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Bayer (BAYN) investor relations material
Bayer Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 sales reached €10.7bn, up 1% currency/portfolio adjusted, but down 4% reported due to €550M FX headwinds.
Core EPS rose 31% to €1.23, driven by improved financial results and lower taxes.
Free cash flow for Q2 was €125M, with year-to-date at minus €1.4B, impacted by incentive payouts and crop payment phasing.
Net financial debt reduced to €33.3B, down €3.5B year-over-year, supported by FX effects and capital allocation.
Significant litigation settlements and provisions were made, resulting in negative net income for Q2.
Financial highlights
Q2 EBITDA before special items was €2.1B, flat year-over-year; FX headwind on EBITDA was €184M.
HY1 2025 net sales at €24.5B, flat year-over-year on a currency/portfolio adjusted basis; EBITDA before special items at €6.2B, down 5%.
Core EPS for HY1 at €3.72, down 1% year-over-year; free cash flow remained negative at €-1.4B.
Q2 2025 reported EBITDA at €0.3B, impacted by special items, while core net income reached €1.2B.
Q2 2025 core tax rate dropped to 9.0% from 21.5% in Q2 2024.
Outlook and guidance
Upgraded 2025 group guidance for sales and earnings at constant currencies, driven by strong pharma performance.
Crop Science and Consumer Health guidance maintained; Consumer Health expected at lower end of range.
Special items in EBIT and EBITDA expected to be higher due to legal risks.
Free cash flow forecast: €1.3–2.3B; net financial debt: €29.8–30.8B.
Core EPS guidance: €4.45–5.30.
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