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			3,646	4,241
Sales	Consensus (Mean)	3,057	3,517	3,510	4,095
Sales	Median			3,527	4,121
Sales	Lowest			3,230	3,928
Sales growth (in %)	Number of Estimates			11	11
Sales growth (in %)	Highest			19.3	20.6
Sales growth (in %)	Consensus (Mean)	-0.7	-3.4	14.8	16.4
Sales growth (in %)	Median			15.4	17.2
Sales growth (in %)	Lowest			5.7	11.7
Growth at CER (in %)	Number of Estimates			8	8
Growth at CER (in %)	Highest			23.2	23.6
Growth at CER (in %)	Consensus (Mean)	1.8	-1.8	16.1	18.3
Growth at CER (in %)	Median			16.3	18.0
Growth at CER (in %)	Lowest			6.7	13.8
CORE EBITDA	Number of Estimates			11	11
CORE EBITDA	Highest			1,101	1,231
CORE EBITDA	Consensus (Mean)	893	1,015	997	1,188
CORE EBITDA	Median			999	1,186
CORE EBITDA	Lowest			884	1,161
CORE EBITDA margin (in %)	Number of Estimates			11	11
CORE EBITDA margin (in %)	Highest			30.2	30.0
CORE EBITDA margin (in %)	Consensus (Mean)	29.2	28.9	28.4	29.0
CORE EBITDA margin (in %)	Median			28.2	29.1
CORE EBITDA margin (in %)	Lowest			27.4	28.1
CORE net income	Number of Estimates			7	7
CORE net income	Highest			556	691
CORE net income	Consensus (Mean)	502	569	499	634
CORE net income	Median			484	625
CORE net income	Lowest			452	599
CORE EPS diluted (in CHF)	Number of Estimates			8	8
CORE EPS diluted (in CHF)	Highest			7.80	9.68
CORE EPS diluted (in CHF)	Consensus (Mean)	7.02	-	7.05	8.96
CORE EPS diluted (in CHF)	Median			6.90	8.94
CORE EPS diluted (in CHF)	Lowest			6.34	8.47
EPS reported diluted (in CHF)	Number of Estimates			7	7
EPS reported diluted (in CHF)	Highest			6.93	8.71
EPS reported diluted (in CHF)	Consensus (Mean)	4.61	-	6.24	8.15
EPS reported diluted (in CHF)	Median			6.30	8.04
EPS reported diluted (in CHF)	Lowest			5.19	7.63
Operating Cash Flow	Number of Estimates			3	3
Operating Cash Flow	Highest			1,065	979
Operating Cash Flow	Consensus (Mean)	505	769	795	921
Operating Cash Flow	Median			749	952
Operating Cash Flow	Lowest			572	831
Capex (excluding acquisitions)	Number of Estimates			3	3
Capex (excluding acquisitions)	Highest			800	930
Capex (excluding acquisitions)	Consensus (Mean)	622	795	772	878
Capex (excluding acquisitions)	Median			770	900
Capex (excluding acquisitions)	Lowest			747	805

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.