EQS-PVR: Bayer Aktiengesellschaft: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Notification of Major Holdings 1. Details of issuer

Name:	Bayer Aktiengesellschaft
Street:	Kaiser-Wilhelm-Allee 1
Postal code:	51373
City:	LeverkusenGermany
Legal Entity Identifier (LEI):	549300J4U55H3WP1XT59

2. Reason for notification

X	Acquisition/disposal of shares with voting rights
X	Acquisition/disposal of instruments
	Change of breakdown of voting rights
X	Other reason:Voluntary group notification with triggered threshold on subsidiary level

3. Details of person subject to the notification obligation

Legal entity: The Goldman Sachs Group, Inc.City of registered office, country: Wilmington, DE, United States of America (USA)

4. Names of shareholder(s)holding directly 3% or more voting rights, if different from 3.5. Date on which threshold was crossed or reached:

12 Dec 2025

6. Total positions

	% of voting rights attached to shares (total of 7.a.)	% of voting rights through instruments (total of 7.b.1 + 7.b.2)	Total of both in % (7.a. + 7.b.)	Total number of voting rights pursuant to Sec. 41 WpHG
New	0.34 %	5.84 %	6.18 %	982424082
Previous notification	0.36 %	5.05 %	5.41 %	/

7. Details on total positionsa. Voting rights attached to shares (Sec. 33, 34 WpHG)

ISIN	Absolute		In %
	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)
US0727303028	0	412005	0 %	0.04 %
DE000BAY0017	0	2935577	0 %	0.30 %
Total	3347583		0.34 %

b.1. Instruments according to Sec. 38 (1) no. 1 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Voting rights absolute	Voting rights in %
Right To Recall	Open		1982555	0.20 %
Right Of Use	Open		3038713	0.31 %
Call Warrant	13.02.2029		404012	0.04 %
Call Option	14.02.2029		15108690	1.54 %
Swap	15.12.2026		249954	0.03 %
		Total	20783924	2.12 %

b.2. Instruments according to Sec. 38 (1) no. 2 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Cash or physical settlement	Voting rights absolute	Voting rights in %
Put Option	16.12.2033		Cash	1828602	0.19 %
Call Warrant	31.12.2030		Cash	2590885	0.26 %
Future	16.12.2033		Cash	6426305	0.65 %
Put Option	17.12.2027		Physical	8977638	0.91 %
Forward	20.03.2026		Cash	574115	0.06 %
Call Option	10.04.2037		Cash	7643709	0.78 %
Swap	14.11.2035		Cash	8530779	0.87 %
			Total	36572033	3.72 %

8. Information in relation to the person subject to the notification obligation

	Person subject to the notification obligation is not controlled nor does it control any other undertaking(s) that directly or indirectly hold(s) an interest in the (underlying) issuer (1.).
X	Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:

Name	% of voting rights (if at least 3% or more)	% of voting rights through instruments (if at least 5% or more)	Total of both (if at least 5% or more)
The Goldman Sachs Group, Inc.	%	%	%
GSAM Holdings LLC	%	%	%
Goldman Sachs Asset Management Holdings LLC	%	%	%
Goldman Sachs Asset Management UK Holdings I Ltd	%	%	%
Goldman Sachs Asset Management UK Holdings II Ltd	%	%	%
Goldman Sachs Asset Management Holdings I B.V. / Goldman Sachs Asset Management Holdings II B.V.	%	%	%
Goldman Sachs Asset Management Holdings B.V.	%	%	%
Goldman Sachs Asset Management International Holdings B.V.	%	%	%
Goldman Sachs Asset Management B.V.	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
Goldman Sachs (UK) L.L.C.	%	%	%
Goldman Sachs Group UK Limited	%	%	%
Goldman Sachs International Bank	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
Goldman Sachs Bank USA	%	%	%
Goldman Sachs Bank Europe SE	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
Goldman, Sachs & Co. Wertpapier GmbH	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
GS Global Markets, Inc.	%	%	%
Goldman Sachs Finance Corp International Ltd	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
GS Finance Corp.	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
Goldman Sachs (UK) L.L.C.	%	%	%
Goldman Sachs Group UK Limited	%	%	%
Goldman Sachs International	%	%	5.04 %
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
GSAM Holdings LLC	%	%	%
Goldman Sachs Asset Management, L.P.	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
Murray Street Corporation	%	%	%
Sphere Fundo De Investimento Multimercado - Investimento No Exterior Credito Privado	%	%	%
Sphere Fund	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
Folio Financial, Inc.	%	%	%
Folio Investments, Inc.	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
Goldman Sachs & Co. LLC	%	%	%
-	%	%	%
The Goldman Sachs Group, Inc.	%	%	%
Goldman Sachs Do Brasil Banco Multiplo S/A	%	%	%

9. In case of proxy voting according to Sec. 34 para. 3 WpHG(only in case of attribution of voting rights in accordance with Sec. 34 para. 1 sent. 1 No. 6 WpHG)Date of general meeting: Holding total positions after general meeting (6.) after annual general meeting:

Proportion of voting rights	Proportion of instruments	Total of both
%	%	%

10. Other explanatory remarks:Date

18 Dec 2025