Lonza Group Ag · SIX:LONN
Lonza — FY2025 Earnings Presentation
44 slides from Lonza's earnings presentation, Jan 28, 2026
Slide 1: Full-Year Results 2025
Full-Year Results 2025 Dr. Wolfgang Wienand – Chief Executive Officer Philippe Deecke – Chief Financial Officer Zurich, 28 January 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 Full-Year 2025 Full-Year 2025 One Lonza Outlook 2026 Q&A Performance Business Platforms 3
Slide 4: In the first year of the One Lonza strategy, we have delivered strong profitable growth
In the first year of the One Lonza strategy, we have delivered strong profitable growth and progressed well on our transformation journey Sales of CHF 6.5 billion with 21.7% CER 1 sales growth and CORE EBITDA of CHF 2.1 billion at 31.6% margin (+1.4ppts)2 – ahead of upgraded Outlook Low-teens CER sa
Slide 5: One Lonza
One Lonza Business Use Only 5
Slide 6: Our Vision
Our Vision We are the pioneer and world leader in the CDMO industry, setting the pace with cutting-edge science, smart technology and lean manufacturing Business Use Only 6
Slide 7: The five building blocks of the unique Lonza Engine
The five building blocks of the unique Lonza Engine® Leading scientific, technological, digital ecosystem Unparalleled customer partnerships End-to-end execution excellence Cutting-edge in chemistry, Based on trust, capabilities, scale, delivery Unique development, biology, process performance manuf
Slide 8: Creating long-term value | The Lonza Engine in action
Creating long-term value | The Lonza Engine® in action Leading scientific, technological, digital ecosystem Unparalleled customer partnerships End-to-end execution excellence Market-leading Improvement (since 2024) Increase in integrated programs Biologics Net Promoter in mammalian >100 2,000+ Score
Slide 9: The Lonza Engine enables us to outgrow our attractive underlying markets
The Lonza Engine® enables us to outgrow our attractive underlying markets + Pharma market growth 6–7% Non-cyclical pharma market volume growth Continued pharma and biotech outsourcing of + Increase in outsourcing 1–2% drug manufacturing Focus on attractive segments of the CDMO + Active market select
Slide 10: The pharmaceutical market is growing | Lonza operates in the most attractive segments
The pharmaceutical market is growing | By design, Lonza operates in the most attractive segments with access to >90% of the innovative clinical pipeline Pharma Market Clinical Pipeline USD 1.2 trillion 7,400 molecules 7% CAGR (‘25–’30) 9% CAGR (‘20–’25) Lonza Technology Platforms Mammalian Microbial
Slide 11: Outsourcing is a strategic imperative for large and small pharma companies
Outsourcing is – and will remain – a strategic imperative for large and small pharma companies to enable efficient global supply Top 20 Pharma1 CapEx [USDbn] Share of global clinical pipeline by company size [# molecules] Overall, the strong economic rationale to 50 3% outsource to CDMOs is unchange
Slide 12: Increasing regionalization favors Lonza with its strong global presence
Increasing regionalization favors Lonza with its strong global presence Global biologics volume demand1 Lonza ready for supply chain regionalization USA Europe Asia/RoW Sizeable manufacturing presence across three main Lonza manufacturing network2 demand regions Vacaville, CA Slough, UK Nansha, CN L
Slide 13: Lonza's growing global asset footprint and technology breadth enable a diversified portfolio
Lonza’s ever growing global asset footprint and technology breadth enable an ever growing, well-diversified portfolio with low volatility over time Industry-leading pipeline Lonza pipeline Customer Mix1 across all phases of drug >1,000 molecules development Large Pre-clinical & Phase I Small 99% mol
Slide 14: Full-Year 2025 Performance
Full-Year 2025 Performance Business Use Only 14
Slide 15: In 2025, Lonza delivered strong growth driven by sustained high demand
In 2025, Lonza delivered strong growth driven by sustained high demand across technologies | High level of commercial contracting Business highlights Robust sales momentum in Mammalian, Small Molecules, Bioconjugates, Drug Product and Bioscience Technology Platforms, among others driven by: - Strong
Slide 16: Lonza continued to invest in future growth across technologies
In 2025, Lonza continued to invest in future growth across technologies | Strong track record to build, operate and deliver around the world Global network and ongoing expansion 23 large ongoing CapEx projects1 3 growth projects 1 growth project CHF 7 billion Cumulative investment 90% In commercial
Slide 17: Ongoing growth investments are creating the broadest offering at scale
Lonza’s ongoing growth investments are creating the broadest offering at scale in the global CDMO industry | Selected highlights Commercial Large-scale aseptic Type 1 diabetes Large-scale mammalian bioconjugation fill & finish cell therapy (Visp, CH) (Visp, CH) (Stein, CH) (Portsmouth, US) - Large C
Slide 18: Acquisition of Genentech facility in 2024
Acquisition of Genentech facility in 2024 | A great fit to Lonza coming at a great point in time, creating the largest US CDMO mammalian network in one go Strong and stable local team, reinforced by Lonza Large-scale mammalian leaders / experts from global network (Vacaville, US) High-quality assets
