CTVA

A month has gone by since the last earnings report for Archer Daniels Midland (ADM). Shares have added about 10.1% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is ADM due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Archer Daniels posted second-quarter 2026 adjusted earnings of $1.84 per share, up 98% year over year. The figure surpassed the Zacks Consensus Estimate of $1.42 by 29.6%. On a reported basis, earnings were $1.87 per share, substantially up from 45 cents in the year-ago quarter.Revenues increased 7.1% to $22.68 billion and beat the consensus estimate of $22.38 billion. Results benefited from margin expansion in Ag Services and North American crushing and robust ethanol economics.  Global oilseed volumes increased roughly 5% compared with the prior-year quarter.Total segment operating profit increased 75% year over year to $1.5 billion, reflecting broad-based growth across all three operating segments. Ag Services and Oilseeds revenues increased 10.1% year over year to $17.9 billion. Carbohydrate Solutions revenues declined 1.3% to $2.8 billion, while Nutrition revenues fell 4.6% to $1.9 billion. Other Business revenues decreased 5.4% to $106 million. The Zacks Consensus Estimate for revenues is pegged at $17.5 billion for Ag Services and Oilseeds, $2.9 billion for Carbohydrate Solutions and $2 billion for Nutrition.The company processed 9.5 million metric tons of oilseeds, up 4.7% from the prior-year quarter and surpassed the Zacks Consensus Estimate of 9.3 million metric tons. Corn processing volumes rose 2.6% to 4.7 million metric tons. Higher asset utilization supported the improvement in global oilseed volumes. Ag Services and Oilseeds operating profit surged 129% to $867 million. Results included roughly $100 million of net positive mark-to-market and timing impacts, mainly within Crushing. Margin expansion in Ag Services and North American crushing provided the primary lift.Ag Services operating profit climbed 159% to $293 million as ADM leveraged its global asset network and benefited from increased soybean exports and the return of its Barcarena, Brazil, terminal to full operations. Crushing profit substantially jumped to $363 million from $33 million, supported by stronger biofuel margins, elevated energy prices and record meal exports from Brazil and the United States. Carbohydrate Solutions operating profit increased 22% year over year to $411 million. Robust North American ethanol margins, policy incentives, elevated energy prices and lower U.S. corn prices improved ethanol’s economics relative to competing blendstocks. These conditions supported higher domestic blend rates and favorable industry exports.Starches and Sweeteners operating profit rose 7% year over year to $326 million as stronger wet-milling ethanol margins offset lower liquid sweetener volumes and margins. Vantage Corn Processors’ profit increased 158% year over year to $85 million, aided by strengthening dry-milling ethanol margins and effective risk management. Nutrition operating profit advanced 51% year over year to $172 million, with improvement across Human Nutrition and Animal Nutrition. Human Nutrition operating profit increased 51% to $139 million, driven by Flavors growth, seasonal momentum and continued progress at the Decatur East plant.Animal Nutrition operating profit grew 50% to $33 million. The increase reflected operational improvements and benefits from portfolio actions completed during 2025. The segment’s performance extended ADM’s recovery beyond its commodity-processing businesses. The company ended the quarter with cash and cash equivalents of $1.1 billion, long-term debt, including current maturities, of $7.6 billion, and shareholders’ equity of $23.6 billion. As of June 30, 2026, ADM generated $1.3 billion in cash from operating activities. It paid dividends of $510 million in the reported quarter. ADM raised its 2026 adjusted earnings guidance to approximately $5.15-$5.60 per share from the previous range of $4.15-$4.70. The revised outlook assumes year-over-year improvement in crushing and ethanol, supported by disciplined execution and a constructive margin environment.Management tied the stronger outlook primarily to finalized renewable volume obligations under the U.S. Renewable Fuel Standard, global trade dynamics and higher energy prices. The company continues to project 2026 capital expenditures of $1.3-$1.5 billion while monitoring macroeconomic, geopolitical, policy and trade conditions. In the past month, investors have witnessed a upward trend in estimates revision. The consensus estimate has shifted 14.23% due to these changes. Currently, ADM has a subpar Growth Score of D, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise ADM has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months. ADM belongs to the Zacks Agriculture - Operations industry. Another stock from the same industry, Corteva, Inc. (CTVA), has gained 14.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Corteva, Inc. reported revenues of $6.38 billion in the last reported quarter, representing a year-over-year change of -1.2%. EPS of $2.30 for the same period compares with $2.20 a year ago. Corteva, Inc. is expected to post a loss of $0.42 per share for the current quarter, representing a year-over-year change of -82.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Corteva, Inc.. Also, the stock has a VGM Score of F. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Archer Daniels Midland Company (ADM) : Free Stock Analysis Report Corteva, Inc. (CTVA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

INDIANAPOLIS, Aug. 20, 2026 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) announced today that Vylor Inc., a Delaware corporation and its wholly owned subsidiary ("Vylor"), has received the early tender results of its previously announced (i) private offers to exchange (with respect to each series, an "Exchange Offer" and together, the "Exchange Offers") any and all of the outstanding senior notes of the series listed in the table below issued by EIDP, Inc., a Delaware corporation and a wholly owned subsidiary of Corteva ("EIDP" and such notes, collectively, the "EIDP Notes"), to the extent held by eligible holders, for a corresponding series of notes to be newly issued by Vylor (collectively, the "Vylor Notes") and (ii) related consent solicitations (with respect to the EIDP Base Indenture (as defined below) and the applicable EIDP Supplemental Indenture (as defined below) governing a series of EIDP Notes, a "Consent Solicitation" and together, the "Consent Solicitations") from eligible holders of EIDP Notes. The Consent Solicitations seek approval to adopt (a) certain proposed amendments to the base indenture governing the EIDP Notes (the "EIDP Base Indenture"), which would eliminate substantially all of the restrictive covenants and events of default (other than payment-related and bankruptcy-related events of default) from the EIDP Base Indenture (such proposed amendments, the "Proposed EIDP Base Indenture Amendments"), and (b) certain proposed amendments to the supplemental indentures to the EIDP Base Indenture (each, an "EIDP Supplemental Indenture"), which would eliminate the offer to repurchase upon change of control provisions from the applicable EIDP Supplemental Indenture (such proposed amendments, the "Proposed EIDP Supplemental Indenture Amendments" and, together with the Proposed EIDP Base Indenture Amendments, the "Proposed Amendments"). Approval of the Proposed EIDP Base Indenture Amendments requires consents from the holders of at least a majority of the aggregate principal amount of all the EIDP Notes, voting as a single class (the "Requisite Consents"). Approval of the Proposed EIDP Supplemental Indenture Amendments requires consents from the holders of at least a majority of the aggregate principal amount of the applicable series of EIDP Notes (the "Majority Consents"). The table below sets forth, for each series of EIDP Notes, the principal amount validly tendered and not validly withdrawn (and the consents thereby validly delivered and not validly revoked) as of 5:00 p.m., New York City time, on August 19, 2026 (the "Early Tender Deadline"). As of the Early Tender Deadline, Vylor has received, on behalf of EIDP, (i) the Requisite Consents to adopt the Proposed EIDP Base Indenture Amendments with respect to all EIDP Notes and (ii) the Majority Consents to adopt the Proposed EIDP Supplemental Indenture Amendments with respect to each series of EIDP Notes. Accordingly, the condition to each Exchange Offer and Consent Solicitation that the Requisite Consents be received on or prior to the Early Tender Deadline has been satisfied. The Exchange Offers are not conditioned upon the receipt of the Majority Consents with respect to any EIDP Supplemental Indenture. EIDP Notes validly tendered and not validly withdrawn by the Early Tender Deadline may no longer be withdrawn, and related consents validly delivered and not validly revoked may no longer be revoked. EIDP and the trustee under the EIDP Base Indenture intend to execute and deliver a supplemental indenture to amend the EIDP Base Indenture, giving effect to the Proposed EIDP Base Indenture Amendments, and to amend the EIDP Supplemental Indentures governing each series of EIDP Notes, giving effect to the applicable Proposed EIDP Supplemental Indenture Amendments. The applicable Proposed Amendments will become operative only upon the settlement of the Exchange Offers and Consent Solicitations on the Settlement Date (as defined below). The Exchange Offers and Consent Solicitations are being made upon the terms and conditions set forth in an exchange offer memorandum and consent solicitation statement, dated August 6, 2026 (as amended or supplemented, the "Offering Memorandum"), copies of which have been made available to holders of the EIDP Notes eligible to participate in the Exchange Offers and Consent Solicitations. Corteva further announced today that it has extended the expiration date of each Exchange Offer and Consent Solicitation. Corteva hereby extends such expiration date from 5:00 p.m., New York City time, on September 3, 2026, to, unless extended or earlier terminated, 5:00 p.m., New York City time, on September 29, 2026 (such date and time, as they may be further extended, the "Expiration Date"). Vylor reserves the right to terminate, withdraw, amend or extend an Exchange Offer and Consent Solicitation in its sole discretion, subject to the terms and conditions set forth in the Offering Memorandum. Except as described in this press release, all other terms of the Exchange Offers and Consent Solicitations remain unchanged. Subject to the terms and conditions set forth in the Offering Memorandum, each eligible holder of EIDP Notes will receive, for each $1,000 principal amount of the applicable series of EIDP Notes validly tendered and not validly withdrawn by the Early Tender Deadline and accepted for exchange in the applicable Exchange Offer, (i) an equal principal amount of Vylor Notes of the corresponding series and (ii) a cash payment (with respect to each series, the "Cash Consideration" and, together with such amount of Vylor Notes, the "Total Exchange Consideration"). The Cash Consideration is approximately $2.90 per $1,000 principal amount for the 2.300% Senior Notes due 2030, approximately $2.67 per $1,000 principal amount for the 5.125% Senior Notes due 2032 and approximately $2.86 per $1,000 principal amount for the 4.800% Senior Notes due 2033. The Vylor Notes will have the same interest payment dates, maturity date and interest rate as the EIDP Notes of the corresponding series. Eligible holders who validly tender their EIDP Notes after the Early Tender Deadline but on or prior to the Expiration Date will be eligible to receive $970 principal amount of the applicable series of Vylor Notes per $1,000 principal amount of the corresponding series of EIDP Notes validly tendered (the "Exchange Consideration") but no Cash Consideration. In addition, all eligible holders whose EIDP Notes are validly tendered and accepted for exchange in the Exchange Offers and Consent Solicitations will receive a cash payment equal to the accrued and unpaid interest on their EIDP Notes accepted for exchange from the last interest payment date of the applicable EIDP Notes preceding the Settlement Date up to, but excluding, the Settlement Date. Vylor's obligation to accept and exchange any EIDP Notes validly tendered pursuant to the applicable Exchange Offer is subject to, and conditioned upon, the satisfaction or (to the extent permitted) waiver of certain conditions as set forth in the Offering Memorandum, including the condition that Corteva's planned separation into two independent, publicly traded companies, one comprising its current crop protection business and the other comprising its current seed business to be owned and conducted, directly or indirectly, by Vylor (the "Separation"), be consummated. The Separation is currently expected to