Lonza Group Ag · SIX:LONN
Lonza — H1 2026 Earnings Presentation
33 slides from Lonza's earnings presentation, Jul 22, 2026
Slide 1: Half-Year Results 2026
Half-Year Results 2026 Dr. Wolfgang Wienand – Chief Executive Officer Philippe Deecke – Chief Financial Officer 22 July 2026
Slide 2: Disclaimer
Disclaimer Lonza Group Ltd has its headquarters in Basel, Switzerland, and is listed on the SIX Swiss Exchange. It has a secondary listing on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Lonza Group Ltd is not subject to the SGX-ST’s continuing listing requirements but remains subje
Slide 3: Agenda
Agenda 1 2 3 4 5 Half-Year 2026 Business Overview Outlook 2026 Q&A Performance Platforms 3
Slide 4: Strong performance across all Business Platforms with upgraded Full-Year 2026 margin outlook
Strong performance across all Business Platforms with upgraded Full-Year 2026 margin outlook Sales of CHF 3.4 billion with CER1 sales growth of +16.0% CORE EBITDA margin significantly expanded by +4.4ppts to 34.8%, resulting in CORE EBITDA of CHF 1.2 billion FCF2 improved further to CHF 0.4 billion
Slide 5: Agenda
Agenda 1 2 3 4 5 Half-Year 2026 Business Overview Outlook 2026 Q&A Performance Platforms 5
Slide 6: Strong business and operational performance in H1 2026
Strong business and operational performance in H1 2026 Broad-based sales momentum in H1 2026 with all Business Platforms delivering double-digit CER growth – return to growth in Specialized Modalities Organizational focus on quality, operational execution, productivity measures, cost discipline and
Slide 7: Lonza makes good progress on key growth projects – and adds two new ADC-related growth investments
Lonza makes good progress on key growth projects – and adds two new ADC-related growth investments Existing major growth projects NEW major growth projects Commercial Large-scale aseptic Commercial 2nd commercial ADC Large-scale mammalian bioconjugation fill & finish HPAPI1 aseptic fill & finish lin
Slide 8: Lonza successfully completed its transformation to a pure-play CDMO
Lonza successfully completed its transformation to a pure-play CDMO Integrated Biologics Advanced Synthesis Specialized Modalities Capsules & Health Ingredients Combining leading hybrid Advancing best-in-class Pioneering and scaling cutting- Proprietary technologies and solutions from chemistry and
Slide 9: Lonza's CDMO Capital Allocation Framework ensures a disciplined approach to capital expenditures and expected returns
Lonza’s CDMO Capital Allocation Framework ensures a disciplined approach to capital expenditures and expected returns Lonza CDMO Capital Allocation Framework Disciplined capital allocation Focus on markets with sustainable growth where the Cash from operating activities pre-CapEx - CDMO business mod
Slide 10: Lonza's business model combines sustained growth drivers with high resilience
Lonza’s business model combines sustained growth drivers with high resilience Mammalian supply-demand1 Top 20 Pharma2 CapEx Lonza revenue split3 [Capacity utilization in %] [CapEx as % of sales] [% of FY 2025 sales] 5.1% 5.0% 4.8% Small- and 4.6% medium- 45% sized pharma 55% 2025 2030 2015 2020 2025
Slide 11: Agenda
Agenda 1 2 3 4 5 Half-Year 2026 Business Overview Outlook 2026 Q&A Performance Platforms 11
Slide 12: Strong H1-weighted 2026 growth and margin performance
Strong H1-weighted 2026 growth and margin performance Financial performance summary AER1,2 H1 2026 H1 2025 in CHF million (restated) Strong H1-weighted sales momentum with +16.0% CER sales Sales 3,374 3,034 growth CER3 growth +16.0% +23.4%4 Higher sales growth from lower AER2 growth +11.2% +21.6%4 b
Slide 13: Double-digit CER sales growth across all three Business Platforms
Double-digit CER sales growth across all three Business Platforms CER growth by Business Platform +10.0% +27.7% +22.6% +15.4% +16.0% in % 3,374 Double-digit CER sales growth in all three Business Platforms 3,034 Exceptional H1 growth in ADS1, partly driven by a lower prior year base and an H1-weight
Slide 14: Productivity efforts, maturing growth projects and H1-weighted phasing drive CORE EBITDA margin to 34.8%
Productivity efforts, maturing growth projects and H1-weighted phasing drive CORE EBITDA margin to 34.8% Change in CORE EBITDA 30.4% +0.0ppts +6.8ppts +10.7ppts NM 34.8% margin by Business Platform, in ppts Strong margin uplift of +4.4ppts to 1,175 34.8% in H1 2026, including positive phasing 922 No
Slide 15: Material improvement in FCF reaching CHF 0.4bn in first half
Material improvement in FCF reaching CHF 0.4bn in first half Operational Free Cash Flow (FCF)1 In CHF million Change vs. H1 2026 H1 2025 H1 2025 Strong improvement in FCF EBITDA 1,152 +31% 877 driven by higher absolute Change in Trade Working earnings and lower CapEx spend -355 +135% -151 Capital (T
Slide 16: Continued growth project progress across technologies in H1 2026
