Lenzing Completes EUR 300 Million Raise, Pursues Matching Sum as Plant Sales Take Shape

Lenzing has closed the roughly EUR 300 million capital increase it launched this autumn, the Austrian fibre maker confirmed on Thursday, while simultaneously chasing a further EUR 300 million in financing agreements. About half of that additional package has already been locked in on a binding basis, according to the company, with full implementation targeted for the end of 2026 — meaning a meaningful slice of the intended volume remains a work in progress over the coming weeks.

The share issue itself moved through the registry quickly. The capital increase was entered on 22 October, lifting share capital from EUR 40,107,738.37 to EUR 76,204,702.90, and the new shares were delivered the following day, 23 October. A mandatory disclosure dated 30 October put the enlarged total number of voting rights at 73,374,542, a change effective from 22 October. Following completion, the syndicate of B&C-Gruppe and Suzano S.A. continues to hold approximately 52.25% of voting rights, Lenzing said.

Heiligenkreuz shortlist due mid-November

Alongside the balance-sheet work, the group is pressing ahead with reshaping its production footprint. In its nine-month report, Lenzing said it will continue the sale process for its Indonesian fibre plant, and it is also weighing disposal options for the Heiligenkreuz site, where planned job cuts have been filed with Austria's AMS labour service.

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Heiligenkreuz is set to halt production by the end of the first quarter of 2027, while the Grimsby facility is slated to end output by the close of 2027. Before any shutdown, a buyer decision is due: according to Wednesday media reports, the field of roughly 30 interested parties is to be narrowed to a shortlist in mid-November, with offers expected during November. By year-end it should be clear whether a new owner will keep the operation running or closure follows. Managing director Bernd Zauner said on 30 October that production at Heiligenkreuz would continue until the end of March 2027.

Margin improves as revenue slips

The restructuring unfolds against falling turnover and a steady underlying result. Revenue for the first nine months of 2026 declined 2.3% to EUR 1.93 billion, while EBITDA came in at EUR 316.4 million — a figure burdened by EUR 36.6 million in restructuring effects. Adjusted EBITDA, which strips those items out, held nearly flat at EUR 353 million, and the adjusted EBITDA margin climbed to 18.3%.

For the full year 2026, Lenzing guides to adjusted EBITDA of between EUR 430 million and EUR 460 million.

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