Corteva Reports Third Quarter 2021 ResultsOpen the Report

News Release 3Q 2021

Corteva Reports Third Quarter and Year-to-Date 2021 Results, Affirms Full-Year Guidance

WILMINGTON, Del., November 3, 2021 - Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the third quarter and nine months ended September 30, 2021.

3Q 2021 Results Overview

		Net Sales		Income from Cont. Ops (After Tax)		EPS
	GAAP	$2.4B		$36M	$0.05
	vs. 3Q 2020	+27%	+109%	+110%
		Organic1 Sales		Operating EBITDA1		Operating EPS1
	NON-GAAP	$2.3B		$(51)M	$(0.14)
	vs. 3Q 2020	+24%	+72%	+64%
	YTD 2021 Results Overview
		Net Sales		Income from Cont. Ops (After Tax)		EPS
	GAAP	$12.2B		$1.7B		$2.23
	vs. YTD 2020	+11%		+154%		+162%
		Organic1 Sales		Operating EBITDA1		Operating EPS1
	NON-GAAP	$12.0B		$2.31B		$2.06
	vs. YTD 2020	+9%		+25%		+41%

Third Quarter 2021 Highlights

• Net Sales for the third quarter 2021 increased 27% versus prior year, led by Latin America and North America2. Organic1 sales rose 24% in the same period, with volume and price gains on continued penetration of new technology and strong execution globally.
• Crop Protection net sales grew 22% and organic1 sales increased 19% for the third quarter. All regions delivered sales gains during the quarter in the segment. Sales of new products drove volume improvement, led by IsoclastTM insecticide. Price gains reflected strong execution.
• Seed net sales increased 41% and organic1 sales grew 37% compared to the year-ago period. Volume increases were broad-based, led by North America. Price was up 19% globally, driven by continued strength in Latin America and fewer corn replant units in North America.

• GAAP income and earnings per share (EPS) from continuing operations were $36 million and $0.05 per share for the third quarter 2021, respectively.
• Volume gains and strong price execution in both segments drove Operating EBITDA1 improvement of 72%, as compared to the same period last year.
• The Company's continued productivity progress in the third quarter partially offset the impact of ongoing raw material cost inflation and other market-driven headwinds.
• The Company affirmed previously provided Operating EBITDA1 guidance3 in the range of $2.5 billion and
  $2.6 billion. Corteva increased its net sales guidance to be in the range of $15.5 billion and $15.7 billion and increased Operating EPS1 guidance to be in the range of $2.05 and $2.15 per share.

1. Organic Sales, Operating EPS and Operating EBITDA are non-GAAP measures. See page A-6 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. See page 6 for further discussion. 4. Enlist E3™ soybeans are jointly developed by Corteva Agriscience LLC and MS Technologies™ 5. Launches pending all applicable regulatory reviews and approvals. 6. Shares of the Company's common stock may be repurchased periodically in open-market or private transactions.

The actual timing, number and value of shares repurchased under the Company's authorized share repurchase program will be determined by management at its discretion and will depend on a variety of factors including the market price of Corteva common stock, general market and economic conditions, applicable legal requirements and other business considerations.

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News Release 3Q 2021

Chuck Magro Appointed Chief Executive Officer

Proven leader with extensive global agriculture experience

Chuck Magro was appointed the Company's new Chief Executive Officer, effective November 1, 2021. He also joins Corteva's Board of Directors. Mr. Magro most recently served as Chief Executive Officer of Nutrien. His background includes extensive experience leading diversified global agriculture companies and includes a proven track record of delivering solid profitable growth for shareholders through competitively advantaged and market-driven technology portfolios.

Mr. Magro succeeds James C. Collins Jr., who will work with Mr. Magro to assure a smooth transition.

