2024 Annual Report
Resilience
through
the cycle
Financial Highlights
1
To our Stockholders
2
Advancing Food,
5
Fuel and Farmers
Accelerating Innovation
8
Governance Structure
10
Form 10-K for the Year Ended
13
December 31, 2024
(with selected financial exhibits)
Stockholder Reference
Information
General Information and
Investor Relations Information
Contents
Corteva / Annual Report 2024
$8,660
$2,627
Crop Protection
$6,033
Seed
$3,776
$2,253
Crop Protection
$1,523
Seed
$3,124
$1,543
Crop Protection
$1,581
Seed
$1,348
$940
Crop Protection
$408
Seed
$16,908
$3,124
EMEA2
$3,776
Latin America
$8,660
North America 2
$17,226
$16,908
$3,381
$3,376
2023
2024
2023
2024
$1,348
Asia Pacific
$16,908
$7,363
Crop Protection
$9,545
Seed
Net Sales by Segment 2024
(dollars in millions)
Net Sales by Region 2024
(dollars in millions)
Regional Sales by Segment 2024
(dollars in millions)
EMEA 2
North
America 2
Latin
America
Asia
Pacific
Operating EBITDA1
(dollars in millions)
Net Sales
(dollars in millions)
2024 Financial Highlights
1. Operating EBITDA and Operating Earnings Per Share are non-GAAP measures. Reconciliations for these non-GAAP measures to U.S. GAAP are provided
on pages 44-46 of the 2024 Annual Report on Form 10-K.
2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa.
The information provided herein contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-
looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,”
“anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections
about the future, including statements about Corteva’s financial results or outlook; strategy for growth; product development; regulatory approvals; market
position; capital allocation strategy; liquidity; sustainability commitments and strategies; the anticipated benefits of acquisitions, restructuring actions, or cost
savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements. Corteva disclaims and
does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some
of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the “Risk
Factors” section of Corteva’s Annual Report on Form 10-K, as modified by its subsequent SEC filings.
Amounts in millions except for per share amounts
2024
2023
Net Sales
$16,908
$17,226
Income from Continuing Operations after Tax
$863
$941
Operating EBITDA1A
$3,376
$3,381
GAAP Earnings Per Share
$1.22
$1.30
Operating Earnings Per Share1
$2.57
$2.69
Dividends Declared Per Share
$0.66
$0.62
1
Corteva / Annual Report 2024
To our
Stockholders
This past year was one of global
change – and no less so in our
industry. But, despite challenging
market conditions, one fact remains
true: Corteva is a critical company
in an indispensable industry.
$1.5B
Returned to
stockholders in 2024
– 400 new products
– Groundbreaking new
partnerships
Chuck Magro
Chief Executive Officer
Gregory R. Page
Non-Executive Chair of the Board
2
Corteva / Annual Report 2024
Delivering results despite
a tough market
In 2024, on the back of improving
market fundamentals, including
record demand for crops, we
delivered a solid year: our portfolio
of advanced technologies
continues to be in high demand,
which supported our Crop
Protection segment’s double digit
volume gains and approximately
800 basis points of Operating
EBITDA margin improvement in the
fourth quarter.
Our Seed segment also continued
its upward trajectory, with
Pioneer® brand seed reaching
the rank of number one corn and
soybean brand in the U.S. We also
gained market share in corn in
North America, notable given the
reduction in corn planted area.
As a result of these and other
factors, including an improved
cost position, in 2024 we returned
approximately $1.5 billion to
shareholders via dividends
and share repurchases and
committed to another $1 billion in
share repurchases in 2025. Total
shareholder return (TSR) for the
year was 20%1.
As a technology company, we also
measure performance through our
advancements in innovation. 2024
was no exception. Our scientists
notched meaningful strides in gene
editing, demonstrating excellent
field trial performance in disease-
resistant corn. We launched more
than 400 new products, expanded
the reach of our leading biological
solution Utrisha™ N to more than
50 countries, and announced
Kinrayza™ active, a lower-use-
rate insecticide. And, in the few
months after launching Corteva
Catalyst™, we closed seven deals
with early-stage companies on
technologies ranging from gene
editing to biologicals.
We were equally proud, last year,
to celebrate our fifth anniversary
as a standalone public company.
Today, we are the world’s only
U.S.-based seed and crop
protection company wholly
focused on putting game-
changing innovation into the
hands of farmers. And while our
first five years were not without
their challenges, we nevertheless
notched many notable and
important successes:
– We launched approximately
2,000 new products2;
– We delivered technology
backed by more than 7,000
additional patents3;
– We returned more than
$4.8 billion in cash to our
shareholders2; and
– Through June 1, 2024, our five-
year anniversary, we delivered
TSR of approximately 140%4.
