...December 11, 2024 We expect EBITDA margins will remain flat in 2024, and then expand 200 bps-300 bps total over the next three years. We forecast EBITDA and EBITDA margins will end the year around $3.4 billion and 20%, respectively, which is in line with 2023 levels. Since its spin-off, Corteva has realized about 300 bps of EBITDA margin improvement. Given this track record, and the company's controllable profitability initiatives, we expect margins in both of Corteva's businesses will improve over the next three years despite stable agriculture market fundamentals. We assume acres planted remain relatively flat in 2025, with seed EBITDA margins improving toward 27% as a result of higher pricing from new product and technology introductions, lower net royalty expense (we assume $50 million in 2025), and raw material deflation from declining commodity seed costs. In crop protection, while we believe the global market will remain highly competitive with continued pricing pressure in non-specialized...
