Lenzing Ag · VIE:LNZ
Lenzing — Lenzing Ag Ord — FY2025 Earnings Presentation
46 slides from Lenzing's earnings presentation, Mar 19, 2026
Slide 1: Full-Year Results 2025
FULL-YEAR RESULTS 2025 INVESTOR PRESENTATION MARCH 19, 2026 LEAD TRANSFORMATION GENERATE IMPACT
Slide 2: Disclaimer
Disclaimer ● The information contained in this document has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.
Slide 3: Agenda
Agenda 1 Key Highlights 2 Market update 3 Refined Strategy 4 Financials 5 Outlook and investment highlights 6 Q&A www.lenzing.com 3
Slide 4: Key Highlights
01 KEY HIGHLIGHTS LEAD TRANSFORMATION GENERATE IMPACT
Slide 5: Key Highlights 2025
Key Highlights 2025 FY 2025 financials ● Challenging market in 2025 impacting fiber sales, both volumes and prices ● EBITDA margin increase driven by successful Revenue EUR 2,602 mn - 2.3 % YoY execution of our performance program and further measures ● Strategy refined with clear focus on value- ge
Slide 6: Combination of strong leadership team with skilled, loyal workforce
Combination of strong leadership team with skilled, loyal workforce TEAM STRENGTH • Industry expertise • Operational excellence Chief Financial Officer Chief Operations Officer Chief Pulp & Technology Officer Mathias Breuer Georg Kasperkovitz Christian Skilich • Transformation experience • Financial
Slide 7: Market Update
02 MARKET UPDATE LEAD TRANSFORMATION GENERATE IMPACT
Slide 8: Global apparel market showed modest growth amid cautious consumer sentiment, nonwoven markets remain resilient
Global apparel market showed modest growth amid cautious consumer sentiment, nonwoven markets remain resilient Fiber demand DWP demand Textile Markets Nonwovens Markets ● DWP demand closely linked to the production of regenerated ● Global apparel retail sales1 up by 1-2 % ● Stable demand for nonwove
Slide 9: Challenging market and product mix impacting fiber sales volumes in 2025
Challenging market and product mix impacting fiber sales volumes in 2025 and EUR prices suffering from FX developments Fiber sales volumes Average fiber sales price in ktons in USD/kg in EUR/kg -58 -6% 962 904 +2.8% -1.0% 2.21 2.27 2.04 2.02 2024 2025 2024 2025 2024 2025 • Overcapacities and weak co
Slide 10: Pulp with higher production and sales volumes, however, lower price
Pulp with higher production and sales volumes, however, lower price due to market developments DWP production volumes DWP sales volumes1 Average DWP sales price1 in ktons in ktons in EUR/kg +43 +143 +4% +27% 1,176 1,218 680 -11.6% 537 0.86 0.76 2024 2025 2024 2025 2024 2025 • Production output posit
Slide 11: Most energy and NaOH market prices eased in Q4 2025; however, they remain elevated
Most energy and NaOH market prices eased in Q4 2025; however, they remain elevated in historical comparison Comparison of selected energy and NaOH1 market price levels Development Q4 2025 vs. Q3 2025 Change in Percentage 2025 vs. 2020 (averages) Energy NaOH +287% +76% +70% +28% +42% Coal Indonesia G
Slide 12: Refined Strategy
03 REFINED STRATEGY LEAD TRANSFORMATION GENERATE IMPACT
Slide 13: Lenzing's refined strategy with clear focus on value growth
Lenzing’s refined strategy with clear focus on value growth Refined to unlock value in a challenging environment Premiumization Increase differentiation & customer focus to drive further margin improvement #1 Excellence Further improve and strengthen cost position, profitability and resilience Innov
Slide 14: Premiumization - growth in most profitable segments and exit from generic market segments
