Corteva details crop protection performance after desiccation

Corteva reported net sales of US$3,851 billion in its crop protection business during the first half of 2026. Operating EBITDA reached US$815 million, with a margin of 21,2%. Herbicides accounted for US$1,959 billion. Latin America generated US$861 million in sales. The new data is included in the report presented by the company after its separation from Vylor.

Performance surpasses sales of US$3,731 billion recorded in the first half of 2025. In the same period of the previous year, operating EBITDA totaled US$731 million and the margin reached 19,6%. Corteva presents operating EBITDA as a financial measure not based on US accounting principles.

Profit from continuing operations after tax fell from $318 million to $211 million between the two periods. The company recorded $229 million in significant pre-tax items in the first half of 2026. This amount included $108 million in restructuring and asset expenses and $121 million in estimated settlements in lawsuits related to an investigation by the U.S. Federal Trade Commission (FTC).

Recipe composition

The data also shows the composition of the new Corteva's revenues. Herbicide sales fell from US$1,855 billion to US$1,959 billion between the first halves of 2025 and 2026. Insecticides remained relatively stable, at US$772 million in 2025 and US$776 million in 2026. Fungicides decreased from US$646 million to US$597 million. Biologicals fell from US$181 million to US$156 million. Other products increased from US$277 million to US$363 million.

Latin America expanded its sales and share of the business. Regional sales increased from US$818 million to US$861 million during the period, and the region's share of the total rose from 21,9% to 22,4%. Europe, the Middle East, and Africa advanced from US$1,146 billion to US$1,211 billion. Asia-Pacific increased from US$450 million to US$481 million. North America declined from US$1,317 billion to US$1,298 billion.

Latin America's weight is also evident in the annual figures. The region accounted for US$2,426 billion of crop protection sales in 2025. In 2024, the value reached US$2,289 billion. North America led in 2025, with US$2,866 billion. Europe, the Middle East, and Africa totaled US$1,662 billion. Asia-Pacific accounted for US$886 million.

Consolidated figures for 2025

In 2025, the crop protection operation generated US$7,840 billion in revenue. This surpassed the US$7,553 billion of 2024, but remained below the US$8,070 billion of 2023. Net income attributable to the new Corteva reached US$560 million. In 2024, the business had recorded a loss of US$35 million. Research and development expenses totaled US$479 million in 2025.

Operating EBITDA for 2025 reached US$1,486 billion. The margin was 19%. In 2024, the indicator had reached US$1,316 billion, with a margin of 17,4%. In 2023, it totaled US$1,465 billion and a margin of 18,2%.

Accounting peculiarity

The document also clarifies a particular accounting aspect of the separation. Vylor was treated as the accounting successor of the former Corteva, despite being a separate company in terms of its legal operation. Therefore, the historical consolidated financial statements of the former Corteva became part of Vylor's financial history. The financial statements of the new Corteva, dedicated to crop protection, were prepared using the historical accounting records of the former Corteva. Because they use different accounting bases, these figures differ from the results previously released for the segment.

This methodology requires caution when comparing the numbers. The crop protection business operated as a segment of Corteva before the spin-off. The combined financial statements include revenues and costs attributable to the activity and corporate expense allocations. The company itself acknowledges the possibility of differences compared to the costs of an independent operation. The future structure will have its own expenses for functions such as senior management, finance, information technology, legal, benefits administration, treasury, risk management, and purchasing.

Historical relationship

The documentation also quantifies the historical relationship between crop protection and seeds. In the first half of 2026, the new Corteva sold US$122 million in seed treatment products to the seed segment of the former company. In the same period of 2025, these sales totaled US$102 million. After the split, commercial agreements will govern part of this relationship between Corteva and Vylor.

The pro forma financial structure shows another relevant change. The exercise considers US$3,058 billion in cash and cash equivalents after separation adjustments. Short-term loans would fall from US$3,092 billion in the historical balance sheet as of June 30 to US$70 million. Long-term debt would stand at US$943 million. Total assets would reach US$21,135 billion and total equity, US$12,921 billion. These figures are for illustrative purposes only and do not represent a forecast of future results.

The financial reorganization took into account the receipt of US$3,499 billion from Vylor. The operation also involved the planned repayment of US$2,422 billion in commercial paper and US$600 million used in a 364-day revolving credit facility. EIDP, a subsidiary of the new Corteva, also issued US$700 million in bonds maturing in 2036.

Restructuring programs

The new Corteva still maintains two restructuring programs. One of them, approved in March 2026, involves staff reductions in commercial and support areas. The company recorded US$45 million in related expenses in the first half of the year. The program anticipates total charges between US$40 million and US$50 million. Completion remains scheduled for December 2026.

Another program targets the crop protection production network. The plan includes ceasing production activities in Pittsburgh, California, as well as closing selected lines in other units. In June 2026, Corteva added its intention to end production activities in Asturias, Spain. This measure is contingent upon consultation with worker representatives. The company estimates accumulated charges between US$720 million and US$783 million. By the end of the second quarter of 2026, it had already recognized US$646 million. The program's actions are expected to continue until the end of 2028.