Slide 1: Q2 2025 Investor Call
Q2 2025 Investor Call August 6, 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: Bill Anderson, Chief Executive Officer
BILL ANDERSON Chief Executive Officer
Slide 4: Pharmaceuticals Drives Upgrade of Group Sales and Earnings Outlook
Pharmaceuticals Drives Upgrade of Group Sales and Earnings Outlook Sales Core Free Growth EPS Cash Flow (cpa) HY1 2025 €24.5bn €3.72 €-1.4bn 0% vs. PY -1% vs. PY Crop Science Pharmaceuticals Consumer Health Sales Growth (cpa) -1.2% +2.3% +1.4% EBITDA Margin (before special items) 26.3% 27.0% 23.0% A
Slide 5: Progressing on All Strategic Priorities
Progressing on All Strategic Priorities Our Strategic Priorities Pharma Crop Science Litigation Cash & Deleveraging Growth & Pipeline Profitability • Scaling Beyonttra EU launch • Continued progress on multi- • Agreement on Joint pronged approach • HY1 Free Cash Flow in line Declaration for Germany
Slide 6: Wolfgang Nickl, Chief Financial Officer
WOLFGANG NICKL Chief Financial Officer
Slide 7: Q2 2025: Group Performance
Q2 2025: Group Performance in €bn Q2 2024 Q2 2025 ∆% yoy 1% cpa Net Sales 11.1 10.7 (-4% rep) FX headwind of €0.6bn EBITDA 2.1 2.1 0% Higher Crop, Consumer and Recon offset by before special items lower Pharma result and FX headwind of €0.2bn Core EPS (in €) 0.94 1.23 31% Better financial result and
Slide 8: Q2 2025: Corn Seeds & Traits Outweigh Regulatory Challenges
Q2 2025: Corn Seeds & Traits Outweigh Regulatory Challenges Crop Science in €bn Q2 2024 Q2 2025 ∆ yoy Q2 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 5.0 4.8 +2% cpa (-4% rep) Volume 0% Seeds +11% Core -6% 0% & Crop Glyphosate Price +2% Traits €2.3bn Protection €1.9bn €0.7bn FX -6% Portfo
Slide 9: Q2 2025: Topline Resilience Despite Ongoing Xarelto LoE
Q2 2025: Topline Resilience Despite Ongoing Xarelto LoE Pharmaceuticals in €bn Q2 2024 Q2 2025 ∆ yoy Q2 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.6 4.5 +1% cpa (-3% rep) +54% -27% Volume +2% Price -2% €0.7bn €0.7bn FX -4% Portfolio 0% EBITDA 1.3 1.1 -17% +4% Base -1% before special i
Slide 10: Q2 2025: Sales on Prior Year Level Amid Market Challenges
Q2 2025: Sales on Prior Year Level Amid Market Challenges Consumer Health in €bn Q2 2024 Q2 2025 ∆ yoy Q2 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 1.5 1.4 0% cpa (-2% rep) -7% +4% Allergy +6% Volume 0% Dermatology Nutritionals & Price +1% €0.4bn €0.4bn Cold €0.3bn FX -6% Portfolio +3%
Slide 11: Outlook 2025: Pharma Guidance Raised at Constant Currencies
Outlook 2025: Pharma Guidance Raised at Constant Currencies Previous Updated FY 2025 FY 2025 Updated Outlook Outlook Estimated at constant FX1 at constant FX1 FX Impact2 Net Sales -2% to +2%3 -2% to +2%3 ~-4%pt EBITDA Margin 18% to 20% 18% to 20% not material Crop Science (before special items) Net
Slide 12: Outlook 2025: Group Outlook Upgraded at Constant Currencies
Outlook 2025: Group Outlook Upgraded at Constant Currencies – Material FX Headwinds Expected Previous Updated FY 2025 FY 2025 Updated Outlook Outlook Estimated in €bn at constant FX1 at constant FX1 FX Impact2 45.0 to 47.0 46.0 to 48.0 ~-2.0 Net Sales -3% to +1%3 -1% to +3%3 ~ -4%pts EBITDA 9.5 to 1
Slide 13: Q&A Session
Q&A Session
Slide 14: Appendix: Outlook
Health for all, Hunger for none r APPENDIX BAYER R Outlook 2025
Slide 15: Outlook 2025: Modelling Considerations
Outlook 2025: Modelling Considerations Previous Updated FY 2025 FY 2025 in €bn Outlook Outlook at constant FX1 at constant FX1 Portfolio effect in Sales ~+0.2 ~+0.2 Portfolio effects: Natsana acquisition (Consumer Health) Special Items (EBITDA) -1.5 to -0.5 -3.5 to -2.5 Special items (EBITDA) reflec
Slide 16: Appendix: Q2
Health for all, Hunger for none r APPENDIX BAYER R Q2 2025
Slide 17: Q2 2025: Core Net Income and Free Cash Flow
Q2 2025: Core Net Income and Free Cash Flow [€ bn] Q2 2024 Q2 2025 [€ bn] Q2 2024 Q2 2025 Net Sales 11.1 10.7 Reported EBITDA 1.7 0.3 EBITDA before special items 2.1 2.1 Tax payments -0.4 -0.3 Core depreciation -0.4 -0.4 Delta pensions -0.2 -0.1 Core EBIT 1 1.7 1.7 Gains/Losses Divestments 0.0 -0.2
