Bayer Ag S/Adr (BAYRY) Q1 2026 Earnings Call

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WEBVTT 00:00:01.145 -- 00:00:05.532 Well, good morning, everybody, and welcome to our media update for the first quarter 00:00:05.532 -- 00:00:08.857 of 2026. Many thanks for joining us today. 00:00:08.857 -- 00:00:14.025 We will keep today's remarks focused. We will comment on the overall business performance 00:00:14.025 -- 00:00:17.189 and report progress on our strategic priorities. 00:00:17.189 -- 00:00:22.598 Wolfgang will share some insights into the Q1 financials, the current geopolitical environment, 00:00:22.598 -- 00:00:26.677 and our outlook. After that, we'll have time for your questions. 00:00:26.677 -- 00:00:31.243 Now, before starting, I would like to briefly draw your attention to the cautionary language 00:00:31.243 -- 00:00:37.389 included in our safe harbor statement. And with that, over to you, Bill. 00:00:37.472 -- 00:00:43.079 Thanks, Michael. Hi, everyone. Two months ago, we presented our plan for 2026, 00:00:43.079 -- 00:00:47.946 and today we're reporting that our businesses are performing in line with our expectations. 00:00:47.946 -- 00:00:52.472 So I'll get started by going through the group numbers and then provide color on each 00:00:52.472 -- 00:00:57.784 of the businesses. As a group, we posted sales of about 13.4 00:00:57.784 -- 00:01:03.650 billion euros. So that's 4% up on a currency and portfolio adjusted basis, 00:01:03.650 -- 00:01:06.552 which we'll refer to throughout the call today. 00:01:06.552 -- 00:01:11.717 Core EPS came in at 2 euros and 71 cents. That's also up from 00:01:11.717 -- 00:01:17.301 last year at this time. Our free cash flow in the first quarter is at negative 2.3 00:01:17.301 -- 00:01:23.026 billion euros. That's in line with our outlook as a significant portion of our litigation-related 00:01:23.026 -- 00:...