Bayer (BAYN) Q2 2026 (Media) earnings summary

Executive summary

• Group sales reached €10.9 billion in Q2 2026 (up 2.2% Fx & portfolio adj.), and €24.3 billion in H1 2026 (up 3% year-over-year), with all divisions on target for full-year outlook.

• EBITDA before special items rose 1.9% to €2.1 billion in Q2 and 7% to €6.6 billion in H1, driven by Crop Science performance.

• Net income improved to €219 million in Q2 from a loss of €199 million prior year; H1 net income was €2,982 million.

• Free cash flow was negative €371 million in Q2 and negative €2.7 billion in H1, mainly due to litigation-related payouts.

• Strategic progress includes a favorable US Supreme Court ruling, advances in Pharma pipeline, and operational efficiency.

Financial highlights

• Q2 2026 sales: €10,872 million (+2.2% Fx & portfolio adj.); H1 2026 sales: €24,277 million (+3.3% Fx & portfolio adj.).

• EBITDA before special items: €2,144 million in Q2 (+1.9%); €6,597 million in H1 (+6.6%).

• Core EPS: €0.95 in Q2 (down 16.7% YoY); €3.66 in H1 (up 3.4%).

• Net financial debt was €33.6 billion at Q2, up sequentially due to litigation payouts and M&A.

• Free cash flow: -€371 million in Q2; -€2,691 million in H1, mainly due to legal settlements.

Outlook and guidance

• Full-year 2026 guidance on sales, earnings, and free cash flow at constant currencies reiterated; net financial debt now expected at €29–30 billion, lower than previous guidance due to Apollo transaction.

• Sales for 2026 expected at €44.7–47 billion (0 to +3% Fx & portfolio adj.); core EPS €4.10–4.70.

• Free cash flow (excluding settlements) forecast at €2.0–3.0 billion.