Bayer Ag S/Adr (BAYRY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Well, good morning and welcome to our media update for the third quarter. Many thanks for joining us today. Bill Anderson will kick us off with the year-to-date business performance and an update on strategic priorities. Wolfgang Nickel will then provide more details on the financials and outlook. And after that, we will have time for your questions. And now, before starting, I would like to briefly draw your attention to the cautionary language included in our safe harbor statement. And with that, over to you, Bill. Thanks, Michael. Thanks to all of you for joining today's call. So we posted our results for the third quarter earlier today. And as you saw, sales are slightly up in currency and portfolio adjusted terms, both in the quarter and year to date. So you'll note that we refer to currency and portfolio adjusted sales growth figures throughout today's presentation. Core EPS is at 4 euros and 29 cents, up 7% from last year. And free cash flow is at negative 800 million, which is in line with our projections and the seasonality of our business. So here's what the picture looks like in our divisions. First, crop science. Q3 is always a smaller quarter for our agriculture business, but crop science continued to show resilience. Sales are slightly down nine months into the year, with the significant regulatory effects that we're absorbing. Corn is up 9% this year, with solid Q3 growth coming from increased acreage in the U.S. and a strong start to the LATAM season. Our core crop protection business was down 2% in Q3 on the expiration of Movento's Europe license. Glyphosate, which we steer separately, posted slight Q3 growth on account of pricing. On the bottom line, we're realizing efficiency gains from our operating model and profitability measures. While Q3 had s...