Slide 1: FY 2025 Investor Call
FY 2025 Investor Call March 04, 2026
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: Bill Anderson, Chief Executive Officer
BILL ANDERSON Chief Executive Officer
Slide 4: 2025: Fully Delivered On Our Raised Financial Ambitions
2025: Fully Delivered On Our Raised Financial Ambitions Net Core Free Sales EPS Cash Flow Actuals 2025 €45.6bn €4.91 €2.1bn Outlook 2025 €44bn – €46bn €4.45 – €4.95 €1.3bn – €2.3bn (incl. FX impact) Crop Science Pharmaceuticals Consumer Health Sales Growth +1% +2% 0% (cpa) EBITDA Margin 19.4% 25.4
Slide 5: Major Steps Towards Significant Litigation Containment
Major Steps Towards Significant Litigation Containment Class settlement moving through approvals Filing of opening briefs with US Supreme Court Prepared for all outcomes 5 /// Bayer FY 2025 Investor Call /// March 04, 2026
Slide 6: 2026: Building on Momentum, Focused on the Tasks at Hand
2026: Building on Momentum, Focused on the Tasks at Hand Pharma Growth & Pipeline: Scale Nubeqa and Kerendia, advance Lynkuet and Beyonttra, prepare for Asundexian launch and continue to revitalize pipeline Crop Science Profitability: Execute on strategy to improve profitability and prepare for bloc
Slide 7: Wolfgang Nickl, Chief Financial Officer
WOLFGANG NICKL Chief Financial Officer
Slide 8: 2025: Group Performance
2025: Group Performance in €bn FY 2024 FY 2025 ∆% yoy Net Sales 46.6 45.6 +1% cpa Pharma and Crop Science with slight cpa growth; (-2% rep) FX headwind ~€1.7bn Underlying earnings improvement partly offset EBITDA 10.1 9.7 -5% by higher incentive provisions; before special items FX headwind ~€0.5bn L
Slide 9: Core EPS Methodology Change as of 2026
Core EPS Methodology Change as of 2026 in € Core EPS 2025 Methodology change moves Core EPS towards EPS -0.34 Alongside usual depreciation of property, plant, and 4.91 4.57 equipment, regular amortization of certain intangible assets (mainly software) is now included Net impact of ~ -35 cents in 202
Slide 10: Outlook 2026: Stable Earnings while Strategy Implementation Progresses
Outlook 2026: Stable Earnings while Strategy Implementation Progresses, Currency Impact Expected illustrative in € Positive Drivers Negative Drivers FX 1 4.57 Investments Core 4.30 – 4.80 Business Long-Term Currency 4.00 – 4.50 Savings Launch Financial Growth Incentives Impact Preparations Result Co
Slide 11: Outlook 2026: Group Overview
Outlook 2026: Group Overview FY 2025 FY 2026 Actuals Outlook Estimated in €bn as reported at constant FX1 FX Impact2 45.0 to 47.0 ~ -1.3 Net Sales 45.6 0% to +3%3 ~ -3%pts EBITDA 9.6 to 10.1 ~ -0.5 before special items 9.7 -1% to +4% ~ -5%pts Core EPS (new method4, in €) 4.57 4.30 to 4.80 ~ -0.30 Fr
Slide 12: Rodrigo Santos, President Crop Science
RODRIGO SANTOS President Crop Science
Slide 13: On Track – Advancing the Five-Year Framework
On Track – Advancing the Five-Year Framework Strengthen the foundation • On track for > €1bn margin expansion; €600m COGS; €150m R&D and €400m GTM/Enabling • Portfolio streamlining and footprint optimization in motion; executing targeted divestitures, exits, outsourcing and site closures • First wav
Slide 14: 2025: Resilient Performance as Strong Corn Growth Offset Regulatory Headwinds
2025: Resilient Performance as Strong Corn Growth Offset Regulatory Headwinds Crop Science in €bn FY 2024 FY 2025 ∆ yoy FY 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 22.3 21.6 +1% cpa (-3% rep) Volume +1% Seeds +5% Core -4% 0% & Crop Glyphosate Price 0% Traits €11.1bn Protection €7.9bn
