Slide 1: Q1 2026 Investor Call
Q1 2026 Investor Call May 12, 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: Solid Start to 2026
Solid Start to 2026 Sales Core Free Growth EPS Cash Flow (cpa) Q1 2026 €13.4bn €2.71 €-2.3bn +4% vs. PY +13% vs. PY1 vs. PY2 Crop Science Pharmaceuticals Consumer Health Sales Growth (cpa) +6.8% -0.5% +5.3% EBITDA Margin (before special items) 39.9% 29.2% 22.6% Performance including expected one-tim
Slide 5: Focused on Execution – Confirming Full Year Outlook
Focused on Execution – Confirming Full Year Outlook Litigation: crucial phase; ready for all outcomes Pharma Growth & Pipeline: continued growth momentum of launch products; scaling Kerendia; acquisition of Perfuse Therapeutics Crop Science Profitability: disciplined execution of Five-Year Framework
Slide 6: Wolfgang Nickl, Chief Financial Officer
WOLFGANG NICKL Chief Financial Officer
Slide 7: Q1 2026: Group Performance
Q1 2026: Group Performance in €bn Q1 2025 Q1 2026 ∆% yoy Net Sales 13.7 13.4 +4% cpa Driven by Crop Science and Consumer Health; (-2% rep) material FX headwinds of ~€0.9bn EBITDA 4.1 4.5 +9% Led by Crop Science result; FX headwind ~€0.3bn before special items Core EPS1 2.40 2.71 +13% Incl. Crop Scie
Slide 8: Q1 2026: Seed & Traits Growth and Savings Drive Margin Expansion
Q1 2026: Seed & Traits Growth and Savings Drive Margin Expansion Crop Science in €bn Q1 2025 Q1 2026 ∆ yoy Q1 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 7.6 7.6 +7% cpa (0% rep) Volume +6% Seeds +18% Core -7% -15% & Crop Glyphosate Price +1% Traits €4.7bn Protection €2.4bn €0.5bn FX -7%
Slide 9: Q1 2026: Continued Strong Launch Momentum Balancing Declines in Mature Portfolio
Q1 2026: Continued Strong Launch Momentum Balancing Declines in Mature Portfolio Pharmaceuticals in €bn Q1 2025 Q1 2026 ∆ yoy Q1 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.5 4.2 -0.5% cpa (-7% rep) +64% -40% Volume +4% Price -5% €1.0bn €0.4bn FX -6% Portfolio 0% EBITDA 1.3 1.2 -8% -21
Slide 10: Q1 2026: Innovation-Led Growth in Dermatology and Nutritionals
Q1 2026: Innovation-Led Growth in Dermatology and Nutritionals Consumer Health in €bn Q1 2025 Q1 2026 ∆ yoy Q1 2026 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 1.5 1.5 +5% cpa (-1% rep) +13% +10% Allergy +1% Volume +3% Dermatology Nutritionals & Price +3% €0.4bn €0.4bn Cold €0.3bn FX -6% Port
Slide 11: Divisional Outlook at Constant Currencies Confirmed
Divisional Outlook at Constant Currencies Confirmed 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
Slide 12: Group Outlook at Constant Currencies Confirmed
Group Outlook at Constant Currencies Confirmed FY 2025 FY 2026 Actuals Outlook Estimated in €bn as reported at constant FX1 FX Impact2 45.0 to 47.0 ~ -0.5 / ~ -1%pts Net Sales 45.6 0% to +3%3 (prev. ~ -1.3 / ~ -3%pts) EBITDA 9.6 to 10.1 ~ -0.2 / ~ -2%pts before special items 9.7 -1% to +4% (prev. ~
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: 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 16: Core EPS Methodology Change as of Q1 2026
Core EPS Methodology Change as of Q1 2026 New Method – Quarterly View for 2025 [€ bn] Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 EBITDA before special items 4.1 2.1 1.5 2.0 9.7 4.5 Core depreciation & amortization -0.5 -0.5 -0.5 -0.5 -2.0 -0.5 Core EBIT 3.6 1.6 1.0 1.4 7.6 4.0 Core financial re
Slide 17: Appendix: Q1
Health for all, Hunger for none r APPENDIX BAYER R Q1 2026
Slide 18: Q1 2026: Strong Corn and Soy Growth Outweighs Headwinds in Crop Protection Business
Q1 2026: Strong Corn and Soy Growth Outweighs Headwinds in Crop Protection Business Crop Science Sales by Key Category and Strategic Business Entity (€m) Corn S&T: growth across all regions, strong EMEA and APAC performance and strong start to North America season Q1 2025 Q1 2026 ∆ yoy (cpa) Soy S&T
Slide 19: A Slow Start to the Season with Early Signs of a Volatile Recovery
A Slow Start to the Season with Early Signs of a Volatile Recovery Glyphosate Branded Glyphosate-Based Herbicide Sales & Generic PRC Spot Market Trends: Price Trends Global demand is expected to remain stable in 2026 $4.77 Iran conflict has increased the cost for Chinese producers; demand continues
Slide 20: Q1 2026: Continued Strong Launch Momentum Balancing Declines in Mature Portfolio
Q1 2026: Continued Strong Launch Momentum Balancing Declines in Mature Portfolio Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions, especially in the U.S. and Europe Q1 2025 Q1 2026 ∆ yoy (cpa) Kerendia: continued strong growth momentum, especially in U.
