Bayer (BAYN) Corporate presentation summary

Group performance and priorities

• FY2025 net sales were €45.6bn as reported; Core EPS was €4.57 and free cash flow was €2.1bn. Core EPS uses a revised 2026 methodology and prior years were restated.

• Litigation-related payments materially affected cash flow; average annual free cash flow before such payments was ~€4bn in 2021–2025.

• Priorities include pharma growth and pipeline, litigation, cash and deleveraging, Crop Science profitability, and the Dynamic Shared Ownership operating model.

• Targets include ~€2bn of annual organizational savings by end-2026, return to pharma sales growth by 2027, and a single-A-category rating.

• Revised FY2026 outlook: EBITDA before special items €9.8–10.3bn and net financial debt €28–29bn; FCF -€1.5bn to -€0.5bn including litigation payments, or €3–4bn adjusted for them.

Crop Science

• FY2025 sales were €21.6bn; EBITDA before special items was €4.2bn, with a 19.4% margin.

• Mid-term ambition: above-market sales growth and mid-20% CEBITDA margin by 2029; targeted average annual margin expansion of 100–150 bps through 2029.

• Five-year framework targets >€3.5bn incremental net sales, >€1bn margin improvements, and >€1.5bn cumulative cash freed from working capital by 2029.

• Innovation pipeline has >€32bn peak sales potential, with ten blockbusters expected to launch over the next decade.

• 2029 initiatives target >€600m CEBITDA impact from product supply, >€400m from go-to-market and global functions, and >€150m from R&D spend.

Pharmaceuticals

• FY2025 sales were €17.8bn; EBITDA before special items was €4.5bn and margin was 25.4%.

• Nubeqa and Kerendia growth, Eylea 8mg uptake, and launches of Beyonttra, Lynkuet and Asundexian support portfolio renewal.

• Five new indications or products were approved since the prior year, and 16 clinical programs were advanced or completed across phases in the past year.

• Mid-term ambitions: return to mid-single-digit growth by 2027 at the latest and improve margins from 2028 toward 30% by 2030.

• R&D focus narrowed from eight to four core therapeutic areas: oncology, cardiovascular, neurology and rare diseases, and immunology.