DuPont de Nemours : First Quarter 2024 Earnings Presentation

1Q 2024 Financial Results

May 1, 2024

Non-GAAPFinancial Measures: Unless otherwise indicated, all financial metrics presented and discussion of results reflect continuing operations only.

This communication includes information that does not conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont's management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP, and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Non-GAAP measures included in this communication are defined below. The Company has not provided forward-looking U.S. GAAP financial measures or a reconciliation of forward-lookingnon-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of certain future events. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period. Reconciliations for these non-GAAP measures to U.S. GAAP are provided on pages 18-22 of this communication and in the Reconciliation to Non-GAAP Measures on the Investors section of the Company's website.

Indirect costs, such as those related to corporate and shared service functions previously allocated to the Delrin® Divestiture, do not meet the criteria for discontinued operations and were reported within continuing operations in the respective prior years. A portion of these historical indirect costs include costs related to activities the Company is undertaking on behalf of Delrin® and for which it is reimbursed ("Future Reimbursable Indirect Costs"). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs is not subject to future reimbursement ("Stranded Costs"). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA.

Adjusted Earnings (formerly referred to as "Adjusted results") is defined as income from continuing operations excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits ("OPEB") credits / costs and Future Reimbursable Indirect Costs. Adjusted Earnings is the numerator used in the calculation of Adjusted EPS, as well as the denominator in Adjusted Free Cash Flow Conversion.

Adjusted EPS is defined as Adjusted Earnings per common share - diluted. Management estimates amortization expense in 2024 associated with intangibles to be about $600 million on a pre-tax basis, or approximately $1.10 per share.

The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items.

Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales.

Significant items are items that arise outside the ordinary course of the Company's business that management believes may cause misinterpretation of underlying business performance, both historical and future, based on a combination of some or all of the item's size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance.

Organic Sales is defined as net sales excluding the impacts of currency and portfolio.

Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity. As a result, adjusted free cash flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company's primary source of liquidity, cash provided by operating activities from continuing operations. Management believes adjusted free cash flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. Management notes that there were no exclusions for items that are unusual in nature and/or infrequent in occurrence for the three-month periods ended March 31, 2024 and March 31, 2023.

Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted Earnings. Management uses Adjusted Free Cash Flow Conversion as an indicator of our ability to convert earnings to cash. The Company updated its definition of Adjusted Free Cash Flow Conversion in the fourth quarter 2023 and all periods were recast to reflect the change. Refer to Reconciliation to Non-GAAP Measures under the Events & Presentation tab on the Investors section of the Company's website for the recast information.

Capitalized terms not defined above are defined in the Overview and Cautionary Statement about Forward-Looking statements included at the end of this presentation.

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1Q 2024 Highlights

		1Q 2024		1Q 2023
		Actuals		Actuals
Net Sales		$2.9 B
		$3.0 B
Operating		$682 M
		$714 M
EBITDA
Adjusted		$0.79		$0.84
EPS

• 3% sales decline YoY; channel inventory destocking has bottomed in industrial-basedend-markets
• Continued recovery within electronics markets; 11% YoY volume growth in Semiconductor Technologies and mid-singledigit volume growth in Interconnect Solutions
• Operating EBITDA down versus year-ago period on lower volumes
• Raising full year 2024 guidance for net sales, operating EBITDA and adjusted EPS
• Adjusted free cash flow and related conversion up significantly
  YoY

Adjusted		$286 M		$173 M	 $500 million ASR transaction launched in February completed in
FCF
				April

Expect sales and earnings improvement over the balance of the year

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Focused on Five Growth Areas

Innovation-based growth aligned with key global macro themes

Electronics

% Net29% Sales1

• Data centers / AI
• Consumer electronics
• Telecommunications

Near-Term

Market Early stages of market

Outlookrecovery

Water

12%

• Water filtration

Destocking bottomed with recovery expected later in 2Q'24

	Protection			Industrial
			Technologies
	21%			28%
	Personal protection		Healthcare
	Aerospace
	Construction
	General industrial

Destocking complete;	Destocking bottomed; medical
expect LSD growth for '24 packaging recovery expected
in construction	later in 2Q'24 with biopharma
	recovery by year-end

Next Generation

Automotive

10%

• Electric/hybrid vehicles
• Other advanced mobility

Demand stable; strong

growth in EV

(1) Reflects estimated end-market exposure based on 2023 net sales on a continuing operations basis.

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1Q 2024 Financial Highlights

NET SALES		ORGANIC
$2.9 billion		SALES
-3%		-6%

• Volume -5% due to continued industrial inventory destocking, partly offset by strong growth in electronics markets
• Price -1%: predominantly in E&I (pass through metals price)
• Portfolio +4%: Spectrum acquisition
• Currency -1%:JPY and CNY
• Organic Sales by Segment:
• • W&P -10%
  • E&I -2%
  • Corporate +1%
• Organic Sales by Region:
• • EMEA -8%
  • U.S./Canada -7%
  • Asia Pacific -4%

OPERATING		ADJUSTED		OPERATING
EBITDA		EPS		CASH FLOW
$682 million		$0.79 / share		$493 million

• Operating EBITDA down 4% YoY as volume declines were partially offset by lower product costs and the earnings contribution from the Spectrum acquisition
• Operating EBITDA margin of 23.3%, down 40 basis points YoY
• Adjusted EPS down 6% YoY
• Cash provided by operating activities from continuing operations of $493 million and CapEx of $207 million resulted in adjusted free cash flow (FCF) from continuing operations of $286 million
• • Adjusted FCF increased 65% YoY
  • Adjusted FCF conversion of 86%; significant YoY improvement

