Slide 1: Half-Year Results 2025
Half-Year Results 2025 Wolfgang Wienand – Chief Executive Officer Philippe Deecke – Chief Financial Officer 23 July 2025
Slide 2: Disclaimer
Disclaimer Lonza Group Ltd has its headquarters in Basel, Switzerland, and is difficulty to maintain relationships with employees, customers and other listed on the SIX Swiss Exchange. It has a secondary listing on the business partners; and changes in the political, social and regulatory Singapore
Slide 3: Agenda
Agenda 1 2 3 4 5 Half-Year 2025 Half-Year 2025 Overview Outlook 2025 Q&A Financials Business Platforms 3
Slide 4: Agenda
Agenda 1 2 3 4 5 Half-Year 2025 Half-Year 2025 Overview Outlook 2025 Q&A Financials Business Platforms 4
Slide 5: Underpinned by a strong H1 2025, One Lonza expects to deliver a strong FY 2025
Underpinned by a strong H1 2025, One Lonza expects to deliver a strong FY 2025 performance ahead of plan Group sales of CHF 3.6 billion with 19.0% CER sales growth Group CORE EBITDA of CHF 1.1 billion at a margin of 29.6% (+0.4ppts) Continued investments into growth with overall CapEx at 19% of sale
Slide 6: Our CDMO business continues to see strong momentum
Our CDMO business continues to see strong momentum Highlights - H1 2025 sales growth driven by Mammalian, Bioconjugates, and Small Molecules – Bioscience returning to healthy growth - Sustained commercial contracting across technologies – including a new long-term strategic contract for integrated s
Slide 7: Lonza is successful with big pharma and small biotech companies
Lonza is successful with big pharma and small biotech companies – majority of CDMO business from derisked late-stage and commercial products H1 CDMO sales split by customer size Diversified sales mix Small pharma/ biotechs - High sales visibility from large share of molecules in 35% Phase 2 to comme
Slide 8: We continue to drive our ambitious CapEx program
We continue to drive our ambitious CapEx program to unlock long-term profitable growth across technologies H1 2025 project portfolio CapEx breakdown by Business Platform in % in CHF million 91 28 224 36% - 64% of CapEx into a diversified 672 portfolio of growth projects 147 64% across technologies 1
Slide 9: Our key CapEx projects are progressing well
Our key CapEx projects are progressing well and start to contribute to growth Large-scale Highly potent API1 Commercial aseptic Vacaville mammalian facility facility DP2 facility (US) Visp (CH) Visp (CH) Stein (CH) Ramp-up according First phase of CapEx Successful Operations expected to plan, full u
Slide 10: One Lonza - Our new and easy-to-scale operating model
One Lonza - Our new and easy-to-scale operating model with three new Business Platforms successfully went live as of April 2025 Lonza Engine Integrated Biologics1 Advanced Synthesis Specialized Modalities Team & organization Mammalian Small Molecules Cell & Gene Technologies2 Sci & tech ecosystem Dr
Slide 11: Preparations for the exit of our Capsules & Health Ingredients business
Preparations for the exit of our Capsules & Health Ingredients business are well on track Exit preparations - External advisors mandated in Q1 2025 - Good progress on carve-out preparations: - Ongoing creation of standalone legal structure - Lean target operating model design and implementation - Se
Slide 12: Agenda
Agenda 1 2 3 4 5 Half-Year 2025 Half-Year 2025 Overview Outlook 2025 Q&A Financials Business Platforms 12
Slide 13: Strong H1 2025 financial performance driven by CDMO business
Strong H1 2025 financial performance driven by CDMO business Financial performance - Commercial and Vacaville H1 2025 H1 2024 H1 2025 H1 2024 summary Group Group CDMO CDMO demand driving CDMO sales in CHF million growth Sales 3,576 3,057 3,053 2,517 - Good growth in small-scale CDMO business CER2 gr
Slide 14: In H1 2025, INB and ADS were drivers of strong CDMO growth
In H1 2025, INB1 and ADS2 were drivers of strong CDMO growth CER growth by Business Platform +39.3% +18.3% -9.2% +0.6% +23.1% in % 3,053 - Strong sales growth in INB and ADS driven by commercial demand, growth project execution 2,517 - H1-weighted Vacaville sales - SPM3 sales impacted by strong base
Slide 15: Operational execution and maturing growth projects led to attractive CDMO margins
Operational execution and maturing growth projects led to attractive CDMO margins in H1 2025 Change in Core 30.2% +0.5ppts +6.9ppts -6.1ppts n/m 30.2% EBITDA - Good operational execution margin by and maturing growth projects Business Platform, 922 in ppts - Robust organic margin progression from di
Slide 16: FCF generation reflects healthy business growth momentum in H1 2025
FCF generation reflects healthy business growth momentum in H1 2025 Group Operational Free Cash Flow (FCF) in CHF million Change vs. H1 2025 H1 2024 H1 2024 - FCF generation versus H1 2024 reflects EBITDA 1,006 144 862 return to growth Change of net working -415 -139 -276 capital (NWC) - Growth rela
Slide 17: H1 2025 experienced higher currency volatility – but margin protected
