Lenzing Sets Year-End Deadline for Heiligenkreuz as Impairments and a Fresh Capital Injection Reshape the Group
Published on 11/07/2026 at 04:12 | Editorial boerse-global.de
Lenzing has given itself until the end of the year to decide the fate of its Lyocell site in Heiligenkreuz, with a shortlist of suitors due in mid-November. Thirty potential investors have signalled interest in the Austrian plant, according to media reports published on Wednesday, and the supervisory board will choose between a sale and a shutdown once that list is narrowed.
The site carries a production end date of the first quarter of 2027 in the company's current planning. Its Grimsby counterpart is slated to wind down by the end of 2027. Impairments booked against the two locations total EUR 136.1 million, the ORF reported on Thursday.
Earnings Held Back by Write-Downs
Those charges sit inside a nine-month EBITDA of EUR 316.4 million, a figure that also absorbs restructuring effects of EUR 36.6 million. Strip both out and the adjusted result comes to EUR 353 million for the first nine months of 2026 — level with the prior year.
Profitability on that adjusted basis improved nonetheless. The adjusted EBITDA margin climbed to 18.3 percent from 17.9 percent, the company said. Revenue for the period reached EUR 1.93 billion, held back by lower sales volumes after the group scaled back standard fibre output, and by weaker pulp prices.
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Ownership Disclosure Corrected
Alongside the operating update, Lenzing issued a corrected voting rights notification that separates legal ownership of shares from the exercise of the votes attached to them. Goldman Sachs Asset Management B.V. exercises voting rights over 4.27 percent but does not own the stock in question; the shares belong to NN Group N.V. through its subsidiaries. The threshold was crossed on 23 October, and the correction reallocates the shares and the associated votes between the parties involved.
A separate disclosure, published on 29 October after the capital increase closed, showed the syndicate of B&C Group and Suzano still holding roughly 52.25 percent of voting rights. Goldman Sachs Group holds 5.86 percent of Lenzing shares.
Balance Sheet Topped Up From Two Directions
Financing for the overhaul has arrived through two channels. The rights issue completed on 21 October raised gross proceeds of EUR 301.2 million, with shareholders subscribing to 99 percent of the new shares at a subscription price of EUR 8.65. The nine-month report added fresh financing agreements of around EUR 300 million, roughly half of which is already contractually committed.
Lenzing at a turning point? This analysis reveals what investors need to know now.
Analysts remain cautious on the equity. Deutsche Bank kept its rating at "Hold" on 28 October with a price target of EUR 12.70.
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