Second quarter of 2026
Group sales
Group sales came in at €10,872 million in the second quarter of 2026 (Q2 2025: €10,739 million; Fx & portfolio adj.: +2.2%; reported: +1.2%). There was a negative currency effect of €63 million (Q2 2025: €550 million). Sales in Germany amounted to €597 million (Q2 2025: €666 million).
Sales at Crop Science were up year on year. Growth was mainly driven by significant gains for our glyphosate-based herbicides and our Soybean Seed & Traits, Cotton Seed and Insecticides businesses. By contrast, sales at Corn Seed & Traits were down slightly against the prior-year period, while our non-glyphosate-based herbicides also registered declines. Sales at Pharmaceuticals were in line with the prior year. Significant gains for Nubeqa™ and Kerendia™ as well as a further increase in sales in the Radiology business largely offset the decline in sales for Eylea™ and Xarelto™ that had been anticipated due to patent expirations. At Consumer Health, sales were up in almost all categories, with Digestive Health posting the strongest growth. By contrast, sales declined at Allergy & Cold.
EBITDA before special items
Group EBITDA before special items rose by 1.9% to €2,144 million. This figure included a negative currency effect of €70 million (Q2 2025: €184 million). EBITDA before special items at Crop Science expanded considerably, largely driven by the solid increase in sales and a substantial decline in the cost of goods sold. Pharmaceuticals registered a decline in EBITDA before special items that was primarily attributable to higher selling expenses. Consumer Health posted a decline in EBITDA before special items that was partly due to an increase in the cost of goods sold, product mix effects, and a negative currency effect. In the Reconciliation, we recorded a decline in EBITDA before special items that was mainly attributable to the prior-year quarter having been boosted by an elevated level of revenue from player transfers at Bayer 04 Leverkusen Fußball GmbH. The Group EBITDA margin before special items stood at 19.7%.
Depreciation, amortization and impairments
Depreciation, amortization, impairment losses and impairment loss reversals resulted in expense of €1,158 million (Q2 2025: net expense of €272 million) in the second quarter. This figure comprised expense of €703 million from amortization and impairments on intangible assets (Q2 2025: income of €143 million from net impairment loss reversals, net of amortization), and expense of €455 million from depreciation and impairments on property, plant and equipment (Q2 2025: €415 million).
No impairment losses or impairment loss reversals were recognized in the various special item categories (Q2 2025: net impairment loss reversals of €840 million).
EBIT and special items
Group EBIT amounted to €827 million (Q2 2025: €13 million) after net special charges of €172 million (Q2 2025: €981 million) that were primarily attributable to litigation-related expenses. EBIT before special items rose by 0.5% to €999 million (Q2 2025: €994 million).
The following special items were taken into account in calculating EBIT and EBITDA:
€ million |
|
EBIT |
|
EBIT |
|
EBIT |
|
EBIT |
|
EBITDA |
|
EBITDA |
|
EBITDA |
|
EBITDA |
|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total special items |
|
(981) |
|
(172) |
|
(1,568) |
|
152 |
|
(1,820) |
|
(159) |
|
(2,407) |
|
170 |
|||||
Restructuring |
|
(163) |
|
(38) |
|
(288) |
|
(92) |
|
(162) |
|
(25) |
|
(287) |
|
(74) |
|||||
of which in the Reconciliation |
|
3 |
|
– |
|
(13) |
|
– |
|
3 |
|
– |
|
(13) |
|
– |
|||||
|
(4) |
|
2 |
|
(3) |
|
250 |
|
(4) |
|
2 |
|
(3) |
|
250 |
||||||
|
(1,679) |
|
(136) |
|
(2,106) |
|
(35) |
|
(1,679) |
|
(136) |
|
(2,106) |
|
(35) |
||||||
of which in the Reconciliation |
|
(527) |
|
(122) |
|
(575) |
|
(122) |
|
(527) |
|
(122) |
|
(575) |
|
(122) |
|||||
Impairment |
|
840 |
|
– |
|
840 |
|
– |
|
– |
|
– |
|
– |
|
– |
|||||
Other |
|
25 |
|
– |
|
(11) |
|
29 |
|
25 |
|
– |
|
(11) |
|
29 |
|||||
|
|||||||||||||||||||||
€ million |
|
EBIT |
|
EBIT |
|
EBIT |
|
EBIT |
|
EBITDA |
|
EBITDA |
|
EBITDA |
|
EBITDA |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total special items |
|
(981) |
|
(172) |
|
(1,568) |
|
152 |
|
(1,820) |
|
(159) |
|
(2,407) |
|
170 |
|||
Cost of goods sold |
|
362 |
|
(21) |
|
290 |
|
(78) |
|
(120) |
|
(9) |
|
(192) |
|
(62) |
|||
Selling expenses |
|
218 |
|
(7) |
|
196 |
|
(10) |
|
(33) |
|
(7) |
|
(55) |
|
(10) |
|||
Research and development expenses |
|
94 |
|
(11) |
|
82 |
|
(20) |
|
(12) |
|
(10) |
|
(24) |
|
(18) |
|||
General administration expenses |
|
3 |
|
(12) |
|
(15) |
|
(28) |
|
3 |
|
(12) |
|
(15) |
|
(28) |
|||
Other operating income/(expenses) |
|
(1,658) |
|
(121) |
|
(2,121) |
|
288 |
|
(1,658) |
|
(121) |
|
(2,121) |
|
288 |
|||
|
|||||||||||||||||||
Net income
After a financial result of minus €506 million (Q2 2025: minus €439 million), income before income taxes amounted to €321 million (Q2 2025: minus €426 million). The decline in the financial result was mainly due to a higher net exchange loss and an increase in net interest expense. These effects were partly offset by an improvement in the balance of miscellaneous financial income and expenses. After income tax expense of €92 million (Q2 2025: income from income taxes of €236 million) and accounting for noncontrolling interest, net income amounted to €219 million (Q2 2025: minus €199 million).
€ million |
|
Q2 2025 |
|
Q2 2026 |
|
H1 2025 |
|
H1 2026 |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|
Income (loss) from investments in affiliated companies |
|
(19) |
|
(9) |
|
(10) |
|
19 |
|||
Net interest expense |
|
(328) |
|
(353) |
|
(694) |
|
(673) |
|||
Other financial income/(expenses) |
|
(92) |
|
(144) |
|
(229) |
|
(391) |
|||
of which interest portion of discounted provisions |
|
(62) |
|
(81) |
|
(169) |
|
(235) |
|||
of which exchange gain (loss) |
|
(19) |
|
(73) |
|
(12) |
|
(124) |
|||
of which miscellaneous financial income/(expenses) |
|
(11) |
|
10 |
|
(48) |
|
(32) |
|||
Total |
|
(439) |
|
(506) |
|
(933) |
|
(1,045) |
|||
of which special items (net) |
|
(59) |
|
(119) |
|
(134) |
|
(231) |
|||
|
|||||||||||
Core earnings per share
Core earnings per share came in below the prior-year level, at €0.95 (–16.7%; Q2 2025: €1.142), with the improvement in earnings in the Crop Science Division only partially offsetting a normalization in tax expense and lower earnings in the Reconciliation.
Earnings per share (total) came in at €0.23 (Q2 2025: minus €0.20), with the difference between this figure and core EPS mainly reflecting amortization and litigation-related expenses.
€ million |
|
Q2 2025 |
|
Q2 2026 |
|
H1 2025 |
|
H1 2026 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBIT1 (as per income statements) |
|
13 |
|
827 |
|
2,337 |
|
4,355 |
|||||||||
Amortization and impairment |
|
(259) |
|
584 |
|
381 |
|
1,298 |
|||||||||
Impairment |
|
25 |
|
54 |
|
50 |
|
74 |
|||||||||
Special |
|
1,821 |
|
158 |
|
2,407 |
|
(170) |
|||||||||
Core EBIT1 |
|
1,600 |
|
1,623 |
|
5,175 |
|
5,557 |
|||||||||
Financial result (as per income statements) |
|
(439) |
|
(506) |
|
(933) |
|
(1,045) |
|||||||||
Special |
|
59 |
|
119 |
|
134 |
|
231 |
|||||||||
Income taxes (as per income statements) |
|
236 |
|
(92) |
|
(290) |
|
(314) |
|||||||||
Tax effects related to amortization, impairment |
|
(324) |
|
(200) |
|
(587) |
|
(822) |
|||||||||
Income after income taxes attributable to noncontrolling interest |
|
(9) |
|
(10) |
|
(14) |
|
(14) |
|||||||||
Above-mentioned adjustments attributable to noncontrolling interest |
|
(1) |
|
– |
|
(1) |
|
– |
|||||||||
Core net income from continuing operations |
|
1,122 |
|
934 |
|
3,484 |
|
3,593 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Shares (million) |
|
|
|
|
|
|
|
|
|||||||||
Weighted average number of shares |
|
982.42 |
|
982.42 |
|
982.42 |
|
982.42 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
€ |
|
|
|
|
|
|
|
|
|||||||||
|
1.14 |
|
0.95 |
|
3.54 |
|
3.66 |
||||||||||
|
|||||||||||||||||
Personnel expenses and employee numbers
The number of employees in the Bayer Group as of the closing date fell by 1.9% year on year to 87,830 (June 30, 2025: 89,556). Personnel expenses amounted to €2,985 million in the second quarter, and were therefore virtually level with the prior-year period (Q2 2025: €2,976 million). Higher expenses for our long-term incentive (LTI) program and for compensation adjustments were offset by lower costs for restructuring programs and for the short-term incentive (STI) program.
First half of 2026
Group sales
Group sales came in at €24,277 million in the first half of 2026 (H1 2025: €24,477 million; Fx & portfolio adj.: +3.3%; reported: –0.8%). There was a negative currency effect of €949 million (H1 2025: €605 million). Sales in Germany amounted to €1,311 million (H1 2025: €1,457 million).
At Crop Science, sales were up against the prior-year period, with business mainly buoyed by significant gains at Soybean Seed & Traits arising from the resolution of a licensing agreement with Corteva and the return of the dicamba label, as well as solid performance at Corn Seed & Traits. By contrast, Herbicides and Fungicides posted a decline in sales after continuing to encounter a challenging market environment. Sales at Pharmaceuticals were in line with the prior year. The division mainly benefited from significant gains for Nubeqa™ and Kerendia™, as well as further sales growth in the Radiology business, but recorded declines for Xarelto™ and Eylea™ due to patent expirations. Sales at Consumer Health increased in all categories except Allergy & Cold.
EBITDA before special items
EBITDA before special items of the Bayer Group advanced by 6.6% to €6,597 million (H1 2025: €6,190 million). This figure included a negative currency effect of €391 million. The EBITDA margin before special items rose to 27.2%.
Crop Science posted an increase in EBITDA before special items that was mainly attributable to topline growth at Soybean Seed & Traits and Corn Seed & Traits, as well as a substantial decrease in the cost of goods sold driven by our efficiency programs. EBITDA before special items at Pharmaceuticals was down against the prior-year period, primarily due to an increase in selling expenses and higher investments in R&D. Consumer Health posted a decline in EBITDA before special items that was largely attributable to a negative currency effect and higher investments in marketing our innovative products. In the Reconciliation, we recorded a decline in EBITDA before special items that was mainly due to the prior-year period having been boosted by an elevated level of revenue from player transfers at Bayer 04 Leverkusen Fußball GmbH.
Depreciation, amortization and impairments
Depreciation, amortization, impairment losses and impairment loss reversals resulted in expense of €2,412 million in the first six months of 2026 (H1 2025: net expense of €1,446 million). This figure comprised expense of €1,536 million from amortization and impairments on intangible assets (H1 2025: €609 million, net of net impairment loss reversals), and expense of €876 million from depreciation and impairments on property, plant and equipment (H1 2025: €837 million).
No impairment losses or impairment loss reversals were recognized in the various special item categories (H1 2025: net impairment loss reversals of €840 million).
EBIT and special items
Group EBIT amounted to €4,355 million in the first half of the year (H1 2025: €2,337 million) after net special gains of €152 million (H1 2025: net special charges of €1,568 million) that primarily resulted from the sale of the global Avelox™ business. EBIT before special items rose by 7.6% to €4,203 million (H1 2025: €3,905 million).
Net income
After a financial result of minus €1,045 million (H1 2025: minus €933 million), income before income taxes came in at €3,310 million in the first half of the year (H1 2025: €1,404 million). The decline in the financial result was mostly attributable to a higher net exchange loss. After income tax expense of €314 million (H1 2025: €290 million), income after income taxes amounted to €2,996 million (H1 2025: €1,114 million). After adjusting for income from discontinued operations after income taxes and income attributable to noncontrolling interest, net income came to €2,982 million (H1 2025: €1,100 million).
Core earnings per share
Core earnings per share rose by 3.4% to €3.66 (H1 2025: €3.54). The growth in earnings at Crop Science more than offset a normalization in tax expense as well as the decline in earnings at Pharmaceuticals and in the Reconciliation.
Earnings per share (total) came in at €3.04 (H1 2025: €1.12), with the difference between this figure and core EPS primarily reflecting the negative impact from amortization and the positive impact from the special gains from the divestment of the global Avelox™ business that were recognized in the first quarter.
1Prior-year figure based on updated methodology in effect from 2026; see section A 3.1.2 “Corporate Outlook” of the Annual Report 2025 for details.