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Robust results , Guidance upgraded Merck Q2 2026 results Kai Beckmann , CEO Helene von Roeder , CFO August 6 , 2026 Merck
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Merck Q2 2026 Results Presentation | August 6, 20262 Agenda Executive Summary Financial Overview Outlook & Guidance
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Executive summary 01
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Strategy Recap – Execution Underway Strong momentum in Rare Diseases portfolio Announcement of planned acquisition of Bio-Techne New Metrology & Inspection manufacturing site near Grenoble Merck Q2 2026 Results Presentation | August 6, 20264 Focus on high-growth value drivers Shift selected product portfolio toward integrated workflow solutions Leverage platformed capabilities across businesses Scale and source innovation via M&A and in-licensing The colored cubes indicate activities that map to one or more streams.
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Merck Q2 2026 Results Presentation | August 6, 2026 Highlights: Process Solutions and Semi Solutions Fuel Organic Growth 5 Life Science: Temporary uplift in PS growth (+15%) continued Solid growth in AS; slight growth contribution from DS Strong LS sales (+8%) supported by all regions Healthcare: Rare Diseases growth in line with guidance (PF +5pp) Cardiometabolic and F&E around stable HC sales decline (-3%) driven by Specialty Care Electronics: Double-digit growth of Semi Solutions (+17%) Optronics around stable amid increasing headwinds EL growth accelerated (+12%) Q2 organic sales: +4.1% Q2 organic EBITDA pre: +9.3% 2026 Guidance: Net sales: €21.0 bn to €21.8 bn EBITDA pre: €5.9 bn to €6.3 bn EPS pre: €7.90 to €8.60 Net financial debt to EBITDA pre: 1.5x on Jun 30, 2026 Operations Group Financials Acronym(s): PS = Process Solutions; AS = Advanced Solutions; LS = Life Science; PF = Portfolio Effect; F&E = Fertility & Endocrinology; HC = Healthcare; EL = Electronics; EPS = Earnings Per Share. Q2 YoY organic sales growth
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Organic Currency Portfolio Total Life Science 8.0% -1.7% 0.1% 6.4% Healthcare -3.4% 0.3% 5.4% 2.4% Electronics 11.7% -2.9% -10.6% -1.7% Merck Group 4.1% -1.1% 0.4% 3.4% Q2 YoY Net Sales Q2 YoY EBITDA pre €1,462 m €1,599 m Q2 2025 Organic Currency Portfolio Q2 2026 9.3% -0.5% 0.5% LS: Strong org. growth driven by underlying demand momentum in Process Solutions, further amplified by temporary trends like stronger buying patterns in APAC HC: Org. sales decline drivenby Specialty Care; CM and F&E provide resilience; SpringWorksportfolio effect (+5pp) more than offsets organic contraction EL: Org. growth accelerates, with double-digit growth in Semi Solutions led by materials; portfolio effect due to Surface divestment Strong org. EBITDA pre growth, driven bytopline growth in Electronics and Life Science, with easy comps in EL due to absence of non-recurring items EBITDA pre margin expansion to 29.4% YoY, expanding by 1.6pp Minor negative FX effect as currency headwinds ease Delivering Profitable Growth, Previous FX Headwinds Abate 6 Acronym(s): LS = Life Science; HC = Healthcare; CM = Cardiometabolic; F&E = Fertility & Endocrinology; EL = Electronics; APAC = Asia-Pacific; FX = Foreign exchange. Totals may not add up due to roundingMerck Q2 2026 Results Presentation | August 6, 2026
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Financial overview 02
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5,255 5,434 3.4% 1,462 1,599 9.4% 27.8% 29.4% 1.6pp 2.02 2.16 6.9% 567 605 6.7% -8,619 -9,207 6.8% 5,252 5,887 12.1% 62,461 62,136 -0.5% Q2 2026: Overview Net sales Q2 2025 EBITDA pre EPS pre Operating cash flow Q2 2026 Δ Net sales up +3% due to solid organic growth and easing currency headwinds; portfolio effects in HC and EL largely balance out EBITDA pre org. up +9% driven by EL and LS, from a low base in Q2 2025; FX and portfolio effects close to neutral EPS pre growth slightly below EBITDA pre, mainly due to SpringWorksfinancing Modest OCF growth Higher net financial debt includes seasonal effect of dividend payment Increase of working capital mainly driven by higher inventories and receivables Comments Margin (in % of net sales) Net financial debt Working capital Employees Δ Dec. 31, 2025 Key figures Jun 30, 2026 [€m] [€m] 8 Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): HC = Healthcare; LS = Life Science; EL = Electronics; OCF = Operating Cash Flow; FX = Foreign exchange; EPS = Earnings Per Share Totals may not add up due to rounding
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Life Science: Strong Organic Growth, Driven by Current PS Momentum Life Science P&L Comments +0.0% Process Solutions: sales up +15% org., driven by strong underlying demand, temporarily elevated e.g.: by stronger buying patterns in APAC, normalizing over the course of the quarter Discovery Solutions: sales up +2% org.amid muted market environment in China Advanced Solutions: sales growth of +4% org. with research spending environment gradually improving M&S increase slower than sales, and admin around stable, both reflecting cost discipline Ongoing expansion of R&D investments, as innovation remains a key driver of future growth and differentiation Strong EBITDA pre org. growth driven primarily by volumes in PS €2,267 m €2,412 m Q2 2025 Organic Currency Portfolio Q2 2026 8.0% -1.7% 0.1% €646 m Q2 2025 Organic Currency Portfolio Q2 2026 8.2% -1.9% 2.0% €700 m [€m] IFRS Pre Q2 2025 Q2 2026 Q2 2025 Q2 2026 Net sales 2,267 2,412 2,267 2,412 M&S -544 -582 -544 -564 Admin -117 -110 -100 -102 R&D -97 -108 -97 -108 EBIT 365 428 432 485 EBITDA 598 648 - - EBITDA pre 646 700 646 700 (in % of net sales) 28.5% 29.0% 28.5% 29.0% Acronym(s): PS = Process Solutions; M&S = Marketing and selling expenses; R&D = Research & Development; APAC = Asia-Pacific Totals may not add up due to rounding9 Net sales bridge Merck Q2 2026 Results Presentation | August 6, 2026 EBITDA pre bridge
