Bayer AGM 2026 | CEO Restructuring Path Endorsed By Shareholder Quorum Amid Litigation Focus

Well, dear ladies and gentlemen, shareholders, welcome to our annual shareholders meeting. It's great to be with you. Right before beginning, I'd also like to say a warm welcome to Judith Hartman. She joined the company in March. She'll be taking over as CFO in June. Welcome Judith. We're really glad to have you on board. She succeeds Wolfgang Nickel who's joining us for his last annual shareholders meeting today. So Wolfgang, from all of us at Bayer, thank you for your service for the company and its mission. I've come to know you, Wolfgang, as a highly skilled, reliable colleague and friend. I'm really grateful for our partnership. So, thank you. Well, in March 2024, we set Bayer's agenda for the next two to three years: revitalize the pipeline, reduce debt, significantly contain litigation, tackle bureaucracy, and focus the company exclusively on our mission. And since then, we raised our ambitions for our crop science business, laying out a five-year plan to boost competitiveness and to be first to the farm with innovation that will shape agriculture for generations. Now, we're two years down the road. No corner of the company is the same as it was. The company is leaner and faster. The farmer portfolio and pipeline are more promising than perhaps ever before. Crop Science is executing its performance improvement plan. The debt burden is lower. We've advanced a multi-prong strategy to address the litigation uncertainty. Our businesses delivered the 2025 numbers in virtually every metric. Overall, we see great progress. But here's the thing. The work isn't complete yet. Our turnaround plan is still in full swing. We've advanced each of our priorities to a crucial juncture, but not a single one is complete. We have medicines in the pipeline that we need to bring to patients, businesses to make more profitable so we can fund future innovation, debt to reduce, litigation to contain, an operating model that's installed and generating wins, but still needs to be scaled more widely. Our list of to-dos is clear. There are big milestones and decisions ahead and I'm confident that the coming months will set Bayer up for a brighter future. The 88,000 people of Bayer know this. They've shown great resolve in bringing the company to this point. And thanks to them, I alongside my colleagues and the management board fully expect Bayer will leave 2026 and enter 2027 stronger than we've been in a long time. Now before jumping ahead, let's review 2025 and the outlook we've shared for this year. 2025 was a crucial year. We had patent expiries and important launches in pharmaceuticals. We had regulatory headwinds and margin pressure in crop science. We had to recalibrate our growth in consumer health. We entered the year knowing it would be decisive for our turnaround and we delivered. Team Bayer registered sales of 45.6 billion euros. Our core earnings per share came in at 491. We generated 2.1 billion euros of free cash flow and we reduced our net financial debt to 29.8 billion. As previously communicated, we expect net financial debt to increase in 2026 due to litigation related expenses. Each of our businesses progressed, a new picture of our pharma portfolio emerged with Nubeqa and Kerendia more than offsetting Xarelto declines. More to come there. Crop science kicked off its 5-year framework and took difficult decisions to shore up margins and prioritize investments. While consumer health struggled on the top line, we protected the bottom line. Our team has a clear picture of which brands in which markets need attention. Now, in terms of outlook, we anticipate a solid year across our businesses, which are off to a good start. We expect continued momentum behind our launch products to compensate for declines in pharma and crop science due to loss of exclusivity and regulatory pressures. In addition, we'll continue to invest in our pipeline and launch products in 2026 to set ourselves up for growth in 27 and beyond. Before accounting for FX changes, we see our core earnings per share landing roughly in line with last year. Finally, we're expecting a negative free cash flow this year due to litigation related payouts. Now, those are the financials. Let's look at our five priorities. 