Slide 21: Q1 2026: Growth Mainly Driven by Dermatology and Nutritionals
Q1 2026: Growth Mainly Driven by Dermatology and Nutritionals Consumer Health Dermatology: Continued strong performance of Sales by Category (€m) Bepanthen and KangWang, including line extensions Q1 2025 Q1 2026 ∆ yoy (cpa) Nutritionals: Strong performance of e-commerce business Natsana and of Elevi
Slide 22: Q1 2026: Core EPS to EPS Bridge
Q1 2026: Core EPS to EPS Bridge +0.79 -0.11 2.81 2.71 -0.55 -0.03 Core EPS Amortization & Impairment losses/ Special Items Special Items in EPS (total) Q1 2026 impairment losses/ loss reversals (EBITDA relevant) Financial Results/ Q1 2026 loss reversals on IP on PPE Income Taxes Effects between cEPS
Slide 23: Q1 2026: Key Financial Measures by Division
Q1 2026: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Sales 7,580 7,558 4,548 4,249 1,499 1,491 111 107 13,738 13,405 Sales by region: Europe / Middle Eas
Slide 24: Q1 2026: Core Net Income and Free Cash Flow
Q1 2026: Core Net Income and Free Cash Flow [€ bn] Q1 2025 Q1 2026 [€ bn] Q1 2025 Q1 2026 Net Sales 13.7 13.4 Reported EBITDA 3.5 4.8 EBITDA before special items 4.1 4.5 Tax payments -0.3 -0.3 Core depreciation & amortization -0.5 -0.5 Delta pensions -0.1 -0.2 Core EBIT 1 3.6 4.0 Gains/Losses Divest
Slide 25: Appendix: Innovation
Health for all, Hunger for none Am APPENDIX R Innovation
Slide 26: 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 27: Pharmaceuticals: R&D Developments
Pharmaceuticals: R&D Developments (since last update on Feb 11, 2026) Name Change Project Termination First Submissions Approval Parkinson‘s Disease AAV Vericiguat (HFrEF): Ph3 Finerenone CKD and T1D Finerenone HFmr/pEF Gene Therapy (AB-1005) submitted in US approved in EU → Ametefgene Parvec Conges
Slide 28: Pharmaceuticals: Pipeline Overview
Pharmaceuticals: Pipeline Overview1 (as of April 29, 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) Ad
Slide 29: Major R&D Milestones Expected Until End of 2026
Major R&D Milestones Expected Until End of 2026 (as of Apr 29, 2026) Phase I Phase II Phase III Submission / Approval Actinium (225Ac) Inclocibart (anti-a2AP) AIS/PE: 124I-Evuzamitide (PET Tracer) Sevabertinib in HER2mut Pelgifatamab Mopaxetan: Proof of Concept (SIRIUS) Topline results NSCLC 1L: Pro
Slide 30: Nubeqa Continues to Show Strong Growth Across Regions
Nubeqa Continues to Show Strong Growth Across Regions Global sales development (€m, cpa growth rates) US launch performance (monthly NBRx)1 +57% 2800 702 749 2600 2400 622 2200 515 546 2000 Jun-25: 1800 mHSPC approval 1600 (ARANOTE) 1400 1200 1000 800 600 Aug-22: 400 mHSPC approval 200 (ARASENS) Q1
Slide 31: Kerendia Delivers Revenue Acceleration in CKD/T2D and Expands Into HF
Kerendia Delivers Revenue Acceleration in CKD/T2D and Expands Into HF LVEF ≥40% Market Global sales development (€m, cpa growth rates) US Performance (average monthly NBRx per quarter)1 US FDA Approval +84% 10,000 HF LVEF >40 9,000 264 274 8,000 183 221 7,000 161 6,000 5,000 4,000 3,000 2,000 1,000
Slide 32: Launch of Eylea 8mg is Gaining Further Momentum
Launch of Eylea 8mg is Gaining Further Momentum Global sales development (€m, cpa growth rates) Volume market share of anti-VEGF therapies (ex-US)1 -21% 17% 7% 815 862 730 702 22% 623 6% 27% 21% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Mar 2024 - Jun 2024 - Sep 2024 - Dec 2024 - Mar 2025 - Jun 2025 -
Slide 33: Thank you!
WWIII Health for all, Hunger for non