Lenzing Ag · VIE:LNZ
Lenzing — Q3 2026 Earnings Presentation
33 slides from Lenzing's earnings presentation, Nov 5, 2026
Slide 1: Results Q3 2026 Analyst and Investor Conference
RESULTS Q3 2026 ANALYST AND INVESTOR CONFERENCE NOVEMBER 5, 2026
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. C
Slide 3: Today's Speakers
Today’s Speakers CEO CFO Georg Kasperkovitz Mathias Breuer www.lenzing.com - 3
Slide 4: Key Highlights
| Lenzing Innovative by nature 01 KEY HIGHLIGHTS
Slide 5: Underlying Operational Performance Improved in Q3 2026
Underlying Operational Performance Improved in Q3 2026 Q3 2026 1-9/2026 vs. Q3 2025 vs. 1-9/2025 Commentary Revenue EUR 659 mn EUR 1,926 mn Revenue stable despite pruning of YoY 4% (2%) unprofitable business Adj. EBITDA1 EUR 114 mn EUR 353 mn Margin sustained, reflecting continued YoY 35% 0% cost ex
Slide 6: Successful EUR ~300 mn Capital Increase and Refinancing Package
Successful EUR ~300 mn Capital Increase and EUR ~300 mn Refinancing Package • EUR ~300 mn rights issue with subscription rights Overview • 34,756,362 new shares (and approx. 90% of issued share capital) • Very successful take-up with a subscription rate of more than 99% of the rights offering Take-U
Slide 7: Shareholder Structure after Capital Increase
Shareholder Structure after Capital Strong support of Strategy by core shareholders and Increase1 long-term investors: • Syndicate of shareholders (B&C Group and Suzano S.A.) participated in the capital increase for the full 39.63% aggregate share of 52.25% B&C Group (Austria) The transaction result
Slide 8: Strengthened Liquidity and Debt Maturity Profile Through Upsized and Extended Credit Facilities
Strengthened Liquidity and Debt Maturity Profile Through Upsized and Extended Credit Facilities September 30, 2026 September 30, 2026 (Pro-Forma, Post Refinancing) in EUR mn in EUR mn Financial Debt Hybrid Planned “Vorratsinvest” Change 500 150 500 572 515 572 548 328 328 224 229 15 1 13 224 193 229
Slide 9: Market Update
| Lenzing Innovative by nature @2 MARKET UPDATE
Slide 10: Persistently High Competing Fiber Prices Support Wood-Based Fibers
Persistently High Competing Fiber Prices Support Wood-Based Fibers Textile fiber prices in China1 USD/kg, excl. VAT | YTD2 development, weekly average Polyester Cotton Viscose 2.4 +43 % 2.4 +23 % 2.4 +21 % 2.0 2.0 2.0 1.6 1.6 1.6 1.2 1.2 1.2 0.8 0.8 0.8 1/26 3/26 5/26 7/26 9/26 11/26 1/26 3/26 5/26
Slide 11: Middle East Conflict Elevated Input Material and Energy Prices, Impact Contained
The Middle East Conflict Elevated Price Levels of Input Materials and Energy, but Impact Contained Selected energy and chemicals price levels Energy prices (EUR/MWh) Electricity Austria (EPEX Spot) Natural Gas Europe (TTF) Impact of input cost inflation 146 successfully mitigated through proactive 1
Slide 12: Fiber Volumes Lower, Selling Prices Higher in Q3 2026
Fiber Volumes Lower, Selling Prices Higher in Q3 2026 Fiber sales volumes Average fiber sales price in ktons in USD/kg in EUR/kg (5.8%) +14.1% +17.6% (4.5%) +5.2% +6.1% 224 221 211 2.49 2.62 2.14 2.27 2.25 1.93 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 2026 • Volumes slightl
Slide 13: Pulp Production Volumes Stable, DWP Prices Firmer in Q3 2026
Pulp Production Volumes Stable, DWP Prices Firmer in Q3 2026 DWP production volumes DWP sales volumes1 Average DWP sales price1 in ktons in ktons in EUR/kg +1.9% (14%) +7.0% +0.1% +0.1% 301 306 306 188 162 162 +2.7% 0.71 0.74 0.76 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 20
Slide 14: Strategy Implementation Update
03 STRATEGY IMPLEMENTATION UPDATE
Slide 15: What We Promised on July 27: A More Focused, Profitable, Resilient Leader
What We Promised on July 27: Creating a More Focused, Profitable and Resilient Leader in Supplying Fiber and Pulp 1 2 3 4 Invest in key innovations Transition product portfolio Reduce cost base Reduce capital employed as further growth drivers beyond mid-term Innovation Pipeline Expected sales mix 2
Slide 16: Progress on the 'Grow NW, Reset TX' Strategy
1 PRODUCT PORTFOLIO TRANSITION 2 COST BASE REDUCTION Progress on the `Grow NW, Reset TX´ Strategy 3 CAPITAL EMPLOYED REDUCTION 4 INNOVATION Division Adj. EBITDA in EUR mn Division Revenues Fiber Pulp Group1 Fiber +98.9 (77.2) +0.3 Pulp2 60% 116.2 365.6 352.7 353 71% 70% 74% 75% 288.4 17.3 40% 29% 30
Slide 17: Progress on the 'Grow NW, Reset TX' Strategy: Asset Footprint