2025 was a year in which Bayer took a hard look at its challenges and we acted on each of them. The pharmaceutical pipeline. Two years ago, there were some question marks about our pipeline. Today, the work isn't finished, but we're seeing instead exclamation points. Nubeqa, a cancer treatment, and Kerendia grew at a combined 68% last year. And the recent approval for Kerendia underscores the treatment's potential in both heart failure and chronic kidney disease with blockbuster potential in each indication. The Bantra launch is outpacing expectations. One year after its launch, half of newly diagnosed patients in Germany are receiving Bantra to treat a fatal heart condition. This year, the launch of Linquet, a non-hormonal treatment for menopause symptoms, is in full swing. We started in the US and are now expanding to the EU. In February, we released outstanding results for Azendixan, our investigational medicine in secondary stroke prevention. We hope to make it available to patients as soon as possible. On crop science profitability, we kicked off an extensive performance improvement program and the focus now is on delivery. We've taken steps to rationalize our portfolio and our footprint. We're reshaping our crop protection portfolio around higher margin, more innovative molecules. Plenixus was launched in Colombia in late 2025 and we're planning to hit the market in Brazil once we receive registration, which we expect later this year. This is an insecticide that can protect harvests from harmful pests and spare beneficial insects with just a few grams per acre. Let me break that down. If the soccer pitch at the Bernabéu were a soybean field, you could treat the whole soccer pitch with only 17 grams of Plenix. Now, if you want a feel for how much 17 grams is, that's the weight of just two two-euro coins. Imagine that. A whole soccer field with that much Plenix. We have big innovation plans like this which really take off in 2027 and beyond. That's why our performance improvement work in 2026 is so important. We're taking steps to improve our cash generation and to strengthen the operational foundation of our business. On litigation, for years, we've been working on a multi-prong containment approach. In the early months of 2026, much of that approach has become visible. In February, Monsanto announced a class settlement which received preliminary approval in early March. We've seen numerous plaintiff firms, even firms who traditionally oppose class settlements, recommend the settlement to their clients. Further, we're pleased that the United States Supreme Court will hear our case with oral arguments scheduled for next Monday. This is a big milestone for American farmers and a lot is riding on it. The US is among the most advanced agricultural countries on the planet and our innovation pipeline is full of new tools including pre-emergent short corn that's less carbon intensive and Icafolin, which is the first major new post-emergent herbicide mode of action in a generation. These are game-changing innovations for farmers that took decades and billions of dollars to research and develop and which undergo serious regulatory scrutiny by expert independent agencies. Now, why continue that work if it still leaves you at the mercy of a 600 billion dollar litigation industry? More and more people understand this, and we'll keep making the case. Earlier this month, lawmakers in Kentucky voted to enact legislation protecting farmers access to scientifically regulated crop protection products. We're grateful to see a broad coalition of farmers, farm groups, and the scientifically minded public calling on lawmakers in other states to take similar steps. Much has been done to significantly contain litigation and this remains an active situation with important milestones and decisions in the weeks ahead. We continue to take it one day at a time and we remain prepared for all scenarios. Cash generation and deleveraging remains a top priority. I want to acknowledge that we're once again proposing paying out the minimum dividend. As we've previously communicated, this is not an easy step, but it remains the right one for the company's financial future. As we consider our dividend policy going forward, we'll look carefully at the company's capital allocation strategy that's given our cash and debt position. Now, our final strategic priority is the advancement of our new operating model. Two years ago, Bayer was run like any other multinational with lengthy chains of command and strategy and budgeting processes whose key organizing principle was the 12-month Gregorian calendar. That's no longer the case. We're acting in focused 90-day cycles. We've roughly halved the number of layers and we've reoriented the focus of the firm from administering to doing by cutting management by two-thirds. Bayer is moving faster, more flexibly at less cost. There's still more to do. We're focused on the vital work of scaling key mechanics and practices of the new system. We feel this setup positions us well for the coming artificial intelligence revolution. In fact, if you listen carefully, many companies leading the AI charge are moving in a similar direction: flatter organizations, larger teams, more nimble rhythms, and faster, more fluid sharing of information. You know, there's a popular phrase at Bayer. It probably exists at a lot of large companies which are home to vast expertise that's fragmented in research labs and sub teams and meeting minutes. The saying is if Bayer knew what Bayer knows. Well