be consummated on or about October 1, 2026, subject to satisfaction or waiver of the conditions thereto. Other than the Separation (without the consummation of which the Exchange Offers and Consent Solicitations will not be consummated, neither the applicable Exchange Consideration nor the applicable Total Exchange Consideration will be delivered, and the Proposed Amendments contemplated by the Consent Solicitations will not become operative), Vylor may generally waive any condition with respect to the Exchange Offers and Consent Solicitations, in its sole discretion, at any time prior to the Expiration Date. Assuming the remaining conditions to the Exchange Offers and Consent Solicitations are satisfied or (to the extent permitted) waived, settlement of the Exchange Offers is expected to occur on or about the second business day following the Expiration Date and substantially simultaneously with the consummation of the Separation, unless Vylor extends or terminates the Exchange Offers (such date and time, as the same may be extended, the "Settlement Date"). Accordingly, Vylor may, in its discretion, extend each of the Expiration Date and the Settlement Date as necessary to maintain such sequencing. Interest on the applicable series of Vylor Notes issued in the related Exchange Offer will accrue from (and including) the Issue Date (the date on which such Vylor Notes are issued in exchange for the corresponding series of EIDP Notes). The Exchange Offers and Consent Solicitations are being made only to holders of EIDP Notes who satisfy the eligibility conditions described under "Disclaimer" below. Holders of EIDP Notes who desire a copy of the eligibility letter should contact D.F. King & Co., Inc., the information agent and exchange agent for the Exchange Offers and Consent Solicitations, by phone at (800) 283-9185 or by email at [email protected]. Banks and brokers should call (646) 461-2610. The eligibility letter may also be found here: www.dfking.com/vylor. D.F. King & Co., Inc. will also provide copies of the Offering Memorandum to eligible holders of EIDP Notes. Holders of EIDP Notes are advised to check with any bank, securities broker or other intermediary through which they hold EIDP Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in, the Exchange Offers and Consent Solicitations before the deadlines specified herein and in the Offering Memorandum. The deadlines set by each clearing system for the submission and withdrawal of exchange instructions will also be earlier than the relevant deadlines specified herein and in the Offering Memorandum. Disclaimer This press release is issued pursuant to Rule 135c under the Securities Act of 1933, as amended (the "Securities Act"). This press release is neither an offer to sell nor the solicitation of an offer to buy the Vylor Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. The Exchange Offers and Consent Solicitations have not been and will not be registered under the Securities Act, or the securities laws of any other jurisdiction, and, accordingly, the Vylor Notes will be subject to transfer restrictions unless and until the Vylor Notes are registered or exchanged for registered notes. The Vylor Notes will be issued in reliance upon exemptions from, or in transactions not subject to, registration under the Securities Act. The Exchange Offers and Consent Solicitations are being made only to, and the Vylor Notes will be offered for exchange only to, holders of EIDP Notes who are (i) reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, and (ii) outside the United States, persons who are not, and who are not acting for the account or benefit of, "U.S. persons" (as defined in Rule 902 under the Securities Act) in compliance with Regulation S under the Securities Act. The Vylor Notes will not be offered or sold in the United States or to U.S. persons (as defined in Rule 902 under the Securities Act) unless the transaction is registered under the Securities Act, an exemption from the registration requirements of the Securities Act is available or the transaction is not subject to registration under the Securities Act. The Exchange Offers and Consent Solicitations are being made only pursuant to the Offering Memorandum. The Offering Memorandum and other documents relating to the Exchange Offers and Consent Solicitations will be distributed only to holders of EIDP Notes who confirm that they are within the categories of eligible participants in the Exchange Offers and Consent Solicitations. None of Vylor, its directors or officers, the dealer managers and solicitation agents, the exchange agent, the information agent, the trustees for the Vylor Notes or the EIDP Notes, their respective affiliates, or any other person is making any recommendation as to whether holders should tender their EIDP Notes in the Exchange Offers or deliver related consents to the Proposed Amendments in the Consent Solicitations. The complete terms and conditions of the Exchange Offers and Consent Solicitations are set forth in the Offering Memorandum. The Exchange Offers and Consent Solicitations are only being made pursuant to the Offering Memorandum. The Exchange Offers and Consent Solicitations are not being made to holders of EIDP Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER REGULATORY BODY HAS REGISTERED, RECOMMENDED OR APPROVED OF THE VYLOR NOTES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THE OFFERING MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. About Corteva Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com. Cautionary Statement on Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the U.S. federal securities laws about Corteva, Vylor, EIDP, the Exchange Offers and Consent Solicitations and the Separation, including but not limited to all statements about the timing and consummation of the Exchange Offers and Consent Solicitations and the Separation, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current assumptions regarding future business and financial performance and, by their nature, address matters that are uncertain to different degrees. You can identify forward-looking statements by the use of words such as "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook" or other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, the risk: (i) that general economic and capital markets conditions may adversely affect the Exchange Offers and Consent Solicitations or the Separation; (ii) that the conditions to the Exchange Offers and Consent Solicitations or the Separation may not be satisfied or waived; (iii) that any event, change or other circumstance could give rise to the termination of the Exchange Offers and Consent Solicitations and/or the Separation; (iv) of the effects that any termination of the Separation may have on Corteva or its subsidiaries; (v) that legal proceedings may be instituted related to the Separation or otherwise; (vi) of unexpected costs, charges or expenses; and (vii) of other risks and uncertainties described in Corteva's and EIDP's filings with the U.S. Securities and Exchange Commission (the "SEC"), including under the heading "Risk Factors" (Item 1A) in Corteva's most recently filed Annual Report on Form 10-K and in Corteva's subsequent Quarterly Reports on Form 10-Q, and in other documents that Corteva or EIDP files or furnishes with the SEC. Neither Corteva nor EIDP undertakes any obligation to update or revise any forward-looking statement, except as required by applicable law. View original content to download multimedia:https://www.prnewswire.com/news-releases/corteva-announces-early-tender-results-and-extension-of-expiration-date-in-private-exchange-offers-and-consent-solicitations-for-eidps-2-300-senior-notes-due-2030--5-125-senior-notes-due-2032-and-4-800-senior-notes-due-2033--302855816.html

Download the Complete Report Here Key Takeaways: New CEO Craig Wichner is driving a sharper focus on commercial execution as initial LATAM rice commercialization moves to 2028. Wichner, appointed CEO in June after joining the Board in November 2025, has outlined three monetization pathways for the business: platform-program revenue, per-acre trait royalties and deeper multi-trait relationships with seed-company partners. Near-term revenue remains concentrated in Sustainable Ingredients, while rice advances toward commercialization. Revenue increased 6.5% y/y to $1.0 million in 2Q26, while 1H26 revenue rose 36% to $2.7 million from $2.0 million, driven by Sustainable Ingredients collaboration activity. In rice, testing of HT traits transferred into Interoc germplasm is underway, Fedearroz remains on track for a 2028 launch and Interoc has the potential for a limited 2028 launch focused on hybrid varieties. Rice remains the first significant test of CBUS’ royalty model, representing 5-7 million peak addressable acres and >$200 million of potential annual royalties across the Americas. The Interoc expansion from two traits to five is the clearest strategic proof point because it begins to validate CBUS’ ambition to become a recurring editing engine rather than a one trait licensor. The August amendment adds three potential future traits, shifting the contemplated relationship toward a multi-trait product pipeline and allowing the same RTDS and Trait Machine infrastructure to support repeated development programs within a single customer. That model is increasingly supported by execution across crops: CBUS has improved 10 customer canola and winter oilseed rape lines, returned six of those lines, and delivered three improved rice lines to a U.S. customer, while targeting an approximately 12-month editing turnaround across crops after demonstrating that cadence in canola. If replicated across CBUS’ seven existing rice seed-company customers, the opportunity becomes less dependent on individual trait launches and increasingly reflects an embedded breeding-platform relationship with recurring development and royalty potential. Rice remains the core royalty-validation pathway, but the move to a 2028 LATAM launch increases the importance of tangible commercial milestones over the next 12-18 months. CBUS maintains seven rice seed-company customers across Latin America and the U.S., while discussions continue with additional companies in Brazil and Argentina and several large participants in India. Latin America represents the bulk of the 5-7 million peak addressable acres and >$200 million annual Americas royalty opportunity, while the U.S. launch remains targeted for 2029 alongside Albaugh’s herbicide-registration timeline. During the quarter, CBUS advanced field trials of an improved first-generation trait and continued work to identify the genetic changes associated with increased herbicide tolerance and seed fertility. Technical progress remains encouraging, but the next stage of valuation de-risking increasingly depends on successful partner testing, definitive commercial agreements, seed production and launch readiness. Initial royalties are now expected with commercial acres in 2028 and to build through 2029 as adoption expands. Interoc’s increased focus on hybrid rice could strengthen the durability and strategic value of CBUS’ royalty model over time as the route to commercialization evolves. Latin American rice has historically been weighted toward conventional and inbred varieties, but management expects hybrid penetration to increase as the market evolves, following a progression already seen in crops such as corn and canola. Interoc is emphasizing hybrid varieties, while Fedearroz remains more oriented toward conventional varieties, giving CBUS exposure to both routes to market. Hybrid adoption could be particularly attractive for the platform model because differentiated proprietary seed provides a stronger vehicle for stacking multiple productivity traits and deepening recurring relationships with seed-company partners. In that context, Interoc’s expansion from two contemplated traits to five could ultimately prove more valuable than a series of standalone licenses, particularly if CBUS becomes embedded in the partner’s ongoing breeding and product-development pipeline. Sustainable Ingredients assumes greater importance as the near-term revenue bridge, with 1H26 collaboration revenue increasing 36% and additional BioFragrance scale-up orders still targeted for 2H26. CBUS generated $2.7 million of revenue in 1H26 versus $2.0 million a year earlier, including $1.0 million in 2Q26 versus $0.9 million y/y, with the YTD increase driven by Sustainable Ingredients collaboration agreements. The initial BioFragrance program received its first customer payment in 4Q25 and has entered the commercial ramp-up phase, with the partner having already validated ingredient performance. The remaining steps are scaling production to commercial volumes, establishing supply terms and pricing, and ultimately moving to commercial production orders. Management continues to expect additional scale-up orders for the initial BioFragrances during 2H26, while