Company Update

Enlist™ Weed Control System Further Bolstered by Conkesta E3™4 Approval

• Launched Enlist E3™4 soybeans in Brazil, Uruguay and Argentina and launched Conkesta E3™4 in Brazil
  - initiated customer trials in the region, with technology expected to strengthen Latin America soybeans position
• Anticipate strong product performance for Enlist E3™4 soybeans in the U.S. markets for the 2021 season based on initial reports, with higher expected demand going into 2022
• Expect Enlist™ weed control system to deliver greater than $800 million in revenue for the full year 2021 - on track to nearly double 2020 performance

Continued Ramp-up of New Crop

Protection Products Reinforces

Portfolio Strength

• Delivered sales increases on new Crop Protection products - up $335 million versus 2020 YTD, reflecting increases in all regions and indications
• Continued to drive progress on new Crop Protection launches5, with first registration of Adavelt™ fungicide achieved ahead of expectations
• Strengthened position in high-value sectors, such as nutrient management and biologicals - expect 17 biological technologies to launch5 in 2021 and 2022, spanning every region

Pricing, Productivity and Supply Chain Execution Enable Margin Expansion

• Actively managing market-driven cost headwinds on key raw materials through strong price execution and productivity actions to deliver margin improvement
• Multi-industryfreight and logistics challenges resulted in increased lead times and costs, as demand remained elevated and services remain contracted
• Mitigating impact of sustained external-driven supply challenges and maximizing operational agility via flexible sourcing strategy in Crop Protection, together with integrated global Seed production network

Reinforcing Commitment to Deliver Shareholder Value

• Reaffirmed mid-term targets on early 2022 expectations for continued technology ramp-up and geographic advantages, reflecting market strength and Corteva execution
• Returned approximately $1 billion to shareholders during the first three quarters via dividends and share repurchases
• Company now expects to deliver at least $1.3 billion to shareholders for the full year, including at least $900 million in share repurchases6

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News Release 3Q 2021

Summary of Year-to-Date 2021

For the nine months ending September 30, 2021, net sales increased 11% versus the same period last year. Organic1 sales rose 9%. Sales increased in all regions on a reported and organic1 basis, with double-digit organic1 gains in Latin America.

Volume grew 6% versus the prior-year period, with gains in both segments led by ongoing penetration of new technology. Sales of new and differentiated Crop Protection products drove double-digit net sales gains for the segment, with an organic1 sales increase of 13%.

Seed net sales rose 8% for the year-to-date period, primarily driven by increased North America2 planted area and share gains in the Brazil Safrinha season.

Price increased 3% versus prior year, with gains in both segments and all regions. Higher prices reflect ongoing execution on a price-for-value strategy globally and pricing for higher raw material and logistical costs.

GAAP income from continuing operations after income taxes was $1.7 billion year-to-date in 2021. Operating EBITDA1 for the period was $2.31 billion, up 25% compared to prior year.

	3Q	3Q	%	%
($ in millions, except where noted)	2021	2020	Change	Organic1 Change

Net Sales	$2,371	$1,863	27%	24%
North America	$590	$487	21%	20%
EMEA	$390	$315	24%	19%
Latin America	$1,097	$805	36%	31%
Asia Pacific	$294	$256	15%	16%
	YTD	YTD	%	%
($ in millions, except where noted)	2021	2020	Change	Organic1 Change
Net Sales	$12,176	$11,010	11%	9%
North America	$6,175	$5,818	6%	5%
EMEA	$2,702	$2,425	11%	7%
Latin America	$2,203	$1,754	26%	27%
Asia Pacific	$1,096	$1,013	8%	7%

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News Release 3Q 2021

Crop Protection Summary

Crop Protection net sales were approximately $1.6 billion in the third quarter of 2021 compared to approximately

$1.3 billion in the third quarter of 2020. The sales increase was driven by a 16% increase in volume, a 3% increase in price and a 3% favorable impact from currency.

Volume growth was driven by continued penetration of new products, including IsoclastTM insecticide and ArylexTM herbicide, coupled with strong customer demand and an accelerated start to the season in Latin America, which shifted an estimated $100 million in sales from the fourth

quarter. Gains were partially offset by an approximate

$70 million impact from the decision to phase out select low- margin products.

The increase in price was driven by gains in Latin America. Favorable currency impacts were primarily from the Brazilian Real.

Segment Operating EBITDA was $206 million in the third quarter of 2021, up 58% from the third quarter of 2020. Volume gains from new products, favorable mix, productivity actions, and continued pricing execution more than offset higher costs, including raw materials and SG&A.

