Bayer Ag · XETR:BAYN
Bayer — Debt Investor Presentation (May 2025)
21 slides from Bayer's debt investor presentation, May 13, 2025
Slide 1: Debt Investor Information
Debt Investor Information Bayer AG May 13, 2025 Status: Q1 2025
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the ac
Slide 3: Global Leader in Health & Nutrition: Uniquely Positioned to Meet Basic Needs of Humankind
Global Leader in Health & Nutrition: Uniquely Positioned to Meet Basic Needs of Humankind Crop Science Net Sales Full Year 2024 • Global Ag Market & Adjacent Spaces expected to double to >€200bn1 by 2030 as rep4 • Innovative crop system solutions, holding #1 in Seed & Traits with leading Crop Protec
Slide 4: Global Pressures Underpin Our Mission and the Need for Innovation
Global Pressures Underpin Our Mission and the Need for Innovation P H A R M A C E U T I C A L S • C O N S U M E R H E A LT H • C R O P S C I E N C E AGING POPULATION GROWING POPULATION PRESSURE ON ECOSYSTEMS Megatrends People 60+ -20% through more than 2050 doubling1 +2.2bn +50% -17% 2016 2050 Peopl
Slide 5: Our 2030 Sustainability Targets Positively Contribute to Today's Pressing Challenges
Our 2030 Sustainability Targets1 Positively Contribute to Today’s Pressing Challenges Help more PEOPLE thrive Decrease ECOLOGICAL footprint Food Security: Climate neutrality4 in own operations Support 100m smallholder farmers in LMICs2 + reduced emissions in our supply chain 42% reduction target5 fo
Slide 6: 2024: Group Performance
2024: Group Performance in €bn FY 2023 FY 2024 ∆% yoy Net Sales 47.6 46.6 +1% cpa Currency headwind of ~€1.3bn (-2% rep) EBITDA 11.7 10.1 -14% Lower Crop Science and Reconciliation result; before special items currency headwind of ~€0.6bn Core EPS 6.39 5.05 -21% Lower EBITDA before special items; (i
Slide 7: Bayer Key Financials in 2024
Bayer Key Financials in 2024 EBITDA before Special Items in €bn Capital Expenditures in €bn Research & Development Expenses in €bn 4.7 4.3 3.4 1.5 1.3 2.6 1.4 0.2 0.3 Crop Science Pharma Consumer Health Crop Science Pharma Consumer Health Crop Science Pharma Consumer Health 4 Free Cash Flow in €bn N
Slide 8: Group Outlook Confirmed at Constant Currencies
Group Outlook Confirmed at Constant Currencies – Monitoring Geopolitical Developments and FX Volatility FY 2025 FX Outlook Estimate in €bn at constant FX1 / ∆ yoy % at month-end March2 45.0 to 47.0 ~-0.5 Net Sales -3% to +1%3 ~ -1%pts 9.5 to 10.0 ~-0.3 • Geopolitical Environment: EBITDA based on cur
Slide 9: Our Mid-Term Ambition
Our Mid-Term Ambition Growth & Innovation: • Crop Science: Drive above market growth, mid-twenty percent margin, improved cash and resilient and flexible steering • Pharmaceuticals: Support topline resilience during LoE’s of major products; Drive productivity gains to support margins; Advance early
Slide 10: Our New Operating Model is Key Enabler to Achieve our Ambitions
Our New Operating Model is Key Enabler to Achieve our Ambitions Financial impact of our Dynamic Shared Ownership to be realized in stages Sustainable Cost GROWTH through GROWTH through EFFICIENCIES Customer Centricity Innovation Speed // Elimination of roles, // Self-managed customer- // Increased s
Slide 11: Improve Cash Generation and Prioritize Capital Allocation to Achieve a Step Down in Debt
Improve Cash Generation and Prioritize Capital Allocation to Achieve a Step Down in Debt Organic Cash Investments Cash Generation (before Free Cash Flow) Usage Minimum Dividend Ongoing and DRIVING OPERATIONAL New Launches PERFORMANCE and STRENGTHEN CASH FLOW DEBT REDUCTION Focused R&D Investments Dr