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Rare Diseases: SpringWorks contributing +5pp portfolio effect (+€114 m) Cardiometabolic: sales up +1% org., amid Middle-East constraints Fertility & Endocrinology: around stable, as Gonal-f® prior year price effect in US annualizes and Pergoveris® up +14% org., Saizen® +1% org. Specialty Care: sales -6% org., driven mainly by Mavenclad® loss of market exclusivity in US and competitive environment for Bavencio® M&S up on Ogsiveo® and Gomekli® launches in Europe and preparation for Pimicotinib US launch R&D spend up over a low base due to Phase 3 projects ramp-up EBITDA pre margin still strong despite higher R&D and M&S, supported by product mix and strong cost discipline Healthcare P&L Comments [€m] IFRS Pre Q2 2025 Q2 2026 Q2 2025 Q2 2026 Net sales 2,102 2,151 2,102 2,151 M&S -432 -479 -432 -460 Admin -79 -95 -76 -89 R&D -350 -482 -350 -434 EBIT 681 487 708 600 EBITDA 759 652 - - EBITDA pre 783 747 783 747 (in % of net sales) 37.2% 34.7% 37.2% 34.7% €2,102 m Q2 2025 Organic Currency Portfolio Q2 2026 -3.4% 0.3% 5.4% €2,151 m €783 m Q2 2025 Organic Currency Portfolio Q2 2026 -5.7% 0.8% 0.4% €747 m Net sales bridge Merck Q2 2026 Results Presentation | August 6, 202610 EBITDA pre bridge Healthcare: Rare Diseases Offsetting Specialty Care Decline Acronym(s): M&S = Marketing and selling expenses; R&D = Research & Development; US = United States Totals may not add up due to rounding
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Semi Solutions: up +17%, with continued growth of Semi Materials driven by AI, and advanced nodes in logic and memory; supported by all parts of the portfolio Optronics: around stable sales; softness of end customers’ demand for consumer electronics due to high memory prices remains Electronics: -11pp portfolio effect from the divestment of Surface Solutions M&S and admin costs down, mainly due to divestment of Surface Solutions EBITDA pre margin growth against easy comps1 vs. Q2 2025, as volumes and active cost management drive improved operating leverage Healthy expansion of the underlying margin QoQ and YoY Electronics P&L Comments [€m] IFRS Pre Q2 2025 Q2 2026 Q2 2025 Q2 2026 Net sales 886 871 886 871 M&S -142 -122 -136 -121 Admin -50 -52 -37 -32 R&D -69 -77 -69 -73 EBIT -13 14 20 139 EBITDA 105 161 - - EBITDA pre 134 244 134 244 (in % of net sales) 15.1% 28.0% 15.1% 28.0% €886 m Q2 2025 Organic Currency Portfolio Q2 2026 11.7% -2.9% -10.6% €871 m €134 m €244 m Q2 2025 Organic Currency Portfolio Q2 2026 87.5% 1.4% -6.3% Net sales bridge Merck Q2 2026 Results Presentation | August 6, 202611 EBITDA pre bridge Electronics: Double-Digit Growth Fueled by Semi Solutions Sales 1 Q2 2025: LDD adjustment of a Purchase Price Allocation due to 2014 AZ Electronics acquisition and MDD provision related to non- quality related supplier mislabeling). Acronym(s): M&S = Marketing and selling expenses; R&D = Research & Development; AI = Artificial Intelligence; LDD = low double-digit; MDD = mid double-digit; Totals may not add up due to rounding
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Merck Q2 2026 Results Presentation | August 6, 202612 Cash decreases mainly due to repayment of EUR-denominated bonds Higher receivablesdue to continued strong sales performance Inventories up, mainly in LS and HC to support future growth Intangible assets up mainly due to FX effects (USD/EUR) Financial debt up, as repayment of EUR-denominated bonds is offset by increase in financial liabilities to related parties and USD bond increase due to FX Refund liabilities slightly up, partially due to FX Equity ratio slightly up to 57% Assets [€bn] Liabilities [€bn] 5.2 6.2 3.2 3.1 12.3 12.0 30.3 28.7 1.7 Jun. 30 2026 1.6 Dec. 31 2025 Other liabilities Provisions for employee benefits Payables/refund liabilities Financial debt Net equity 52.7 51.5 4.7 5.4 9.9 10.1 25.6 26.0 4.6 4.9 3.9 4.42.7 Dec. 31 2025 2.0 Jun. 30 2026 Other assets Property, plant & equipment Intangible assets Inventories Receivables Cash & cash equivalents 51.5 52.7 Balance Sheet Acronym(s): LS = Life Science; HC = Healthcare; FX = Foreign exchange Totals may not add up due to rounding
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655 494 -162 457 563 106 82 218 136 -467 -618 -151 -3 -49 -46 -158 -3 155 567 605 38 -143 -608 -465 -298 -249 49 -257 -787 -530 Cash Flow Statement Profit after tax Q2 2025 Q2 2026 Δ Profit after tax down due to lower reported EBIT D&A up mainly up due to amortization of SpringWorks Increased provisions due internal reorganization activities Delta in other assets & liabilities mainly due to temporary changes in tax balance sheet positions and paid bond interests Delta in working capital due to mainly trade accounts payable, and slower inventory build-up Higher investing cash flow due to short- term investments and payments for acquisition of JSR Chromatography Repayment of EUR-denominated bonds in financing cash flow Cash flow drivers D&A Changes in provisions Changes in other assets/liabilities Other operating activities Changes in working capital Operating cash flow Investing cash flow thereof Capex on PPE Financing cash flow [€m] Q2 2026 – cash flow statement 13 Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): D&A = Depreciation & Amortization; PPE = Property, Plant & Equipment Totals may not add up due to rounding
