Bayer Ag · XETR:BAYN
Bayer — Q2 2026 Earnings Presentation
45 slides from Bayer's earnings presentation, Aug 4, 2026
Slide 1: Q2 2026 Investor Call
Q2 2026 Investor Call August 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: Well on Track to Achieve our Full Year Outlook
Well on Track to Achieve our Full Year Outlook Sales Core Free Growth cpa EPS Cash Flow H1 2026 €24.3bn €3.66 €-2.7bn +3% vs. PY +3% vs. PY1 vs. -€1.4bn PY2 Crop Science Pharmaceuticals Consumer Health Sales Growth (cpa) +5.5% +0.2% +3.5% EBITDA Margin (before special items) 31.4% 26.4% 22.3% H1 Per
Slide 5: Decisive Progress on Strategic Priorities
Decisive Progress on Strategic Priorities Pharma Growth & Pipeline: Priority reviews of asundexian ongoing; closed acquisition of Perfuse Therapeutics Crop Science Profitability: Continued execution of 5-Year-Framework; consolidated U.S. glyphosate business into Ruveon Operating Model & AI: Leveragi
Slide 6: Judith Hartmann, Chief Financial Officer
JUDITH HARTMANN Chief Financial Officer
Slide 7: An Exciting Time to Join Bayer
An Exciting Time to Join Bayer Significant progress on litigation and clear priorities ahead to create value Innovation is a fundamental Attractive growth Clear financial priorities competitive advantage opportunities • Leadership positions built on • Powerful long-term trends • Strengthening the ba
Slide 8: Group Performance on Track
Group Performance on Track in €bn H1 2026 ∆ yoy Q2 2026 ∆ yoy +3% cpa +2% cpa Contributions from all divisions, Net Sales 24.3 -1% rep 10.9 +1% rep led by Crop Science EBITDA 6.6 +7% 2.1 +2% Driven by higher Crop Science result before special items Core EPS1 3.66 +3% 0.95 -17% Prior year incl. non-r
Slide 9: Q2 2026: Seeds & Traits and Glyphosate Drive Sales Increase
Q2 2026: Seeds & Traits and Glyphosate Drive Sales Increase Crop Science in €bn Q2 2025 Q2 2026 ∆ yoy Q2 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.8 4.9 +4% cpa (+3% rep) Volume +3% Seeds +5% Core -2% +13% & Crop Glyphosate Price +1% Traits €2.4bn Protection €1.8bn €0.7bn FX -1% Port
Slide 10: Q2 2026: Strong Growth of New Products Offsetting LoE-Related Declines
Q2 2026: Strong Growth of New Products and Base Business More Than Offsetting Significant LoE-Related Declines Pharmaceuticals in €bn Q2 2025 Q2 2026 ∆ yoy Q2 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.5 4.5 +1% cpa (0% rep) Volume +5% +69% -42% Price -4% €1.2bn €0.4bn FX -1% Portfoli
Slide 11: Q2 2026: Solid Growth Amid Headwinds in Seasonal Categories
Q2 2026: Solid Growth Amid Headwinds in Seasonal Categories Consumer Health in €bn Q2 2025 Q2 2026 ∆ yoy Q2 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 1.4 1.4 +2% cpa (+1% rep) +2% +2% Allergy -8% Volume -1% Dermatology Nutritionals & Price +3% €0.4bn €0.4bn Cold €0.2bn FX -0% Portfolio
Slide 12: Outlook 2026: Guidance Reiterated on P&L and Cash Flow
Outlook 2026: Guidance Reiterated on P&L and Cash Flow, Improved Net Financial Debt Reflects Equity Investment FY 2025 FY 2026 Actuals Outlook Estimated in €bn as reported at constant FX1 FX Impact2 45.0 to 47.0 ~ -0.3 / ~ -1%pts Net Sales 45.6 0% to +3%3 (prev. ~ -0.5 / ~ -1%pts) EBITDA 9.6 to 10.1
Slide 13: Q&A Session
Q&A Session
Slide 14: Appendix: Outlook
Health for all, Hunger for none r APPENDIX BAYER R Outlook 2026
Slide 15: Outlook 2026: Divisions
Outlook 2026: Divisions FY 2025 FY 2026 Estimated FX Actuals Outlook as reported at constant FX1 Impact2 Net Sales €21.6bn 0% to +3%3 ~ -1%pts (prev. ~ -3%pts) EBITDA Margin 19.4% 20% to 22% ~ -1%pts Crop Science (before special items) Net Sales €17.8bn 0% to +3% ~ -1%pts (prev. ~ -3%pts) Pharmaceut
Slide 16: 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 17: Appendix: Q2
Health for all, Hunger for none r APPENDIX BAYER R Q2 2026
Slide 18: Q2 2026: Group Performance
Q2 2026: Group Performance in €bn Q2 2025 Q2 2026 ∆% yoy Net Sales 10.7 10.9 +2% cpa Contributions from all divisions, led by Crop Science (+1% rep) EBITDA 2.1 2.1 +2% Driven by higher Crop Science result before special items Core EPS1 1.14 0.95 -17% Prior year incl. non-recurring benefits (tax, rec
