Slides
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Q2 2025 Investor Call August 6, 2025
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Cautionary Statements Regarding Forward-Looking Information This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Bayer AG is a holding company with operating subsidiaries worldwide. References to “Bayer” or “the company” herein may refer to one or more subsidiaries as context requires. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at h t t p : / / w w w. b a y e r. c o m/ /// Bayer Q2 2025 Investor Call /// August 6, 20252
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BILL ANDERSON Chief Executive Officer
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/// Bayer Q2 2025 Investor Call /// August 6, 20254 Pharmaceuticals Drives Upgrade of Group Sales and Earnings Outlook Sales Growth (cpa) Core EPS 26.3% 27.0% 23.0% -1.2% +2.3% +1.4% €24.5bn 0% vs. PY Free Cash Flow Sales Growth (cpa) EBITDA Margin (before special items) Crop Science Pharmaceuticals Consumer Health HY1 2025 €3.72 -1% vs. PY Additional Litigation Related Provisions and Currency Headwinds €-1.4bn
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/// Bayer Q2 2025 Investor Call /// August 6, 20255 Progressing on All Strategic Priorities Pharma Growth & Pipeline Litigation Cash & Deleveraging Dynamic Shared Ownership • Scaling Beyonttra EU launch • Achieved important approvals for Nubeqa, Kerendia and Eylea 8mg • Lynkuet with first approvals; extended review by FDA Crop Science Profitability • Continued progress on multi- pronged approach • SCOTUS requested Solicitor General opinion • Provisions for strategic settlements • HY1 Free Cash Flow in line with prior year • Net Financial Debt supported by FX effects • Agreement on Joint Declaration for Germany • EPA proposal for Dicamba approval • Regulatory submission for Icafolin • Superior span of coaching driving speed and focus Our Strategic Priorities • Reduction of ~12,000 FTE since start of rollout
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WOLFGANG NICKL Chief Financial Officer
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Q2 2025: Group Performance /// Bayer Q2 2025 Investor Call /// August 6, 20257 cpa = currency and portfolio adjusted, rep = as reported, core EPS = core earnings per share (cont. operations) Net Sales 11.1 10.7 1% cpa (-4% rep) FX headwind of €0.6bn EBITDA before special items 2.1 2.1 0% Higher Crop, Consumer and Recon offset by lower Pharma result and FX headwind of €0.2bn Core EPS (in €) 0.94 1.23 31% Better financial result and lower core taxes Free Cash Flow 1.3 0.1 -90% Higher incentive payouts and phasing of Crop customer payments Net Financial Debt 36.8 33.3 -9% Lower debt due to focused capital allocation and FX effects Q2 2024 Q2 2025in €bn ∆% yoy
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Q2 2025: Corn Seeds & Traits Outweigh Regulatory Challenges /// Bayer Q2 2025 Investor Call /// August 6, 20258 Sales growth rates in key messages cpa = currency and portfolio adjusted; 1 Core Business refers to Crop Science business excl. glyphosate-based herbicides in €bn Q2 2024 Q2 2025 ∆ yoy Net Sales 5.0 4.8 +2% cpa (-4% rep) Volume 0% Price +2% FX -6% Portfolio 0% EBITDA before special items 0.5 0.7 +32% EBITDA Margin before special items 10.5% 14.5% • Core Business • Seeds & Traits driven by Corn (+30%) on price increases and higher planted acreage combined with volume phasing from Q1; partially offset by lower Soybeans (-18%) and Cotton (-26%) due to US dicamba label vacatur • Core Crop Protection resulting from lower Insecticide (-13%) due to expiration of Movento registration in EU and lower Fungicide (-6%); partially offset by higher non-glyphosate herbicide (+3%) as volumes outweighed pricing pressure • Glyphosate flat with higher volumes offset by lower price • Higher EBITDA Margin primarily driven by corn price and phasing as well as cost efficiency savings Crop Science Q2 2025 Net Sales by Category (∆ % yoy cpa, €bn) 0% €0.7bn +11% €2.3bn Seeds & Traits -6% €1.9bn Core Crop Protection Glyphosate +3% €4.1bn Core Business1
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/// Bayer Q2 2025 Investor Call /// August 6, 20259 Sales growth rates in key messages cpa = currency and portfolio adjusted. 1 Base Business including Radiology, Women’s Health and Other Mature Products in €bn Q2 2024 Q2 2025 ∆ yoy Net Sales 4.6 4.5 +1% cpa (-3% rep) Volume +2% Price -2% FX -4% Portfolio 0% EBITDA before special items 1.3 1.1 -17% EBITDA Margin before special items 28.7% 24.5% Q2 2025 Net Sales by Category (∆ % yoy cpa, €bn) -1% €2.2bn Base Business1 +4% €0.9bn -27% €0.7bn +54% €0.7bn Pharmaceuticals Q2 2025: Topline Resilience Despite Ongoing Xarelto LoE • Sustained growth momentum of launch products Nubeqa (+51%) and Kerendia (+67%) continues to more than offset fading Xarelto business • Eylea with ongoing robust volume trend, Eylea 8 mg sales now contributing 25% to the franchise • Solid Base Business with growth in Radiology and Women’s Health largely balancing VBP headwinds in China • EBITDA Margin decline driven by change in product mix, growth investments into launches and pipeline, higher incentive provisions and FX headwinds
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/// Bayer Q2 2025 Investor Call /// August 6, 202510 in €bn Q2 2024 Q2 2025 ∆ yoy Net Sales 1.5 1.4 0% cpa (-2% rep) Volume 0% Price +1% FX -6% Portfolio +3% EBITDA before special items 0.3 0.3 +5% EBITDA Margin before special items 21.5% 23.2% Q2 2025 Net Sales by Category (∆ % yoy cpa, €bn) +6% €0.3bn +4% €0.4bn Consumer Health Dermatology -7% €0.4bn Nutritionals Allergy & Cold -4% €0.2bn Digestive Health +1% €0.2bn Pain & Cardio Q2 2025: Sales on Prior Year Level Amid Market Challenges Sales growth rates in key messages cpa = currency and portfolio adjusted. • Ongoing challenging market environment in the US and China with pressured consumption trends holding back growth across portfolio • Positive early results from focus on power couples and innovation, particularly in Dermatology and Pain & Cardio • Allergy & Cold cycling over a soft prior year, but still impacted by a weak US allergy season • Nutritionals impacted by market softness in China and cycling over prior year’s discontinuation of the Care/of business in the US; Digestive Health comparing against strong prior year due to regained supply • EBITDA Margin ahead of prior year despite FX headwinds, benefiting from our new operating model and continuous cost efficiencies • Ongoing strategic reinvestment in our innovative brands aligned with our portfolio framework
