Slides
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Q3 2026 Investor Call November 03, 2026
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Cautionary Statements Regarding Forward-Looking Information /// Bayer Q3 2026 Investor Call /// November 3, 20262 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/ When discussing our results, currency and portfolio-adjusted KPIs may be referred to as “organic,” while figures before special items may be referred to as “adjusted.” These terms should be understood as synonymous with the corresponding metrics presented herein.
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BILL ANDERSON Chief Executive Officer
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/// Bayer Q3 2026 Investor Call /// November 3, 20264 Improved Full Year Outlook – Focused on Delivering Sales Growth cpa Core EPS 24.6% 26.8% 22.9% +3.6% +2.2% +2.4% €34.3bn +3% vs. PY Free Cash Flow Sales Growth (cpa) EBITDA Margin (before special items) Crop Science Pharmaceuticals Consumer Health 9M 2026 €3.97 -2% vs. PY1 €-3.0bn vs. €-0.8bn PY2 9M Performance includes one-time effects from Q1 2026 1 Changed Core EPS methodology for 2026, now incl. regular amortization of certain intangible assets, mainly software; prior year Core EPS restated; 2 Incl. litigation-related payouts of €-3.7bn in 9M 2026 vs. €-1.2bn in 9M 2025 (incl. settlements, verdicts, reimbursements from insurances, cost of defense) cpa = currency and portfolio adjusted, core EPS = core earnings per share (cont. operations)
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5 Strategic Priorities Significantly Advanced Pharma Growth & Pipeline: First asundexian approval achieved, well positioned for next phase of growth, continuing to build early to mid-stage pipeline Crop Science Profitability: Focused on execution of Five-Year Framework, continuing to monitor Crop Protection market, and advancing blockbuster innovation Operating Model & AI: Asundexian market introduction substantially accelerated; teams leaning into entrepreneurial model Litigation: Unanimous defense verdict on all plaintiff claims in Aretino trial; on track to deliver significant containment Realizing our commitments, focused on full delivery /// Bayer Q3 2026 Investor Call /// November 3, 2026
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JUDITH HARTMANN Chief Financial Officer
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Strong Operational Group Performance /// Bayer Q3 2026 Investor Call /// November 3, 20267 cpa = currency and portfolio adjusted, rep = as reported, core EPS = core earnings per share (cont. operations) 1 Changed Core EPS methodology for 2026, now incl. regular amortization of certain intangible assets, mainly software; prior year Core EPS restated; 2 Including litigation-related payouts of €-1.2bn in Q3 2026 vs. €-0.8bn in Q3 2025; €-3.7bn in 9M 2026 vs. €-1.2bn in 9M 2025 (including settlements, verdicts, reimbursements from insurances, cost of defense) in €bn 9M 2026 ∆ yoy Q3 2026 ∆ yoy Net Sales 34.3 +3% cpa +1% rep 10.1 +2% cpa +4% rep Strong Pharma growth momentum EBITDA before special items 8.2 +7% 1.6 +7% Higher Pharma result drives Group EBITDA Core EPS1 (in €) 3.97 -2% 0.31 -37% Non-cash effects in core financial result and core taxes Free Cash Flow2 -3.0 -2.2 -0.3 -0.9 Higher litigation related payouts Net Financial Debt 31.1 -1.6 Mainly driven by Apollo equity investment
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Q3 2026: Headwinds in Core Crop Protection Partly Compensated by Seeds & Traits Growth /// Bayer Q3 2026 Investor Call /// November 3, 20268 Sales growth rates in key messages cpa = currency and portfolio adjusted; 1Effective July 1, 2026, we report the global glyphosate business as a separate strategic business entity, including the NA In dustrial Turf & Ornamental business (previously reported under “Other”) and glyphosate -related site services (previously reported under Herbic ides excl. Glyphosate). Prior-year figures adjusted accordingly. 2 Core Business refers to Crop Science business excl. Glyphosate in €bn Q3 2025 Q3 2026 ∆ yoy Net Sales 3.9 3.9 -2% cpa (+1% rep) Volume -2% Price -1% FX +4% Portfolio 0% EBITDA before special items 0.2 0.1 -41% EBITDA Margin before special items 4.5% 2.6% Crop Science Q3 2026 Net Sales by Category1 (∆ % yoy cpa, €bn) -5% €0.7bn +3% €1.6bn Seeds & Traits -6% €1.5bn Core Crop Protection Glyphosate -2% €3.2bn Core Business2 • Core Business • Seeds & Traits: Soy and Corn delivered strong growth in LATAM, with Corn gains offset by weather headwinds in Africa and APAC • Core Crop Protection: regulatory headwinds, generic pressure and weather impacts, largely in EMEA, partly offset by volume growth in LATAM • Glyphosate: mainly weather-related volume declines in EMEA • With Q3 being a seasonally small quarter, EBITDA Margin declined in absence of prior year favorable cost effects
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/// Bayer Q3 2026 Investor Call /// November 3, 20269 Q3 2026: Strong Growth Momentum Supports Improved Full-Year Outlook Q3 2026 Net Sales by Category (∆ % yoy cpa, €bn) +5% €2.4bn Base Business1 -24% €0.6bn -31% €0.4bn +60% €1.4bn Pharmaceuticals • Continued strong growth of Nubeqa (+58%) and Kerendia (+65%) • Beyonttra makes Top 15 Pharma products for the quarter • Eylea with continued pressures from biosimilars, Eylea 8mg now contributing 60% to the franchise • Base Business with continued strong growth in Radiology and Women’s Health, further supported by strong growth of Adalat and Aspirin Cardio • Higher EBITDA Margin mainly driven by business growth, further supported by lower write-offs for inventory, a tail-end product divestment, FX tailwinds and operational efficiency, more than compensating for higher growth investments 1 Base Business including Radiology, Women’s Health, New Launches (Beyonttra & Lynkuet) and Other Mature Products Sales growth rates in key messages cpa = currency and portfolio adjusted. in €bn Q3 2025 Q3 2026 ∆ yoy Net Sales 4.3 4.7 +6% cpa (+8% rep) Volume +5% Price +1% FX +2% Portfolio 0% EBITDA before special items 1.0 1.3 +24% EBITDA Margin before special items 24.1% 27.6%