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Outlook & Guidance 03
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Net sales: Organic: +1% to +3% YoY FX: -2% to 0% YoY ~€21.0 bn – €21.8 bn EBITDA pre: Organic: 0% to +3% YoY FX: -2% to 0% YoY ~€5.9 bn – €6.3 bn EPS pre: ~€7.90 – €8.60 15 Group Full-year 2026 Guidance Merck Q2 2026 Results Presentation | August 6, 2026
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Life Science Healthcare 3 Electronics Net sales EBITDA pre Net sales EBITDA pre Net sales EBITDA pre Organic:+5% to +8% YoY PF: ~+1% (~€20 m) YoY FX: -3% to -1% YoY ~€2.6 bn to €2.8 bn Organic: +5% to +7% YoY2 PF: ~0% YoY FX: -2% to 0% YoY ~€9.3 bn to €9.6 bn Organic: +25% to +29% YoY PF: -3.3% (-€28 m)5 YoY FX: 0% to +2% YoY ~€1.0 bn Organic: -8% to -5% YoY PF: ~0%4 YoY FX: -1% to +1% YoY ~€2.8 bn to €3.0 bn Organic: -4% to -2% YoY PF: +2.4% (+€207 m)4 YoY FX: -1% to +1% YoY ~€8.4 bn to €8.7 bn Organic: +6% to +9% YoY PF: -7.0% (-€245 m)5 YoY FX: -3% to -1% YoY ~€3.3 bn to €3.5 bn 2026 Business Sector Guidance 1 16 1 Divisional guidances are only support to the group guidance and do not have to add up 2 2 Including potential headwind from tariff refunds to customers of ~€40m 3 Excluding potential Pergoveris launch in US and assuming full generic erosion of Mavenclad in US as of August 4Related to SpringWorks (Net Sales and EBITDA pre) and Saturnus Bio (EBITDA pre) 5Related to Surface Solutions divestment Merck Q2 2026 Results Presentation | August 6, 2026
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Appendix
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Merck Q2 2026 Results Presentation | August 6, 202618 Further financial details Corporate & Other EBITDA pre ~ -€450 m to -€500 m Interest result ~ -€270 m to -€300 m Effective tax rate ~ 21% to 23% Capex on PPE1 ~ €1.3 bn to €1.5 bn Hedging at Corporate & Other line2 FY 2026 overall hedge ratio ~ 40% EUR/USD hedging @ ~ 1.15 2026 Ø EUR/USD assumption ~ 1.14 to 1.18 Additional Financial Guidance 2026 1Based on gross additions to Property, Plant and Equipment (PPE) on balance sheet (excl. leasing) in fiscal year to reflect planned Capex expansion more accurately; 2Merck hedges foreign currency and interest rate exposures arising from both forecasted transactions and existing balance sheet items in the respective currencies for which USD and CNY are significant ones; the ratio targets a minimum of 40% for a basket of relevant currencies, calculated as the proportion of exposure covered by hedging instruments, and can go as high as 90%
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Merck Q2 2026 Results Presentation | August 6, 202619 Regional breakdown of net sales [€m] APAC: strong growth driven by EL (Semi Solutions), supported by LS (mainly PS) Europe: solid growth driven by LS (PS, AS) and supported by slight growth in HC NA: sales down mainly due to Mavenclad® decline, partially offset by growth in LS LATAM: sales up driven by HC and supported by LS Regional organic development Middle East & Africa Asia-Pacific Europe Latin America North America +5.0% org. +8.5% org. +2.2% org. +4.6% org. -2.6% org. 31% 33% 4% 7% 25% Q2 2026 Net sales: €5,434 m Asia-Pacific and Europe Drive Organic Growth Acronym(s): APAC = Asia-Pacific; NA = North America; LATAM = Latin America; EL = Electronics; LS = Life Science; HC = Healthcare; PS = Process Solutions; AS = Advanced Solutions; Totals may not add up due to rounding
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891 753 -15.5% -62 -112 81.9% 829 640 -22.8% -174 -146 -15.7% 21.0% 22.9% 1.9pp 652 490 -24.8% 1.50 1.13 -24.7% Q2 2026: Reported Figures EBIT EBIT down mainly due to higher R&D and M&S, organically up Change in financial result reflects higher interest costs following SpringWorksacquisition Effective tax rate within the guided 21% to 23% corridor EPS down mainly due to lower EBIT and change in financial result Comments Financial result Profit before tax Income tax Effective tax rate (%) Net income EPS (€) Reported results Q2 2025 Q2 2026 Δ [€m] 20 Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): R&D = Research & Development; M&S = Marketing and selling expenses; EPS = Earnings Per Share Totals may not add up due to rounding
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21 Bond maturity profile as of June 30, 2026 Credit rating information LT Rating Last LT Rating Change Outlook ST Rating A3 21.10.21 Stable P-2 A 29.05.13 Stable A-1 Coupon Credit Details [EUR m/USD m] 634 Merck Q2 2026 Results Presentation | August 6, 2026 600 750 500 800 750 1,000 1,000 1,250 271 850 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 EUR Senior Bonds USD Senior Bonds EUR Hybrids (first reset dates) 800 634 0.375% 1.625% 4.125% 0.500% 3.875% 2.875% 4.375% 2.375% 3.750% 0.875% 4.625% 5.000% No decision on hybrid calls rights taken yet, with the exception of EURm 271 in 2026 called for redemption, effective on 9 September 2026.
