Merck Kgaa · XETR:MRK
Merck Kgaa — FY 2025 Earnings Presentation
46 slides from Merck Kgaa's earnings presentation, Mar 5, 2026
Slide 1: Guidance Delivered, Growth Foundation in place
Guidance Delivered, Growth Foundation in place Merck KGaA, Darmstadt, Germany FY 2025 results Belén Garijo, CEO and Chair of the Executive Board Helene von Roeder, CFO and Member of the Executive Board Kai Beckmann, Deputy Chairman of the Executive Board March 5, 2026
Slide 2: Disclaimer
Disclaimer Publication of Merck KGaA, Darmstadt, Germany. In the United States and Canada the group of companies affiliated with Merck KGaA, Darmstadt, Germany operates under individual business names (EMD Serono, Millipore Sigma, EMD Performance Materials). To reflect such fact and to avoid any mis
Slide 3: Agenda
Agenda Executive Summary Financial Overview Outlook & Guidance 3 Merck KGaA, Darmstadt, Germany Q4 2025 Results Presentation | March 5, 2026
Slide 4: Executive summary
Executive summary 01
Slide 5: Group: Guidance Delivered
Group: Guidance Delivered 2025 Guidance 2025 Results Net sales €20.8 – 21.4 bn €21.1 bn EBITDA pre €6.0 – 6.2 bn €6.1 bn EPS pre €8.20 – 8.60 €8.34 5 Merck KGaA, Darmstadt, Germany Q4 2025 Results Presentation | March 5, 2026
Slide 6: Highlights: Growth Driven by Process Solutions and Rare Diseases
Highlights: Growth Driven by Process Solutions and Rare Diseases Operations Group Financials Q4 YoY organic sales growth1 Life Science: Q4 organic sales: +2.6% Continued PS growth (+10%) drives LS growth (+4%) Continued strong YoY order intake momentum in PS Q4 organic EBITDA pre: +3.1% SLS2 w
Slide 7: FY25 Strategic Review: Active Management Enhancing Portfolio
FY25 Strategic Review: Active Management Enhancing Portfolio +4.0% org. Life Science: Process Solutions driving return to growth in 2025 +1% Launched new go-to-market model while strengthening the portfolio with the acquisition of Hub Organoids1 and JSR Life Sciences’1 chromatography business 8.9
Slide 8: Elevating Environmental Performance: Strong Progress in 2025
Elevating Environmental Performance: Strong Progress in 2025 Planet 2152 Scope 1+2 kt Target of -50% scope 1+2 GHG emissions 1951 1760 -60% overachieved in 2025: -60% vs. 2020 1463 emissions NF3 abatement technology and VPPAs 1085 -50% reduction contributing nicely 855 vs. 2020 Further reducti
Slide 9: Financial overview
Financial overview 02
Slide 10: Q4 2025: Overview
Q4 2025: Overview Key figures Comments [€m] Q4 2024 Q4 2025 Δ Sales down -3% as moderate organic growth is negated by increased FX Net sales 5,418 5,249 -3.1% headwinds, particularly USD and in Asia EBITDA pre 1,491 1,443 -3.2% Moderate organic EBITDA pre growth, Margin (in % of net sales) 27.5%
Slide 11: Q4 2025: Reported Figures
Q4 2025: Reported Figures Reported results Comments EBIT down, mainly from impairment in [€m] Q4 2024 Q4 2025 Δ Healthcare and other non-cash portfolio EBIT 824 483 -41.4% actions Adverse change in fin. result reflects Financial result -15 -82 447.0% higher interest costs following M&A and Profi
Slide 12: Moderate Organic Sales Growth amid Strong Currency Headwinds
Moderate Organic Sales Growth amid Strong Currency Headwinds Q4 YoY Net Sales Q4 YoY EBITDA pre Organic Currency Portfolio Total €1,491 m 3.1% €1,443 m Life Science 3.9% -5.9% -0.1% -2.2% -6.2% -0.1% Healthcare 3.3% -5.6% 4.8% 2.5% Electronics -2.0% -6.3% -9.3% -17.5% Group 2.6% -5.9% 0.2% -3.1% Q4
Slide 13: Life Science Q4: Fourth Consecutive Quarter of ~10% PS Org. Sales Growth