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/// Bayer Q3 2026 Investor Call /// November 3, 202610 Q3 2026: Resilient Topline in a Mixed Market Environment in €bn Q3 2025 Q3 2026 ∆ yoy Net Sales 1.4 1.4 0% cpa (+2% rep) Volume -2% Price +2% FX +2% Portfolio 0% EBITDA before special items 0.4 0.3 -4% EBITDA Margin before special items 25.7% 24.0% Q3 2026 Net Sales by Category (∆ % yoy cpa, €bn) -3% €0.3bn +3% €0.4bn Consumer Health Dermatology -3% €0.4bn Nutritionals Allergy & Cold +5% €0.2bn Digestive Health +0% €0.2bn Pain & Cardio Sales growth rates in key messages cpa = currency and portfolio adjusted. • Digestive Health driven by strong MiraLAX growth in the US, supported by further uptake of MiraFAST • Dermatology benefitted from continued growth of Bepanthen, supported by product line extension in Brazil • Nutritionals with softer demand across the US and EMEA amid a competitive environment, partly offset by further Elevit growth in China, including product line extension • Allergy & Cold decline mainly driven by softer US Cough & Cold sales, reflecting cautious inventory build ahead of the season • EBITDA Margin declined as benefits from our new operating model and continuous cost efficiencies could not fully offset targeted investments in e-commerce and brands to support future growth
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/// Bayer Q3 2026 Investor Call /// November 3, 202611 Improved Group Outlook 1 Reflects our 2026 outlook at the average actual currencies for 2025; 2 Estimated FX impact: Actual 9M FX impact plus for remainder of the year FX assumptions based on month -end September 2026 spot rates (1 EUR=) 1.14 USD, 5.92 BRL, 7.61 CNY, 1,731 ARS, 55.64 TRY. Impact is calculated as difference to constant currencies; 3 Currency and portfolio adjusted growth; 4 Changed Core EPS methodology for 2026, now incl. regular amortization of certain intangible assets, mainly software; prior ye ar Core EPS restated; 5 Free Cash Flow (FCF) Outlook includes litigation related payouts (including settlements, verdicts, reimbursements from insura nces, cost of defense) of ~5bn€; In 2026, the FCF component in our Group -wide short-term incentive (STI) program will not factor i n net outflows arising from payments to resolve legal proceedings (incl. settlements, verdicts, reimbursements from insurances; STI program for BoM members will continue to be based on reported FCF). Adjusted for these payments, FCF is expected to amoun t to between 3.0bn€ and 4.0bn€ in 2026. Net Sales 45.0 to 47.0 0% to +3%3 45.0 to 47.0 0% to +3%3 ~ -0.3 / ~ -1%pts EBITDA before special items 9.6 to 10.1 -1% to +4% 9.8 to 10.3 +1% to +6% ~ -0.2 / ~ -2%pts Core EPS4 (in €) 4.30 to 4.80 4.30 to 4.80 ~ -0.10 Free Cash Flow5 -2.5 to -1.5 -1.5 to -0.5 not material Net Financial Debt 29 to 30 28 to 29 not material FY 2026e (new) at constant FX1in €bn Estimated FX Impact2 FY 2026e (previous) at constant FX1 Driven by Pharma Non-cash effects remain Continued focus area
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Upgraded Pharmaceuticals Outlook /// Bayer Q3 2026 Investor Call /// November 3, 202612 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) ~ -1%pts not material not material 0% to +3%3 20% to 22% 0% to +3% (upper end) 25% to 27% 22% to 24% FY 2026e (new) at constant FX1 0% to +4% ~ -1%pts Estimated FX Impact2 ~ -1%pts ~ -1%pts (prev. not material) 0% to +3%3 20% to 22% 0% to +3% 24% to 26% 22% to 24% FY 2026e (previous) at constant FX1 1 Reflects our 2026 outlook at the average actual currencies for 2025; 2 Estimated FX impact: Actual 9M FX impact plus for remainder of the year FX assumptions based on month -end September 2026 spot rates (1 EUR=) 1.14 USD, 5.92 BRL, 7.61 CNY, 1,731 ARS, 55.64 TRY. Impact is calculated as difference to constant currencies = at average actual currencies for 2025; 3 Core growth +1% to +4%, Glyphosate growth -6% to -2% 0% to +4%
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Q&A Session
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APPENDIX Outlook 2026
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Outlook 2026: Modelling Considerations /// Bayer Q3 2026 Investor Call /// November 3, 202615 1 Reflects our 2026 outlook at the average actual currencies for 2025; 2 In addition to regular depreciation of property, plant and equipment, Core EPS determination also includes regular amortizati on of certain intangible assets; especially software; 3 Reconciliation reported as “All Other Segments” and not allocated “Enabling Functions” and “Consolidation” in €bn Special Items (EBITDA) Core Depreciation & Amortization2 Core Financial Result Core Tax Rate Reconciliation3: (EBITDA before special items) Special items (EBITDA) mainly restructuring related cost and divestment proceeds Core Depreciation & Amortization represents new Core EPS methodology2 and includes regular depreciation of tangible and certain intangible assets Core Financial Result assumeshigher interest expensescompared to prior year Reconciliation (EBITDA before special items) including cost of Enabling Functions and latest assumptions for long-term incentive provisions FX effect on all items not material -1.0 to 0 ~ -2.1 -1.9 to -1.7 24% to 26% ~ -0.6 FY 2026 Outlook at constant FX1
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APPENDIX Q3 2026
