EQS-Adhoc: Bayer Aktiengesellschaft: Bayer lowers full-year outlook

EQS-Ad-hoc: Bayer Aktiengesellschaft / Key word(s): Change in Forecast Bayer Aktiengesellschaft: Bayer lowers full-year outlook 24-Jul-2023 / 19:32 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Leverkusen, July 24, 2023 – The Bayer Group adjusted its full-year outlook for 2023 downward on Monday, mainly due to a significant further decline in sales of glyphosate-based products. For full-year 2023, Bayer now anticipates sales of between 48.5 billion and 49.5 billion euros on a currency-adjusted basis, i.e. based on the average monthly exchange rates in 2022 (previous outlook: 51 billion to 52 billion euros). EBITDA before special items is now expected to be in the range of 11.3 billion and 11.8 billion euros in 2023 on a currency-adjusted basis (previous outlook: 12.5 billion to 13.0 billion euros). The company also adjusted its forecast for core earnings per share to between 6.20 and 6.40 euros on a currency-adjusted basis (previous outlook: 7.20 to 7.40 euros) and for free cash flow to approximately zero euros (previous outlook: approximately 3.0 billion euros). For the second quarter, audited figures are not yet available. Sales are expected to come in at approximately 11.0 billion euros. EBITDA before special items is expected to amount to approximately 2.5 billion euros. Bayer anticipates core earnings per share of approximately 1.20 euros and free cash flow of approximately minus 0.5 billion euros (all quarterly figures based on exchange rates as of June 30, 2023). When communicating its first quarter results, Bayer already guided towards the lower end of its Group sales and earnings forecast for this year. Further price declines and lower volumes due to channel de-stocking, especially for glyphosate-based products, as well as adverse weather conditions have increased pressure. Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros. This will result in negative Group net income of approximately 2 billion euros for the second quarter of 2023. Bayer will release its detailed results for the second quarter on August 8, 2023. Forward-Looking Statements This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Contact: Mr. Peter Dahlhoff, Bayer AG, Investor Relations, Tel.: [phone] , e-mail: [e-mail] End of Inside Information Information and Explanation of the Issuer to this announcement: Contact for investor inquiries: Bayer Investor Relations Team, phone [phone] Email: [e-mail] www.bayer.com/en/investors/ir-team   24-Jul-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

Language:	English
Company:	Bayer Aktiengesellschaft
	Kaiser-Wilhelm-Allee 1
	51373 Leverkusen
	Germany
Phone:	[phone]
E-mail:	[e-mail]
Internet:	www.bayer.com
ISIN:	DE000BAY0017
WKN:	BAY001
Indices:	DAX, EURO STOXX 50, Stoxx 50
Listed:	Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange
EQS News ID:	1686855

End of Announcement	EQS News Service

1686855  24-Jul-2023 CET/CEST