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Outlook 2025: Pharma Guidance Raised at Constant Currencies /// Bayer Q2 2025 Investor Call /// August 6, 202511 1Reflects our 2025 outlook at the average actual currencies for 2024; 2Estimated FX impact: Actual HY1 FX impact plus for remainder of the year FX assumptions based on month -end June 2025 spot rates (1 EUR=) 1.17 USD, 6.43 BRL, 8.40 CNY, 1,393 ARS, 46.65 TRY. Impact is calculated as difference to constant currencies = at average actual currencies for 2024; 3Core growth -2% to +2%, Glyphosate growth -4% to 0%. 4Currency and portfolio adjusted growth; excludes portfolio effect of ~€+0.2bn driven by Natsana acquisition Crop Science Pharmaceuticals Consumer Health Net Sales EBITDA Margin (before special items) Net Sales EBITDA Margin (before special items) Net Sales EBITDA Margin (before special items) Previous FY 2025 Outlook at constant FX1 ~-4%pt ~-3%pt not material ~-5%pt not material -2% to +2%3 18% to 20% 0% to +3% 24% to 26% 23% to 24% Updated FY 2025 Outlook at constant FX1 +2% to +5%4 not material -2% to +2%3 18% to 20% -4% to -1% 23% to 26% 23% to 24% +2% to +5%4 Updated Estimated FX Impact2
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/// Bayer Q2 2025 Investor Call /// August 6, 202512 Outlook 2025: Group Outlook Upgraded at Constant Currencies – Material FX Headwinds Expected 1Reflects our 2025 outlook at the average actual currencies for 2024; 2Estimated FX impact: Actual HY1 FX impact plus for remainder of the year FX assumptions based on month -end June 2025 spot rates (1 EUR=) 1.17 USD, 6.43 BRL, 8.40 CNY, 1,393 ARS, 46.65 TRY. Impact is calculated as difference to constant currencies. 3Currency and portfolio adjusted growth; excludes portfolio effect of ~€+0.2bn driven by Natsana acquisition (Consumer Health). Net Sales 45.0 to 47.0 -3% to +1%3 46.0 to 48.0 -1% to +3%3 ~-2.0 ~ -4%pts EBITDA before special items 9.5 to 10.0 -6% to -1% 9.7 to 10.2 -4% to +1% ~-0.5 ~ -5%pts Core EPS (in €) 4.50 to 5.00 4.80 to 5.30 ~-0.35 Free Cash Flow 1.5 to 2.5 1.5 to 2.5 ~-0.2 Net Financial Debt 31.0 to 32.0 31.0 to 32.0 ~-1.2 Previous FY 2025 Outlook at constant FX1 Updated FY 2025 Outlook at constant FX1in €bn Updated Estimated FX Impact2
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Q&A Session
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APPENDIX Outlook 2025
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in €bn Outlook 2025: Modelling Considerations /// Bayer Q2 2025 Investor Call /// August 6, 202515 1Reflects our 2025 outlook at the average actual currencies for 2024; 2Reconciliation reported as “All Other Segments” and not allocated “Enabling Functions” and “Consolidation”. Special Items (EBITDA) -1.5 to -0.5 Core Depreciation -1.7 to -1.6 Core Financial Result -2.0 to -1.8 Core Tax Rate 24% to 26% Reconciliation2: (EBITDA before special items) ~ -0.5 Portfolio effects: Natsanaacquisition (Consumer Health) Special items (EBITDA) reflecting year-to-date litigation provisions and DSO related severances Core Financial Result includes better interest result Reconciliation2 (EBITDA before special items) including latest assumptions for long-term incentive provisions and hyperinflation effects FX effect on all items not material Previous FY 2025 Outlook at constant FX1 Portfolio effect in Sales ~+0.2 -3.5 to -2.5 -1.7 to -1.6 -1.9 to -1.7 24% to 26% ~ -0.5 ~+0.2 Updated FY 2025 Outlook at constant FX1
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APPENDIX Q2 2025
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/// Bayer Q2 2025 Investor Call /// August 6, 202517 Q2 2025: Core Net Income and Free Cash Flow 1Delta between “Core EBIT” and “EBIT before special items” mainly driven by regular amortization of intangible assets (see for “EBIT before special items” slide “Q2 2025: Key Financial Measures by Division”); 2Net cash provided by (used in) operating activities (excluding Interest & dividends received); 3Cash flow-relevant capital expenditures (without leasing). Q2 2025 Delta between Core Net income and Net income mainly driven by litigation related Special items Trade Working Capital: receivables influenced by phasing of Crop customer payments Other Working Capital: includes litigation provisions and incentive payouts [€ bn] Q2 2024 Q2 2025 Net Sales 11.1 10.7 EBITDA before special items 2.1 2.1 Core depreciation -0.4 -0.4 Core EBIT 1 1.7 1.7 Core financial result (before special items) -0.5 -0.4 Core EBT 1.2 1.3 Minorities / noncontrolling interest 0.0 0.0 Core tax rate 21.5% 9.0% Core tax -0.3 -0.1 Core Net income 0.9 1.2 Amortization & extraordinary depreciation -0.7 0.1 Special Items (EBITDA & Financial Result) -0.5 -1.9 Tax Effect on Adjustments 0.3 0.4 Net income 0.0 -0.2 [€ bn] Q2 2024 Q2 2025 Reported EBITDA 1.7 0.3 Tax payments -0.4 -0.3 Delta pensions -0.2 -0.1 Gains/Losses Divestments 0.0 -0.2 Delta Working Capital 1.3 1.4 t/o Delta Inventories 0.4 0.2 t/o Delta Receivables 0.7 -0.1 t/o Delta Payables -0.2 -0.2 t/o Other Working Capital 0.4 1.6 Operating Cash Flow2 2.4 1.1 Interest & dividends received -0.5 -0.5 CapEx3 -0.6 -0.5 Free cash flow 1.3 0.1 Amortization & extraordinary depreciation includes write-up in Crop Science as well as regular IP amortization