Slide 15: Outlook 2026: A Disciplined Step Forward in Growth and Margin Expansion
Outlook 2026: A Disciplined Step Forward in Growth and Margin Expansion Crop Science FY 2026 Outlook Net Sales in €bn FY 2025 FY 2026 Estimated FX (∆ % yoy cpa) Actuals Outlook impact2 at constant FX1 Core Net Sales 21.6 0% to +3% ~ -3%pts Business +1% to +4% Glyphosate -6% to -2% EBITDA Margin 19.4
Slide 16: Stefan Oelrich, President Pharmaceuticals
STEFAN OELRICH President Pharmaceuticals
Slide 17: Pharmaceuticals Growth and Pipeline: Our Strategy is Showing Tangible Results
Pharmaceuticals Growth and Pipeline: Our Strategy is Showing Tangible Results Renew topline Grow pipeline value Leverage new operating model Nubeqa and Kerendia with New Innovation sustained growth momentum, Model yielding success offsetting declines in other parts More focused and of the portfolio
Slide 18: 2025: Delivering on Upgraded Guidance due to Strong Launch Momentum
2025: Delivering on Upgraded Guidance due to Strong Launch Momentum and Discipline in Allocation of Resources Pharmaceuticals in €bn FY 2024 FY 2025 ∆ yoy FY 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 18.1 17.8 +2% cpa (-2% rep) +68% -32% Volume +4% Price -3% €3.2bn €2.3bn FX -3% Portfo
Slide 19: Outlook 2026: Continued Resilience with Growth of Launch Assets
Outlook 2026: Continued Resilience with Growth of Launch Assets Balancing Accelerating LoE Pressures Pharmaceuticals FY 2026 Outlook Net Sales (∆ % yoy cpa) in €bn FY 2025 FY 2026 Estimated FX ~ +50% ~ +50% Actuals Outlook impact2 at constant FX1 Net Sales 17.8 0% to +3% ~ -3%pts EBITDA Margin ~ -20
Slide 20: Julio Triana, President Consumer Health
JULIO TRIANA President Consumer Health
Slide 21: A Sustainable Value Creation Model to Reach Billions of People
A Sustainable Value Creation Model to Reach Billions of People Sell-out growth Focused resources behind “Power Couples” Trusted brands through marketing excellence and science-led innovation Steady Sell-in cashflow growth generation Reaching Lean, agile organization, centered on billions of people c
Slide 22: 2025: Resilient Performance Amid Challenging Market Conditions
2025: Resilient Performance Amid Challenging Market Conditions and Soft Seasonality in Allergy & Cold Consumer Health in €bn FY 2024 FY 2025 ∆ yoy FY 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 5.9 5.8 0% cpa (-1% rep) -4% +2% Allergy -3% Volume -1% Dermatology Nutritionals & Price +1% €
Slide 23: Outlook 2026: Sustainable Growth Amid Ongoing Market Volatility
Outlook 2026: Sustainable Growth Amid Ongoing Market Volatility, Supported by Portfolio Strategy and Disciplined Execution Consumer Health Reflected key swing factors: in €bn FY 2025 FY 2026 Estimated FX • Market expected to remain volatile with Actuals Outlook impact2 heterogeneous growth pattern a
Slide 24: Q&A Session
Q&A Session
Slide 25: Appendix: Outlook
Health for all, Hunger for none r APPENDIX BAYER R Outlook 2026
Slide 26: Outlook 2026: Modelling Considerations
Outlook 2026: Modelling Considerations FY 2026 in €bn Outlook at constant FX1 Special items (EBITDA) mainly restructuring related Special Items (EBITDA) -1.0 to 0 cost and divestment proceeds Core Depreciation & Amortization represents new Core Depreciation & Amortization2 ~ -2.1 Core EPS methodolog
Slide 27: Outlook 2026: Divisional Overview
Outlook 2026: Divisional Overview FY 2025 FY 2026 Actuals Outlook Estimated as reported at constant FX1 FX Impact2 Net Sales €21.6bn 0% to +3%3 ~ -3%pts EBITDA Margin 19.4% 20% to 22% ~ -1%pts Crop Science (before special items) Net Sales €17.8bn 0% to +3% ~ -3%pts Pharmaceuticals EBITDA Margin 25.4