fully commercialized partnerships could represent $20-$40 million of annual revenue. With first rice royalties now expected in 2028, successful conversion of BioFragrance activity into larger commercial orders is increasingly important to building revenue and partially funding the path to the rice launch. Regulatory momentum broadened materially during the quarter, improving commercial optionality across Europe while adding validation in the U.S. and LATAM. The European Union approved rules in June that generally allow precision-edited crops with genetic changes comparable to conventional breeding and no added foreign DNA to receive conventional-like treatment, with implementation now entering an approximately two-year period. Herbicide-tolerant plants and plants engineered to produce insecticidal substances remain excluded from that treatment, making disease resistance and Pod Shatter Reduction more directly relevant European opportunities. CBUS expects Pod Shatter Reduction in winter oilseed rape to be its first planned submission under the new framework, complementing England’s existing Precision Bred Organisms regime. Ecuador has confirmed HT1 and HT3 rice traits are equivalent to conventional breeding, while Peru has established a case-by-case technical framework under which gene-edited products lacking foreign DNA may be excluded from its MVO classification and GMO moratorium. USDA-APHIS has determined CBUS traits are not regulated articles subject to its biotechnology regulations, and the FDA completed review of the altered-lignin alfalfa trait with no further questions. For the programs covered by these determinations, commercial execution is increasingly shifting toward partner conversion, definitive agreements and seed deployment as regulatory pathways become clearer. Customer acquisition is centered on converting technical programs into deep, multi-product relationships, increasing the economic value of seed-company partnerships while improving development efficiency. CBUS’ commercial model starts by editing a partner’s elite germplasm, returning improved material and then expanding the relationship as the customer opens more of its breeding roadmap to the platform. Interoc’s expansion from two contemplated rice traits to five provides early evidence of that strategy, while CBUS continues discussions beyond its seven existing rice customers with seed companies in Brazil, Argentina and India. Europe provides an additional business-development channel, supported by a small local team with decades of seed-industry experience and established relationships across the region. Cost discipline remains visible in the P&L, while selective investment in technology and AI is intended to increase development capacity without rebuilding the prior expense structure. R&D declined 30% y/y to $8.5 million from $12.2 million, while SG&A fell 19% to $5.4 million from $6.7 million, bringing R&D and SG&A combined down nearly $5 million, or 26%, to $13.9 million. Operating loss consequently narrowed 28% to $12.9 million from $17.9 million, while net loss improved 17% to $22.1 million from $26.6 million and loss per share narrowed to $0.29 from $0.61. The gap between operating and net loss remains largely driven by $9.5 million of non-cash related-party royalty-liability interest expense, up from $8.7 million y/y, representing the largest reconciling item. Additional non-core savings are expected as facility consolidation is completed, while management is redirecting part of those savings toward commercial priorities, personnel and technology, including company-wide AI deployment aimed at improving employee productivity at less than the cost of equivalent incremental headcount. Over time, these investments could allow the same organization to support more crop and customer programs, helping platform revenue scale against a leaner cost base. Cash burn continues to trend lower, improving operating efficiency as CBUS funds the path to commercialization. Cash and cash equivalents declined to $20.4 million at June 30 from $30.3 million at March 31, while quarterly net cash usage declined approximately 19% sequentially and 31% y/y. Net cash used in operating activities was $20.9 million in 1H26 versus $25.4 million in 1H25, a $4.5 million improvement, and management is moving toward approximately $9 million of quarterly usage while targeting an annualized net cash-usage run rate of ~$35 million or less exiting 2026. Importantly, working capital was not a source of cash support: accounts payable declined to $5.6 million from $8.1 million at year-end, accrued compensation fell to $2.6 million from $3.1 million, while accounts receivable increased to $0.8 million from $0.5 million. With PP&E declining to $4.9 million from $6.3 million and 1H26 capital purchases of only about $0.1 million, the funding requirement remains primarily operating rather than capital-intensive. Existing cash is expected to support planned operating expenses and capital requirements into early 1Q27 absent additional financing, leaving capital access central to the near-term investment case as CBUS bridges toward BioFragrance scale-up and first rice royalties in 2028. Balance sheet reflects substantial equity funding during 1H26, providing near-term liquidity, while the new ATM adds additional financing flexibility. CBUS generated $31.4 million of net financing cash flow in 1H26, including approximately $19.8 million of net proceeds from the January offering and $13.6 million from the March offering. In May, the company also established a $50 million ATM facility with Jefferies, with only minimal utilization through June 30, preserving additional capacity should market conditions support further issuance. The ATM therefore provides an important bridge option, while the timing and economics of future issuance will remain relevant to per-share value creation as CBUS works toward BioFragrance scale-up and initial rice royalties in 2028. The near-term outlook points to a stronger revenue trajectory and continued narrowing of losses, supported by Sustainable Ingredients activity and a structurally lower cost base ahead of rice commercialization in 2028. As a near-term reference point, 3Q26E revenue is estimated at approximately $1.3 million based on Street estimates sourced from TIKR, as BioFragrance scale-up activity and collaboration milestones become more important. Annual estimates call for revenue to increase from $3.6 million in 2025 to $5.2 million in 2026E, $12.4 million in 2027E and $47.6 million in 2028E, reflecting a larger commercialization inflection as rice royalties begin to contribute. The lower operating-cost base should also support continued improvement in earnings, as annual loss is expected to narrow from $127.1 million in 2025 to $56.8 million in 2026E, $49.9 million in 2027E and $14.7 million in 2028E. Key milestones over the balance of the year remain additional BioFragrance scale-up orders, successful Interoc testing and progress toward a definitive LATAM commercialization agreement ahead of initial rice royalties in 2028. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets, or investment recommendations. The valuation discussion below is illustrative only and is based on company filings, management commentary, and third-party data and estimates. It does not constitute a recommendation, price target, rating, or prediction of future pricing. CBUS’ disclosed Americas rice HT royalty opportunity remains the cleanest base valuation anchor, while the broader trait portfolio provides substantial longer-duration optionality. Management continues to frame the Americas rice herbicide-tolerance opportunity at ~5–7 million peak addressable acres and >$200 million of potential annual royalties at peak. This is not a revenue forecast and should not be treated as de-risked revenue, but remains the most relevant starting point given rice HT is CBUS’ clearest royalty-validation pathway. The opportunity is supported by seven active rice seed-company relationships, ongoing testing of material transferred into Interoc germplasm and the August expansion of the contemplated Interoc relationship from two traits to five. At a share price of approximately $1.77, CBUS’ 76.43 million shares outstanding imply an equity value of approximately $135.3 million, equivalent to ~0.68x the disclosed >$200 million peak Americas rice royalty opportunity before assigning value to Sustainable Ingredients or the broader crop portfolio. The important change this quarter is timing rather than addressable economics: initial LATAM commercialization has moved from late 2027 to 2028, increasing the importance of execution, financing and adoption in determining how much of the disclosed opportunity investors are willing to recognize. A discounted rice-only framework continues to illustrate substantial valuation sensitivity if CBUS converts its lead royalty opportunity into recurring acreage economics. Applying an illustrative 5.0x-10.0x multiple to $200 million of peak annual Americas rice HT royalties and discounting the resulting value back five years at 15% produces an equity-value-equivalent range of approximately $497 million to $994 million, or $6.51-$13.01 per share using 76.43 million shares outstanding; the 7.5x midpoint implies approximately $746 million, or $9.76 per share. The framework is intended to capture the potential economics of a mature royalty stream rather than apply a conventional agricultural revenue multiple, since successful trait royalties should carry materially higher incremental margins than a seed-manufacturing model. Importantly, this remains an illustrative sensitivity rather than a forecast: realizable value depends on definitive LATAM commercial economics, successful Interoc testing and seed production, farmer adoption, Albaugh’s U.S. herbicide-registration timeline, IP durability, capital requirements and the pace at which the 5–7 million-acre opportunity converts into royalty-bearing acreage. The move to a 2028 LATAM launch does not alter the underlying methodology, but increases the importance of commercial agreements and launch readiness in determining how much of the illustrative value investors are willing to recognize. Sustainable Ingredients adds nearer-term optionality and could become increasingly relevant to valuation if current scale-up activity converts into repeatable commercial economics. Sustainable Ingredients supported $2.7 million of 1H26 revenue, up 36% y/y, following the first BioFragrance customer payment in 4Q25, with additional scale-up orders still targeted for 2H26. Management estimates that fully commercialized BioFragrance partnerships could represent $20-$40 million of annual revenue. Applying an illustrative 5.0x-8.0x multiple and discounting the resulting value back five years at 15% implies approximately $0.65-$2.10 per share of incremental value. We would not include that value in the base rice case at this stage, however, given limited disclosure around commercial order size, pricing, margin structure, exclusivity and recurring economics. The more important near-term valuation driver is whether 2H26 scale-up orders convert into larger commercial activity and whether subsequent fragrance products can move through the same edited-yeast process with lower incremental development requirements. The broader trait portfolio adds meaningful optionality, but valuation still hinges on execution and funding discipline. Management’s productivity-trait pipeline spans ~367-369 million acres and >$1.9 billion of potential annual royalties, versus 5-7 million acres and >$200 million for Americas rice HT. Programs extend across rice, canola, soybean and longer-duration traits, with Interoc’s expansion from two to five traits signaling deeper customer engagement. However, these opportunities remain less de-risked than rice, and the shift of LATAM royalties to 2028, alongside $20.4 million of cash and runway into early 1Q27, keeps execution and financing risk central. The key rerating drivers remain a definitive LATAM commercialization agreement, successful Interoc testing and launch preparation, 2H26 BioFragrance scale-up orders and disciplined funding execution. Progress across these milestones would support greater recognition of the rice royalty base while increasing the value attributed to Sustainable Ingredients and the broader trait portfolio. Street consensus provides a useful external reference point. The current mean Street price target of $14.33, sourced from TIKR, sits above the $13.01 high end of the illustrative rice-only framework, suggesting consensus incorporates some value beyond the Americas rice HT opportunity, including Sustainable Ingredients scale-up, broader crop programs, geographic expansion and the RTDS / Trait Machine platform. Read Exec Edge’s Initiation on Cibus, Inc. Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Cibus Inc: Interoc Expands Rice Trade to 5 Traits, 36% Revenue Growth – Quarterly Update Report appeared first on ExecEdge.

