Lenzing Balances Margin Gains Against Impairment Loss as Financing and Plant Sale Talks Advance
Published on 11/09/2026 at 03:10 | Editorial boerse-global.de
Lenzing is lining up fresh financing arrangements worth roughly EUR 300 million, about half of which has already been agreed on a binding basis, the Austrian fibre maker said. The move comes just over three weeks after the company closed a capital increase of a similar size, giving it two substantial pillars of fresh funding in quick succession.
The capital raise lifted Lenzing's share capital to EUR 76,204,702.90, according to a mandatory disclosure, with total voting rights rising to 73,374,542 effective 22 October. The shareholder syndicate of B&C-Gruppe and Suzano S.A. continues to hold around 52.25% of voting rights following completion, while Suzano Holding S.A. picked up a direct stake of about 0.80% through the increase.
Goldman Sachs Position Disclosed
A voting rights notification, corrected about two weeks ago, shows Goldman Sachs holding a total position of 5.86%. Of that, 4.27% relates to voting rights exercised by Goldman Sachs Asset Management B.V. The filing names NN Group N.V., via subsidiaries, as the legal owner of the shares concerned — meaning the disclosed total position and the legal ownership of the stock sit with different companies.
Underlying Earnings Hold Steady
For the first nine months of 2026, Lenzing reported revenue of EUR 1.93 billion, down from EUR 1.97 billion a year earlier. Adjusted EBITDA came in at EUR 353 million, essentially flat year on year, while the adjusted EBITDA margin improved to 18.3% from 17.9%.
Should investors sell immediately? Or is it worth buying Lenzing?
In the third quarter alone, the adjusted margin climbed 4.0 percentage points from the prior-year period to 17.3%. Media reports pointed to that margin improvement as the main trigger for the share price jump on the reporting day, with the capital increase and the additional financing arrangements cited as further supports.
Reported EBITDA for the nine-month period reached EUR 316.4 million, burdened by restructuring effects of EUR 36.6 million. At the reported EBIT line, Lenzing posted a loss of EUR 55.1 million, including non-cash impairments of EUR 136.1 million. The net loss after tax for the period came to EUR 130.3 million.
Heiligenkreuz Shortlist Due in November
At the Heiligenkreuz plant, 30 potential investors have come forward, according to media reports. A shortlist is to be drawn up in mid-November 2026, and by the end of the year it should be clear whether a buyer will keep the operation running. Failing that, Lenzing plans to halt production there by the end of March 2027.
Lenzing at a turning point? This analysis reveals what investors need to know now.
For the full year 2026, management expects adjusted EBITDA of between EUR 430 million and EUR 460 million. The company is scheduled to publish its 2026 annual results on 18 March 2027.
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