasure to be with you all here today. You've just heard Reza talk about the science, why our innovation engine is the best in the industry, incredibly difficult to build, and even harder to replicate. My job as chief commercial officer is to talk about what happens next, because great science only creates value when it solves a real problem for a customer, and that customer sees enough value to pay a premium for it season after season. That's what our commercial organization does. We translate innovation into customer value, into financial results. And here's what I want you all to take away today. Our commercial model is built to drive growth and margin expansion through the cycle in a way that is structurally advantaged over our peers. Not by predicting them, but by building an engine that performs in all of them. Good markets and difficult ones, changing weather, competitive pressure, shifting farmer economics, we can't control any of those things. What we can control is where we compete, how we compete, and how effectively we turn that innovation into value. And as the only standalone R&D crop protection company of global scale, we can see market movement sooner, make choices faster, and reallocate resources more aggressively, because crop protection is our entire business, not one unit inside a much larger company. Over the next 20 minutes, I'll show you why these factors differentiate Corteva today and how we're evolving it to extend that leadership into tomorrow. Today, I'm going to cover five key things. First of all, we operate in a structurally growing market that needs innovation. The world keeps asking agriculture to produce more, food, feed, and fuel, while producing it's getting harder. That creates sustained demand for differentiated technology, as we heard from Reza earlier. Second, as you heard Luke mention, our portfolio is deliberately balanced across crops and geographies, and it's increasingly differentiated. Together, those two things position us to grow above the market and expand margins through the cycle. Third, we're disciplined about where we compete and how we win. we segment intentionally, we concentrate resources on the crops, the customers, and the markets where we can create the most value, and we tailor our route to market country by country. And then we generate demand where it actually matters, at the farm gate. Fourth, we're getting faster and more deliberate about how we manage innovation across that entire life cycle Reza talked about earlier, reaching peak revenue sooner, sustaining it longer, and capturing more of each technology's lifetime value. And finally, the idea that connects everything. Commercial insight powers our innovation flywheel. Farm and reeds shape our R&D priorities. R&D creates differentiated technology. Commercial turns that technology into cash, and then we reinvest that cash into the next wave of innovation. Let's start with the market because I want to be really clear about something. Demand for new crop protection innovation is structural, and four forces are driving it. The first is population growth. As we saw in the video earlier, the world is on track to add another 2 billion people over the next two-plus decades, and we have to feed all of them using roughly the same amount of arable land. Second, pest and disease pressure is increasing. Climate change is moving pests into new regions. They're reproducing faster, they're evolving faster, and resistance continues to build. As Reza explained, that creates sustained demand for new modes of action in conventional chemistry and in biologicals. The third is regulation. The requirements and costs of bringing new chemistry to market continues to rise. And at the same time, demand is increasing for biologicals and naturally derived chemistry with greener profiles and lower use rates. And fourth, consumer preferences are constantly changing, from higher protein diets, to biofuels, to food produced with more natural plant health solutions. But those forces don't create demand for just any product. They create demand for innovative solutions. And the ability to serve that demand exists across our entire portfolio. Conventional chemistry, biologicals, and seed applied technology, all working together as a complementary system. Take a look at where the value is growing. Biologicals, 6 to 8 percent. Seed applied technology, 3 to 5 percent. And conventional crop protection continues to grow off of a very large base. Within that market, we've made an intentional choice around where we want to compete. That's novel chemistry, differentiated formulations, and technologies that solve important problems for growers. And therefore, command premium value. The large off-patent molecules that generics chase, that's not our target market. We choose the geographies, the crops, and the customer segments where our innovation gives us the right to win. This next chart gets to the heart of why we grow through the cycle. Let's start with the sales mix on the left. As Luke mentioned, no single crop, geography, or technology carries this company. We're globally diversified across both key crop and non-crop markets where we hold global leadership positions, including in land and pasture. So when one crop or geography softens, another is often accelerating. But balance alone doesn't create market leadership. Differentiation and deep customer and crop segmentation do, and we make hard choices around where we compete. We play where we can win, and when market dynamics shift, we move faster than our peers. When a market becomes generic-dominated and we can't create differentiated value, we redeploy those resources to somewhere they can earn more. As proof, from 2022 to 2024, we were the first amongst our peers to exit roughly $500 million of lower-margin, genericized products. And at the same time, we kept investing in innovation. In 2020, differentiated products represented about 45% of our mix. Today, it's 65%, and we expect to sustain roughly that level through the back half of the decade. In 2025 alone, we registered more than 144 new crop protection products. Now, look at the right-hand side of the chart. That's where you can see the strategy