Slide 28: Core EPS Methodology Change as of 2026
Core EPS Methodology Change as of 2026 illustrative1 Old Method • In addition to regular depreciation of [€ bn] 2021 2022 2023 2024 2025 property, plant and equipment, EBITDA before special items 11.2 13.5 11.7 10.1 9.7 Core EPS determination will also Core depreciation -1.5 -1.6 -1.6 -1.6 -1.6 incl
Slide 29: Core EPS Methodology Change as of 2026
Core EPS Methodology Change as of 2026 in € 2021 2022 2023 2024 2025 7.94 6.51 6.39 Core EPS (old method) 7.65 Core EPS (new method) 6.24 5.05 4.91 4.22 6.10 4.74 4.57 FCF per share 1.44 3.17 1.33 3.16 2.12 EPS 1.02 -2.60 -2.99 -3.68 • Methodology change moves • No change in year-on-year • EPS signi
Slide 30: Appendix: FY 2025
Health for all, Hunger for none An APPENDIX R FY 2025
Slide 31: 2025: Fully Delivered On Our Raised Financial Ambitions
2025: Fully Delivered On Our Raised Financial Ambitions FY 2025 FY 2025 Outlook Actuals in €bn incl. FX impact as reported Net Sales 44.0 - 46.0 45.6 EBITDA 9.2 - 9.7 9.7 before special items Core EPS (in €) 4.45 - 4.95 4.91 Free Cash Flow 1.3 – 2.3 2.1 Net Financial Debt 29.8 – 30.8 29.8 31 /// B
Slide 32: 2025: Core EPS to EPS Bridge
2025: Core EPS to EPS Bridge in € -2.84 thereof impairment losses: +1.84 -0.22 -0.23 4.91 -8.10 thereof litigation: -3.68 -7.59 -0.51 +1.24 Core EPS Amortization Impairment Impairment Special Items Special Items in Tax Effect on EPS (total) FY 2025 & impairment loss losses/ (EBITDA Financial Results
Slide 33: 2025: Strong Corn Performance Offset Anticipated Regulatory Challenges
2025: Strong Corn Performance Offset Anticipated Regulatory Challenges Crop Science Corn S&T: higher volumes across regions and contribution of licensing resolution in North America Sales by Key Category and Strategic Business Entity (€m) FY 2024 FY 2025 ∆ yoy (cpa) Soy S&T: decline in North America
Slide 34: Crop Science: Licensing Resolutions
Crop Science: Licensing Resolutions Licensing Revenue in 2025 and 2026 • Licensing fees rightfully owed to us for usage of our proprietary technology; an important element of our business model, thus: operating revenue • Based on content and timing of the resolutions, ~300m€ supported Corn in Q4 202
Slide 35: 2026 Pricing Pressure Expected Due to Generic Decline & Tariff Volatility
2026 Pricing Pressure Expected Due to Generic Decline & Tariff Volatility; Soft Start as Customers Adopt Wait & See Approach Glyphosate Market Trends: Global demand is expected to remain stable in 2026 Branded Glyphosate-Based Herbicide Sales Expected to be Pressured by Generic Pricing & Tariffs Exp
Slide 36: 2025: Delivering on Upgraded Guidance due to Strong Launch Momentum
2025: Delivering on Upgraded Guidance due to Strong Launch Momentum and Discipline in Allocation of Resources Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions FY 2024 FY 2025 ∆ yoy (cpa) Kerendia: continued strong growth momentum, especially in US and C
Slide 37: 2025: Flat Growth Reflecting Mixed Category Performance
2025: Flat Growth Reflecting Mixed Category Performance, mainly due to Market Volatility in Key Countries and Soft Seasonality in Allergy & Cold Consumer Health Dermatology: Strong Demand for Priorin, driven by leveraging portfolio strategy and more flexible Sales by Category (€m) resource allocatio
Slide 38: 2025: Key Financial Measures by Division
2025: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Sales 22,259 21,622 18,131 17,829 5,870 5,802 346 322 46,606 45,575 Sales by region
