Lenzing Courts Buyers for Heiligenkreuz as Fresh EUR 300 Million Funding Takes Shape
Published on 11/09/2026 at 15:41 | Editorial boerse-global.de
Lenzing is lining up roughly EUR 300 million in additional financing arrangements, only about half of which have so far been locked in on a binding basis, the Austrian fibre maker said on Thursday. Full implementation is targeted for the end of 2026. The move comes on top of a completed capital increase of around EUR 300 million, giving the group a second, separate funding pillar as it reshapes its plant network.
The capital increase closed a little over three weeks ago and has already left its mark on the shareholder register. Suzano Holding S.A. has picked up a direct stake of about 0.80% in Lenzing, the company disclosed on 29 October. The syndicate of B&C-Gruppe and Suzano S.A. continues to hold roughly 52.25% of voting rights, while Goldman Sachs Group holds 5.86% of the shares, according to company figures.
Roughly 30 Suitors Circle Heiligenkreuz
Interest in Lenzing's European sites is building. Media reports point to around 30 possible takeover candidates for Heiligenkreuz, with the field due to be narrowed in mid-November and a decision on a potential new owner expected by the end of the year. Production there is set to continue until the end of March 2027. Lenzing said on Thursday it is examining value-optimised sale options for both Heiligenkreuz and Grimsby, and that the sales process for its Indonesian fibre production site is ongoing. Grimsby's production is scheduled to stop by the end of 2027.
Should investors sell immediately? Or is it worth buying Lenzing?
The nine-month figures published around two weeks ago lay bare the cost of that overhaul. Revenue came in at EUR 1.93 billion, while the net loss widened to EUR 130.3 million. Adjusted EBITDA held almost flat at EUR 353 million, against EUR 352.7 million a year earlier, and the adjusted EBITDA margin improved to 18.3%. Reported EBITDA was lower at EUR 316.4 million, dragged down by EUR 36.6 million in restructuring effects. Impairments of EUR 136.1 million on long-term assets at Heiligenkreuz and Grimsby pushed EBIT to minus EUR 55.1 million.
Margin Holds Up Beneath the Charges
For the full year 2026, management is guiding to adjusted EBITDA of between EUR 430 million and EUR 460 million. The next scheduled financial date is 18 March 2027, when Lenzing intends to publish its 2026 annual results.
Sentiment around the stock was weak on Friday, with Lenzing among the biggest decliners in Vienna during early trading, according to dpa-APA. Sharp losses on US and Asian markets weighed on the broader backdrop, and the Vienna exchange as a whole finished lower.
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