CTVA · EIDP, Inc.

Corteva delivered a strong first quarter in 2026, with net sales increasing 11% to $4.9 billion, driven by 7% organic growth. Seed net sales rose 12% to $3.02 billion, supported by 3% price/mix improvement and 6% volume growth, with gains across all regions. Crop Protection net sales increased 10% to $1.88 billion, with volume up 6% partially offset by 2% price declines due to competitive dynamics in Latin America. Operating EBITDA grew 21% to $1.44 billion, with Seed operating EBITDA up 23% to $1.03 billion and Crop Protection up 15% to $434 million, reflecting margin expansion of 310 bps and 100 bps respectively. GAAP EPS from continuing operations was $1.07, up 10% year-over-year, while Operating EPS rose 33% to $1.50, driven by operational leverage and cost discipline. Management reaffirmed full-year 2026 guidance, expecting Operating EBITDA of $4.0-$4.2 billion and Operating EPS of $3.45-$3.70. The company also announced a $500 million share repurchase plan for the first half of 2026 and a discretionary $1.5 billion pension contribution. The planned separation into two companies remains on track for the fourth quarter of 2026, with key milestones including naming executive leadership, filing the initial Form 10, and announcing Vylor as the name for the future seed and genetics company. Separation costs are expected to be approximately $350 million, with net dis-synergies of ~$100 million trending favorably.