Lenzing's Nonwovens Push Masks a EUR 136 Million Impairment Hit
Published on 11/13/2026 at 16:01 | Editorial boerse-global.de
Lenzing is pressing ahead with the expansion of its specialty fibre capacity in the United States while simultaneously weighing the future of an Austrian site, a twin-track strategy that comes as write-downs drag its nine-month operating result into the red.
The Austrian fibre maker will sink EUR 27 million into its Mobile, Alabama, facility, where it is scaling up capacity for lyocell short-cut fibres destined for nonwoven applications. The outlay forms part of a broader EUR 50 million programme targeting the nonwovens business, which also includes the EUR 23 million already earmarked for the company's Lenzing site in Austria.
Heiligenkreuz Decision by Year-End
At the same time, Lenzing is reviewing several non-binding purchase offers for its Heiligenkreuz plant, according to a report by Der Standard. Management aims to establish by the end of 2026 whether a viable sale can be struck — or whether the site will close as planned at the end of the first quarter of 2027.
The expansion and the site review are two sides of the same coin: Lenzing is channelling resources into specialty fibre production while restructuring its existing footprint.
Should investors sell immediately? Or is it worth buying Lenzing?
Impairments Weigh on EBIT
The capital spending plans were unveiled a day after Lenzing reported results for the first nine months of 2026. Revenue for the period came in at EUR 1.93 billion, while adjusted EBITDA reached EUR 353 million. The adjusted EBITDA margin improved to 18.3%, up from 17.9% a year earlier.
At the operating line, however, the picture darkens. EBIT stood at EUR -55.1 million, hit in part by impairments of EUR 136.1 million on long-term assets.
Guidance and Share Price
Alongside the nine-month figures, published on 5 November, Lenzing issued its full-year outlook: adjusted EBITDA of between EUR 430 million and EUR 460 million for 2026.
Lenzing at a turning point? This analysis reveals what investors need to know now.
Investors have had little to cheer. The stock slipped 0.4% in the latest session and has shed 34% since the start of the year.
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