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1Q 2024 Adjusted EPS Bridge

Segment Results

($0.05)

-6%

$0.79

$0.84

₋	Volume	₊ Share	₋ Interest	₋	Depr(1)
₊	Lower product costs	repurchases	expense net		($0.02)
+$0.06	₋
₊	Spectrum	of interest	Tax rate
	income
			($0.04)	₊	($0.01)
			EGL/NCI(1)
					+$0.01

1Q 2023	Segments	Share	Interest, net	Other	1Q 2024
Adjusted EPS	Count	Below-the-	Adjusted EPS
				Line
1)	Depr = Depreciation, EGL = Exchange gains (losses), NCI = Non-controlling interest.			6

Electronics & Industrial

1Q Net Sales

Vol (-1%), Price (-1%), Currency (-1%), Portfolio (+8%)

+5%

Millions	$1,365
$1,296
$ in			Organic
		Growth
	-2%

1Q Operating EBITDA

1Q 2024 YoY Highlights

• Organic sales(1) by line of business:

• Semiconductor Technologies sales up 10% driven by the start of

semiconductor demand recovery and normalization of customer inventory

levels, along with increased demand for OLED materials

• Interconnect Solutions sales up slightly as mid-single digit volume gains

were mostly offset by the impact of lower pass-through metals prices

$ in Millions

500

400

300

200

100

0

$362

$374

40%

34%

28%

22%

Margin

• Industrial Solutions sales down about 20% due primarily to Kalrez®

parts and Liveo biopharma product inventory destocking

• Operating EBITDA increased as strength in Semiconductor Technologies and

Interconnect Solutions and the earnings contribution from the Spectrum

acquisition was partially offset by the impact of lower volumes

1Q231Q24

(1) During the first quarter 2024, the Company realigned the management and reporting structure of certain product lines within the three E&I lines of business. Line of
business revenue amounts for historical periods have been recast to conform to the new structure. See slide 15 for further detail on the realignments.	7

Water & Protection

1Q Net Sales

Vol (-10%), Price (0%), Currency (-1%), Portfolio (0%)

Millions					-11%
$1,449
$in			Organic	$1,291
		Growth-
	-10%

					1Q Operating EBITDA
	400												33%
Millions	320												Margin
			$344
in	240							$295				27%
160											21%
$	80
	0											15%
				1Q23				1Q24

1Q 2024 YoY Highlights

• Organic sales by line of business:
• • Safety Solutions sales down low-teens on volume declines driven mainly by channel inventory destocking, most notably for medical packaging products
  • Water Solutions sales down mid-teens driven by lower volumes resulting from distributor inventory destocking and weaker industrial demand in China
  • Shelter Solutions sales flat with expected sequential lift in 2Q'24 driven by seasonality
• Operating EBITDA decreased due to lower volumes partially offset by the impact of lower product costs

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2Q and FY 2024 Guidance

		2Q 2024				FY 2024
Net Sales ~ $3.025 billion			$12.1 - $12.4 billion
		(Prior: $11.9 - $12.3 billion)
Operating	~ $710 million			$2.9 - $3.05 billion
EBITDA			(Prior: $2.8 - $3.0 billion)
Adjusted	~$0.84
		$3.45 - $3.75
EPS(1)				(Prior: $3.25 - $3.65)

Key Assumptions

• Continued electronics recovery and expected abatement of channel inventory destocking in industrial-based businesses as year progresses
• Sequential sales and operating EBITDA improvement expected in 2Q'24 driven by continued electronics recovery, favorable seasonality and initial recovery in water and medical packaging markets
• YoY sales and earnings growth expected in 2H'24 driven by further electronics market recovery and a return to volume growth in W&P

Raising full year 2024 guidance; sequential improvement expected in 2Q'24

Note: Segment expectations and additional modeling guidance included on slides 13 and 14, respectively.
(1) Assumes the $1 billion share repurchase program announced in February is substantially complete by the end of 2024.	9

2024 Sustainability Report Highlights

Innovate

• 80% of our innovation portfolio

value is expected to deliver sustainability value for our customers in areas such as advanced computing, vehicle electrification, and water purification.

Received seven R&D 100 and Edison Awards for products that enable positive sustainability benefits for customers.

Recognized as Best ESG Partner by Samsung Electronics and received eight additional supplier of the year awards from semiconductor customers for achievements in innovation and sustainability.

Protect

Achieved our safest year on record for employee and contractor safety.

58% reduction of Scope 1 and 2

emissions from a 2019 baseline outperforming expectations of the Paris Accord goals.

60%of our energy to power our

operations is from renewable sources1 . 40 sites operating with 100% renewable electricity1

39%reduction of scope 3 emissions from

purchased goods and services and end of life of sold products from the 2020 baseline.

Empower

Achieved significant gains on DEI dimension score on our annual IMPACT survey with

82% of employees reporting DuPont has an inclusive environment.

Strengthened pipeline of diverse talent with targeted and high impact programs.

89%of employees responding to annual IMPACT survey say they do work that matters.

>880 Community projects funded

with more than 580 non-profit partners across 57 countries. Impacted more than 5.7 million lives since 2019.

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1 - Including from purchased renewable energy credits (RECs)