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/// Bayer Q3 2026 Investor Call /// November 3, 202617 Core EPS Q3 2026 EPS (total) Q3 2026 Amortization & impairment losses/ loss reversals on IP Special Items in Financial Results/ Income Taxes Special Items (EBITDA relevant) Impairment losses/ loss reversals on PPE Effects between cEPS and reported EPS shown net of taxes. 0.31 -0.78 -0.13 -0.69 -0.05-0.04 Q3 2026: Core EPS to EPS Bridge
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/// Bayer Q3 2026 Investor Call /// November 3, 202618 1Delta between “Core EBIT” and “EBIT before special items” mainly driven by regular amortization of intangible assets excluding software (see for “EBIT before special items” slide “Q3 2026: Key Financial Measures by Division”); 2Net cash provided by (used in) operating activities (excluding Interest & dividends received); 3Cash flow-relevant capital expenditures (without leasing). Other Working Capital: higher litigation related payouts for GLY & PCB in Q3 2026 Amortization & extraordinary depreciation include write-downs on intangible assets in Q3 2026 Higher reported EBITDA year-on-year, offset mainly by Other Working Capital development [€ bn] Q3 2025 Q3 2026 Reported EBITDA 0.5 1.4 Tax payments -0.2 -0.4 Delta pensions -0.1 -0.1 Gains/Losses Divestments 0.0 -0.1 Delta Working Capital 1.6 -0.2 Trade Working Capital 3.1 2.4 Delta Inventories -0.1 -0.3 Delta Receivables 2.9 2.5 Delta Payables 0.3 0.2 Other Working Capital -1.5 -2.6 Operating Cash Flow2 1.7 0.6 Interest & dividends received -0.3 -0.2 CapEx3 -0.8 -0.7 Free cash flow 0.6 -0.3 [€ bn] Q3 2025 Q3 2026 Net Sales 9.7 10.1 EBITDA before special items 1.5 1.6 Core depreciation & amortization -0.5 -0.5 Core EBIT1 1.0 1.1 Core financial result -0.3 -0.5 Core EBT 0.7 0.5 Minorities / noncontrolling interest 0.0 0.0 Core tax rate 27.7% 41.6% Core tax -0.2 -0.2 Core Net income 0.5 0.3 Amortization & extraordinary depreciation -0.5 -1.0 Special Items (EBITDA) -1.0 -0.2 Special Items (Financial Result / Tax) -0.3 -0.1 Tax Effect on Adjustments 0.4 0.4 Net income -1.0 -0.7 Q3 2026: Core Net Income and Free Cash Flow
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Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Sales 3,858 3,884 4,335 4,680 1,415 1,445 52 44 9,660 10,053 Sales by region: Europe / Middle East / Africa 758 593 1,548 1,358 567 555 50 41 2,923 2,547 North America 784 813 1,493 1,836 451 451 1 1 2,729 3,101 Asia / Pacific 400 345 1,049 1,177 205 223 1 0 1,655 1,745 Latin America 1,916 2,133 245 309 192 216 0 2 2,353 2,660 Cost of goods sold1,2 -2,621 -2,586 -1,100 -1,402 -495 -509 -71 -76 -4,287 -4,573 Selling expenses1,2 -862 -978 -1,453 -1,609 -562 -604 -24 -50 -2,901 -3,241 Research and development expenses1,2 -570 -555 -793 -782 -52 -52 -13 -35 -1,428 -1,424 General administration expenses1 -159 -177 -177 -195 -33 -41 -112 -134 -481 -547 Other operating income / expenses1 -54 -49 -16 18 -3 11 31 49 -42 29 EBIT before special items -408 -461 796 710 270 250 -137 -202 521 297 EBIT margin before special items [%] -10.6% -11.9% 18.4% 15.2% 19.1% 17.3% -263.5% -459.1% 5.4% 3.0% Special items -779 80 -38 8 -8 -215 -239 -280 -1,064 -407 EBIT -1,187 -381 758 718 262 35 -376 -482 -543 -110 Depreciation & Amortization1 580 562 249 582 93 97 68 77 990 1,318 EBITDA before special items 172 101 1,045 1,292 363 347 -69 -125 1,511 1,615 EBITDA margin before special items [%] 4.5% 2.6% 24.1% 27.6% 25.7% 24.0% -132.7% -284.1% 15.6% 16.1% Special items -764 100 -38 8 -8 0 -239 -280 -1,049 -172 EBITDA -592 201 1,007 1,300 355 347 -308 -405 462 1,443 Operating cash flow, continuing3 436 -413 1,247 1,200 260 243 -258 -399 1,685 631 Cash flow-relevant capital expenditures4 -259 -268 -249 -155 -41 -38 -287 -259 -836 -720 /// Bayer Q3 2026 Investor Call /// November 3, 202619 Q3 2026: Key Financial Measures by Division 1Before special items; 2Includes purchase price amortization (PPA) of €196m in COGS, €38m in selling expenses, €35m in R&D in Q3 2026 and €186m in CO GS, €34m in selling expenses, €31m in R&D in Q3 2025, for Crop Science and Group; 3Net cash provided by (used in) operating activities; 4Cash flow-relevant capital expenditures (without leasing).
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/// Bayer Q3 2026 Investor Call /// November 3, 202620 Q3 2026: Headwinds in Core Crop Protection Partly Compensated by Seeds & Traits Growth Corn S&T: strong growth in LATAM offsetting lower volumes elsewhere on acreage decline primarily attributable to adverse weather conditions in EMEA and APAC Soy S&T: driven by strong performance in LATAM Cotton S&T: market share gains in NA Vegetable Seeds: driven by lower volumes due to reduction in planted area, especially in EMEA Fungicides: LATAM phasing and generic pressure, alongside dry weather and regulatory impacts in EMEA Herbicides excl. Glyphosate: mainly regulatory headwinds in EMEA and dry weather in APAC, partly compensated by growth in LATAM Insecticides: growth in NA offset by portfolio pruning in LATAM All Other: increase due to higher volumes in canola, partly offset by other parts of seed portfolio (mainly due to El Niño impacts on rice seeds in Asia) Glyphosate: mainly lower demand in EMEA due to adverse weather Sales by Key Category and Strategic Business Entity1 (€m) Q3 2025 Q3 2026 ∆ yoy (cpa) Crop Science 3,858 3,884 -2% Seeds & Traits 1,541 1,646 +3% Corn Seed & Traits 760 792 0% Soybean Seed & Traits 521 576 +5% Cotton Seed & Traits -9 14 --- Vegetable Seeds 172 165 -5% Other 97 99 +12% Core Crop Protection2 1,596 1,537 -6% Fungicides 651 618 -9% Herbicides excl Gly 458 434 -9% Insecticides 331 322 0% Other 156 163 -5% Core Business 3,137 3,183 -2% (-1% price, -1% volume) Glyphosate 721 701 -5% (-1% price, -4% volume) Crop Science Sales growth rates in Key Messages cpa = currency and portfolio adjusted. 1 Effective July 1, 2026, we report the global glyphosate business as a separate strategic business entity, including the NA In dustrial Turf & Ornamental business (previously reported under “Other”) and glyphosate -related site services (previously reported under Herbicid es excl. Glyphosate). Prior-year figures adjusted accordingly. 2 excluding Glyphosate