Slide 19: Q2 2026: Crop Science Sales by Category
Q2 2026: Seeds & Traits and Glyphosate Drives Sales Increase Crop Science Corn S&T: lower volumes mainly due to North America phasing Sales by Key Category and Strategic Business Entity (€m) to Q1 Q2 2025 Q2 2026 ∆ yoy (cpa) Soy S&T: price and volume growth from return of dicamba label Crop Science
Slide 20: Glyphosate Prices Normalize Following Q2 Rally
Prices Normalize Following Q2 Rally; Volatility Likely to Persist Glyphosate Market Trends: Branded Glyphosate-Based Herbicide Sales & Spot Price Trends Global demand is expected to remain stable in 2026 4.69 Generic Chinese glyphosate technical reference spot price $14 6 spiked in April and May on
Slide 21: Q2 2026: Pharmaceuticals Sales by Product
Q2 2026: Strong Growth of New Products and Base Business More Than Offsetting Significant LoE-Related Declines Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions, especially in the U.S. and Europe Q2 2025 Q2 2026 ∆ yoy (cpa) Kerendia: continued strong gro
Slide 22: Q2 2026: Consumer Health Sales by Category
Q2 2026: Growth Mainly Driven by Digestive Health and Nutritionals Consumer Health Dermatology: Continued momentum of Bepanthen, Sales by Category (€m) including line extension Q2 2025 Q2 2026 ∆ yoy (cpa) Nutritionals: Strong e-commerce momentum, led by Natural Elements, and of Elevit in China, supp
Slide 23: Q2 2026: Core EPS to EPS Bridge
Q2 2026: Core EPS to EPS Bridge -0.45 0.95 -0.04 -0.11 -0.12 0.23 Core EPS Amortization & Impairment losses/ Special Items Special Items in EPS (total) Q2 2026 impairment losses/ loss reversals (EBITDA relevant) Financial Results/ Q2 2026 loss reversals on IP on PPE Income Taxes Effects between cEPS
Slide 24: Q2 2026: Key Financial Measures by Division
Q2 2026: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 Sales 4,788 4,910 4,470 4,458 1,427 1,445 54 59 10,739 10,872 Sales by region: Europe / Middle East
Slide 25: Q2 2026: Core Net Income and Free Cash Flow
Q2 2026: Core Net Income and Free Cash Flow [€ bn] Q2 2025 Q2 2026 [€ bn] Q2 2025 Q2 2026 Net Sales 10.7 10.9 Reported EBITDA 0.3 2.0 EBITDA before special items 2.1 2.1 Tax payments -0.3 -0.3 Core depreciation & amortization -0.5 -0.5 Delta pensions -0.1 -0.1 Core EBIT1 1.6 1.6 Gains/Losses Divestm
Slide 26: Appendix: H1
Health for all, Hunger for none (a APPENDIX R H1 2026
Slide 27: H1 2026: Group Performance
H1 2026: Group Performance in €bn H1 2025 H1 2026 ∆% yoy 3% cpa Mainly led by Crop Science growth; Net Sales 24.5 24.3 (-1% rep) FX headwind of ~€1bn, mainly in Q1 EBITDA 6.2 6.6 7% Incl. licensing resolution in Q1; before special items FX headwind of €0.4bn Crop Science contribution more than offse
Slide 28: H1 2026: Core EPS to EPS Bridge
H1 2026: Core EPS to EPS Bridge -1.02 -0.23 0.69 -0.06 3.66 3.04 Core EPS Impairments on IP and PPE Special Items Special Items Tax Effect on EPS (total) H1 2026 and regular amortization (EBITDA) Financial Adjustments H1 2026 Results/Taxes 28 /// Bayer Q2 2026 Investor Call /// August 4, 2026
Slide 29: H1 2026: Seeds & Traits Growth Outweighs Crop Protection Headwinds
H1 2026: Seeds & Traits Growth Outweighs Headwinds in Crop Protection Business Crop Science in €bn H1 2025 H1 2026 ∆ yoy H1 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 12.4 12.5 +6% cpa (+1% rep) Volume +5% Seeds +14% Core -5% -1% & Crop Glyphosate Price +1% Traits €7.1bn Protection €4.2
Slide 30: H1 2026: Crop Science Sales by Category
H1 2026: Seeds & Traits Growth Outweighs Headwinds in Crop Protection Business Crop Science Sales by Key Category and Strategic Business Entity (€m) Corn S&T: growth across regions with strong EMEA and North America performance H1 2025 H1 2026 ∆ yoy (cpa) Soy S&T (+13% excl. licensing): benefited fr
Slide 31: H1 2026: Pharmaceuticals Business Resilience
H1 2026: Continued Business Resilience while Preparing for Mid-Term Growth Pharmaceuticals in €bn H1 2025 H1 2026 ∆ yoy H1 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 9.0 8.7 0% cpa (-3% rep) +66% -41% Volume +5% Price -5% €2.2bn €0.7bn FX -3% Portfolio 0% EBITDA 2.4 2.3 -6% -27% Base +1