working. That's our price and volume growth against the average of our crop protection peers. And importantly, it spans the entire cycle we've just lived through. The scarcity and boom of 21 and 22, the destocking that followed, and the stabilization since. Through that cycle, we performed better than the pure average. Not just when conditions were good, we outgrew through the destocking downturn as well. That's the difference between a business that rides the cycle and one that's built to outperform it. Differentiation creates durable growth and margin resilience. That creates the capacity to reinvest. that flywheel is starting to turn now once we've chosen where to compete then comes how we win in a market defined by change scale matters but so do people culture speed and the ability to make choices ahead of our competition Corteva has all of them first and I might be biased here but I believe we have the best people in culture in the agriculture industry our commercial teams are highly respected for their technical expertise, long-term customer relationships, and a reputation for always doing what's right for farmers. Second, we bring that integrated solution, conventional chemistry, seed applied technology, and biologicals focused on solving farmers' biggest pain points to drive their ROI. That includes both our proprietary technology and those of third-party innovators who are increasingly seeking out partnerships with Corteva for our global reach, our regulatory capabilities, and the ability to work together to get new innovation into the hands of farmers faster. And we combine these technologies with agronomic expertise across the season. The result is a solution built to optimize the growers ROI. That's what creates loyalty. Next, we tailor the route to market by country based on the reality of what works best, both for our customers and for our channel partners. And increasingly, we're using new tools like AI to strengthen our model and make us even more efficient. Things like removing the low-value sales and marketing activity that consumes our people's time so they can spend it more where they create value, out in the field with customers. And putting AI-driven intelligence and digital tools into the hands of our field teams will enable sharper competitive intelligence, customer targeting, pricing, and agronomic decisions at the acre. You combine that with our ability to move faster than our peers as a standalone CP company, and it'll translate into better growth, stronger mix, more resilient margins, and better returns on innovation. And all of that ultimately has to show up at one place, at the farm gate. This is where our commercial model creates real value, and where I believe it becomes is particularly difficult to replicate. Our demand generation engine has three parts. First, integrated sales and agronomy teams focus on one outcome, grower ROI. Second, we have that differentiated and integrated portfolio. And third, prescriptive full season crop health programs supported by digital tools and financing. You put those together and you create demand that repeats because it's based on demonstrated economic value to a farmer, not a promotion or a price cut. Let me bring that to life with a few examples from our recent customer excellent pilots in Asia. In blueberries, high-touch grower engagement pulled our integrated chemistry plus biologicals portfolio through in new ways. Sales grew 26 percent year over year, with biologicals up 41 percent in that customer group. In potatoes, sharper segmentation by farmer crop and geography drove eight percent sales growth and in rice whole acre solution selling combining nutritionals plant growth regulators and chemistry grew sales 13 percent and expanded our large grower professional base by 66 percent three different crops three different pilots one commercial discipline understand the customer deeply solve a significant problem improve the ROI. And when you do that well, growers come back. On-farm demand generation in collaboration with our channel partners is a model that works for all parties and that we're working to scale across the globe. Of course, having great technology isn't enough. You have to extract its full value, and that requires accelerating our launch capabilities and managing innovation across its entire life cycle. Think about the value curve of any technology. At launch, we have patent protection, so the objective is simple. Go broad, go hard, go fast. Secure broad use labels across crops and geographies, launch more differentiated formulations earlier, and use licensing and co-marketing to maximize our reach. The goal is to reach peak revenue faster and sustain it longer. As the patent matures, we defend that premium through new formulations, mixtures, and claims that extend the value of the active ingredient. And eventually, every molecule reaches commoditization. That's the moment that generics are waiting for. But we don't wait for them. We move ahead of the curve. By then, we've already been managing the asset toward that moment for years. This includes reducing our cost position per unit to be increasingly competitive via continuous productivity. Ralph is going to take us through that a bit later. We continue bringing differentiated mixtures to market. We license where it creates value, and we harvest the remaining economics. And when the returns no longer justify the resources, we exit cleanly. That is our answer to generic pressure. Extract more value earlier and for longer, and then redeploy that capital to the next wave of innovation. Same asset, deliberately managed at every stage. That's how you turn a successful product into a compounding value rather than a spike followed by a decline. You can see that same engine here applied to our medium term pipeline. Launches ramp, peak, and overlap. Each new wave builds on the last, while post-patent formulations continue defending the value underneath. The result is roughly $800 million of incremental top-line growth in 2029 versus 2026, a 16% average CAGR through 2029, an RLX and RIN score together exceeding $1 billion in annual sales by 29. Not one launch, wave after overlapping wave. Now let me take that