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/// Bayer Q2 2025 Investor Call /// August 6, 202518 Q2 2025: Core EPS to EPS Bridge -1.85 -0.06 +0.36 -0.20 +0.12 1.23 in € Core EPS Q2 2025 Impairments on IP and PPE and regular amortization Special Items (EBITDA) Special Items Financial Results/Taxes Tax Effect on Adjustments EPS (total) Q2 2025
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/// Bayer Q2 2025 Investor Call /// August 6, 202519 Corn S&T: higher volume, most notably in US on increased planted area and phasing from Q1 due to strategic change in distribution network, combined with global price lift Soy S&T: decline in North America due to dicamba label vacatur Cotton S&T: decline in North America due to dicamba label vacatur and lower planted area Vegetable Seeds: driven by higher price Fungicides: decline in price on continued pricing pressure and lower volumes in North America, partially offset by higher LATAM volumes Herbicides excl. GLY: gains from higher volumes in LATAM and EMEA, partially offset by pricing pressure Insecticides: lower volume in EMEA due to expiration of Movento registration in EU All Other: lower volumes across other Core Crop Protection portfolio Glyphosate-based Herbicides: higher volume in North America offset by lower price Q2 2025: Corn Seeds & Traits Outweigh Regulatory Challenges Sales by Key Category and Strategic Business Entity (€m) Q2 2024 Q2 2025 ∆ yoy (cpa) Crop Science 4,981 4,788 +2% Seeds & Traits 2,199 2,283 +11% Corn Seed & Traits 1,211 1,461 +30% Soybean Seed & Traits 506 393 -18% Cotton Seed & Traits 127 91 -26% Vegetable Seeds 211 199 +1% Other 144 139 0% Core Crop Protection1 2,091 1,853 -6% Fungicides 709 634 -6% Herbicides excl Gly 696 674 +3% Insecticides 369 298 -13% Other 317 247 -17% Core Business 4,290 4,136 +3% (+3% price, 0% volume) Glyphosate-based Herbicides2 691 652 0% (-3% price, +3% volume) Sales growth rates in Key Messages cpa = currency and portfolio adjusted. 1 excluding Glyphosate-based Herbicides, 2 Industrial Turf & Ornamental business outside the United States now reports under Glyphosate-based Herbicides. Prior year figure adjusted accordingly. Crop Science
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/// Bayer Q2 2025 Investor Call /// August 6, 202520 Glyphosate 0 1 2 3 4 5 6 $- $2 $4 $6 $8 $10 $12 $14 2020 2021 2022 2023 2024 2025 F bn€ $/KG Branded Glyphosate-Based Herbicide Sales Normalizes as Generic Reference Price Stabilizes Below Historical Median Bayer Glyphosate Based Herbicide Annual Net Sales Spot Price 15 Yr Median Market Trends: Global demand remains strong driven by favorable weather conditions and decreased imports due to tariffs in U.S. However, pricing pressure continues to challenge Latin America market from higher imports of low-priced formulations. Generic Chinese glyphosate technical reference spot price remains below 15-year historical median. Our Strategy: Maintain supply for ~40% global glyphosate market, with focus on the over-the-top markets in the Americas Maintain brand premium over generic glyphosate-based herbicides with agile and strategic pricing Distinctly steered in a competitive commodity market Strong Demand and Low Glyphosate Pricing Anticipated for 2025
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/// Bayer Q2 2025 Investor Call /// August 6, 202521 Q2 2025: Topline Resilience Despite Ongoing Xarelto LoE Nubeqa: strong growth across all regions, led by US and Europe; IRA weighing on US pricing Kerendia: further strong growth momentum, especially in US and China Eylea: growth momentum supported by 8mg launches (incl. pre-filled syringe) Xarelto: genericization progressing as expected Radiology: volume growth for Ultravist and CT Fluid Delivery IUD Family: growth in US, mainly driven by increased demand Yaz Family: growth largely driven by higher volumes in China Adempas: high patient compliance continues to drive US sales expansion HEM Franchise: continued competitive pressure weighing on volumes and prices Aspirin Cardio: decline driven by VBP 10 implementation in China Adalat: growth mainly driven by normalization of volumes in China Sales by Key Category and Product (€m) Q2 2024 Q2 2025 ∆ yoy (cpa) Pharmaceuticals 4,605 4,470 +1% Launches 492 729 +54% Nubeqa1) 378 546 +51% Kerendia 115 183 +67% Eylea 843 862 +4% Eylea 2mg 788 649 -16% Eylea 8mg 55 213 +291% Xarelto 904 650 -27% Base Business 2,362 2,229 -1% Radiology 521 548 +10% Women‘s Health 736 725 +3% IUD Family 322 318 +4% Yaz Family 168 173 +7% Other 245 224 -1% Adempas 181 185 +6% HEM Franchise 180 150 -14% Aspirin Cardio 160 114 -24% Adalat 112 122 +15% Other 475 385 -15% Pharmaceuticals Sales growth rates in Key Messages cpa = currency and portfolio adjusted. 1) 2024 figure restated
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/// Bayer Q2 2025 Investor Call /// August 6, 202522 Q2 2025: Sales on Prior Year Level Amid Market Challenges Dermatology: Growth primarily driven by strong demand for Priorin, Bepanthen and KangWang, including new launches Nutritionals: Challenging market environment, mainly in NA and APAC, together with discontinuation of the Care/of business, while growth from Natsana is reflected as portfolio effect Allergy & Cold: Cycling over a soft prior year due to retailer destocking, but still impacted by soft U.S. allergy season Digestive Health: Comparing against strong prior year due to regained supply and supported by market launch of MiraFAST in the US Pain & Cardio: Mixed growth dynamics due to focus on power couples, with strong demand for Actron in LATAM, Saridon in Asia Pacific and Aspirin Cardio in Europe Sales by Category (€m) Q2 2024 Q2 2025 ∆ yoy (cpa) Consumer Health 1,458 1,427 +0% Dermatology 374 374 +4% Nutritionals 356 362 -7% Allergy & Cold 265 266 +6% Digestive Health 245 224 -4% Pain & Cardio 212 193 +1% Other 6 8 +41% Consumer Health Sales growth rates in Key Messages cpa = currency and portfolio adjusted.