Image source: The Motley Fool. Fri, July 31, 2026 at 9:00 a.m. ET Head of investor relations - Kimberly Booth Chief Executive Officer - Charles Victor Magro Executive Vice President and Chief Financial Officer - David P. Johnson Executive Vice President seed business unit - Judd O'Connor Executive Vice President and Strategic Adviser - Robert King future CEO for New Corteva - Luke Kism Operator: Hello, everyone. Thank you for joining us and welcome to the Corteva Agriscience Second Quarter 26 Earnings Conference Call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. I will now hand the conference over to Kimberly Booth, Head of investor relations. Kimberly, please go ahead. Kimberly Booth: Good morning, and welcome to Corteva's second quarter and first Half 26 Earnings Conference Call. Our prepared remarks today will be led by Charles Victor Magro, Chief Executive Officer and David P. Johnson, Executive Vice President and Chief Financial Officer. Additionally, Judd O'Connor, Executive Vice President seed business unit, Robert King, Executive Vice President and Strategic Adviser, as well as Luke Kism, future CEO for New Corteva, will join the Q&A session. We have prepared presentation slides to supplement our remarks during this call, which are posted on the Investor Relations section of the Corteva website and through the link to our webcast. During this call, we will 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 on this call and in the Risk Factors section of our reports filed with the SEC. We do not undertake any duty to update any forward-looking statement. Please note, in today's presentation, we will be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in our earnings press release and related schedules, along with our supplemental financial summary slide deck available on our Investor Relations website. It is now my pleasure to turn the call over to Charles. Charles Victor Magro: Thanks, Kimberly. Good morning, everyone, and thanks for joining us. The headline for this quarter is straightforward. We are delivering strong results, We are raising our full year outlook. And we are on track to complete our separation on October 1. The first half of 26 demonstrated the resilience of our 2 businesses, the value of our technology portfolio and the execution discipline of our teams around the world. In the first half, net sales increased 4% operating EBITDA increased 10%, operating EPS increased 14%. These results reflect strong execution in both seed and crop protection despite a dynamic operating environment. In seed, farmers continue to place a premium on technologies that improve, productivity and returns. That is reflected in the continued demand we are seeing for our latest genetics and trade offerings and the growing contribution from our new licensing business. We saw organic growth across all regions, in the first half, which speaks to the durability and the basic need of that technology demand. Crop protection also performed well this half. Volume gains on new products, which are becoming a larger part of the business, every year, remain robust and pricing of these products was essentially flat in the first half. Which we consider a success in this environment. Even in markets where pricing remains competitive, our teams are delivering productivity improvements. And demonstrating operating discipline that allows us to continue expanding margins and improving earnings quality. The strategy we have deployed in Crop Protection for several years building a more differentiated portfolio, supported by innovation and commercial excellence. While proactively reducing our cost of production is working, and we continue to strengthen our pipeline, particularly in nature based products. You can find details in the deck about a recent acquisition that expands our capabilities in that area. As well as industry recognition for some of our crop health innovations. So Corteva's first half performance was a result of execution. It was driven by technology adoption and being nimble in the market through productivity improvements, licensing growth, operational discipline, and of course, strong execution. Across the company, our teams have done an excellent job balancing separation related work while maintaining focus on customers. What we are seeing today is the outcome of deliberate actions we have been making for several years. We have invested in differentiated technology we have strengthened our germplasm portfolio, we have expanded our trait capabilities, We have built 1 of the strongest innovation pipelines in agriculture. And we have stayed disciplined on productivity cost management, and asset optimization. Today, those investments are translating into measurable outcomes. What is particularly important is that these results are being achieved in a market that is increasingly rewarding innovation. Farmers around the world continue to make investment decisions based on productivity, yield potential, and return on investment. That is exactly where Corteva is strongest. And while the external environment will always be dynamic, considering weather, currency, trade flows, or geopolitical uncertainty. The fundamentals that matter most remain healthy. Global demand for food, feed, and biofuels continues to grow. Crop prices are up, However, farmer margins remain tight, so they continue to prioritize value driven investments. While remaining cautious on discretionary spending. Our technology portfolio is aligned with the needs of our customers who are looking for ways to produce more while using resources more efficiently. That is supporting confidence in our business. As we look ahead, we remain confident in our outlook while continuing to monitor several external factors. Including ongoing pricing pressure in pockets of the crop market. What gives us confidence is that the factors within our control continue to perform well. So while we remain realistic about external risks, enter the second half with a favorable outlook. A healthy respect for the market environment and confidence in our ability to deliver the commitments reflected in our updated guidance. As a result of our first half performance, and confidence in the second half, we are increasing our full year outlook. We now expect operating EBITDA of $4.1 billion to $4.3 billion and operating EPS of $3.60 to $3.80 per share. At the midpoint, that represents approximately 9% EBITDA growth. And 11% EPS growth versus last year. This is because multiple parts of our business are performing well Strong technology adoption, new product momentum, growth in licensing, productivity gains, and cost discipline. And looking beyond 2026, the long term opportunities for both businesses become even more attractive. You will hear more from us on that in September. Turning to the separation. Our message remains simple. We are on track in executing according to plan. On time, and under budget. Over the first half of the year, we achieved several important milestones. We announced Luke Kism, as the CEO of New Corteva, and he is here with us today for the Q&A session. We introduced Vylor as the name of the future advanced seed and genetics company, completed key leadership appointments, publicly filed the Form 10, appointed both boards of directors, and engaged with credit rating agencies regarding our planned capital structures. These milestones represent significant progress and provide confidence that both organizations will be fully prepared to operate independently. Regarding dyssynergies, I am happy to report that on a run rate basis, we have largely offset the impact of separation. This is the result of a lot of hard work from our employees in ensuring we are setting up 2 org structures in the most efficient way possible. Placing time, money, and resources where they matter the most and giving both companies the flexibility they need to excel on their own. We will see something in the range of a $25 million headwind this year due to the timing of the separation activities. But this is a great result. Overall. Looking ahead, several important steps remain. We expect amendments to the Form 10 finalization of the capital structures, completion of the remaining IT separation activities, effectiveness of the Form 10 and we will be holding our Investor Day events on September 15 in New York. Assuming completion of those final milestones, we are targeting October 1 as the separation date. With Vylor beginning operations as a separate public company. While separation activities have remained a major focus for management, I want to emphasize something that I believe is important. We have maintained our performance while simultaneously preparing to launch. 2 public companies. That speaks to the strength of our organization and the commitment of our people. Teams across the company have managed the complexity of separation work. While continuing to innovate serve customers, drive productivity and deliver strong financial results. As we enter the second half of the year, our priorities are clear. First, continue executing for our customers. Second, deliver on the commitments reflected in our increased guidance and third, complete the separation efficiently and successfully which will help position both companies for successful futures. Thank you to our employees, customers, partners, and shareholders for their support. Before I turn the call over to David, I want to make a personal observation. This is my final earnings call as CEO of the combined Corteva organization before our planned separation. When I look at where the company stands today, I am incredibly proud of what our teams have accomplished. We have strengthened our portfolio built industry leading innovation, improved execution, expanded margins, and position both future companies for success. Coming into 2026. Since the year Corteva was formed in 2019, we had already improved operating EBITDA by $1.7 billion with over 750 basis points of margin enhancement. All while investing nearly $9 billion in R&D which is just astonishing to think about what it is going to help transform the future of agriculture. And finally, we returned close to $8 billion of cash to shareholders in that same timeframe. I am confident in the leadership teams that will guide both organizations forward I am confident in the opportunities ahead. For both new Corteva and Vylor and I am confident that the work we have done over the last several years has created a strong foundation for long term value creation. With that, I will turn the call over to David. David Johnson: Thanks, Chuck, and welcome, everyone. Let's begin on slide 6. With our first half financial performance. Overall, we delivered a strong first half with continued execution across both seed and crop protection translating into higher sales meaningful EBITDA growth, and nearly 200 basis points of margin expansion. For the quarter, net sales were $6.4 billion while operating EBITDA increased 4% to $2.3 billion As I mentioned during our first quarter call, our business results are best reviewed in halves. Looking at the first half, net sales increased 4% to $11.3 billion while organic sales grew 2%. Margin expanded to 32.8% driven by continued value capture in seed, productivity improvements across both businesses, and disciplined cost management. Within seed, organic sales improved across every region, led by North America and EMEA. Reflecting continued demand for our differentiated technology portfolio our focus on capturing value, and increase out licensing income. As expected, crop protection pricing remained under pressure due to competitive market dynamics, particularly in Latin America. However, strong adoption of new products continue to drive volume growth helping partially offset pricing pressure. These commercial gains combined with productivity improvements favorable royalty performance, and lower input costs drove operating EBITDA to $3.7 billion an increase of 10% over prior year. Importantly, both businesses contributed to margin expansion. Demonstrating that our strategy continues to balance growth with disciplined execution. Turning to slide 7, this bridge highlights the key drivers behind the first half EBITDA improvement. Operating EBITDA increased approximately $350 million year over year to $3.7 billion Price and mix contributed nearly $100 million as we continued executing our value based pricing strategy in seed. Although those gains were partially offset by competitive crop protection pricing. Volume added roughly $40 million reflecting strong North America seed demand. And high single digit growth in crop protection new products. Cost performance remained the largest contributor adding more than $160 million through lower input cost manufacturing efficiencies, and continued productivity initiatives. In addition, currency provide an approximately $85 million benefit during the first half primarily driven by the euro. 1 additional contributor was $90 million of improved seed net royalties, reflecting lower royalty expense together with higher royalty income as we expect to be net royalty positive this year. Overall, we are continuing to demonstrate that disciplined execution and technology leadership can drive meaningful earnings growth. Even in a dynamic pricing environment. Let's move to Slide 8. The first half demonstrated strong execution across both businesses. In seed organic sales increased low single digits as North America seed continued to benefit from market penetration, and strong customer demand for our differentiated technology portfolio coupled with increased royalty income. Crop protection pricing declined low single digits consistent with our expectations while volumes increased low single digits primarily on demand for our new products. Productivity initiatives lower input costs, and favorable currency all contributed to first half margin expansion. Looking ahead to the second half, our assumptions remain largely unchanged. We expect Brazil corn area to remain approximately flat. Within seed, we continue to expect low single digit organic sales growth. Within crop protection, volumes are expected to grow at a high single digit rate led by continued adoption of new products, while pricing is anticipated to decline in the low to mid single digits. We also expect productivity savings to continue contributing during the second half. While recognizing the potential impact from geopolitical uncertainty and ongoing foreign exchange movements. Overall, the first half performance provides a strong foundation as we move through the balance of the year. As a reminder, we anticipate a typical seasonal earnings pattern in the second half, with a third quarter operating EBITDA loss in the range of what we saw in 2024 and all second half earnings delivered in the fourth quarter. Overall, we expect second half EBITDA to be about flat compared to last year as the net impact of tariffs dis-synergies and the Middle East conflict are all weighted to the back half of the year. Let's turn to Slide 9. The strength of our first half execution, we are raising our outlook for the full year. We now expect operating EBITDA between $4.1 and $4.3 billion representing approximately 9% growth at the midpoint versus last year. This outlook reflects broad based organic sales growth across the portfolio, together with additional benefits from the controllable actions we have consistently discussed throughout this year. Including productivity, cost management, and continued operational execution. We are also increasing our operating EBITDA margin outlook to a range of 22.5% to 23.5%. Reflecting continued sales growth and disciplined cost management. Finally, we have raised our operating EPS guidance to a range of $3.60 to $3.80 per share, an increase of 11% at the midpoint versus last year. While higher net interest expense partially offset some of the EBITDA improvement, we continue to expect another year of strong earnings growth and margin expansion. Overall, the updated guidance reflects our strong first half performance, confidence in our expectations for the balance of the year. Turning to our key takeaways. First, we delivered a strong first half through continued commercial execution across both seed and crop protection. As expected, first half cash flow was impacted by the Bayer agreement 1 time separation items and the pension contribution announced last quarter. Absent these items, we would expect full year free cash flow conversion to be in line with our midterm target discussed at the 24 Investor Day. Second, our growth platforms of disciplined execution on controllable actions translate directly into meaningful EBITDA and margin expansion. Third, based on this performance, our confidence in the second half we are raising our full year guidance for operating EBITDA margins and EPS. Finally, we are progressing as planned toward the targeted October 1 separation and we have largely offset the impact of the synergies on a run rate basis. We are confident both businesses will begin the next chapter from positions of financial strength and operational momentum. Operator: Now let's turn the call back over to Kimberly. Kimberly Booth: Thanks, David. I would like to briefly highlight a few things about our upcoming Investor Days. On September 15, we will host separate Investor Day events for both Vylor and Corteva at the New York Stock Exchange. Both events will be webcasted and registration is currently open. These events will provide investors with a deeper look at each company's strategy, innovation pipeline, long term financial framework, and capital allocation priorities as they prepare to operate as independent public companies. We believe these sessions will provide additional insight into the value creation opportunities for both organizations, and we encourage everyone to join us by registering today through the link on the Events and Presentations page of our website. Now let's move on to your questions. I would like to remind you that our cautions on forward looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A. Operator, please provide the Q&A instructions. Operator: We will now begin the question and answer session. Please limit yourself to 1 question. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Vincent Stephen Andrews with Morgan Stanley. Vincent, your line is open. Please go ahead. Vincent Andrews: Thank you, and good morning to everyone. Wondering if we could talk a little bit about in the seed business for the second half of the year, I see in the slide, you are expecting flat corn acres. So I am kind of wondering if that is what you are seeing in the order book? Is that sort of El Nino kind of assumption? So what is driving that? And then also, from a pricing and mix perspective, what you are anticipating, particularly as it relates to Conkesta penetration? Thank you very much. Judd O'Connor: Hi. Good morning, Vincent, and thanks for your question. Yeah. For the second half of the year, obviously, North America and the Northern Hemisphere is really wrapped up. it is all about what happens in Latin America and particularly in Brazil. From an acre perspective or a planted area perspective, we have typically seen low single digit safrinha expansion on a year over year basis for the last several years. 3, 4, 5 years in a row. We could still see that. But we also could see it flattening out a little bit in 2020. Obviously, we will have sales orders come in at the end of this year fourth quarter. Our order book, is on pace with, well, it is actually ahead of the market a little bit at this point in time. So we feel quite confident. Our product portfolio feels good. We are in a good position. We have had strong pricing, in Latin America in particular. So all in, as we go into the second half of the year and, you know, order book in, the fourth quarter for execution in that planning window, February, March. We feel like we are in a very strong position and yeah, we just we feel like we are in a real good spot. Conkesta. And Conkesta, Yeah. We have had good momentum with Conkesta. We think we are going to be high single digits, low double digits in terms of penetration in the market with Conkesta E3 in 2027. And so, yeah, on plan and continue to be very optimistic about the performance of that product. Operator: Your next question comes from the line of David Begleiter with Deutsche Bank. David, your line is open. Please go ahead. Thank you. David, your line is open. Please go ahead. Your next question comes from the line of Christopher Parkinson with Wolfe Research. Christopher, your line is open. Please go ahead. Chris Parkinson: Great. Thank you so much for taking my question. I am going to switch my conversation to Luke, if I may. Yeah. Given this is, you know, kind of your first interaction with investors, regarding the kind of the further longer term outlook of New Corteva, I am just kind of curious on what you are the most excited about in terms of the market, terms of what you think you can do with the company's narrative. Is this going to be a focus primarily on R&D pipeline value, new product intros, leadership, Is it going to be about a balance between CPT biological seed treatments, margin opportunities? I would just love to hear how you are thinking about it on a preliminary basis and how we should triangulate those thoughts. into the CMD. Thank you so much. Analyst: Yeah. Thanks, Christopher. I appreciate it. No, I am very excited. I think the first thing I would say is the number 1 strength at Corteva is our people. You know, there is a great team. Many of those grew up on or around farms, they understand the challenges that the customers face every day, and they get excited about waking up every day solving those problems. You talked about a portfolio and from a portfolio standpoint, 2 thirds of our current portfolio is a differentiated technology. And we are not dependent on any 1 active, any 1 segment, any 1 crop, or any 1 geography. So I love the diversity of the portfolio. And I love the fact that the bulk of it is differentiated product. It is a real competitive advantage. When you add biologicals to the portfolio position, that gives us the ability to blend natural and synthetic solutions to solve growers' problems. And in our pipeline, I cannot emphasize how strong I think our pipeline is. it is the best crop protection pipeline in the business. With 7 new actives coming into that market over the next decade. Know, it is I feel like I have been drinking from a water hose for the first month or so. And if I ever need a pick me up, I wander over to our greenhouses. And I look at the results of the R&D, and there you can see the incredible results those people are delivering against targeted pests, target weeds, targeted diseases, and it just gets you excited and want to come back to the office, roll up your sleeves, and get after it. So we look forward to sharing more details about the R&D and our strategy with you. At our Investor Day in September 15, and look forward to seeing all of you in person there. Operator: Your next question comes from the line of Joel Jackson with BMO Capital Markets. Joel, your line is open. Please go ahead. Joel Jackson: Hi. Good morning. Chuck, Luke, rest of the team. I know you are doing your capital markets day in a month and a half. But, Chuck, Luke, team, what I noticed is if I take your, you know, Chuck, your prior guidance, targets for 2027, about $4.48 billion EBITDA at the midpoint. You did 4.2 this year. You did 4% this year. it is about a 5% growth rate. I would like to know if you can talk as much as you can right now, is that what you are thinking about now, mid single digit growth into next year? Tell me why that is right or wrong, what we should think about, a little bit of preview ahead of September, I guess. Charles Victor Magro: Yeah. Good morning, Joel. So look, I will maybe I will start and then David can fill in some of the numbers. So not a lot has changed with our original thinking from earlier in the year. You know, 4.2. So if you look at the updated guide, 4.2 fits us very comfortably into that 2024 original communication around 2027. Which you rightly called out was 4.4. So our growth rates are in the range where we have communicated they would be. I would say we are a little ahead of our original plan. David Johnson: In 2026. And if you look at the growth what pleases me the most is where it is coming from. Charles Victor Magro: it is the core parts of our business. Right, so in seed, it is licensing is literally 3 years ahead of our original plan, which is pretty astonishing considering that is a brand new business for us. And then if you look at crop protection, that new product portfolio that we have been talking about for some time it is going to touch $2 billion this year in revenue. And the margin profile and how we have priced it is really, really strong. So these are the things that are leading the growth for Corteva combined. And then, of course, as you know the company, We are really focused on cost and productivity. it is part of our DNA. It needs to be in this industry. And so when I look at it, I would say that our growth rates are exactly where we thought they were but probably trending a little ahead of our original plan. David, anything to add? David Johnson: Yeah, Joel. And if you remember, the $4.4 billion was a $1 billion increase over that 3 year period of time. And we always said it was gonna be a little bit more front end loaded mainly because of our cost and productivity that we expected in the first couple years. As Chuck has mentioned, we do feel like we are certainly ahead of where we expected to be on net royalty. So we will take that in consideration when looking into what our guide is for 2027, but I think we feel comfortable with the 4.4 at this point in time. The other thing I will mention too is I know some people were concerned about the impact of net dis-synergies and separation costs and all that against our long term target of the $4.4 billion As we articulated earlier today, we feel like we are tracking pretty close to flat or within plus or minus the millions of dollars that would be within our typical guide range. We feel really strong about the 4.4. Charles Victor Magro: Right. And then 1 last comment, Joel. So in September, both companies will provide a 2029 financial framework. You are going to be able to kind of follow along with sort of where Corteva's leaving off and where new Corteva and Vylor are kind of taking over. And I think when you look at that and you put it all together, there is going to be a lot to like there. So, hopefully, you can join us. Operator: Your next question comes from the line of Kevin William McCarthy with Vertical Research Partners. Kevin, your line is open. Please go ahead. Kevin McCarthy: Hi. This is Matthew on for Kevin William McCarthy. In crop protection, organic sales were down about 6%. But, on a product line basis, it looks like the trend was lower among herbicides, insecticides, and fungicides. The difference made up by substantial growth in the other category. Can you unpack the underlying sales trends for those products and maybe comment on the kind of trajectory we can expect for them in the back half? Charles Victor Magro: Yep. Hi, Matthew. it is Chuck. So let me start with the overall crop protection market if I can. I would say, look. Again, there is not a lot here that is changed in our view of the overall market fundamentals. The crop protection market, we still think is improving. Especially if you look at, 2025, was essentially flat versus the prior 2 years, And this year, we said that the market would grow. Low single digits. And that is still our view. Now the growth is slow. it is a little bumpy. But we are we are seeing, I think, what we wanted to see. And we always said that most likely in 2026, it was going to be a year of volume growth. With low single digit down in pricing. And so not to get too much into the indications, but that is essentially what we are seeing. We probably have a bit more competitive pressure in Brazil. For lots of different reasons, but that market is, of course, well supplied. it is 1 of the markets that is growing, so there is a focus area there. And maybe a 1 or 2 other pockets around the world. But there is nothing here that we would say is outside of our planning horizon in terms of a structural change. In fact, when you look at Chinese exports into Brazil, they are essentially stable. They are not going down, but they are certainly not going up. And I would say the same is true for Chinese exports going into The United States. So all in all, I think that the market is recovering. We will save 2027 comments for the Investor Day. And then when I look at the indications, the only thing I will draw you to is that we probably have, in our portfolio and others, certain AIs that are coming off patent. And then what we what we have done, so in anticipation of some of these molecules which have been well communicated, we have really redone the cost structure. And so when that happens, what we do is we have we are gonna see competitive tension. We lower our price, but if you look at the margin profile of crop protection, it is actually up this quarter in this first half. So that is sort of the product life strategy that we have had. We have deployed And then when you look forward to the new products, you know, Luke already mentioned it, we have got 7 new actives coming into the market in the next decade. The first 1 will be in Brazil where we are seeing some pricing tension. It will be Aviso, which we consider to be a blockbuster fungicide, and we are just really excited to put that into the market in the next couple of years. So, hopefully, that helps you. Operator: Your next question comes from the line of David Begleiter with Deutsche Bank. David, your line is open. Please go ahead. David Begleiter: Thank you. Good morning. Chuck, just on the North American growing season, any share gains you can point to in either corn or soybeans that you benefited from this year this year? Judd O'Connor: Chuck can take that question, David. Yeah, David. From a share perspective, we feel pretty confident that we have picked up a little bit of share in corn. Obviously, our price or value capture strategy and, being premium in the market but we still feel like we have picked up some share. A little bit in Pioneer, but particularly as with our retail brand and a bigger share of shelf in Brevant. On the soy side, we feel like we picked up share both in the Western Corn Belt So think Mississippi West and the Eastern Corn Belt. Mississippi East with the Pioneer brand, We got 1 hot pocket in the South in the Delta where, Enlist, Dicamba and the return of the Dicamba label has certainly, been a challenge, particularly with cotton in that geography. And so we feel like we gave up a little bit of share there. All in all, in soy, I think we are going to end up pretty flat. In corn, I believe we picked up a tick of share. Operator: Your next question comes from the line of Frank Joseph Mitsch with Fermium Research. Frank, your line is open. Please go ahead. Frank Mitsch: Good morning, and thank you. Luke, I wanted to come back to the CP side of things where you mentioned that 2 thirds of the products are differentiated. I am looking at, obviously, pricing was down low single digits in the first half. The expectation is that pricing is going to be down low to mid single digits in the second half. Wondering if you can kind of parse out as you look at your CP portfolio, you know, what is going on with the differentiated side in terms of pricing? You know, where what you know, can you kind of square why we are seeing the price degradation as much as we are given that 2 thirds is differentiated. Thank you. Charles Victor Magro: Yep. Good morning, Frank. it is Chuck. I will take that question. If you think about what happened in the first half, you are right. We are down low single digits. Something like 3%. It was within our expectations. I think it is important to call out Europe and The US were essentially flat. And then if you look at our new products, so the what we would define as a new products, the portfolio that I mentioned will approach about $2 billion of revenue this year. That their prices are essentially flat. And volume up high single digit. So what we are seeing is exactly what we would expect in the overall pipeline. Right? We are seeing the growth coming from the newer products. But the rest of the market is under some competitive pressure because you have got, a well supplied market overall. And so when we look at that, it would just to answer your question directly, we did move pricing for the second half to from low single digits down to mid-single digits down. Really, that is driven by what we are seeing in Brazil. And perhaps 1 or 2 other pockets around, and it is not uniform that we are seeing it in, preemergent herbicides would be 1 of the larger areas. And then I think there is some other items going on when we look at weather. You know, when you think about fungicide application in markets that are very, very dry for example, in Europe and parts of The United States, we are probably not gonna have the same demand that we have for fungicide because of the El Nino weather phenomenon that we are seeing. But overall, I would say we are still expecting that for our business, we will be able to grow our EBITDA led by volume with the mid single digit pricing down. In the second half. David Johnson: And, David, something like low single digit growth, I think, in the first half. I think the core segmentation. For those molecules, certainly the ones that are perhaps more under price pressure, is the fact that the team through their ongoing strategy over the last several years, is well ahead of the cost structure. So when you look at those particular pieces of the business, it enables us to grow our EBITDA dollars and you know, year over year. Last year was a growth year. This year, we expect it to be a growth year. First half was a good start to that. Operator: Your next question comes from the line of Kristen Owen with Oppenheimer. Kristen, your line is open. Please go ahead. Kristen Owen: Good morning. Thank you for the question. I wanted to continue to pull at this sort of price versus volume piece here in Seed Because I noticed in the deck, you are talking about organic volume growth in the back half of the year, not necessarily a price-versus-volume breakdown. Maybe I am reading too much into this, but thinking into Capital Markets Day, I am wondering if we can sort of parse out understanding how much of the