Premiumization - growth in most profitable segments and exit from “generic” market segments REFINED STRATEGY Premium (~15%)1 Market leader and • Shifting portfolio mix towards higher-growth Innovative fibers with attractive demand shaper end markets with resilient demand across margins and strong re
Slide 15: Implementation of Lenzing's refined strategy
Implementation of Lenzing’s refined strategy Further improve profitability Drive further margin Increase differentiation with new and resilience, e.g. potential improvement, e.g. expanding fiber technologies, e.g. acquisition sale of Indonesian site premium nonwoven fiber of controlling majority in
Slide 16: Cost savings of EUR > 200 mn achieved, additional measures on track
Cost savings of EUR > 200 mn achieved, additional measures on track Performance program 2023-2025 Additional measures beyond 2025 Envisaged impact composition by bucket Full recurring savings 2025, in EUR mn • Reduction of ~ 300 headcount in the Lenzing-based ✓ Illustrative headquarter, expected to
Slide 17: Already good progress on fixed cost reduction with personnel cost 10 % down
Already good progress on fixed cost reduction with personnel cost 10 % down Total SG&A costs Personnel costs2 in EUR mn in EUR mn -40 -55 -8% -10% 476 554 29 436 16 500 29 95 15 147 49 79 126 46 301 395 360 281 2024 2025 2024 2025 Production Selling1 Administrative R&D SG&A costs significantly reduc
Slide 18: Global leadership confirmed in innovation and sustainability excellence
Global leadership confirmed in innovation and sustainability excellence Innovation Sustainability Application- & customer-driven … Monetize sustainability leadership1… Recognized with “AAA” rating (2025) as only one of 23 companies - “A” score Example for climate for sixth year in a row TENCEL Lyoce
Slide 19: Strengthening our position in a challenging market environment
Strengthening our position in a challenging market environment Today: Tough market environment Revised Strategy • Weak demand for textile fibers driven by ● Clear focus on value-generating growth subdued consumer sentiment • Overcapacities drive price pressure ● Shifting portfolio mix towards higher
Slide 20: Financials
04 FINANCIALS LEAD TRANSFORMATION GENERATE IMPACT
Slide 21: FY2025: Margins, Cash Flow and balance sheet all improved
FY2025: Margins, Cash Flow and balance sheet all improved P&L Cash Flow Balance Sheet Revenue Trading working capital Net financial debt EUR 2,602 mn EUR 453 mn EUR 1,350 mn - 2 % YoY - 22 % YoY - 12 % YoY EBITDA adj.1 Capex Leverage EUR 426 mn EUR 141 mn 3.3x +8 % YoY -8 % YoY - 0.6x YoY Performanc
Slide 22: Revenue decreasing in challenging markets – margins stabilized
Revenue decreasing in challenging markets – margins stabilized based on continued cost excellence and further measures Group revenue EBITDA1 EBITDA margin in EUR mn in EUR mn in % of revenue Q4 2025 2025 Q4 2025 2025 -61 +30 -2% +8% -75 2,664 2,602 426 -11% 395 706 16% 630 15% 13 -59 -45% 132 19% 73
Slide 23: EBITDA increase of 8 % despite various negative impacts
EBITDA increase of 8 % despite various negative impacts EBITDA bridge 2024-2025 in EUR mn +8% 45 130 Volume Price2 -63 27 25 -41 43 31 426 413 395 -10 -8 -16 -6 -13 Price Volume EBITDA Cost CO2 FX / Inflation 3rd party Fiber US Biological EBITDA Restruc- EBITDA 2025 2024 savings1 Certificates others
Slide 24: Revenue remained flat since 2022, while EBITDA could be increased by EUR 184 mn
Revenue remained flat since 2022 driven by weak markets, while EBITDA could be increased by EUR 184 mn Group revenue EBITDA1 EBITDA margin in EUR mn in EUR mn in % of revenue +37 +184 +1% 2,664 +76% 2,566 2,521 2,602 4262 395 16% 15% 303 242 12% 9% 2022 2023 2024 2025 2022 2023 2024 2025 Flat revenu
Slide 25: EBIT impacted by impairment of assets of EUR 82 mn