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/// Bayer Q2 2025 Investor Call /// August 6, 202523 Q2 2025: Key Financial Measures by Division 1Before special items; 2Includes purchase price amortization (PPA) of €326m in COGS, €33m in selling expenses, €30m in R&D in 2025 and €282m in COGS, €46m in selling, €33m R&D in 2024, for Crop Science and Group; 3Net cash provided by (used in) operating activities; 4Cash flow-relevant capital expenditures (without leasing). [€ million, if not specified] Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Sales 4,981 4,788 4,605 4,470 1,458 1,427 100 54 11,144 10,739 Sales by region: Europe / Middle East / Africa 1,096 1,021 1,812 1,694 495 537 97 53 3,500 3,305 North America 2,360 2,262 1,256 1,358 536 500 2 0 4,154 4,120 Asia / Pacific 611 598 1,272 1,188 224 217 0 -1 2,107 2,002 Latin America 914 907 265 230 203 173 1 2 1,383 1,312 Cost of goods sold1,2 -3,265 -3,085 -1,073 -1,070 -502 -479 -75 -92 -4,915 -4,726 Selling expenses1,2 -1,108 -1,041 -1,469 -1,552 -648 -618 -23 -39 -3,248 -3,250 Research and development expenses1,2 -616 -563 -788 -860 -61 -55 6 -24 -1,459 -1,502 General administration expenses1 -177 -164 -201 -188 -36 -36 -129 -128 -543 -516 Other operating income / expenses1 35 69 -2 30 -1 -2 4 152 36 249 EBIT before special items -150 4 1,072 830 210 237 -117 -77 1,015 994 EBIT margin before special items [%] -3.0% 0.1% 23.3% 18.6% 14.4% 16.6% -117.0% -142.6% 9.1% 9.3% Special items -79 -417 -32 -32 -75 -8 -304 -524 -490 -981 EBIT -229 -414 1,040 798 135 229 -421 -601 525 13 Depreciation & Amortization1 674 689 250 264 104 94 68 65 1,096 1,111 EBITDA before special items 524 693 1,322 1,094 314 331 -49 -12 2,111 2,105 EBITDA margin before special items [%] 10.5% 14.5% 28.7% 24.5% 21.5% 23.2% -49.0% -22.2% 18.9% 19.6% Special items -78 -1,256 -29 -32 -34 -8 -303 -524 -444 -1,820 EBITDA 446 -564 1,293 1,062 280 323 -352 -536 1,667 285 Operating cash flow, continuing3 1,519 634 1,047 493 138 194 -294 -263 2,410 1,058 Cash flow-relevant capital expenditures4 -266 -204 -262 -182 -45 -36 -55 -43 -628 -465 Crop Science Pharmaceuticals Consumer Health Reconciliation Group
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APPENDIX HY1 2025
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HY1 2025: Group Performance /// Bayer Q2 2025 Investor Call /// August 6, 202525 cpa = currency and portfolio adjusted, rep = as reported, core EPS = core earnings per share (cont. operations) Net Sales 24.9 24.5 0% cpa (-2% rep) FX headwind of €0.6bn EBITDA before special items 6.5 6.2 -5% FX headwind of €0.3bn Core EPS (in €) 3.76 3.72 -1% Lower EBITDA before special items Free Cash Flow -1.4 -1.4 --- Including higher incentive and restructuring payouts Net Financial Debt 36.8 33.3 -9% Lower debt due to focused capital allocation and FX effects HY1 2024 HY1 2025in €bn ∆% yoy
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/// Bayer Q2 2025 Investor Call /// August 6, 202526 HY1 2025: Core Net Income and Free Cash Flow 1Delta between “Core EBIT” and “EBIT before special items” mainly driven by regular amortization of intangible assets (see for “EBIT before special items” slide “HY1 2025: Key Financial Measures by Division”); 2Net cash provided by (used in) operating activities (excluding Interest & dividends received); 3Cash flow-relevant capital expenditures (without leasing). Amortization & extraordinary depreciation includes Crop Science write-up in Q2 2025 as well as regular IP amortization Trade Working Capital: receivables influenced by phasing of Crop customer payments Other Working Capital: includes litigation provisions as well as incentive and restructuring payouts [€ bn] HY1 2024 HY1 2025 Net Sales 24.9 24.5 EBITDA before special items 6.5 6.2 Core depreciation -0.8 -0.8 Core EBIT 1 5.7 5.4 Core financial result (before special items) -1.0 -0.8 Core EBT 4.7 4.6 Minorities / noncontrolling interest 0.0 0.0 Core tax rate 22.1% 20.5% Core tax -1.0 -0.9 Core Net income 3.7 3.7 Amortization & extraordinary depreciation -1.5 -0.7 Special Items (EBITDA & Financial Result) -0.8 -2.5 Tax Effect on Adjustments 0.5 0.6 Net income 2.0 1.1 Special Items delta vs PY mainly driven by litigation related Special items [€ bn] HY1 2024 HY1 2025 Reported EBITDA 5.9 3.8 Tax payments -0.8 -0.6 Delta pensions -0.3 -0.3 Gains/Losses Divestments -0.1 -0.2 Delta Working Capital -4.5 -2.6 t/o Delta Inventories 1.0 0.7 t/o Delta Receivables -4.1 -4.6 t/o Delta Payables -1.4 -1.0 t/o Other Working Capital 0.1 2.3 Operating Cash Flow2 0.3 0.0 Interest & dividends received -0.5 -0.6 CapEx3 -1.1 -0.9 Free cash flow -1.4 -1.4
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/// Bayer Q2 2025 Investor Call /// August 6, 202527 HY1 2025: Core EPS to EPS Bridge -2.45 -0.14 +0.66 1.12 -0.67 3.72 in € Core EPS HY1 2025 Impairments on IP and PPE and regular amortization Special Items (EBITDA) Special Items Financial Results/Taxes Tax Effect on Adjustments EPS (total) HY1 2025