Slide 18: Q2 2025: Core EPS to EPS Bridge
Q2 2025: Core EPS to EPS Bridge in € +0.12 1.23 -1.85 -0.20 +0.36 -0.06 Core EPS Impairments on IP and PPE Special Items Special Items Tax Effect on EPS (total) Q2 2025 and regular amortization (EBITDA) Financial Adjustments Q2 2025 Results/Taxes 18 /// Bayer Q2 2025 Investor Call /// August 6, 2025
Slide 19: Q2 2025: Corn Seeds & Traits Outweigh Regulatory Challenges
Q2 2025: Corn Seeds & Traits Outweigh Regulatory Challenges Crop Science Corn S&T: higher volume, most notably in US on increased Sales by Key Category and Strategic Business Entity (€m) planted area and phasing from Q1 due to strategic change in distribution network, combined with global price lift
Slide 20: Strong Demand and Low Glyphosate Pricing Anticipated for 2025
Strong Demand and Low Glyphosate Pricing Anticipated for 2025 Glyphosate Market Trends: Global demand remains strong driven by favorable weather Branded Glyphosate-Based Herbicide Sales Normalizes as conditions and decreased imports due to tariffs in U.S. Generic Reference Price Stabilizes Below His
Slide 21: Q2 2025: Topline Resilience Despite Ongoing Xarelto LoE
Q2 2025: Topline Resilience Despite Ongoing Xarelto LoE Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions, led by US and Europe; IRA Q2 2024 Q2 2025 ∆ yoy (cpa) weighing on US pricing Pharmaceuticals 4,605 4,470 +1% Kerendia: further strong growth moment
Slide 22: Q2 2025: Sales on Prior Year Level Amid Market Challenges
Q2 2025: Sales on Prior Year Level Amid Market Challenges Consumer Health Dermatology: Growth primarily driven by strong demand for Priorin, Bepanthen and KangWang, Sales by Category (€m) including new launches Nutritionals: Challenging market environment, mainly Q2 2024 Q2 2025 ∆ yoy (cpa) in NA an
Slide 23: Q2 2025: Key Financial Measures by Division
Q2 2025: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Sales 4,981 4,788 4,605 4,470 1,458 1,427 100 54 11,144 10,739 Sales by region: Europe / Middle East
Slide 24: Appendix: HY1
Health for all, Hunger for none (a APPENDIX R HY1 2025
Slide 25: HY1 2025: Group Performance
HY1 2025: Group Performance in €bn HY1 2024 HY1 2025 ∆% yoy 0% cpa Net Sales 24.9 24.5 (-2% rep) FX headwind of €0.6bn EBITDA 6.5 6.2 -5% FX headwind of €0.3bn before special items Core EPS (in €) 3.76 3.72 -1% Lower EBITDA before special items Including higher incentive and restructuring Free Cash
Slide 26: HY1 2025: Core Net Income and Free Cash Flow
HY1 2025: Core Net Income and Free Cash Flow [€ bn] HY1 2024 HY1 2025 [€ bn] HY1 2024 HY1 2025 Net Sales 24.9 24.5 Reported EBITDA 5.9 3.8 EBITDA before special items 6.5 6.2 Tax payments -0.8 -0.6 Core depreciation -0.8 -0.8 Delta pensions -0.3 -0.3 Core EBIT 1 5.7 5.4 Gains/Losses Divestments -0.1
Slide 27: HY1 2025: Core EPS to EPS Bridge
HY1 2025: Core EPS to EPS Bridge in € -0.67 3.72 -2.45 +0.66 -0.14 1.12 Core EPS Impairments on IP and PPE Special Items Special Items Tax Effect on EPS (total) HY1 2025 and regular amortization (EBITDA) Financial Adjustments HY1 2025 Results/Taxes 27 /// Bayer Q2 2025 Investor Call /// August 6, 20
Slide 28: HY1 2025: Strong Corn Performance and Cost Savings Improve Margin
HY1 2025: Strong Corn Performance and Cost Savings Improve Margin, Despite Anticipated Regulatory Challenges Crop Science in €bn HY1 2024 HY1 2025 ∆ yoy HY1 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 12.9 12.4 -1% cpa (-4% rep) Volume -2% Seeds 0% Core -2% -5% & Crop Glyphosate Price +1
Slide 29: HY1 2025: Higher Corn Volumes and Seeds & Traits Pricing
HY1 2025: Higher Corn Volumes and Seeds & Traits Pricing Nearly Offset Anticipated Regulatory Challenges Crop Science Corn S&T: higher volumes across all regions on higher planted Sales by Key Category and Strategic Business Entity (€m) area, most notably North America, in addition to global price l
Slide 30: HY1 2025: Xarelto Decline More Than Offset by Growth Across the Portfolio
HY1 2025: Xarelto Decline More Than Offset by Growth Across the Portfolio Pharmaceuticals in €bn HY1 2024 HY1 2025 ∆ yoy HY1 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 9.0 9.0 +2% cpa (+1% rep) +65% -29% Volume +3% Price -1% €1.4bn €1.3bn FX -2% Portfolio 0% EBITDA 2.5 2.4 -3% +4% Base
Slide 31: HY1 2025: Xarelto Decline More Than Offset by Growth Across the Portfolio
HY1 2025: Xarelto Decline More Than Offset by Growth Across the Portfolio Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions, led by US and Europe HY1 2024 HY1 2025 ∆ yoy (cpa) Kerendia: further strong growth momentum, especially in US and China Pharmaceu
Slide 32: HY1 2025: Moderate Growth Reflecting Soft Market Environment
HY1 2025: Moderate Growth Reflecting Soft Market Environment Consumer Health in €bn HY1 2024 HY1 2025 ∆ yoy HY1 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 2.9 2.9 +1% cpa (+1% rep) -6% +3% Allergy +4% Volume +1% Dermatology Nutritionals & Price +1% €0.7bn €0.7bn Cold €0.6bn FX -3% Portf
Slide 33: HY1 2025: Moderate Growth Reflecting Soft Market Environment
HY1 2025: Moderate Growth Reflecting Soft Market Environment Consumer Health Dermatology: Growth primarily driven by strong demand for Priorin, Bepanthen, Canesten and Sales by Category (€m) KangWang, including new launches HY1 2024 HY1 2025 ∆ yoy (cpa) Nutritionals: Challenging market environment i
Slide 34: HY1 2025: Key Financial Measures by Division
HY1 2025: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] HY1 24 HY1 25 HY1 24 HY1 25 HY1 24 HY1 25 HY1 24 HY1 25 HY1 24 HY1 25 Sales 12,888 12,368 8,963 9,018 2,890 2,926 168 165 24,909 24,477 Sales by region: Europe
Slide 35: Appendix: Innovation
Health for all, Hunger for none Am APPENDIX R Innovation
Slide 36: Crop Science: R&D Pipeline
Not exhaustive Crop Science: R&D Pipeline Annual Update - May 2025 Total PSP ~€32bn Phase II Phase III Phase IV Lifecycle management1 PSP 2 Corn LEP5 Corn HT5 Preceon Smart Corn – Biotech Trait3 S&T - Corn Corn LEP4 ~€11bn CRW4 Corn Annual Germplasm Upgrades and New Hybrid Launches – Leveraging prec
Slide 37: Pharmaceuticals: R&D Developments (since last update on May 2, 2025)
Pharmaceuticals: R&D Developments (since last update on May 2, 2025) Phase I Submission Approval VVD WRN Inhibitor Gadoquatrane submission in Finerenone approval in (VVD-214) US, EU, JP HFmrEF/HFpEF in US Primary Photoreceptor Aflibercept 8 mg submission Aflibercept 8 mg approval in Diseases Cell Th
Slide 38: Pharmaceuticals – Pipeline Overview (as of July 24, 2025)
Pharmaceuticals – Pipeline Overview1 (as of July 24, 2025) Phase I Phase II Phase III DGKzeta Inhibitor (BAY 2965501) Sevabertinib (HER2/mEGFR Inhibitor) (BAY 2927088) Darolutamide (AR Inhibitor) Metastatic or Unresectable Solid Tumors With HER2-activating Mutations (panSOHO) Adjuvant Prostate Cance
Slide 39: Major R&D Milestones Expected Until End-2025
Major R&D Milestones Expected Until End-2025 Phase I Phase II Phase III Submission / Approval 225Ac-Pelgifatamab: Anti-a2AP: Finerenone CKD and T1D: Sevabertinib HER2-mut Proof of concept Primary completion (SIRIUS) Primary completion NSCLC 2L: (FINE-ONE) First approval 225Ac-PSMA-Trillium: Sema3A m
Slide 40: 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 +51% 1,800 515 546 1,600 1,400 417 443 378 1,200 1,000 800 600 400 Aug-22: 200 mHSPC approval Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (ARASENS) - US
Slide 41: Kerendia Demonstrates Continued Launch Uptake in CKD/T2D
Kerendia Demonstrates Continued Launch Uptake in CKD/T2D, now FDA approved for HF LVEF≥40% Global sales development (€m, cpa growth rates) US launch performance (monthly NBRx)1 +67% 10000 60,000 8000 50,000 183 40,000 161 6000 126 137 30,000 115 4000 20,000 2000 10,000 0 0 Mrz 22 Mrz 23 Mrz 24 Mrz 2
Slide 42: 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 +4% 70.0% 60.0% 56.9% 57.8% 843 848 833 815 862 50.0% 44.2% 40.0% 30.0% 20.0% 19.9% 13.6% 10.0% 9.1% 0.0% Q2 2024 Q3 2024 Q4 2024 Q
Slide 43: Thank you!
WWIII Health for all, Hunger for non