Corteva raises full-year guidance as seed sales offset crop protection pricing
The agricultural company projected full-year operating EBITDA between $4.1 billion and $4.3 billion in a July update.
Corteva (CTVA), the agricultural chemical and seed company, raised its full-year 2026 guidance in July, projecting operating EBITDA in the range of $4.1 billion to $4.3 billion and operating earnings per share of $3.60 to $3.80.
Net sales for the first half of 2026 increased 4% year over year, while organic sales rose 2%. The growth was split across the company's primary segments. Organic sales for the seed business increased 3%, driven by a 3% increase in price and mix while volumes remained flat.
Crop protection organic sales decreased 1% during the same period. A 2% increase in volume was offset by a 3% decline in pricing.
The company is managing a separation of its business units. Vylor, the seed business, targets a post-separation debt-to-EBITDA leverage ratio of approximately 0.8x to 1.1x as of December 31, 2026, with a long-term target not to exceed 2.5x. The crop protection business, which will operate as New Corteva, targets a long-term post-separation credit profile with a debt-to-EBITDA leverage ratio not to exceed 2.0x.
Corteva also extended the expiration date for its EIDP Notes exchange offers and consent solicitations from September 3, 2026, to September 29, 2026. Early tender results as of August 19, 2026, showed valid tenders reached 86.33% for 2.300% Senior Notes due 2030, 93.69% for 5.125% Senior Notes due 2032, and 87.48% for 4.800% Senior Notes due 2033.