Slide 1: Q3 2025 Investor Call
Q3 2025 Investor Call November 12, 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: On Track to Deliver the Full Year
On Track to Deliver the Full Year Sales Core Free Growth EPS Cash Flow (cpa) 9M 2025 €34.1bn €4.29 €-0.8bn +1% vs. PY +7% vs. PY PY: €-0.2bn Crop Science Pharmaceuticals Consumer Health Sales Growth (cpa) -0.6% +1.7% +1.6% EBITDA Margin (before special items) 21.1% 26.1% 23.9% Additional Litigation
Slide 5: Progressing in Our Transformation
Progressing in Our Transformation Our Strategic Priorities Pharma Crop Science Litigation Cash & Deleveraging Growth & Pipeline Profitability • Continued strong growth of • Continued progress on Nubeqa and Kerendia multi-pronged approach • Implementation of Joint • Confirming free cash flow Declarat
Slide 6: Wolfgang Nickl, Chief Financial Officer
WOLFGANG NICKL Chief Financial Officer
Slide 7: Q3 2025: Group Performance
Q3 2025: Group Performance in €bn Q3 2024 Q3 2025 ∆% yoy +1% cpa Net Sales 10.0 9.7 (-3% rep) FX headwind of €0.4bn EBITDA 1.3 1.5 +21% Mainly due to by higher Crop and Recon result before special items Core EPS (in €) 0.24 0.57 +138% Driven by EBITDA and better core financial result Free Cash Flow
Slide 8: Q3 2025: Core Business Growth Driven by Higher Corn Area
Q3 2025: Core Business Growth Driven by Higher Corn Area Crop Science in €bn Q3 2024 Q3 2025 ∆ yoy Q3 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.0 3.9 +1% cpa (-3% rep) Volume +5% Seeds +7% Core -2% +1% & Crop Glyphosate Price -3% Traits €1.5bn Protection €1.7bn €0.7bn FX -5% Portfoli
Slide 9: Q3 2025: Strong Volume Growth Compensating for Increased LoE, VBP, and Pricing Pressures
Q3 2025: Strong Volume Growth Compensating for Increased LoE, VBP, and Pricing Pressures Pharmaceuticals in €bn Q3 2024 Q3 2025 ∆ yoy Q3 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.5 4.3 0% cpa (-4% rep) +63% -31% Volume +7% Price -7% €0.8bn €0.5bn FX -4% Portfolio 0% EBITDA 1.1 1.0 -5
Slide 10: Q3 2025: Moderate Growth in an Increasingly Challenging Market
Q3 2025: Moderate Growth in an Increasingly Challenging Market Consumer Health in €bn Q3 2024 Q3 2025 ∆ yoy Q3 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 1.4 1.4 2% cpa (0% rep) +1% +7% Allergy -8% Volume +1% Dermatology Nutritionals & Price +1% €0.4bn €0.4bn Cold €0.3bn FX -6% Portfoli
Slide 11: Outlook 2025: Updated Divisional Outlook
Outlook 2025: Updated Divisional Outlook FY 2024 FY 2025 Actuals Outlook Estimated as reported at constant FX1 FX Impact2 Net Sales €22.3bn -2% to +2%3 ~ -4%pt EBITDA Margin 19.4% 18% to 20% not material Crop Science (before special items) Net Sales €18.1bn 0% to +3% ~ -3%pt Pharmaceuticals EBITDA M
Slide 12: Outlook 2025: Group Outlook Confirmed
Outlook 2025: Group Outlook Confirmed FY 2024 FY 2025 Actuals Outlook Estimated in €bn as reported at constant FX1 FX Impact2 46.0 to 48.0 ~ -2.0 Net Sales 46.6 -1% to +3%3 ~ -4%pts EBITDA 9.7 to 10.2 ~ -0.5 before special items 10.1 -4% to +1% ~ -5%pts Core EPS (in €) 5.05 4.80 to 5.30 ~ -0.35 Free
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 FY 2025 in €bn Outlook at constant FX1 Portfolio effect in Sales ~ +0.2 Portfolio effects: Natsana acquisition (Consumer Health) Special Items (EBITDA) -4.0 to -3.5 Special items (EBITDA) reflecting year-to-date litigation (prev. -3.5 to -2.5) provisions and DS
Slide 16: Appendix: Q3
Health for all, Hunger for none r APPENDIX BAYER R Q3 2025
Slide 17: Q3 2025: Core Net Income and Free Cash Flow
Q3 2025: Core Net Income and Free Cash Flow [€ bn] Q3 2024 Q3 2025 [€ bn] Q3 2024 Q3 2025 Net Sales 10.0 9.7 Reported EBITDA 0.9 0.5 EBITDA before special items 1.3 1.5 Tax payments -0.1 -0.2 Core depreciation -0.4 -0.4 Delta pensions -0.1 -0.1 Core EBIT 1 0.8 1.1 Gains/Losses Divestments 0.0 0.0 Co
