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

KPI	in CHF mn	FY 2024	FY 2025 E	FY 2026 E	FY 2027 E	FY 2028 E	FY 2029 E
Sales	Number of Estimates		27	27	23	19	14
Sales	Highest		8,022	9,044	10,418	11,455	12,984
Sales	Consensus (Mean)	6,574	7,709	8,610	9,689	10,849	12,063
Sales	Median		7,702	8,600	9,651	10,813	11,987
Sales	Lowest		7,412	8,253	8,922	10,210	11,108
Sales growth (in %)	Number of Estimates		27	27	23	19	14
Sales growth (in %)	Highest		22.0	16.7	16.8	15.7	15.2
Sales growth (in %)	Consensus (Mean)	-2.1	17.1	11.7	12.4	12.2	12.1
Sales growth (in %)	Median		16.8	11.7	11.9	12.5	12.3
Sales growth (in %)	Lowest		12.7	6.6	8.1	8.8	8.8
Growth at CER (in %)	Number of Estimates		13	14	13	13	10
Growth at CER (in %)	Highest		23.0	14.4	14.4	13.5	14.6
Growth at CER (in %)	Consensus (Mean)	-0.2	18.3	11.8	12.2	11.8	12.1
Growth at CER (in %)	Median		17.5	11.8	12.5	12.1	12.3
Growth at CER (in %)	Lowest		15.8	8.3	9.7	8.8	8.8
CORE EBITDA	Number of Estimates		23	23	20	17	12
CORE EBITDA	Highest		2,323	2,689	3,131	3,679	4,339
CORE EBITDA	Consensus (Mean)	1,908	2,224	2,571	2,993	3,474	3,936
CORE EBITDA	Median		2,223	2,571	2,982	3,463	3,890
CORE EBITDA	Lowest		2,123	2,437	2,839	3,219	3,598
CORE EBITDA margin (in %)	Number of Estimates		23	23	20	17	12
CORE EBITDA margin (in %)	Highest		30.2	30.8	32.0	33.6	33.9
CORE EBITDA margin (in %)	Consensus (Mean)	29.0	28.8	29.8	30.9	32.1	32.8
CORE EBITDA margin (in %)	Median		28.7	29.9	30.9	32.1	32.5
CORE EBITDA margin (in %)	Lowest		27.8	28.7	30.0	31.1	31.9
CORE net income	Number of Estimates		19	19	16	13	9
CORE net income	Highest		1,271	1,531	1,750	2,173	2,591
CORE net income	Consensus (Mean)	1,071	1,167	1,388	1,658	1,992	2,338
CORE net income	Median		1,171	1,387	1,677	2,013	2,327
CORE net income	Lowest		1,082	1,241	1,515	1,768	2,066
CORE EPS diluted (in CHF)	Number of Estimates		23	23	18	14	10
CORE EPS diluted (in CHF)	Highest		17.97	21.67	25.32	31.10	38.25
CORE EPS diluted (in CHF)	Consensus (Mean)	15.01	16.45	19.71	23.61	28.54	33.69
CORE EPS diluted (in CHF)	Median		16.41	19.74	23.98	29.18	34.17
CORE EPS diluted (in CHF)	Lowest		15.08	17.77	21.69	25.31	29.42
EPS reported diluted (in CHF)	Number of Estimates		21	21	18	14	11
EPS reported diluted (in CHF)	Highest		16.59	19.85	24.01	28.89	35.56
EPS reported diluted (in CHF)	Consensus (Mean)	8.92	14.68	17.85	21.94	26.37	30.73
EPS reported diluted (in CHF)	Median		14.62	17.77	22.30	25.90	29.93
EPS reported diluted (in CHF)	Lowest		12.99	16.56	19.91	23.59	25.88
Dividend (in CHF)	Number of Estimates		23	23	19	14	11
Dividend (in CHF)	Highest		7.89	8.65	10.35	12.59	14.37
Dividend (in CHF)	Consensus (Mean)	4.00	5.18	5.98	7.30	8.43	9.02
Dividend (in CHF)	Median		5.00	6.00	7.50	9.17	8.79
Dividend (in CHF)	Lowest		4.00	4.10	4.15	4.20	4.25
Operating Cash Flow	Number of Estimates		21	21	20	13	9
Operating Cash Flow	Highest		2,275	2,235	2,523	3,010	3,461
Operating Cash Flow	Consensus (Mean)	1,274	1,710	1,949	2,286	2,644	3,003
Operating Cash Flow	Median		1,696	1,969	2,332	2,677	3,017
Operating Cash Flow	Lowest		1,087	1,408	1,639	2,318	2,690
Capex (excluding acquisitions)	Number of Estimates		24	23	21	16	11
Capex (excluding acquisitions)	Highest		1,840	1,942	1,949	2,032	2,226
Capex (excluding acquisitions)	Consensus (Mean)	1,417	1,627	1,673	1,712	1,841	1,979
Capex (excluding acquisitions)	Median		1,653	1,692	1,737	1,839	1,936
Capex (excluding acquisitions)	Lowest		1,193	946	741	1,685	1,811

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.