1 PRODUCT PORTFOLIO TRANSITION 2 COST BASE REDUCTION Progress on the `Grow NW, Reset TX´ Strategy 3 CAPITAL EMPLOYED REDUCTION 4 INNOVATION Status Asset Footprint Divestment of PT South Pacific Viscose (IDN) in line with the strategic exit from • Exclusive negotiations with strategic bidder; potenti
Slide 18: Financials
| Lenzing Innovative by nature @4 FINANCIALS
Slide 19: Adj. EBITDA Up Year-on-Year and Stable Revenue
Adj. EBITDA Up Year-on-Year and Stable Revenue Group revenue Adj. EBITDA | Adj. EBITDA margin in EUR mn in EUR mn | in % of revenue 13% 12% 19% 19% 17% +28 +4% +30 +35% 631 630 652 659 616 116 123 114 84 73 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Adj. EBITDA
Slide 20: Strong Operative EBITDA Increase Compared to Q2 2026
Strong Operative EBITDA Increase Compared to Q2 2026 EBITDA bridge Q2 2026 – Q3 2026 in EUR mn (7.5%) 2.6 1.6 0.9 (15) 123 18.4 (14) 114 (2) (2) (37) 77 Q2 2026 Price/Volume/MixCo2 certificates Cost savings TTT Cost inflation Biological AssetPrice/Volume/Mix FX / Others Q3 2026 Adj. Restructuring Q3
Slide 21: Strong Operational Cash Discipline Despite Lower FCF
Strong Operational Cash Discipline Despite Lower FCF Trading working capital¹ Capex Unlevered FCF2 in EUR mn in EUR mn in EUR mn Trading working capital (TWC) TWC in % of annualized revenue +3 (90) +9% (88%) (17) (3%) 32 35 103 554 538 460 22.0% 20.4% 17.6% 12 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q3 2026
Slide 22: Inventory Optimization Remains A Priority
Inventory Optimization Remains A Priority Inventories Trade receivables Trade payables in EUR mn in EUR mn in EUR mn (64) +46 (1) (11%) +18% (0%) 276 305 324 314 312 593 258 245 255 297 295 532 497 529 484 09/25 12/25 03/26 06/26 09/26 09/25 12/25 03/26 06/26 09/26 09/25 12/25 03/26 06/26 09/26 • In
Slide 23: Net Debt Position Stable Before Refinancing
Net Debt Position Stable Before Refinancing Net financial debt1,2 Liquidity cushion3 in EUR mn in EUR mn (229) Pro forma incl. (23%) +16 capital increase: +1% 993 EUR 1.1 bn 837 764 1,403 1,363 1,419 09/2025 06/2026 09/2026 09/2025 06/2026 09/2026 • Net financial debt – stable YoY, on disciplined ba
Slide 24: Outlook
| Lenzing Innovative by nature @4 OUTLOOK
Slide 25: Outlook
Outlook 2026 Mid-term targets Pricing further constructive, with price trends in Q3 2026 having further increased in Fiber and Pulp vs. the previous quarter Return to Revenues revenue growth Continued headwind as elevated energy and raw-material prices are expected to persist – however, the Fiber di
Slide 26: Thank You
. | Lenzing Innovative by nature THANK YOU
Slide 27: Contact and Financial Calendar
Contact and Financial Calendar Investor contact Financial calendar For further information please contact Investor Relations: Results Q3 and 9M 2026 November 5, 2026 Alexander Schwaiger VP Corporate Treasury and Investor Relations Results Q4 and FY 2026 March 18, 2027 +43 676 6194503 Juliane Rick 83
Slide 28: Appendix
| Lenzing Innovative by nature APPENDIX
Slide 29: New Performance Program with Excellent Track Record
New Performance Program accompanying the Portfolio Shift and Footprint Consolidation – with Excellent Track Record 2026-28 2023-25 Performance Program 2022 Value Creation Program Reorganisation New EUR >120 mn performance program targeting a leaner overhead structure launched: • Up to ~600 FTE reduc
Slide 30: Group P&L
Group P&L Delta Delta % EUR mn Q3 2026 Q3 2025 Q3 2026 – Q3 2025 Q3 2026 – Q3 2025 Revenues 658.8 630.9 28.0 4.4% Cost of Sales (707.5) (634.6) (72.9) (11.5%) % of Revenue (107.4%) (100.6%) (6.8%pt) Gross Profit (48.6) (3.7) (44.9) > (100.0%) % of Revenue (7.4%) (0.6%) (6.8%pt) Selling Expenses (70.
Slide 31: Top-Line Breakdown
Top-Line Breakdown EUR mn Q3 2026 Q3 2025 Delta YoY Delta YoY Fiber 489.1 448.3 40.8 9.1% Wood-based cellulosic fibers 477.6 434.7 42.9 9.9% Co-Products of fiber products 1 13.2 13.8 (0.6) (4.0%) Other (1.8) (0.1) (1.7) > +100% Pulp 168.9 182.0 (13.1) (7.2%) Pulp 121.8 138.4 (16.5) (12.0%) Biorefine
Slide 32: Quarterly cash flow development
Quarterly cash flow development Change Q3/Q2 Change 01-09/ 01-09/ Change EUR mn Q3/2026 Q2/2026 (%) Q3/2025 Q3/Q3 (%) 2026 2025 y-o-y (%) Operating cash flow 45.8 65.9 (30.5) 134.5 (66.0) 206.2 284.6 (27.6) Acquisition of intangible assets, property, (34.7) (33.9) 2.5 (31.9) 8.7 (97.0) (93.2) 4.1 pl
Slide 33: Q3 2026: Net debt bridge
Q3 2026: Net debt bridge Net Interest Net Financial Change in CAPEX paid on Financial Debt Q2 trading Change in Income (incl. Fin. Interest Interest IFRS 16 hybrid Currency Debt Q3 2026 EBITDA WC 1 other WC Tax Paid Ass.)2 received paid Leasing capital Translation Others 2026 (77.2) 79.5 1,363.3 (26