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HY1 2025: Strong Corn Performance and Cost Savings Improve Margin, Despite Anticipated Regulatory Challenges /// Bayer Q2 2025 Investor Call /// August 6, 202528 Sales growth rates in key messages cpa = currency and portfolio adjusted; 1 Core Business refers to Crop Science business excl. glyphosate-based herbicides. in €bn HY1 2024 HY1 2025 ∆ yoy Net Sales 12.9 12.4 -1% cpa (-4% rep) Volume -2% Price +1% FX -3% Portfolio 0% EBITDA before special items 3.4 3.2 -4% EBITDA Margin before special items 26.2% 26.3% • Core Business • Seeds & Traits flat with strong Corn (+7%) on higher pricing and volumes on increased area offset decline in Soybeans (-16%) and Cotton (-22%) due to US dicamba label vacatur • Core Crop Protection decline from lower Insecticide (-13%) due to expiration of Movento registration in EU and continued market pricing pressure; partially offset by higher non-glyphosate Herbicide (+6%) on volume growth • Glyphosate declined with volumes down 3% due to phasing into subsequent quarters and price down 2% • EBITDA Margin slightly improved as seed & trait pricing and cost efficiency savings offset regulatory impacts Crop Science HY1 2025 Net Sales by Category (∆ % yoy cpa, €bn) -5% €1.2bn 0% €6.6bn Seeds & Traits -2% €4.5bn Core Crop Protection Glyphosate -1% €11.1bn Core Business1
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/// Bayer Q2 2025 Investor Call /// August 6, 202529 Corn S&T: higher volumes across all regions on higher planted area, most notably North America, in addition to global price lifts Soy S&T: decline in North America due to dicamba label vacatur Cotton S&T: decline in North America due to dicamba label vacatur and lower planted area Vegetable Seeds: driven by higher price Fungicides: continued pricing pressure and lower North America volumes, partially offset by higher volumes across all other regions Herbicides excl. GLY: strong gains from higher volumes across all regions, partially offset by pricing pressure Insecticides: lower volume in EMEA due to expiration of Movento registration in EU, partially offset by higher volume in LATAM All Other: lower volumes across other Core Crop Protection and other seed portfolio Glyphosate-based Herbicides: lower volumes in LATAM on phasing into subsequent quarters and lower price HY1 2025: Higher Corn Volumes and Seeds & Traits Pricing Nearly Offset Anticipated Regulatory Challenges Sales by Key Category and Strategic Business Entity (€m) HY1 2024 HY1 2025 ∆ yoy (cpa) Crop Science 12,888 12,368 -1% Seeds & Traits 6,772 6,611 0% Corn Seed & Traits 4,453 4,650 +7% Soybean Seed & Traits 1,110 915 -16% Cotton Seed & Traits 417 323 -22% Vegetable Seeds 395 391 +3% Other 397 332 -14% Core Crop Protection1 4,760 4,514 -2% Fungicides 1,644 1,550 -2% Herbicides excl Gly 1,640 1,677 +6% Insecticides 828 685 -13% Other 648 602 -6% Core Business 11,532 11,125 -1% (+1% price, -2% volume) Glyphosate-based Herbicides2 1,356 1,243 -5% (-2% price, -3% volume) Sales growth rates in Key Messages cpa = currency and portfolio adjusted. 1 excluding Glyphosate-based Herbicides, 2 Industrial Turf & Ornamental business outside the United States now reports under Glyphosate-based Herbicides. Prior year figure adjusted accordingly. Crop Science
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/// Bayer Q2 2025 Investor Call /// August 6, 202530 Sales growth rates in key messages cpa = currency and portfolio adjusted. 1 Base Business including Radiology, Women’s Health and Other Mature Products in €bn HY1 2024 HY1 2025 ∆ yoy Net Sales 9.0 9.0 +2% cpa (+1% rep) Volume +3% Price -1% FX -2% Portfolio 0% EBITDA before special items 2.5 2.4 -3% EBITDA Margin before special items 28.1% 27.0% HY1 2025 Net Sales by Category (∆ % yoy cpa, €bn) +2% €4.7bn Base Business1 +4% €1.7bn -29% €1.3bn +65% €1.4bn Pharmaceuticals HY1 2025: Xarelto Decline More Than Offset by Growth Across the Portfolio • Continued significant growth of launch products Nubeqa (+62%) and Kerendia (+75%) more than offsetting Xarelto headwinds • Solid performance of Eylea with increasing contribution of Eylea 8 mg • Base Business benefitting from strong growth in Radiology and Women’s Health • Lower EBITDA margin driven by growth investments into launches and pipeline, higher incentive provisions and FX headwinds
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/// Bayer Q2 2025 Investor Call /// August 6, 202531 HY1 2025: Xarelto Decline More Than Offset by Growth Across the Portfolio Nubeqa: strong growth across all regions, led by US and Europe Kerendia: further strong growth momentum, especially in US and China Eylea: continued growth driven by EU and Japan, supported by 8mg launches (incl. pre-filled syringe) Xarelto: continued LoE-driven genericization in Japan, Europe and Russia, on top of ongoing at-risk launches in Europe Radiology: Significant volume growth of Ultravist, continued growth of CT Fluid Delivery IUD Family: significant growth in US, driven by increased demand Yaz Family: growth largely driven by higher volumes in China Adempas: high patient compliance continues to drive US sales expansion HEM Franchise: continued competitive pressure weighing on volumes and prices Aspirin Cardio: softness due to VBP 10 implementation in China Adalat: growth mainly driven by normalization of volumes in China Sales by Key Category and Product (€m) HY1 2024 HY1 2025 ∆ yoy (cpa) Pharmaceuticals 8,963 9,018 +2% Launches 863 1,405 +65% Nubeqa 663 1,061 +62% Kerendia 200 344 +75% Eylea 1,625 1,677 +4% Eylea 2mg 1,557 1,325 -14% Eylea 8mg 69 352 +413% Xarelto 1,830 1,283 -29% Base Business 4,645 4,653 +2% Radiology 1,023 1,091 +9% Women‘s Health 1,416 1,497 +8% IUD Family 615 670 +11% Yaz Family 333 360 +11% Other 468 468 +3% Adempas 352 368 +6% HEM Franchise 347 308 -10% Aspirin Cardio 311 304 0% Adalat 239 267 +13% Other 957 818 -13% Pharmaceuticals Sales growth rates in Key Messages cpa = currency and portfolio adjusted.
