Bayer Half-Year Financial Report Q2 2026

Bayer logo displayed on a field in shades of green and gold.Bayer logo displayed on a field in shades of green and gold.Bayer logo displayed on a field in shades of green and gold.

Bayer
Half-Year Financial Report
Q2 2026

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Overview

Overview

  • Group Sales

    € 10.9 bn

    Fx & p adj. +2.2%

    Group Sales – Business development compared to the previous Q1 (bar chart)

  • EBITDA Before Special Items

    € 2.1 bn

    +1.9%

    EBITDA before Special Items – Business development compared to the previous Q1 (bar chart)

  • Core Earnings per Share

    € 0.95

    –16.7%

    Core Earnings per Share – Business development compared to the previous Q1 (bar chart)

  • Net Income

    € 0.2 bn

    Net Income – Business development compared to the previous Q1 (bar chart)

  • Free Cash Flow

    –€ 0.4 bn

    Free Cash Flow – Business development compared to the previous Q1 (bar chart)

  • Net Financial Debt

    € 33.6 bn

    Fx & p adj. +1.1%

    Net Financial Debt – Business development compared to the previous Q1 (bar chart)

  • Group Sales

    € 10.9 bn

    Fx & p adj. +2.2%

    Group Sales – Business development compared to the previous Q1 (bar chart)

  • Core Earnings per Share

    € 0.95

    –16.7%

    Core Earnings per Share – Business development compared to the previous Q1 (bar chart)

  • Free Cash Flow

    –€ 0.4 bn

    Free Cash Flow – Business development compared to the previous Q1 (bar chart)

  • EBITDA Before Special Items

    € 2.1 bn

    +1.9%

    EBITDA before Special Items – Business development compared to the previous Q1 (bar chart)

  • Net Income

    € 0.2 bn

    Net Income – Business development compared to the previous Q1 (bar chart)

  • Net Financial Debt

    € 33.6 bn

    Fx & p adj. +1.1%

    Net Financial Debt – Business development compared to the previous Q1 (bar chart)
More Key Figures

Chairman’s Message

“We’re on track to deliver 2026. Sales and earnings are up as new products and medicines continue to grow.”

Bill Anderson, Chairman of the Board of Management (CEO) of Bayer AG
Key Figures – Group

Key Figures – Group

Bayer Group Key Data

 

 

 

 

 

 

Change (%)

 

 

 

 

 

Change (%)

€ million

 

Q2 2025

 

Q2 2026

 

Reported

 

Fx & p adj.

 

H1 2025

 

H1 2026

 

Reported

 

Fx & p adj.

Sales

 

10,739

 

10,872

 

+1.2

 

+2.2

 

24,477

 

24,277

 

–0.8

 

+3.3

Change in sales1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

+0.7%

 

+3.2%

 

 

 

 

 

+0.2%

 

+4.2%

 

 

 

 

Price

 

+0.2%

 

–1.0%

 

 

 

 

 

+0.2%

 

–0.9%

 

 

 

 

Currency

 

–4.9%

 

–0.6%

 

 

 

 

 

–2.4%

 

–3.9%

 

 

 

 

Portfolio

 

+0.4%

 

–0.4%

 

 

 

 

 

+0.3%

 

–0.2%

 

 

 

 

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Middle East/Africa

 

3,305

 

3,069

 

–7.1

 

–7.4

 

7,709

 

7,150

 

–7.3

 

–6.4

North America

 

4,120

 

4,367

 

+6.0

 

+8.9

 

9,942

 

10,412

 

+4.7

 

+12.2

Asia/Pacific

 

2,002

 

1,996

 

–0.3

 

+2.9

 

4,081

 

3,897

 

–4.5

 

+1.2

Latin America

 

1,312

 

1,440

 

+9.8

 

+3.7

 

2,745

 

2,818

 

+2.7

 

+0.9

EBITDA1

 

285

 

1,985

 

.

 

 

 

3,783

 

6,767

 

+78.9

 

 

Special items1

 

(1,820)

 

(159)

 

 

 

 

 

(2,407)

 

170

 

 

 

 

EBITDA before special items1

 

2,105

 

2,144

 

+1.9

 

 

 

6,190

 

6,597

 

+6.6

 

 

EBITDA margin before special items1

 

19.6%

 

19.7%

 

 

 

 

 

25.3%

 

27.2%

 

 

 

 

EBIT1

 

13

 

827

 

.

 

 

 

2,337

 

4,355

 

+86.4

 

 

Special items1

 

(981)

 

(172)

 

 

 

 

 

(1,568)

 

152

 

 

 

 

EBIT before special items1

 

994

 

999

 

+0.5

 

 

 

3,905

 

4,203

 

+7.6

 

 

Financial result

 

(439)

 

(506)

 

–15.3

 

 

 

(933)

 

(1,045)

 

–12.0

 

 

Net income
(from continuing and discontinued operations)

 

(199)

 

219

 

.

 

 

 

1,100

 

2,982

 

+171.1

 

 

Earnings per share from continuing and discontinued operations (€)

 

(0.20)

 

0.23

 

.

 

 

 

1.12

 

3.04

 

+171.4

 

 

Core earnings per share1, 2 from continuing operations (€)

 

1.14

 

0.95

 

–16.7

 

 

 

3.54

 

3.66

 

+3.4

 

 

Net cash provided by (used in) operating activities (from continuing and discontinued operations)

 

1,058

 

690

 

–34.8

 

 

 

43

 

(1,104)

 

.