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3.46 4.69 3.86 4.23 Jan '26 Mar '26 May '26 Jul '26 Sep '26 /// Bayer Q3 2026 Investor Call /// November 3, 202621 Pricing Above Historical Median as Demand Softens Glyphosate Market Trends: Global demand softens due to pockets of adverse weather and higher channel inventory; expect 2027 recovery Generic Chinese glyphosate technical reference spot price remains above historical median ($3.80/kg) Prices are expected to remain close to median near-term, as Chinese producer costs remain high Our Strategy: Maintain our share for global glyphosate market, with focus on the over-the-top markets in the Americas Maintain brand premium over generic glyphosate-based herbicides with dynamic and strategic pricing Continue to steer the business while maximizing cost efficiency 0 1 2 3 4 5 6 $- $2 $4 $6 $8 $10 $12 $14 2021 2022 2023 2024 2025 2026 F bn€ $/KG Branded Glyphosate-Based Herbicide Sales & Spot Price Trends Bayer Glyphosate Based Herbicide Annual Net Sales Spot Price 15 Yr Median
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/// Bayer Q3 2026 Investor Call /// November 3, 202622 Nubeqa: strong growth across all regions, especially in the U.S. Kerendia: continued strong growth momentum across regions, especially in U.S. and China Eylea: continued pressure from market entry of 2 mg biosimilars; strong volume uptake of Eylea 8mg Xarelto: expected LoE-driven declines across markets, especially in Europe Radiology: strong volume growth of Ultravist and CT Fluid Delivery IUD Family: slight decline driven by lower demand in the U.S. compared to prior year, which included a special order Yaz Family: growth driven by China, the U.S. and EMA Adempas: growth driven mainly by the U.S. HEM Franchise: continued declines due to competitive pressure Aspirin Cardio: recovery following VBP 10 implementation in China Adalat: growth mainly driven by normalization of volumes in China Other: VBP-related declines for Stivarga in China more than compensated by growth of other brands Sales by Key Category and Product (€m) Q3 2025 Q3 2026 ∆ yoy (cpa) Pharmaceuticals 4,335 4,680 +6% Launches 843 1,372 +60% Nubeqa 622 998 +58% Kerendia 221 374 +65% Eylea 731 560 -24% Eylea 2mg 532 226 -58% Eylea 8mg 199 334 +68% Xarelto 540 377 -31% Base Business1 2,221 2,371 +5% Radiology 539 594 +8% Women‘s Health 761 807 +4% IUD Family 367 368 -2% Yaz Family 167 175 +2% Other 226 265 +15% Adempas 186 200 +6% HEM Franchise 150 136 -12% Aspirin Cardio 100 121 +16% Adalat 116 138 +12% Other 366 373 +3% thereof Beyonttra 12 60 - Pharmaceuticals Numbers may not sum to totals due to rounding; S ales growth rates in Key Messages cpa = currency and portfolio adjusted. 1 Base Business including Radiology, Women’s Health, New Launches (Beyonttra & Lynkuet) and Other Mature Products Q3 2026: Strong Growth Momentum Supports Improved Full-Year Outlook
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/// Bayer Q3 2026 Investor Call /// November 3, 202623 Sales by Category (€m) Q3 2025 Q3 2026 ∆ yoy (cpa) Consumer Health 1,415 1,445 +0% Dermatology 355 372 +3% Nutritionals 360 352 -3% Allergy & Cold 277 276 -3% Digestive Health 222 234 +5% Pain & Cardio 194 201 +0% Other 7 10 +9% Consumer Health Sales growth rates in Key Messages cpa = currency and portfolio adjusted. Dermatology: Continued momentum of Bepanthen, including product line extension Nutritionals: Softer demand across US and EMEA amid a competitive environment, partly offset by further Elevit growth in China, including product line extension Allergy & Cold: Decline mainly driven by softer US Cough & Cold sales, reflecting cautious inventory build ahead of the season Digestive Health: Driven by MiraLAX growth in the US, supported by continued uptake of MiraFAST Pain & Cardio: Strong demand for Actron in LATAM Q3 2026: Continued Growth Momentum of Digestive Health and Dermatology
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APPENDIX 9M 2026
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9M 2026: Group Performance /// Bayer Q3 2026 Investor Call /// November 3, 202625 cpa = currency and portfolio adjusted, rep = as reported, core EPS = core earnings per share (cont. operations) Net Sales 34.1 34.3 +3% cpa (+1% rep) Growth in all divisions; FX headwind of ~€0.7bn, mainly from Q1 EBITDA before special items 7.7 8.2 +7% Driven by Pharma and Crop Science results (incl. Q1 licensing resolution); FX headwind of €0.4bn Core EPS1 (in €) 4.03 3.97 -2% Lower core financial result and higher core taxes Free Cash Flow2 -0.8 -3.0 --- Largely due to higher litigation related payouts Net Financial Debt 32.7 31.1 -5% Mainly driven by Apollo equity investment 9M 2025 9M 2026in €bn ∆% yoy 1 Changed Core EPS methodology for 2026, now incl. regular amortization of certain intangible assets, 2 Including litigation-related payouts: 9M 2026 €-3.7bn vs. 9M 2025: €-1.2bn (including settlements, verdicts, reimbursements from insurances, cost of defense)
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/// Bayer Q3 2026 Investor Call /// November 3, 202626 9M 2026: Core EPS to EPS Bridge Core EPS 9M 2026 Impairments on IP and PPE and regular amortization Special Items (EBITDA) Special Items Financial Results/Taxes Special Items in Financial Results/ Income Taxes EPS (total) 9M 2026 3.97 -1.80 -0.37 2.35 0.64 -0.09 Effects between cEPS and reported EPS shown net of taxes.
