Half-Year Estimates | Full-Year Estimates | Analyst Coverage

KPI	in CHF mn	H1 2025	H2 2025	H1 2026 E	H2 2026 E
Sales	Number of Estimates			16	16
Sales	Highest			3,524	3,843
Sales	Consensus (Mean)	3,031	3,500	3,375	3,700
Sales	Median			3,377	3,689
Sales	Lowest			3,252	3,588
Sales growth (in %)	Number of Estimates			15	15
Sales growth (in %)	Highest			16.3	9.8
Sales growth (in %)	Consensus (Mean)	-	17.3	11.4	5.7
Sales growth (in %)	Median			11.8	5.4
Sales growth (in %)	Lowest			7.3	2.5
Growth at CER (in %)	Number of Estimates			15	15
Growth at CER (in %)	Highest			19.0	11.7
Growth at CER (in %)	Consensus (Mean)	-	20.4	15.7	8.0
Growth at CER (in %)	Median			16.1	7.8
Growth at CER (in %)	Lowest			12.1	4.0
CORE EBITDA	Number of Estimates			16	16
CORE EBITDA	Highest			1,165	1,307
CORE EBITDA	Consensus (Mean)	920	1,144	1,097	1,192
CORE EBITDA	Median			1,099	1,189
CORE EBITDA	Lowest			994	1,129
CORE EBITDA margin (in %)	Number of Estimates			16	16
CORE EBITDA margin (in %)	Highest			34.0	34.0
CORE EBITDA margin (in %)	Consensus (Mean)	30.4	32.7	32.5	32.2
CORE EBITDA margin (in %)	Median			32.9	32.0
CORE EBITDA margin (in %)	Lowest			30.0	31.2
continuing CORE net income	Number of Estimates			14	13
continuing CORE net income	Highest			635	727
continuing CORE net income	Consensus (Mean)	-	-	592	642
continuing CORE net income	Median			587	638
continuing CORE net income	Lowest			538	576
continuing CORE EPS diluted (in CHF)	Number of Estimates			14	13
continuing CORE EPS diluted (in CHF)	Highest			9.08	10.39
continuing CORE EPS diluted (in CHF)	Consensus (Mean)	-	-	8.44	9.20
continuing CORE EPS diluted (in CHF)	Median			8.38	9.18
continuing CORE EPS diluted (in CHF)	Lowest			7.66	8.28
continuing EPS reported diluted (in CHF)	Number of Estimates			13	12
continuing EPS reported diluted (in CHF)	Highest			8.66	10.72
continuing EPS reported diluted (in CHF)	Consensus (Mean)	-	-	7.41	8.82
continuing EPS reported diluted (in CHF)	Median			7.58	8.68
continuing EPS reported diluted (in CHF)	Lowest			5.80	7.81
Operating Cash Flow incl. discont operations	Number of Estimates			4	4
Operating Cash Flow incl. discont operations	Highest			888	1,065
Operating Cash Flow incl. discont operations	Consensus (Mean)	378	778	783	953
Operating Cash Flow incl. discont operations	Median			755	937
Operating Cash Flow incl. discont operations	Lowest			736	871
Capex (excluding acquisitions) incl. discont operations	Number of Estimates			4	4
Capex (excluding acquisitions) incl. discont operations	Highest			693	721
Capex (excluding acquisitions) incl. discont operations	Consensus (Mean)	672	701	666	693
Capex (excluding acquisitions) incl. discont operations	Median			661	693
Capex (excluding acquisitions) incl. discont operations	Lowest			650	664

CORE Definition

Lonza believes that disclosing CORE results of the Group´s performance enhances the financial markets´ understanding of our company because the CORE results enable better comparison across years.

Therefore, the CORE results exclude exceptional items such as restructuring charges, acquisition-related costs, environmental-remediation costs, impairments and amortization of acquisition-related intangible assets, which can differ significantly from year to year. For this same reason, Lonza uses these CORE results in addition to IFRS as important factors in internally assessing the Group´s performance.

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Disclaimer

This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.