Risk Reward Update

Research evidence excerpt

Risk Reward Update

UpdateM

Risk Reward – DuPont De Nemours Inc. (DD.N)

KEY EARNINGS INPUTS CATALYST CALENDAR

Drivers 2025 2026e 2027e 2028e Date Event Source: Refinitiv, Morgan Stanley

03 Aug 2026 -

Total Company EBITDA ($, mm) 3,388 1,916 2,020 2,061 Q2 2026 Dupont De Nemours Inc Earnings Release

07 Aug 2026

Electronics & Industrials Operating 04 Nov 2026 - 1,535 NA NA NA Q3 2026 Dupont De Nemours Inc Earnings Release EBITDA ($, mm) 09 Nov 2026

Water & Protection Operating

1,993 2,096 2,200 2,241

EBITDA ($, mm)

Total Company Sales Growth ($,

0 (0) 0 0

mm)

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Demand recovery in key end markets (heath RISKS TO UPSIDE FY Dec 2026e

care, industrial, building & construction and Healthcare innovation / new business wins 1,745 water) Water treatment growth &/or water bolt-ons EBITDA

Capital deployment (e.g., M&A or further ASR Building & Construction recovery ($, mm) 1,737 1,763

announcements) PFAS State AG &/or personal injury 1,751

PFAS litigation developments settlements

7.09

RISKS TO DOWNSIDE EPS

6.99 7.35GLOBAL REVENUE EXPOSURE Macro conditions, particularly weak ($) 7.16

0-10% Latin America construction stifling Building Technologies

0-10% Mainland China growth

APAC, ex Japan, Mainland Cost inflation not covered by surcharges; raw Mean Morgan Stanley Estimates 10-20% China and India material availability Source: Refinitiv, Morgan Stanley Research

20-30% Europe ex UK Adverse developments in PFAS personal injury

40-50% North America litigation

Source: Morgan Stanley Research Estimate

View explanation of regional hierarchies here OWNERSHIP POSITIONING

MS ALPHA MODELS HF Sector Long/Short Ratio 2%

HF Sector Net Exposure 5.2x

5/5 24 Month 1/5 3 Month Source: Morgan Stanley Prime Brokerage. Includes