Corteva a Globachem uzavřely definitivní dohodu o založení společného podniku 50/50 pro vývoj a komercializaci nových řešení ochrany plodin v Evropě a Americe.
JV to amplify both companies' complementary expertise to develop, scale, deliver differentiated crop protection solutions in high-growth markets
, /PRNewswire/ -- Corteva (NYSE: CTVA), a global leader in seed and crop protection technology, and Globachem N.V., a private company based in Belgium specializing in developing and globally marketing a wide range of crop protection products, today announced that they have entered into a definitive agreement to launch a 50/50 joint venture (JV) to support the development and delivery of new, differentiated crop protection solutions to meet evolving needs of farmers in Europe and the Americas.
The new JV will be independently operated and focus on leveraging late-pipeline to commercial-stage technology from its parent companies to amplify both companies' ability to develop, register, and market the resulting products, which may be commercialized independently by one or both parent companies.
"This is the latest example of how we're leveraging collaborations to strengthen and broaden our portfolio as we prepare to launch as a standalone crop protection company following our planned separation," said Corteva Senior Vice President Brook Cunningham. "By combining our industry-leading pipeline and innovation capabilities with Globachem's expertise in formulation, we aim to scale and accelerate the delivery of more tailored, comprehensive solutions for core crops in targeted markets."
The JV will build upon an existing, multi-year partnership between Corteva and Globachem, allowing both companies to immediately benefit through enhanced collaboration. New solutions developed by the JV are expected to launch in the early 2030s and will be sold through established commercial channels.
"The entry into a definitive agreement regarding the establishment of the JV represents an important milestone in our long-standing relationship with Corteva and reflects our shared belief that collaboration is the fastest way to bring meaningful innovation to farmers," said Koen Quaghebeur, Chief Visionary Officer and Co-founder of Globachem. "Together, Corteva's world-class discovery and development capabilities and Globachem's expertise in product development, formulation and regulatory execution, create a powerful platform for innovation. The JV will accelerate the delivery of differentiated crop protection solutions that help growers address evolving agronomic challenges and seize new opportunities. We are excited to build a company that brings together the strengths of both organizations, creating sustainable value for growers, our partners, and both parent companies."
The transaction is currently expected to close in the fourth quarter of 2026, subject to all necessary regulatory clearances and approvals.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, hightouch 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.
About Globachem
Globachem N.V. is a family-owned crop protection company headquartered in Belgium, committed to helping growers and distribution partners tackle some of agriculture's most critical challenges. Built on scientific expertise with a strong customer focus, the company delivers practical, user-friendly solutions through a unique portfolio of established products and innovations. Active in more than 60 countries, Globachem is a trusted long-term partner, driven by service, collaboration and a continuous search for breakthrough solutions that make a meaningful difference in key crops worldwide. Learn more at www.globachem.com.
Cautionary statement
This release contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "may," "expects," "will," "aims," "believes," "intends," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about the parties' expectations related to regulatory matters, product development and commercialization, product offerings and product, financial or sustainability performance are forward-looking statements. No obligation to update or revise any forward-looking statement, except as required by applicable law, is hereby undertaken and any such obligation is specifically disclaimed. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements or other estimates is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, and as modified by subsequent reports on Form 10-Q and Current Reports on Form 8-K.
, /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 Notes Validly
Tendered and Not
Validly Withdrawn by the
Early Tender
Deadline
Title of
Series of
EIDP
Notes
CUSIP No.
and ISIN of
EIDP Notes
Aggregate
Principal
Amount of
EIDP Notes
Outstanding
Vylor Notes
to be
Issued in
Exchange
for EIDP
Notes
Principal
Amount
Percentage
2.300% Senior Notes due 2030
263534CP2 US263534CP24
$
500,000,000
2.300% Senior Notes due 2030
$431,634,000
86.33 %
5.125% Senior Notes due 2032
263534CS6 US263534CS62
$
500,000,000
5.125% Senior Notes due 2032
$468,434,000
93.69 %
4.800% Senior Notes due 2033
263534CR8 US263534CR89
$
600,000,000
4.800% Senior Notes due 2033
$524,868,000
87.48 %
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.
Corteva zvýšila výhled na rok 2026, když očekává operating EBITDA ve výši 4,1–4,3 miliardy USD po 4% růstu tržeb v segmentu Seed v prvním pololetí. Zároveň ale varuje před cenovým tlakem v segmentu Crop Protection a riziky spojenými s oddělením firem.
Key Takeaways Corteva's Seed sales rose 4%, supported by technology demand, pricing and improved royalty economics.Corteva raised 2026 EBITDA guidance to $4.1-$4.3 billion as productivity actions boost earnings.Corteva faces Crop Protection pricing pressure and execution risks ahead of its planned Oct. 1 separation. Corteva, Inc. (CTVA - Free Report) is showing improving earnings momentum as technology adoption, productivity actions and a stronger Seed business support growth. However, the stock’s valuation and ongoing Crop Protection pricing pressures keep the risk-reward balance more measured. The stock currently carries a Zacks Rank #3 (Hold), with a price target of $81.00 versus a share price of $76.22 as of Aug. 11, 2026.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Corteva delivered a solid first half of 2026, with net sales increasing 4% year over year to $11.28 billion and operating EBITDA rising 10% to $3.70 billion. Operating EPS increased 14% to $3.80. Management raised its full-year outlook and now expects operating EBITDA of $4.1-$4.3 billion and operating EPS of $3.60-$3.80 per share.