soon we may know. You know, we're exploring how artificial intelligence can unlock the extensive Bayer intellect, speed up key processes, and free up our people to get more creative about tackling health for all, hunger for none. We continue to make significant investments in our IT infrastructure, in streamlining our systems, and simplifying the way we sort data so that people at Bayer and our customers can benefit from the full intelligence of the enterprise. This is a company that serves 600 million consumers with everyday health treatments, that processes more than 25 billion data points in seed genotyping. If dynamic shared ownership is our opportunity to make the enterprise more entrepreneurial, agentic artificial intelligence is our chance to make the organization more effective. With every individual at Bayer commanding more data, more autonomy, and more resources for our mission, health for all, hunger for none. That mission is optimistic, but it doesn't exist in a vacuum. We're living in times when its optimism might feel quite distant. Wars, uncertain international relations, a warming planet, technological disruption, interruptions to the availability of important inputs like fertilizer for the world's farmers. These are times of great upheaval. In the past three months, I've been on both coasts of the United States. I've spent time in Germany, China, and India. I've had the chance to speak with people who are running global artificial intelligence platforms and people who farm plots of land that are smaller than this room. I've spoken with political decision makers across the ideological spectrum and people on the shop floor. No matter with whom I speak, the conversations have a lot in common: great concern for our world, a desire to make things better, and a clear sense of focus on the things that matter most. In uncertain times, the superficialities are stripped away. Companies must ask the questions, 'What can we do? How can we serve a world in turmoil?' There's nothing superficial about health for all, hunger for none. We're active in essential sectors. We do work that people depend on for their basic needs. I've met people across the company and I'm consistently humbled by their expertise and great dedication to our work. Last month, I visited Team Bayer in India. Our consumer health team in India reaches at least 20 million people who otherwise have limited access to care with sales channels that range from open air markets to on-demand deliveries in 15 minutes or less. Just a few weeks ago, our crop science site in Zambia celebrated one year of production. Just a few years ago, the region where we built this site could barely feed itself. Now, we're planning to triple Zambian corn output, reaching up to 10 million smallholder farmers by 2030 and supplying seeds to neighboring countries. In 2025 alone, Team Bayer reached 68 million women in low and middle income countries with modern contraception, 53 million smallholder farmers with key agricultural products and services, and 82 million people in underserved communities with self-care. This is a company people can count on for the fundamentals. That's true today and we're working on tomorrow. Let me share two examples: one from agriculture and one from health. Four billion people on this planet depend on synthetic fertilizer for their food and around one quarter of global fertilizer production passes through the Strait of Hormuz. Together with expert partners, Bayer is one of the few companies working to enhance the natural capabilities of key plants like corn, like wheat, to improve nitrogen utilization, which could significantly reduce reliance on synthetic fertilizers. Imagine the potential. In human health, we're at the forefront of modern medicine's fight against Parkinson's disease. Bayer is the first company to have advanced both a cell and a gene therapy against this devastating disease. Clinical trials are running as we speak. We're in uncharted territory and that can be uncertain, but there's no health for all, hunger for none without venturing into new terrain. And we're steadfast in our ambition to lead this fight. Well, in uncertain times, dear shareholders, we have a mission that's meaningful. It's fundamental. It matters today and tomorrow. In the past 2 years, we've made big progress in focusing the company on that mission, and clearing out everything else. Bayer is a company with a deep sense of who we are, what needs to be done, and what we exist to do in this world. We still got a lot to accomplish, and we're on the right track. Now to close, I'll summarize with a few words in German. We've made great strides, but we're not finished yet. Team Bayer has an important mission and a clear plan, and we're setting up the company for a successful future. Thank you for your time, your support, and trust, dear shareholders. We'll keep going in pursuit of health for all, hunger for none.

