Lonza Group AG CEO and CFO roadshow feedback - Tight control on the organic growth model

Research evidence excerpt

Lonza Group AG CEO and CFO roadshow feedback - Tight control on the organic growth model

Global Research

23 July 2026ab

Lonza Group AG Equities

SwitzerlandCEO and CFO roadshow feedback - Tight control

on the organic growth model Biotechnology

12-month rating Buy

12m price target CHF650.00Phasing was anticipated and partly owed to prior-year base effects

We hosted Lonza CEO Wolfgang Wienand and CFO Philippe Deecke for a roadshow in

Zurich. Management highlighted the strong focus on cost discipline which is now Price (23 Jul 2026) CHF548.20

increasingly being felt on margins and cash flow. The company also reminded investors RIC: LONN.S BBG: LONN SW

that Lonza remains firmly on track for the guidance, consistent with the ambition to

deliver and occasionally over-deliver on targets. The H1 / H2 phasing effects are both in Trading data and key metrics

line with plan – and were hence as expected – and partly related to an unusual H2 skew 52-wk range CHF588.60-466.70

from 2025 which created additional base effects. While the business on a short-term Market cap. CHF38.5b/US$47.2b

(semi-annual) and divisional level can be lumpy due to the timing of asset ramps, Lonza Shares o/s 70.2m (REG)

remains committed to step-by-step improvements in profitability (operating leverage, Free float 97%

maturing growth assets) and steady low-teens growth at the group level going forward. Avg. daily volume ('000) 163

In our view, the roadshow underscored the uncompromising focus on profitable growth Avg. daily value (m) CHF84.1

and improving capital returns in highly attractive market segments. Common s/h equity (12/26E) CHF8.54b

P/BV (12/26E) 4.4x

Additional thoughts on margins Net debt to EBITDA (12/26E) 0.7x

The strong H1 margin was mainly driven by Advanced Synthesis and Specialized