Slide 12: Bayer Pursues a Conservative Financial Policy
Bayer Pursues a Conservative Financial Policy… al Financing Instruments anci Op Fi n t Cap tim Ma lize d men ita iz lS e at ruct g // Syndicated credit facilities io na t tra n o ure Cen Key objectives f Ensure liquidity and // Global Commercial Paper program creditworthiness Long term ambition of i
Slide 13: Ambitious to Improve Its Current Investment Grade Ratings
… and is Ambitious to Improve Its current Investment Grade Ratings towards the "A" Category Development of Ratings and Leverage1 Monsanto Schering Merck OTC 3.4x 4.4x 4.2x 3.5x 3.3x Proven track record of 3.2x 3.1x disciplined deleveraging 2.9x 3.4x 2.6x 2.5x 2.5x 2.5x 2.4x 2.1x 1.9x 1.9x 1.8x 1.6x
Slide 14: Bayer's Maturity Profile is Well Balanced
Bayer’s Maturity Profile is Well Balanced Bond Maturity Profile (€bn) Currency Exposure incl. Derivatives as of March 31, 20251 as of March 31, 20252 8 USD RegS/144a EUR Senior Bonds CNY Panda Bonds Hybrid (First Call Dates) BRL Other 7 JPY 6 5 €34.3bn 4 Net Financial Debt 3 2 USD EUR 1 0 2025 2026
Slide 15: Overview of Bayer's Funding Structure
Overview of Bayer‘s Funding Structure Net Financial Debt1 Nominal Volume of Major Instruments (bn) Net Financial Debt1 as of March 31, 2025 Mar. 31, 2024 Dec. 31, 2024 Mar. 31, 2025 EUR million EUR million EUR million EUR 13.6 Senior EUR Bonds Bonds and notes / promissory notes 41,312 38,226 36,542
Slide 16: Short- and Long-Term Funding Programs
Short- and Long-Term Funding Programs Short-Term Funding: Commercial Paper Program Long-Term Funding: Debt Issuance Program Commercial Paper (CP) is a short-term unsecured debt instrument. CP are Under the Debt Issuance Program (DIP) Bayer may from time-to-time issue normally issued at a discount an
Slide 17: Back-up Revolving Credit Facility
Back-up Revolving Credit Facility Syndicated Loan Facility The multicurrency Syndicated Loan Facility can be used for general corporate purposes and is primarily a back-up line. Thus, it is not intended to be drawn in the course of ordinary business. It was last renewed in December 2024 and the part
Slide 18: Main Issuing Entities at Bayer Group
Main Issuing Entities at Bayer Group Bayer AG Germany CNY Hybrid EUR Bonds Bonds Bonds Bayer US Finance LLC USD Bayer Capital Corp. B.V. USA Bonds Netherlands Bayer US Finance II LLC EUR USD Bonds USA Bonds Bayer Corp. USD USA Bonds Monsanto Company USD USA Bonds Instruments issued or guaranteed by
Slide 19: Hybrid Bonds at Bayer
Hybrid Bonds at Bayer 2019 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2054-2083 NC5.5 Issuance Nov 19 1st Call Date Feb 25 & Aug 27 Maturity Nov 79 NC8 NC5.5 Issuance Mar 22 1st ORD2 June 27 & June 30 Maturity Mar 82 NC8.5 NC5.25 Issuance Sept 23 1st ORD2 Sept 28 & Sept 31 Maturity Sept 83 NC
Slide 20: Upcoming Events 2025/2026
Upcoming Events 2025/2026 Date Event/ Publication Wednesday, August 6, 2025 Q2 2025 Results / Quarterly Statement Wednesday, November 12, 2025 Q3 2025 Results / Quarterly Statement Wednesday, February 25, 2026 Q4 2025 Results / Annual Report Please note that the event calendar might be subject to ch
Slide 21: Contacts at Bayer
Contacts at Bayer Dr. Sven Vorstius Head of Funding Building Q 26 E-Mail: Sven.Vorstius@bayer.com D-51368 Leverkusen Tobias Feld Investor Relations Officer Building W 11 E-Mail: Tobias.Feld@bayer.com D-51368 Leverkusen 21 /// Bayer Debt Investor Information /// Status: Q1 2025