price that we are seeing is coming from this greater mix of out licensing and how much of that offset is what we would normally see in the volume line. Should we be thinking about that KPI of transitioning from price and volume to this more combined organic view? Thank you. Judd O'Connor: Judd? Yeah. So Kristen, thanks for the question. Let me let me try to tease this out. In the second half of the year. Maybe start with our seed business is really a strong first half So the second half of the year is significantly less, and it really is all encompassing around Brazil. So how you think about, you know, our price and mix versus that volume piece. From a from a volume piece in the second half of the year, again, this is a Brazil market, a little bit of South Africa market, which we you know, our business is doing very well there. And it really depends on when farmers are ready to take seed in that fourth quarter. We have got that forecasted to be flat on a year over year basis at this point in time. We do not think we are going to have as big of an expansion of planted area in Safrinha that we have seen the last few years, so that will have a bit of an impact on volume. But in terms of the price mix perspective, I mean, it is all about bringing new products into the market and putting those new products in the hands of the farmer. And they, in fact, then certainly allow us to share in a piece of that additional value. That we are bringing them. So hope I answered your question. I think that is, you know, a mixed price versus what we have seen in the last couple of years. But maybe, David, if you have anything to add Sure, Judd. David Johnson: And Kristen, as Judd mentioned, just to remind everyone that the second half of the year is about 27% of our total top line. So it is very much a first half business. When you look at what we projected for the second half, the difference between volume and price it is about 50/50. So we are seeing a slight gain in price and a slight gain in volume over the back half of the year. Operator: Your next question comes from the line of Matthew DeYoe with Bank of America. Matthew, your line is open. Please go ahead. Matthew DeYoe: Thank you. This is Fabian on for Matthew. As we think about order patterns at this point last year, you had roughly 90% of Brazil summer orders in. And about 40% of safrinha in hand, which was ahead of historical pace. As we fast forward to today, where does your order book stand versus the historical trends, and what are the drivers? Judd O'Connor: Yes. Thanks for the question. And certainly, last year at this point in time, we did have very, very strong orders on the books. As we sit here today, we are ahead of the market. In terms of what the overall orders in the market are, so we feel great about our position. A from a competitive standpoint. But there are some things in particular in Brazil that are having growers make those decisions closer to planting time. 1, credit's tough. 2, we have got some impact from fuel and fertilizer prices, and so you know, that is putting some stress on margins. So we feel confident in our order book. We feel confident in our share position, and our product portfolio is as good as it is ever been. In Brazil for both summer and for safrinha. So I guess in terms of how we think about wrapping up those orders what comes in the fourth quarter and then having that summer crop planted and that Safrinha crop on the books. We feel like we are in a very strong competitive position. But I do have to be, you know, very transparent. Credit's tight for the Brazilian farmer right now. And so we are we are just going to have to continue to manage them side by side. Operator: Your next question comes from the line of Joshua Spector with UBS. Joshua, your line is open. Please go ahead. Joshua Spector: Thanks. Good morning. This is Lucas Stone on for Joshua. I just wanted to follow-up on your comments around sort of the split in the second half between 3Q and 4Q. So pointing to sort of the third quarter of 2020 there, you kind of indicated a loss in the third quarter of about $180 million which would then sort of imply about $690 million in EBITDA growth in the fourth quarter. That balance there is just sort of much more fourth quarter weighted than what we are seeing out of the past 4 to 5 years. So could you just expand for us on the drivers there of the timing shift and how you sort of see the upside and downside risks and just compare that relative to your confidence in the second half overall. Thanks very much. David Johnson: Yeah. Sure. I will take that question. If you step back and you look at where our second half guide is, in aggregate, then I will go through between the Q3 and Q4 timing. We do have it flat versus 2025, Which is around $500 million. And if you recall, our second half in 2025 was up 16% versus 2024. So we are comparing against a pretty strong 0.5. At about $500 million. So, when you look at overall, $4.2 billion is our full year guide, $500 million in the second half, it is by far a very small half for us. When you look at where we are seeing the year over year changes, we do have some unfavorable price and cost built into the second half. Unfavorable cost mainly that residual dyssynergy number that we talked about, the $25 million. A little bit due to logistics and freight costs, But we are offsetting that by volume in both businesses and slight favorable currency. So the other thing I would like to point out is when you look at our guide today, our second half is about 12% of our full year guide, and that is very much in line with the past 4 years or so, which was about 13%. So when you stay, you know, at a very high level, I think our first and second half is very well balanced between our assumptions. But then the timing between Q3 and Q4 we did say Q3 is probably more likely to be that around a $100 million loss where it was a couple years ago. I would say that or a lower number is a little bit more common than what we had last year because we had some favorable timing of safrinha into Q3, so on and so forth. So I would say it is very typical look at our the way that the split of the business will be. And I would also say that some of those additional costs, like the net dis-synergies or whatever, Some of that will be weighted in Q3. So just to summarize, when you look at second half, we feel it is balanced It is a small half, you know, of $5 million here or there is a 1% growth. And then we do feel like that timing between Q3 and Q4 will be more like it was a couple years ago. Operator: Your next question comes from the line of Benjamin Theurer with Barclays. Benjamin, your line is open. Please go ahead. Benjamin Theurer: Yeah. Good morning, Chuck, team. Thank you very much for taking my question. Just picking up on that, wanted to dig a little bit deeper into some of the productivity savings and just lower costs that you highlighted? I mean, first half clearly was a big driver here. You have just talked about the second half. But as we look at the setup where you stand right now and as you think about the next couple of years, where do you believe on a separate basis are the big advantages between what is Vylor and what is the new Corteva for incremental productivity savings and or lower input costs to further drive margin expansion. Thank you. David Johnson: So if you step back and you think about our last 3 year guide during our last investor day, we had articulated about $1 billion of growth productivity cost benefits and net about $700 million. Some of that was due to commodities. So you see the commodities come down. We saw that in the first couple of years. that is probably 1 element you will not see us, in our next 3 year plan. But what you will see is a continuation of really productivity in both businesses. So we are seeing it in seed. We continue to see it in CP. I think you have seen that we have announced some additional footprint actions and restructuring, so on and so forth, particularly in CP. You will see those benefits you know, continue in the next 3 year plan. Charles Victor Magro: Yep. Benjamin, maybe just a couple other comments. So we think that the separation is going to give both companies the opportunity to take our cost and productivity work to the next level. And the proof point, I think, is just look at the annual dis-synergy number We thought it was gonna be $100 million, which would have been on the low side of any separation that we have studied. And now we are saying it is closer to the $25 million range. The reason for that is because we have been able to kind of find the integration costs and at the same time kind of work through those. So I think you have to tune in to September to kinda hear the rest of the story. But we would expect that, what we have been able to do at Corteva both companies will be able to kind of continue this journey, and there will be new and different opportunities for them for us. Operator: Your next question comes from the line of Patrick David Cunningham with Citi. Patrick, your line is open. Please go ahead. Patrick Cunningham: Hi. Good morning. This is Rachel on for Patrick David Cunningham. How should we think about your normalized free cash flow levels maybe next year compared to the $2.1 billion to $2.3 billion framework you laid out at the last Investor Day. Are there any offsets such as separation related costs that we should be mindful of? Thank you. David Johnson: Yeah. Thanks for the question. We would expect that our if you looked at what our company would have been on a combined basis, we would be well within those targets that we set, kind of the 45 to 50% of EBITDA for free cash flow. For this year, obviously, a little bit if you look at our first half and you look at operating cash flow, we are down a couple billion dollars, and most of that being the $1.1 billion that we contributed to the pension plan, the Bayer agreement, restructuring, and so on. If you backed out those kind of unusual items, this year probably would have been around the 46% range, so well within our typical range that we communicated. Operator: Your next question comes from the line of Arun Viswanathan with RBC Capital Markets. Arun, your line is open. Please go ahead. Analyst: Great. Thanks for taking my question. Hope you guys are well. And congrats on all the progress towards the spin. I guess my question is just, could you just provide us maybe an updated view on some broad strokes for fiscal 2027. I know that, obviously, you did have an operating plan when at your Investor Day that you presented a few years ago. But are many of those assumptions still valid? I imagine they are, but maybe if there is any updates you could provide. At this point, that would be helpful. Thanks a lot. Charles Victor Magro: Yep. Sure. So I think we are still operating in the same environment that we had communicated. So if you look at the agricultural backdrop, there is puts and takes, but we referenced that in some of the prepared remarks. We are still seeing very strong global demand for grains and oilseeds. Crop prices are actually a little bit up year over year. Yes. We have to watch farmer margins. Judd called out the Brazilian farmer. You know, they are wrestling with higher interest rates, some currency issues. But overall, I would say the agricultural complex is more or less what we expected to see when we put the original 2024 plan in place. Then if you look at the 2 halves of the company, I think, again, we have communicated this already today. We are seeing growth where we wanted to see it, which is, on our growth platforms. Crop protection, new products, biologicals, Those are the areas that I think we wanted to see growth and we are starting to, again, we are we are seeing continued really good performance in most of those areas. And then in seed, it is been the story of entering the licensing business. And that is several years ahead of plan. So overall, the operating environment that we originally communicated through to 2027 feels on balance that things are where we expected them to be from an external perspective. Internally, I think we are performing better than that. David said we are a little ahead on cost and productivity, I already mentioned we are a little ahead in licensing, and our new products are really being well received in the marketplace. So I would say on balance, the company is slightly ahead. And the backdrop of the market is more or less what we would have expected. Operator: Your next question comes from the line of Edlain Rodriguez with Mizuho. Edwin, your line is open. Please go ahead. Analyst: Thank you. Good morning, everyone. This is on Crop Protection. In Latin America, we definitely see the pressure is not abating at all. The competitive pressure pricing is the high single-digit price decline the new normal, or do you expect pressure to moderate as we get into next year? Because maybe farm economics gets better? it is like, yeah, what are you thinking in terms of pricing pressure in Latin America? Charles Victor Magro: Yeah. Good morning, Edlain. So we do not think that the high single digit pricing pressure is the new normal in Brazil. In fact, I would say, the market we look at, as I mentioned, the imports into the country, the channel, I should say we had very good volumes in the first half of the year. There is growing demand for crop protection in the market. there is growing acres. But there is also increasing disease and pest pressure. So the fundamentals of Brazil sometimes are hard to kind of pinpoint specifically. But it is a well supplied market, but it is a market that is growing. I think when you look at Corteva specifically, our portfolio, and I have already alluded to this, there were some portfolio-specific items that we simply had a few products. 1 was a pre-emergent herbicide. That a couple of years ago came off patent. We were really anticipating that we were gonna see generic pressure. And we went really to work on our cost structure. And what we found is that we had to, of course, lower our prices because there is generics in the marketplace. But if you look at our margins, we have been able to maintain margins and share. And that is the playbook that we have to use as a company. Right, we do not wanna play in the generics part of the market. But when our technology comes off patent, we are prepared to play, and that is exactly what we have been able to do. So I actually think that when you start thinking about when you look at our crop protection pricing but then look at our margins, that is the full story that you have to consider here because this is gonna be part of the playbook. And so when you fast forward that, we mentioned we like our portfolio. We have 1 of the best new pipelines coming into the market. We have got 7 new actives in the next decade. Aviso will be next. These will have pricing premiums based on the market that we can see. But the market is dynamic. Farmers are under some more pressure than in other parts of the world. But they are using the product. The underlying demand is quite strong. And the channel is healthy right now, but we would not say it is oversupplied. Now it is ready for the next season, so it needs to go to ground now. But all indications are that we are gonna have a very solid volume market in Brazil. And we are gonna continue to see some pricing. The 1 thing I would say is that we are not expecting price recovery in Brazil in 2026. But we can still compete quite nicely with our portfolio and our production base, of course, and how we go to market. Operator: We have reached the end of our Q&A session. I will now turn the call back to Chuck Magro for closing remarks. Charles Victor Magro: Thank you. I would like to just take a minute to thank Robert King for his, crop protection leadership over the past 4 years. it is remarkable he is been with us 4 years. Robert has led, of course, the Crop Protection business over that time. And he is also led the company's charge in safety and operational excellence. I think when I look at Corteva today, especially the crop protection business, we are a much better company because of his leadership. And so, this will be Robert's last earnings call. We certainly wish him the very best in his next chapter. And I just wanted to make those final comments before I turn it back over to Kimberly. Kimberly Booth: Great. So thanks again for everyone joining the call and for your interest in Corteva. We hope you have a safe and wonderful day. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Corteva (CTVA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Corteva, Inc. CTVA reported second-quarter 2026 results, wherein the top line missed the Zacks Consensus Estimate, while the bottom line beat the same. Earnings increased year over year, while net sales declined. The company benefited from strong Seed pricing, productivity initiatives and margin expansion despite ongoing pricing pressure in Crop Protection. Corteva, Inc. price-consensus-eps-surprise-chart | Corteva, Inc. Quote The agricultural company reported operating earnings of $2.30 per share, which surpassed the Zacks Consensus Estimate of $2.24 by 2.7% and increased from $2.20 reported in the year-ago quarter. However, revenues of $6.38 billion declined 1% year over year and missed the consensus estimate of $6.62 billion by 3.7%. In the second quarter of 2026, organic sales decreased 2%. Volumes fell 3%, reflecting a 2% decline in Crop Protection due to purchase-timing shifts in North America and a 3% decrease in Seed. Seed volumes were affected by timing shifts in North America and Latin America, along with lower corn acreage in North America and EMEA, partly offset by increased soybean acreage in North America and higher sunflower acreage in EMEA. Price and product mix improved 1%, as stronger Seed pricing more than offset competitive pricing pressure in Crop Protection, particularly in Latin America.Seed: Net sales were essentially flat year over year at $4.53 billion as a 3% improvement in price/mix offset a 3% decline in volume. Higher pricing reflected robust demand for advanced seed technologies and increased out-licensing income, while volumes were affected by timing shifts in North America and Brazil, along with lower corn acreage. Seed operating EBITDA increased 6% to $1.97 billion, with margin expanding more than 230 basis points on favorable pricing, lower royalty expense and productivity gains.Crop Protection: Net sales declined 4% to $1.85 billion due to a 4% decline in pricing and a 2% drop in volume, partly offset by favorable currency. Competitive pricing in Latin America and channel purchase timing in North America weighed on results. Nevertheless, operating EBITDA increased 2% to $342 million, supported by cost savings, productivity actions and currency benefits, while operating margin improved by more than 110 basis points. GAAP income from continuing operations after taxes decreased to $1.22 billion from $1.38 billion in the prior-year quarter. However, operating EBITDA increased 4% to $2.26 billion, resulting in a margin expansion of more than 190 basis points.Selling, general and administrative (SG&A) expenses increased to $1.16 billion from $1.15 billion in the year-ago quarter. The increase primarily reflected higher selling and administrative costs, while research and development expenses also rose to $388 million from $375 million, as the company continued to invest in innovation and growth initiatives. Despite the increase in operating expenses, productivity gains and lower input costs supported overall margin expansion. Corteva ended the second quarter of 2026 with cash and cash equivalents of $2.37 billion, short-term borrowings of $3.19 billion, long-term debt of $1.68 billion and total shareholders' equity of $25.40 billion. During the first six months of 2026, the company used $3.36 billion in operating cash flows, reflecting seasonal working capital requirements and incurred capital expenditures of $203 million. Corteva raised its full-year 2026 outlook, supported by strong first-half execution and resilient demand across key agricultural markets. Farmers continue to prioritize investments that enhance productivity and returns, supporting the adoption of advanced seed genetics and differentiated Crop Protection products. Seed demand is expected to benefit from strong uptake of the company’s technologies, while normalized channel inventories and improving industry fundamentals should aid the Crop Protection business.Corteva now expects operating EBITDA of $4.1-$4.3 billion, representing growth of about 9% at the midpoint. Operating earnings are projected in the range of $3.60-$3.80 per share, implying growth of approximately 11% at the midpoint. Trade conditions, currency movements and weather remain key factors influencing the outlook. We note that shares of this Zacks Rank #2 (Buy) company have gained 10.5% in the past three months compared with the industry’s 7.6% growth. Image Source: Zacks Investment Research Some other top-ranked stocks have been discussed below:United Natural Foods Inc. UNFI distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada. It presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for UNFI’s 2026 sales indicates a decline of 2.1%, and the same for earnings indicates growth of 254.9% from the prior-year reported levels. UNFI delivered a trailing four-quarter earnings surprise of nearly 30%, on average.US Foods Holding Corporation USFD, together with its subsidiaries, markets, sells and distributes fresh, frozen, and dry food and non-food products to foodservice customers in the United States. USFD currently carries a Zacks Rank #2.The Zacks Consensus Estimate for US Foods’ current fiscal-year sales and earnings implies growth of 5.1% and 16.3%, respectively, from the year-ago actuals. USFD delivered a trailing four-quarter earnings surprise of 1.4%, on average.Darling Ingredients Inc. DAR develops, produces, and sells sustainable natural ingredients from edible and inedible bio-nutrients in North America, Europe, China, South America and internationally. DAR currently carries a Zacks Rank #2.The Zacks Consensus Estimate for DAR’s current fiscal-year sales and earnings implies growth of 13.2% and 685.3%, respectively, from the year-ago actuals. DAR delivered a trailing four-quarter earnings surprise of 16.1%, on average. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corteva, Inc. (CTVA) : Free Stock Analysis Report Darling Ingredients Inc. (DAR) : Free Stock Analysis Report United Natural Foods, Inc. (UNFI) : Free Stock Analysis Report US Foods Holding Corp. (USFD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Corteva, Inc.? Here are five stocks we like better. Corteva raised its 2026 outlook after strong first-half results, now targeting operating EBITDA of $4.1 billion–$4.3 billion and operating EPS of $3.60–$3.80. First-half sales rose 4% to $11.3 billion, while EBITDA increased 10% to $3.7 billion. Growth was supported by seed demand, licensing income, newer crop-protection products and cost savings, which offset pricing pressure in crop protection—particularly in Brazil. Management expects low-double-digit seed sales growth and high-single-digit crop-protection volume growth in the second half. Corteva remains on schedule and under budget to separate its businesses on Oct. 1, with the advanced seed and genetics company to operate as Vylor. The company has appointed leadership, filed its separation documents and expects significantly lower separation-related dis-synergies than previously projected. These 3 Stocks Just Got Upgraded—and Could Keep Climbing Corteva (NYSE:CTVA) raised its full-year outlook after reporting higher first-half sales, earnings and margins, citing demand for its seed technologies, growth in new crop-protection products, licensing income and cost discipline. The agricultural company also said it remains on schedule to separate its businesses on Oct. 1, with its advanced seed and genetics company expected to operate as Vylor. For the first half of 2026, net sales increased 4% to $11.3 billion, while organic sales rose 2%. Operating EBITDA increased 10% year over year to $3.7 billion, and operating EPS increased 14%, Chief Executive Officer Chuck Magro said. Operating EBITDA margin expanded to 32.8%, an increase of nearly 200 basis points, according to Chief Financial Officer David Johnson. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now How Trump’s AI Push Could Boost These 3 Agriculture Stocks Second-quarter net sales totaled $6.4 billion, while operating EBITDA rose 4% to $2.3 billion. Corteva raised its 2026 operating EBITDA forecast to a range of $4.1 billion to $4.3 billion and increased its operating EPS outlook to $3.60 to $3.80 per share. At the midpoint, the company said the updated outlook implies approximately 9% EBITDA growth and 11% EPS growth from the prior year. → Microsoft Just Flipped the AI Spending Narrative Overnight 2 Agriculture Stocks To Benefit From a Trump Presidency in 2025 The company also lifted its operating EBITDA margin outlook to 22.5% to 23.5%. Johnson said higher net interest expense would partially offset EBITDA gains, but management continues to expect earnings growth and margin expansion. Management expects second-half EBITDA to be approximately flat from the prior year. The company said the back half will include the effects of tariffs, separation dis-synergies and the Middle East conflict, while the third quarter is expected to post an operating EBITDA loss broadly comparable with the loss recorded in the third quarter of 2024. Corteva expects all second-half earnings to be delivered in the fourth quarter. First-half price and mix contributed nearly $100 million to EBITDA growth. Volume added about $40 million, supported by North American seed demand and high-single-digit growth in crop-protection new products. Cost performance added more than $160 million through lower input costs, manufacturing efficiencies and productivity efforts. Currency provided an approximately $85 million benefit, primarily related to the euro. Improved seed net royalties contributed about $90 million, as lower royalty expense and higher royalty income positioned the company to be net royalty positive for the year. → Carrier Earnings Could Send the Stock to a New All-Time High Seed organic sales increased by low single digits during the first half, with growth in every region led by North America and Europe, the Middle East and Africa. Johnson said demand continued for the company’s differentiated technology portfolio, while expanded out-licensing income also supported results. In North America, Executive Vice President of the Seed Business Unit Judd O’Connor said Corteva believes it gained “a tick of share” in corn, including through its Pioneer and Brevant brands. He said the company expects soybean share to be roughly flat overall, with gains in the western and eastern Corn Belt offset by pressure in the Delta tied to the return of the dicamba label and its effect on cotton. For the second half, Corteva expects seed organic sales growth in the low-double-digit range. The company expects Brazil corn planted area to be approximately flat, although Johnson said Corteva’s order book is ahead of the market. Management cited tight credit, as well as fuel and fertilizer costs, as factors encouraging Brazilian growers to make purchase decisions closer to planting. Corteva expects Conkesta E3 to reach high-single-digit to low-double-digit market penetration in 2027, Johnson said. Crop-protection pricing declined by low single digits during the first half amid competitive conditions, particularly in Latin America, while volumes increased by low single digits as customers adopted newer products. Corteva expects second-half crop-protection volumes to rise at a high-single-digit rate, while pricing is projected to decline by low to mid-single digits. Magro said pricing in Europe and the U.S. was essentially flat in the first half, while the company’s newer crop-protection products recorded flat pricing and high-single-digit volume growth. The company expects its new-product portfolio to approach $2 billion in revenue this year. Management said pricing pressure in Brazil was partly associated with certain products facing generic competition after patent expirations, including a pre-emergent herbicide. Magro said Corteva had reduced its cost structure in anticipation of the competition, enabling it to maintain margins and market share despite lower pricing. “We don't think that the high-single-digit pricing pressure is the new normal in Brazil,” Magro said, adding that the company does not expect price recovery in the country during 2026. He said the market remains well supplied but is growing, supported by acreage and increased disease and pest pressure. Luke Kissam, the future CEO of New Corteva, said two-thirds of the crop-protection portfolio consists of differentiated technology. He also highlighted a pipeline of seven new active ingredients expected over the next decade. Magro identified Haviza, a fungicide planned for launch in Brazil in coming years, as the next product in that pipeline. Corteva said the planned separation remains on time and under budget. The company has named Kissam as CEO of New Corteva, selected Vylor as the name of the future advanced seed and genetics company, filed a Form 10 publicly, appointed both boards and engaged credit rating agencies on planned capital structures. Magro said the company has largely offset separation-related dis-synergies on a run-rate basis. Corteva expects about a $25 million headwind this year due to the timing of separation activities, compared with earlier expectations of approximately $100 million in annual dis-synergies. Remaining steps include amendments to the Form 10, finalizing capital structures, completing IT separation work and obtaining effectiveness for the Form 10. Corteva and Vylor plan to hold separate Investor Day events on Sept. 15 at the New York Stock Exchange, where management said the companies will provide 2029 financial frameworks. Magro said this was his final earnings call as CEO of the combined organization. He said that since Corteva was formed in 2019, operating EBITDA had improved by $1.7 billion, margins had expanded by more than 750 basis points, the company had invested nearly $9 billion in research and development, and it had returned close to $8 billion of cash to shareholders. Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva's operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production. Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Corteva Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by strong technology adoption in the seed business, where farmers prioritized high-yield genetics and return on investment despite tight margins. The seed business benefited significantly from a new licensing revenue stream, which management noted is currently tracking three years ahead of the original strategic plan. Crop protection results were characterized by robust volume growth in new products, which helped offset persistent pricing pressure in competitive markets like Latin America. Management attributed margin expansion to disciplined execution on controllable factors, specifically productivity improvements and proactive cost structure reductions for off-patent molecules. The company successfully maintained operational focus during complex separation activities, largely offsetting run-rate dis-synergies through efficient organizational restructuring. Strategic positioning in the crop protection market is shifting toward a more differentiated portfolio, supported by a pipeline of seven new actives expected over the next decade. Market dynamics reflect healthy global demand for food and biofuels, though management remains cautious regarding discretionary farmer spending and geopolitical uncertainties. Full-year operating EBITDA guidance was raised to $4.1 billion–$4.3 billion, reflecting approximately 9% growth at the midpoint based on first-half momentum. The second half of 2026 assumes flat corn planted area in Brazil, with seed organic sales expected to grow in the low single digits. Crop protection volumes are projected to grow at a high single-digit rate in the second half, while pricing is anticipated to decline in the low-to-mid single digits due to Brazil market dynamics. Management expects a typical seasonal earnings pattern where third-quarter EBITDA will likely be a loss, with all second-half earnings delivered in the fourth quarter. The separation into two independent companies, Vylor and New Corteva, remains on track for a targeted completion date of October 1, 2026. Separation dis-synergies are now expected to be a $25 million headwind this year, significantly lower than the initial $100 million estimate due to aggressive cost mitigation. First-half cash flow was impacted by one-time items including the Bayer agreement settlement, separation costs, and a $1.1 billion pension contribution. Management flagged ongoing pricing pressure in Brazil for pre-emergent herbicides as a specific headwind, though they aim to maintain margins through lower production costs. Geopolitical uncertainty and foreign exchange volatility, particularly involving the Euro and Brazilian Real, remain monitored risks for the second-half outlook. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects Brazil corn area to be flat to slightly up, noting that while historical expansion is low single digits, they are planning conservatively for 2026. Conkesta E3 penetration is targeted for high single digits to low double digits in the market by 2027, maintaining its original adoption timeline. Management confirmed they feel comfortable with the $4.4 billion target and suggested they may be trending slightly ahead of the original plan due to licensing growth. The $1 billion EBITDA growth target over three years was front-end loaded due to productivity gains, which are materializing as expected. Management clarified that high single-digit price declines in Brazil are not the 'new normal' but reflect a well-supplied market and specific molecules coming off patent. The strategy for off-patent products is to aggressively lower the cost structure to maintain margins even as prices are reduced to compete with generics. Management noted that while the order book is ahead of the market, Brazilian farmers are facing tight credit and higher interest rates, leading to decisions closer to planting time. Despite these financial pressures, underlying demand for crop protection remains strong due to high pest and disease pressure in the region.