Growth Drivers Remain in PlaceThe Seed segment continues to be the primary growth contributor. First-half Seed net sales increased 4% to $7.56 billion, helped by higher price/mix, demand for differentiated germplasm and trait technologies and improved royalty economics. Segment operating EBITDA increased 11% to $3 billion, supported by pricing actions and lower royalty expense.
Corteva’s Crop Protection business is also benefiting from new product adoption. In the first half of 2026, Crop Protection sales increased 3%, with volume growth from new products helping offset a 3% pricing decline caused by competitive conditions, particularly in Latin America.
Productivity initiatives remain another earnings driver. Management cited more than $160 million in cost improvements from lower input costs, manufacturing efficiencies and productivity programs during the first half of 2026.
Separation Adds a Near-Term Execution RiskCorteva is preparing to separate its businesses into two standalone public companies, targeting completion on Oct. 1, 2026. Management has reported that run-rate dis-synergies are largely offset, but remaining steps include final capital structures, Form 10 effectiveness and IT separation activities.
The transition could require additional management focus as Corteva prepares both businesses to operate independently. The company included a $25 million headwind in 2026 guidance related to separation timing.
Valuation Leaves Less Room for ErrorCorteva’s valuation reflects some of the expected earnings improvement. The stock trades at 19.6X forward 12-month earnings, with a PEG ratio of 2.2X. Its Zacks Style Scores include a Value Score of D, Growth Score of F, Momentum Score of C and VGM Score of F.
Image Source: Zacks Investment Research
While earnings growth expectations have improved, valuation remains a concern if Crop Protection pricing pressure persists or separation-related costs weigh on results.
Corteva competes within the broader agricultural sector alongside companies such as Archer Daniels Midland Company (ADM - Free Report) and Adecoagro S.A. (AGRO - Free Report) . Corteva focuses primarily on agricultural technology solutions, including seeds and crop protection products, while ADM operates a large-scale agricultural processing and commodities platform and AGRO has exposure to farming, sugar, ethanol and agricultural production assets.
Bottom LineCorteva’s improving fundamentals are supported by Seed technology demand, new Crop Protection products and cost discipline. The company has raised its 2026 outlook and continues to execute on its separation plan. However, elevated valuation, competitive pricing pressure and execution risks around the separation limit near-term upside potential.
Given the balance between improving earnings trends and valuation concerns, CTVA appears more suitable for investors seeking exposure to agricultural technology growth but willing to accept moderate near-term upside potential.
Corteva spustila nabídku na výměnu dluhopisů EIDP za nové dluhopisy Vylor v souvislosti s plánovaným oddělením firmy. Nabídka závisí na dokončení oddělení a na souhlasu držitelů většiny dluhu.
, /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) announced today that Vylor Inc., a Delaware corporation and its wholly owned subsidiary ("Vylor"), has commenced 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"). As previously disclosed, Corteva's Board of Directors is pursuing a plan to separate Corteva 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"). The Exchange Offers and Consent Solicitations (as defined below) are being made in connection with the planned Separation. Each Exchange Offer and Consent Solicitation is conditioned upon, among other things, consummation of the Separation and the receipt, by the applicable Early Tender Deadline (as defined below), of the Requisite Consents (as defined below) to the Proposed EIDP Base Indenture Amendments (as defined below). The Separation is subject to the satisfaction or waiver of certain customary conditions, and Corteva's Board of Directors has the discretion to abandon or to alter the terms of the planned Separation. As publicly announced by Corteva on July 30, 2026, the Separation is currently expected to be consummated on or about October 1, 2026, subject to satisfaction or waiver of the conditions thereto.
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 (the "Offering Memorandum"), copies of which will be made available to holders of the EIDP Notes eligible to participate in the Exchange Offers and Consent Solicitations.
The Vylor Notes will have the same interest payment dates, maturity date and interest rate as the EIDP Notes of the corresponding series. In addition to the Vylor Notes, eligible holders of EIDP Notes tendered by the applicable Early Tender Deadline and not validly withdrawn before the applicable Withdrawal Deadline (as defined below) will also receive the applicable Cash Consideration (as defined below). The following table sets forth the applicable Total Exchange Consideration (as defined below), which includes the Cash Consideration, and the applicable Exchange Consideration (as defined below) being offered for a series of EIDP Notes:
Total Exchange
Consideration for
EIDP Notes Validly
Tendered by the
Early Tender
Deadline and Not
Validly Withdrawn by
the Withdrawal
Deadline
Exchange
Consideration
for EIDP Notes
Validly
Tendered After
the Early
Tender
Deadline
Title of
Series of
EIDP
Notes
CUSIP No.