Slide 39: 2025: Core Net Income and Free Cash Flow
2025: Core Net Income and Free Cash Flow [€ bn] FY 2024 FY 2025 [€ bn] FY 2024 FY 2025 Net Sales 46.6 45.6 Reported EBITDA 8.7 1.7 EBITDA before special items 10.1 9.7 Tax payments -1.2 -1.2 Core depreciation -1.6 -1.6 Delta pensions -0.5 -0.2 Core EBIT 1 8.5 8.1 Gains/Losses Divestments -0.2 -0.5 C
Slide 40: Continued Strong Focus on Improving Working Capital and Prioritizing Capital Expenditures
Continued Strong Focus on Improving Working Capital and Prioritizing Capital Expenditures Working Capital Optimization Active Monitoring & Steering in €bn Close tracking and management of Working Capital to Sales Ratio Trade WoC 24.6% 24.9% 25.8% 25.0% 24.1% development Trade WoC1 Ongoing initiative
Slide 41: Appendix: Q4 2025
Health for all, Hunger for none r APPENDIX BAYER R Q4 2025
Slide 42: Q4 2025: Group Performance
Q4 2025: Group Performance in €bn Q4 2024 Q4 2025 ∆% yoy Net Sales 11.7 11.4 +3% cpa FX headwind of €0.7bn (-2% rep) EBITDA 2.3 2.0 -16% Mainly due to by lower Recon result before special items Driven by lower EBITDA, partly compensated by Core EPS (in €) 1.05 0.62 -41% better core financial result
Slide 43: Q4 2025: Core EPS to EPS Bridge
Q4 2025: Core EPS to EPS Bridge in € 0.62 -0.66 +0.86 -0.12 -3.82 -4.58 thereof litigation: -4.49 -0.10 +0.16 Core EPS Amortization Impairment Impairment Special Items Special Items in Tax Effect on EPS (total) Q4 2025 & impairment loss losses/ (EBITDA Financial Results/ Adjustments Q4 2025 losses o
Slide 44: Q4 2025: Robust Seed & Trait Performance and Higher Glyphosate
Q4 2025: Robust Seed & Trait Performance and Higher Glyphosate Outweighed Declines in Core Crop Protection Crop Science in €bn Q4 2024 Q4 2025 ∆ yoy Q4 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 5.4 5.4 +6% cpa (0% rep) Volume +6% Seeds +19% Core -12% +10% & Crop Glyphosate Price +1% Tr
Slide 45: Q4 2025: Strong Seed Performance More Than Offset Lower Core Crop Protection Volumes
Q4 2025: Strong Seed Performance More Than Offset Lower Core Crop Protection Volumes Crop Science Corn S&T: higher volumes and price across regions, notably Sales by Key Category and Strategic Business Entity (€m) LATAM as well as contribution from licensing resolution in North America Q4 2024 Q4 20
Slide 46: Q4 2025: Topline Resilience Despite LoE, Pricing and VBP Pressures
Q4 2025: Topline Resilience Despite LoE, Pricing and VBP Pressures Pharmaceuticals in €bn Q4 2024 Q4 2025 ∆ yoy Q4 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.7 4.5 2% cpa (-4% rep) +78% -37% Volume +5% Price -3% €1.0bn €0.5bn FX -6% Portfolio 0% EBITDA 1.1 1.0 -5% -12% Base +2% before
Slide 47: Q4 2025: Topline Resilience Despite LoE, Pricing and VBP Pressures
Q4 2025: Topline Resilience Despite LoE, Pricing and VBP Pressures Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions Q4 2024 Q4 2025 ∆ yoy (cpa) Kerendia: further strong growth momentum, especially in US and China Pharmaceuticals 4,658 4,476 +2% Eylea: p
Slide 48: Nubeqa Continues to Show Strong Uptake With Gains in All Regions
Nubeqa Continues to Show Strong Uptake With Gains in All Regions Global sales development (€m, cpa growth rates) US launch performance (monthly NBRx)1 +69% 2600 2400 702 2200 622 2000 515 546 1800 Jun-25: 443 1600 mHSPC approval (ARANOTE) 1400 1200 1000 800 600 400 Aug-22: 200 mHSPC approval Q4 2024
Slide 49: Kerendia Demonstrates Accelerated Sales Momentum