Thanks, Norbert. Mr. Hoffusbrink, you asked how Bayer is reacting to global crises, whether a permanent crisis team is in place, how we're increasing our resilience, and how we deal with changing US tariffs. Bayer has systematically adapted to an altered global situation amid higher volatility and fast-paced geopolitical developments. In line with our new way of working, we have teams that continuously observe changes in tariffs and trade agreements, for example, and make suitable recommendations for action. We've taken and continue to take measures to increase the resilience of our businesses. This includes a diversified supplier and production structure, consistent working capital management, and regular risk and scenario analyses of geopolitical and macroeconomic developments. We successfully navigated a volatile tariff environment in 2025, partly through cross-functional and product-specific countermeasures. Our forecast for 2026 considers all known geopolitical effects. At the same time, we continue to very closely monitor the developments and adjust our price, procurement, and supply chain decisions where needed. Mr. Schmidt, you asked about any payments made by Bayer to individual candidates and political organizations in the United States during the past fiscal year. In accordance with our code of conduct for responsible lobbying and corporate policy, Bayer does not make political corporate contributions of any kind. This includes donations to political parties, elected officials, or candidates for public office. In the United States, employees may voluntarily support candidates for public office through personal contributions via political action committees. These are not corporate donations. The Bayer Corporation political action committee is used by some of our US-based employees. All BayerPAC contributions are regularly reported to the Federal Election Commission and are publicly available on its website. In 2025, employees contributed a total of $366,750 to political candidates at all levels in the United States through BayerPAC. Mr. Hopskiss, you asked whether there are deliberations within the board of management on selling a division or parts of a division to reduce the debt burden. Our clear focus continues to be on overcoming the company's current challenges and implementing our strategic priorities. At the same time, we continuously renew our portfolio as part of our responsible corporate governance, including smaller targeted divestments. These take place in a strategic and value-oriented way rather than as a short-term debt reduction measure. We primarily want to reduce debt by generating higher cash flow long-term and through strict capital discipline and operational improvements. Just one more. Sorry. Mr. His Brink and Mr. Schmidt, you asked how the class settlement and the case before the Supreme Court are influencing our strategy and whether the settlement was proposed too soon. Our aim is to contain litigation as much as possible as quickly as possible. The proposed class settlement and the case before the US Supreme Court complement each other. The class settlement was advantaged by the anticipated Supreme Court hearing and includes potential claims not covered by the Supreme Court case. The case before the Supreme Court also covers further pending proceedings and potential suits by plaintiffs who are not participating in the class settlement. The ruling by the Supreme Court is also important as a landmark decision for the regulation of crop protection products in the United States that goes beyond this specific case. Regarding the timing of the class settlement, we analyzed the situation very carefully and are confident that we have taken the right steps here for Bayer. And I'll hand it over to Wolfgang.