and ISIN of
EIDP Notes
Aggregate
Principal
Amount of
EIDP Notes
Outstanding
Vylor Notes
to be
Issued in
Exchange
for EIDP
Notes
Principal
Amount
of Vylor
Notes (1)
Cash
Consideration
(2)
Principal
Amount of
Vylor Notes
(3)
2.300% Senior Notes due 2030
263534CP2 US263534CP24
$
500,000,000
2.300% Senior Notes due 2030
$1,000
$2.50 to $5.00
$970
5.125% Senior Notes due 2032
263534CS6 US263534CS62
$
500,000,000
5.125% Senior Notes due 2032
$1,000
$2.50 to $5.00
$970
4.800% Senior Notes due 2033
263534CR8 US263534CR89
$
600,000,000
4.800% Senior Notes due 2033
$1,000
$2.50 to $5.00
$970
Principal amount of the applicable series of Vylor Notes issued in exchange for each $1,000 principal amount of EIDP Notes of the corresponding series validly tendered by the applicable Early Tender Deadline and not validly withdrawn by the applicable Withdrawal Deadline and accepted for exchange. Per $1,000 principal amount of the applicable series of EIDP Notes validly tendered by the applicable Early Tender Deadline and not validly withdrawn by the applicable Withdrawal Deadline and accepted for exchange, the applicable Cash Consideration will be an amount equal to the product of $2.50 multiplied by a fraction, the numerator of which is the aggregate principal amount of such series of EIDP Notes outstanding as of such Early Tender Deadline and the denominator of which is the aggregate principal amount of such series of EIDP Notes validly tendered by such Early Tender Deadline and not validly withdrawn by the applicable Withdrawal Deadline. As a result, the applicable Cash Consideration for a series of EIDP Notes will range from $2.50 per $1,000 principal amount (if all eligible holders of such series of EIDP Notes tender) to approximately $5.00 per $1,000 principal amount (if eligible holders of a simple majority of the aggregate principal amount of such series of EIDP Notes tender). The applicable Exchange Consideration does not include, and eligible holders tendering after the applicable Early Tender Deadline will not be eligible to receive, any Cash Consideration. The applicable Exchange Consideration involves the issuance of $970 principal amount of the applicable series of Vylor Notes, as opposed to $1,000 principal amount of such Vylor Notes, for each $1,000 principal amount of EIDP Notes of the corresponding series validly tendered after the applicable Early Tender Deadline and accepted for exchange. Concurrently with the Exchange Offers, Vylor is soliciting consents (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, on behalf of EIDP, to adopt certain proposed amendments to the base indenture (the "EIDP Base Indenture") and the supplemental indentures thereto (each, an "EIDP Supplemental Indenture") governing the EIDP Notes. The proposed amendments to the EIDP Base Indenture (the "Proposed EIDP Base Indenture Amendments") 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. 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"). The Exchange Offers are conditioned upon, among other things, receipt, by the applicable Early Tender Deadline, of the Requisite Consents to the Proposed EIDP Base Indenture Amendments. The proposed amendments with respect to each EIDP Supplemental Indenture (the "Proposed EIDP Supplemental Indenture Amendments" and, together with the Proposed EIDP Base Amendments, the "Proposed Amendments") would eliminate the offer to repurchase upon change of control provisions from the applicable EIDP Supplemental Indenture. 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 Exchange Offers are not conditioned upon the receipt of the Majority Consents with respect to any EIDP Supplemental Indenture. When an eligible holder validly tenders their EIDP Notes in the applicable Exchange Offer, they are automatically treated as having validly delivered the related consents to the Proposed Amendments with respect to such EIDP Notes. Eligible holders will not be permitted to tender their EIDP Notes without delivering related consents or to deliver related consents without tendering their EIDP Notes.
Each Exchange Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on September 3, 2026, unless extended or earlier terminated (such date and time, as they may be extended, the "Expiration Date"). Tenders of a series of EIDP Notes may be validly withdrawn at or prior to 5:00 p.m., New York City time, on August 19, 2026, unless extended or earlier terminated with respect to the applicable Exchange Offer (such date and time, as they may be extended, the "Withdrawal Deadline"), but tenders of such EIDP Notes not so validly withdrawn will thereafter be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law. A valid withdrawal of the applicable series of EIDP Notes at or prior to 5:00 p.m., New York City time, on August 19, 2026 (such date and time, as they may be extended to any date and time that is no later than the Withdrawal Deadline, the "Consent Revocation Deadline") will also constitute the revocation of the related consents. With respect to a series of EIDP Notes, consents may not be revoked after the applicable Consent Revocation Deadline. 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.
Subject to the terms and conditions set forth in the Offering Memorandum, for each $1,000 principal amount of the applicable series of EIDP Notes validly tendered in the applicable Exchange Offer by 5:00 p.m., New York City time, on August 19, 2026, unless extended or earlier terminated with respect to the applicable Exchange Offer and Consent Solicitation (such date and time, as they may be extended, the "Early Tender Deadline"), and not validly withdrawn by the applicable Withdrawal Deadline, each eligible holder of EIDP Notes will be eligible to receive (i) Vylor Notes of the corresponding series in an equal principal amount as such series of EIDP Notes tendered and accepted for exchange and (ii) a cash payment of an amount equal to the product of $2.50 multiplied by a fraction, the numerator of which is the aggregate principal amount of such series of EIDP Notes outstanding as of the applicable Early Tender Deadline and the denominator of which is the aggregate principal amount of such series of EIDP Notes validly tendered by such Early Tender Deadline and not validly withdrawn by the applicable Withdrawal Deadline (the "Cash Consideration" and, together with such amount of Vylor Notes, the "Total Exchange Consideration"). As a result, the applicable Cash Consideration for a series of EIDP Notes will range from $2.50 per $1,000 principal amount (if all eligible holders of such series of EIDP Notes tender) to approximately $5.00 per $1,000 principal amount (if eligible holders of a simple majority of the aggregate principal amount of such series of EIDP Notes tender).
Eligible holders who validly tender their EIDP Notes after the applicable 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.