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/// Bayer Q3 2026 Investor Call /// November 3, 202627 1Delta between “Core EBIT” and “EBIT before special items” mainly driven by regular amortization of intangible assets (see for “EBIT before special items” slide “9M 2026: 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 prior year Crop Science write-up as well as write-downs on intangible asset in Q3 2026 [€ bn] 9M 2025 9M 2026 Reported EBITDA 4.2 8.2 Tax payments -0.8 -0.9 Delta pensions -0.4 -0.4 Gains/Losses Divestments -0.3 -0.3 Delta Working Capital -0.9 -7.1 Trade Working Capital -1.7 -1.2 Delta Inventories 0.6 0.2 Delta Receivables -1.7 -1.0 Delta Payables -0.6 -0.4 Other Working Capital 0.8 -5.9 Operating Cash Flow2 1.7 -0.5 Interest & dividends received -0.8 -0.7 CapEx3 -1.7 -1.8 Free cash flow -0.8 -3.0 [€ bn] 9M 2025 9M 2026 Net Sales 34.1 34.3 EBITDA before special items 7.7 8.2 Core depreciation & amortization -1.5 -1.6 Core EBIT1 6.2 6.6 Core financial result -1.1 -1.4 Core EBT 5.0 5.3 Minorities / noncontrolling interest 0.0 0.0 Core tax rate 21.1% 25.8% Core tax -1.1 -1.4 Core Net income 4.0 3.9 Amortization & extraordinary depreciation -0.9 -2.4 Special Items (EBITDA) -3.5 0.0 Special Items (Financial Result / Tax) -0.4 -0.4 Tax Effects on Adjustments 1.0 1.2 Net income 0.1 2.3 9M 2026: Core Net Income and Free Cash Flow Other Working Capital: Higher litigation-related payouts in 2026 (cash effective) and prior year additions to litigation provisions (reversal of EBITDA effect) Free Cash Flow without litigation-related expenses above prior year due to improved Trade Working Capital, licensing resolution and Avelox divestment Special items (EBITDA): Prior year mainly litigation related
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Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 Sales 16,226 16,352 13,353 13,387 4,341 4,381 217 210 34,137 34,330 Sales by region: Europe / Middle East / Africa 3,873 3,647 4,870 4,122 1,676 1,722 213 206 10,632 9,697 North America 6,915 7,169 4,250 4,941 1,505 1,402 1 1 12,671 13,513 Asia / Pacific 1,569 1,476 3,527 3,498 640 668 0 0 5,736 5,642 Latin America 3,869 4,060 706 826 520 589 3 3 5,098 5,478 Cost of goods sold1,2 -9,623 -9,012 -3,243 -3,469 -1,469 -1,504 -231 -282 -14,566 -14,267 Selling expenses1,2 -2,953 -3,164 -4,414 -4,588 -1,841 -1,896 -80 -149 -9,288 -9,797 Research and development expenses1,2 -1,742 -1,663 -2,422 -2,419 -167 -158 -45 -101 -4,376 -4,341 General administration expenses1 -485 -503 -546 -563 -105 -124 -391 -422 -1,527 -1,612 Other operating income / expenses1 -41 -42 1 110 -7 16 93 103 46 187 EBIT before special items 1,382 1,968 2,729 2,458 752 715 -437 -641 4,426 4,500 EBIT margin before special items [%] 8.5% 12.0% 20.4% 18.4% 17.3% 16.3% -201.4% -305.2% 13.0% 13.1% Special items -1,597 72 -184 290 -24 -215 -827 -402 -2,632 -255 EBIT -215 2,040 2,545 2,748 728 500 -1,264 -1,043 1,794 4,245 Depreciation & Amortization1 2,040 2,049 752 1,131 284 288 199 244 3,275 3,712 EBITDA before special items 3,422 4,017 3,481 3,589 1,036 1,003 -238 -397 7,701 8,212 EBITDA margin before special items [%] 21.1% 24.6% 26.1% 26.8% 23.9% 22.9% -109.7% -189.0% 22.6% 23.9% Special items -2,421 110 -184 290 -24 0 -827 -402 -3,456 -2 EBITDA 1,001 4,127 3,297 3,879 1,012 1,003 -1,065 -799 4,245 8,210 Operating cash flow, continuing3 -1,336 -2,185 2,901 2,287 859 747 -696 -1,322 1,728 -473 Cash flow-relevant capital expenditures4 -627 -732 -594 -588 -107 -106 -361 -365 -1,689 -1,791 /// Bayer Q3 2026 Investor Call /// November 3, 202628 9M 2026: Key Financial Measures by Division 1Before special items; 2Includes purchase price amortization (PPA) of €957m in COGS, €109m in selling expenses, €105m in R&D in 9M 2026 and €916m in COGS, €103m in selling expenses, €92m R&D in 9M 2025, for Crop Science and Group; 3Net cash provided by (used in) operating activities; 4Cash flow-relevant capital expenditures (without leasing).
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9M 2026: Seeds & Traits Growth Outweighs Headwinds in Crop Protection Business /// Bayer Q3 2026 Investor Call /// November 3, 202629 in €bn 9M 2025 9M 2026 ∆ yoy Net Sales 16.2 16.4 +4% cpa (+1% rep) Volume +3% Price 0% FX -3% Portfolio 0% EBITDA before special items 3.4 4.0 +17% EBITDA Margin before special items 21.1% 24.6% • Core Business • Seeds & Traits: Corn (+4%) growth across regions as strong performance outweighs lower acreage; Soybeans (+45%; +10% excl. licensing) benefited from licensing resolution, return of dicamba label and strong season start in LATAM; Cotton (+16%) and canola growth in Other S&T (+25%) • Core Crop Protection business (Fungicides -8%, Herbicides excl. Glyphosate -8%) impacted by generic and regulatory pressure, dry weather, and portfolio pruning, partially offset by higher Insecticides (+2%) supported by Movento derogation in France • Glyphosate: lower volumes partially offset by higher prices • EBITDA Margin expansion mainly driven by licensing resolution, higher margin sales, in addition to savings and efficiency measures, slightly offset by FX headwinds Crop Science 9M 2026 Net Sales by Category1 (∆ % yoy cpa, €bn) -2% €2.1bn +12% €8.7bn Seeds & Traits -6% €5.6bn Core Crop Protection Glyphosate +4% €14.3bn Core Business1 Sales growth rates in key messages cpa = currency and portfolio adjusted; 1Effective July 1, 2026, we report the global glyphosate business as a separate strategic business entity, including the NA In dustrial Turf & Ornamental business (previously reported under “Other”) and glyphosate -related site services (previously reported under Herbic ides excl. Glyphosate). Prior-year figures adjusted accordingly. 2 Core Business refers to Crop Science business excl. Glyphosate
