拜尔(ADR) 2025年度报告

Five-Year Summary Fiscal 2025 // Group sales at €45.6 billion (Fx & p adj. +1.1%, reported–2.2%), negative currency effects of around €1.7 billion // EBITDA before special items at €9.7 billion (–4.5%) // Crop Science and Pharmaceuticals post moderate salesgrowth (Fx & p adj.) and lower earnings // Consumer Health reports stable sales (Fx & p adj.) andslight decline in earnings // Core earnings per share at €4.91 (–2.8%) // Net income at minus €3.6 billion – high special chargesfor litigations only partially offset by impairment lossreversals at Crop Science // Free cash flow declines to €2.1 billion, net financial debtreduced to €29.8 billion // Proposed dividend of €0.11 per share // Monsanto announces class settlement agreement toresolve current and future Roundup™ (glyphosate) claims // Outlook for 2026: Stable sales and earnings (Fx adj.),free cash flow to be heavily impacted bysettlement payments Contents To our Stockholders Chairman’s Letter_______________________________________6Board of Management_________________________________11Report of the Supervisory Board_____________________13Investor Information___________________________________23About this Report______________________________________27 ACombined Management Report 1.Fundamental Information About the Group_______28 3.2Opportunity and Risk Report____________________________843.2.1Group-wide Opportunity andRisk Management System_______________________________843.2.2Opportunity and Risk Status____________________________893.2.3Overall Assessment of Opportunities and Risksby the Board of Management_________________________101 1.1Corporate Profile and Structure_________________________281.1.1Corporate Profile________________________________________281.1.2Corporate Structure_____________________________________281.1.3Intangible Resources____________________________________321.2Strategy and Management______________________________321.2.1Strategy and Targets____________________________________321.2.2Management Systems___________________________________361.3Focus on Innovation __________________________________ 37 4.Sustainability Statement__________________________102 4.1General Information on theSustainability Statement______________________________1024.2Environmental Information____________________________1294.3Social Information_____________________________________1884.4Governance____________________________________________2344.5ESRS Index____________________________________________2414.6Data Points From Other EU Legal Regulations_______246 2.Report on Economic Position_______________________56 2.1Overview of Business Performance_____________________562.1.1Economic Position and Target Attainment______________562.1.2Key Events______________________________________________572.1.3Economic Environment__________________________________592.2Earnings; Asset and Financial Positionof the Bayer Group______________________________________602.2.1Earnings Performance of the Bayer Group______________602.2.2Business Development by Division______________________642.2.3Value-Based Performance______________________________732.2.4Asset and Financial Positionof the Bayer Group______________________________________742.3Alternative Performance Measures Usedby the Bayer Group______________________________________79 5.Corporate Governance Report____________________249 5.1Declaration by Corporate ManagementPursuant to Sections 289f and 315d of theGerman Commercial Code (HGB)______________________2495.2Takeover-Relevant Information_______________________255 6.Information on Bayer AG__________________________257 6.1Earnings Performance of Bayer AG___________________2576.2Asset and Financial Position of Bayer AG____________2606.3Forecast, Opportunities and Risks for Bayer AG______2626.4Nonfinancial and Other Disclosures by Bayer AG____263 3.Report on Future Perspectives andon Opportunities and Risks_________________________ 82 3.1Future Perspectives_____________________________________823.1.1Economic Outlook_______________________________________823.1.2Corporate Outlook______________________________________82 BConsolidated Financial Statements 26.Other liabilities________________________________________33727.Financial instruments__________________________________33727.1Financial instruments by category_____________________33727.2Maturity analysis______________________________________34427.3Information on derivatives_____________________________34528.Leases_________________________________________________34829.Contingent liabilities and otherfinancial commitments_________________________________35030.Legal risks_____________________________________________351 Bayer Group Consolidated Income Statements______________264Bayer Group Consolidated Statementsof Comprehensive Income____________________________________265Bayer Group Consolidated Statementsof Financial Position__________________________________________266Bayer Group Consolidated Statem