Lenzing’s first nine months of 2026 present a study in contrasts: an underlying business that quietly gained ground, and a bottom line dragged deeper into the red by restructuring costs. The Austrian fibre maker reported a net loss of EUR 130.3 million for the period, wider than the EUR 105.0 million shortfall booked a year earlier.
At the operating level, the adjusted and reported figures tell different stories. Adjusted EBITDA came in at EUR 353 million, essentially flat against EUR 352.7 million in the prior-year period. The reported figure, however, slipped to EUR 316.4 million from EUR 340.4 million — a gap explained by EUR 36.6 million in restructuring charges that the adjusted metric strips out.
Revenue edged lower to EUR 1.93 billion from EUR 1.97 billion. Despite the softer top line, profitability on an adjusted basis improved: the adjusted EBITDA margin reached 18.3%, up from 17.9% a year earlier. The third quarter showed a sharper step-up, with the margin climbing to 17.3% from 13.3% in the same quarter of 2025.
Guidance Targets the Adjusted Number
Management’s full-year 2026 outlook points to adjusted EBITDA of between EUR 430 million and EUR 460 million. That forecast rests on the adjusted measure rather than the reported figure, which continues to absorb restructuring effects.
Elsewhere, the future of the Heiligenkreuz plant is moving toward a resolution. According to media reports, 30 potential investors have expressed interest in the site. A shortlist is due to be drawn up in mid-November, and the supervisory board is expected to decide by year-end whether to sell or close the facility.
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Share Count and Ownership Shift After Capital Increase
The capital increase completed roughly three weeks ago lifted Lenzing’s share capital to about EUR 76.2 million and raised the total number of voting rights to approximately 73.4 million.
In a statement dated 29 October, the company confirmed that the syndicate of B&C Group and Suzano S.A. continues to hold around 52.25% of voting rights. Suzano Holding S.A. separately picked up a direct stake of roughly 0.80% through the capital raise.
A voting rights notification corrected about two weeks ago draws a line between legal ownership and the exercise of voting rights. Goldman Sachs Asset Management B.V. exercises the voting rights attached to the reported 4.27% of shares, while NN Group N.V. is named as legal owner through subsidiaries. The corrected notification lists Goldman Sachs with an aggregate position of 5.86%.
Lenzing will publish its full-year 2026 results on 18 March 2027.
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