The Bayer Group saw a solid start to the year. “Our first quarter puts us in a good spot to deliver in a challenging and important year for the company,” CEO Bill Anderson said
Group sales came in at 13.738 billion euros in the first quarter of 2025. After adjusting for currency and portfolio effects (Fx & portfolio adj.), sales were level with the prior-year quarter (minus 0.1 percent).

There was a negative currency effect of 55 million euros (Q1 2024: 525 million euros). EBITDA before special items decreased by 7.4 percent to 4.085 billion euros. Earnings were held back by the business performance in the Crop Science Division, higher expenses for the Group-wide long-term incentive (LTI) program and a negative currency effect of 165 million euros (Q1 2024: 206 million euros) arising primarily from hyperinflationary impacts. EBIT declined by 24.8 percent to 2.324 billion euros after net special charges of 587 million euros (Q1 2024: 207 million euros). The special charges primarily related to allocations to provisions for the Roundup™ litigations as well as to expenses for ongoing restructuring measures. Net income decreased by 35.1 percent to 1.299 billion euros, while core earnings per share fell by 11.7 percent to 2.49 euros, mainly due to the decline in EBITDA before special items in the Crop Science Division.

Free cash flow improved to minus 1.528 billion euros (Q1 2024: minus 2.626 billion euros), mainly thanks to advance payments from Crop Science customers partially offsetting negative seasonal impacts relating to the cyclical nature of the division’s business. Net financial debt as of March 31, 2025, amounted to 34.255 billion euros, marking a 5.0 percent increase from year-end 2024 that was mainly due to seasonal cash outflows from operating activities in the first quarter. However, compared to March 31, 2024, net financial debt was down 8.6 percent.

Bayer confirms 2025 targets after solid start to the year

• Group sales at 13.738 billion euros (Fx & p adj. minus 0.1 percent)

• EBITDA before special items decreases to 4.085 billion euros (minus 7.4 percent)

• Moderate decline in sales (Fx & p adj.) at Crop Science, earnings down year on year

• Pharmaceuticals posts higher sales, earnings significantly above prior-year level

• Sales and earnings up at Consumer Health

• Core earnings per share at 2.49 euros (minus 11.7 percent)

• Net income at 1.299 billion euros

• Free cash flow improves to minus 1.528 billion euros

• Net financial debt at 34.255 billion euros