EBIT impacted by impairment of assets of EUR 82 mn EBIT Non-cash impairment in EUR mn Excl. impairment 2025 +82 • Lenzing is examining strategic options for the site in Indonesia, including a potential -71 100 sale 89 • In this context, non-cash impairment losses on non-current assets, in particular
Slide 26: Strong cash generation reflecting disciplined capital allocation and operational efficiency
Strong cash generation reflecting disciplined capital allocation and operational efficiency Trading working capital¹ Capex Unlevered FCF2 Cash conversion3 in EUR mn in EUR mn in EUR mn in % Trading working capital (TWC) TWC in % of annualized revenue +35 -13 +4pp +14% -8% -125 154 279 66 141 62 -22%
Slide 27: Inventories and trade receivables significantly decreased YoY
Inventories and trade receivables significantly decreased YoY Inventories Trade receivables Trade payables in EUR mn in EUR mn in EUR mn -115 -18% -73 +27 -23% +9% 646 648 635 318 309 386 593 354 532 275 318 324 258 245 297 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 2
Slide 28: Leverage down to 3.3x, liquidity cushion up to EUR 910 mn
Leverage down to 3.3x, liquidity cushion up to EUR 910 mn Net financial debt1,2 Liquidity cushion4 in EUR mn Leverage3 in EUR mn +260 +40% 910 -182 -0.6 -12% 1,532 3.9 1,350 3.3 650 31.12.2024 31.12.2025 31.12.2024 31.12.2025 31.12.2024 31.12.2025 Net financial debt position improved to EUR 1,350 mn
Slide 29: Financing roadmap leading to well-balanced maturity profile
Financing roadmap leading to well-balanced maturity profile Successful financing roadmap: 2023 2024 2025 Capital increase (EUR 392 mn net) LDC converted project financing of Syndication of new term loan & RCF to bolster liquidity buffer USD 1 bn into standalone corporate (total volume of EUR 545 mn)
Slide 30: Outlook and Investment Highlights
05 OUTLOOK AND INVESTMENT HIGHLIGHTS LEAD TRANSFORMATION GENERATE IMPACT
Slide 31: Geopolitical, trade, and competitive headwinds expected to continue in 2026
Geopolitical, trade, and competitive headwinds expected to continue in 2026 Escalation in Middle East Tariff uncertainty Competitive pressure Feb 28 US-Israeli military strikes Frequent US tariff changes – incl. Competitors continue to invest in in Iran and retaliatory actions Feb 20 SCOTUS ruling –
Slide 32: Outlook
Outlook Solid 2025 despite tough market environment Generic fiber market prices expected to remain under pressure due to further capacity additions (e.g. in generic Lyocell) However, improved pricing developments in pulp and fiber segment visible in Q1 2026 vs. Q4 2025 with further positive indicati
Slide 33: Investment highlights
Investment highlights Re:sharpen market & customer focus Re:calibrate our asset base From serving demand to shaping demand From full utilization to economic value creation • Margin upside through premiumization and innovation • Asset footprint consolidation • Transition to less cyclical markets • Se
Slide 34: Thank You
THANK YOU LEAD TRANSFORMATION GENERATE IMPACT
Slide 35: Group revenue breakdown
Group revenue breakdown Group revenue by division, % Fiber revenue by application, % 68% 64% 63% 63% 64% 72% 75% 75% 71% 70% 32% 36% 37% 37% 36% 28% 25% 25% 29% 30% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Fiber Pulp1 Textile Fibers Nonwoven Fibers 1) Pulp and
Slide 36: Group P&L
Group P&L EUR mn Q4-c 2025 Q4-c 2024 Delta YoY Delta % YoY Revenues 2,602.4 2,663.9 (61.5) (2.3%) Cost of Sales (2,264.1) (2,155.8) (108.2) (5.0%) % of Revenue (87.0%) (80.9%) (6.1%pt) Gross Profit 338.4 508.1 (169.7) (33.4%) % of Revenue 13.0% 19.1% (6.1%pt) Selling Expenses (280.9) (300.5) 19.6 6.