Genetic therapies, cheoproteomics and radiopharmaceutics. We are convinced by the strength and quality of our pipeline. In particular, it is very balanced and focused given our innovation model. At the end of last year, Asundexian had shown a significant reduction of new strokes without a significantly increased risk of significant bleeding in phase three studies in the OCEANIC stroke studies. We are well positioned for stroke prevention and we are ahead of our competitors by a year. We expect approval by the end of the year or at the beginning of next year. And with that, I'd like to pass the floor to my colleague Rodrigo Zantez.

Mr. Kungler, you asked how confident we are about the product pipeline for crop science. We have every confidence in the strength and sustainability of the crop science pipeline, which is a cornerstone of our growth strategy. It is designed to address farmers' most critical needs: seeds and traits, crop protection, biologicals and digital farming solutions, while at the same time supporting profitable and resilient growth for Bayer. As part of our R&D activities, we refresh our portfolio every year with 400 to 500 new seed products and numerous crop protection registrations globally. We are also working on groundbreaking innovations. In this context, we are planning 10 blockbusters launched within the next decade, with each expected to have peak sales of more than 500 million euros, and we are making good progress. The first blockbuster, Penaxus, an innovative insecticide, has already been granted approval in Latin America and is now being launched in further markets. This will be followed by biotech versions of the Preion smart corn system and Viconic soybeans, both of which are expected to be rolled out in 2027. Our new herbicide, our fourth generation corn rootworm technology, and Intacta 5 Plus will then be launched in 2028. We expect that these blockbusters and the annual portfolio refresh will add more than 3.5 billion euros to our top line by the end of 2029. Overall, this gives us high confidence that our innovation will drive growth and margin improvement at crop science over the midterm and support sustainable value creation well into the future.

Mr. Smith, you asked about our strategy in the agriculture sector and for an update on the farm bill in the United States. Global agriculture and food systems are facing major challenges such as climate change, water scarcity and population growth. By leveraging our global leading research and development expertise and leading positions in seeds, traits, crop protection and digital farming, we are strategically addressing these challenges in a targeted manner. You also asked about the US farm bill. The legislative process has begun. Specifically, the US House of Representatives is expected to begin deliberations on the proposal starting next week. We do not wish to speculate on the future legislative timeline at this stage.

Mr. Spite, you asked whether we already see tangible and irreversible pressures from the era war on the crop science business expanding into 2027. Geopolitical tensions and ongoing trade policy uncertainties are contributing to heightened volatility across agriculture markets. We are starting to see energy prices push structural inflation across petrochemical chains, which is expected to impact intermediates, solvents, surfactants, packaging materials and formulation chemicals. While we are taking active mitigation measures in the short term, including energy hedging, diversified sourcing, alternative supply routes, and prudent inventory management to protect against abrupt disruptions, we will not be immune to the effects. In particular, we are of course closely following the increase in fertilizer costs, which is affecting both our farmer customers and the state of food security around the world. At present, we do not see any evidence of consequences that will extend into 2027. However, timing, magnitude, and persistence of the situation remain uncertain and can only be assessed on the basis of the currently known information. We are closely monitoring the situation and continuously assess both direct and indirect implications on costs, prices, and demand.

Mr. Spite, you asked whether we already see tangible and reversible pressures from the war on the crop science business extending into 2027. Geopolitical tensions and ongoing trade policy uncertainties are contributing to heightened volatility across agriculture markets. We are starting to see energy prices push structural inflation across petrochemical chains, which is expected to impact intermediates, solvents, surfactants, packaging materials and formulation chemicals. As I just mentioned, at present, we do not see any evidence of consequences that will extend into 2027. However, timing, magnitude, and persistence of the situation remain uncertain and can only be assessed on the basis of the currently known information, and we are closely monitoring all the situations to continuously assess both direct and indirect effects on costs, pricing and demand.

Mr. Closing, you asked about potential gaps in the registration procedures for crop protection products in relation to Parkinson's disease. In the course of the approval and reapproval procedures for crop protection products, regulatory authorities thoroughly review and evaluate extensive data from studies. This includes data on toxicology, ecotoxicology, effects on environment, metabolism, residues, human and environmental exposure and epidemiology. Studies on neurotoxicity, which can play a role in the development of Parkinson's disease, are also mandatory and evaluated, for example, when approving active substances. They cover both the potential neurotoxicity of the active substance after single and repeated exposure as well as reproduction toxicity effects.

Mr. Spite, you asked whether we will continue to adhere to our 5-year framework targets in crop science and whether they remain realistic and appropriate. Our sharper portfolio, optimized footprint, and increasing resilience of our earnings model make us highly confident that we will deliver on our midterm targets and that we will be able to navigate agriculture cycles with greater consistency. The execution of our 5-year framework is well on track, with 2025 already demonstrating tangible progress despite a challenging market environment. It's important to understand that this framework remains our central steering tool. It reflects current market realities, underpins discipline in execution and supports our preparations for an unprecedented number of market-shaping innovations with a clear path that encompasses sales growth, margin, and cash flow. We believe the framework continues to provide the right balance of ambition and realism for the period ahead. However, we are of course monitoring the market and the underlying conditions closely and will undertake corresponding measures as necessary.

