|
|
Crop Science |
|
Pharmaceuticals |
|
Consumer Health |
|
Group2 |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|||||||||
EBIT1 |
|
(2,756) |
|
(2,532) |
|
2,790 |
|
3,127 |
|
1,028 |
|
912 |
|
(71) |
|
(1,077) |
|||||||||
Income taxes3 |
|
661 |
|
608 |
|
(670) |
|
(750) |
|
(247) |
|
(219) |
|
17 |
|
258 |
|||||||||
NOPAT1 |
|
(2,095) |
|
(1,924) |
|
2,120 |
|
2,377 |
|
781 |
|
693 |
|
(54) |
|
(819) |
|||||||||
Average capital employed1 |
|
35,394 |
|
29,678 |
|
20,940 |
|
19,833 |
|
9,762 |
|
9,753 |
|
64,954 |
|
58,055 |
|||||||||
ROCE1 |
|
–5.9% |
|
–6.5% |
|
10.1% |
|
12.0% |
|
8.0% |
|
7.1% |
|
–0.1% |
|
–1.4% |
|||||||||
|
6.5% |
|
7.0% |
|
6.5% |
|
7.0% |
|
6.5% |
|
7.0% |
|
6.5% |
|
7.0% |
||||||||||
|
|||||||||||||||||||||||||
Bayer’s ROCE amounted to minus 1.4% in 2025 (2024: minus 0.1%) and was therefore significantly below the cost of capital (7.0%).
The Crop Science Division registered a slight improvement in EBIT thanks to lower special items, while the average capital employed declined, largely due to the impairment losses recorded in 2024 and the allocations to provisions for litigations recognized in 2025. As such, ROCE amounted to minus 6.5%.
At Pharmaceuticals, EBIT was up significantly year on year, while the average capital employed declined slightly. As a result, ROCE increased overall.
At Consumer Health, the average capital employed was roughly at the prior-year level, while EBIT decreased due to special charges in 2025, with profit before special items having remained stable. This resulted in a decline in ROCE.
The following overview shows the components of the average capital employed used in calculating ROCE.
€ million |
|
Dec. 31, 2024 |
|
Dec. 31, 2025 |
|||||
|---|---|---|---|---|---|---|---|---|---|
Goodwill |
|
30,016 |
|
28,061 |
|||||
Other intangible assets |
|
22,112 |
|
20,622 |
|||||
Property, plant and equipment |
|
13,456 |
|
12,649 |
|||||
Other financial assets2 |
|
140 |
|
228 |
|||||
Inventories |
|
13,467 |
|
12,378 |
|||||
Trade accounts receivable |
|
8,966 |
|
9,077 |
|||||
Other receivables2 |
|
2,119 |
|
1,931 |
|||||
Deferred tax assets2 |
|
4,979 |
|
4,855 |
|||||
Claims for income tax refunds |
|
1,480 |
|
1,504 |
|||||
Assets held for sale |
|
22 |
|
23 |
|||||
Gross capital employed |
|
96,757 |
|
91,328 |
|||||
Other provisions2 |
|
(10,921) |
|
(15,590) |
|||||
Trade accounts payable |
|
(7,518) |
|
(7,081) |
|||||
Other liabilities2 |
|
(2,933) |
|
(3,520) |
|||||
Refund liabilities |
|
(5,914) |
|
(5,648) |
|||||
Contract liabilities |
|
(3,955) |
|
(3,903) |
|||||
Financial liabilities2 |
|
(18) |
|
(5) |
|||||
Deferred tax liabilities2 |
|
(673) |
|
(672) |
|||||
Income tax liabilities |
|
(1,893) |
|
(1,732) |
|||||
Capital employed1 |
|
62,932 |
|
53,177 |
|||||
Average capital employed1 |
|
64,954 |
|
58,055 |
|||||
|
|||||||||