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/// Bayer Q2 2025 Investor Call /// August 6, 202532 in €bn HY1 2024 HY1 2025 ∆ yoy Net Sales 2.9 2.9 +1% cpa (+1% rep) Volume +1% Price +1% FX -3% Portfolio +3% EBITDA before special items 0.6 0.7 +4% EBITDA Margin before special items 22.3% 23.0% HY1 2025 Net Sales by Category (∆ % yoy cpa, €bn) +4% €0.6bn +3% €0.7bn Consumer Health Dermatology -6% €0.7bn Nutritionals Allergy & Cold +4% €0.5bn Digestive Health +4% €0.4bn Pain & Cardio HY1 2025: Moderate Growth Reflecting Soft Market Environment Sales growth rates in key messages cpa = currency and portfolio adjusted. • Broad-based and balanced price/volume growth, amid a challenging market environment and volatile seasonality in allergy and cold • Execution of our portfolio strategy shows positive early results, with power couples contributing more to growth compared to the remaining portfolio • EBITDA margin ahead of prior year despite currency headwinds, benefiting from our new operating model and continuous cost management efforts across the entire P&L • Ongoing strategic reinvestment in our innovative brands aligns with our portfolio framework
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/// Bayer Q2 2025 Investor Call /// August 6, 202533 HY1 2025: Moderate Growth Reflecting Soft Market Environment Sales by Category (€m) HY1 2024 HY1 2025 ∆ yoy (cpa) Consumer Health 2,890 2,926 +1% Dermatology 723 726 +3% Nutritionals 691 713 -6% Allergy & Cold 600 613 +4% Digestive Health 467 476 +4% Pain & Cardio 393 381 +4% Other 16 17 +13% Consumer Health Sales growth rates in Key Messages cpa = currency and portfolio adjusted. Dermatology: Growth primarily driven by strong demand for Priorin, Bepanthen, Canesten and KangWang, including new launches Nutritionals: Challenging market environment in US and China and discontinuation of the Care/of business in the U.S. Allergy & Cold: Strong demand of cold products in Q1 in North America, counterbalanced by a soft allergy season Digestive Health: Growth supported by MiraLax in the US, partly due to new product launch and Talcid in China Pain & Cardio: Driven by product launches as well as by strong demand for Saridon in Asia Pacific and for Asprin Cardio in Europe and North America
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/// Bayer Q2 2025 Investor Call /// August 6, 202534 HY1 2025: Key Financial Measures by Division 1Before special items; 2Includes purchase price amortization (PPA) of €730m in COGS, €69m in selling expenses, €61m in R&D in 2025 and €638m in COGS, €89m in selling, €65m R&D in 2024, for Crop Science and Group; 3Net cash provided by (used in) operating activities; 4Cash flow-relevant capital expenditures (without leasing). [€ million, if not specified] HY1 24 HY1 25 HY1 24 HY1 25 HY1 24 HY1 25 HY1 24 HY1 25 HY1 24 HY1 25 Sales 12,888 12,368 8,963 9,018 2,890 2,926 168 165 24,909 24,477 Sales by region: Europe / Middle East / Africa 3,175 3,115 3,634 3,322 1,018 1,109 164 163 7,991 7,709 North America 6,482 6,131 2,366 2,757 1,064 1,054 2 0 9,914 9,942 Asia / Pacific 1,130 1,169 2,459 2,478 432 435 0 -1 4,021 4,081 Latin America 2,101 1,953 504 461 376 328 2 3 2,983 2,745 Cost of goods sold1,2 -7,111 -7,002 -2,162 -2,143 -983 -974 -87 -160 -10,343 -10,279 Selling expenses1,2 -2,256 -2,091 -2,872 -2,961 -1,295 -1,279 -5 -56 -6,428 -6,387 Research and development expenses1,2 -1,201 -1,172 -1,534 -1,629 -116 -115 17 -32 -2,834 -2,948 General administration expenses1 -353 -326 -395 -369 -75 -72 -257 -279 -1,080 -1,046 Other operating income / expenses1 5 13 40 17 27 -4 18 62 90 88 EBIT before special items 1,972 1,790 2,040 1,933 448 482 -146 -300 4,314 3,905 EBIT margin before special items [%] 15.3% 14.5% 22.8% 21.4% 15.5% 16.5% -86.9% -181.8% 17.3% 16.0% Special items -138 -818 -128 -146 -84 -16 -347 -588 -697 -1,568 EBIT 1,834 972 1,912 1,787 364 466 -493 -888 3,617 2,337 Depreciation & Amortization1 1,401 1,460 476 503 197 191 135 131 2,209 2,285 EBITDA before special items 3,373 3,250 2,516 2,436 645 673 -11 -169 6,523 6,190 EBITDA margin before special items [%] 26.2% 26.3% 28.1% 27.0% 22.3% 23.0% -6.5% -102.4% 26.2% 25.3% Special items -138 -1,657 -124 -146 -43 -16 -346 -588 -651 -2,407 EBITDA 3,235 1,593 2,392 2,290 602 657 -357 -757 5,872 3,783 Operating cash flow, continuing3 -1,346 -1,772 1,856 1,654 357 599 -607 -438 260 43 Cash flow-relevant capital expenditures4 -476 -368 -440 -345 -71 -66 -87 -74 -1,074 -853 Crop Science Pharmaceuticals Consumer Health Reconciliation Group
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APPENDIX Innovation