Slide 19: Financial Performance 2025
Financial Performance 2025 Business Use Only 19
Slide 20: Strong 2025 financial performance
Strong 2025 financial performance Strong H1 momentum maintained Financial performance summary AER 1,2 H2 2025 FY 2025 in H2 in CHF million Sales 3,500 6,531 Dynamic sales progression from organic growth and Vacaville CER3 growth +20.4% +21.7% acquisition impact AER2 growth +17.3% +19.2% CORE EBITDA
Slide 21: 2025 with exceptional top-line performance in Advanced Synthesis
2025 with exceptional top-line performance in Advanced Synthesis CER growth by Business Platform +32.2%1 +22.4% -3.0% NM2 +21.7% in % Strong organic sales growth in ADS4 +19.2%3 driven by rapid ramp-up of multiple 6,531 growth projects -65 622 288 Vacaville with around CHF 0.6bn 766 5,480 sales cont
Slide 22: CORE EBITDA margin up 1.4ppts driven by growth projects maturing and operating leverage
CORE EBITDA margin up 1.4ppts driven by growth projects maturing and operating leverage Change in CORE EBITDA 30.2% -0.9ppts +5.2ppts -0.5ppts NM 31.6% margin by Business Platform, in ppts Positive operating leverage, 2,064 maturing growth projects and -16 -5 190 operational excellence as margin dri
Slide 23: Continued growth project progress across technologies in 2025 | CapEx intensity gradually reducing
Continued growth project progress across technologies in 2025 | CapEx intensity gradually reducing Around 60% of CapEx invested into a diversified portfolio of growth 2025 CapEx spending [in %] Lonza CapEx evolution over time projects across technologies in % of sales 1,277 CHF m - 19.6% of sales Ke
Slide 24: Strong FCF generation reaching 28% of sales before growth CapEx
Strong FCF generation reaching 28% of sales before growth CapEx1 Operational Free Cash Flow (FCF)1 In CHF million Change vs. FY FY 2025 2024 EBITDA 1,970 518 Strong improvement in FCF driven Change in Trade Working Capital (TWC)2 -223 -73 by higher absolute earnings level and gradual CapEx intensity
Slide 25: Lonza's CDMO Capital Allocation Framework
Lonza’s CDMO Capital Allocation Framework ensures a disciplined approach to capital expenditure 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 mode
Slide 26: Proposed dividend increase of 25% to CHF 5.00 per share
Proposed dividend increase of 25% to CHF 5.00 per share reflecting the strong performance Dividend per share1 5.00 in CHF 4.00 4.00 Proposed dividend increase to CHF 3.50 5.00 reflects 25% increase 3.00 3.00 2.75 2.75 Aligned with our capital allocation 2.50 2.50 framework 2.15 Progressive2 dividend
Slide 27: ESG performance | Strong progress in 2025
ESG performance | Strong progress in 2025, with several 2030 intensity targets already achieved GHG emissions intensity reduction2,3 Waste intensity reduction2,3 Achieved GHG and waste intensity targets ahead of vs 2018 base year vs 2018 base year schedule1 As of January 2026, 100% of electricity pu
Slide 28: Full-Year 2025 Business Platforms
Full-Year 2025 Business Platforms Business Use Only 28
Slide 29: Integrated Biologics | Robust sales and margins
Integrated Biologics | Robust sales and margins driven by strong demand and operational execution 3,649m +32.2%1 Robust commercial demand driving momentum in Mammalian Sales (CHF) Good contributions from commercial and clinical small-scale Mammalian business, supported by maturing growth projects 1,
Slide 30: Advanced Synthesis | Exceptional profitable growth
Advanced Synthesis | Exceptional profitable growth driven by maturing growth projects 1,611m +22.4%1 Exceptional sales growth driven by rapid simultaneous ramp-up of Sales recently added growth projects in Small Molecules and (CHF) Bioconjugates 674m Bioconjugates benefitted from robust late-stage p
Slide 31: Specialized Modalities | Improved momentum in H2 2025
Specialized Modalities | Improved momentum in H2 2025 with margins largely protected Pipeline variability and softer operational performance weighing on 1,034m -3.0%1 performance in CG2 Sales Microbial with healthy H2 growth following successful plant (CHF) adaptation, partly offset by phasing into
Slide 32: Outlook 2026
Outlook 2026 Business Use Only 32
Slide 33: 2026 will become a year of continued strong growth and organizational progress
2026 will become a year of continued strong growth and organizational progress as One Lonza Business outlook for 20261 Key priorities for 2026 Sales growth driven by unchanged high demand for Customers: Further elevate the One Lonza outsourcing plus maturing growth projects – stronger CER2 experienc
Slide 34: The Lonza Engine and disciplined investments will drive continued profitable growth
The Lonza Engine and disciplined investments will drive continued 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, infrastr
Slide 35: Lonza has delivered in 2025 and is well prepared for 2026 and beyond
Lonza has delivered in 2025 – and is well prepared for the ongoing journey of transformation and growth in 2026 and beyond We have delivered a Full-Year 2025 with strong profitable growth – ahead of the upgraded CDMO guidance We have made progress as promised and are set up for success – consistent
Slide 36: Questions?
