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

KPI	in CHF mn	H1 2024	H2 2024	H1 2025 E	H2 2025 E
Sales	Number of Estimates			11	11
Sales	Highest			3,711	4,345
Sales	Consensus (Mean)	3,057	3,517	3,523	4,137
Sales	Median			3,552	4,125
Sales	Lowest			3,240	4,039
Sales growth (in %)	Number of Estimates			11	11
Sales growth (in %)	Highest			21.4	23.5
Sales growth (in %)	Consensus (Mean)	-0.7	-3.4	15.2	17.6
Sales growth (in %)	Median			16.2	17.3
Sales growth (in %)	Lowest			6.0	14.8
Growth at CER (in %)	Number of Estimates			8	8
Growth at CER (in %)	Highest			21.8	23.7
Growth at CER (in %)	Consensus (Mean)	1.8	-1.8	15.8	18.6
Growth at CER (in %)	Median			16.5	18.0
Growth at CER (in %)	Lowest			6.5	16.7
CORE EBITDA	Number of Estimates			11	11
CORE EBITDA	Highest			1,066	1,255
CORE EBITDA	Consensus (Mean)	893	1,015	995	1,206
CORE EBITDA	Median			1,000	1,202
CORE EBITDA	Lowest			871	1,175
CORE EBITDA margin (in %)	Number of Estimates			11	11
CORE EBITDA margin (in %)	Highest			30.1	30.3
CORE EBITDA margin (in %)	Consensus (Mean)	29.2	28.9	28.2	29.2
CORE EBITDA margin (in %)	Median			28.0	29.1
CORE EBITDA margin (in %)	Lowest			26.9	28.3
CORE net income	Number of Estimates			7	7
CORE net income	Highest			523	739
CORE net income	Consensus (Mean)	502	569	489	658
CORE net income	Median			494	648
CORE net income	Lowest			432	599
CORE EPS diluted (in CHF)	Number of Estimates			9	9
CORE EPS diluted (in CHF)	Highest			7.49	10.36
CORE EPS diluted (in CHF)	Consensus (Mean)	7.02	-	6.93	9.20
CORE EPS diluted (in CHF)	Median			6.91	9.20
CORE EPS diluted (in CHF)	Lowest			6.05	8.47
EPS reported diluted (in CHF)	Number of Estimates			8	8
EPS reported diluted (in CHF)	Highest			6.86	9.31
EPS reported diluted (in CHF)	Consensus (Mean)	4.61	-	6.20	8.42
EPS reported diluted (in CHF)	Median			6.17	8.36
EPS reported diluted (in CHF)	Lowest			5.04	7.63
Operating Cash Flow	Number of Estimates			3	3
Operating Cash Flow	Highest			1,007	1,000
Operating Cash Flow	Consensus (Mean)	505	769	773	928
Operating Cash Flow	Median			750	926
Operating Cash Flow	Lowest			562	857
Capex (excluding acquisitions)	Number of Estimates			3	3
Capex (excluding acquisitions)	Highest			850	900
Capex (excluding acquisitions)	Consensus (Mean)	622	795	782	859
Capex (excluding acquisitions)	Median			800	850
Capex (excluding acquisitions)	Lowest			697	828

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.