Assuming the 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 Vylor Notes to be issued in the Exchange Offers will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. No tender of EIDP Notes of any series will be accepted if it would result in the issuance of less than $2,000 principal amount of the corresponding series of Vylor Notes. If the principal amount of the applicable series of Vylor Notes that would otherwise be required to be delivered in exchange for a tender of the corresponding series of EIDP Notes would not equal $2,000 or an integral multiple of $1,000 in excess thereof, then the principal amount of such Vylor Notes will be rounded down to $2,000 or the nearest integral multiple of $1,000 in excess thereof, and Vylor will pay cash (in lieu of such Vylor Notes not delivered) equal to the remaining portion of the applicable Exchange Consideration for such corresponding series of EIDP Notes plus accrued and unpaid interest with respect to that portion to, but not including, 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. Each Exchange Offer and Consent Solicitation is conditioned upon, among other things, (i) the consummation of the Separation and (ii) the receipt, by the applicable Early Tender Deadline, of the Requisite Consents to adopt the Proposed EIDP Base Indenture Amendments. Receipt of the Majority Consents to adopt the Proposed EIDP Supplemental Indenture Amendments is not a condition to the consummation of any of the Exchange Offers and Consent Solicitations. 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 effective), 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.
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 the Company, 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, including the receipt of the Requisite Consents, 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 the Company 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 the Company's and EIDP's filings with the U.S. Securities and Exchange Commission (the "SEC"), including under the heading "Risk Factors" (Item 1A) in the Company's most recently filed Annual Report on Form 10-K and in the Company's subsequent Quarterly Reports on Form 10-Q, and in other documents that the Company or EIDP files or furnishes with the SEC. Neither the Company nor EIDP undertakes any obligation to update or revise any forward-looking statement, except as required by applicable law.
Corteva, Inc. (CTVA) Q2 2026 Earnings Call July 31, 2026 9:00 AM EDT
Company Participants
Kimberly Booth - Vice President of Investor Relations
Charles Magro - CEO & Director
David Johnson - Executive VP & CFO
Luther Kissam - Chief Executive Officer of Crop Protection Business
Judd O’Connor - Executive Vice President of Seed Business Unit
Conference Call Participants
Vincent Andrews - Morgan Stanley, Research Division
Christopher Parkinson - Wolfe Research, LLC
Joel Jackson - BMO Capital Markets Equity Research
Matthew Hettwer - Vertical Research Partners, LLC
David Begleiter - Deutsche Bank AG, Research Division
Frank Mitsch - Fermium Research, LLC
Kristen Owen - Oppenheimer & Co. Inc., Research Division
Fabian Jimenez
Lucas Beaumont - UBS Investment Bank, Research Division
Benjamin Theurer - Barclays Bank PLC, Research Division
Rachel De Leon
Arun Viswanathan - RBC Capital Markets, Research Division
Edlain Rodriguez - Mizuho Securities USA LLC, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Corteva Agriscience Second Quarter 2026 Earnings Conference Call. [Operator Instructions]
I will now hand the conference over to Kim Booth, Head of Investor Relations. Kim, please go ahead.
Kimberly Booth
Vice President of Investor Relations
Good morning, and welcome to Corteva's Second Quarter and First Half 2026 Earnings Conference Call. Our prepared remarks today will be led by Chuck Magro, Chief Executive Officer; and David 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 Kissam, 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
Corteva, Inc. (CTVA - Free Report) came out with quarterly earnings of $2.3 per share, beating the Zacks Consensus Estimate of $2.24 per share. This compares to earnings of $2.2 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.68%. A quarter ago, it was expected that this agriculture would post earnings of $1.18 per share when it actually produced earnings of $1.5, delivering a surprise of +27.12%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Corteva, Inc., which belongs to the Zacks Agriculture - Operations industry, posted revenues of $6.38 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.66%. This compares to year-ago revenues of $6.46 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Corteva, Inc. shares have added about 35% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Corteva, Inc.?While Corteva, Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Corteva, Inc. was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.25 on $2.68 billion in revenues for the coming quarter and $3.76 on $18.27 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Agriculture - Operations is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Archer Daniels Midland (ADM - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.
This agribusiness giant is expected to post quarterly earnings of $1.42 per share in its upcoming report, which represents a year-over-year change of +52.7%. The consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level.
Archer Daniels Midland's revenues are expected to be $22.38 billion, up 5.7% from the year-ago quarter.
Corteva čeká, že výnosy z nových produktů v oblasti Crop Protection se v roce 2026 přiblíží 2 miliardám USD. Firma zároveň míří na uvedení hybridní pšenice v roce 2027 a na rozdělení Seed a Crop Protection ve 4. čtvrtletí 2026.
Key Takeaways Corteva expects new Crop Protection product revenues to approach $2 billion in 2026.CTVA targets a 2027 hybrid wheat launch, representing a $1 billion long-term opportunity.Corteva plans to separate Seed and Crop Protection in fourth-quarter 2026. Corteva, Inc. (CTVA - Free Report) is moving deeper into technology-led agriculture as farmers seek products that can lift yield and manage pest pressure in tighter farm-margin conditions.
Its pipeline, improving seed royalty position and planned separation suggest a business mix that may look more focused over the next few years.