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Organic Currency Portfolio Total Life Science 8.1% -3.8% 0.0% 4.3% Healthcare -3.4% -1.8% 4.9% -0.3% Electronics 7.9% -5.3% -10.6% -8.0% Merck Group 3.5% -3.3% 0.1% 0.3% H1 YoY Net Sales H1 YoY EBITDA pre Life Science: up +8% org., driven by PS (+15% org.), supported by AS (+4% org.) and DS (+2% org.); elevated growth in PS due to e.g.: stronger buying patterns in APAC Healthcare: down -3% org., due to Specialty Care decline and softer F&E, slight growth in CM; Rare Diseases contributing +5pp portfolio effect (€207m) Electronics: up +8% org. with double-digit Semis sales growth and Optronics moderately down; portfolio effect due to Surface divestment Strong org. EBITDA pre growth, driven by Electronics (incl. one-offs) and supported by Life Science FX headwinds of -3% across various currencies with largest negative impact from USD and CNY Portfolio effect around flat for the Group Profitable Organic Growth in H1 Driven by Life Science and Electronics 22 Merck Q2 2026 Results Presentation | August 6, 2026 €2,998 m €3,129 m H1 2025 Organic Currency Portfolio H1 2026 7.2% -3.1% 0.3% Acronym(s): PS = Process Solutions; AS = Advanced Solutions; DS = Discovery Solutions; APAC = Asia-Pacific; F&E = Fertility & Endocrinology; CM = Cardiometabolic; FX = Foreign exchange Totals may not add up due to rounding
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10,535 10,568 0.3% 2,998 3,129 4.4% 28.5% 29.6% 1.2pp 4.14 4.27 3.1% 1,123 1,423 26.7% -8,619 -9,207 6.8% 5,252 5,887 12.1% 62,461 62,136 -0.5% H1 2026: Overview Net sales H1 2025 EBITDA pre EPS pre Operating cash flow H1 2026 Δ Sales around flat as organic growth of 3% is largely negated by elevated FX headwinds (mainly USD and in Asia) EBITDA pre org. up +7% driven by EL and LS, against elevated FX headwinds EPS pre growth slightly lower than EBITDA pre, mainly due to SW Higher OCF due to higher EBITDA pre and NWC improvements Higher net financial debt includes dividend payment Increase of working capital mainly driven by higher inventories and receivables Comments Margin (in % of net sales) Net financial debt Working capital Employees Δ Dec. 31, 2025 Key figures Jun 30, 2026 [€m] [€m] 23 Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): EL = Electronics; LS = Life Science; FX = Foreign exchange; EPS = Earnings Per Share; SW = SpringWorks; OCF = Operating Cash Flow; NWC = Net Working Capital; Totals may not add up due to rounding
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1,897 1,690 -10.9% -112 -181 62.1% 1,785 1,509 -15.5% -392 -346 -11.6% 21.9% 23.0% 1.0pp 1,388 1,150 -17.2% 3.19 2.64 -17.2% H1 2026: Reported Figures EBIT EBIT down due to PF, FX and higher R&D and M&S; organically up Change in financial result reflects higher interest costs following SpringWorksM&A Effective tax rate within the guided 21% to 23% corridor EPS down mainly due to lower EBIT and change in financial result Comments Financial result Profit before tax Income tax Effective tax rate (%) Net income EPS (€) Reported results H1 2025 H1 2026 Δ [€m] 24 Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): PF = Portfolio Effect; FX = Foreign exchange; R&D = Research & Development; M&S = Marketing and selling expenses; M&A = Mergers and Acquisitions; EPS = Earnings Per Share Totals may not add up due to rounding
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Life Science H1: Broad-based Growth Across all Regions Life Science P&L +0.0% Process Solutions: sales up +15% org. due to a combination of strong underlying demand with stronger buying patterns in APAC and new customer warehouse in Q1, elevating sales in H1 Discovery Solutions: +2% org. due to headwinds from muted academia and government spending and softer sales in China Advanced Solutions: sales +4% organic, with softness of research spending environment gradually easing M&S and admin increase slower than sales, reflecting cost discipline Higher relative share of R&D expenses; continued investment in innovation as a key driver of future growth and differentiation Strong EBITDA pre growth driven primarily by volumes in PS overcomes foreign exchange headwinds €1,268 m €1,348 m H1 2025 Organic Currency Portfolio H1 2026 7.8% -3.3% 1.8% Net sales bridge EBITDA pre bridge 25 Comments [€m] IFRS Pre H1 2025 H1 2026 H1 2025 H1 2026 Net sales 4,485 4,677 4,485 4,677 M&S -1,099 -1,134 -1,097 -1,114 Admin -224 -235 -199 -206 R&D -196 -220 -196 -219 EBIT 734 830 834 928 EBITDA 1,188 1,256 - - EBITDA pre 1,268 1,348 1,268 1,348 (in % of net sales) 28.3% 28.8% 28.3% 28.8% Merck Q2 2026 Results Presentation | August 6, 2026 €4,485 m €4,677 m H1 2025 Organic Currency Portfolio H1 2026 8.1% -3.8% 0.0% Acronym(s): M&S = Marketing and selling expenses, R&D = Research & Development; APAC = Asia-Pacific; PS = Process Solutions Totals may not add up due to rounding