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/// Bayer Q2 2025 Investor Call /// August 6, 202536 Crop Science: R&D Pipeline Annual Update - May 2025 PSP 2Phase II Phase III Lifecycle management1 Phase IV 1. Shown here is a subset of Bayer’s total life cycle management activities; Products shown may not yet be fully registered in all jurisdictions; incl. all advancements made in FY’24, updated May ’25 2. PSP = Peak Sales Potential, 50% incremental; Expected to reach 30% of PSP by 2032, 80% of PSP by 2038 and remainder in 2039+; Note that products are excluded from the pipeline PSP typically the year following launch; Projects listed under S&T and included in the peak sales potential by segment do not include projects funded by "Leaps by Bayer" investments3. BASF collaboration 4. Includes seeds and traits, such as vegetables, cotton, canola, wheat, OSR, rice, vegetable seeds and sugarbeets, plus carbon and digital models 5. KWS collaboration 6. HER = Herbicide 7. FUN = Fungicide 8. 3rd party collaboration 9. INS = Insecticide 10. SGR = SeedGrowth S&T - Corn ~€11bn Corn LEP5 Corn HT5 Preceon Smart Corn – Biotech Trait3 Corn LEP4 CRW4 Corn Annual Germplasm Upgrades and New Hybrid Launches – Leveraging precision breeding S&T - Other4 Canola HT4 Sugarbeets 2nd Generation Herbicide Tolerance5 Cotton HT4 (5 Tolerances - Adds 2, HPPD & PPO) Cotton IP4 ~€4bn Wheat, Cotton, Canola/OSR, Veg, Rice Annual Germplasm Upgrades and New Hybrid and Variety Launches – Leveraging precision breeding CP New Herbicide New Herbicide New Herbicide New Herbicide Icafolin Non-selective: Glyphosate Selective: Merlin Flexx/Adego, Balance Flexx, Convintro, New over-the-top HER, Council Family, Ronstar One, Mesosulfuron ~€6bn New Insecticide Plenexos Vayego Duo, Fluopyram, New BLX-Containing Nematicide Mixture ~€2bn New Seed Treatment INS FUN ready mixture, LadoranIbisio ~€1bn Trait extensions (e.g., geographic expansion into APAC and Africa, event stacking) Enhancement of FieldView and continuous upgrades of digital features (e.g., next gen. seed placement and density tools) HT = Herbicide Tolerance CRW= Corn Rootworm LEP= Lepidoptera Protection IP = other Insect Protection Blockbuster= >€0.5bn exp. PSP S&T - Soy Soy IP4 Soy HT5 (6 Tolerances - Adds PPO) Vistive Gold Xtend ~€5bn Soy Annual Germplasm Upgrades and New Variety Launches – Leveraging precision breeding Soy IP3 Vyconic (5 Tolerances - Adds 2, 4-D & HPPD) New Fungicide New Fungicide New Fungicide8 Nativo Plus, Fox Supra Continous enhancement of digital features (e.g., wheat disease management tool) ~€3bn Not exhaustive With digital upgrade Developed with CropKey Advanced to next phase Biological HER6 FUN7 INS9SGR10 Total PSP ~€32bn
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Pharmaceuticals: R&D Developments (since last update on May 2, 2025) /// Bayer Q2 2025 Investor Call /// August 6, 202537 New LCM DiscontinuationsNewsflow Phase transition (FPFV)Others Phase I Submission Neurology & Rare Diseases Cardiovascular+1 1 Including Precision Cardiovascular, Nephrology & Acute Care Gadoquatrane submission in US, EU, JP VVD WRN Inhibitor (VVD-214) Oncology Primary Photoreceptor Diseases Cell Therapy (BRT-OpCT-001) No changes in Phase II & Phase III since May 2, 2025 Aflibercept 8 mg submission in RVO in JP Sevabertinib submission in HER2-mut NSCLC 2L in US, CN Approval Finerenone approval in HFmrEF/HFpEF in US Aflibercept 8 mg approval in nAMD in CN Elinzanetant approval in UK, Canada Darolutamide approval in mHSPC in US, EU
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/// Bayer Q2 2025 Investor Call /// August 6, 202538 Pharmaceuticals – Pipeline Overview1 (as of July 24, 2025) 1 Bayer and partner sponsored + 3rd party label enabling studies with first patient first visit 2 Conducted by Merck & Co 3 Including Precision Cardiovascular, Nephrology & Acute Care Life cycle management New molecular entity Phase III Darolutamide (AR Inhibitor) Adjuvant Prostate Cancer (DASL-HiCaP) Prostate Cancer with Biochemical Recurrence after Curative Radiotherapy (ARASTEP) Sevabertinib (HER2/mEGFR Inhibitor) Advanced Non-small Cell Lung Cancer with HER2 Activating Mutations, 1L (SOHO-02) Finerenone (MR Antagonist) Non-diabetic Chronic Kidney Disease (FIND-CKD) Chronic Kidney Disease in Type 1 Diabetes (FINE-ONE) Vericiguat (sGC Stimulator) Heart Failure (HFrEF) (VICTOR2) Asundexian (FXIa Inhibitor) 2⁰ Stroke Prevention (OCEANIC-STROKE) Submissions Darolutamide (AR Inhibitor) CN: Prostate Cancer (mHSPC) Sevabertinib (HER2/mEGFR Inhibitor) US, CN: HER2-mut NSCLC 2L Finerenone (MR Antagonist) EU, CN, JP: Heart Failure (HFmr/pEF) Elinzanetant (Neurokinin-1,3 Rec Antagonist) US, EU: Vasomotor Symptoms Aflibercept 8mg (VEGF-Inhibitor) EU, JP: Retinal Vein Occlusion Gadoquatrane (High Relaxivity Contrast Agent) US, EU, JP: Magnetic Resonance Imaging Oncology Cardiovascular+3 Neurology & Rare Diseases Immunology Others Phase II Sevabertinib (HER2/mEGFR Inhibitor) (BAY 2927088) Metastatic or Unresectable Solid Tumors With HER2-activating Mutations (panSOHO) Congestive Heart Failure rAAV Gene Therapy (AB-1002) Congestive Heart Failure (GenePHIT) Anti-a2AP (BAY 3018250) Acute Ischemic Stroke; Pulmonary Embolism (SIRIUS) Nurandociguat (sGC Activator Oral) (BAY 3283142) Chronic Kidney Disease (ALPINE-1) Parkinson‘s Disease rAAV Gene Therapy (AB-1005) Parkinson´s Disease (REGENERATE-PD) Protein Therapeutics Cell Therapy Contrast Agent Genetic Medicine Radionuclide Therapy Small Molecule Phase I DGKzeta Inhibitor (BAY 2965501) Lanerkitug (CCR8 Ab) (BAY 3375968) VVD KEAP1 Act (VVD-130037 aka NRF2 Inh, BAY 3605349) DGKalpha Inh (BAY 2862789) 225Ac-Pelgifatamab (BAY 3546828) VVD STAT3 Inhibitor (VVD-130850, BAY 3630914) 225Ac-PSMA-Trillium (BAY 3563254) SOS1 Inhibitor (BAY 3498264) PRMT5 Inhibitor (BAY 3713372) VVD RAS-PI3K Inhibitor (VVD-159642, BAY 3674171) 225Ac-GPC3 (BAY 3547926) VVD WRN Inhibitor (VVD-214) SEMA 3a (BAY 3401016) Dual FIIa/Xa Inhibitor (BAY 3389934) GIRK4 Inhibitor (BAY 3670549) Bemdaneprocel (Parkinson’s Disease Cell Therapy) (BRT-DA01) Multiple System Atrophy rAAV Gene Therapy (AB-1005 aka AAV2-GDNF-MSA) Pompe Disease rAAV Gene Therapy (ACTUS-101) LGMD2I/R9 rAAV Gene Therapy (AB-1003 aka LION-101) GPR84 Antagonist (BAY 3178275) BAY 2701250 Primary Photoreceptor Diseases Cell Therapy (BRT-OpCT-001) Full pipeline package available for download under: https://www.bayer.com/en/pharma/development-pipeline