Image Source: Zacks Investment Research
Corteva’s New Products Are Reshaping Crop ProtectionCrop Protection remains under pricing pressure, but Corteva’s newer products are becoming a larger offset. Management expects revenues from new Crop Protection products to approach $2 billion in 2026, giving the segment a stronger base of differentiated sales.
Arylex and Rinskor are still below peak sales, leaving room for further adoption. Corteva also expects to introduce at least seven new active ingredients over the next decade, while biologicals and its first biocontrol product add another layer to the portfolio. Bayer AG (BAYRY - Free Report) is a relevant comparison because investors often evaluate seed traits and crop chemistry pipelines against large global crop-science platforms.
CTVA Seed Innovation Extends Beyond the Current CycleCorteva’s Seed pipeline extends the technology story beyond the current planting season. Proprietary hybrid wheat is targeted for launch in 2027 and represents an estimated $1 billion long-term opportunity.
The longer-duration pipeline also includes next-generation above-ground and below-ground traits targeted for 2030 and 2030-2031. These platforms could help the Seed business stay tied to technology adoption rather than only acreage trends. BASF SE (BASFY - Free Report) gives investors another reference point for agricultural innovation where crop protection, seed-related technologies and farmer productivity intersect.
Corteva’s Royalty Shift Improves Seed EconomicsThe Seed business is expected to become royalty positive in 2026, ahead of management’s earlier royalty-neutral target. That shift matters because it can reduce the drag from in-licensed traits and create a more favorable earnings mix.
In the first quarter of 2026, Seed benefited from a roughly $30 million reduction in net royalty expense. Management also pointed to more than 100 independent seed company licensees for PowerCore Enlist corn and Enlist E3 soybeans. Out-licensing, including the Bayer agreement expected to generate roughly $1 billion of incremental revenues over the next decade, adds another margin lever.
CTVA’s Separation Could Sharpen Strategic FocusCorteva remains on track to separate its Seed and Crop Protection operations in the fourth quarter of 2026. The future advanced seed and genetics company will be named Vylor, while the Crop Protection company will retain the Corteva name.
Image Source: Zacks Investment Research
A standalone structure could make each business easier to evaluate. Vylor would center on germplasm, traits, gene editing, licensing and hybrid wheat, while the Crop Protection company would focus on differentiated chemistry, biologicals and product-cycle execution. Still, one-time separation expenses are expected to total roughly $350 million, and $50 million of net dis-synergies is included in the 2026 outlook.
Corteva’s Momentum Score Leads a Mixed Style ProfileCorteva’s innovation pipeline gives investors several technology-driven catalysts to watch, but execution will determine how much of that opportunity flows into returns. The company is also balancing Crop Protection pricing pressure, higher selling expenses and separation-related costs.
The stock currently carries a Zacks Rank #2 (Buy). That rank points to a favorable near-term earnings estimate backdrop, while the Momentum Score of A reflects strong share-price behavior and timing characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The rest of the Style Score profile is less supportive. Corteva has a Value Score of D, Growth Score of D and VGM Score of D, suggesting that valuation and growth characteristics are not yet as attractive as momentum. For investors, that mix argues for watching whether the pipeline, royalty gains and separation can support durable earnings quality at the current valuation.
Key Takeaways Corteva's two businesses offer investors distinct growth, margin and risk drivers.Seed organic sales rose 9%, EBITDA climbed 23% and margin expanded about 310 basis points.Crop Protection volumes rose 6% as cost savings helped lift total operating EBITDA 21%. Corteva, Inc. (CTVA - Free Report) gives investors exposure to two agriculture technology businesses with different earnings drivers. Seed accounts for 56.9% of total company net sales, while Crop Protection contributes 43.1%.
That balance matters as the company moves toward a planned fourth-quarter 2026 separation. The split could lead investors to value each business on its own growth, margin and risk profile.
Corteva’s Two Engines Support a Balanced Growth StorySeed and Crop Protection address separate farmer needs. Seed focuses on germplasm and traits that support yield potential and resistance to weather, disease, pests and herbicides. Crop Protection supplies products that protect crops from weeds, insects, other pests and disease.
Image Source: Zacks Investment Research
Both segments are tied to the same farm economy. Crop acreage, commodity prices, farmer income, weather, seasonal planting patterns, currency moves and regional input demand all influence results. The mix can provide resilience when one business faces weaker pricing or seasonal pressure.
That context matters for peers, too. Bayer AG (BAYRY - Free Report) competes across seed, crop protection and digital farming, making it a useful comparison for integrated agriculture technology exposure. FMC Corporation (FMC - Free Report) , with its crop protection focus, offers a cleaner read on chemical demand and pricing conditions.
CTVA Seed Pricing Strengthens Revenue QualityCorteva’s Seed business delivered 9% organic sales growth in the first quarter of 2026. Price and product mix improved 3%, with gains across all regions, reflecting demand for differentiated technologies and value-based pricing.
This is not simply an acreage story. Brevant retail brand growth, licensing momentum, productivity savings and lower royalty costs are improving revenue quality. Seed operating EBITDA increased 23%, and segment margin expanded about 310 basis points.
Royalty economics are becoming a clearer earnings lever. Corteva recorded a roughly $30 million reduction in net royalty expense in the quarter and now expects Seed to become royalty positive in 2026, ahead of its earlier royalty-neutral target.
Corteva’s Crop Protection Volumes Offset Price PressureCrop Protection showed a different pattern. First-quarter revenues rose 10%, while organic sales increased 4%. Volumes improved 6%, with gains in every region, supported by demand for new products and spinosyn insecticides.