Life Science Q4: Fourth Consecutive Quarter of ~10% PS Org. Sales Growth Life Science P&L Net sales bridge [€m] IFRS Pre €2,305 m 3.9% €2,254 m Q4 2024 Q4 2025 Q4 2024 Q4 2025 -5.9% -0.1% Net sales 2,305 2,254 2,305 2,254 M&S -577 -555 -561 -554 +0.0% Q4 2024 Organic Currency Portfolio Q4 2025 Admin
Slide 14: Healthcare Q4: CM&E and Rare Diseases Driving Sales Growth
Healthcare Q4: CM&E and Rare Diseases Driving Sales Growth Healthcare P&L Net sales bridge [€m] IFRS Pre €2,137 m 3.3% 4.8% €2,189 m Q4 2024 Q4 2025 Q4 2024 Q4 2025 -5.6% Net sales 2,137 2,189 2,137 2,189 M&S -462 -525 -460 -478 Q4 2024 Organic Currency Portfolio Q4 2025 Admin -86 -105 -82 -91 R&D -
Slide 15: Electronics Q4: Pureplay Business Model Enhancing Margins
Electronics Q4: Pureplay Business Model Enhancing Margins Electronics P&L Net sales bridge [€m] IFRS Pre €976 m €805 m -2.0% -6.3% Q4 2024 Q4 2025 Q4 2024 Q4 2025 -9.3% Net sales 976 805 976 805 M&S -148 -115 -145 -114 Admin -49 -38 -34 -32 Q4 2024 Organic Currency Portfolio Q4 2025 R&D -75 -70 -75
Slide 16: Balance Sheet
Balance Sheet Assets [€bn] Liabilities [€bn] 51.6 51.5 51.5 51.6 Cash & cash equivalents 2.5 2.7 3.9 3.9 Receivables 4.5 4.6 Inventories 28.7 30.0 Net equity Intangible assets 25.5 25.6 12.0 10.3 Financial debt Property, plant Payables/refund liabilities 10.0 9.9 3.1 3.1 & equipment 2.0 1.6 Provisio
Slide 17: Cash flow statement
Cash flow statement Q4 2025 – cash flow statement Cash flow drivers [€m] Q4 2024 Q4 2025 Δ Profit after tax down, mainly from Profit after tax 669 324 -345 Healthcare impairments and other non- D&A 551 911 360 cash portfolio actions D&A significantly up reflecting the non- Changes in provisions
Slide 18: Outlook & Guidance
Outlook & Guidance 03
Slide 19: Group Full-year 2026 guidance
Group Full-year 2026 guidance1 Net sales: Organic: -1% to +2% YoY PF: ~0% (~-€50 m) YoY FX: -4% to -2% YoY ~€20.0 bn to €21.1 bn EBITDA pre: Organic: -4% to +1% YoY PF: ~0% (~-€10 m) YoY FX: -7% to -3% YoY ~€5.5 bn to €6.0 bn EPS pre: ~€7.10 to €8.00 1 ® ® Assuming no U.S. sales of Mavenclad from Ma
Slide 20: 2026 business sector guidance
2026 business sector guidance1 Net sales EBITDA pre Life Science Organic: +3% to +6% YoY Organic:+2% to +6% YoY FX: -4% to -1% YoY PF: ~1% (~€20 m) ~€8.9 bn to €9.3 bn FX: -4% to -1% YoY ~€2.5 bn to €2.7 bn Net sales EBITDA pre 2 Healthcare Organic: -7% to -4% YoY Organic: -14% to
Slide 21: Appendix
Appendix
Slide 22: Asia-Pacific, Europe and Latin America Driving Organic Growth
Asia-Pacific, Europe and Latin America Driving Organic Growth Regional breakdown of net sales [€m] Regional organic development Europe +5.0% org. APAC: Solid growth in LS (PS), moderate 30% growth in EL (Semi Materials) and HC (CM&E, Pergoveris®) Europe: solid growth driven by LS (PS); North Ame
Slide 23: Additional Financial Guidance 2026
Additional Financial Guidance 2026 Further financial details Corporate & Other EBITDA pre ~ -€450 m Interest result ~ -€280 m to -€330 m Effective tax rate ~ 21% to 23% Capex on PPE1 ~ €1.3 to 1.5 bn FY 2026 overall hedge ratio ~ 50% Hedging at Corporate & Other line2 EUR/USD hedging @ ~ 1.15 2026 Ø
Slide 24: Stable Dividend Signals Confidence in Future Growth
Stable Dividend Signals Confidence in Future Growth Dividend1 development 2016 -2025 2025 dividend Resilient company performance supports stable dividend in FY25 2.20 2.20 2.20 2.20 Allows for dividend proposal1 of €2.20 per share for 2025 1.85 2 Dividend yield of 1.8% with payout ratio of 26.