Mr. Spite, you asked what the current geopolitical developments mean for the portfolio pruning plans in crop science and whether we would reassess the portfolio based on economic viability if market conditions were to weaken over a longer period. Portfolio pruning in crop science is a deliberate strategy to deliver on our 5-year framework and midterm financial ambitions. We have already divested multiple active ingredients and exited nearly 200 crop protection products. This allows us to prioritize investment and resources on those areas where we see sustainable profitability and innovation-driven growth. This disciplined strategy is aimed at strengthening the business's resilience throughout agriculture market cycles. As market conditions structurally change, we will continuously review the portfolio for profitability and strategic fit. We will not hesitate to take further actions where assets do not meet our economic thresholds.

Mr. Venny, you asked when the efficiency program and our innovation pipeline, including short stature corn, will lead to measurable improvements in results. The 5-year framework was launched in 2025 and we are firmly focused on execution. We have started to implement measures across the value chain, including production footprint optimization and product portfolio measures. These measures will support our profitability growth going forward. Last year we have already delivered roughly 400 million euros of efficiencies and cost savings. In addition to strengthening the operational foundation of the business, we are preparing for the launch of several blockbuster innovations in the next 10 years, all with a peak sales potential of over 500 million euros. We launched the first of the 10 blockbuster innovations already in 2025 with the insecticide Penaxus in Latin America. The Preion system, including short stature corn, was already launched in a so-called breeding version and is highly appreciated by farmers who have gained initial experience with it. It is expected to double acreage again this year and we are going towards broader commercial impact with a biotech trait introduction which is expected in 2027. Other key products, including Viconic soybeans in the United States, the herbicide Eaffoline, the fourth generation trait against corn rootworm, will begin contributing to top-line growth and margin expansion towards the end of the decade. In combination with our yearly portfolio refresh, we expect to increase our top line by 3.5 billion euros by 2029. Taken together, we expect a gradual but tangible improvement in profitability from cost and growth measures, with more pronounced effects as we move towards our midterm margin ambition for crop science.

Mr. Closing, you asked if we would be prepared to engage in dialogue about our active ingredients. We have continuously engaged in dialogue with our stakeholders for many years, including discussions with numerous NGOs. We will continue these discussions in the future because transparency is very important to us as a company. As a general principle, the safety of our products is our top priority.

Mr. Closing, you wanted to know whether we are withdrawing certain products from the market that are allegedly linked to the development of Parkinson's disease. The safety of our products is always our top priority. More than 100 regulatory authorities worldwide have approved the use of Bayer's crop protection products and active ingredients based on scientific studies. As part of the registration and re-registration process for crop protection products, regulatory authorities review and evaluate extensive data from studies. No regulatory review has ever concluded that the use of any of our registered products or active ingredients is associated with Parkinson's disease.

Mr. Arnold, you asked why you are finding less frog spawn in the wild. The European regulations for crop protection products are among the strictest in the world. EU Regulation 1107/2009 takes into account potential risks for frogs. The safety of our products is always our top priority. Our chemical and biological crop protection products are tested in early development phases in relation to their modes of action, their toxicological properties and the extent of their potential impact on nature. This ensures that the effects of our products are targeted and do not pose unacceptable risk to humans, animals or the environment.

Mr. Arnold, you asked about the safety of our products for unborn and newborn children. Our products may only be marketed if independent regulatory authorities conclude after scientific evaluation that they are safe when used properly. For this reason, all active substances and products undergo extensive toxicological testing prior to approval, including studies on reproductive and developmental toxicity. In addition, product labels contain clear instructions for use, including protective measures and restrictions on use.

