Lenzing's Restructuring Charges Mask a Stronger Underlying Margin as Heiligenkreuz Deadline Approaches
Published on 11/08/2026 at 10:52 | Editorial boerse-global.de
Lenzing closed the first nine months of 2026 with sales of EUR 1.93 billion and a clean underlying profit picture, though restructuring costs drove a wedge between the headline and adjusted figures. The adjusted EBITDA came in at EUR 353 million, a result that translates into an adjusted margin of 18.3%. Once EUR 36.6 million in restructuring charges are stripped in, the reported EBITDA settles at EUR 316.4 million — the gap between the two lines being precisely the cost of reshaping the business.
Management is steering investors toward the adjusted number for the full year, guiding to EUR 430 million to EUR 460 million on that basis. The forecast deliberately excludes the restructuring drag that pulled the nine-month reported result below the adjusted measure.
A Capital Raise That Reshaped the Share Register
The group's balance sheet has been redrawn by a capital increase completed roughly three weeks ago, lifting share capital from about EUR 40.1 million to roughly EUR 76.2 million. Total voting rights climbed to around 73.4 million, according to the company's mandatory disclosure. Reuters reported the move raised EUR 300 million earmarked for the group's restructuring.
Should investors sell immediately? Or is it worth buying Lenzing?
Ownership disclosures published on 29 October show the shareholder syndicate of B&C-Gruppe and Suzano S.A. still controlling about 52.25% of voting rights. Suzano Holding S.A. picked up an additional direct stake of roughly 0.80% in the course of the raise.
A corrected voting rights notification issued about two weeks ago draws a line between legal ownership and the exercise of votes. Goldman Sachs Asset Management B.V. exercises voting rights over 4.27% of the shares without holding them as owner; legal title to that block sits with NN Group N.V. through its subsidiaries.
Heiligenkreuz: Thirty Suitors, One Decision by Year-End
Attention now turns to the possible sale of the Heiligenkreuz fiber plant, where media reports indicate 30 prospective investors have come forward. A shortlist is due to be drawn up in mid-November, with the supervisory board set to decide by year-end whether to sell or shut the site. Production at the plant has been extended through the end of March 2027.
Investors will get the next full set of numbers on 18 March 2027, when Lenzing publishes its 2026 annual results.
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