Bayer Ag · XETR:BAYN
Bayer — Debt Investor Presentation (September 2025)
22 slides from Bayer's debt investor presentation, Sep 18, 2025
Slide 1: Debt Investor Information
Debt Investor Information Bayer AG September 18, 2025 Status: Q2 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: Global Leader in Health & Nutrition: Uniquely Positioned to Meet Basic Needs of Humankind
Global Leader in Health & Nutrition: Uniquely Positioned to Meet Basic Needs of Humankind Crop Science Net Sales Full Year 2024 • Global Ag Market & Adjacent Spaces expected to double to >€200bn1 by 2030 as rep4 • Innovative crop system solutions, holding #1 in Seed & Traits with leading Crop Protec
Slide 4: Global Pressures Underpin Our Mission and the Need for Innovation
Global Pressures Underpin Our Mission and the Need for Innovation P H A R M A C E U T I C A L S • C O N S U M E R H E A LT H • C R O P S C I E N C E AGING POPULATION GROWING POPULATION PRESSURE ON ECOSYSTEMS Megatrends People 60+ -20% through more than 2050 doubling1 +2.2bn +50% -17% 2016 2050 Peopl
Slide 5: Our 2030 Sustainability Targets Positively Contribute to Today's Pressing Challenges
Our 2030 Sustainability Targets 1 Positively Contribute to Today’s Pressing Challenges Help more PEOPLE thrive Decrease ECOLOGICAL footprint Food Security: Climate neutrality4 in own operations Support 100m smallholder farmers in LMICs2 + reduced emissions in our supply chain 42% reduction target5 f
Slide 6: Innovation is an integral part of Bayer's DNA
Innovation is an integral part of Bayer’s DNA >€ bn 5 R&D investments per year Key Recent Product Launches: >485 new seed products Advancing 10 blockbusters CROP and nearly >230 crop SCIENCE Fox Supra (Indiflin®) 2 protection registrations in 2024 Key Current Launch Products: Upcoming Launch Product
Slide 7: 2024: Group Performance
2024: Group Performance in €bn FY 2023 FY 2024 ∆% yoy Net Sales 47.6 46.6 +1% cpa Currency headwind of ~€1.3bn (-2% rep) EBITDA 11.7 10.1 -14% Lower Crop Science and Reconciliation result; before special items currency headwind of ~€0.6bn Core EPS 6.39 5.05 -21% Lower EBITDA before special items; (i
Slide 8: Bayer Key Financials in 2024
Bayer Key Financials in 2024 EBITDA before Special Items in €bn Capital Expenditures in €bn Research & Development Expenses in €bn 4.7 4.3 3.4 1.5 1.3 2.6 1.4 0.2 0.3 Crop Science Pharma Consumer Health Crop Science Pharma Consumer Health Crop Science Pharma Consumer Health 4 Free Cash Flow in €bn N
Slide 9: Outlook 2025: Group Outlook Upgraded at Constant Currencies
Outlook 2025: Group Outlook Upgraded at Constant Currencies – Material FX Headwinds Expected Previous Updated FY 2025 FY 2025 Updated Outlook Outlook Estimated in €bn at constant FX1 at constant FX1 FX Impact2 45.0 to 47.0 46.0 to 48.0 ~-2.0 Net Sales -3% to +1%3 -1% to +3%3 ~ -4%pts EBITDA 9.5 to 1
Slide 10: Our Three-Year Turnaround
Our Three-Year Turnaround Our Strategic Priorities Pharma Crop Science Growth & Pipeline Litigation Cash & Deleveraging Profitability • Return to sales growth by 2027 • Advance strategies to • Innovate to grow above • Improve towards single A significantly contain market • Expand margin1 by 2028 cat
Slide 11: Our New Operating Model is Key Enabler to Achieve our Ambitions
Our New Operating Model is Key Enabler to Achieve our Ambitions Financial impact of our Dynamic Shared Ownership to be realized in stages Sustainable Cost GROWTH through GROWTH through EFFICIENCIES Customer Centricity Innovation Speed // Elimination of roles, // Self-managed customer- // Increased s
Slide 12: Improve Cash Generation and Prioritize Capital Allocation to Achieve a Step Down in Debt
