Bayer (BAYN) Q2 2026 earnings summary

Executive summary

• Group sales reached €10.9 billion in Q2 2026 (+2.2% Fx & portfolio adj.), with Crop Science leading growth and Pharmaceuticals and Consumer Health showing mixed results.

• EBITDA before special items rose 1.9% to €2.1 billion, while net income improved to €219 million from a loss in the prior year.

• Core EPS for Q2 2026 was €0.95, down 16.7% year-over-year due to higher tax expense and lower earnings in some segments.

• Free cash flow was negative at -€371 million in Q2, mainly due to litigation settlement payments.

• Net financial debt increased to €33.6 billion at quarter-end, mainly due to negative free cash flow and litigation payouts.

Financial highlights

• H1 2026 sales were €24.3 billion (+3.3% Fx & portfolio adj.), EBITDA before special items at €6.6 billion (+6.6%), and core EPS at €3.66 (+3.4%).

• Free cash flow for H1 2026 was -€2.7 billion, impacted by €2.5 billion in litigation-related payouts.

• Net income for H1 2026 was €2,982 million, up from €1,100 million in the prior year.

• EBITDA margin before special items: 19.7% in Q2, 27.2% in H1.

• Net financial debt: €33.6 billion at June 30, 2026.

Outlook and guidance

• Full-year 2026 guidance on sales, earnings, and free cash flow at constant currencies reiterated; sales expected at €44.7–47.0 billion (0–3% cpa growth), core EPS at €4.10–4.80.

• Net financial debt now expected at €29–30 billion for year-end, down from previous €32–33 billion guidance, reflecting Apollo capital contribution.

• Divisional outlook: Crop Science net sales flat to +3% cpa, EBITDA margin 20–22%; Pharmaceuticals net sales flat to +3%, EBITDA margin 23–25%; Consumer Health net sales up 0–4%, EBITDA margin 22–24%.