Merck Kgaa · XETR:MRK
Merck Kgaa — Q2 2026 Earnings Presentation
42 slides from Merck Kgaa's earnings presentation, Aug 6, 2026
Slide 1: Robust results, Guidance upgraded
Robust results, Guidance upgraded Merck Q2 2026 results Kai Beckmann, CEO Helene von Roeder, CFO August 6, 2026
Slide 2: Agenda
Agenda Executive Summary Financial Overview Outlook & Guidance 2 Merck Q2 2026 Results Presentation | August 6, 2026
Slide 3: Executive summary
01 executive SUMMary RARREK
Slide 4: Strategy Recap – Execution Underway
Strategy Recap – Execution Underway Announcement of Strong momentum in New Metrology & planned acquisition Rare Diseases Inspection manufacturing of Bio-Techne portfolio site near Grenoble Focus on Shift selected Leverage Scale and source high-growth product portfolio toward platformed innovation vi
Slide 5: Highlights: Process Solutions and Semi Solutions Fuel Organic Growth
Highlights: Process Solutions and Semi Solutions Fuel Organic Growth Operations Group Financials Q2 YoY organic sales growth Life Science: Q2 organic sales: +4.1% Temporary uplift in PS growth (+15%) continued Solid growth in AS; slight growth contribution from DS Q2 organic EBITDA pre: +9.3%
Slide 6: Delivering Profitable Growth, Previous FX Headwinds Abate
Delivering Profitable Growth, Previous FX Headwinds Abate Q2 YoY Net Sales Q2 YoY EBITDA pre Organic Currency Portfolio Total 9.3% 0.5% €1,599 m €1,462 m Life Science 8.0% -1.7% 0.1% 6.4% -0.5% Healthcare -3.4% 0.3% 5.4% 2.4% Electronics 11.7% -2.9% -10.6% -1.7% Merck Group 4.1% -1.1% 0.4% 3.4% Q2 2
Slide 7: Financial overview
02 Financial overview RARREK
Slide 8: Q2 2026: Overview
Q2 2026: Overview Key figures Comments [€m] Q2 2025 Q2 2026 Δ Net sales up +3% due to solid organic growth and easing currency headwinds; Net sales 5,255 5,434 3.4% portfolio effects in HC and EL largely EBITDA pre 1,462 1,599 9.4% balance out Margin (in % of net sales) 27.8% 29.4% 1.6pp EBITDA
Slide 9: Life Science: Strong Organic Growth, Driven by Current PS Momentum
Life Science: Strong Organic Growth, Driven by Current PS Momentum Life Science P&L Net sales bridge [€m] IFRS Pre €2,267 m 8.0% 0.1% €2,412 m -1.7% Q2 2025 Q2 2026 Q2 2025 Q2 2026 Net sales 2,267 2,412 2,267 2,412 M&S -544 -582 -544 -564 +0.0% Q2 2025 Organic Currency Portfolio Q2 2026 Admin -117 -
Slide 10: Healthcare: Rare Diseases Offsetting Specialty Care Decline
Healthcare: Rare Diseases Offsetting Specialty Care Decline Healthcare P&L Net sales bridge [€m] IFRS Pre €2,102 m 0.3% 5.4% €2,151 m Q2 2025 Q2 2026 Q2 2025 Q2 2026 -3.4% Net sales 2,102 2,151 2,102 2,151 M&S -432 -479 -432 -460 Q2 2025 Organic Currency Portfolio Q2 2026 Admin -79 -95 -76 -89 R&D -
Slide 11: Electronics: Double-Digit Growth Fueled by Semi Solutions Sales
Electronics: Double-Digit Growth Fueled by Semi Solutions Sales Electronics P&L Net sales bridge 11.7% [€m] IFRS Pre €886 m €871 m Q2 2025 Q2 2026 Q2 2025 Q2 2026 -2.9% -10.6% Net sales 886 871 886 871 M&S -142 -122 -136 -121 Admin -50 -52 -37 -32 Q2 2025 Organic Currency Portfolio Q2 2026 R&D -69 -
Slide 12: Balance Sheet
Balance Sheet Assets [€bn] Liabilities [€bn] 51.5 52.7 52.7 51.5 Cash & cash equivalents 2.0 2.7 4.4 Receivables 3.9 4.6 4.9 Inventories 30.3 28.7 Net equity Intangible assets 25.6 26.0 12.3 12.0 Financial debt Property, plant 10.1 Payables/refund liabilities 9.9 3.2 3.1 & equipment 1.6 1.7 Provisio