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26 Sales development [€m] - org. growth [%] YoY Process Solutions: LDD Underlying Organic Growth; Signs of Normalization Organic sales up 15% YoY,driven by volume growth across all portfolios and regions Accelerated sequential reported sales growth driven by easing FX headwinds Underlying organic growth slightly north of 10%, further augmented by temporary exceptional impacts, such as stronger buying patterns in APAC Continued strong YoY order momentum with lead times and book-to-bill normalizing Double-digit percentage growth seeing strongest growth in North America & China Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): LDD = Low double-digit; FX = Foreign exchange; APAC = Asia-Pacific 945 949 973 1,011 1,071 11% Q2 2025 10% Q3 2025 10% Q4 2025 16% Q1 2026 15% Q2 2026
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27 Sales development [€m] - org. growth [%] YoY 719 701 688 692 724 -1% Q2 2025 3% Q3 2025 1% Q4 2025 2% Q1 2026 Q2 2026 2% Discovery Solutions: Continued Resilience in Challenging Environment Continued slight organic sales growth YoY in fourth consecutive quarter, benefitting from Go- to-Market transformation Academic market stabilizing, but not back to growth yet – spending still cautious Industry customers showing improving trends Favorable pricing in Asia-Pacific; North America and EMEA growing at moderate rates; evolving market environment in China Acronym(s): EMEA = Europe, Middle East & Africa Merck Q2 2026 Results Presentation | August 6, 2026
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Merck Q2 2026 Results Presentation | August 6, 202628 Sales development [€m] - org. growth [%] YoY 603 591 593 563 617 -2% Q2 2025 3% Q3 2025 -1% Q4 2025 4% Q1 2026 Q2 2026 4% Organic sales growing again by 4% YoY 10% reported sequential growth supported by easing FX headwinds Product businesses benefiting from new product launches and Go-to-Market transformation Continuing growth in service businesses EMEA with strong underlying momentum; “Made in China” still a headwind - but easing Advanced Solutions: Improving Demand in Quality-Critical End-Markets Acronym(s): FX = Foreign exchange; EMEA = Europe, Middle East & Africa
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Healthcare H1: Stable net Sales due to SpringWorks and Cardiometabolic Rare Diseases:SpringWorks contributing +5pp portfolio effect (+€207m), in line with guidance Cardiometabolic up +2% org., supported by all key products amid logistical constraints related to Middle East Fertility & Endocrinology down -3% org., mainly due to prior year US price effect for Gonal-F®; Pergoveris® up +17% org. Specialty Care: down -6% org. due to Mavenclad® US and Bavencio® M&S up on Ogsiveo® and Gomekli® launches in Europe and preparation for Pimicotinib US launch R&D spend up over a low base due to Phase 3 projects ramp-up EBITDA pre margin of 35% reflects strong commercial execution and cost discipline; SpringWorksportfolio effect (+€8 m) in line with guidance Healthcare P&L Comments +0.0% Net sales bridge EBITDA pre bridge 29 [€m] IFRS Pre H1 2025 H1 2026 H1 2025 H1 2026 Net sales 4,216 4,203 4,216 4,203 M&S -843 -912 -843 -879 Admin -151 -193 -146 -174 R&D -707 -939 -708 -872 EBIT 1,384 1,023 1,406 1,168 EBITDA 1,560 1,342 - - EBITDA pre 1,579 1,465 1,579 1,465 (in % of net sales) 37.4% 34.9% 37.4% 34.9% Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): M&S = Marketing and selling expenses; R&D = Research & Development; US = United States Totals may not add up due to rounding €1,579 m €1,465 m H1 2025 Organic Currency Portfolio H1 2026 -3.7% -3.9% 0.5% €4,216 m €4,203 m H1 2025 Organic Currency Portfolio H1 2026 -3.4% -1.8% 4.9%
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Rare Diseases: Double-Digit Demand Growth Merck Q2 2026 Results Presentation | August 6, 202630 Gomekli ® Ogsiveo ® Pimicotinib Ogsiveo® and Gomekli® with combined sales of €207 m in H1, in line with guidance and implying portfolio effect of +5pp Ogsiveo® the largest contributor to sales in Q2, followed by Gomekli® and first sales of Pimicotinib Ogsiveo® sales up +27% YoY and +19% QoQ driven by new patients; entering the next phase of growth in the US and European launch on track Gomekli® sales up 1.9x YoY and +19% QoQ with strong uptake across pediatric and adult patients Pimicotinib delivering initial sales following private market launch in China; preparing for US launch 59 62 72 63 75 14 23 31 30 39 Q2 2025 Q3 2025 Q4 2025 Q1 2026 1 Q2 2026 73 85 103 94 115 Not Consolidated till Q3’251 Rare Diseases sales [€m] 1SpringWorks acquisition closed on 1 July 2025 Acronym(s): US = United States Totals may not add up due to rounding