commercial model around the world and show you how differently we apply it market by market. We'll start here at home in the U.S., a roughly $15 billion addressable market where we generate about $2.5 billion in revenue. Here, we serve two very different customer bases. Large, broad-acre farms producing storable commodities like corn, soybeans, and cereals, primarily through a three-step channel. And land and pasture and high-value specialty operations, primarily through a two-step channel. What's changing following the separation from Vylor is really important. First, we have greater commercial freedom. We can build deeper, higher-value channel relationships without the perceived conflict of Pioneer. We can simplify sales roles and increase the amount of time my people spend directly with customers. I expect our call frequency per customer to roughly double, now focused exclusively on crop protection. Pioneer remains exclusive with our Next Step Biologicals brand, but beyond that relationship, separation creates new opportunities to accelerate, including a larger presence with channel partners responding to increasing grower demand for plant performance solutions. We also gain greater freedom to operate in seed applied technology to work with new seed companies and other new partners while remaining Vialura's preferred supplier, and we'll continue to grow in our non-crop businesses as well. That includes land and pasture, where we're a global leader, and environmental solutions, a specialty business which provides attractive growth outside of the ag cycle. The principle is the same. Deep customer relationships plus premium technology creates the opportunity for additional share. Now Brazil, a roughly $14 billion addressable market, about $8 billion in the north and $6 billion in the south, where we generate approximately $1.7 billion in revenue today. But north and south Brazil are fundamentally different markets, so we don't treat them the same. and we continue to proactively evolve our model in response to a rapidly changing competitive landscape. In the north, megascale broadacre growers produce soy, corn, and cotton, often double cropping in a single season.

There, we go direct.

Our direct sales access program gives strategically segmented large and mega growers a tailored experience, focused on customers who value technology and are willing to pay for it. In 2025, our differentiated mega grower model achieved a 61% year-over-year increase in sales, while our personality model delivered a 40% increase in sales. Innovative credit and barter deepened our customer engagement and now support roughly one-third of our total Brazil revenue. In the South, the structure is completely different. Smaller farms, higher value crops, and perennial production. So there, we built a distribution network that effectively operates as an arm's length extension of Corteva. Emblemas are our preferred regional distributors. Escalas are our selected cooperative partners, both highly value differentiated technology. This partnership structure enabled us to achieve a 57% increase in sales with our emblemas in 2025. Those are choices turned into actions and segmentation turned into growth. And beneath both models is a fit-for-purpose portfolio, new innovation like Kaviza, expanded biologicals led by Utrisha, and selective post-patent formulations that bridge us to the next generation of active ingredients. Same country, very different customers and very different routes to market but one principle understand where value is created and you build the commercial model around it the same principle applies across the rest of the world where one playbook would fail we don't use one in emea regulation and market structure shape the opportunity in northern europe we're growing in cereals with new lower use rate technologies as incumbent products face regulatory pressure. In Central and Eastern Europe, dedicated on-farm teams generate demand at the farm gate and lock in purchase commitments ahead of the season. In Asia-Pacific, we've continued to evolve our routes to market ahead of peers. In China, we reduced our sales territory by 60% in 2026 and redeployed those resources against fewer, higher-value crops where we saw greater opportunity for penetration and value creation. We took steps out of the channel, we began co-marketing with dealer partners in non-core markets, and we in-licensed local Chinese technologies to close important portfolio gaps by crop. India required a completely different answer. There, we moved ahead of peers away from super distributors and built our own on-farm demand generation organization for greater control over our own growth. That paid off as our competitors struggled and some had to exit India entirely. Different countries, different channels, different customer structures, but one common commercial discipline. Make deliberate choices around where to play and then build the model required to win Which brings me back to where I started, the flywheel. If you remember one thing from my presentation, remember this loop. Our commercial teams work shoulder to shoulder with growers. They see the problems today's technology doesn't solve. Those insights help determine where R&D places its bets, and then R&D creates new active ingredients, formulations, and mixtures. Commercial takes those technologies to market to maximize their value across the life cycle, and the cash that generates funds the next wave, both our own R&D and third-party innovation we're bringing into our portfolio. That is how the returns compound, and it's why I don't think of the commercial organization as the last step in the innovation process. It really sits at the center of the flywheel with the grower. We help determine what customers need, we translate it into value, and that value funds what comes next. That's the difference between selling products and building a solutions-driven growth engine. We choose where to compete, we win through integrated solutions, we manage the full life cycle of every asset, and we reinvest in the next wave. That's how we grow through cycles, not by predicting them, but by building a system that performs in all of them. Thank you.