Pricing remains the offset. Segment price declined 2%, mainly due to competitive market dynamics in Latin America and Asia Pacific. Management expects low-single-digit Crop Protection pricing pressure to continue through 2026.
The volume picture still supports the segment’s role in Corteva’s portfolio. Herbicide sales increased 19%, insecticide revenues rose 12% and fungicide sales improved 10% in the quarter. Sustained margin improvement will still depend on mix, productivity and cost control.
CTVA's Cost Savings Expand the Earnings RunwayCorteva’s cost actions are extending the earnings runway beyond volume recovery. Operating EBITDA increased 21% year over year to $1.44 billion in the first quarter, while operating EBITDA margin expanded about 240 basis points to more than 29%.
The company generated roughly $70 million of combined productivity and input-cost benefits across Seed and Crop Protection. Lower Seed royalty costs added another tailwind, helping offset higher selling, general and administrative expenses.
Image Source: Zacks Investment Research
Management reaffirmed its 2026 operating EBITDA outlook of $4.0 billion to $4.2 billion, representing growth of about 7% at the midpoint. The company is also running ahead of its prior three-year, $1 billion cost-reduction plan.
Corteva’s Buy Signal Meets Mixed Style ScoresThe bottom line is that Corteva’s two-engine model gives investors both technology-led Seed growth and Crop Protection volume leverage. The planned separation may sharpen that view by allowing the market to evaluate Vylor and the future Corteva separately.
CTVA currently carries a Zacks Rank #2 (Buy), which points to favorable near-term earnings estimate trends. That is a constructive signal for investors who rely on earnings estimate revisions over the next one to three months. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores are more mixed. CTVA has a Value Score of D, Growth Score of D and VGM Score of D, suggesting the stock does not screen well across those factors. Its Momentum Score of A aligns with recent outperformance, but the weaker Value, Growth and VGM scores argue for a balanced view.
The upcoming report from Corteva, Inc. (CTVA - Free Report) is expected to reveal quarterly earnings of $2.24 per share, indicating an increase of 1.8% compared to the year-ago period. Analysts forecast revenues of $6.62 billion, representing an increase of 2.6% year over year.
The consensus EPS estimate for the quarter has undergone a downward revision of 89.9% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific Corteva, Inc. metrics that are commonly monitored and projected by Wall Street analysts.
According to the collective judgment of analysts, 'Net Sales- Crop Protection' should come in at $1.93 billion. The estimate suggests a change of +0.5% year over year.
Analysts predict that the 'Net Sales- Seed' will reach $4.66 billion. The estimate suggests a change of +2.7% year over year.
The consensus among analysts is that 'Net Sales- Seed- Other oilseeds' will reach $223.97 million. The estimate indicates a year-over-year change of +20.4%.
The average prediction of analysts places 'Net Sales- Crop Protection- Herbicides' at $1.01 billion. The estimate indicates a year-over-year change of +1%.
The combined assessment of analysts suggests that 'Net Sales- Crop Protection- Insecticides' will likely reach $436.24 million. The estimate indicates a change of +0.1% from the prior-year quarter.
It is projected by analysts that the 'Net Sales- Crop Protection- Fungicides' will reach $326.08 million. The estimate points to a change of -4.7% from the year-ago quarter.
Based on the collective assessment of analysts, 'Net Sales- Crop Protection- Other' should arrive at $57.90 million. The estimate points to a change of +18.2% from the year-ago quarter.
The collective assessment of analysts points to an estimated 'Net Sales- Seed- Soybean' of $1.40 billion. The estimate indicates a year-over-year change of +11.2%.
Analysts forecast 'Net Sales- Seed- Corn' to reach $2.83 billion. The estimate points to a change of -4.4% from the year-ago quarter.
Analysts expect 'Net Sales- Seed- Other' to come in at $162.14 million. The estimate indicates a change of +21.9% from the prior-year quarter.
Analysts' assessment points toward 'Operating EBITDA- Seed' reaching $1.92 billion. The estimate is in contrast to the year-ago figure of $1.86 billion.
The consensus estimate for 'Operating EBITDA- Crop Protection' stands at $324.27 million. Compared to the present estimate, the company reported $334.00 million in the same quarter last year.
View all Key Company Metrics for Corteva, Inc. here>>>
Over the past month, shares of Corteva, Inc. have returned +5.1% versus the Zacks S&P 500 composite's +1.7% change. Currently, CTVA carries a Zacks Rank #2 (Buy), suggesting that it may outperform. the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Key Takeaways Corteva's Q2 EPS estimate is $2.22, up 0.91%, while revenues of $6.61B imply a 2.4% decline.Premium seeds, disciplined pricing and favorable product mix are expected to support Seed revenues.Productivity and lower input costs may cushion pricing, inflation and geopolitical pressures. Corteva, Inc. (CTVA - Free Report) is likely to witness growth in its top and bottom lines when it reports second-quarter fiscal 2026 results on July 30, after the opening bell. The Zacks Consensus Estimate for quarterly revenues is pegged at $6.61 billion, indicating a 2.4% dip from the prior-year quarter’s figure.
The Zacks Consensus Estimate for earnings is pegged at $2.22 per share, which indicates growth of 0.91% from the year-ago quarter’s registered numbers. The consensus mark has increased by 2 cents over the past 30 days.