Continued growth project progress across technologies in H1 2026 | Comprehensive pipeline of CapEx projects to drive future growth H1 2026 CapEx spending [in %] Around 60% of CapEx invested 530 CHF m - 15.7% of sales into a diversified portfolio with Number of Lonza CapEx projects [By stage] large p
Slide 17: Agenda
Agenda 1 2 3 4 5 Half-Year 2026 Business Overview Outlook 2026 Q&A Performance Platforms 17
Slide 18: Integrated Biologics | Healthy momentum in Mammalian and Drug Product
Integrated Biologics | Healthy momentum in Mammalian and Drug Product Healthy momentum from maturing growth projects in Mammalian 1,870m +10.0%1 and Drug Product Sales Robust performance of base business as additional growth driver (CHF) Vacaville with H1-weighted sales phasing, FY 2026 sales expect
Slide 19: Advanced Synthesis | Exceptional margin level paired with strong H1-weighted growth
Advanced Synthesis | Exceptional margin level paired with strong H1-weighted growth 834m +27.7%1 Exceptional growth across both Technology Platforms2 driven by Sales increased asset utilization, favorable product mix and lower prior (CHF) year base, mainly in Bioconjugation 401m H1-weighted sales gr
Slide 20: Specialized Modalities | Healthy growth momentum with material margin improvement
Specialized Modalities | Healthy growth momentum with material margin improvement 553m +22.6%1 Return to strong CER sales growth of +22.6% Sales Exceptional growth in Microbial from a low prior year base with the (CHF) asset successfully adapted last year now contributing to growth; further support
Slide 21: Agenda
Agenda 1 2 3 4 5 Half-Year 2026 Business Overview Outlook 2026 Q&A Performance Platforms 21
Slide 22: The Lonza Engine continues to drive profitable growth – in 2026 and beyond
The Lonza Engine® continues to drive profitable growth – in 2026 and beyond Lonza Engine® Investments in growth Mid-to-high teens CapEx in % of sales: CDMO1 organic2 growth +2-3% - Invest mid-to-high single-digit % of sales in ahead of market at 8–10% maintenance, infrastructure, systems - Invest lo
Slide 23: Lonza is well on track to deliver another strong full year in 2026
Lonza is well on track to deliver another strong full year in 2026 Strong H1 2026 with 16.0% CER1 sales growth, a high CORE EBITDA margin of 34.8% and a material improvement in FCF2 Organizational focus on quality, operational execution, productivity measures, cost discipline and cash generation sho
Slide 24: Join us in Vacaville for our Capital Markets Day 2026
Join us in Vacaville for our Capital Markets Day 2026 Chairman dinner (Tuesday, 13 October) Wednesday, 14 October, 09:00 PDT | 18:00 CET Strategic perspective on Lonza and its role in the healthcare ecosystem CEO session The One Lonza journey: From strategy to execution CFO session Financial discipl
Slide 25: Agenda
Agenda 1 2 3 4 5 Half-Year 2026 Business Overview Outlook 2026 Q&A Performance Platforms 25
Slide 26: Questions?
Questions? Business Use Only
Slide 27: Event Calendar and Contacts
Event Calendar and Contacts Upcoming roadshows/conferences 23 July 2026 UBS, Zurich (CH) 24 July 2026 BNP, London (UK) Investor inquiries: 27 July 2026 William Blair, Boston (US) Daniel Buchta 28 July 2026 Bank of America, New York (US) Head of Investor Relations 29 July 2026 RBC, Toronto (CA) 30 Ju
Slide 28: Appendices
Appendices Business Use Only 28
Slide 29: Additional Lonza financial information for Full-Year 2026
Additional Lonza1 financial information for Full-Year 2026 FX Impact2 Around -2 to -3% for sales growth, margins only minimally impacted CER sales growth and CORE EBITDA margin expected to be Phasing 2026 notably higher in H1 than in H2 CapEx In the middle of mid-to-high-teens as % of sales Effectiv
Slide 30: Capsules & Health Ingredients | Continued robust momentum in H1 2026
Capsules & Health Ingredients1 | Continued robust momentum in H1 2026 541m +6.3%² Robust momentum with +6.3% CER sales growth Sales Healthy demand for pharma and nutra capsules, further (CHF) accelerated by strong momentum in health ingredients and finished drug product 145m +5.8% CORE EBITDA margin
Slide 31: Half-Year 2026 financial highlights (1/2)
Half-Year 2026 financial highlights (1/2) CHF million H1 20261 H1 20251 YoY (in %) Sales 3,374 3,034 11.2 CORE EBITDA 1,175 922 27.4 Margin in % 34.8 30.4 4.4ppts EBITDA 1,152 877 31.4 Margin in % 34.1 28.9 5.2ppts EBIT 789 573 37.7 Margin in % 23.4 18.9 4.5ppts ROIC in % 13.2 10.5 2.7ppts Net Finan
Slide 32: Half-Year 2026 financial highlights (2/2)
Half-Year 2026 financial highlights (2/2) CHF million H1 20261 H1 20251 YoY (in %) CORE EPS basic (CHF) 8.63 6.44 34.0 EPS Basic (CHF) 8.18 5.68 44.0 CORE EPS Diluted (CHF) 8.61 6.43 33.9 EPS Diluted (CHF) 8.16 5.67 43.9 Change of Net Working Capital -351 -393 n/a Capital Expenditures 530 642 -17.4
Slide 33: Strong earnings growth driving further ROIC uplift
Strong earnings growth driving further ROIC uplift ROIC1 in m CHF Change vs. H1 2026 H1 2025 H1 2025 Strong earnings growth as ROIC driver Net Operating Profit before taxes 814 198 616 Taxes -156 -39 -117 Higher Invested Capital from in % of Net Op. Profit before taxes 19.2% -0.2ppts 19.0% growth in