In short, for the most part, we did
what we set out to do. As we look
to the next five years, our work –
and our ambition – continues.
A critical company in an
indispensable industry
Today, we can say that our
company stands at the forefront
of three global challenges:
Food security – the world is
adding nearly two billion people
in the next 25 years. How do we
increase food production to feed
all these people? We believe the
answer is technology.
Extreme weather – rising
temperatures globally mean
more droughts; more floods; less
arable land; new pests, weeds
and diseases; and existing pests
and diseases making their way
to new regions.
Food is getting a lot harder to grow
and, again, technology must be an
important part of the solution.
Biofuels – by the end of the next
decade, we expect the demand
for next-generation biofuels in
North America and Europe to
reach 22 billion gallons – or four
times more than demand today.
Agriculture technology will, again,
play an important role.
There are few things as fundamental to life as food,
and we are privileged to work alongside the farmers
who grow it every day.
1 TSR calculation uses cumulative 2024 data
2 Financial and product information reflects data from the period January 1, 2019 – December 31, 2023
3 Product information reflects data from the period June 1, 2019 – May 31, 2024
4 TSR calculation uses cumulative data for the period June 3, 2019 – May 31, 2024
3
Corteva / A
/ Annual Report 2024
We plan to help farmers address
these challenges via our six
growth platforms: seed trait
and germplasm out-licensing,
making our technology more
widely available and accessible;
biologicals and naturally-
derived solutions; new crop
protection products, with a
focus on differentiated solutions;
gene editing, which we see as
a transformational technology;
biofuels, including our game-
changing Winter Canola Program
in the U.S.; and hybrid wheat,
which could revolutionize wheat
production the same way
Pioneer® revolutionized corn
production by introducing hybrid
corn nearly a century ago.
These platforms promise, each in
their own way, to help the world
meet the challenge of growing
more food to feed a growing
population. They will support
farmers as they adapt to a rapidly
changing physical environment.
And they will address the need for
next-generation renewable fuels.
Indeed, we believe they have
the potential to transform and
strengthen global agriculture.
They will also expand and
grow our business – adding
billions in value to our industry,
and potentially our company,
over time.
A bright future
For all these reasons, we look
ahead with energy and optimism:
the challenges facing farmers
are coming hard and fast, but
our technology is the best in
the industry. Our Board joins our
senior management team in
being laser-focused on running
a strong business – today and
for the future – and our 22,000
employees around the world
are unmatched in their passion,
dedication and expertise.
And so, we say with confidence
that, as exciting as our first five
years have been, our future is even
brighter than our past.
On behalf of our employees, our
management team and our Board,
we thank you for your continued
support of our company.
Gregory R. Page
Non-Executive Chair
of the Board, Corteva, Inc.
Chuck Magro
Chief Executive Officer,
Corteva, Inc.
To our Stockholders continued
4
Corteva / Annual Report 2024
and Farming
From battling pests and unpredictable weather
to breaking yield records and advancing
biofuels, modern farming exemplifies resilience
and ingenuity. Year after year, farmers produce
more with less. Today, American farmers yield
nearly seven times more bushels of corn per acre1
than their predecessors did almost a century
ago. Innovation makes this, and more, possible.
Advancing Food, Fuel
1 “Annual U.S. Corn Grain Yields
and Historical Trends Since
1866” Annual USDA-NASS
Crop Production Reports.
5
Corteva / Annual Report 2024
Advancing Food, Fuel and Farming continued
However – in the face of extreme
weather and the spread of pests,
weeds and diseases – food and
fuel is becoming harder to produce
just when we need it most; the
global population is set to grow by
nearly two billion people in the next
25 years.
Accelerating sustainable innovation
is the solution. That is why we
invest nearly $4 million every day in
research and development.
We conduct extensive research
and testing at over 120 research
sites and more than 2,000 testing
locations worldwide, which
means we can test our product
performance across various soil
types, pest pressures, disease
resistance and nutrient availability
under multiple environmental
and weather conditions –
especially important as extreme
weather continues.
As a result, we have created
one of the most competitively-
advantaged agricultural
technology portfolios in the
industry. Our flagship seed brand,
Pioneer®, is the number one selling
corn and soybean seed brand
in the U.S. Our crop protection
portfolio of sustainable and
differentiated solutions has won six
Green Chemistry Challenge Awards
from the U.S. EPA – more than any
other agriculture company.