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Fertility & Endocrinology: Momentum Improving Merck Q2 2026 Results Presentation | August 6, 202631 Pergoveris ® Gonal-f ® Saizen ® Organic growth still slightly negative in Q2 and improving sequentially as prior year US price effect for Gonal-f® annualizes Double-digit growth of Pergoveris® (+14% org.) and slight growth of Saizen® (+1% org.) broadly offsetting a moderate decline of Gonal-f® (-3% org.) and lower other sales Pergoveris® continuously taking share amid differentiated profile; China launch progressing, preparing for US launch in H2-26 Gonal-f ® momentum improving as prior year US price reduction annualizes 133 138 129 122 120 186 179 165 161 179 84 79 88 90 96 99 94 92 91 99 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 502 490 474 463 494 org. +1.1% org. +5.2% org. -5.1% org. -0.9% org. +7.0% Fertility & Endocrinology sales [€m] - org. growth [%] YoY Other Acronym(s): US = United States Totals may not add up due to rounding
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Cardiometabolic: Slight Growth Amid Middle East Constraints Merck Q2 2026 Results Presentation | August 6, 202632 Concor ® Glucophage ® Euthyrox ® Organic growth remains muted in Q2 amid logistical constraints related to the Middle East, underlying trends intact Slight growth of Concor® (+2% org.) and strong growth of Euthyrox® (+8% org.) partially offset by a moderate decline of Glucophage® (-3% org.) Glucophage® down amid partial reversal of positive Q1 phasing in China Euthyrox® sustaining strong momentum despite Middle East constraints 61 72 71 58 60 235 247 252 248 236 154 156 158 152 158 155 169 173 159 171 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 605 643 654 616 626 org. +2.6% org. +6.0% org. +2.4% org. +1.2% org. +4.5% Cardiometabolic sales [€m] - org. growth [%] YoY Other Totals may not add up due to rounding
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Tepmetko® Specialty Care: Navigating Lifecycle Challenges Merck Q2 2026 Results Presentation | August 6, 202633 Erbitux ® Bavencio ® Rebif ® Organic decline continues in Q2 amid lifecycle challenges for key brands Lower sales of Bavencio® (-17% org.), Mavenclad® (-10% org.), and Rebif® (-9% org.) partially offset by growth of Erbitux® (+5% org.) and Tepmetko® (+4% org.) Mavenclad®: double-digit growth in Europe mitigating generic erosion in the US Rebif® demand decline in line with interferon market, channel mix and phasing beneficial Erbitux®: double-digit growth in Europe (CTS, Breakwater1) more than offsetting NCB competition in China Bavencio® facing competition in key markets Mavenclad ® 288 310 273 286 303 158 149 148 130 130 307 305 295 255 275 119 118 109 96 107 39 Q2 2025 35 Q3 2025 36 Q4 2025 33 Q1 2026 39 Q2 2026 910 916 860 801 854 org. +3.3% org. -0.8% org. -6.8% org. -5.8% org. +4.2% Specialty Care sales [€m] - org. growth [%] YoY 1First-line treatment with encorafenib plus cetuximab with or without chemotherapy for BRAF V600E-mutated metastatic colorectal cancer; Acronym(s): US = United States; NCB = Non-Comparable Biologics; CTS = Clinical Trial Sales Totals may not add up due to rounding
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Pipeline products are under clinical investigation and have not been proven to be safe and effective. There is no guarantee a ny product will be approved in the sought-after indication. Merck Pipeline August 06, 2026 34 Merck Q2 2026 Results Presentation | August 6, 202634 M7437 (Anti-Ly6E Antibody drug conjugate) Advanced solid tumors Phase 3Phase 1Healthcare pipeline RegistrationPhase 2 enpatoran (TLR7/8 antagonist) Lupus erythematosus with cutaneous manifestations (Lupus rash)4 cladribine capsules (Immune reconstitution3) Generalized myasthenia gravis M3554 (Anti-GD2 Antibody drug conjugate) Advanced solid tumors6 precemtabart tocentecan (anti-CEACAM5 Antibody drug conjugate) Pan tumor (LA or metastatic GC, PDAC) pimicotinib (CSF-1R inhibitor) Tenosynovial giant cell tumor (TGCT)1,2 Ph1b M0324 (Anti-MUC-1 x CD40 bispecific antibody) Advanced solid tumors M5542 (CTLA4Ig/Anti-OX40L fusion protein) T cell-mediated autoimmune diseases7 precemtabart tocentecan (anti-CEACAM5 Antibody drug conjugate) Colorectal cancer 3L5 Ph1a: phase 1a, dose finding; Ph1b: phase 1b, dose escalation/expansion and signal seeking; LA: Locally advanced GC: Gastric Cancer; PDAC: Pancreatic ductal adenocarcinoma Current phase Previous phase(s)Neurology & ImmunologyOncology 1Merck KGaA, Darmstadt, Germany entered a license agreement with Abbisko Therapeutics Co. Ltd, Shanghai, China, holding worldwide commercialization rights for pimicotinib. 2On 12 January 2026, the U.S. Food and Drug Administration (FDA) has accepted the new drug application (NDA) for pimicotinib as a systemic treatment for patients with tenosynovial giant cell tumor (TGCT). 3Putative mechanism. 4With or without systemic involvement. 5Including other phase 1 activities in colorectal cancer (CRC). 6Patients with soft tissue sarcoma (STS) and glioblastoma. 7Study in healthy volunteers.