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/// Bayer Q3 2026 Investor Call /// November 3, 202630 Corn S&T: growth across regions as strong performance outweighs lower acreage Soy S&T (+10% excl. licensing): licensing resolution, return of dicamba label and strong season start in LATAM Cotton S&T: growth from return of dicamba label Vegetable Seeds: driven by lower volumes Fungicides: challenging market conditions, including generic pressure, regulatory impacts and weather conditions Herbicides excl. Glyphosate: generic and regulatory pressure, dry weather, and portfolio pruning, partly compensated by growth in LATAM Insecticides: growth on Movento derogation in France partly offset by Latin America All Other: increase due to higher volumes in canola Glyphosate: lower volumes partially offset by higher prices 9M 2026: Seeds & Traits Growth Outweighs Headwinds in Crop Protection Business Sales by Key Category and Strategic Business Entity (€m) 9M 2025 9M 2026 ∆ yoy (cpa) Crop Science 16,226 16,352 +4% Seeds & Traits 8,152 8,728 +12% Corn Seed & Traits 5,410 5,353 +4% Soybean Seed & Traits 1,436 1,999 +45% Cotton Seed & Traits 314 346 +16% Vegetable Seeds 563 519 -7% Other 429 511 +25% Core Crop Protection1 5,970 5,568 -6% Fungicides 2,201 2,038 -8% Herbicides excl Gly 2,052 1,857 -8% Insecticides 1,016 990 +2% Other 701 683 -1% Core Business 14,122 14,296 +4% (0% price, +4% volume) Glyphosate 2,104 2,056 -2% (+1% price, -3% volume) Crop Science Sales growth rates in Key Messages cpa = currency and portfolio adjusted. 1 Effective July 1, 2026, we report the global glyphosate business as a separate strategic business entity, including the NA In dustrial Turf & Ornamental business (previously reported under “Other”) and glyphosate -related site services (previously reported under Herbicid es excl. Glyphosate). Prior-year figures adjusted accordingly. 2 excluding Glyphosate
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/// Bayer Q3 2026 Investor Call /// November 3, 202631 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 9M 2025 9M 2026 ∆ yoy Net Sales 13.4 13.4 2% cpa (0% rep) Volume +5% Price -3% FX -2% Portfolio 0% EBITDA before special items 3.5 3.6 +3% EBITDA Margin before special items 26.1% 26.8% 9M 2026 Net Sales by Category (∆ % yoy cpa, €bn) +3% €6.9bn Base Business1 -26% €1.8bn -38% €1.1bn +64% €3.6bn Pharmaceuticals 9M 2026: Strong Performance Supports Improved Full-Year Outlook and Reinforces Confidence in Mid-Term Ambitions • Continued significant growth of Nubeqa (+60%) and Kerendia (+76%) more than offsetting LoE-related declines • Beyonttra progressing well, now commercially launched in 27 markets in Europe • Eylea with continued pressures from market entry of aflibercept 2 mg biosimilars, Eylea 8mg contributing nearly 55% to the franchise at 9M • Base Business with growth in Radiology, Women’s Health, as well as Adalat and Adempas more than offsetting declines in other parts of the portfolio • Higher EBITDA margin driven by business growth, divestment incomes and write-back on inventory outweighing increased growth investments, pricing pressures, as well as FX headwinds
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/// Bayer Q3 2026 Investor Call /// November 3, 202632 Nubeqa: strong growth across regions, led by the U.S. Kerendia: further strong growth momentum, especially in U.S. and China Eylea: continued pressure from market entry of biosimilars; strong volume uptake of Eylea 8mg Xarelto: expected LoE-driven declines, especially in Europe Radiology: continued strong volume growth of Ultravist and CT Fluid Delivery IUD Family: business stable across regions, despite lower demand in U.S. Yaz Family: lower demand in APAC and LATAM largely offset by growth in EMA and China Adempas: growth driven mainly by the U.S. HEM Franchise: continued declines due to competitive pressure Aspirin Cardio: softness due to VBP 10 implementation in China Adalat: growth mainly driven by normalization of volumes in China Other: VBP-related declines for Stivarga in China compensated by growth of other brands Sales by Key Category and Product (€m) 9M 2025 9M 2026 ∆ yoy (cpa) Pharmaceuticals 13,353 13,387 +2% Launches 2,248 3,604 +64% Nubeqa 1,683 2,627 +60% Kerendia 565 977 +76% Eylea 2,408 1,756 -26% Eylea 2mg 1,857 823 -55% Eylea 8mg 551 933 +72% Xarelto 1,823 1,115 -38% Base Business1 6,874 6,909 +3% Radiology 1,630 1,733 +8% Women‘s Health 2,258 2,287 +3% IUD Family 1,037 1,027 +1% Yaz Family 527 522 -1% Other 694 738 +7% Adempas 554 568 +5% HEM Franchise 458 397 -12% Aspirin Cardio 404 363 -10% Adalat 383 443 +16% Other 1,184 1,120 0% thereof Beyonttra 17 132 - Pharmaceuticals Numbers may not sum to totals due to rounding; S ales growth rates in Key Messages cpa = currency and portfolio adjusted. 1 Base Business including Radiology, Women’s Health, New Launches (Beyonttra & Lynkuet) and Other Mature Products 9M 2026: Strong Performance Supports Improved Full-Year Outlook and Reinforces Confidence in Mid-Term Ambitions
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/// Bayer Q3 2026 Investor Call /// November 3, 202633 in €bn 9M 2025 9M 2026 ∆ yoy Net Sales 4.3 4.4 +2% cpa (+1% rep) Volume 0% Price +3% FX -2% Portfolio 0% EBITDA before special items 1.0 1.0 -3% EBITDA Margin before special items 23.9% 22.9% 9M 2026 Net Sales by Category (∆ % yoy cpa, €bn) -3% €0.8bn +5% €1.1bn Consumer Health Dermatology +4% €1.1bn Nutritionals Allergy & Cold +3% €0.7bn Digestive Health +3% €0.6bn Pain & Cardio 9M 2026: Growing in a Soft Market Environment Sales growth rates in key messages cpa = currency and portfolio adjusted. • Growth across all non-seasonal categories amid a challenging market environment; soft seasonality in allergy and cold • Execution of our portfolio strategy continues to show positive results, with power couples driving growth • EBITDA margin below prior year despite cost discipline and productivity gains from our new operating model, reflecting inflationary cost pressure, FX headwinds and ongoing strategic investments in our innovative brands and e-commerce to drive future growth.
