Corteva Inc

Strong 1H26 results; raising full-year outlook - Net sales +4% YoY in 1H26; operating EBITDA +10%; operating EPS +14%. - Q2 net sales $6.4B; operating EBITDA $2.3B (+4%). - Management emphasized execution across both businesses (seed + crop protection) despite a dynamic market.

Full-year 2026 guidance increased (key forecast numbers) - Operating EBITDA: raised to $4.1B–$4.3B (≈ +9% at midpoint vs last year). - Operating EPS: raised to $3.60–$3.80 (+11% at midpoint YoY). - Operating EBITDA margin outlook: raised to 22.5%–23.5%. - 2H expectation: EBITDA roughly flat YoY due to seasonality + back-half weighting of impacts from separation items/other factors (management referenced tariffs/dyssynergies and geopolitical-related weighting to the back half).

Seed business momentum: licensing and demand support growth - Investors should note durability of technology demand and growing contribution from new licensing. - 1H26 seed: organic sales growth across regions; improved profitability supported by value capture and higher royalty income. - 2H corn acres assumption: management expects flat corn acres YoY (driven by expectations around Latin America/Brazil “safrinha” dynamics; order book described as “ahead of the market”). - Conkesta penetration: expected high single digits to low double digits penetration and expressed optimism into adoption trajectory.