Slide 13: Cash Flow Statement
Cash Flow Statement Q2 2026 – cash flow statement Cash flow drivers [€m] Q2 2025 Q2 2026 Δ Profit after tax down due to lower reported EBIT Profit after tax 655 494 -162 D&A up mainly up due to amortization of D&A 457 563 106 SpringWorks Increased provisions due internal Changes in provisions
Slide 14: Outlook & Guidance
0S outlook & Guidance RARREK
Slide 15: Group Full-year 2026 Guidance
Group Full-year 2026 Guidance Net sales: Organic: +1% to +3% YoY FX: -2% to 0% YoY ~€21.0 bn – €21.8 bn EBITDA pre: Organic: 0% to +3% YoY FX: -2% to 0% YoY ~€5.9 bn – €6.3 bn EPS pre: ~€7.90 – €8.60 15 Merck Q2 2026 Results Presentation | August 6, 2026
Slide 16: 2026 Business Sector Guidance
2026 Business Sector Guidance1 Net sales EBITDA pre Life Science Organic: +5% to +7% YoY2 Organic:+5% to +8% YoY PF: ~0% YoY PF: ~+1% (~€20 m) YoY FX: -2% to 0% YoY FX: -3% to -1% YoY ~€9.3 bn to €9.6 bn ~€2.6 bn to €2.8 bn Net sales EBITDA pre 3 Healthcare Organic: -4% to -2% YoY
Slide 17: Appendix
Appendix RARREK
Slide 18: Additional Financial Guidance 2026
Additional Financial Guidance 2026 Further financial details Corporate & Other EBITDA pre ~ -€450 m to -€500 m Interest result ~ -€270 m to -€300 m Effective tax rate ~ 21% to 23% Capex on PPE1 ~ €1.3 bn to €1.5 bn FY 2026 overall hedge ratio ~ 40% Hedging at Corporate & Other line2 EUR/USD hedging
Slide 19: Asia-Pacific and Europe Drive Organic Growth
Asia-Pacific and Europe Drive Organic Growth Regional breakdown of net sales [€m] Regional organic development Europe +5.0% org. APAC: strong growth driven by EL (Semi 31% Solutions), supported by LS (mainly PS) Europe: solid growth driven by LS (PS, AS) and supported by slight growth in HC -2.6
Slide 20: Q2 2026: Reported Figures
Q2 2026: Reported Figures Reported results Comments EBIT down mainly due to higher R&D [€m] Q2 2025 Q2 2026 Δ and M&S, organically up EBIT 891 753 -15.5% Change in financial result reflects higher interest costs following Financial result -62 -112 81.9% SpringWorks acquisition Profit before tax
Slide 21: Credit Details
Credit Details Bond maturity profile as of June 30, 2026 Credit rating information Coupon 3.750% [EUR m/USD m] 0.875% 4.125% 4.375% Last LT 0.500% 3.875% 2.375% LT ST 2.875% Rating Outlook Rating Rating Change 5.000% 850 750 800 4.625% A3 21.10.21 Stable P-2 1,000 0.375% 1,250 A 29.05.13 Stable A-1
Slide 22: Profitable Organic Growth in H1 Driven by Life Science and Electronics
Profitable Organic Growth in H1 Driven by Life Science and Electronics H1 YoY Net Sales H1 YoY EBITDA pre Organic Currency Portfolio Total €2,998 m 7.2% 0.3% €3,129 m Life Science 8.1% -3.8% 0.0% 4.3% -3.1% Healthcare -3.4% -1.8% 4.9% -0.3% Electronics 7.9% -5.3% -10.6% -8.0% Merck Group 3.5% -3.3%
Slide 23: H1 2026: Overview
H1 2026: Overview Key figures Comments [€m] H1 2025 H1 2026 Δ Sales around flat as organic growth of 3% is largely negated by elevated FX Net sales 10,535 10,568 0.3% headwinds (mainly USD and in Asia) EBITDA pre 2,998 3,129 4.4% EBITDA pre org. up +7% driven by EL Margin (in % of net sales) 28.