	3Q	3Q	%	%
($ in millions, except where noted)	2021	2020	Change	Organic1 Change
North America	$422	$390	8%	8%
EMEA	$237	$198	20%	17%
Latin America	$763	$559	36%	31%
Asia Pacific	$211	$193	9%	10%
Total 3Q Crop	$1,633	$1,340	22%	19%
Protection Net Sales

Crop Protection net sales were approximately $5.2 billion for the first nine months of 2021 compared to approximately $4.5 billion in the first nine months of 2020. The increase was due to a 9% increase in volume, a 4% increase in price and a 3% favorable impact from currency, partially offset by a 1% unfavorable portfolio impact.

America and North America, including pricing for higher raw material and logistical costs. Favorable currency impacts were primarily from the Euro. The portfolio impact was driven by prior-year divestitures in Asia Pacific.

Segment Operating EBITDA was $897 million for the first nine months of 2021, up 32% from the first nine months of 2020.

Volume growth was led by continued penetration of new products, including ArylexTM herbicide and IsoclastTM insecticide. These volume gains were partially offset by an approximate $200 million impact from our decision to phase out select low-margin products.

The increase in price was largely driven by gains in Latin

Continued penetration of new products, favorable mix, ongoing cost and productivity actions, and a favorable impact from currency more than offset higher input costs, including raw material and logistics costs. Segment Operating EBITDA margin improved by more than 230 basis points versus the prior-year period.

	YTD	YTD	%	%
($ in millions, except where noted)	2021	2020	Change	Organic1 Change
North America	$1,693	$1,528	11%	10%
EMEA	$1,304	$1,163	12%	6%
Latin America	$1,361	$1,086	25%	25%
Asia Pacific	$808	$717	13%	11%
Total YTD Crop
Protection Net Sales	$5,166	$4,494	15%	13%

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News Release 3Q 2021

Seed Summary

Seed net sales were $738 million in the third quarter of 2021, up from $523 million in the third quarter of 2020. The increase was due to a 19% increase in price, an 18% increase in volume and a 4% favorable impact from currency.

The increase in price was led by strong execution in Latin America coupled with fewer corn replant units in North America. Higher volumes were driven by lower corn and cotton returns in North America, coupled with higher other seed sales in India. These volume gains were partially offset by robust early demand for corn in Latin America and an early

settlement of the canola season in Canada, which shifted approximately $80 million of sales into the second quarter.

Favorable currency impacts were primarily driven by the South African Rand and the Brazilian Real.

Segment Operating EBITDA was $(217) million in the third quarter of 2021, an improvement of 23% compared to prior year. Continued price execution, higher volumes, lower royalties, and ongoing cost and productivity actions more than offset higher costs including commodity costs and SG&A.

	3Q	3Q	%	%
($ in millions, except where noted)	2021	2020	Change	Organic1 Change
North America	$168	$97	73%	71%
EMEA	$153	$117	31%	22%
Latin America	$334	$246	36%	32%
Asia Pacific	$83	$63	32%	32%
Total 3Q
Seed Net Sales	$738	$523	41%	37%

Seed net sales were approximately $7.0 billion for the first nine months of 2021, up from approximately $6.5 billion in the year-ago period. The increase was due to a 4% increase in volume, a 3% increase in price and a 1% favorable impact from currency.

The increase in volume was driven by higher soybean and corn sales in North America, market share gains in Brazil Safrinha, and canola growth in Canada. Price gains were driven by strong adoption of new Seed technology, including price execution in Latin America and EMEA, with corn price up 4% globally. These gains were partially offset by

competitive pricing pressure in North America soybeans, where price was down 3%. Favorable currency impacts primarily from the Canadian Dollar and the Euro more than offset unfavorable impacts from the Brazilian Real.

Segment Operating EBITDA was $1.5 billion for the first nine months of 2021, up 21% from the prior year. Continued price execution, volume gains, lower royalties, ongoing cost and productivity actions, and lower bad debt expense more than offset higher input costs and higher freight and warehousing costs. Segment Operating EBITDA margin improved by more than 240 basis points versus the prior-year period.

	YTD	YTD	%	%
($ in millions, except where noted)	2021	2020	Change	Organic1 Change
North America	$4,482	$4,290	4%	3%
EMEA	$1,398	$1,262	11%	8%
Latin America	$842	$668	26%	30%
Asia Pacific	$288	$296	(3)%	(4)%
Total YTD
Seed Net Sales	$7,010	$6,516	8%	7%

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