Financials Bayer AG

Equities

BAYN

DE000BAY0017

Pharmaceuticals

Market Closed - Xetra Other stock markets 16:35:06 13/06/2025 BST			5-day change	1st Jan Change
27.48 ^EUR	-1.22%		+3.95%	+42.28%

06-12	DAX Opens Slightly Higher as China and US Ease Export Restrictions	RE
06-11	HSBC Upgrades Bayer to Buy, Boosts PT	MT

Projected Income Statement: Bayer AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	41,400	44,081	50,739	47,637	46,606	46,049	46,833	47,768
Change	-	6.48%	15.1%	-6.11%	-2.16%	-1.2%	1.7%	2%
EBITDA ¹	11,461	11,179	13,513	11,706	10,123	9,418	9,740	10,146
Change	-	-2.46%	20.88%	-13.37%	-13.52%	-6.97%	3.42%	4.17%
EBIT ¹	7,095	7,295	9,257	7,589	5,436	5,252	5,618	6,082
Change	-	2.82%	26.9%	-18.02%	-28.37%	-3.39%	6.97%	8.27%
Interest Paid ¹	-1,081	-1,307	-2,342	-2,233	-2,263	-1,849	-1,758	-1,677
Earnings before Tax (EBT) ¹	-17,250	2,046	4,670	-1,621	-2,334	2,316	3,155	3,757
Change	-	111.86%	128.25%	-134.71%	-43.99%	199.23%	36.21%	19.11%
Net income ¹	-10,495	1,000	4,150	-2,941	-2,552	2,129	2,688	3,269
Change	-	109.53%	315%	-170.87%	13.23%	183.43%	26.25%	21.6%
Announcement Date	25/02/21	01/03/22	28/02/23	05/03/24	04/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	10,054	8,506	9,995	12,328	10,854	9,781	11,118	14,639	12,819	11,281	12,000	14,389	11,044	10,342	11,862	13,765	11,144	9,968	11,729	13,738	10,793	9,784	11,476
Change	-	-15.4%	17.51%	23.34%	-11.96%	-9.89%	13.67%	31.67%	-12.43%	-12%	6.37%	19.91%	-23.25%	-6.36%	14.7%	16.04%	-19.04%	-10.55%	17.67%	17.13%	-21.44%	-9.35%	17.3%
EBITDA ¹	2,883	1,795	2,392	4,118	2,577	2,089	2,395	5,251	3,349	2,451	2,462	4,471	2,527	1,685	3,023	4,412	2,111	1,251	2,349	4,085	1,995	1,314	1,969
Change	-	-37.74%	33.26%	72.16%	-37.42%	-18.94%	14.65%	119.25%	-36.22%	-26.81%	0.45%	81.6%	-43.48%	-33.32%	79.41%	45.95%	-52.15%	-40.74%	87.77%	73.9%	-51.15%	-34.17%	49.89%
EBIT ¹	1,727	782	1,448	3,068	1,620	1,224	1,383	4,172	2,280	1,352	1,453	3,404	1,534	709	1,942	3,299	1,015	267	855	2,911	1,042	524	1,295
Change	-	-54.72%	85.17%	111.88%	-47.2%	-24.44%	12.99%	201.66%	-45.35%	-40.7%	7.47%	134.27%	-54.94%	-53.78%	173.91%	69.88%	-69.23%	-73.69%	220.22%	240.47%	-64.21%	-49.7%	147.03%
Charge d'intérêts	-	-11	-142	-348	-99	-336	-524	-490	-692	-598	-562	-327	-327	-703	-545	-501	-411	-525	-	-494	-	-	-
Earnings before Tax (EBT)	-11,060	-9,410	1,373	2,735	-2,380	194	1,497	3,722	-523	601	870	2,606	-1,574	-4,297	1,644	-	-	-	-481	-	-	-	-
Change	-	14.92%	114.59%	99.2%	-187.02%	108.15%	671.65%	148.63%	-114.05%	214.91%	44.76%	199.54%	-160.4%	-173%	138.26%	-	-	-	-	-	-	-	-
Net income ¹	-9,548	-2,744	308	2,089	-2,335	85	1,161	3,291	-298	546	611	2,178	-1,887	-4,569	1,337	2,000	-34	-4,183	-335	1,299	209.4	-199.1	724.2
Change	-	71.26%	111.22%	578.25%	-211.78%	103.64%	1,265.88%	183.46%	-109.05%	283.22%	11.9%	256.46%	-186.64%	-142.13%	129.26%	49.59%	-101.7%	-12,202.94%	91.99%	487.76%	-83.88%	-195.05%	463.79%
Announcement Date	04/08/20	03/11/20	25/02/21	12/05/21	05/08/21	09/11/21	01/03/22	10/05/22	04/08/22	08/11/22	28/02/23	11/05/23	08/08/23	08/11/23	05/03/24	13/05/24	06/08/24	12/11/24	04/03/25	13/05/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S2	2023 S1	2024 S1
Net sales	18,501	-	-
Change	-	-	-
EBITDA	-	-	-
Change	-	-	-
EBIT	-	-	-
Change	-	-	-
Charge d'intérêts ¹	-	-540	-717
Earnings before Tax (EBT)	-	-	-
Change	-	-	-
Net income	-	-	-
Change	-	-	-
Announcement Date	25/02/21	08/08/23	06/08/24

¹EUR in Million

Estimates

Forecast Balance Sheet: Bayer AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	37,575	32,966	31,273	34,263	32,354	30,979	27,749	24,886
Change	-	-12.27%	-5.14%	9.56%	-5.57%	-4.25%	-10.43%	-10.32%
Announcement Date	25/02/21	01/03/22	28/02/23	05/03/24	04/03/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Bayer AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,418	2,611	2,949	2,751	2,778	2,668	2,800	2,829
Change	-	7.98%	12.95%	-6.71%	0.98%	-3.95%	4.92%	1.07%
Free Cash Flow (FCF) ¹	2,485	2,478	4,144	2,366	4,590	2,593	3,773	4,105
Change	-	-0.28%	67.23%	-42.91%	94%	-43.5%	45.48%	8.81%
Announcement Date	25/02/21	01/03/22	28/02/23	05/03/24	04/03/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Bayer AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	27.68%	25.36%	26.63%	24.57%	21.72%	20.45%	20.8%	21.24%
EBIT Margin (%)	17.14%	16.55%	18.24%	15.93%	11.66%	11.4%	12%	12.73%
EBT Margin (%)	-41.67%	4.64%	9.2%	-3.4%	-5.01%	5.03%	6.74%	7.87%
Net margin (%)	-25.35%	2.27%	8.18%	-6.17%	-5.48%	4.62%	5.74%	6.84%
FCF margin (%)	6%	5.62%	8.17%	4.97%	9.85%	5.63%	8.06%	8.59%
FCF / Net Income (%)	-23.68%	247.8%	99.86%	-80.45%	-179.86%	121.81%	140.36%	125.59%
Profitability
ROA	-8.63%	0.84%	3.39%	-2.44%	-2.25%	0.1%	1.86%	2.68%
ROE	16.15%	20.14%	21.74%	17.52%	15.32%	13.52%	13.47%	13.87%
Financial Health
Leverage (Debt/EBITDA)	3.28x	2.95x	2.31x	2.93x	3.2x	3.29x	2.85x	2.45x
Debt / Free cash flow	15.12x	13.3x	7.55x	14.48x	7.05x	11.95x	7.35x	6.06x
Capital Intensity
CAPEX / Current Assets (%)	5.84%	5.92%	5.81%	5.77%	5.96%	5.79%	5.98%	5.92%
CAPEX / EBITDA (%)	21.1%	23.36%	21.82%	23.5%	27.44%	28.33%	28.74%	27.89%
CAPEX / FCF (%)	97.3%	105.37%	71.16%	116.27%	60.52%	102.89%	74.21%	68.92%
Items per share
Cash flow per share ¹	4.991	5.18	7.22	5.209	7.5	5.959	7.248	7.593
Change	-	3.79%	39.38%	-27.86%	43.99%	-20.55%	21.64%	4.77%
Dividend per Share ¹	2	2	2.4	0.11	0.11	0.1107	0.6598	1.175
Change	-	0%	20%	-95.42%	0%	0.61%	496.21%	78.13%
Book Value Per Share ¹	31.07	33.61	39.47	33.52	32.48	34.48	37.11	39.56
Change	-	8.18%	17.42%	-15.08%	-3.09%	6.15%	7.63%	6.61%
EPS ¹	-10.68	1.02	4.22	-2.99	-2.6	1.52	2.434	3.052
Change	-	109.55%	313.73%	-170.85%	13.04%	158.45%	60.2%	25.36%
Nbr of stocks (in thousands)	982,424	982,424	982,424	982,424	982,424	982,424	982,424	982,424
Announcement Date	25/02/21	01/03/22	28/02/23	05/03/24	04/03/25	-	-	-