We will now take a short break. Our program will resume in 15 minutes. Our program will resume in five minutes. Our program is about to resume. Please take your seats. Please welcome Chief Integrated Operations Officer Ralph Ford.

Good afternoon and thank you for joining us. Innovation is the foundation of Corteva's growth, but innovation only creates value where it can be manufactured competitively, scaled reliably, protected from disruption, and continuously optimized throughout its lifecycle. That is the role of integrated operations. Our objective is to safely build the industry's most competitive, reliable, and resilient system for bringing innovation to farmers around the world. Achieving that requires deliberate choices across our footprint, sourcing strategy, technology, operating model, and ways of working. while continuously balancing cost, resilience, and life cycle value creation. Over time, those choices have strengthened productivity, improved resilience, and enhanced our ability to make better, faster decisions across the enterprise. As molecules evolve from launch to maturity, we adapt our operating strategy to optimize performance, profitability, and cash generation. This is why we view integrated operations not as a support function, but as a strategic capability and a durable competitive advantage. Built on a foundation of operational excellence, our platform protects innovation, supports growth, strengthens margins, improves cash generation, and ultimately converts innovation into sustainable shareholder value. Today, I'll show how this platform has evolved, how it creates value across the lifecycle of a molecule, and why it positions Corteva for long-term competitive advantage. This slide summarizes the four ideas that define our integrated operations platform. First, integrated operations brings together all facets of operations into one Agile platform. Procurement, manufacturing, supply chain, logistics, technology, and our external partners operate as an integrated system to maintain resilience. Second, we have transitioned from heritage setups to world-class systems and processes. We did not simply optimize the structures we inherited. We challenged them. We re-looked at the network and the way work gets done and built a platform designed around the needs of the enterprise. Third, we drive strategic planning for every molecule throughout its life cycle. We continuously evaluate technology, sourcing, footprint, capacity, cost, and supply choices to create value and build resilience. And fourth, flawless execution and productivity are embedded in our DNA. They are not standalone programs. They shape how we operate every day. Together, these four elements allow operational excellence to convert innovation into shareholder value. This journey has been intentional, and it has touched every part of our operating system. We began with sub-optimized active ingredient and formulation and packaging footprint, including multiple uncompetitive sites. We exited high-cost facilities and optimized the balance of our internal and external network. We also moved from independent functions that were not optimized to support our business to unified functions operating toward common goals and objectives. This shift created clearer enterprise priorities and faster, more coordinated decisions, removing duplication of work. Our sourcing model evolved from molecule-based sourcing and complex supplier relationship management to a more robust and balanced program designed to maximize value and sustain a competitive cost position, leveraging our total buy across the enterprise. At the same time, we move from segment-specific molecule improvement initiatives to value-driven prioritization based on business impact. We replace siloed work processes with value-based processes optimized across the platform. The result is lower cost, greater resilience, and a competitive advantage that lasts. this is more than a set of projects and initiatives is a fundamentally different way of operating that creates the same results and value let's talk about what this looks like today our platform combines a structural foundation with a proven execution model the structural foundation is our network and operational excellence we use an optimized internal and external network aligned with strategic priorities and we execute efficiently while advancing technology to drive down cost. Network optimization and operational excellence gives us the flexibility and capability that creates options. The execution model is built on optimized systems and processes. It partners with our structural foundation to protect margin and supply through disruption, tariffs, and generic competition. It also creates a leaner model that generates recurring cost savings and lifts margin over time. These elements reinforce one another. The network enables supply resilience. The operating system powers the productivity engine. Resiliency and productivity are not competing objectives. managed together, they drive stronger margin and cash flow performance. The