Mr. Arnold, you asked what the safety recommendations are for avoiding potential pesticide-related leukemia. Before crop protection products are approved, they undergo a research and development process that lasts more than 10 years and includes extensive safety testing, including assessment of carcinogenicity, including leukemia.

Mr. Hopkins, you cited a report regarding alleged phosphorus sales in the United States and asked whether they indicate a strategic realignment of the business or establishment of another business pillar. A subsidiary of Bayer has been operating a phosphorus mine in the United States for many years now. The majority of the phosphorus produced by Bayer is used to manufacture crop protection products. This is also the business case for Bayer operating the mine. A portion of the phosphorus is, however, also sold to a limited number of third-party companies and used for various industrial purposes such as fire retardants and aviation fuel. These third-party companies are contractually prohibited from reselling elemental phosphorus for military purposes. At present, Bayer is not supplying phosphorus to the US government due to an executive order from the US president. However, the company will be obliged to respond to any potential inquiries in the future. The supply to the US government is not an additional business pillar.

So, you asked what percentage of phosphorus goes towards production of glyphosate and how much is used for military uses. As just mentioned, the lion's share of the phosphorus produced by Bayer is used to manufacture crop protection products.

Cargo, you asked why Bayer positions itself as sustainable and innovative while marketing crop protection products that are approved in some countries of the Global South but not in other regions. The fact that a crop protection product is not approved in the EU says nothing about its safety. Bayer adheres to existing and robust regulatory systems that are in place around the world to protect human health and the environment. Furthermore, countries in the Global South have different climate conditions and face challenging pest pressures. Clear examples of this include locust plagues in parts of Africa and Asia or the spread of fall armyworm in Africa. Fortunately, agriculture in the EU is not familiar with these threats. In other parts of the world, they endanger the lives of many people. Without the use of crop protection products, their food supply would be destroyed.

And with that, I pass to Julio.

Mr. M, you asked about the progress made and the perspectives regarding our Road to Billion strategy at Consumer Health. Strategically and financially, the Road to Billion strategy of our Consumer Health division is on track, even though the market environment remains challenging. At the heart of the strategy is reach. We want to reach billions of people with trusted self-care solutions. We're making step-by-step progress by reaching more consumers, strengthening our presence in digital and conventional channels, and by focusing our investments on the biggest value drivers. Our growth is increasingly volume-driven rather than primarily price-driven, and this is one of the key objectives of our Road to Billion strategy. In addition, more than 50% of our strongest brands gained market share in 2025. The Road to Billion strategy is not a short-term promise, but rather a long-term approach for growth. We're convinced that it will give many more people access to trusted healthcare solutions and bring us closer to our ambitious financial targets.

Okay. So, let's see. Mr. Vining, you asked whether Bayer will achieve the operational turnaround, and we've already made tangible progress in our operational turnaround, and we're confident about the further implementation of our strategic priorities. 2025 was a successful year for us and we met our upgraded guidance and made clear strides in containing legal risks while rapidly integrating Dynamic Shared Ownership into the company with Team Bayer on board. Our pharmaceutical strategy is clearly showing success with the performance of our newly launched products and the progress of our pipeline. And our strategy of offsetting losses from patent expirations through new product launches is clearly working, and we see growth potential starting next year. At Crop Science, we've initiated a program to increase profitability and leverage growth opportunities. So, overall, we're not finished yet, and we still have more work to do. We continue to work on containing our legal risks and delivering on all our priorities.

Mr. Verer, you asked about the emissions caused by microplastics and nanoplastics in Bayer's production processes and about specific protective measures for employees and the environment. Bayer is fully committed to compliance with all applicable laws and regulations and works diligently to implement all provisions in this area. As part of our health and safety management and also in our production processes, we adhere to the prescribed high standards in order to protect our employees and the environment.