Questions? Business Use Only
Slide 37: Event Calendar and Contacts
Event Calendar and Contacts Upcoming roadshows/conferences 29 January 2026 ZKB, Zurich (CH) Investor inquiries: 30 January 2026 Redburn, London (UK) 2-3 February 2026 UBS, New York (US) Daniel Buchta 4 February 2026 Goldman Sachs, Chicago (US) Head of Investor Relations 5 February 2026 Jefferies, Bo
Slide 38: Appendices
Appendices Business Use Only 38
Slide 39: Additional Lonza financial information for Full-Year 2026
Additional Lonza1 financial information for Full-Year 2026 FX Impact2 Around -2% for sales and CORE EBITDA Phasing 2026 CER sales growth expected to be stronger in H1 than in H2 CapEx High-teens as % of sales Effective tax rate 18 to 20% Net financial result CHF -140 to -160 million Number of shares
Slide 40: Capsules & Health Ingredients | Regaining momentum with a strong H2 2025
Capsules & Health Ingredients1 | Regaining momentum with a strong H2 2025 1,047m +3.9%2,3 Return to positive CER growth, both in nutra and in pharma Sales capsules across geographies, with +8% CER growth in H2 (CHF) CORE EBITDA margin benefiting from recovery in volumes and productivity measures 271
Slide 41: Capsules & Health Ingredients sales and CORE EBITDA margin reconciliation
Capsules & Health Ingredients sales and CORE EBITDA margin reconciliation Sales (in CHFm) CORE EBITDA (in CHFm) CER growth 3.9% +0.5ppts 4.4% CORE EBITDA 24.3% +1.6ppts 25.9% -1.2ppts 24.7% in % margin in % Transfer of a site from Advanced Synthesis adding to growth 271 270 momentum in CHI1 1,092 He
Slide 42: Full-Year 2025 financial highlights (1/2)
Full-Year 2025 financial highlights (1/2) CHF million FY 20251 FY 20241 YoY (in %) Sales 6,531 5,480 19.2 CORE EBITDA 2,064 1,653 24.9 Margin in % 31.6 30.2 1.4ppts EBITDA 1,970 1,452 35.7 Margin in % 30.2 26.5 3.7ppts EBIT 1,239 908 36.5 Margin in % 19.0 16.6 2.4ppts ROIC in % 11.9 10.9 1.0ppts Net
Slide 43: Full-Year 2025 financial highlights (2/2)
Full-Year 2025 financial highlights (2/2) CHF million FY 20251 FY 20241 YoY (in %) CORE EPS basic (CHF) 15.08 13.12 14.9 EPS Basic (CHF) 13.04 8.51 53.2 CORE EPS Diluted (CHF) 15.03 13.10 14.7 EPS Diluted (CHF) 13.00 8.49 53.1 Change of Net Working Capital -775 -282 n/a Capital Expenditures 1,277 1,
Slide 44: ROIC increase driven by strong earnings growth
ROIC increase driven by strong earnings growth ROIC1 in m CHF FY 2025 YoY change FY 2024 Strong earnings growth as ROIC driver Net Operating Profit before taxes 1,387 233 1,154 Higher Invested Capital from Taxes -241 -68 -173 growth in NWC and CapEx in % of Net Op. Profit before taxes 17.4% 2.4ppts