Slide 25: Credit Details
Credit Details Bond maturity profile as of December 31, 2025 Credit rating information Coupon [EUR m/USD m] 3.750% Last LT 0.875% LT ST 4.125% 4.375% Rating Outlook Rating Rating 0.500% 3.875% 2.375% Change 2.875% 5.000% 850 A3 21.10.21 Stable P-2 750 4.625% 1.625% 800 1,000 1.875% 0.375% 271 1,250
Slide 26: Profitable Organic Growth, Driven by HC and LS with FX Headwinds
Profitable Organic Growth, Driven by HC and LS with FX Headwinds FY YoY Net Sales FY YoY EBITDA pre Organic Currency Portfolio Total €6,072 m 5.6% €6,109 m Life Science 4.0% -3.4% 0.1% 0.7% -5.0% 0.0% Healthcare 3.7% -4.1% 2.2% 1.8% Electronics -0.6% -3.3% -3.2% -7.1% Group 3.1% -3.7% 0.4% -0.3% FY
Slide 27: FY 2025: Overview
FY 2025: Overview Key figures Comments [€m] FY 2024 FY 2025 Δ Sales around stable (0%); FX headwinds (-4%) dampen solid org. growth (+3%), Net sales 21,156 21,102 -0.3% with the portfolio effect around stable EBITDA pre 6,072 6,109 0.6% HC and LS contributing to organic sales Margin (in % of net
Slide 28: FY 2025: Reported Figures
FY 2025: Reported Figures Reported results Comments EBIT around stable, with support from [€m] FY 2024 FY 2025 Δ the gain on the PRV sale and changes in EBIT 3,645 3,601 -1.2% local legislations in Latin America Significant additional headwinds from Financial result -108 -293 169.8% FX, Healthca
Slide 29: FY Life Science: Low-teens PS Growth, Consistent with Mid-Term Guidance
FY Life Science: Low-teens PS Growth, Consistent with Mid-Term Guidance Life Science P&L Net sales bridge [€m] IFRS Pre €8,916 m 4.0% 0.1% €8,980 m FY 2024 FY 2025 FY 2024 FY 2025 -3.4% Net sales 8,916 8,980 8,916 8,980 M&S -2,238 -2,199 -2,213 -2,193 FY 2024 Organic Currency Portfolio +0.0% FY 2025
Slide 30: Process Solutions: Growing Org. Sales In-Line with Mid-Term Target of ~10%
Process Solutions: Growing Org. Sales In-Line with Mid-Term Target of ~10% Sales development [€m] - org. growth [%] YoY 973 Organic sales up ~10% year-over-year for the fourth consecutive quarter 945 949 938 Sequential reported sales growth continues despite significant FX headwinds 919 Contin
Slide 31: Advanced Solutions: Gradual Recovery of End Markets
Advanced Solutions: Gradual Recovery of End Markets Sales development [€m] - org. growth [%] YoY 642 Organic sales around stable year-over-year 603 591 593 against tough comp 578 The product businesses, encompassing Biomonitoring, Diagnostics & Regulated Materials, and Lab Water, were slightly u
Slide 32: Discovery Solutions: Still Muted Market Environment
Discovery Solutions: Still Muted Market Environment Sales development [€m] - org. growth [%] YoY 724 721 719 701 688 Slight organic sales growth year-over-year with intensifying FX headwinds Quarter impacted by the US Government shutdown and funding uncertainties Muted market environment due t
Slide 33: FY Healthcare: CM&E, Mavenclad®, and Erbitux® Drive Profitable Growth
FY Healthcare: CM&E, Mavenclad®, and Erbitux® Drive Profitable Growth Healthcare P&L Net sales bridge [€m] IFRS Pre €8,455 m 3.7% 2.2% €8,607 m FY 2024 FY 2025 FY 2024 FY 2025 -4.1% Net sales 8,455 8,607 8,455 8,607 M&S -1,713 -1,832 -1,710 -1,770 FY 2024 Organic Currency Portfolio +0.0% FY 2025 Adm
Slide 34: Rare Diseases: Significant Ramp-up in H2-25
Rare Diseases: Significant Ramp-up in H2-25 ® Sales development Rare Diseases, [€m] Gomekli net sales, [€m] ® 40 Gomekli +33% QoQ in early Not Consolidated till Q3’251 [€m] 31 stages of commercialization 30 23 20 Encouraging uptake across both 110 103 14 Not Consolidated till Q3’251 pediatric an
Slide 35: CM&E: Strong Organic Growth of 7% Supported by All Therapeutic Areas
CM&E: Strong Organic Growth of 7% Supported by All Therapeutic Areas ® Sales development CM&E, [€m] YoY Glucophage net sales, [€m] Glucophage® sales +5% org. org. org. org. org. org. [€m] 8.4% 10.6% 4.7% 7.2% 6.8% 300 Approved in more than 80 248 242 235 247 252 YoY 200 countries for the treatme