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/// Bayer Q2 2025 Investor Call /// August 6, 202539 Major R&D Milestones Expected Until End-2025 1 Including Precision Cardiovascular, Nephrology & Acute Care Bemdaneprocel PD: First patient dosed Phase I Phase II Phase III Submission / Approval Elinzanetant Vasomotor Symptoms: US, EU approval Vericiguat HFrEF: Data read-out Finerenone HFmr/pEF: First approval Finerenone CKD and T1D: Primary completion (FINE-ONE) Asundexian Stroke: Primary completion (OCEANIC-STROKE) Sema3A mAB: Start Phase IIa New LCM Primary completion phases II/III or proof of concept Oncology Cardiovascular+1 Immunology Others First Submission / Approval Phase transition (FPFV) Neurology & Rare Diseases Anti-a2AP: Primary completion (SIRIUS) 225Ac-Pelgifatamab: Proof of concept 225Ac-PSMA-Trillium: Proof of concept Nurandociguat: Primary completion (ALPINE-1) Sevabertinib HER2-mut NSCLC 2L: First approval
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Nubeqa Continues to Show Strong Uptake With Gains in All Regions 40 1Source: IQVIA, YTD April 2025 2ARI: Androgen Receptor Inhibitor 3mHSPC: metastatic hormone sensitive prostate cancer Growth in the US ARI2 market has accelerated following eligibility changes from IRA. NUBEQA is the fastest growing ARI2 in the US The mHSPC3 launch continues to be a success in all markets, with particularly strong uptake in EMEA Nubeqa is approved in more than 88 countries today (mHSPC approvals in 87 markets) Global sales development (€m, cpa growth rates) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 417 443 515 546 378 +51% Ex-USUS US launch performance (monthly NBRx)1 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Aug-22: mHSPC approval (ARASENS) /// Bayer Q2 2025 Investor Call /// August 6, 2025
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Kerendia Demonstrates Continued Launch Uptake in CKD/T2D, now FDA approved for HF LVEF≥40% /// Bayer Q2 2025 Investor Call /// August 6, 202541 Global sales development (€m, cpa growth rates) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 126 137 183 115 +67% 1Source: This is based on information licensed from IQVIA: US LAAD for the period 01/22 to 05/25 US Market includes NBRx linked to T2D and CKD reflecting estimates of real-world activity. All rights reserved. US FDA approves Finerenone in patients with HF LVEF≥40%. Further submissions to health authorities ongoing, expecting further launches in 2025. Solid sales growth momentum in the US, with continued NBRx growth trending upward in CKD/T2D indication and growing above market. Growing ex-US penetration in key regions and countries, with China, India and Mexico as strong growth drivers and Japan with accelerated performance. Ex-USUS US launch performance (monthly NBRx)1 Kerendia Market1 0 10,000 20,000 30,000 40,000 50,000 60,000 0 2000 4000 6000 8000 10000 Nov 21 Dez 21 Jan 22 Feb 22 Mrz 22 Apr 22 Mai 22 Jun 22 Jul 22 Aug 22 Sep 22 Okt 22 Nov 22 Dez 22 Jan 23 Feb 23 Mrz 23 Apr 23 Mai 23 Jun 23 Jul 23 Aug 23 Sep 23 Okt 23 Nov 23 Dez 23 Jan 24 Feb 24 Mrz 24 Apr 24 Mai 24 Jun 24 Jul 24 Aug 24 Sep 24 Okt 24 Nov 24 Dez 24 Jan 25 Feb 25 Mrz 25 161
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Eylea Maintaining Market Leadership; Launch of 8mg Gaining Further Momentum 42 Global sales development (€m, cpa growth rates) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 833 815843 848 +4% 1Source: Company market data 1. MARS (IQVIA+GERS, NPI) value market share, 2 PFS: pre-filled syringe Increasing momentum of Eylea 8mg with the launch of the OcuClick PFS2 Continued strong leadership in the anti-VEGF segment with stable market share Unparalleled approved treatment interval of up to 6 months EU procedure for RVO indication in progress. CHMP Opinion expected Dec. 2025 8mg2mg Market share of anti-VEGF therapies (ex-US)1 56.9% 44.2% 13.6% 9.1% 19.9% 57.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% May'24 Jun'24 Jul'24 Aug'24 Sep'24 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 Only products with a market share higher than 5% are represented in this slide In May, Eylea 8mg crossed >€500m total ex-US net sales mark since launch Eylea 8mg overtakes Vabysmo in France, Spain, Norway, KSA, UAE 862 /// Bayer Q2 2025 Investor Call /// August 6, 2025
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Thank you!