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Electronics H1: Strong Organic Growth Driven by Semi Materials Semiconductor Solutions: sales up 12% org. driven by Semi Materials, driven by AI and advanced nodes, with support from memory as well as specialty and mature nodes in Asia. Optronics: down -2% org. due to end customers’ demand for consumer electronics softened by high memory prices Electronics: -11pp portfolio effect from the divestment of Surface Solutions M&S, admin and R&D costs down, mainly due to divestment of Surface Solutions Significant EBITDA pre expansion mainly due to one-offs in Q1 (€43m from divestment of the OLED IP portfolio to UDC, and €25m cost recovery from non-quality related supplier mislabeling dispute) and easier comps vs Q2 2025 +0.0% Net sales bridge EBITDA pre bridge 35 Electronics P&L Comments [€m] IFRS Pre H1 2025 H1 2026 H1 2025 H1 2026 Net sales 1,835 1,688 1,835 1,688 M&S -284 -239 -275 -238 Admin -98 -93 -73 -66 R&D -145 -145 -145 -142 EBIT 84 178 143 316 EBITDA 325 433 - - EBITDA pre 378 526 378 526 (in % of net sales) 20.6% 31.2% 20.6% 31.2% Merck Q2 2026 Results Presentation | August 6, 2026 €1,835 m €1,688 m H1 2025 Organic Currency Portfolio H1 2026 7.9% -5.3% -10.6% €378 m €526 m H1 2025 Organic Currency Portfolio H1 2026 50.4% -5.4% -5.7% Acronym(s): M&S = Marketing and selling expenses, R&D = Research & Development; AI = Artificial Intelligence; OLED = organic light-emitting diode; UDC = Universal Display Corporation Totals may not add up due to rounding
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Merck Q2 2026 Results Presentation | August 6, 202636 Sales development [€m]* - org. growth [%] YoY 604 631 611 640 684 -6% Q2 2025 3% Q3 2025 -5% Q4 2025 7% Q1 2026 Q2 2026 17% Semi Materials org. sales up mid-teens % YoY, with another quarterly sales record in Thin Films 10th consecutive quarter of org. sales growth in Materials, with low-teens average Continuous strong demand for AI solutions/ advanced nodes in memory and logic, driving continued Materials growth DS&S supports growth of Semi Solutions, mainly due to finalization of a large project and against low base. Overall expectations broadly unchanged Semiconductor Solutions: Growth Acceleration Driven by Materials Acronym(s): AI = Artificial Intelligence; DS&S = Delivery Systems & Service Totals may not add up due to rounding *2025 numbers adjusted due to shifts between businesses
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1,393 1,163 -231 930 1,060 129 37 201 164 -691 -588 103 8 -87 -95 -555 -325 230 1,123 1,423 300 -562 -1,363 -801 -780 -693 86 -1,866 -849 1,017 Cash Flow Statement Profit after tax H1 2025 H1 2026 Δ Profit after tax inline with lower reported EBIT amid FX headwinds D&A up mainly up due to amortization of SpringWorks Increased provisions due internal reorganization activities Other assets & liabilities delta includes higher deferred income and increased bond interest accruals and paid interests Changes in working capital largely due to trade accounts payable/refund liabilities Higher investing cash due to short-term investments and payments from acquisition of JSR Chromatography Repayment of EUR-denominated bonds in financing cash flow; prior year FCF included repayment of EUR 1.5bn of USD denominated bonds Cash flow drivers D&A Changes in provisions Changes in other assets/liabilities Other operating activities Changes in working capital Operating cash flow Investing cash flow thereof Capex on PPE Financing cash flow [€m] H1 2026 – cash flow statement 37 Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): FX = Foreign exchange; D&A = Depreciation & Amortization; PPE = Property, Tax & Equipment; FCF = Free cash flow Totals may not add up due to rounding
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68 19 57 5 27 3 113 19 33 4 125 42 14 0 55 0 141 27 350 66 Merck Q2 2026 Results Presentation | August 6, 202638 Q2 2025 Adjustments [€m] Life Science Healthcare Electronics Corporate & Other Total Adjustments in EBIT thereof D&A Q2 2026 Adjustments thereof D&A Adjustments in Q2 2026 Acronym(s): D&A = Depreciation & Amortization Totals may not add up due to rounding
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100 19 98 5 22 3 145 22 59 6 138 45 18 0 71 0 199 29 452 72 Adjustments in H1 2026 H1 2025 Adjustments [€m] Life Science Healthcare Electronics Corporate & Other Total Adjustments in EBIT thereof D&A H1 2026 Adjustments thereof D&A 39 Merck Q2 2026 Results Presentation | August 6, 2026 Acronym(s): D&A = Depreciation & Amortization Totals may not add up due to rounding
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Merck Q2 2026 Results Presentation | August 6, 202640 Acronym(s): EBITDA pre = Earnings before interest, income tax, depreciation, and amortization as well as adjustments; EBIT = Earnings before interest and income tax; D&A = Depreciation and amortization; OP = Operating profit or loss; R&D = Research & Development; IT = Information Technology; ERP = Enterprise Resource Planning; IFRS = International Financial Reporting Standards Future EBITDA pre will be based on the IFRS 18 Operating Profit or Loss (OP) IFRS 18 Adjustments Increasing comparability 1 2 3 Hyperinflation accounting effects no longer adjustments Healthcare R&D Impairments fully treated as adjustment (currently €50 m threshold) IT/ERP adjustments reduction. Phase out with first significant impact in the year 2028 Today EBITDA pre = EBIT + D&A + Adjustments Starting 2027 EBITDA pre = OP + D&A + Adjustments Changes take effect starting fiscal year 2027 IFRS 18 Effective Fiscal Year 2027, Incl. Update on Adjustments