This article first appeared on GuruFocus. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Strong first-half performance with net sales up 4%, operating EBITDA up 10%, and operating EPS up 14%. Raised full-year 2026 guidance for operating EBITDA ($4.1B-$4.3B), margin (22.5%-23.5%), and EPS ($3.60-$3.80). Seed business saw organic sales growth across all regions, driven by technology adoption and licensing income. Crop protection new products achieved high single-digit volume growth, with pricing essentially flat for these products. Productivity initiatives and cost discipline contributed over $160 million to EBITDA in the first half. Separation on track for October 1, with synergies largely offsetting separation costs (only $25M headwind). Strong innovation pipeline with seven new crop protection actives expected over the next decade. Crop protection pricing remains under pressure, particularly in Latin America, with expectations of low to mid-single-digit declines in the second half. Brazilian farmer credit conditions are tight, potentially impacting order timing and demand. Second-half EBITDA expected to be flat year-over-year due to tariffs, dissynergies, and Middle East conflict impacts. Third quarter expected to see an operating EBITDA loss, with earnings heavily weighted to Q4. Full-year free cash flow impacted by one-time items (pension contribution, Bayer agreement, separation costs). Competitive pressure in crop protection, especially for off-patent products, requires ongoing cost reductions to maintain margins. Weather-related risks (e.g., El Nino) could reduce fungicide demand in certain regions. Warning! GuruFocus has detected 7 Warning Signs with ARES. Is CTVA fairly valued? Test your thesis with our free DCF calculator. Q: Can you discuss the second-half outlook for the seed business, particularly regarding flat corn acre assumptions, order books, and pricing/mix expectations for Conkesta penetration?A: Jud O'Connor, EVP, Seed Business Unit: For the second half, the focus is on Latin America, especially Brazil. While we've seen low single-digit Safrinha expansion for several years, we could see it flatten in 2027. Our order book is ahead of the market, and we feel confident in our product portfolio and strong pricing in Latin America. For Conkesta, we expect high single-digit to low double-digit penetration in 2027, and we remain very optimistic about its performance. Q: As the incoming CEO of New Corteva, what are you most excited about regarding the company's narrative, portfolio, and pipeline?A: Luke Kassam, Future CEO, New Corteva: The number one strength is our people, many of whom understand farmer challenges firsthand. Two-thirds of our portfolio is differentiated technology, and we aren't dependent on any single active, segment, crop, or geography. Adding biologicals allows us to blend natural and synthetic solutions. Our pipeline is the best in crop protection, with seven new actives coming to market over the next decade. I'm incredibly excited about the R&D results we're seeing in our greenhouses and look forward to sharing more at our Investor Day on September 15th. Q: Given your prior 2027 guidance of $4.4 billion EBITDA, you're now at $4.2 billion midpoint for 2026. Is mid-single-digit growth into next year still the right way to think about it?A: Chuck Magro, CEO: Not much has changed from our original thinking. The updated guide of $4.2 billion fits comfortably into our 2027 target of $4.4 billion. We're actually a little ahead of our original plan for 2026, driven by core parts of the business. Licensing is three years ahead of plan, and crop protection new products will touch $2 billion in revenue this year with strong margins. David Johnson, CFO, added that the $4.4 billion target remains comfortable, and we're tracking flat on net dissynergies and separation costs. Q: Can you unpack the underlying sales trends in crop protection, given organic sales were down 6% but the "other" category grew substantially? What trajectory should we expect?A: Chuck Magro, CEO: The overall crop protection market is improving, with low single-digit growth expected this year. We're seeing volume growth with low single-digit pricing declines, as expected. There's more competitive pressure in Brazil, but nothing outside our planning horizon. Chinese exports are stable. We've proactively managed our cost structure for products coming off patent, which has allowed us to maintain margins. Looking forward, we have seven new actives coming, starting with Haviza, a blockbuster fungicide for Brazil in the next couple of years. Q: Did you gain share in North American corn or soybeans this growing season?A: Jud O'Connor, EVP, Seed Business Unit: We feel confident we picked up a little share in corn, particularly with our retail brand and in Brabant, despite our premium price/value strategy. In soy, we gained share in both the Western and Eastern Corn Belt with the Pioneer brand, but gave up a little in the Delta due to dicamba label challenges with cotton. Overall, we expect to end up flat in soy and with a slight share gain in corn. Q: Given that two-thirds of the crop protection portfolio is differentiated, why is pricing still declining low to mid-single-digits? Can you parse out the differentiated side?A: Chuck Magro, CEO: In the first half, pricing was down about 3%, within expectations. Europe and the US were essentially flat. Our new products, approaching $2 billion in revenue, have flat pricing with high single-digit volume growth. The pressure is coming from the rest of the market, particularly in Brazil and pre-emergent herbicides. We've moved second-half pricing expectations from low single-digit to mid-single-digit declines, driven by Brazil and weather impacts on fungicide demand. However, we still expect to grow EBITDA, led by volume. Q: Can you parse out the price versus volume in Seed for the second half, and should we think about transitioning to a combined organic view?A: Jud O'Connor, EVP, Seed Business Unit: The second half is a much smaller part of our seed business, focused on Brazil. We forecast volume to be relatively flat year-over-year as we don't expect as big an expansion in Safrinha planted area. Price/mix will be driven by bringing new products to market, allowing us to share in the additional value. David Johnson, CFO, added that the second half is about 27% of total top-line, and we project a 50/50 split between price and volume gains. Q: Where do your Brazil order books stand versus historical trends, and what are the drivers?A: Jud O'Connor, EVP, Seed Business Unit: We are ahead of the market in terms of overall orders, so we feel great about our competitive position. However, growers are making decisions closer to planting time due to tight credit and stress on margins from fuel and fertilizer prices. We feel confident in our order book, share position, and product portfolio, which is as good as it's ever been in Brazil for both summer and Safrinha crops. We'll need to manage alongside the tight credit conditions. Q: Can you expand on the timing shift between Q3 and Q4, given the implied Q4 EBITDA growth?A: David Johnson, CFO: Our second-half guide is flat versus 2025 at around $500 million, which was a strong half (up 16% versus 2024). We have some unfavorable price and cost built in, including the residual $25 million synergy impact and logistics costs, offset by volume and favorable currency. The second half is about 12% of our full-year guide, in line with the past four years. The Q3 loss will likely be around $100 million, more typical of a couple of years ago, with some additional costs like net dissynergies weighted to Q3. Q: Where are the big advantages for incremental productivity savings between Violor and New Corteva on a separate basis?A: David Johnson, CFO: In our last three-year guide, we had about $1 billion of growth productivity cost benefits. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

For the quarter ended June 2026, Corteva, Inc. (CTVA) reported revenue of $6.38 billion, down 1.2% over the same period last year. EPS came in at $2.30, compared to $2.20 in the year-ago quarter. The reported revenue represents a surprise of -3.66% over the Zacks Consensus Estimate of $6.62 billion. With the consensus EPS estimate being $2.24, the EPS surprise was +2.68%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Corteva, Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Sales- Crop Protection: $1.85 billion versus $1.93 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -3.8% change. Net Sales- Seed: $4.53 billion compared to the $4.66 billion average estimate based on three analysts. The reported number represents a change of -0.1% year over year. Net Sales- Seed- Other oilseeds: $228 million versus $223.97 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +22.6% change. Net Sales- Crop Protection- Biologicals: $86 million compared to the $96.01 million average estimate based on two analysts. Net Sales- Crop Protection- Herbicides: $932 million versus $1.01 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -6.3% change. Net Sales- Crop Protection- Insecticides: $399 million compared to the $436.24 million average estimate based on two analysts. The reported number represents a change of -8.5% year over year. Net Sales- Crop Protection- Fungicides: $263 million versus $326.08 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -23.1% change. Net Sales- Crop Protection- Other: $167 million versus the two-analyst average estimate of $57.9 million. The reported number represents a year-over-year change of +240.8%. Net Sales- Seed- Soybean: $1.32 billion versus $1.4 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.9% change. Net Sales- Seed- Corn: $2.87 billion versus $2.83 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -3.1% change. Net Sales- Seed- Other: $118 million versus $162.14 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -11.3% change. Operating EBITDA- Seed: $1.97 billion versus the three-analyst average estimate of $1.92 billion. View all Key Company Metrics for Corteva, Inc. here>>> Shares of Corteva, Inc. have returned +8.3% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corteva, Inc. (CTVA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research