Bayer (BAYN) Q3 2026 earnings summary

Executive summary

• Q3 sales rose 4.1% reported to €10.053bn and 1.9% currency- and portfolio-adjusted; EBITDA before special items increased 6.9% to €1.615bn.

• Pharmaceuticals led growth, while Crop Science and Consumer Health faced pressure; FY guidance improved for Group EBITDA, free cash flow, net financial debt and Pharmaceuticals margin.

• Net income was -€672m, core EPS fell 36.7% to €0.31 and free cash flow was -€293m; net financial debt declined to €31.083bn.

Financial highlights

• Q3 EBIT was -€110m after €407m of net special charges; EBIT before special items fell 43.0% to €297m.

• Q3 net income was -€672m versus -€963m; core EPS declined to €0.31 from €0.49, reflecting the core financial result and higher tax expense.

• 9M sales were €34.330bn, up 2.9% currency- and portfolio-adjusted; EBITDA before special items rose 6.6% to €8.212bn.

• 9M core EPS was €3.97 versus €4.03; net income was €2.310bn versus €137m, while core net income was €3.9bn versus €4.0bn.

• Q3 operating cash flow was €631m versus €1,685m; free cash flow was -€293m versus +€596m, or €828m excluding legal-settlement payments.

Outlook and guidance

• FY2026 sales guidance remained €45–47bn and core EPS €4.30–4.80; currency-adjusted EBITDA before special items guidance rose to €9.8–10.3bn from €9.6–10.1bn.

• FY2026 free cash flow guidance improved to -€1.5bn to -€0.5bn from -€2.5bn to -€1.5bn, including €5bn of litigation-related payouts; excluding these payments, guidance is €3–4bn.

• Year-end net financial debt guidance fell to €28–29bn from €29–30bn; Pharmaceuticals margin guidance rose to 25–27% from 23–25%, with sales growth toward the upper end of the 0–3% range.

• Crop Science and Consumer Health market growth outlooks were lowered to 0–2% from 0–3% and 2.5–3% from 2.5–3.5%, respectively.