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

KPI	in CHF mn	FY 2023	FY 2024 E	FY 2025 E	FY 2026 E	FY 2027 E	FY 2028 E
Sales	Number of Estimates		27	27	26	19	15
Sales	Highest		6,905	8,182	9,284	10,531	11,927
Sales	Consensus (Mean)	6,717	6,647	7,577	8,504	9,625	10,891
Sales	Median		6,656	7,586	8,472	9,495	10,745
Sales	Lowest		6,456	6,768	7,201	8,975	10,147
Sales growth (in %)	Number of Estimates		27	27	26	19	15
Sales growth (in %)	Highest		2.8	20.1	15.2	16.3	15.8
Sales growth (in %)	Consensus (Mean)	7.9	-0.7	14.0	12.0	12.6	12.4
Sales growth (in %)	Median		-0.8	13.8	12.0	12.0	12.0
Sales growth (in %)	Lowest		-3.7	4.7	6.4	10.8	9.4
Growth at CER (in %)	Number of Estimates		13	12	12	11	9
Growth at CER (in %)	Highest		4.0	20.1	13.7	14.0	15.0
Growth at CER (in %)	Consensus (Mean)	10.9	1.0	15.2	11.7	12.3	12.6
Growth at CER (in %)	Median		0.8	14.9	11.8	12.0	12.1
Growth at CER (in %)	Lowest		-0.7	7.9	9.6	10.8	11.5
CORE EBITDA	Number of Estimates		25	25	24	17	13
CORE EBITDA	Highest		2,012	2,430	2,891	3,358	4,027
CORE EBITDA	Consensus (Mean)	1,999	1,853	2,206	2,568	3,040	3,587
CORE EBITDA	Median		1,846	2,198	2,586	3,018	3,553
CORE EBITDA	Lowest		1,743	1,948	2,077	2,786	3,300
CORE EBITDA margin (in %)	Number of Estimates		25	25	24	17	13
CORE EBITDA margin (in %)	Highest		30.1	30.9	31.8	32.7	33.8
CORE EBITDA margin (in %)	Consensus (Mean)	29.8	27.9	29.1	30.3	31.4	32.7
CORE EBITDA margin (in %)	Median		27.8	29.1	30.1	31.4	32.5
CORE EBITDA margin (in %)	Lowest		26.8	27.7	28.3	30.4	31.7
CORE net income	Number of Estimates		22	22	21	13	10
CORE net income	Highest		1,014	1,238	1,509	1,908	2,378
CORE net income	Consensus (Mean)	914	901	1,110	1,355	1,661	1,971
CORE net income	Median		906	1,101	1,379	1,677	1,964
CORE net income	Lowest		813	979	1,188	1,391	1,658
CORE EPS diluted (in CHF)	Number of Estimates		22	22	21	13	10
CORE EPS diluted (in CHF)	Highest		14.07	17.24	21.47	27.07	34.33
CORE EPS diluted (in CHF)	Consensus (Mean)	12.39	12.54	15.62	19.13	23.51	27.98
CORE EPS diluted (in CHF)	Median		12.45	15.33	19.20	23.70	27.58
CORE EPS diluted (in CHF)	Lowest		11.54	14.10	16.92	20.24	24.13
EPS reported diluted (in CHF)	Number of Estimates		22	22	21	12	9
EPS reported diluted (in CHF)	Highest		14.84	17.22	21.60	25.56	29.58
EPS reported diluted (in CHF)	Consensus (Mean)	8.88	12.43	15.42	19.01	23.07	27.19
EPS reported diluted (in CHF)	Median		12.44	15.44	18.78	23.47	27.51
EPS reported diluted (in CHF)	Lowest		9.58	11.86	16.90	20.02	23.91
Dividend (in CHF)	Number of Estimates		26	25	22	12	11
Dividend (in CHF)	Highest		5.30	6.63	8.50	9.31	11.39
Dividend (in CHF)	Consensus (Mean)	4.00	4.54	5.30	6.37	7.53	9.21
Dividend (in CHF)	Median		4.60	5.50	6.65	8.15	10.00
Dividend (in CHF)	Lowest		3.70	3.80	4.00	4.25	5.00
Operating Cash Flow	Number of Estimates		20	20	18	11	10
Operating Cash Flow	Highest		1,671	1,962	2,377	2,636	3,119
Operating Cash Flow	Consensus (Mean)	1,385	1,502	1,623	2,004	2,381	2,759
Operating Cash Flow	Median		1,501	1,643	2,009	2,370	2,801
Operating Cash Flow	Lowest		1,249	806	1,713	2,093	2,460
Capex (excluding acquisitions)	Number of Estimates		23	23	22	17	14
Capex (excluding acquisitions)	Highest		1,855	2,115	2,062	1,981	1,948
Capex (excluding acquisitions)	Consensus (Mean)	1,682	1,605	1,601	1,621	1,746	1,830
Capex (excluding acquisitions)	Median		1,658	1,550	1,612	1,792	1,845
Capex (excluding acquisitions)	Lowest		917	833	858	1,346	1,522

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.