Bayer reiterates 2026 outlook, sees net sales EUR 45 billion-EUR 47 billion

• Bayer reiterated FY 2026 guidance: net sales EUR 45-47 billion at constant FX, implying 0% to 3% currency- and portfolio-adjusted growth.
• EBITDA before special items forecast at EUR 9.6-10.1 billion, implying -1% to 4% growth at constant FX.
• Core EPS seen at EUR 4.3-4.8, with an estimated FX impact of about EUR -0.1.
• Free cash flow expected at EUR -2.5 to -1.5 billion, including about EUR 5 billion of litigation-related payouts; adjusted for these, EUR 2-3 billion.
• Net financial debt projected at EUR 29-30 billion, improved from prior EUR 32-33 billion outlook, reflecting an Apollo equity investment expected to close in H2.

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