Lenzing Stake Pledged as Suzano Tightens Grip and Heiligenkreuz Buyer Hunt Narrows

A pledge of roughly 8.7 million Lenzing shares by B&C KB Holding GmbH has surfaced in a regulatory filing, landing just as the Austrian fibre maker works through the aftermath of a completed capital increase and prepares to whittle down the field of suitors for its Heiligenkreuz plant.

The disclosure, dated 27 October and listing 23 October as the transaction date, covers a block of stock held by a member of the shareholder syndicate that continues to control Lenzing's voting majority. B&C belongs to that grouping alongside Suzano, which Lenzing on 29 October put at approximately 52.25% of voting rights — unchanged after the cash call.

Share Count and Capital Base Reset

The capital increase, wrapped up a little over three weeks ago, lifted the total number of voting rights to about 73.4 million with effect from 22 October. Lenzing's new share capital stands at roughly EUR 76.2 million, according to a notice published on 30 October. Suzano Holding S.A. picked up a direct stake of about 0.80% through the raise, adding a holding separate from the syndicate's collective position.

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Goldman Sachs, meanwhile, reported a corrected aggregate position of 5.86%. Within that total, 4.88% comes from voting rights attached to shares and 0.98% from financial instruments, with 23 October given as the date the threshold was crossed. The filing makes clear that NN Group N.V., acting through subsidiaries, is the legal owner of the shares in question — a distinction the disclosure separates from the position itself.

Earnings Split: Firmer Margin, Bottom-Line Loss

The nine-month figures for 2026, released about two weeks ago, show revenue of EUR 1.93 billion, down from EUR 1.97 billion a year earlier. Adjusted EBITDA held close to the prior-year level at EUR 353.0 million, and the adjusted margin improved to 18.3%.

Restructuring effects of EUR 36.6 million weighed on the unadjusted result, pulling EBITDA down to EUR 316.4 million. After tax, Lenzing booked a loss of EUR 130.3 million. Management is guiding to adjusted EBITDA of EUR 430 million to EUR 460 million for the full year 2026.

Heiligenkreuz: 30 Bidders, Decision by Year-End

Interest in the Heiligenkreuz site has drawn 30 potential investors, according to media reports. A shortlist is due 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 intends to halt production there by the end of March 2027.

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