Sony has announced that it will certainly will bring Android 5, Lollipop to it's Xperia Z phones.
Sony Mobile will bring Android “L” upgrade to the entire premium Z series: including Xperia Z, Xperia ZL, Xperia ZR, Xperia Tablet Z, Xperia Z1, Xperia Z1S, Xperia Z Ultra, Xperia Z1 Compact, Xperia Z2, Xperia Z2 Tablet, Xperia Z3, Xperia Z3v, Xperia Z3 Compact and Xperia Z3 Tablet Compact.
Sony Z Ultra Google Play edition devices will be the first and followed by the rest. Expect upgrades to show up in early 2015. Hope they will fix the issue of calling China (Baidu) with this release.