Financials Lemonade, Inc. Deutsche Boerse AG

Stocks

LE0

US52567D1072

Property & Casualty Insurance

Real-time Estimate Tradegate Other stock markets 20:01:42 08/07/2026 BST			5-day change	1st Jan Change
62.35 ^EUR	-10.93%		+8.13%	+9.01%

03:53pm	Lemonade's Share Rally Leaves Limited Upside Without New Catalysts, Morgan Stanley Says	MT
10:18am	Morgan Stanley Downgrades Lemonade to Equalweight From Overweight, Maintains $75 Price Target	MT

Projected Income Statement: Lemonade, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	128.4	256.7	429.8	526.5	737.9	1,207	1,614	2,107
Change	-	99.92%	67.43%	22.5%	40.15%	63.6%	33.68%	30.54%
EBITDA ¹	-184.2	-225.1	-172.6	-149.7	-118.1	-49.44	28.96	138.9
Change	-	-22.2%	23.32%	13.27%	21.11%	58.13%	158.57%	379.67%
EBIT ¹	-230.1	-286.6	-229.8	-203.9	-160.9	-142.1	-80.9	59
Change	-	-24.55%	19.82%	11.27%	21.09%	11.7%	43.05%	172.93%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-233.6	-294.8	-229.8	-203.9	-160.9	-130	-61.86	71.16
Change	-	-26.2%	22.05%	11.27%	21.09%	19.21%	52.41%	215.03%
Net income ¹	-241.3	-297.8	-236.9	-202.2	-165.5	-134.1	-64.73	43.72
Change	-	-23.41%	20.45%	14.65%	18.15%	18.99%	51.72%	167.54%
Announcement Date	23/02/22	22/02/23	27/02/24	25/02/25	19/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	28.2	35.7	41	44.3	50	74	88.4	95.2	104.6	114.5	115.5	119.1	122	136.6	148.8	151.2	164.1	194.5	228.1	258	291.4	320.6	335.5	361.2	388.9	420.3	445.1
Change	-	26.6%	14.85%	8.05%	12.87%	48%	19.46%	7.69%	9.87%	9.46%	0.87%	3.12%	2.43%	11.97%	8.93%	1.61%	8.53%	18.53%	17.28%	13.11%	12.95%	10.02%	4.65%	7.66%	7.67%	8.07%	5.9%
EBITDA ¹	-40.4	-51.3	-51.2	-57.4	-50.3	-65.7	-51.7	-50.8	-52.7	-40.2	-28.9	-33.9	-43	-49	-23.8	-47	-40.9	-25.6	-4.6	-17.1	-21.7	-20.11	9.317	-7.66	-1.55	7.175	30.1
Change	-	-26.98%	0.19%	-12.11%	12.37%	-30.62%	21.31%	1.74%	-3.74%	23.72%	28.11%	-17.3%	-26.84%	-13.95%	51.43%	-97.48%	12.98%	37.41%	82.03%	-271.74%	-26.9%	7.31%	146.32%	-182.22%	79.77%	562.9%	319.51%
EBIT ¹	-52.9	-64.2	-64.9	-72.1	-64.5	-81.4	-68.6	-64.7	-65.9	-59.6	-39.6	-45.2	-56.6	-65.8	-37.8	-61.4	-42.6	-36.3	-20.6	-34.6	-45.2	-45.13	-17.23	-25.8	-28.6	-21.5	-12.8
Change	-	-21.36%	-1.09%	-11.09%	10.54%	-26.2%	15.72%	5.69%	-1.85%	9.56%	33.56%	-14.14%	-25.22%	-16.25%	42.55%	-62.43%	30.62%	14.79%	43.25%	-67.96%	-30.64%	0.15%	61.82%	-49.71%	-10.85%	24.83%	40.47%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-52.9	-64.2	-68.4	-72.6	-65	-89.1	-68.1	-64.7	-65.9	-59.6	-39.6	-45.2	-55.1	-65.8	-37.8	-61.4	-42.6	-36.3	-20.6	-34.6	-43.26	-40.2	-15.2	-29.82	-22.4	-10.02	4.875
Change	-	-21.36%	-6.54%	-6.14%	10.47%	-37.08%	23.57%	4.99%	-1.85%	9.56%	33.56%	-14.14%	-21.9%	-19.42%	42.55%	-62.43%	30.62%	14.79%	43.25%	-67.96%	-25.03%	7.07%	62.19%	-96.18%	24.88%	55.25%	148.63%