Slide 18: Q3 2025: Core EPS to EPS Bridge
Q3 2025: Core EPS to EPS Bridge in € 0.57 -0.58 -0.05 -0.98 -1.07 -0.28 +0.43 Core EPS Amortization and Impairments Special Items Special Items Tax Effect on EPS (total) Q3 2025 impairment on IP on PPE (EBITDA) Financial Adjustments Q3 2025 Results/Taxes 18 /// Bayer Q3 2025 Investor Call /// Novemb
Slide 19: Q3 2025: Corn Growth Outweighs Regulatory Impacts
Q3 2025: Corn Growth Outweighs Regulatory Impacts Crop Science Corn S&T: higher volume on increased US planted area and Sales by Key Category and Strategic Business Entity (€m) strong demand in LATAM, partially offset by pricing impacts from closeout of Northern Hemisphere seasons Q3 2024 Q3 2025 ∆
Slide 20: Strong Demand as Glyphosate Price Begins to Recover
Strong Demand as Glyphosate Price Begins to Recover Glyphosate Market Trends: Global demand remains strong. U.S. price increases as Branded Glyphosate-Based Herbicide Sales Normalize as imports have declined due to tariffs while pressure continues Generic Reference Price Recovers to Historical Media
Slide 21: Q3 2025: Pharmaceuticals Sales by Key Category and Product
Q3 2025: Strong Volume Growth Compensating for Increased LoE, VBP, and Pricing Pressures Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: continued strong growth across regions; IRA-related pricing pressures more than offset by significant volume expansion Q3 2024 Q3 2025 ∆ yoy (cpa) K
Slide 22: Q3 2025: Consumer Health Portfolio Strategy Supports Growth
Q3 2025: Portfolio Strategy Supports Growth in an Increasingly Challenging Market Environment While Demand for Allergy & Cold is Softer Consumer Health Dermatology: Growth primarily driven by strong demand for Priorin, Bepanthen and KangWang. Sales by Category (€m) Nutritionals: Growth in EMEA and L
Slide 23: Q3 2025: Key Financial Measures by Division
Q3 2025: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Sales 3,986 3,858 4,510 4,335 1,413 1,415 59 52 9,968 9,660 Sales by region: Europe / Middle East /
Slide 24: Appendix: 9M
Health for all, Hunger for none r APPENDIX BAYER R 9M 2025
Slide 25: 9M 2025: Group Performance
9M 2025: Group Performance in €bn 9M 2024 9M 2025 ∆% yoy +1% cpa Net Sales 34.9 34.1 (-2% rep) FX headwind of €1.1bn EBITDA 7.8 7.7 -1% FX headwind of €0.4bn before special items Core EPS (in €) 4.00 4.29 +7% Better core financial result Free Cash Flow -0.2 -0.8 --- Including higher incentive and li
Slide 26: 9M 2025: Core Net Income and Free Cash Flow
9M 2025: Core Net Income and Free Cash Flow [€ bn] 9M 2024 9M 2025 [€ bn] 9M 2024 9M 2025 Net Sales 34.9 34.1 Reported EBITDA 6.8 4.2 EBITDA before special items 7.8 7.7 Tax payments -0.9 -0.8 Core depreciation -1.2 -1.2 Delta pensions -0.4 -0.4 Core EBIT 1 6.6 6.5 Gains/Losses Divestments -0.1 -0.3
Slide 27: 9M 2025: Core EPS to EPS Bridge
9M 2025: Core EPS to EPS Bridge in € -1.20 4.29 -0.10 -3.52 +1.09 0.14 -0.42 Core EPS EPS (total) 9M 2025 Amortization and Impairments Special Items Special Items Tax Effect on 9M 2025 impairment on IP on PPE (EBITDA) Financial Adjustments Results/Taxes 27 /// Bayer Q3 2025 Investor Call /// Novembe
Slide 28: 9M 2025: Strong Corn Performance Compensates Anticipated Regulatory Challenges
9M 2025: Strong Corn Performance Compensates Anticipated Regulatory Challenges Crop Science in €bn 9M 2024 9M 2025 ∆ yoy 9M 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 16.9 16.2 -1% cpa (-4% rep) Seeds +1% Core -2% -3% Volume -0% & Crop Glyphosate Price 0% Traits €8.1bn Protection €6.2bn
Slide 29: 9M 2025: Higher Corn Volumes Offset Anticipated Regulatory Challenges
