Corteva, Inc. Common Stock Investor Day 2026

Good afternoon, and thank you for joining us. I'm Rafa Soares, 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 Corteva website and through the link to our webcast. We'll open this afternoon with remarks from Luke Kissam, Chief Executive Officer. Luke will be followed by Dr. Reza Rasoulpour, 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 on our Investor Relations website. Welcome to Corteva's 2026 Investor Day.

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 tried to do the best we could there. Good afternoon, everybody. Thank all of you for coming. We really appreciate it. My name's Luke Kissam, 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's 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's 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. 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 innovative solutions into results, and disciplined capital allocation drives future growth and increasing returns for our stakeholders. That is 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. 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 are a team of approximately 9,000 colleagues in 110 countries who wake up every day thinking about agriculture.

They are 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 are not a one-trick pony. We are not dependent on any one geography, one crop, one segment, or one active ingredient. 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. 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 $0.5 billion 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. Finally, we increased our investment in R&D. As 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. 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 have had a history of innovation success. Corteva launched seven new actives in the past 10 years. That is more than anybody else in the industry.

Those actives are contributing approximately $1.4 billion 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. Let us 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.

The grower has to be willing to pay a price consistent with the producer's profit and return expectations. That is exactly what this pipeline represents. The pipeline is balanced. It is not one product, one crop, or one geography. It is a multi-year, multi-segment innovation strategy, and it is focused on some of the toughest problems that growers face. It is 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 are agnostic as to where the idea came from. For example, our acquisition of Biotelliga strengthened our capabilities in fungal biology, biocontrol, as well as natural product discovery.

Our collaboration on imazoxifen 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. Our recently announced joint venture with Globachem 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.