DuPont Amid Economic Transformation: New Consumption + Minimalism

• From 2020 to 2021, the net sales of DuPont’s major business segments accounted for relatively balanced shares of the company’s total sales, rendering the overall business less vulnerable to sudden disruptions in any single segment. • Net sales in the Asia-Pacific region accounted for 48% of DuPont’s total net sales; thus, corporate revenue is significantly influenced by economic developments in the Asia-Pacific region. 2. Profitability • Income from continuing operations in Q4 2021 amounted to $266 million, up 18% year-on-year; full-year 2021 income from continuing operations totaled $1.804 billion, up 175% year-on-year. • Net income in Q4 2021 was $447 million, up 14% year-on-year; full-year 2021 net income reached $6.545 billion, up 323% year-on-year. • Diluted earnings per share (EPS) from continuing operations under GAAP were $0.60 in Q4 2021, up 22% year-on-year; full-year 2021 GAAP EPS from continuing operations was $3.23, up 198% year-on-year. 3. Balance Sheet • As of December 31, 2021, DuPont’s debt-to-asset ratio stood at 41%, down 4 percentage points year-on-year; total assets declined by 36% year-on-year. III. Analytical Perspectives DuPont Executive Chairman and CEO Ed Breen stated: “In an environment marked by unprecedented global supply chain challenges and persistent inflation, our Q4 financial performance reflects disciplined focus on pricing actions and operational excellence.” Leveraging strong demand in electronics and water conservation markets, DuPont offset sustained raw material inflation through strategic price increases and supply chain stabilization—largely safeguarding its Q4 performance. On November 2, 2021, DuPont announced it had entered into a definitive agreement to acquire Rogers Corporation (NYSE: ROG). DuPont Executive Chairman and CEO Ed Breen commented: “Rogers is a results-driven organization with exceptional technical expertise and deep customer relationships—highly aligned with DuPont’s leadership in innovation and applied materials science. Integrating Rogers with our Electronics and Industrial businesses further strengthens our market-leading portfolio and capabilities, enabling new solutions for exciting end markets.

Raw Material Prices Up 40%, Yet DuPont Raises Full-Year Targets—What Justifies Specialty Plastics’ Price Hikes?

Faced with this situation, DuPont’s response has been direct: passing on approximately $90 million in incremental costs entirely to downstream customers via surcharges and price increases—and expecting full cost recovery starting in Q2. CFO Antonella Franzen explicitly stated on the earnings call that roughly 1% of full-year organic growth would stem from pricing actions, fully offsetting rising input costs. Notably, this is not ordinary “demand-driven” price inflation, but rather a deeper risk-cost transfer mechanism: when the entire cost structure faces uncertainty, large-scale materials suppliers reallocate risk through commercial terms—and that reallocation flows downstream. What does this mean for downstream procurement? In future material quotations, terms such as “temporary surcharge,” “energy surcharge,” “logistics surcharge,” and “raw material volatility adjustment” will become increasingly common. The traditional procurement model—negotiating fixed prices quarterly or annually—is giving way to more flexible, dynamic pricing mechanisms—a trend especially pronounced in the specialty materials sector. Specialty Plastics: Structural Advantages Amid Cost Shocks Not all materials companies possess the confidence to raise prices. DuPont can do so because it sells not commodity materials, but specialty materials. Looking at DuPont’s Q1 segment performance: the Healthcare & Water Technologies segment posted net sales growth of 5.6% to $806 million, strongly supported by medical packaging and biopharmaceutical markets; the Multi-Industrial segment saw sales rise 3% to $875 million, driven by robust aerospace and automotive demand. A shared feature of both segments is that customers prioritize performance, certification, and supply stability far more than price sensitivity. Source: DuPont This stands in stark contrast to the position of commodity chemical producers. Standardized general-purpose materials—such as PE and PP—have abundant substitutes; customers can readily switch suppliers, meaning price hikes risk losing orders. Specialty materials operate under the opposite logic: once certified and embedded in a customer’s supply chain, switching entails prohibitively high costs—granting suppliers natural pricing power. In April this year, DuPont sold its aramid business to Arclin for $1.8 billion, further sharpening its portfolio toward high-value-added, high-margin, resilient businesses. This move, coinciding with its pricing strategy, signals DuPont’s clear understanding: in an era of cost volatility, a company’s survival quality hinges on where it sits along the value chain. The ‘Moat’ Behind Specialty Plastics The ability of specialty materials to pass on cost increases is fundamentally a structural advantage—one rooted in three core sources. First, certification barriers. Certification cycles for materials used in healthcare, aviation, semiconductors, and new energy sectors often span one to three years—or even longer. Once a given material passes final-product validation, customers rarely switch—because doing so means repeating the entire certification process, entailing enormous time and R&D investment. Second, irreplaceable performance. Consider several widely used specialty engineering plastics in the plastic compounding industry: PEEK’s (polyether ether ketone) exceptional heat resistance, chemical corrosion resistance, and mechanical strength; LCP’s (liquid crystal polymer) outstanding dielectric properties and dimensional stability; PVDF’s ultra-high purity and corrosion resistance—none of these materials have economically viable commodity alternatives in extreme application environments.

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