platform gets stronger over time, not because market conditions improve, but because we continuously improve the way we operate. The platform is anchored by two complementary networks. Our active ingredient network is optimized to safeguard intellectual property, create resiliency, and ensure cost competitiveness across Corteva manufacturing sites and strategic partners. It protects the technology and process knowledge that differentiate our innovation while giving us the flexibility to choose the right internal or external route. It supplies us globally with the right flexibility and cost position. Our formulation and packaging network is designed to be close to end markets and customers. That proximity creates efficient, reliable supply chains, which allows us to respond quickly to changing farmer demand in the regions and reduce our logistics cost and complexity. Across both networks, the priorities are consistent. Protect IP and cost competitiveness through strategic partnerships. Build resilience through diversified supply. unlock value through strategic sourcing excellence, capture competitive input cost, and drive productivity through value-based operational excellence. Two networks, one integrated platform, and supply that stays low cost and resilient while moving quickly when demand shifts. Now let's turn to the results these changes to our platform have been delivering. At our 2024 Investor Day, we committed to approximately $300 million of run rate EBITDA improvement through cost actions by 2027. We are on track to deliver that commitment. More importantly, the platform continues to identify additional opportunities. We now see another $200 million of recurring savings by 2029. bringing the total run rate opportunity from 2024 through 2029 to approximately 500 million. These results are enabled by strategic sourcing, footprint optimization, livestock cost reduction, operational excellence, and disciplined value-based decision-making. The additional 200 million requires no new capital and reflects permanent productivity gains embedded in our sourcing, technology, operations, and operating model, creating lasting shareholder value. Looking forward, we'll continue deploying value-driven supply strategies across the lifecycle and benchmarking our operating model in ways of working. The strongest proof point is that the capability itself is becoming more productive over time. One of the biggest advantages of our platform is the ability to manage the economics of every molecule throughout its full life cycle. We have a consistent playbook that has proven to work for both new and mature molecules. We drive value in three connected areas. Technology continuously improves molecule and formulation and packaging processes. The supply network places components in the right locations to protect intellectual property and cost competitiveness. Strategic sourcing leverages scale across active ingredients, raw materials, formulations, and packaging. The way we draw value changes with the needs of the molecule. At launch, we establish a cost advantage and design the optimal state. As the molecule scales, we improve yields, reduce cycle times, and waste, and continuously improve the process. We align the footprint with strategic priorities, run operations at peak efficiency, unlock value through category management, and build strategic supplier partnerships. This is not a one-time intervention. It is a repeatable operating discipline designed to sustain a structurally advantaged cost position. Our cultural foundation is operational excellence. And that culture helps us maximize the value of every molecule. Now let's see how the playbook works to drive results with a real-life example based upon one of our new molecules. We begin at launch with a clear view of the desired cost position. As volume ramps, technology, operational excellence, and strategic sourcing work together to drive the unit cost down while revenue grows towards peak. In this real-life example, unit cost reduces by more than 80%. The primary reduction comes from technology and operational excellence, including chemistry route advancements that protect intellectual property, higher yields, shorter cycle times, and fewer all-spec batches. The remaining savings comes from strategic sourcing, including multi-sourcing of intermediates and raw materials. As the molecule grows, category management leverages scale to draw value. The business impact goes beyond margin. Lower cost allows us to serve a broader customer base within existing markets and can support additional applications. That increases the revenue opportunity and lifts peak value. That is why productivity is not separate from growth. By improving the economics from launch through peak, the productivity engine helps unlock growth and extends the value created by innovation. The same philosophy applies to a post-patent molecule, but the value creation focus areas change. After patent expiration, the productivity engine helps keep the product profitable as revenue changes and generic competition increases.