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		22	22	21	18	17
Sales	Highest		7,202	8,194	9,719	10,767	12,095
Sales	Consensus (Mean)	6,531	7,127	7,956	8,939	10,088	11,361
Sales	Median		7,128	7,947	8,925	10,107	11,409
Sales	Lowest		7,055	7,760	8,448	9,346	10,286
Sales growth (in %)	Number of Estimates		22	22	21	18	17
Sales growth (in %)	Highest		10.3	13.9	18.6	16.0	15.7
Sales growth (in %)	Consensus (Mean)	19.2	9.1	11.6	12.3	12.7	12.4
Sales growth (in %)	Median		9.1	11.5	12.2	12.7	12.8
Sales growth (in %)	Lowest		8.0	8.7	8.2	9.9	9.2
Growth at CER (in %)	Number of Estimates		19	19	18	16	15
Growth at CER (in %)	Highest		12.4	12.8	18.6	16.0	15.7
Growth at CER (in %)	Consensus (Mean)	21.7	11.7	11.4	12.3	12.7	12.4
Growth at CER (in %)	Median		11.7	11.4	12.2	12.5	12.5
Growth at CER (in %)	Lowest		10.5	8.7	8.9	9.9	9.2
CORE EBITDA	Number of Estimates		22	22	21	17	16
CORE EBITDA	Highest		2,463	2,849	3,318	3,814	4,380
CORE EBITDA	Consensus (Mean)	2,064	2,397	2,717	3,097	3,551	4,066
CORE EBITDA	Median		2,397	2,708	3,074	3,558	4,106
CORE EBITDA	Lowest		2,358	2,632	2,857	3,135	3,531
CORE EBITDA margin (in %)	Number of Estimates		22	22	21	17	16
CORE EBITDA margin (in %)	Highest		34.3	35.4	36.3	36.8	37.5
CORE EBITDA margin (in %)	Consensus (Mean)	31.6	33.6	34.1	34.6	35.2	35.7
CORE EBITDA margin (in %)	Median		33.6	34.0	34.5	35.0	35.5
CORE EBITDA margin (in %)	Lowest		33.2	33.1	33.0	33.5	34.3
continuing CORE net income	Number of Estimates		19	20	19	15	14
continuing CORE net income	Highest		1,350	1,655	1,988	2,338	2,742
continuing CORE net income	Consensus (Mean)	1,052	1,288	1,537	1,805	2,129	2,492
continuing CORE net income	Median		1,278	1,530	1,791	2,121	2,541
continuing CORE net income	Lowest		1,217	1,450	1,645	1,893	2,145
continuing CORE EPS diluted (in CHF)	Number of Estimates		19	20	19	15	14
continuing CORE EPS diluted (in CHF)	Highest		19.55	24.59	29.53	34.74	40.50
continuing CORE EPS diluted (in CHF)	Consensus (Mean)	15.03	18.41	22.07	25.96	30.66	35.92
continuing CORE EPS diluted (in CHF)	Median		18.27	21.89	25.74	30.21	36.60
continuing CORE EPS diluted (in CHF)	Lowest		17.16	20.66	23.81	27.39	31.04
continuing EPS reported diluted (in CHF)	Number of Estimates		18	19	18	16	15
continuing EPS reported diluted (in CHF)	Highest		18.32	22.32	27.17	31.98	39.23
continuing EPS reported diluted (in CHF)	Consensus (Mean)	13.00	17.20	20.53	24.21	28.53	33.42
continuing EPS reported diluted (in CHF)	Median		17.24	20.71	24.23	29.11	34.49
continuing EPS reported diluted (in CHF)	Lowest		15.85	18.38	20.42	22.45	25.81
Dividend (in CHF)	Number of Estimates		19	19	18	15	14
Dividend (in CHF)	Highest		6.91	8.00	9.50	11.04	12.98
Dividend (in CHF)	Consensus (Mean)	5.00	5.70	6.58	7.58	8.67	9.81
Dividend (in CHF)	Median		5.86	7.00	8.00	9.00	10.00
Dividend (in CHF)	Lowest		4.80	5.00	5.15	5.20	5.25
Operating Cash Flow incl. discont operations	Number of Estimates		16	17	16	13	13
Operating Cash Flow incl. discont operations	Highest		1,995	2,541	2,903	3,404	3,945
Operating Cash Flow incl. discont operations	Consensus (Mean)	1,156	1,751	2,040	2,298	2,687	3,085
Operating Cash Flow incl. discont operations	Median		1,771	1,993	2,246	2,671	3,021
Operating Cash Flow incl. discont operations	Lowest		1,472	1,803	1,971	2,249	2,486
Capex (excluding acquisitions) incl. discont operations	Number of Estimates		19	20	19	15	15
Capex (excluding acquisitions) incl. discont operations	Highest		1,443	1,676	1,797	1,790	2,060
Capex (excluding acquisitions) incl. discont operations	Consensus (Mean)	1,373	1,263	1,424	1,484	1,596	1,740
Capex (excluding acquisitions) incl. discont operations	Median		1,232	1,429	1,502	1,603	1,731
Capex (excluding acquisitions) incl. discont operations	Lowest		1,139	1,205	1,205	1,205	1,205

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.