Lenzing (LNZ) Q3 2026 earnings summary

Executive summary

• 9M revenue fell 2.3% YoY to €1,926.3m; adjusted EBITDA was stable at €353.0m.

• Q3 revenue rose 4.4% YoY to €658.8m; adjusted EBITDA increased 35% to €113.8m and adjusted margin reached 17.3%.

• Restructuring charges of €36.6m and non-cash impairments of €136.1m weighed on reported results.

• Strategic priorities include growing nonwovens, shifting textiles toward premium and specialty products, and strengthening pulp and biorefinery activities.

Financial highlights

• Q3 reported EBITDA was €77.2m versus €71.8m; adjusted EBITDA was €113.8m versus €84.1m, with restructuring costs of €36.6m versus €12.3m excluded.

• Q3 net loss was €165.9m versus €120.2m; loss attributable to shareholders was €179.3m versus €134.5m.

• 9M reported EBITDA was €316.4m versus €340.4m; adjusted EBITDA was €353.0m versus €352.7m.

• 9M EBIT was -€55.1m versus €20.6m; net loss was €130.3m versus €105.0m.

• Q3 gross loss widened to €48.6m from €3.7m; 9M gross profit was €182.5m versus €266.6m.

Outlook and guidance

• FY 2026 adjusted EBITDA guidance is €430m–€460m, above FY 2025’s €425.6m; outlook remains exposed to geopolitical, economic and industry-cycle risks.

• Fiber and pulp pricing strengthened in Q3; elevated energy and raw-material costs are expected to persist, with Fiber largely passing costs through pricing.

• The €120m performance program targets savings versus 2025, with full earnings impact expected by end-2027; strategy benefits are expected from 2027.

• Medium-term targets include renewed revenue growth, €150m higher EBITDA, a 20%–25% EBITDA margin and leverage below 2.5x.

• Q4 demand is strong and supply constrained; DWP prices were indicated at $930, with momentum potentially continuing into 2027.