CTVA delivered an earnings surprise of 27.1% in the last reported quarter. In the trailing four quarters, the company’s earnings beat the Zacks Consensus Estimate by 25.3%.
Key Factors to Influence CTVA’s Q2 ResultsCorteva's second-quarter 2026 performance is likely to have benefited from healthy demand across its Seed business, supported by favorable planting conditions in North America and continued adoption of premium seed technologies. Management indicated that farmers continued to prioritize high-yielding hybrids and trait technologies despite a cautious spending environment, with strong demand for Pioneer products, Brevant retail offerings and Enlist soybean technology. The company also noted that pricing discipline and favorable product mix across regions are expected to remain supportive of Seed revenues.
Crop Protection revenues are also likely to have benefited from continued volume growth, driven by robust demand for differentiated products and biological solutions. Corteva has been witnessing strong momentum in new products and spinosyn insecticides across regions, while management expects Latin America to remain a key growth driver. Increasing adoption of biological products, including Utrisha and BlueN, along with favorable pest pressure, is likely to have supported volumes during the quarter, partly offsetting ongoing pricing pressure in the Crop Protection business.
Margin performance is likely to have benefited from Corteva's continued focus on productivity initiatives and lower input costs. Management expects productivity gains across both the Seed and Crop Protection businesses, while lower seed commodity costs and improving royalty economics should continue to aid profitability. The company's progress toward becoming royalty-positive, coupled with disciplined cost management, is expected to have provided a meaningful cushion against higher selling expenses and ongoing investments in the business.
However, the quarter is likely to have been affected by persistent pricing pressure in Crop Protection, particularly in Latin America, amid a competitive market environment. In addition, higher oil prices, geopolitical uncertainties and inflationary pressures remain challenges, although management stated that tariff trends have been somewhat more favorable than previously anticipated and mitigation efforts are underway. While these headwinds are expected to have weighed on profitability, strong operational execution and resilient demand for Corteva's premium technologies are likely to have partly offset their impact.
What the Zacks Model Unveils for CTVAOur proven model conclusively predicts an earnings beat for CTVA this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is exactly the case here.
Corteva currently has an Earnings ESP of +4.81% and a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Valuation Picture of CTVA StockThe company has a forward 12-month price-to-earnings ratio of 22.73X, which is above the Agriculture - Operations industry’s average of 16.13X.
Image Source: Zacks Investment Research
The recent market movements show that CTVA shares have risen 11.8% in the past three months compared with the industry's 12.9% growth.
Image Source: Zacks Investment Research
Other Stocks With the Favorable CombinationHere are some other companies worth considering, as our model shows that these also have the right combination of elements to beat on earnings this reporting cycle.
Kimberly-Clark Corporation (KMB - Free Report) currently has an Earnings ESP of +1.43% and a Zacks Rank of 3. The Zacks Consensus Estimate for Kimberly-Clark’s upcoming quarterly revenues is pegged at $4.23 billion. The figure implies a 1.7% increase from the prior-year quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Kimberly-Clark’s quarterly earnings per share (EPS) is pegged at $2, indicating a 4.2% gain from the year-ago period figure. KMB delivered a trailing four-quarter earnings surprise of 19.1%, on average.
Archer-Daniels-Midland Company (ADM - Free Report) currently has an Earnings ESP of +11.52% and a Zacks Rank of 2. The consensus estimate for ADM’s quarterly revenues is pinned at $22.38 billion, which calls for 5.7% growth from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for Archer-Daniels’ quarterly EPS is pegged at $1.27, which implies a 36.6% rise year over year. ADM delivered a trailing four-quarter earnings surprise of 5.4%, on average.
Monster Beverage Corporation (MNST - Free Report) currently has an Earnings ESP of +2.61% and a Zacks Rank of 3. The consensus estimate for revenues is pinned at $2.42 billion, which suggests 14.5% growth from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for Monster Beverage’s quarterly EPS is pegged at 59 cents, which implies a 13.5% increase year over year. MNST delivered a trailing four-quarter earnings surprise of 9.6%, on average.
, /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) today announced its Board of Directors has authorized a common stock dividend of $0.18 cents per share, payable September 15, 2026, to the Company's shareholders of record on September 1, 2026.
EIDP, Inc. Announces Preferred Stock Dividend
The Board of Directors of EIDP, Inc. (formerly known as E. I. du Pont de Nemours and Company) (EIDP) declared regular preferred stock dividends of $1.12-1/2 per share on the $4.50 series preferred stock and $0.87-1/2 per share on the $3.50 series preferred stock – both payable October 23, 2026, to EIDP stockholders of record on October 2, 2026. EIDP, Inc. is a wholly owned subsidiary of Corteva, Inc.
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.
Corteva začleňuje Arginex Soy od Arevo do svého portfolia ošetření sójového osiva v Evropě. Produkt má zlepšit využití živin a podporovat raný růst plodin.
The partnership will help farmers in Europe improve nutrient use efficiency July 03, 2026 10:00 ET | Source: Arevo
UMEÅ, July 03, 2026 (GLOBE NEWSWIRE) -- Corteva, a global pure-play agriculture company, and Arevo, a Swedish science-led crop nutrition company, have announced a partnership on Arginex Soy, Arevo’s seed applied crop nutrition system.
Corteva and Arevo Partner on Soy Crop Nutrition
Arginex Soy is an innovative arginine1-based seed treatment designed to strengthen root systems, increase nodulation and improve soybean performance, offering growers a new way to boost yields and crop resilience while advancing more sustainable production practices.
