Financials Bayer AG

Equities

BAYN

DE000BAY0017

Pharmaceuticals

Real-time Estimate Tradegate Other stock markets 05:55:08 2025-07-09 am EDT			5-day change	1st Jan Change
27.29 ^EUR	+0.40%		+3.19%	+41.37%

01:41am	Bayer Wins Maiden Approval For Menopausal Hot Flashes Medication From UK Regulator	MT
Jul. 08	German Equities Jump Amid EU-US Trade Deal Optimism	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	45,952	46,709	47,592
Change	-	6.48%	15.1%	-6.11%	-2.16%	-1.4%	1.65%	1.89%
EBITDA ¹	11,461	11,179	13,513	11,706	10,123	9,400	9,722	10,116
Change	-	-2.46%	20.88%	-13.37%	-13.52%	-7.14%	3.43%	4.05%
EBIT ¹	7,095	7,295	9,257	7,589	5,436	5,234	5,603	6,051
Change	-	2.82%	26.9%	-18.02%	-28.37%	-3.72%	7.06%	7.99%
Interest Paid ¹	-1,081	-1,307	-2,342	-2,233	-2,263	-1,845	-1,754	-1,673
Earnings before Tax (EBT) ¹	-17,250	2,046	4,670	-1,621	-2,334	2,234	3,082	3,654
Change	-	111.86%	128.25%	-134.71%	-43.99%	195.73%	37.93%	18.56%
Net income ¹	-10,495	1,000	4,150	-2,941	-2,552	2,002	2,646	3,213
Change	-	109.53%	315%	-170.87%	13.23%	178.44%	32.2%	21.42%
Announcement Date	2/25/21	3/1/22	2/28/23	3/5/24	3/4/25	-	-	-

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	10,758	9,721	11,411
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%	-21.69%	-9.64%	17.39%
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	1,053	529.8	1,309
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%	-63.82%	-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	210.3	-200.3	728.6
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%	-83.81%	-195.23%	463.77%
Announcement Date	8/4/20	11/3/20	2/25/21	5/12/21	8/5/21	11/9/21	3/1/22	5/10/22	8/4/22	11/8/22	2/28/23	5/11/23	8/8/23	11/8/23	3/5/24	5/13/24	8/6/24	11/12/24	3/4/25	5/13/25	-	-	-

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	2/25/21	8/8/23	8/6/24

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	30,976	27,765	24,922
Change	-	-12.27%	-5.14%	9.56%	-5.57%	-4.26%	-10.37%	-10.24%
Announcement Date	2/25/21	3/1/22	2/28/23	3/5/24	3/4/25	-	-	-

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	2,831
Change	-	7.98%	12.95%	-6.71%	0.98%	-3.95%	4.94%	1.09%
Free Cash Flow (FCF) ¹	2,485	2,478	4,144	2,366	4,590	2,598	3,748	4,079
Change	-	-0.28%	67.23%	-42.91%	94%	-43.39%	44.25%	8.82%
Announcement Date	2/25/21	3/1/22	2/28/23	3/5/24	3/4/25	-	-	-

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%	20.46%	20.81%	21.26%
EBIT Margin (%)	17.14%	16.55%	18.24%	15.93%	11.66%	11.39%	12%	12.71%
EBT Margin (%)	-41.67%	4.64%	9.2%	-3.4%	-5.01%	4.86%	6.6%	7.68%
Net margin (%)	-25.35%	2.27%	8.18%	-6.17%	-5.48%	4.36%	5.67%	6.75%
FCF margin (%)	6%	5.62%	8.17%	4.97%	9.85%	5.65%	8.02%	8.57%
FCF / Net Income (%)	-23.68%	247.8%	99.86%	-80.45%	-179.86%	129.8%	141.63%	126.92%
Profitability
ROA	-8.63%	0.84%	3.39%	-2.44%	-2.25%	0.57%	1.67%	2.49%
ROE	16.15%	20.14%	21.74%	17.52%	15.32%	13.48%	13.43%	13.83%
Financial Health
Leverage (Debt/EBITDA)	3.28x	2.95x	2.31x	2.93x	3.2x	3.3x	2.86x	2.46x
Debt / Free cash flow	15.12x	13.3x	7.55x	14.48x	7.05x	11.92x	7.41x	6.11x
Capital Intensity
CAPEX / Current Assets (%)	5.84%	5.92%	5.81%	5.77%	5.96%	5.81%	6%	5.95%
CAPEX / EBITDA (%)	21.1%	23.36%	21.82%	23.5%	27.44%	28.39%	28.8%	27.98%
CAPEX / FCF (%)	97.3%	105.37%	71.16%	116.27%	60.52%	102.69%	74.71%	69.41%
Items per share
Cash flow per share ¹	4.991	5.18	7.22	5.209	7.5	5.906	7.143	7.487
Change	-	3.79%	39.38%	-27.86%	43.99%	-21.25%	20.95%	4.81%
Dividend per Share ¹	2	2	2.4	0.11	0.11	0.1104	0.6573	1.172
Change	-	0%	20%	-95.42%	0%	0.37%	495.34%	78.36%
Book Value Per Share ¹	31.07	33.61	39.47	33.52	32.48	34.41	37	39.39
Change	-	8.18%	17.42%	-15.08%	-3.09%	5.95%	7.52%	6.46%
EPS ¹	-10.68	1.02	4.22	-2.99	-2.6	1.517	2.38	2.989
Change	-	109.55%	313.73%	-170.85%	13.04%	158.35%	56.86%	25.58%
Nbr of stocks (in thousands)	982,424	982,424	982,424	982,424	982,424	982,424	982,424	982,424
Announcement Date	2/25/21	3/1/22	2/28/23	3/5/24	3/4/25	-	-	-