EarningsQ2 2026 Earnings Report

Lonza Group (LO3A) Q2 2026 Earnings Report

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Previous Report: Q4 2025

DE:LO3A Q2 2026 EPS Results

Actual EPS€0.89

Consensus EPS€0.96

Beat/MissMissed by -€0.07

One Year Ago EPS€0.84

DE:LO3A Q2 2026 Revenue Results

Actual Revenue€3.83B

Expected Revenue€3.74B

Beat/MissBeat by +€85.25M

YoY Revenue Growth+3.38%

Earnings Announcement Details

QuarterQ2 2026

Date07/22/2026

TimeBefore Open

Conference CallWednesday, July 22, 2026

DE:LO3A Upcoming Earnings

Lonza Group's next earnings date is estimated for January 27, 2027, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:LO3A Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 22, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong, broad-based organic growth, meaningful margin expansion, and a large improvement in free cash flow, supported by strategic portfolio moves (divestment) and targeted growth investments. Near-term headwinds include FX effects, site-specific shutdowns and ramp-related margin dilution, and elevated working capital. Management reiterated disciplined capital allocation and an upgraded margin outlook, while cautioning that H2 will likely see normalized growth rates and margins versus an unusually strong H1. Overall the positives (robust growth, profitability, cash flow and strategic clarity) materially outweigh the operational and timing-related drawbacks.

Company Guidance

Guidance: Lonza upgraded its full‑year 2026 CORE EBITDA margin to 33–34% and reconfirmed 11–12% CER sales growth for the year; H1 trading underpins this with sales of CHF 3.4bn (CER +16%), CORE EBITDA of CHF 1.2bn (CORE EBITDA +27.4% vs H1 2025) and a CORE EBITDA margin of 34.8% (+4.4pp). Free cash flow rose to CHF 426m (vs CHF 116m prior year, ≈+CHF310m), ROIC improved to 13.2% (≈+3pp), and H1 CapEx was CHF 530m (15.7% of sales, ~60% into growth projects). Platform metrics: Integrated Biologics CHF 1.87bn (CER +10%, CORE EBITDA CHF 674m, margin 36%); Advanced Synthesis CHF 834m (CER +27.7%, CORE EBITDA CHF 401m, margin 48.1%); Specialized Modalities CHF 553m (CER +22.6%, CORE EBITDA CHF 155m, margin 28%). Other guidance/assumptions: FY FX headwind of ~‑2 to ‑3pp (H1 FX hit ~‑5pp, AER sales +11.2%), Vacaville ~CHF 0.6bn FY sales, trade working capital 37.9% of sales, organic CapEx >CHF 7bn to 2030 with ongoing mid–high‑teens % of sales investment, project return targets IRR ≥15% and peak ROIC ≥30%, and key project ramp timelines (Visp payload linker ~ramp 2029; Stein ADC fill ~ramp 2030; peak sales by mid‑2030s).

Strong Top-Line Growth

Sales of CHF 3.4 billion in H1 2026, with constant exchange rate (CER) sales growth of 16% versus H1 2025. Growth reported as entirely organic (H1 2025 benefitted from the Vacaville acquisition). In actual FX terms, sales grew 11.2% (FX headwind of ~5 ppt in H1).

Material Margin Expansion and EBITDA Growth

CORE EBITDA reached CHF 1.2 billion, up 27.4% versus H1 2025, driving a CORE EBITDA margin of 34.8% (+4.4 percentage points versus H1 2025). Company upgraded full-year CORE EBITDA margin outlook to 33%-34%.

Substantial Free Cash Flow Improvement

Free cash flow improved to CHF 426 million in H1 2026 from CHF 116 million in H1 2025 (improvement of ~CHF 310 million), demonstrating stronger cash conversion as earnings and capex phasing improved.

Broad-Based Platform Performance

All three business platforms delivered double-digit CER sales growth: Integrated Biologics +10% (sales CHF 1.87 billion), Advanced Synthesis +27.7% (sales CHF 834 million), Specialized Modalities +22.6% (sales CHF 553 million).

Exceptional Profitability in Advanced Synthesis

Advanced Synthesis CORE EBITDA margin rose to ~48.1% (+6.8 ppt versus H1 2025) driven by favorable mix, bioconjugates strength, higher utilization and operating leverage.

Specialized Modalities Turnaround

Specialized Modalities returned to positive sales growth and delivered significant margin improvement: CORE EBITDA margin 28% (+10.7 ppt versus H1 2025), driven by microbial recovery and favorable mix.

Improving Returns and Capital Efficiency

Return on invested capital (ROIC) increased to 13.2% (up almost 3 ppt year-over-year on an annualized basis), signaling improved returns as earnings rise and investments mature.

Strategic Portfolio Simplification and Growth Investments

Agreement to divest Capsules & Health Ingredients (CHI) for an enterprise value of CHF 2.3 billion (expected close before year-end 2026), completing transformation into a pure-play CDMO. Announced ADC-capacity expansions (Visp payload linker suites; second ADC aseptic fill line in Stein) and reiterated plan to invest >CHF 7 billion organic CapEx until 2030 with strict IRR/ROIC thresholds.

DE:LO3A Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Jan 27, 2027	2026 (Q4)	1.02 / -	0.959	―
Jul 22, 2026	2026 (Q2)	0.96 / 0.89	0.844	5.60% (+0.05)
Jan 28, 2026	2025 (Q4)	1.06 / 0.96	0.86	11.51% (+0.10)
Jul 23, 2025	2025 (Q2)	0.78 / 0.84	0.712	18.55% (+0.13)
Jan 29, 2025	2024 (Q4)	0.79 / 0.86	0.649	32.60% (+0.21)
Jul 25, 2024	2024 (Q2)	0.50 / 0.71	0.631	12.87% (+0.08)
Jan 26, 2024	2023 (Q4)	0.70 / 0.65	0.719	-9.80% (-0.07)
Jul 21, 2023	2023 (Q2)	0.81 / 0.63	0.676	-6.73% (-0.05)
Jan 25, 2023	2022 (Q4)	0.69 / 0.72	0.547	31.48% (+0.17)
Jul 22, 2022	2022 (Q2)	0.66 / 0.68	0.675	0.26% (<+0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed