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

KPI	in CHF mn	FY 2025	FY 2026 E	FY 2027 E	FY 2028 E	FY 2029 E	FY 2030 E
Sales	Number of Estimates		23	23	22	20	19
Sales	Highest		7,331	8,183	9,250	10,625	12,368
Sales	Consensus (Mean)	6,531	7,111	7,968	8,935	10,089	11,350
Sales	Median		7,088	7,930	8,960	10,084	11,353
Sales	Lowest		7,015	7,799	8,575	9,430	10,304
Sales growth (in %)	Number of Estimates		23	23	22	20	19
Sales growth (in %)	Highest		12.2	14.8	14.5	17.9	16.4
Sales growth (in %)	Consensus (Mean)	19.2	8.9	12.1	12.1	12.9	12.4
Sales growth (in %)	Median		8.5	12.0	12.1	12.8	13.0
Sales growth (in %)	Lowest		7.4	10.5	8.3	10.0	9.3
Growth at CER (in %)	Number of Estimates		18	18	17	16	15
Growth at CER (in %)	Highest		12.6	14.8	13.9	15.9	15.3
Growth at CER (in %)	Consensus (Mean)	21.7	11.7	12.2	12.2	13.0	12.5
Growth at CER (in %)	Median		11.7	12.1	12.1	12.9	13.0
Growth at CER (in %)	Lowest		11.0	10.6	9.9	10.0	9.3
CORE EBITDA	Number of Estimates		23	23	22	19	18
CORE EBITDA	Highest		2,355	2,744	3,184	3,798	4,468
CORE EBITDA	Consensus (Mean)	2,064	2,300	2,644	3,035	3,507	4,002
CORE EBITDA	Median		2,299	2,633	3,035	3,496	4,031
CORE EBITDA	Lowest		2,253	2,577	2,842	3,173	3,510
CORE EBITDA margin (in %)	Number of Estimates		23	23	22	19	18
CORE EBITDA margin (in %)	Highest		32.7	34.4	36.1	36.7	37.4
CORE EBITDA margin (in %)	Consensus (Mean)	31.6	32.3	33.2	34.0	34.8	35.2
CORE EBITDA margin (in %)	Median		32.4	33.1	34.0	34.8	35.2
CORE EBITDA margin (in %)	Lowest		32.0	32.3	32.7	33.5	33.9
continuing CORE net income	Number of Estimates		21	22	21	17	16
continuing CORE net income	Highest		1,402	1,616	1,924	2,341	2,827
continuing CORE net income	Consensus (Mean)	1,052	1,254	1,497	1,772	2,113	2,461
continuing CORE net income	Median		1,264	1,504	1,782	2,120	2,461
continuing CORE net income	Lowest		1,136	1,332	1,595	1,874	2,082
continuing CORE EPS diluted (in CHF)	Number of Estimates		21	22	21	17	16
continuing CORE EPS diluted (in CHF)	Highest		19.97	23.23	27.85	33.91	40.95
continuing CORE EPS diluted (in CHF)	Consensus (Mean)	15.03	17.93	21.46	25.40	30.26	35.26
continuing CORE EPS diluted (in CHF)	Median		18.11	21.57	25.66	30.20	35.38
continuing CORE EPS diluted (in CHF)	Lowest		16.17	18.97	22.78	26.69	29.65
continuing EPS reported diluted (in CHF)	Number of Estimates		20	21	20	18	17
continuing EPS reported diluted (in CHF)	Highest		18.20	21.63	25.60	33.11	40.42
continuing EPS reported diluted (in CHF)	Consensus (Mean)	13.00	16.41	19.92	23.79	28.32	33.00
continuing EPS reported diluted (in CHF)	Median		16.36	20.25	24.07	28.90	33.79
continuing EPS reported diluted (in CHF)	Lowest		14.05	16.83	19.86	22.77	25.06
Dividend (in CHF)	Number of Estimates		19	19	19	16	15
Dividend (in CHF)	Highest		6.50	8.00	9.50	11.00	13.00
Dividend (in CHF)	Consensus (Mean)	5.00	5.66	6.55	7.36	8.35	9.39
Dividend (in CHF)	Median		5.50	6.50	7.50	8.75	10.00
Dividend (in CHF)	Lowest		4.91	5.10	5.15	5.20	5.25
Operating Cash Flow incl. discont operations	Number of Estimates		19	20	19	15	15
Operating Cash Flow incl. discont operations	Highest		2,683	2,765	3,140	3,580	4,050
Operating Cash Flow incl. discont operations	Consensus (Mean)	1,156	1,805	2,045	2,336	2,744	3,137
Operating Cash Flow incl. discont operations	Median		1,766	1,974	2,289	2,673	3,021
Operating Cash Flow incl. discont operations	Lowest		1,528	1,795	1,998	2,333	2,569
Capex (excluding acquisitions) incl. discont operations	Number of Estimates		20	20	19	15	15
Capex (excluding acquisitions) incl. discont operations	Highest		1,417	1,498	1,652	1,790	2,009
Capex (excluding acquisitions) incl. discont operations	Consensus (Mean)	1,373	1,332	1,395	1,474	1,606	1,757
Capex (excluding acquisitions) incl. discont operations	Median		1,344	1,414	1,470	1,574	1,752
Capex (excluding acquisitions) incl. discont operations	Lowest		1,202	1,286	1,326	1,441	1,423

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.