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Disclaimer Merck Q2 2026 Results Presentation | August 6, 202641 Cautionary Note Regarding Forward-Looking Statements and financial indicators This communication may include “forward-looking statements.” Statements that include words such as “anticipate,” “expect,” “should,” “would,” “intend,” “plan,” “project,” “seek,” “believe,” “will,” and other words of similar meaning in connection with future events or future operating or financial performance are often used to identify forward-looking statements. All statements in this communication, other than those relating to historical information or current conditions, are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond control of Merck KGaA, Darmstadt, Germany, which could cause actual results to differ materially from such statements. Risks and uncertainties include, but are not limited to: the risks of more restrictive regulatory requirements regarding drug pricing, reimbursement and approval; the risk of stricter regulations for the manufacture, testing and marketing of products; the risk of destabilization of political systems and the establishment of trade barriers; the risk of a changing marketing environment for multiple sclerosis products in the European Union; the risk of greater competitive pressure due to biosimilars; the risks of research and development; the risks of discontinuing development projects and regulatory approval of developed medicines; the risk of a temporary ban on products/production facilities or of non-registration of products due to non-compliance with quality standards; the risk of an import ban on products to the United States due to an FDA warning letter; the risks of dependency on suppliers; risks due to product-related crime and espionage; risks in relation to the use of financial instruments; liquidity risks; counterparty risks; market risks; risks of impairment on balance sheet items; risks from pension obligations; risks from product-related and patent law disputes; risks from antitrust law proceedings; risks in human resources; reputational issues related to ESG matters or our inability to reach our ESG aspirations; risks from e-crime and cyber attacks; risks due to failure of business-critical information technology applications or to failure of data center capacity; environmental and safety risks; unanticipated contract or regulatory issues; a potential downgrade in the rating of the indebtedness of Merck KGaA, Darmstadt, Germany; downward pressure on the common stock price of Merck KGaA, Darmstadt, Germany and its impact on goodwill impairment evaluations as well as the impact of future regulatory or legislative actions. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere, including the Report on Risks and Opportunities Section of the most recent annual report and quarterly report of Merck KGaA, Darmstadt, Germany. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. This communication contains certain financial indicators such as EBITDA pre adjustments, net financial debt and earnings per share pre adjustments, which are not defined by International Financial Reporting Standards (IFRS). These financial indicators should not be taken into account in order to assess the performance of Merck KGaA, Darmstadt, Germany in isolation or used as an alternative to the financial indicators presented in the consolidated financial statements and determined in accordance with IFRS. As for our financial performance during specific periods, the content discussed during this roadshow/conference is solely based on publicly available information. Specifically, no statements are made regarding periods that have not yet been published, such as quarters. The figures presented in this communication have been rounded. This may lead to individual values not adding up to the totals presented.
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ROADSHOWS AND CONFERENCES: www.merckgroup.com/en/investors/events-and- presentations E-MAIL: investor.relations@merckgroup.com WEB: www.merckgroup.com/investors FAX: +49 6151 72-913321 eet the eRck team August 6, 2026 Q2 2026 Earnings release November 12, 2026 Q3 2026 Earnings release March 4, 2027 Q4 2026 Earnings release April 23, 2027 Annual General Meeting DATE EVENT EVA STERZEL NADJA GROSSCHMIDT ESG / Institutional & Retail Investors / AGM +49 6151 72-5355 eva.sterzel@merckgroup.com Assistant Investor Relations +49 6151 72-3321 nadja.grosschmidt@merckgroup.com ADRIAN GORSKI Institutional Investors / Analysts +49 6151 72-22076 adrian.gorski@merckgroup.com ALICIA ECKEL Assistant Investor Relations +49 6151 72-3744 alicia.eckel@merckgroup.com GUNNAR ROMER Institutional Investors / Analysts +49 6151 72-42005 gunnar.romer@merckgroup.com FLORIAN SCHRAEDER Head of Investor Relations +49 6151 72-5271 florian.schraeder@merckgroup.com VOLKER BRAUN Institutional Investors / Analysts +49 6151 72-25842 volker.braun@merckgroup.com