Net income ¹	-55.6	-66.4	-70.3	-74.8	-67.9	-91.4	-63.7	-65.8	-67.2	-61.5	-42.4	-47.3	-57.2	-67.7	-30	-62.4	-43.9	-37.5	-21.7	-35.8	-44.29	-41.23	-16.4	-33.28	-26.46	-16.14	5.96
Change	-	-19.42%	-5.87%	-6.4%	9.22%	-34.61%	30.31%	-3.3%	-2.13%	8.48%	31.06%	-11.56%	-20.93%	-18.36%	55.69%	-108%	29.65%	14.58%	42.13%	-64.98%	-23.71%	6.9%	60.23%	-102.95%	20.5%	39%	136.93%
Announcement Date	04/08/21	09/11/21	23/02/22	09/05/22	08/08/22	08/11/22	22/02/23	03/05/23	02/08/23	01/11/23	27/02/24	30/04/24	30/07/24	30/10/24	25/02/25	06/05/25	05/08/25	05/11/25	19/02/26	29/04/26	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Lemonade, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	-257	-302	-239	275	351	475
Change	-	-	-	-17.51%	20.86%	215.21%	27.64%	35.33%
Announcement Date	23/02/22	22/02/23	27/02/24	25/02/25	19/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Lemonade, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	9.4	10.1	9.2	9.4	9.4	14	11.7	-
Change	-	7.45%	-8.91%	2.17%	0%	48.94%	-16.43%	-100%
Free Cash Flow (FCF) ¹	-154	-173.1	-128.3	-20.8	-25.9	49	101.6	327
Change	-	-12.4%	25.88%	83.79%	-24.52%	289.19%	107.35%	221.85%
Announcement Date	23/02/22	22/02/23	27/02/24	25/02/25	19/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Lemonade, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-143.46%	-87.69%	-40.16%	-28.43%	-16%	-4.1%	1.79%	6.59%
EBIT Margin (%)	-179.21%	-111.65%	-53.47%	-38.73%	-21.81%	-11.77%	-5.01%	2.8%
EBT Margin (%)	-181.93%	-114.84%	-53.47%	-38.73%	-21.81%	-10.77%	-3.83%	3.38%
Net margin (%)	-187.93%	-116.01%	-55.12%	-38.4%	-22.43%	-11.11%	-4.01%	2.08%
FCF margin (%)	-119.94%	-67.43%	-29.85%	-3.95%	-3.51%	4.06%	6.3%	15.52%
FCF / Net Income (%)	63.82%	58.13%	54.16%	10.29%	15.65%	-36.55%	-156.96%	747.93%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	-31.56%	-32.11%	-30.07%	-31.05%	-29.37%	-23.25%	-9.39%	8.86%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-5.55x	12.11x	3.42x
Debt / Free cash flow	-	-	-	-	-	5.61x	3.45x	1.45x
Capital Intensity
CAPEX / Current Assets (%)	7.32%	3.93%	2.14%	1.79%	1.27%	1.16%	0.72%	-
CAPEX / EBITDA (%)	-5.1%	-4.49%	-5.33%	-6.28%	-7.96%	-28.32%	40.4%	-
CAPEX / FCF (%)	-6.1%	-5.83%	-7.17%	-45.19%	-36.29%	28.57%	11.52%	-
Items per share
Cash flow per share ¹	-2.362	-2.511	-	-	-	-	-	-
Change	-	-6.3%	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	16.03	12.51	10.1	8.16	7.03	6.27	6.065	8.11
Change	-	-21.93%	-19.25%	-19.24%	-13.85%	-10.81%	-3.27%	33.72%
EPS ¹	-3.94	-4.59	-3.4	-2.85	-2.24	-1.735	-0.8091	0.5067
Change	-	-16.5%	25.93%	16.18%	21.4%	22.56%	53.35%	162.62%
Nbr of stocks (in thousands)	61,627	69,164	69,924	71,405	74,731	76,821	76,821	76,821
Announcement Date	23/02/22	22/02/23	27/02/24	25/02/25	19/02/26	-	-	-