Slide 24: H1 2026: Reported Figures
H1 2026: Reported Figures Reported results Comments EBIT down due to PF, FX and higher [€m] H1 2025 H1 2026 Δ R&D and M&S; organically up EBIT 1,897 1,690 -10.9% Change in financial result reflects higher interest costs following Financial result -112 -181 62.1% SpringWorks M&A Profit before tax
Slide 25: Life Science H1: Broad-based Growth Across all Regions
Life Science H1: Broad-based Growth Across all Regions Life Science P&L Net sales bridge [€m] IFRS Pre €4,485 m 8.1% €4,677 m H1 2025 H1 2026 H1 2025 H1 2026 -3.8% 0.0% Net sales 4,485 4,677 4,485 4,677 M&S -1,099 -1,134 -1,097 -1,114 +0.0% H1 2025 Organic Currency Portfolio H1 2026 Admin -224 -235
Slide 26: Process Solutions: LDD Underlying Organic Growth; Signs of Normalization
Process Solutions: LDD Underlying Organic Growth; Signs of Normalization Sales development [€m] - org. growth [%] YoY 1,071 1,011 Organic sales up 15% YoY, driven by volume 945 949 973 growth across all portfolios and regions Accelerated sequential reported sales growth driven by easing FX headw
Slide 27: Discovery Solutions: Continued Resilience in Challenging Environment
Discovery Solutions: Continued Resilience in Challenging Environment Sales development [€m] - org. growth [%] YoY 719 724 701 688 692 Continued slight organic sales growth YoY in fourth consecutive quarter, benefitting from Go- to-Market transformation Academic market stabilizing, but not back t
Slide 28: Advanced Solutions: Improving Demand in Quality-Critical End-Markets
Advanced Solutions: Improving Demand in Quality-Critical End-Markets Sales development [€m] - org. growth [%] YoY 603 617 591 593 563 Organic sales growing again by 4% YoY 10% reported sequential growth supported by easing FX headwinds Product businesses benefiting from new product launches an
Slide 29: Healthcare H1: Stable net Sales due to SpringWorks and Cardiometabolic
Healthcare H1: Stable net Sales due to SpringWorks and Cardiometabolic Healthcare P&L Net sales bridge [€m] IFRS Pre €4,216 m 4.9% €4,203 m H1 2025 H1 2026 H1 2025 H1 2026 -3.4% -1.8% Net sales 4,216 4,203 4,216 4,203 M&S -843 -912 -843 -879 +0.0% H1 2025 Organic Currency Portfolio H1 2026 Admin -15
Slide 30: Rare Diseases: Double-Digit Demand Growth
Rare Diseases: Double-Digit Demand Growth Rare Diseases sales [€m] Ogsiveo® and Gomekli® with combined sales of 115 €207 m in H1, in line with guidance and implying 1 portfolio effect of +5pp Not Consolidated 103 Ogsiveo® the largest contributor to sales in Q2, till Q3’251 94 39 followed by Gome
Slide 31: Fertility & Endocrinology: Momentum Improving
Fertility & Endocrinology: Momentum Improving Fertility & Endocrinology sales [€m] - org. growth [%] YoY org. org. org. org. org. +1.1% +7.0% +5.2% -5.1% -0.9% 502 490 494 Organic growth still slightly negative in Q2 and 474 463 improving sequentially as prior year US price 99 effect for Gonal-f®
Slide 32: Cardiometabolic: Slight Growth Amid Middle East Constraints
Cardiometabolic: Slight Growth Amid Middle East Constraints Cardiometabolic sales [€m] - org. growth [%] YoY org. org. org. org. org. +2.6% +4.5% +6.0% +2.4% +1.2% Organic growth remains muted in Q2 amid 643 654 logistical constraints related to the Middle East, 605 616 626 underlying trends intac
Slide 33: Specialty Care: Navigating Lifecycle Challenges
Specialty Care: Navigating Lifecycle Challenges Specialty Care sales [€m] - org. growth [%] YoY org. org. org. org. org. +3.3% +4.2% -0.8% -6.8% -5.8% Organic decline continues in Q2 amid lifecycle challenges for key brands 910 916 860 854 Lower sales of Bavencio® (-17% org.), Mavenclad® 119 118
Slide 34: Merck Pipeline August 06, 2026
Merck Pipeline August 06, 2026 Healthcare pipeline Phase 1 Phase 2 Phase 3 Registration pimicotinib (CSF-1R inhibitor) Tenosynovial giant cell tumor (TGCT)1,2 cladribine capsules (Immune reconstitution3) Generalized myasthenia gravis enpatoran (TLR7/8 antagonist) Lupus erythematosus with cutaneous m
Slide 35: Electronics H1: Strong Organic Growth Driven by Semi Materials
Electronics H1: Strong Organic Growth Driven by Semi Materials Electronics P&L Net sales bridge €1,835 m 7.9% [€m] IFRS Pre €1,688 m H1 2025 H1 2026 H1 2025 H1 2026 -5.3% -10.6% Net sales 1,835 1,688 1,835 1,688 M&S -284 -239 -275 -238 H1 2025 Organic Currency Portfolio +0.0%H1 2026 Admin -98 -93 -7
Slide 36: Semiconductor Solutions: Growth Acceleration Driven by Materials
Semiconductor Solutions: Growth Acceleration Driven by Materials Sales development [€m]* - org. growth [%] YoY 684 631 640 604 611 Semi Materials org. sales up mid-teens % YoY, with another quarterly sales record in Thin Films 10th consecutive quarter of org. sales growth in Materials, with low-
Slide 37: Cash Flow Statement
Cash Flow Statement H1 2026 – cash flow statement Cash flow drivers [€m] H1 2025 H1 2026 Δ Profit after tax in line with lower reported EBIT amid FX headwinds Profit after tax 1,393 1,163 -231 D&A up mainly up due to amortization of D&A 930 1,060 129 SpringWorks Increased provisions due intern
Slide 38: Adjustments in Q2 2026
Adjustments in Q2 2026 Adjustments in EBIT [€m] Q2 2025 Q2 2026 Adjustments thereof D&A Adjustments thereof D&A Life Science 68 19 57 5 Healthcare 27 3 113 19 Electronics 33 4 125 42 Corporate & Other 14 0 55 0 Total 141 27 350 66 Acronym(s): D&A = Depreciation & Amortization 38 Merck Q2 2026 Result
Slide 39: Adjustments in H1 2026
Adjustments in H1 2026 Adjustments in EBIT [€m] H1 2025 H1 2026 Adjustments thereof D&A Adjustments thereof D&A Life Science 100 19 98 5 Healthcare 22 3 145 22 Electronics 59 6 138 45 Corporate & Other 18 0 71 0 Total 199 29 452 72 Acronym(s): D&A = Depreciation & Amortization 39 Merck Q2 2026 Resul
Slide 40: IFRS Effective Fiscal Year 2027, Incl. Update on Adjustments
IFRS 18 Effective Fiscal Year 2027, Incl. Update on Adjustments Adjustments IFRS 18 Increasing comparability Future EBITDA pre will be based on the Hyperinflation accounting IFRS 18 Operating Profit or Loss (OP) 1 effects no longer adjustments Healthcare R&D Impairments fully treated as 2 adjustment
Slide 41: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements and financial indicators This communication may include “forward-looking statements.” Statements that include words such as “anticipate,” “expect,” “should,” “would,” “intend,” “plan,” “project,” “seek,” “believe,” “will,” and other wor
Slide 42: Meet the Merck team
FLORIAN SCHRAEDER eet the eRck team Head of Investor Relations +49 6151 72-5271 florian.schraeder@merckgroup.com DATE EVENT August 6, 2026 Q2 2026 Earnings release VOLKER BRAUN ADRIAN GORSKI GUNNAR ROMER November 12, 2026 Q3 2026 Earnings release March 4, 2027 Q4 2026 Earnings release Institutional