Bayer AG reports mixed Q3 results; updates FY2026 outlook

• Bayer AG press release (BAYZF): Q3 Non-GAAP EPS of €0.31 misses by €0.04.
• Revenue of €10.05B (+4.0% Y/Y) beats by €60M.
• EBITDA before special items increased by 6.9 percent to 1.615 billion euros, and included a positive currency effect of 36 million euros.
• EBIT amounted to minus 110 million euros (Q3 2025: minus 543 million euros), weighed down by an impairment loss of 307 million euros on the Xofigo™ brand within the Pharmaceuticals Division.
• Free cash flow declined to minus 293 million euros (Q3 2025: plus 596 million euros), partly due to expected higher payments to resolve legal proceedings.
• "In view of the Pharmaceuticals business performance, Bayer has raised its full-year guidance for the division’s EBITDA margin before special items to between 25 and 27 percent (previous forecast: between 23 and 25 percent). As a result, it now expects Group EBITDA before special items to come in at between 9.8 and 10.3 billion euros on a currency-adjusted basis (previous forecast: 9.6 to 10.1 billion euros). The company has also upgraded its free cash flow guidance, lifting the projected range by 1.0 billion euros to between minus 1.5 and minus 0.5 billion euros (previous forecast: between minus 2.5 and minus 1.5 billion euros). In this connection, Bayer now expects year-end net financial debt to come in lower than previously anticipated, with an updated range of between 28.0 and 29.0 billion euros (previous forecast: between 29.0 and 30.0 billion euros). For all other KPIs, Bayer has confirmed its Group guidance for full-year 2026 as published in the Half-Year Financial Report 2026. “We remain focused on our priorities: strengthening the balance sheet, improving productivity and cash generation, and building the financial flexibility to invest in our next generation of growth,” said Hartmann.

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