Slide 36: Fertility: Driven by Pergoveris® Double-Digit Organic Growth
Fertility: Driven by Pergoveris® Double-Digit Organic Growth ® Sales development Fertility, [€m] YoY Gonal-f net sales, [€m] 206 192 186 org. org. org. org. org. 179 165 Sales -6% org. amid negative [€m] -4.7% -0.4% -3.4% 2.4% 3.4% net price effects in US and tough comps in Europe; other 400 382 r
Slide 37: N&I: Double-Digit Mavenclad® Sales Growth
N&I: Double-Digit Mavenclad® Sales Growth ® Sales development N&I, [€m] YoY Mavenclad net sales, [€m] org. org. org. org. org. 350 287 307 305 295 +16% org. growth driven by [€m] 2.9% -3.7% 2.6% 5.6% 3.1% 300 270 Europe (+23%) and NA (+10%) 250 200 Initial impact from generics entry 450 416 425
Slide 38: Oncology: Lower Organic Sales as Erbitux® Growth Moderates
Oncology: Lower Organic Sales as Erbitux® Growth Moderates ® Sales development Oncology, [€m] YoY Bavencio net sales, [€m] org. org. org. org. org. 200 184 Sales Sales -15% -15% org., org., mainly mainly due due to to [€m] 157 158 13.8% -1.9% 3.9% 3.1% -3.9% 150 149 148 competition in the US, in
Slide 39: Group pipeline
Group pipeline March 05, 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) Phase 3 study start planned for Q2 20
Slide 40: FY Electronics: High-Single-Digit Semiconductor Materials Sales Growth
FY Electronics: High-Single-Digit Semiconductor Materials Sales Growth Electronics P&L Net sales bridge €3,785 m €3,515 m [€m] IFRS Pre -0.6% -3.3% -3.2% FY 2024 FY 2025 FY 2024 FY 2025 Net sales 3,785 3,515 3,785 3,515 M&S -568 -519 -566 -517 FY 2024 Organic Currency Portfolio +0.0% FY 2025 Admin -
Slide 41: Semiconductor Solutions: Very Strong Semiconductor Materials Growth
Semiconductor Solutions: Very Strong Semiconductor Materials Growth Sales development [€m] - org. growth [%] YoY 691 649 Overall, structural growth is intact with the 631 Semi Materials growth engine performing well 603 610 Semi Materials org. sales up solid teens % YoY, with another quarterly s
Slide 42: Cash Flow Statement
Cash Flow Statement FY 2025 – cash flow statement Cash flow drivers [€m] FY 2024 FY 2025 Δ Profit after tax down mainly due to Profit after tax 2,786 2,615 -171 Healthcare impairments, with support D&A 2,134 2,298 165 from PRV gain and LatAm adj. D&A significantly up reflecting the non- Changes
Slide 43: Adjustments in Q4 2025
Adjustments in Q4 2025 Adjustments in EBIT [€m] Q4 2024 Q4 2025 Adjustments thereof D&A Adjustments thereof D&A Life Science 96 30 132 80 Healthcare 1 5 308 193 Electronics 57 16 64 48 Corporate & Other 15 2 -133 0 Total 169 53 371 322 43 Merck KGaA, Darmstadt, Germany Q4 2025 Results Presentation |
Slide 44: Adjustments in FY 2025
Adjustments in FY 2025 Adjustments in EBIT [€m] FY 2024 FY 2025 Adjustments thereof D&A Adjustments thereof D&A Life Science 220 86 261 99 Healthcare 134 160 412 197 Electronics 112 29 3 73 Corporate & Other 104 3 -97 0 Total 570 277 579 369 44 Merck KGaA, Darmstadt, Germany Q4 2025 Results Presenta
Slide 45: Pursuing a Clear Roadmap for Sustainable Impact and Value Creation
Pursuing a Clear Roadmap for Sustainable Impact and Value Creation Goal Metric 2025 (2024) Target Percentage of newly published patent families with positive sustainability impact 50% (34%) n.a. 1 People treated with our Healthcare products* 182 mio (184 mio) n.a. Patients treated with pharma produc
Slide 46: Meet the team
FLORIAN SCHRAEDER NADJA GROSSCHMIDT SUSAN KUEHN eet the team Head of Investor Relations Assistant Investor Relations Assistant Investor Relations +49 6151 72-5271 +49 6151 72-3321 +49 6151 72-3744 florian.schraeder@emdgroup.com nadja.grosschmidt@emdgroup.com susan.kuehn@emdgroup.com DATE EVENT March