Bayer announces 2025 results

Bayer ended 2025 with 1,1% growth in global sales adjusted for exchange rates and portfolio. Group revenue totaled €45,575 billion. EBITDA before special items fell 4,5% to €9,669 billion. Net income was negative €3,620 billion, impacted by provisions related to litigation. The company projects stable sales and results in 2026, on an adjusted exchange rate basis.

The Crop Science division recorded sales of €21,622 billion in 2025. This represents a 1,1% increase on an adjusted basis. The performance was driven by corn. The Corn Seed & Traits segment grew 13,2% year-on-year, with gains in all regions. The company attributed the result to product performance, increased planted area, and the resolution of a licensing agreement with Corteva in North America.

Without the effect of the agreement, growth in corn would be just under 10%. The company reported that approximately €300 million boosted fourth-quarter results from licensing revenue. Another €450 million is expected to impact soybeans in the first quarter of 2026.

The vegetable seed sector grew by 7,5%, with price and volume increases in almost all regions.

Herbicides remained stable, with an increase of 0,5%. Glyphosate-based products repeated the level of the previous year, with a positive variation of 0,1%.

Fungicides fell 4,8%, with declines in North America and Asia-Pacific. Insecticides decreased 12,2%, following the expiration of the registration of Movento (spirotetramate) in Europe. Soybean seeds and traits fell 7,7%. Cotton declined 22,9%. The company attributed the performance to the cancellation of the registration of dicamba-based products in the United States.

Crop Science's EBITDA before special items totaled €4,188 billion. This represents a 3,2% decrease. The margin was 19,4%, stable compared to 2024. The result reflected growth in corn and savings from efficiency programs. Regulatory pressures, incentive expenses, and strategic actions affected performance.

Profitability improvement

The company has moved forward with its profitability improvement program for the agricultural division. The strategy includes portfolio rationalization and asset review. The company announced the discontinuation of nearly 200 crop protection products and divestments in active ingredients. The plan anticipates margin gains exceeding €1 billion over the five-year cycle.

Prospects for 2026

For 2026, Bayer projects growth of between 0% and 3% in global sales, on a currency and portfolio-adjusted basis. EBITDA before special items is expected to range between €9,6 billion and €10,1 billion. Free cash flow is expected to be negative between €1,5 billion and €2,5 billion, with an outlay of approximately €5 billion related to litigation.

In the agricultural division, the company forecasts growth of 1% to 4% on an adjusted basis. EBITDA margin before special items is expected to reach between 20% and 22%. The company indicated a focus on cost discipline, pricing, and portfolio simplification.

For glyphosate, the company projects a 2% to 6% drop in sales in 2026. Bayer cited reduced tariffs on Chinese imports in the United States and a decline in generic drug prices below the historical median. The company stated that it will continue to adjust prices according to market conditions.

The company also reported a reduction in net financial debt to €29,843 billion at the end of 2025, a decrease of 8,5% compared to the previous year. Free cash flow totaled €2,084 billion. The proposed dividend was €0,11 per share.

Five-Year Framework

The Crop Science division structures its strategy within the Five-Year Framework, focusing on sales growth, margin expansion, and sustainable cash generation. The goal is to return EBITDA margins before special items to the 20% range over the cycle, strengthening operational resilience and maximizing value capture from innovation.

The company plans to launch ten products with potential sales exceeding 500 million euros over the next ten years. Among the solutions under development, the system stands out. Preceon Smart Corn, aimed at short-stature corn, and the platform Vyconic for soybeans tolerant to next-generation herbicides. The company is also preparing to launch the herbicide Icafolin-methyl, with a new mode of action for post-emergence control in large crops.