In soybeans, arginine helps stimulate the growth of root hairs, which are important for the formation of nodules where beneficial nitrogen-fixing bacteria take hold. This helps strengthen the plant’s natural ability to fix nitrogen and supports healthier root development and more efficient nutrient use from the earliest stages of growth.
Corteva is integrating the product, which is already available to farmers in Europe, into its soybean seed treatment portfolio to help get crops off to the best start.
The agreement follows a multi-stage technical evaluation assessing agronomic performance, formulation stability, and operational compatibility with Corteva’s existing soybean seed treatment portfolio.
The evaluation confirmed that Arginex Soy can deliver measurable crop performance benefits while fitting seamlessly into existing seed treatment processes, reducing barriers to adoption and enabling growers to access the technology through established commercial channels.
Leonardo Costa, EMEA Seed Applied Technologies Leader, Corteva Agriscience, said: “Rigorous evaluation has confirmed that Arginex Soy delivers the consistency and formulation stability required for Corteva’s seed applied technologies. This enables seamless integration into existing systems and provides farmers with a practical solution to support early crop establishment and improve nutrient use efficiency from the start.”
Niklas Åström, Chief Executive Officer, Arevo, said: “Being selected following this level of technical evaluation is an important milestone for Arevo. It confirms that Arginex can be integrated into established seed platforms.”
1 Arginine is an organic nitrogen source that plants absorb preferentially. Combined with phosphate, it forms a stable compound designed to remain available in the root zone over time.
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.
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July 3, 2026
™ ® Trademarks of Corteva Agriscience and its affiliated companies.
About Arevo
Arevo is a Swedish science-led crop nutrition company. Its arginine-based technology, Arginex, is designed to enhance a plant’s natural ability to absorb nutrients and water, support beneficial soil microbes, and produce stronger, more resilient crops. Built commercially for agriculture, forestry and horticulture, Arevo’s mission is to reduce dependence on synthetic fertilisers and support more sustainable cultivation practices with zero nitrogen waste. Learn more at www.arevo.se.
Corteva oznámila složení představenstva pro Vylor, budoucí samostatně obchodovanou firmu v oblasti pokročilých semen a genetiky. Oddělení zůstává na cestě ve 4. čtvrtletí 2026.
Karen Grimes to be Chair; separation on track for 4Q 2026
, /PRNewswire/ -- Corteva Inc. (NYSE: CTVA) announced today the board of directors for Vylor Inc., the future publicly traded, advanced seed and genetics company that will result from the current company's planned separation.
Karen Grimes will lead the board as Independent Chair. Grimes joined Corteva's board of directors in March 2021 and was previously senior managing director, partner, and equity portfolio manager at Wellington Management Company LLP, an investment management firm. She began her career as a field engineer in the Atlanta office at IBM after serving for three years in the U.S. Army. Grimes also serves as a director of Toll Brothers, Inc., a company that develops and builds luxury residential communities across the U.S., since March 2019.
"Vylor will be a company dedicated to leveraging its expertise in advanced seed and genetics to help farmers feed and fuel the world. I look forward to working with my fellow directors as well as the Vylor senior management team to accelerate the company's growth and impact – and continue to deliver results for shareholders," said Grimes.
The appointments to the board of seven directors will be effective at separation, which remains on track for the fourth quarter of 2026. A search is ongoing for at least one additional board member.
The Future Vylor Board of Directors
Karen Grimes, retired partner, senior managing director and equity portfolio manager, Wellington Management Company, non-executive chair of the board Victor Aguilar, chief research, development and innovation officer, The Procter & Gamble Company Rajesh "Raj" Kalathur, Rajesh "Raj" Kalathur, former president, John Deere Financial, former chief information officer and chief financial officer, Deere & Company Marcos Lutz, chairman, former chief executive officer, Ultrapar Participacões S.A. Chuck Magro, future chief executive officer, Vylor Johannes "Jannie" J. Oosthuizen, executive vice president and president, oncology and MSD International, Merck & Co., Inc. Kerry Preete, retired executive vice president and chief strategy officer, Monsanto Company Vylor's innovation engine will be anchored in the agriculture industry's most elite germplasm and transformative biotech. The company will leverage its next generation scientific expertise in disciplines like gene editing and molecular breeding to further strengthen its core business while exploring opportunities to expand to new row crops – and potentially beyond. Vylor will scale these innovations using its leading routes-to-market and by significantly expanding its licensing business.
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 certain forward-looking statements. Words such as "will," "plan," "may," "expect," "see," and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, Corteva's intent to separate and its related expectations for Corteva and Vylor. These forward-looking statements reflect management's current expectations and are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Corteva's control.
Important factors that may affect Corteva's business and operations and that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, whether the objectives of the separation will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the separation; the timing of any such separation or related action and whether any such separation will be consummated at all; the risk that the announcement of the intended separation could have an adverse effect on the ability of Corteva to retain and hire key personnel and maintain relationships with customers, suppliers, employees, shareholders and other business relationships and on its operating results and business generally; the risk the separation could divert the attention and time of the company's management; the risk of any unexpected costs or expenses resulting from the separation process or separation itself; and the risk of any litigation relating to the separation, as well as the risks and uncertainties described in Corteva's risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission. Corteva disclaims and does not undertake any obligation to update, revise, or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation.