Track market-moving stories before they get noisy

On October 1, 2026, Corteva Inc. (NYSE:CTVA) completed the spin-off of its seed operating segment into Vylor Inc. (NYSE:VYLR) through a pro rata distribution to holders of record as of the close of business on September 24, 2026. Shareholders received one VYLR share for each CTVA share held. The distribution is tax-free for U.S. federal income tax purposes, except for cash in lieu of fractional shares.

Corteva keeps the Crop Protection business under the CTVA ticker. It is now a pure-play crop protection company, #4 globally, with one of the industry’s largest biologicals businesses. Vylor holds the Seed business, anchored by Pioneer, Brevant and Enlist. On FY2025 pro forma figures, Vylor is the larger and higher-margin entity, with $10.1billion revenue and $2.6 billion adjusted EBITDA (25.6% margin). Crop Protection posted $7.5 billion revenue and $1.35 billion EBITDA (18.0%).

The trading mechanics matter for the first-day numbers. Corteva determined there would be no “when-issued” trading in Vylor common stock or “ex-distribution” trading in Corteva common stock ahead of the distribution. As a result, October 1 was the first true price discovery for each standalone entity. That partly explains the volatility in the parent.

Index ReshuffleVylor joined the S&P 500 effective October 1, 2026, taking Corteva’s slot. Post spin, Corteva is scheduled to move to the S&P MidCap 400 effective October 6, replacing Olin Corp. (OLN). In our view, this is the most important near-term technical for CTVA. S&P 500 trackers received VYLR in the distribution and must exit their CTVA position. MidCap 400 trackers, the natural buyers, manage a much smaller asset base.

Consolidated Performance: Value Created, Mostly Before the SplitOn a combined basis (1 CTVA + 1 VYLR), the holder of one pre-spin Corteva share is well ahead of the market since the October 2025 announcement:

The separation itself also added a modest amount of value. CTVA’s prior close before the spin was $77.65. Against that, the combined position closed at $78.85 on day one (+1.5%) and $79.54 on day two (+2.4%). In our view, the bulk of the re-rating happened during the 12-month run-up as investors priced in a pure-play seed franchise, and the market has broadly endorsed the break-up since completion.

Individual Performance

On the first day of regular-way trading (Oct 01, 2026), the parent lost -12.95% while the spin-off gained 0.42%.

Vylor traded like a quality S&P 500 compounder from the open. Corteva traded like a classic orphaned parent. It lost 17.5% in two sessions and now accounts for just 15% of the combined enterprise value, despite generating 32% of combined FY2027E EBITDA.

We attribute the CTVA weakness mainly to technical and positioning factors rather than fundamentals. First, the stock faces index-driven selling ahead of its S&P 500 exit. Second, its market cap dropped from more than $50 billion to about $8 billion, which pushes it out of many large-cap mandates. Third, holders who owned Corteva for the seed franchise are now exiting. The parent also retains the majority of pension, PFAS, environmental and litigation liabilities, which some investors will avoid regardless of price. That said, pension risk has been materially reduced. Corteva contributed approximately $1.46 billion to its principal U.S. plan in June and July 2026.

ValuationWe value each company on FY2027E EBITDA using the multiple its standalone peer group would support.

New Corteva: 9.0x FY2027E EBITDA. This is a premium to the crop protection peer average of 6.7x (FMC, ADAMA, Nufarm, Bayer, UPL). We believe it is justified because about two-thirds of the portfolio is differentiated or patented product, biologicals are targeted to reach $1 billion by decade-end, at least seven new active ingredients are expected over the next decade (including Haviza, with >$0.5 billion peak sales potential), and the balance sheet sits in net cash of $630M pro forma. We expect the crop protection market to return to low-single-digit growth, with Chinese active-ingredient pricing firming into late 2026 and 2027.

Vylor: 15.0x FY2027E adjusted EBITDA. This is a premium to the seed peer average of 9.3x. We believe it is warranted by scarcity value as one of very few global pure-play advanced genetics companies, adjusted EBITDA margins heading above 28%, licensing turning royalty-positive in 2026, and optionality in hybrid wheat (2027 launch), gene editing and biofuels. Bayer’s 18.6x EV/EBITDA acquisition of Monsanto remains the upper anchor.

Our View. Vylor is the higher-quality asset as it is larger, faster-growing, higher-margin and offers relatively scarce pure-play exposure. At $67.62, however, the shares already imply a valuation above our target multiple, limiting near-term upside.

New Corteva is the more compelling post-spin opportunity, in our view. The company emerges as a differentiated crop-protection franchise with a net-cash balance sheet, yet is likely to face technical selling from index and mandate related repositioning. This could create an opportunity for investors to take positions at attractive entry price.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bank of America (BofA) keeps its 'buy' rating on Corteva Inc (NYSE:CTVA) and sets an $18 price target, citing new product launches and tighter 2027 agriculture markets.

Corteva, the US crop protection company, became a focused crop protection business on October 1, after separating its seed business into Vylor.

The analyst said the price target was adjusted to reflect the separation of Vylor and values Corteva at 8.5 times estimated 2027 EBITDA.

That multiple is below the 10.5 times 2026 EBITDA previously used for Corteva in a sum-of-the-parts valuation, which values each business separately.

The analyst assumes long-term debt of $868 million and a modest net cash position, and expects the investment-grade balance sheet to support further shareholder returns.

Management targets revenue growth of 3%, EBITDA growth of 6% and an EBITDA margin of about 18% by 2029, although the analyst takes a more conservative view.

The main concern is whether new products can offset sales lost as customers switch from older Corteva products, and pressure from competitors in the existing portfolio.

The analyst views Corteva's product pipeline favorably, expecting it to broaden the portfolio and replace some legacy molecules as insect pressure and herbicide resistance increase.

Fungal diseases are also hard for seed traits to address, which leaves room for new crop protection products.

Poor farm economics and dry weather could leave inventories elevated in some markets as 2026 ends.

Tighter grain markets in 2027 could lift global volumes, and the analyst expects product launches to gain momentum into 2028.

Corteva also has significant exposure to the grain cycle, which the analyst sees as supportive as the outlook for agricultural markets in 2027 becomes more bullish.

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Corteva CTVA shares are undergoing a massive price adjustment on October 1st, plunging rather sharply after the market opened.

While a glance at CTVA stock might look alarming, the crash isn’t because of a sudden operational collapse or unexpected earnings miss.

Instead, it marks the planned execution of a major corporate restructuring.

Corteva officially completed the separation of its massive seed and advanced genetics division into a newly independent, publicly traded enterprise, shedding massive market value to form a standalone agriculture powerhouse.

The main force driving Corteva stock price down today is the official debut of Vylor Inc. (VYLR) on the New York Stock Exchange.

By spinning off its advanced seed and genetics division, Corteva transferred a substantial portion of its total enterprise capitalization into the new entity.

Under the terms of the split, Corteva shareholders of record as of September 24 received pro-rata VYLR common shares while keeping their existing CTVA stakes.

The resulting price drop in Corteva reflects this equity transfer rather than an actual loss of wealth, as investors' combined holdings across CTVA and VYLR preserve their underlying portfolio value.

The transaction almost faced a last-minute disruption after the State of California filed a motion for a temporary restraining order – alleging the spin-off was designed to shield valuable seed assets from historical environmental liabilities related to PFAS chemicals.

However, on September 30, a US District Court denied California’s motion, arguing the state had waited until mere days before closing despite knowing about the plans for nearly a year.

This critical legal clearance removed the final obstacle blocking the corporate separation, allowing Corteva and Vylor Inc. to execute the stock distribution as scheduled on October 1 without lingering regulatory delays.

With the Vylor separation complete, Corteva Inc emerges as a lean, pure-play global leader in crop protection.

For long-term investors, today’s crash offers a fresh baseline valuation to evaluate the streamlined business.

CTVA shares now focus entirely on high-margin crop protection solutions – backed by $11 billion innovation pipeline that has consistently delivered margin expansion.

Meanwhile, risk-tolerant growth investors can look toward Vylor stock for direct exposure to next-generation hybrid technologies and agricultural gene editing.

Rather than signaling fundamental distress, Corteva’s post-spin profile presents a compelling entry point for investors seeking stable, innovation-driven exposure to crop health and agricultural inputs

Note that Wall Street firms also currently have a consensus Overweight rating on CTVA, signaling continued confidence in what the future holds for the agri-science company.

A rather lucrative 5.92% dividend yield tied to the NYSE-listed firm makes it even more attractive as a long-term holding heading into next year (2027).

, /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) and Inari, the SEEDesign™ company, announced they have reached a confidential settlement agreement to resolve the lawsuit filed by Corteva in September 2023 that was pending in the United States District Court for the District of Delaware.  As part of the settlement, Inari has agreed to destroy Corteva material it accessed from seed depositories and material developed from the deposits and assign to Corteva the intellectual property related to its edited versions of Corteva events. In addition, Corteva and Inari have agreed to negotiate certain licensing arrangements. Other terms of the settlement are confidential.

Global patent and plant variety protection systems that protect agricultural innovation help promote continued investment, competition and collaboration in the development of improved seed products that benefit farmers. Patent depositories and their procedures on access to biological material serve an important function as part of these systems.

The rulings in this case reinforce applicable rights with respect to seed deposits. Corteva and Inari agree that it is important to abide by applicable patent and other laws and contracts relating to deposited materials. 

The case is Corteva Agriscience LLC, Pioneer Hi-Bred International, Inc., and Agrigenetics, Inc. v. Inari Agriculture, Inc. and Inari Agriculture NV, C.A. No. 23-1059 (JFM).

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.

About Inari

Inari is the SEEDesign™ company, revolutionizing plant performance with high-impact, high-value solutions for broadacre crops. At its core is the AI-enabled SEEDesign™ Platform, the industry's most sophisticated performance accelerator integrating breakthroughs in genomics, machine learning and gene editing technology to deliver ROI from the lab to the field. Founded by Flagship Pioneering in 2016, Inari is based in Cambridge, Mass., with additional sites in West Lafayette, Ind., and Ghent, Belgium. Inari brings together a global team of more than 200 employees dedicated to solving the critical issues of food security and sustainability. To learn more, visit Inari.com.

SOURCE Corteva Agriscience

Corteva, Inc. (CTVA) Analyst/Investor Day September 15, 2026 1:00 PM EDT

Company Participants

Rafa Soares
Luther Kissam - Chief Executive Officer of Crop Protection Business
Reza Rasoulpour
Brook Cunningham - Senior VP & President of Corteva Asia-Pacific
Ralph Ford
Jeffrey Rudolph - Senior VP & Chief Strategy Officer

Conference Call Participants

Christopher Parkinson - Wolfe Research, LLC
Kevin McCarthy - Vertical Research Partners, LLC
David Begleiter - Deutsche Bank AG, Research Division
Edlain Rodriguez - Mizuho Securities USA LLC, Research Division
Kristen Owen - Oppenheimer & Co. Inc., Research Division
Joshua Spector - UBS Investment Bank, Research Division
Frank Mitsch - Fermium Research, LLC
Arun Viswanathan - RBC Capital Markets, Research Division
Benjamin Theurer - Barclays Bank PLC, Research Division
Matthew DeYoe - BofA Securities, Research Division
Joel Jackson - BMO Capital Markets Equity Research
Jeffrey Zekauskas - JPMorgan Chase & Co, Research Division
Salvator Tiano
Patrick Fischer - Goldman Sachs Group, Inc., Research Division

Presentation

Rafa Soares

Good afternoon, and thank you for joining us. I'm Rafa Soares, Head of Investor Relations for Corteva. It's great to have you here today. We have prepared presentation slides to supplement our remarks during this meeting, which are posted on the Investor Relations section of the Corteva website and through the link to our webcast.

We will open this afternoon with remarks from Luke Kissam, Chief Executive Officer; Luke will be followed by Dr. Reza Rasoulpour, Chief Technology Officer; and Brook Cunningham, Chief Commercial Officer. After the short break, we will hear from Ralph Ford, Chief Integrated Operations Officer; and finally, Jeff Rudolph Chief Financial Officer, who will outline our financial framework. We will then conclude the day with a Q&A session with all the leaders.

During this meeting, 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

Launch of New Platforms to Outpace Industry and Deliver ~$500M Incremental Revenue by 2035

, /PRNewswire/ -- Ahead of its planned separation on October 1, 2026, Corteva, Inc. (NYSE: CTVA) today announced plans to ramp up the soybean strategy of Vylor, it's advanced seed and genetics spin-off, launching four new technology platforms by 2035, including a proprietary, next generation technology platform for Latin America that will include the broadest spectrum of insect control on the market while also delivering strong yields for farmers and significant licensing opportunities for Vylor.

Vylor's launches through the end of the decade and into the early 2030s – spanning insect and disease control as well as herbicide tolerance options – will outpace every other player in the market; when combined, they will cover 95% of its soybean business. Combined with its continually improving, elite genetics, Vylor aims to leverage these technology platforms to deliver global soybean market leadership by the mid-2030s.

"Vylor has earned its market leadership in North America with its safe, effective technology, and today, we are laying the foundation to maintain and expand that leadership. We aim to leverage our market-leading Enlist E3® technology* with herbicide tolerance innovations that cement our leadership in North America and, through our elite germplasm and effective, broad-spectrum insect control package in Latin America and accelerate growth through licensing," said Judd O'Connor, chief commercial and operations officer for the future Vylor.

In North America, Vylor will expand beyond its proven Enlist E3 technology and launch its next generation herbicide tolerance platforms as soon as early next decade in its suite of products, offering farmers both elite germplasm and full protection of its superior yield potential. This suite of product offerings will allow Vylor to maintain and expand its soybean leadership across North America.

In Latin America, Vylor will continue its Conkesta® E3® momentum through the end of the decade, then pivoting to a new platform by coupling its elite germplasm with groundbreaking, next-gen, proprietary broad spectrum insect control and proven herbicide tolerance. The company expects its insect control package, which will include industry-leading yield performance, to become the preferred solution in the region. This technology is simpler to breed, making it faster and more efficient to deploy as compared to others, and will drive the company's market leadership in Latin America. 

Vylor is also advancing two industry firsts: a first-generation product to combat Asian Soybean Rust and protect yield potential and a gene edited, multi-disease resistance soybean. These technology platforms, expected in the mid-2030s, will complement the company's germplasm gains and broaden the role of soybean technology beyond herbicide and insect traits alone.

Overall, Vylor's soybean strategy comprises two pillars:

Expand leadership by protecting the performance delivered by its elite germplasm coupled with gene editing and trait solutions on herbicide tolerance, disease and insect control; and Create a royalty-advantaged innovation engine that supports proprietary brands, licensing growth and sustained leadership. Vylor's leadership in soybeans is built on its elite germplasm and the success of its Enlist E3 franchise, which helped the company achieve and maintain the #1 position in North America in soybeans.

Cautionary and Forward-Looking Statements

Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: Corteva and its respective representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in the company's other filings with the Securities and Exchange Commission ("SEC"), and in presentations, reports or letters to its stockholders.

In some cases, the company identified these forward-looking statements by such words or phrases as "plans," "outlook," "will," "is designed to," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends," or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on the company's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of Corteva's Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2025 Form 10-K, the "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" sections of the preliminary information statement filed as Exhibit 99.1 to Vylor Inc.'s ("Vylor") Registration Statement on Form 10, as amended, and to similar risk factors and cautionary statements in all other reports and forms filed with the SEC.

We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. We specifically decline to undertake any obligation, and specifically disclaim any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.

Examples of forward-looking statements include, but are not limited to, Corteva's intent to separate and its related expectations for Corteva and Vylor, including the anticipated timing, attributes, performance and financial, competitive and other benefits of these and any other products in Vylor's pipeline. 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.

About Vylor

Vylor is an advanced seed and genetics company that has, for more than a century, been focused on delivering groundbreaking innovation to farmers. Anchored in the agriculture industry's most elite germplasm and transformative biotech, Vylor leverages its scientific expertise to deliver next generation technology to help farmers around the world boost yields. With its expertise in advanced science, leading routes-to-market and an expanding licensing business, Vylor drives value and delivers growth for farmers, customers and shareholders – and in doing so, helps feed, fuel and clothe the world. More information at vylor.com.

SOURCE Corteva Agriscience

Chemours (CC.N), DuPont (DD.N) and Corteva (CTVA.N) on Thursday reached a $455 million settlement with North Carolina and 11 ​local entities over PFAS contamination claims tied ‌to Chemours' Fayetteville Works plant and other historical discharges.

Lawsuits accusing major chemical companies of polluting U.S. drinking water ​with toxic PFAS chemicals — a group of ​pollutants referred to as "forever chemicals" — have led ⁠to settlements worth billions of dollars, including one struck by ​the three companies in New Jersey last year.

Payments ​will be made over 15 years, beginning within 30 days of the agreement's execution, and Chemours expects to pay ​about $50 million over the next 12 months, Chemours ​said on Thursday.

In line with a 2021 agreement among the ‌companies, ⁠Chemours will bear 50% of the settlement cost, while DuPont and Corteva will split the remainder.

The North Carolina agreement resolves lawsuits brought by the state ​and local ​governments excluded ⁠from the U.S. public water system class settlement approved in 2024.

It also covers ​North Carolina's claims over PFAS contamination ​unrelated ⁠to Fayetteville Works, including pollution linked to aqueous film-forming foam.

Chemours said the settlement recognizes progress under its ⁠2019 ​consent order with North Carolina, ​including investments to cut PFAS emissions and address off-site impacts.

, /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.

SOURCE Corteva Agriscience

, /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.

SOURCE Corteva Agriscience

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.

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.

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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.

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.

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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.

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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.

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.

Contact Information

Corteva Agriscience

József Máté, Head of Communications, EMEA

Mob: +41 79 597 2709

[email protected]  

Arevo

Ling Koay, Chief Marketing Officer

Mob: +46 72 237 8641
[email protected]

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.

Follow Corteva on Facebook, Instagram, LinkedIn and YouTube.

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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.

CEO of Arevo Niklas Åström

Press Inquiries

Ling Koay
ling.koay [at] arevo.se
https://arevo.se