Please note that we only considered estimates updated after HY 2023 results (July 21, 2023)

KPI	in CHF mn	FY 2022	FY 2023 E	FY 2024 E	FY 2025 E
Sales	Number of Estimates		20	20	19
Sales	Highest		6,702	7,509	8,526
Sales	Consensus (Mean)	6,223	6,412	7,109	7,982
Sales	Median		6,382	7,088	7,926
Sales	Lowest		6,153	6,653	7,480
Sales growth (in %)	Number of Estimates		20	20	19
Sales growth (in %)	Highest		7.7	14.8	15.1
Sales growth (in %)	Consensus (Mean)	15.0	3.0	10.9	12.2
Sales growth (in %)	Median		2.6	10.6	12.2
Sales growth (in %)	Lowest		-1.1	5.2	9.6
Growth at CER (in %)	Number of Estimates		10	11	10
Growth at CER (in %)	Highest		6.5	14.8	14.3
Growth at CER (in %)	Consensus (Mean)	15.1	6.0	11.7	12.1
Growth at CER (in %)	Median		6.2	11.6	12.0
Growth at CER (in %)	Lowest		4.9	10.3	9.6
CORE EBITDA	Number of Estimates		20	20	18
CORE EBITDA	Highest		1,937	2,331	2,796
CORE EBITDA	Consensus (Mean)	1,995	1,832	2,181	2,539
CORE EBITDA	Median		1,830	2,175	2,537
CORE EBITDA	Lowest		1,757	2,010	2,269
CORE EBITDA margin (in %)	Number of Estimates		20	20	18
CORE EBITDA margin (in %)	Highest		29.0	31.5	34.4
CORE EBITDA margin (in %)	Consensus (Mean)	32.1	28.6	30.7	31.8
CORE EBITDA margin (in %)	Median		28.5	30.9	31.9
CORE EBITDA margin (in %)	Lowest		27.9	29.6	30.2
CORE net income	Number of Estimates		17	17	15
CORE net income	Highest		1,212	1,453	1,705
CORE net income	Consensus (Mean)	1,097	955	1,171	1,419
CORE net income	Median		940	1,131	1,425
CORE net income	Lowest		829	1,042	1,180
CORE EPS diluted (in CHF)	Number of Estimates		18	18	17
CORE EPS diluted (in CHF)	Highest		16.33	19.63	23.73
CORE EPS diluted (in CHF)	Consensus (Mean)	14.71	12.99	16.34	19.89
CORE EPS diluted (in CHF)	Median		12.80	16.00	20.10
CORE EPS diluted (in CHF)	Lowest		11.20	14.35	16.42
EPS reported diluted (in CHF)	Number of Estimates		16	16	16
EPS reported diluted (in CHF)	Highest		14.33	18.18	23.62
EPS reported diluted (in CHF)	Consensus (Mean)	16.34	12.05	15.71	19.37
EPS reported diluted (in CHF)	Median		11.98	15.72	19.58
EPS reported diluted (in CHF)	Lowest		10.30	14.10	16.42
Dividend (in CHF)	Number of Estimates		19	19	18
Dividend (in CHF)	Highest		4.03	5.00	5.32
Dividend (in CHF)	Consensus (Mean)	3.50	3.57	3.86	4.19
Dividend (in CHF)	Median		3.50	3.75	4.00
Dividend (in CHF)	Lowest		2.98	3.26	3.36
Operating Cash Flow	Number of Estimates		13	13	13
Operating Cash Flow	Highest		1,825	2,215	2,554
Operating Cash Flow	Consensus (Mean)	1,020	1,536	1,798	1,983
Operating Cash Flow	Median		1,552	1,739	1,984
Operating Cash Flow	Lowest		1,235	1,492	1,678
Capex (excluding acquisitions)	Number of Estimates		19	19	18
Capex (excluding acquisitions)	Highest		2,005	1,879	1,870
Capex (excluding acquisitions)	Consensus (Mean)	1,872	1,860	1,662	1,540
Capex (excluding acquisitions)	Median		1,895	1,672	1,536
Capex (excluding acquisitions)	Lowest		1,489	917	1,238

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.