In fact, 100% of the newly-
developed Corteva solutions in
our pipeline meet at least one of
our stringent sustainability criteria,
which range from increasing
water use efficiency to protecting
biodiversity and ecosystems, while
also offering improvements in
product performance as compared
to those in the market today.
Our Seed and Crop Protection
portfolios, which also include
new agricultural systems, seed
applied technologies, biologicals
and naturally-derived products,
create an unmatched set of tools
to help farmers meet challenges
and drive productivity to meet
global demand.
FIVE YEARS
GROWING
In 2024, we
celebrated five years
of creating value:
– 140% total shareholder return2
– 2,000 new products to help
farmers increase yields1
– 700 agreements globally
to help research start-ups,
universities and others to
advance cutting-edge
agriculture technology3
– 7,000 added patents to deliver
technology to farmers3
– 600+ bu/ac world-record
breaking corn yield4
– 100% of new solutions
in product pipeline met
robust sustainability
innovation criteria3
1 Product information reflects data from the
period January 1, 2019 – December 31, 2023
2 TSR calculation uses cumulative data for the
period June 3, 2019 – May 31, 2024
3 Product information reflects data from the
period June 1, 2019 – May 31, 2024
4 Source: www.pioneer.com/us/news-and-
events/news/media-release/ncga-
contest-pioneer-new-world-record.html
6
Corteva / Annual Report 2024
What
innovation
has the power
to do
Combat crop
losses from disease
Example: a gene-edited corn
technology in our pipeline
combines multiple disease-
resistant traits to combat diseases
causing about a billion dollars in
annual yield loss in North America.
Control weeds and pests
Example: our Vorceed® Enlist®
corn better protects against corn
rootworm which can significantly
damage crop health and yield.
Harness the power of nature
to improve plant health
Example: Utrisha™ N is an
innovative biological that improves
nutrient use efficiency and provides
supplemental nitrogen directly
to plants.
Support the production of
renewable fuels
Example: our Winter Canola
Program enables U.S. farmers
to incorporate a rotational crop
of winter canola, which can be
processed into oil to help meet
the growing demand for biofuels,
while also providing them with an
additional revenue source.
Help preserve soil health
Example: Reklemel™ active is
a first-of-its-kind, selective
nematicide that protects crops
and maintains a healthy balance
of beneficial organisms in the soil.
Use the plant’s own
DNA to improve crops
Example: we are using gene
editing to develop a variety of
pearl millet that stays fresh longer
after harvest, reducing crop loss
and maintaining nutritional value,
which will particularly benefit
regions in Africa and India where
it is a staple food.
Unlock value with AI
Example: our new GenAI agronomy
tool combines product data with
predictive agronomics to enable
our teams to make more precise
recommendations to help farmers
boost productivity.
Increase yield potential
Example: our Pioneer® seed brand
holds the world yield record for
corn and soybeans. We are the
only company with a germplasm
pool that has produced corn yields
of more than 600 bushels per acre.
Reduce on-farm emissions
Example: with up to 150 times lower
use rate, Rinksor™ active has the
potential to drastically reduce
on-farm emissions while protecting
crops from yield-robbing weeds.
Safely delivering
sustainable solutions
Operating safely as a
company is essential
to continue delivering
sustainable solutions to
farmers and addressing
global food security. In 2024,
we won the National Safety
Council's Robert W. Campbell
Award. This award is one of
the highest recognitions an
organization can achieve
in environment, health and
safety management.
7
Corteva / Annual Report 2024
Accelerating
innovation
...and powering
the future of
agriculture
Gene editing
We are leading the way in
groundbreaking innovation that
will transform food production.
By enabling precise modifications
to the DNA of plants, gene editing
aims to boost yields and make crops
more resilient to extreme weather.
Genlytix™ ecosystem
Genlytix™ is our comprehensive
suite of in-house gene editing
capabilities and partnerships
to produce crops that better
withstand the extreme weather
events, pests and diseases
that threaten food security.
Our innovation will aid farmers in
growing even more food without
putting more land into production.
Investment in external
innovation
We are joining forces with the gene
editing company, Pairwise, to help
us develop advanced gene-edited
solutions. This was the first joint
venture and major equity investment
in gene editing made through
our Corteva Catalyst™ external
innovation investment platform.
Multi-disease resistant corn
We are developing a unique
gene-edited seed to protect
against four diseases, which cause
$1 billion in annual crop losses
across North America.
Our continued
commitment to long-
term growth is driven by
innovation, including:
Learn more at
www.investors.corteva.com
8
Corteva / Annual Report 2024
New
agricultural
systems
We are exploring groundbreaking
ways to increase food and
fuel production.