9M 2025: Higher Corn Volumes Offset Anticipated Regulatory Challenges Crop Science Corn S&T: higher volumes across all regions, most notably North Sales by Key Category and Strategic Business Entity (€m) America and LATAM 9M 2024 9M 2025 ∆ yoy (cpa) Soy S&T: decline in North America due to dicamba l
Slide 30: 9M 2025: Topline Resilience Despite LoE, VBP and Pricing Pressures
9M 2025: Topline Resilience Despite LoE, VBP and Pricing Pressures Pharmaceuticals in €bn 9M 2024 9M 2025 ∆ yoy 9M 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 13.5 13.4 +2% cpa (-1% rep) +64% -30% Volume +4% Price -3% €2.2bn €1.8bn FX -3% Portfolio 0% EBITDA 3.6 3.5 -4% -1% Base +2% befo
Slide 31: 9M 2025: Topline Resilience Despite LoE, VBP and Pricing Pressures
9M 2025: Topline Resilience Despite LoE, VBP and Pricing Pressures Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions 9M 2024 9M 2025 ∆ yoy (cpa) Kerendia: further strong growth momentum, especially in US and China Pharmaceuticals 13,473 13,353 +2% Eylea:
Slide 32: 9M 2025: Moderate Growth, Amid Increasingly Challenging Market Conditions
9M 2025: Moderate Growth, Amid Increasingly Challenging Market Conditions and Soft Seasonality in Allergy & Cold Consumer Health in €bn 9M 2024 9M 2025 ∆ yoy 9M 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.3 4.3 +2% cpa (+1% rep) -4% +4% Allergy +0% Volume +1% Dermatology Nutritionals &
Slide 33: 9M 2025: Moderate Growth Reflecting Soft Market Environment
9M 2025: Moderate Growth Reflecting Soft Market Environment Consumer Health Dermatology: Strong Demand for Priorin, driven by leveraging portfolio strategy and more flexible Sales by Category (€m) resource allocation, together with Bepanthen, Canesten and KangWang, including new launches 9M 2024 9M
Slide 34: 9M 2025: Key Financial Measures by Division
9M 2025: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Sales 16,874 16,226 13,473 13,353 4,303 4,341 227 217 34,877 34,137 Sales by reg
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
Pharmaceuticals: R&D Developments (since last update on July 25, 2025) Phase I Phase III Submission Approval KRAS G12D Inhibitor Bemdaneprocel Gadoquatrane submission in Elinzanetant approved in US (BAY 3771249) Parkinson’s Disease Cell CN Therapy (BRT-DA01) DGKalpha Inhibitor and Aflibercept 8 mg s
Slide 38: Pharmaceuticals – Pipeline Overview
Pharmaceuticals – Pipeline Overview1 (as of October 30, 2025) 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 39: Major R&D Milestones Expected Until End of 2026
Major R&D Milestones Expected Until End of 2026 (as of Oct 31, 2025) Phase I Phase II Phase III Submission / Approval 2025 225Ac-Pelgifatamab: Anti-a2AP AIS: Asundexian Stroke: Sevabertinib HER2-mut Proof of concept Primary completion (SIRIUS) Primary completion NSCLC 2L: (OCEANIC-STROKE) First appr
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 +56% 2,600 2,400 622 2,200 515 546 2,000 417 443 1,800 Jun-25: 1,600 mHSPC approval 1,400 (ARANOTE) 1,200 1,000 800 600 400 Aug-22: mHSPC approval 20
Slide 41: Kerendia Demonstrates Accelerated Sales Momentum in CKD/T2D
Kerendia Demonstrates Accelerated Sales Momentum in CKD/T2D, now FDA approved for HF LVEF≥40% Global sales development (€m, cpa growth rates) US launch performance (monthly NBRx)1 9000 +85% 8000 7000 221 6000 183 5000 161 4000 126 137 3000 2000 1000 0 Mrz 22 Mrz 23 Mrz 24 Mrz 25 Feb 22 Feb 23 Feb 24
Slide 42: Eylea Maintaining Market Leadership; Launch of 8mg Gaining Further 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 70% -11% 60% 55.2% 57.6% 56.4% 848 833 815 862 50% 730 40% 39.4% 37.5% 30% 20.8% 22.3% 20% 18.9% 18.2% 9.0% 10% 8.0% Q3 2024 Q4 202
Slide 43: Thank you!
WWIII Health for all, Hunger for non