 

 

Free cash flow1

 

125

 

(371)

 

.

 

 

 

(1,403)

 

(2,691)

 

–91.8

 

 

Net financial debt (at end of period)

 

33,274

 

33,647

 

+1.1

 

 

 

33,274

 

33,647

 

+1.1

 

 

Cash flow-relevant capital expenditures
(from continuing and discontinued operations)

 

465

 

660

 

+41.9

 

 

 

853

 

1,071

 

+25.6

 

 

Research and development expenses3

 

1,408

 

1,518

 

+7.8

 

 

 

2,866

 

2,937

 

+2.5

 

 

Depreciation, amortization and impairment losses/loss reversals

 

272

 

1,158

 

.

 

 

 

1,446

 

2,412

 

+66.8

 

 

Number of employees (at end of period)4

 

89,556

 

87,830

 

–1.9

 

 

 

89,556

 

87,830

 

–1.9

 

 

Personnel expenses (including pension expenses and restructuring measures)

 

2,976

 

2,985

 

+0.3

 

 

 

6,003

 

5,796

 

–3.4

 

 

Fx & p adj. = currency- and portfolio-adjusted

1

For definition see Annual Report 2025, A 2.3 “Alternative Performance Measures Used by the Bayer Group.”

2

Prior-year figures based on updated methodology in effect from 2026; see section A 3.1.2 “Corporate Outlook” of the Annual Report 2025 for details.

3

After special items and depreciation/amortization/impairments

4

Employees calculated as full-time equivalents (FTEs)

Key Figures – Divisions

  • Sales

    € 4.9 bn

    Fx & p adj. +3.5%

    Crop Science Sales – Business development compared to the previous Q1 (bar chart)

  • EBITDA Before Special Items

    € 0.9 bn

    +30.2%

    Crop Science EBITDA before Special Items – Business development compared to the previous Q1 (bar chart)
Business Development: Crop Science

  • Sales

    € 4.5 bn

    Fx & p adj. +0.8%

    Pharmaceuticals Sales – Business development compared to the previous Q1 (bar chart)

  • EBITDA Before Special Items

    € 1.1 bn

    –3.6%

    Pharmaceuticals before Special Items – Business development compared to the previous Q1 (bar chart)
Business Development: Pharmaceuticals

  • Sales

    € 1.4 bn

    Fx & p adj. +1.5%

    Consumer Health – Business development compared to the previous Q1 (bar chart)

  • EBITDA Before Special Items

    € 0.3 bn

    –3.6%

    Consumer Health – Business development compared to the previous Q1 (bar chart)
Business Development: Consumer Health
Sales by Region

Sales by Region

North America

€ 4.4 bn

Fx & p adj. +8.9%

Europe/Middle East/Africa

€ 3.1 bn

Fx & p adj. –7.4%

Latin America

€ 1.4 bn

Fx & p adj. +3.7%

Asia/Pacific

€ 2.0 bn

Fx & p adj. +2.9%

North America

€ 2.3 bn

Fx & p adj. +3.4%

Europe/Middle East/Africa

€ 1.1 bn

Fx & p adj. +3.3%

Latin America

€ 1.0 bn

Fx & p adj. +0.1%

Asia/Pacific

€ 0.6 bn

Fx & p adj. +9.5%

North America

€ 1.6 bn

Fx & p adj. +23.6%

Europe/Middle East/Africa

€ 1.4 bn

Fx & p adj. –18.1%

Latin America

€ 0.3 bn

Fx & p adj. +12.5%

Asia/Pacific

€ 1.2 bn

Fx & p adj. –0.6%

North America

€ 0.5 bn

Fx & p adj. –6.0%

Europe/Middle East/Africa

€ 0.6 bn

Fx & p adj. +4.4%

Latin America

€ 0.2 bn

Fx & p adj. +12.3%

Asia/Pacific

€ 0.2 bn

Fx & p adj. +2.9%

Real Stories, Real Impact

Real Stories,
Real Impact

With a global footprint spanning some 80 countries, our company is home to dedicated employees who are passionate about advancing our mission: “Health for all, Hunger for none.” To learn more about how Bayer is making a difference, we asked three people to share their stories – stories that will undoubtedly resonate with many people around the world.

A smiling woman with short, curly dark hair highlighted with reddish tones stands in a lush green cornfield.

"I want to see a society without hunger"

Margaret used to harvest only two to three bags of corn per season – making it impossible to sustain a family. However, all that changed thanks to her collaboration with Bayer, with Margaret now reaping the rewards of increased crop yields while also teaching other farmers how to optimize their harvests and cultivation methods.

Read her story here
An older man with short white hair wearing a light blue shirt looks toward the camera with a slight smile. In the blurred background, a body of water, buildings, and an overcast sky are visible.

Living with wet age-related macular degeneration

Nicholas, 81, from Sydney shares how living with wet age-related macular degeneration changed his daily routine, and why staying on treatment matters to him.

Read his story here
A woman with long brown hair sits in a chair in a modern office, holding a sheet of paper while speaking and gesturing with one hand. She is wearing a white collared shirt under a black cardigan, with large windows and a blurred office interior in the background.

Hair loss is more than a physical issue

Hair loss is not only visible on the outside – it can also take a significant emotional toll. A moving letter from a husband serves as a reminder of how deeply this issue can affect individuals and their families, and shows the role Priorin™ has played in supporting his wife throughout her journey.

Read her story here

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