Slide 32: H1 2026: Pharmaceuticals Sales by Product
H1 2026: Continued Business Resilience while Preparing for Mid-Term Growth Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions, led by U.S. and Europe H1 2025 H1 2026 ∆ yoy (cpa) Kerendia: further strong growth momentum, especially in U.S. and China Pharma
Slide 33: H1 2026: Growing in a Soft Market Environment
H1 2026: Growing in a Soft Market Environment Consumer Health in €bn H1 2025 H1 2026 ∆ yoy H1 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 2.9 2.9 +4% cpa (+0% rep) +7% +6% Allergy -3% Volume +1% Dermatology Nutritionals & Price +3% €0.8bn €0.7bn Cold €0.6bn FX -3% Portfolio 0% EBITDA 0.7
Slide 34: H1 2026: Consumer Health Sales by Category
H1 2026: Growth of Non-Seasonal Categories in a Soft Market Environment Consumer Health Dermatology: Consistent contributor to overall performance; growth primarily driven by Bepanthen, Sales by Category (€m) including line extension H1 2025 H1 2026 ∆ yoy (cpa) Nutritionals: Fueled by strong e-comme
Slide 35: H1 2026: Key Financial Measures by Division
H1 2026: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Sales 12,368 12,468 9,018 8,707 2,926 2,936 165 166 24,477 24,277 Sales by regio
Slide 36: H1 2026: Core Net Income and Free Cash Flow
H1 2026: Core Net Income and Free Cash Flow [€ bn] H1 2025 H1 2026 [€ bn] H1 2025 H1 2026 Net Sales 24.5 24.3 Reported EBITDA 3.8 6.8 EBITDA before special items 6.2 6.6 Tax payments -0.6 -0.6 Core depreciation & amortization -1.0 -1.0 Delta pensions -0.3 -0.3 Core EBIT1 5.2 5.6 Gains/Losses Divestm
Slide 37: Appendix: Innovation
Health for all, Hunger for none Am APPENDIX R Innovation
Slide 38: Crop Science: Holistic R&D Pipeline
Not exhaustive Crop Science: Holistic R&D Pipeline (Annual Update – February 2026) Total PSP ~€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 39: Pharmaceuticals: R&D Developments
Pharmaceuticals: R&D Developments (since last update on April 29, 2026) New Entries Project Termination First Submissions Approval Edonentan in Non - Mirena in Endometrial Sevabertinib in HER2mut Finerenone HFmr /pEF proliferative Diabetic Hyperplasia: Ph3 NSCLC 1L submitted in CN, approved in CN Re
Slide 40: Pharmaceuticals Pipeline Overview
Pharmaceuticals Pipeline Overview1 (as of July 21, 2026) Oncology Cardiovascular & Renal Neurology & Rare Diseases Immunology Others Phase I Phase II Phase III VVD KEAP1 Act (VVD - 130037 aka Sevabertinib (HER2/mEGFR Inhibitor) Darolutamide (AR Inhibitor) NME NRF2 Inh, BAY 3605349) (BAY 2927088) IE
Slide 41: Pharmaceuticals: Major R&D Milestones Expected Until End of 2026
Pharmaceuticals: Major R&D Milestones Expected Until End of 2026 (as of July 21, 2026) Phase I Phase II Phase III Submission / Approval Ametefgene Parvec (AAV VVD WRN Inhibitor (VVD - 214) : Sevabertinib in HER2mut Gene Therapy) (AB - 1005) Start Phase II NSCLC 1L: Multiple System Atrophy: First app
Slide 42: Nubeqa: On Track to Take Market Leadership
Nubeqa: On Track to Take Market Leadership with Unbroken Growth Momentum Global sales development (€m, cpa growth rates) US launch performance (monthly NBRx)1 +64% 3,200 3,000 880 2,800 2,600 702 749 2,400 2,200 Jun-25: 546 622 2,000 mHSPC approval 1,800 (ARANOTE) 1,600 1,400 1,200 1,000 800 600 A
Slide 43: Kerendia Delivers Revenue Acceleration in CKD/T2D
Kerendia Delivers Revenue Acceleration in CKD/T2D While Further Expanding into the HF LVEF ≥40% Market Global sales development (€m, cpa growth rates) US Performance (average monthly NBRx per quarter)1 US FDA Approval +83% 10,000 HF LVEF >40 329 8,000 264 274 183 221 6,000 4,000 2,000 Q2 2025 Q3 202
Slide 44: Eylea Remains Global Anti-VEGF Leader
Eylea Remains Global Anti-VEGF Leader Despite Post-LoE Pricing Pressure and Biosimilar Entry Global sales development (€m, cpa growth rates) Volume market share of anti-VEGF therapies (ex-US)1 -33% 14.9% 6.5% 862 730 702 24.4% 623 573 11.1% 19.1% 23.9% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Jun 202
Slide 45: Thank you!
WWIII Health for all, Hunger for non