Improve Cash Generation and Prioritize Capital Allocation to Achieve a Step Down in Debt Organic Cash Investments Cash Generation (before Free Cash Flow) Usage Minimum Dividend Ongoing and DRIVING OPERATIONAL New Launches PERFORMANCE and STRENGTHEN CASH FLOW DEBT REDUCTION Focused R&D Investments Dr
Slide 13: Bayer Pursues a Conservative Financial Policy…
Bayer Pursues a Conservative Financial Policy… al Financing Instruments anci Op n Fi ent Cap tim d m ita iz Ma lize e lS at ruct g // Syndicated credit facilities io na tra t n o ure Key objectives Cen f Ensure liquidity and // Global Commercial Paper program creditworthiness Long term ambition of i
Slide 14: … and is Ambitious to Improve Its current Investment Grade Ratings towards the "A" Category
… and is Ambitious to Improve Its current Investment Grade Ratings towards the "A" Category Development of Ratings and Leverage 1 Monsanto Schering Merck OTC 3.4x 4.4x 4.2x 3.5x 3.3x Proven track record of 3.2x 3.1x disciplined deleveraging 2.9x 3.4x 2.6x 2.5x 2.5x 2.5x 2.4x 2.1x 1.9x 1.9x 1.8x 1.6x
Slide 15: Bayer's Maturity Profile is Well Balanced
Bayer’s Maturity Profile is Well Balanced Bond Maturity Profile (€bn) Currency Exposure incl. Derivatives as of June 30, 2025 1 as of June 30, 2025 2 8 USD RegS/144a EUR Senior Bonds CNY Panda Bonds Hybrid (First Call Dates) Other 7 JPY 6 5 €33.3bn 4 Net Financial Debt 3 2 USD EUR 1 0 2025 2026 2027
Slide 16: Overview of Bayer's Funding Structure
Overview of Bayer‘s Funding Structure Net Financial Debt1 Nominal Volume of Major Instruments (bn) Net Financial Debt1 as of June 30, 2025 Jun. 30, 2024 Dec. 31, 2024 Jun. 30, 2025 EUR million EUR million EUR million EUR 13.6 Senior EUR Bonds Bonds and notes / promissory notes 41,794 38,226 34,794 U
Slide 17: Short- and Long-Term Funding Programs
Short- and Long-Term Funding Programs Short-Term Funding: Commercial Paper Program Long-Term Funding: Debt Issuance Program Commercial Paper (CP) is a short-term unsecured debt instrument. CP are Under the Debt Issuance Program (DIP) Bayer may from time-to-time issue normally issued at a discount an
Slide 18: Back-up Revolving Credit Facility
Back-up Revolving Credit Facility Syndicated Loan Facility The multicurrency Syndicated Loan Facility can be used for general corporate purposes and is primarily a back-up line. Thus, it is not intended to be drawn in the course of ordinary business. It was last renewed in December 2024 and the part
Slide 19: Main Issuing Entities at Bayer Group
Main Issuing Entities at Bayer Group Bayer AG Germany CNY Hybrid EUR Bonds Bonds Bonds Bayer US Finance LLC USD Bayer Capital Corp. B.V. USA Bonds Netherlands Bayer US Finance II LLC EUR USD Bonds USA Bonds Bayer Corp. USD USA Bonds Monsanto Company USD USA Bonds Instruments issued or guaranteed by
Slide 20: Hybrid Bonds at Bayer
Hybrid Bonds at Bayer 2019 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2054-2083 NC8 Issuance Nov 19 1st Call Date Aug 27 Maturity Nov 79 NC5.5 Issuance Mar 22 1st ORD2 June 27 & June 30 Maturity Mar 82 NC8.5 NC5.25 Issuance Sept 23 1st ORD2 Sept 28 & Sept 31 Maturity Sept 83 NC8.25 NC5.25 Iss
Slide 21: Upcoming Events 2025/2026
Upcoming Events 2025/2026 Date Event/ Publication Wednesday, November 12, 2025 Q3 2025 Results / Quarterly Statement Wednesday, February 25, 2026 Q4 2025 Results / Annual Report Friday, April 24, 2026 Annual Stockholders’ Meeting Tuesday, May 12, 2026 Q1 2026 Results / Quarterly Statement Please not
Slide 22: Contacts at Bayer
Contacts at Bayer Dr. Sven Vorstius Head of Funding Building W 11 E-Mail: Sven.Vorstius@bayer.com D-51368 Leverkusen Tobias Feld Investor Relations Officer Building W 11 E-Mail: Tobias.Feld@bayer.com D-51368 Leverkusen 22 /// Bayer De bt Investor Information /// Status: Q2 20 25