Slide 37: Quarterly P&L development
Quarterly P&L development Delta Q4 2025 - Delta % Q4 EUR mn Q4 2025 Q4 2024 Q4 2024 2025 - Q4 2024 Revenues 630.5 705.7 (75.2) (10.7%) Cost of Sales (558.7) (557.8) (0.9) (0.2%) % of Revenue (88.6%) (79.0%) (9.6%pt) Gross Profit 71.8 147.9 (76.1) (51.5%) % of Revenue 11.4% 21.0% (9.6%pt) Selling Exp
Slide 38: Top-Line Breakdown
Top-Line Breakdown EUR mn Q4-c 2025 Q4-c 2024 Delta YoY Delta % YoY Fiber 1,897.8 2,033.0 (135.2) (6.7%) Regenerated cellulosic fibers 1,833.2 1,965.3 (132.0) (6.7%) 1 Co-Products of fiber production 57.7 63.4 (5.7) (9.1%) Other 6.9 4.3 2.6 58.8% Pulp 701.6 627.6 74.1 11.8% Pulp 524.2 456.7 67.5 14.
Slide 39: Division EBITDA 2025 vs. 2024
Division EBITDA 2025 vs. 2024 www.lenzing.com 39
Slide 40: Quarterly cash flow development
Quarterly cash flow development Change Change 01-12/ 01-12/ Change (EUR mn) Q4/2025 Q3/2025 Q4/Q3 (%) Q4/20241 Q4/Q4 (%) 2025 20241 y-o-y (%) Operating cash flow 135.1 134.5 0.5 75.0 80.0 419.7 395.0 6.3 Acquisition of intangible assets, property, plant and equipment, and biological assets (47.9) (3
Slide 41: Balance sheet structure and return on capital employed
Balance sheet structure and return on capital employed Balance sheet positions, in EUR mn Capital employed, in EUR mn EUR 4,609 mn 3,748 1,305.3 3,542 3,459 Equity 3,104 2,767 2,788.6 PP&E1 5.4% 3.6% 2.0% 0.7% 2,169.5 Financial liabilities -14.2% 531.7 2021 2022 2023 2024 2025 245.3 Inventories 323.
Slide 42: 2025: Net debt bridge
2025: Net debt bridge Net Net Financial Change CAPEX Refinancing Financial Debt FY in trading Change in Income (incl. Fin. Interest Dividend hybrid IFRS 16 Interest Currency Debt FY 2024 EBITDA WC1 other WC Tax Paid Ass.)2 received paid capital Leasing paid Translation Others 2025 -86.5 29.7 -413.0
Slide 43: Q4 2025: Net debt bridge
Q4 2025: Net debt bridge Net Net Financial Change CAPEX Refinancing Financial Debt Q3 in trading Change in Income (incl. Fin. Interest Dividend hybrid IFRS 16 Interest Currency Debt Q4 2025 EBITDA WC1 other WC Tax Paid Ass.)2 received paid capital Leasing paid Translation Others 2025 -89.2 9.6 5.1 1
Slide 44: Generic viscose prices were less volatile in 2025; dissolving pulp price stabilized
Generic viscose prices were less volatile in 2025; dissolving pulp price stabilized after falling; cotton remained weak Generic market prices in China, 2023 – 2025, USD/kg (excl. VAT) Lenzing’s focus 1.8 Viscose ● Premium branded Generic viscose prices were less volatile, 1.7 Q1 2026 fibers with hig
Slide 45: Contact and financial calendar
Contact and financial calendar Investor contact Financial calendar For further information please contact Investor Relations: Annual results 2025 March 19, 2026 Alexander Schwaiger VP Corporate Treasury and Investor Relations 82nd Annual General Meeting April 23, 2026 Phone: +43 7672 701 2743 E-mail
Slide 46: Thank You
THANK YOU LEAD TRANSFORMATION GENERATE IMPACT