Kerendia Demonstrates Accelerated Sales Momentum in CKD/T2D, now FDA approved for HF LVEF≥40% Global sales development (€m, cpa growth rates) US Performance (average monthly NBRx per quarter)1 US FDA Approval +109% 10,000 HF LVEF >40 264 8,000 221 161 183 6,000 137 4,000 2,000 Q4 2024 Q1 2025 Q2 202
Slide 50: Eylea Maintaining Market Leadership; Launch of 8mg Gaining Momentum
Eylea Maintaining Market Leadership; Launch of 8mg Gaining Further Momentum Global sales development (€m, cpa growth rates) Market share of anti-VEGF therapies (ex-US)1 -12% 55.8% 55.6% 833 815 862 730 702 34.4% 32.5% 24.5% 23.8% 23.1% 21.4% 6.6% 6.9% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Dec'24 J
Slide 51: Q4 2025: Navigating Ongoing Challenging Markets And Weak Cold Season
Q4 2025: Navigating Ongoing Challenging Markets And Weak Cold Season with Disciplined Sell-In Consumer Health in €bn Q4 2024 Q4 2025 ∆ yoy Q4 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 1.6 1.5 -5% cpa (-7% rep) -4% -3% Allergy -11% Volume -7% Dermatology Nutritionals & Price +2% €0.3bn
Slide 52: Q4 2025: Decline Driven by Expected Market Slowdown in Key Markets
Q4 2025: Decline Driven by Expected Market Slowdown in Key Markets, together with Weak Cold Season Consumer Health Dermatology: Decline, mainly due to phasing and a change in the distribution model of KangWang in Sales by Category (€m) China. Nutritionals: Particularly impacted by a challenging Q4 2
Slide 53: Q4 2025: Key Financial Measures by Division
Q4 2025: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Sales 5,385 5,396 4,658 4,476 1,567 1,461 119 105 11,729 11,438 Sales by region: Europe / Middle Eas
Slide 54: Q4 2025: Core Net Income and Free Cash Flow
Q4 2025: Core Net Income and Free Cash Flow [€ bn] Q4 2024 Q4 2025 [€ bn] Q4 2024 Q4 2025 Net Sales 11.7 11.4 Reported EBITDA 1.9 -2.5 EBITDA before special items 2.3 2.0 Tax payments -0.3 -0.5 Core depreciation -0.4 -0.4 Delta pensions -0.1 0.2 Core EBIT 1 2.0 1.6 Gains/Losses Divestments -0.1 -0.2
Slide 55: Appendix: Innovation
Health for all, Hunger for none Am APPENDIX R Innovation
Slide 56: Crop Science | Holistic R&D pipeline
Not exhaustive Crop Science | Holistic R&D pipeline Total PSP Annual Update – February 2026 ~€32bn Phase II Phase III Phase IV Lifecycle management1 PSP 2 Corn HT5 Preceon Smart Corn – Biotech Trait3 S&T - Corn Corn LEP5 Corn LEP4 ~€10bn CRW4 Corn Annual Germplasm Upgrades and New Hybrid Launches –
Slide 57: Pharmaceuticals: R&D Developments (since last update on Oct 30, 2025)
Pharmaceuticals: R&D Developments (since last update on Oct 30, 2025) Phase I Phase II Phase III Approval BAY 3620122 SEMA 3a Inhibitor Mirena Endometrial Elinzanetant approved in EU (BAY 3401016) Hyperplasia Pompe Disease AAV 124I-Evuzamitide PET Aflibercept 8 mg approved Gene Therapy Tracer in RVO
Slide 58: Pharmaceuticals – Pipeline Overview
Pharmaceuticals – Pipeline Overview1 (as of February 11, 2026) Phase I Phase II Phase III VVD KEAP1 Act (VVD-130037 aka Sevabertinib (HER2/mEGFR Inhibitor) (BAY 2927088) Darolutamide (AR Inhibitor) NRF2 Inh, BAY 3605349) Metastatic or Unresectable Solid Tumors With HER2-activating Mutations (panSOHO
Slide 59: Major R&D Milestones Expected Until End of 2026
Major R&D Milestones Expected Until End of 2026 (as of Feb 11, 2026) Phase I Phase II Phase III Submission / Approval 225Ac-Pelgifatamab: Inclocibart (anti-a2AP) AIS: Finerenone nd CKD: Finerenone CKD and T1D: Proof of concept Proof of Concept (SIRIUS) Primary completion First submission (US) (FIND-
Slide 60: Thank you!
WWIII Health for all, Hunger for non