Hybrid wheat
We are developing a proprietary
hybrid wheat system that has
the potential to increase yield
by 10%1 while using the same
amount of land and resources.
In addition, research trials show it
can yield roughly 20% higher1 than
elite varieties in water-stressed
environments.
Biofuels
We are expanding our Winter
Canola Program to produce lower
carbon biofuel feedstocks. It offers
farmers a new revenue opportunity
to diversify their current winter crop
rotation, or for those who don’t
have a double-cropping system
already in place. We are also
developing a biofuel feedstock
program to serve the European
Union sustainable aviation market.
Reduced stature corn
We are developing seed that
produces 30% shorter corn
which allows for more targeted
application of fertilizers, crop
protection, and biologicals, and is
more tolerant to severe weather,
especially wind.
AI and data
science
We are using new tools to help
speed up the product discovery
and development process. We are
using AI and data science to:
– Increase efficiency in screening
and testing materials to find
viable new technologies
– Process drone-collected
field data to accelerate
product development
– Streamline regulatory
submission processes
Tools to help increase on-farm
productivity and profit
Our Granular Insights digital tools
are now sales-focused, and we’ve
partnered with manufacturers to
integrate Pioneer® solutions and
recommendations directly into
farm equipment. This makes it
easier for farmers to implement our
agronomic advice. Pilot program
participants were twice as likely to
follow our recommendations.
CARL, our AI agronomist
Our new GenAI agronomy tool,
CARL, gives our agronomists
and sales representatives instant
access to our industry-leading
agronomic library of information to
help customers maximize yield.
Biologicals
We are developing new biological
and naturally-derived solutions
that enhance plant yield and
efficiency, and complement
conventional crop protection.
Biostimulant to boost
plant health
Utrisha™ N is an innovative
biological product that improves
nutrient use efficiency and
provides supplemental nitrogen
directly to plants for improved
productivity and profitability.
– ↑4.4 corn bu/acre and ↑2.6
soybeans bu/acre in Brazil2
1 Internal yield trial testing; 2 years of testing with 6-10 locations/year in each of the market classes. Hard Red Winter testing in NE, KS, CO, OK
2 80.5% win-rate in 411 Soybean Trials 2022-2024
9
Corteva / Annual Report 2024
Governance
Structure
Executive Leadership Team
Chuck Magro
Chief Executive
Officer
David Johnson
Executive Vice
President, Chief
Financial Officer
Cornel Fuerer
Senior Vice
President, Chief
Legal and Public
Affairs Officer
Brook
Cunningham
Senior Vice
President, Chief
Strategy Officer
Samuel
Eathington, Ph.D.
Executive Vice
President, Chief
Technology and
Digital Officer
Audrey Grimm
Senior Vice
President, Chief
People Officer
Judd O'Connor
Executive Vice
President, Seed
Business Unit
Robert King
Executive Vice
President,
Crop Protection
Business Unit
As of March 21, 2025
10
Corteva / Annual Report 2024
Board of Directors
Gregory R. Page1,2
Non-Executive
Chairman of the
Board, Corteva, Inc.
Retired Chairman
and Chief Executive
Officer, Cargill, Inc.
Chuck Magro
Chief Executive
Officer, Corteva
1.
Audit Committee
2.
Governance and
Compliance Committee
3.
People and Compensation
Committee
4.
Sustainability and Innovation
Committee
Patrick J. Ward1,3
Retired Chief
Financial Officer,
Cummins Inc.
Klaus A. Engel,
Ph.D.2,4
Retired Chief
Executive
Officer, Evonik
Industries AG
Lamberto
Andreotti3,4
Retired Chairman
and Chief Executive
Officer, Bristol-Myers
Squibb
Karen H. Grimes1,3
Retired Partner, Senior
Managing Director
& Equity Portfolio
Manager, Wellington
Management
Company
Nayaki R.
Nayyar1,2
Chief Executive
Officer, Siteimprove
A/S
David C.
Everitt2,4
Retired President,
Agricultural and Turf
Division, Deere & Co.
Michael O.
Johanns1,2
Retired United
States Senator,
Nebraska, and
former U.S. Secretary
of Agriculture
Kerry J. Preete3,4
Retired Executive
Vice President
and Chief Strategy
Officer, Monsanto
Company
Janet P.
Giesselman2,4
Retired President &
General Manager,
Dow Oil & Gas
Marcos M. Lutz3,4
Chief Executive
Officer, Ultrapar
Participações S.A.
As of March 21, 2025
11
Corteva / Annual Report 2024
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Corteva / Annual Report 2024
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