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/// Bayer Q3 2026 Investor Call /// November 3, 202634 Sales by Category (€m) 9M 2025 9M 2026 ∆ yoy (cpa) Consumer Health 4,341 4,381 +2% Dermatology 1,081 1,133 +5% Nutritionals 1,073 1,093 +4% Allergy & Cold 890 843 -3% Digestive Health 698 706 +3% Pain & Cardio 575 579 +3% Other 24 27 +13% Consumer Health Sales growth rates in Key Messages cpa = currency and portfolio adjusted. Dermatology: Consistent contributor to overall performance; growth primarily driven by Bepanthen, including product line extension Nutritionals: Fueled by strong e-commerce momentum, led by Natural Elements and Elevit in China Allergy & Cold: Softer seasonal demand across both sub-categories Digestive Health: Strong MiraLAX growth in the US including continued uptake of MiraFAST; partly offset by ongoing pharmacy consolidation in China in HY1, driven by channel shift to e-commerce, impacting order patterns Pain & Cardio: Strong demand for Actron and Aleve in LATAM 9M 2026: Growth led by Non-Seasonal Categories in a Soft Market Environment
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APPENDIX Innovation
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/// Bayer Q3 2026 Investor Call /// November 3, 202636 Crop Science: Holistic R&D Pipeline (Annual Update – February 2026) 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’25, updated Feb ’26 2. PSP = Peak Sales Potential, 50% incremental; Expected to reach 30% of PSP by 2035, 70% of PSP by 2038 and remainder by 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" investments 3. 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 ~€10bn Corn LEP5 Corn HT5 Preceon Smart Corn – Biotech Trait3 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 ~€5bn 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 Icafolin Non-selective: Glyphosate Selective: HT4 enabling herbicides, Adengo and Council brand families, Convintro ~€6bn New Insecticide Vayego Duo, Fluopyram, New BLX-Containing Nematicide Mixture ~€2bn Yoalo 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) ~€4bn Soy Annual Germplasm Upgrades and New Variety Launches – Leveraging precision breeding Intacta 5+ (IP3) Vyconic (5 Tolerances - Adds 2, 4-D & HPPD) New Fungicide New Fungicide New Fungicide8 Iblon, Fox Ultra Continuous enhancement of digital features (e.g., wheat disease management tool) ~€4bn Not exhaustive With digital upgrade Developed with CropKey Advanced to next phase Biological HER6 FUN7 INS9SGR10 Total PSP ~€32bn Corn LEP4 Plenexos New Herbicide
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/// Bayer Q3 2026 Investor Call /// November 3, 202637 Pharmaceuticals: R&D Developments (since last update on August 4, 2026) New LCM DiscontinuationsNewsflow Phase transition (FPFV)Others Name Change First Submissions Neurology & Rare Diseases Cardiovascular+1 1 Including Precision Cardiovascular, Nephrology & Acute Care Finerenone ndCKD submitted in JP, U.S. Primary Photoreceptor Diseases Cell Therapy (BRT - OpCT - 001) → Lemiretprocel Primary Photoreceptor Diseases Oncology Sevabertinib in HER2mut NSCLC 1L approved in U.S. Sevabertinib in HER2mut NSCLC 2L approved in JP Approval Finerenone CKD and T1D approved in U.S. Phase Starts GIRK4 Inh i.v. : Ph2 VVD WRN Inh : Ph2 Asundexian in 2 ⁰ Stroke approved in China
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Submissions Sevabertinib (HER2/ mEGFR Inhibitor) CN: Advanced NSCLC 1L Finerenone (MR Antagonist) CN, JP, US: Non - diabetic Chronic Kidney Disease Asundexian ( FXIa Inhibitor) EU, JP, US: 2 ⁰ Stroke Prevention Aflibercept 8mg (VEGF - Inhibitor ) CN: Retinal Vein Occlusion Gadoquatrane (High Relaxivity Contrast Agent) CN, EU: Magnetic Resonance Imaging (as of October 26, 2026) Pharmaceuticals Pipeline Overview1 Oncology Cardiovascular & Renal Neurology & Rare Diseases Immunology Others Phase I VVD KEAP1 Activator (VVD - 130037 aka NRF2 Inh, BAY 3605349) Actinium (225Ac) Felivotide Mopaxetan (BAY 3563254) SOS1 Inhibitor (BAY 3498264) PRMT5 Inhibitor (BAY 3713372) VVD RAS - PI3K Inhibitor (VVD - 159642, BAY 3674171) 225Ac - GPC3 (BAY 3547926) KRAS G12D Inhibitor (BAY 3771249) Dual FIIa/Xa Inhibitor (BAY 3389934) BAY 3620122 Ametefgene Parvec (AAV Gene Therapy) (AB - 1005) Multiple System Atrophy Pompe Disease AAV Gene Therapy ( AB - 1009 aka PROGRESS - GT LOPD) LGMD2I/R9 AAV Gene Therapy (AB - 1003 aka LION - 101) Lemiretprocel (Cell Therapy) (OpCT - 001) Primary Photoreceptor Diseases AT - 05 SPECT Tracer NME NME NME NME NME NME NME NME NME NME NME NME NME NME Phase II Sevabertinib (HER2/ mEGFR Inhibitor) (BAY 2927088) Metastatic or Unresectable Solid Tumors With HER2 - activating Mutations ( panSOHO ) VVD WRN Inhibitor (VVD - 133214, BAY 3772392) Advanced Colorectal Cancer Umiposgene Parvec (AAV Gene Therapy) (AB - 1002) Congestive Heart Failure ( GenePHIT ) Inclocibart (anti - a2AP) ( BAY 3018250) Acute Ischemic Stroke; Pulmonary Embolism (SIRIUS) Nurandociguat (sGC Activator Oral) ( BAY 3283142) Chronic Kidney Disease (ALPINE - 1) SEMA 3a Inhibitor ( BAY 3401016) Alport Syndrome (ASSESS) GIRK4 Inhibitor (BAY 3389934 ) Atrial Fibrillation (CARDIOVERT) Ametefgene Parvec (AAV Gene Therapy) (AB - 1005) Parkinson ´ s Disease (REGENERATE - PD) Edonentan (ER Antagonist) (PER - 001, BAY 3826827) Non - proliferative Diabetic Retinopathy Glaucoma IE NME NME NME NME NME Phase III Darolutamide (AR Inhibitor) Adjuvant Prostate Cancer (DASL - HiCaP ) Prostate Cancer with Biochemical Recurrence after Curative Radiotherapy (ARASTEP) Bemdaneprocel ( Cell Therapy) Parkinson’s Disease (exPDite - 2 ) 124I - Evuzamitide (PET Tracer) Diagnosis of Cardiac Amyloidosis (REVEAL) IE NME NME IE NME IE NME NME IE Protein Therapy Cell Therapy Radionuclide Therapy Genetic Therapy Imaging Agent Small Molecule IE Indication Expansion NME New Molecular Entity 1 Bayer and partner sponsored + 3rd party label enabling studies with first patient first visit NME NME Full pipeline package available for download under: https://www.bayer.com/en/pharma/development-pipeline /// Bayer Q3 2026 Investor Call /// November 3, 202638