H1 2025 experienced higher currency volatility – but margin protected USD/CHF currency rate development 0.96 0.91 0.88 0.91 - Lonza generates 2/3 of its sales in foreign 0.86 0.79 currencies of which USD represents the largest 0.81 part, followed by EUR 0.76 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
Slide 18: Our capital allocation framework continues to guide decision making
Our capital allocation framework continues to guide decision making – and will also apply to potential proceeds from CHI exit Cash from operating activities pre-CapEx Disciplined capital allocation - Maintenance / infrastructure / systems CapEx - Impartial approach to CapEx and bolt-on M&A - Strong
Slide 19: Agenda
Agenda 1 2 3 4 5 Half-Year 2025 Half-Year 2025 Overview Outlook 2025 Q&A Financials Business Platforms 19
Slide 20: Integrated Biologics – continued strong growth throughout the network
Integrated Biologics – continued strong growth throughout the network 1,813m +39.3%1 - Vacaville with H1-weighted sales phasing and operating at higher profitability than initially expected Sales (CHF) - Strong momentum in Mammalian driven by strong commercial demand 653m +37.5% - High level of util
Slide 21: Advanced Synthesis – maturing CapEx projects drive profitable growth
Advanced Synthesis – maturing CapEx projects drive profitable growth 677m +18.3%1 Sales (CHF) - Strong demand for complex Small Molecules incl. HPAPI and Bioconjugates 273m +42.2% - Sales growth driven by ramp-up of growth projects CORE EBITDA - Strong order book and opportunities pipeline (CHF) - M
Slide 22: Specialized Modalities – with some variability in H1
Specialized Modalities – with some variability in H1, H2 2025 is expected to see a stronger performance 474m -9.2%1 Sales (CHF) - Pipeline variability leading to lower asset utilization in CGT, alongside softer operational performance compared to H1 2024 - Growth in Microbial impacted by a compariso
Slide 23: Capsules & Health Ingredients – volumes continue to recover
Capsules & Health Ingredients – volumes continue to recover, return to growth expected in H2 2025 523m 0.0%1 - Tangible recovery in hard capsules business, in both nutraceuticals and pharmaceuticals Sales (CHF) - Flat CER sales versus H1 2024 – quarter-on-quarter CER sales growth in capsules busines
Slide 24: Agenda
Agenda 1 2 3 4 5 Half-Year 2025 Half-Year 2025 Overview Outlook 2025 Q&A Financials Business Platforms 24
Slide 25: Upgraded CDMO Outlook for FY 2025 – CHI well underway
Upgraded CDMO Outlook for FY 2025 – CHI well underway CDMO1 Outlook FY 2025 CHI Outlook FY 2025 - Upgraded: CER2 sales growth of 20-21%3, including around half a billion CHF sales from Vacaville site acquisition – low-teens - Confirmed: Low-to-mid single-digit percentage organic4 CER sales growth pe
Slide 26: One Lonza is well on track to deliver upon its ambitions
One Lonza is well on track to deliver upon its ambitions H1 2025 results with strong CER sales growth of 23.1% at a CORE EBITDA margin of 30.2% in the CDMO business Sustained contracting across technologies, good progress on key CapEx projects 2025 CDMO1 Outlook upgraded with CER sales growth of 20-
Slide 27: Agenda
Agenda 1 2 3 4 5 Half-Year 2025 Half-Year 2025 Overview Outlook 2025 Q&A Financials Business Platforms 27
Slide 28: Event calendar and contacts
Event calendar and contacts Upcoming roadshows/conferences Investor inquiries: 24 July 2025 UBS, Zurich (CH) 25 July 2025 BNP, London (UK) Daniel Buchta 28–29 July 2025 Bank of America, New York (US) Head of Investor Relations 30–31 July 2025 RBC, Toronto and Montreal (CA) 2 September 2025 Kepler Ch
Slide 29: Appendices
Appendices Business Use Only 29
Slide 30: Additional financial information for FY 2025
Additional financial information for FY 2025 FX Impact1 Group sales and CORE EBITDA impact of -2.5 to -3.5% CapEx Low-twenties as percentage of sales Effective tax rate 17 to 19% Net financial result CHF -150 to -170 million Shares outstanding2 70.2 million 1. Expected impact assuming FX rates as of
Slide 31: Lonza’s CDMO Organic Growth Model
Lonza’s CDMO Organic Growth Model Lonza Engine Investments in growth CDMO1 organic2 growth +2-3% Mid-to-high-teens CapEx in % of sales: ahead of market at 8-10% - Mid-to-high-single-digit % of sales investments in maintenance, infra- structure, and systems - Low-teens % of sales investments in organ
Slide 32: Half-Year 2025 financial highlights (1/2)
Half-Year 2025 financial highlights (1/2) CHF million H1 2025 H1 2024 YoY (in %) Sales 3,576 3,057 17.0 CORE EBITDA 1,059 893 18.6 Margin in % 29.6 29.2 0.4ppts EBITDA 1,006 862 16.7 Margin in % 28.1 28.2 -0.1ppts EBIT 617 534 15.5 Margin in % 17.3 17.5 -0.2ppts ROIC in % 8.4 8.6 -0.2ppts Net Financ
Slide 33: Half-Year 2025 financial highlights (2/2)
Half-Year 2025 financial highlights (2/2) CHF million H1 2025 H1 2024 YoY (in %) CORE EPS basic (CHF) 7.52 7.03 7.0 EPS Basic (CHF) 6.08 4.61 31.9 CORE EPS Diluted (CHF) 7.51 7.02 7.0 EPS Diluted (CHF) 6.07 4.61 31.7 Change of Net Working Capital -415 -276 50.4 Capital Expenditures 672 622 8.0 Opera