Mr. Tumbler, Mr. Spite, you asked about potential structural adjustments once the wave of litigations has been substantially contained. Along with containing legal risks, our clear focus is to address our strategic priorities. In particular, we work toward further reducing the net debt load, boosting cash flow, and implementing our new operating model and systematically executing our divisional strategies in pharma, crop science, and consumer health. We consider all of our divisions to be attractive businesses with strong fundamentals and long-term growth potential. Nonetheless, as communicated before, we are generally open to options and must continually ensure that Bayer is the best owner of each of our businesses.

Mr. Vining, you asked whether Bayer plans to go beyond reducing its own emissions and play a leading role by enabling decarbonization through climate solutions. Bayer is pursuing a holistic climate strategy that includes positive contributions to decarbonization in addition to reducing our own carbon emissions. In agriculture in particular, our products and solutions make an important additional contribution to decarbonization. For example, we promote the adoption of climate-friendly agricultural practices and technologies such as genome editing for higher yields as well as soil management approaches like direct seeding and cover cropping. Our goal is to help customers measurably reduce greenhouse gas emissions in agricultural systems and enhance carbon sequestration.

Mr. Verer, you asked about PFAS in the supply chain and contaminated sites as well as possible liability risks. Due to their broad use, PFAS can be present at various points along the Bayer supply chain, for example, in the production process, as materials in production plants, and as intermediate products or packaging. This is a topic that affects companies worldwide and is one that Bayer is also carefully investigating and addressing. Our products and manufacturing processes follow all applicable rules and regulations and meet all safety standards. We work closely with regulatory authorities and industry partners to stay informed of the latest developments and to develop appropriate approaches to ensure compliance with future laws and regulations. If the question concerns production at Bayer Material Science, these questions must now be answered by the Covestro group, which is now an independent company.

Mr. Vernon, you asked whether Bayer was actually becoming more productive or simply smaller through the Dynamic Shared Ownership program. Overall, Dynamic Shared Ownership is aimed at making Bayer more productive. The goals of DSO are to reduce complexity, shorten decision-making paths, and move responsibilities closer to our customers, our markets, our products. The resulting cost savings and structural changes are a result of reducing layers and eliminating redundant structures rather than the primary objective. Our intent is to strategically reinvest efficiency gains into innovation, growth priorities, and competitiveness, making Bayer leaner, faster, and more focused. This will strengthen our resilience and effectiveness in our core businesses for the long term. We see ourselves well on track in this transformation and are confident that Bayer is thus well positioned for the future.

Mr. Rner, you asked about digital sovereignty regarding the use of AI, what the situation is with open-source solutions and whether we actively support startups in this context. Digital sovereignty is important to us. Among other things, we work closely not with just one but a large number of international partners. This also includes select startups that are relevant and promising for Bayer. Our focus here is on promoting innovations in our areas of healthcare and agricultural technology. Bayer has a fundamentally positive and strategically open attitude towards open-source solutions. Their use, further development and own contributions are established within the group.

Mr. Spite, you asked whether we have made adjustments to our climate and diversity policies over the past 12 months and whether the company remains committed to them. We continue to advocate on behalf of diversity and want to create a working environment in which equal opportunity and inclusion apply to everyone. This not only reflects our values, but also helps us become a stronger and more innovative company. We're a global company and will continue to work to attract high-performing diverse talent and to offer all employees an optimal working environment to unlock their full potential with us. With respect to our climate-related activities, we pursue a holistic climate strategy that not only focuses on consistently reducing our own emissions but also includes positive contributions to decarbonization. We're keeping these promises while complying with all respective applicable government laws and regulations.

Finally, Mr. Burner, you asked about the use of artificial intelligence in image videos, advertising, and promotion at Bayer. Bayer is actively involved in the use of AI in content production and media optimization. AI-powered technologies and tools are used to increase efficiency in content and media spend. This includes content generation and media optimization where in general savings of around 30% are expected. The use of AI to increase effectiveness is an important aspect of our marketing efforts.

And now I'll pass it over to my colleague Wolfgang.