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/// Bayer Q3 2026 Investor Call /// November 3, 202639 Pharmaceuticals: Major R&D Milestones Expected Until End of 2027 Phase I Phase II Phase III Submission / Approval (as of October 20, 2026) Asundexian Stroke: Additional approvals Inclocibart (anti - a2AP) AIS: Proof of Concept (SIRIUS) Umiposgene Parvec (AAV Gene Therapy) (AB - 1002): Primary completion ( GenePHIT ) New LCM Oncology Cardiovascular & Renal Immunology Others First Submission / Approval Phase transition (FPFV) Neurology & Rare Diseases Primary completion phases II/III or proof of concept Finerenone nd CKD: First approval 124I - Evuzamitide (PET Tracer) First submission KRAS G12D Inhibitor (BAY 3771249): Proof of Concept 225Ac - GPC3 ( BAY 3547926) : Proof of Concept AT - 05 SPECT Tracer Start Phase IIb Darolutamide/ADT BCR after RT: Primary Completion SOS1 Inhibitor (BAY 3498264 ): Proof of Concept BAY 3620122: Start Phase IIa SEMA3A Inhibitor (BAY 3401016): Proof of Concept (ASSESS) Dual FIIa/Xa Inhibitor (BAY 3389934): Start of Phase IIa Edonentan (ER Antagonist) (PER - 001, BAY 3826827) Glaucoma Start Phase IIb Edonentan (ER Antagonist) (PER - 001, BAY 3826827) Non - prolif . Diabetic Retinopathy Start Phase IIb
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Nubeqa on Track to Take Market Leadership With Unbroken Growth Momentum 40 1Source: IQVIA, May 2026 2ARI: Androgen Receptor Inhibitor 3mHSPC: metastatic hormone sensitive prostate cancer NUBEQA is the #1 ARI2 within our indications and the fastest growing ARI2 in the US Strong mHSPC3 launch uptake across every market, supported by the recent release of ARASEC data (May 2026) Nubeqa is approved in nearly 90 countries in nmCRPC and mHSPC Global sales development (€m, cpa growth rates) 622 +58% Ex-USUS US launch performance (monthly NBRx)1 702 /// Bayer Q3 2026 Investor Call /// November 3, 2026 749 880 998 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 Aug-22: mHSPC approval (ARASENS) Jun-25: mHSPC approval (ARANOTE) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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Kerendia on Track to Become a Blockbuster Product With Q3 Growth of 65% YoY Driven by Key Markets 41 Global sales development (€m, cpa growth rates) 221 +65% FDA approval granted in CKD with T1D in September and filing accepted for non-diabetic CKD in October. Non-diabetic CKD also submitted in Japan in August 2026 ACC ECDP3 on the management of HFpEF4 recommends nonsteroidal MRA and SGLT2 inhibitor as optimal medical therapy to reduce cardiovascular death and HF hospitalization Ex-USUS US Performance (average monthly NBRx per quarter)1 274264 2026 ESC Guidelines recognize Kerendia as a foundational medical therapy with a class 1A recommendation2 in HFpEF, on par with SGLT2i /// Bayer Q3 2026 Investor Call /// November 3, 2026 329 374 1Source: This is based on information licensed from IQVIA: US NPA for the period 10/23 to 09/26 2Comment: Kerendia is the only MRA with proven efficacy in HF LVEF ≥40%. With the positive FINEARTS -HF trial, Kerendia provided the missing evidence to upgrade MRAs to a Class IA recommendation in HFpEF 3Expert Consensus Decision Pathway: 4Heart Failure with Preserved Ejection Fraction US FDA Approval HF LVEF >40 0 2,000 4,000 6,000 8,000 10,000 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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Eylea 8mg Leads Anti-VEGF Therapies by Sales Despite Post-LoE Pricing Pressure and Biosimilar Entry 42 Global sales development (€m, cpa growth rates) 1 Bayer MARS sales data (IQVIA, GERS; NPI; FARMINFORM) Aug-26 data (China and Russia mirrored July data), ABI aflibercept bioidentical 2 Source: https://www.ema.europa.eu/en/documents/product-information/eylea-epar-product-information_en.pdf; 3 RWE = Real World Evidence; 4 RVO = Retinal Vein Occlusion; 5 DME = Diabetic Macular Edema Volume market share of anti-VEGF therapies (ex-US)1 Eylea 8mg is the #1 anti- VEGF therapy by sales in retinal disease1 and supports volume resilience now accounting for 60% of overall Eylea sales (Q3) Eylea 8mg approved for RVO4 in 50+ countries since Dec 2025; application in China accepted for review in August 2026 /// Bayer Q3 2026 Investor Call /// November 3, 2026 26.2% 15.6% 13.5% 24.9% 5.3% 14.5% Sep 2024 - Nov 2024 Dec 2024 - Feb 2025 Mar 2025 - May 2025 Jun 2025 - Aug 2025 Sep 2025 - Nov 2025 Dec 2025 - Feb 2026 Mar 2026 - May 2026 Jun 2026 - Aug 2026 EYLEA 8MG EYLEA 2MG+ABI AFLIBERCEPT Bx VABYSMO LUCENTIS Others Continuously emerging RWE3 supports and confirms Phase III findings Most flexible dosing of all anti- VEGF treatments (Q4-Q24)2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 731 -24% 8mg2mg 702 623 573 560
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Thank you!