Lenzing Ag · VIE:LNZ
Lenzing — Lenzing Ag Ord — Q1 2026 Earnings Presentation
34 slides from Lenzing's earnings presentation, May 7, 2026
Slide 1: Results Investor Presentation May 7, 2026
RESULTS INVESTOR PRESENTATION MAY 7, 2026 TRANSFORMATION 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 Financials 4 Outlook 5 Q&A www.lenzing.com 3
Slide 4: Key Highlights
KEY HIGHLIGHTS TRANSFORMATION IMPACT
Slide 5: Key Highlights Q1 2026
Key Highlights Q1 2026 Q1 2026 financials ● The year 2026 also began with geopolitical tensions, reaching a peak so far with the outbreak of the Iran - 11 % YoY War on February 28, 2026 Revenue EUR 616 mn - 2 % QoQ ● Fiber sales volumes remained stable compared to Q4 2025, still reflecting challengi
Slide 6: Market Update
MARKET UPDATE TRANSFORMATION IMPACT
Slide 7: Global apparel market showed stable growth amid cautious consumer sentiment, nonwoven markets remain resilient
Global apparel market showed stable 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 improved ● Stable end market demand for
Slide 8: Impact of Iran war on Lenzing's business – mitigation actions defined
Impact of Iran war on Lenzing’s business – mitigation actions defined Impact of Iran war Lenzing’s mitigation actions ● Fiber sales remain strong, however, potential ●1 Pass through of higher costs risk of panic buys prior to potential upcoming supply chain disruptions ●2 Value accretive allocation
Slide 9: Fiber sales volumes stable in Q1 2026 with higher average selling prices in USD and EUR
Fiber sales volumes stable in Q1 2026 with higher average selling prices in USD and EUR despite challenging market environment Fiber sales volumes Average fiber sales price in ktons in USD/kg in EUR/kg +1 +1% 218 220 +2.7% +3.0% 2.29 2.35 1.95 2.01 Q4 2025 Q1 2026 Q4 2025 Q1 2026 Q4 2025 Q1 2026 • F
Slide 10: Pulp with lower sales volumes, however, stable price development
Pulp with lower sales volumes, however, stable price development DWP production volumes DWP sales volumes1 Average DWP sales price1 in ktons in ktons in EUR/kg -15 -37 -5% -18% 307 203 292 +0.3% 166 0.69 0.69 Q4 2025 Q1 2026 Q4 2025 Q1 2026 Q4 2025 Q1 2026 • Production output with slight • Sales vol
Slide 11: Energy market prices increased in Q1 2026 while caustic soda came down a bit
Energy market prices increased in Q1 2026 while caustic soda came down a bit – still elevated in historical comparison Comparison of selected energy and NaOH1 market price levels All prices reported currency, NaOH indexed to 2020=100 Energy Electricity Austria Natural Gas Europe NaOH Europe2 Indones
Slide 12: Continued strong focus on commercial excellence to further improve cost position
Continued strong focus on commercial excellence to further improve and strengthen cost position, profitability and resilience 2023-2025 2025-2026 2026-2028 Value Creation Personnel Expense Program Program Additional cost EUR 200mn EUR 45mn personnel savings initiatives operational efficiency expense
Slide 13: Financials
FINANCIALS TRANSFORMATION IMPACT
Slide 14: Q1 2026: Cash Flow and balance sheet improved despite margin decrease
Q1 2026: Cash Flow and balance sheet improved despite margin decrease P&L Cash Flow Balance Sheet Revenue Trading working capital Net financial debt EUR 616 mn EUR 425 mn EUR 1,362 mn - 11 % YoY - 29 % YoY - 9 % YoY - 2% QoQ - 6 % QoQ + 1 % QoQ EBITDA Unlevered FCF1 Liquidity cushion EUR 116 mn EUR
Slide 15: EBITDA margin of 19% despite revenue and EBITDA decrease
EBITDA margin of 19% despite revenue and EBITDA decrease Group revenue EBITDA1 EBITDA margin in EUR mn in EUR mn in % of revenue -11% -26% 690 156 616 23% 116 19% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Revenues with negative developments due to EBITDA margin at solid 19% despite volatile market due to lowe
Slide 16: Strong EBITDA increase of 60% compared to Q4 2025
Strong EBITDA increase of 60 % compared to Q4 2025 EBITDA bridge Q4 2025 – Q1 2026 in EUR mn +60% 10 116 9 6 6 5 16 -3 -6 73 EBITDA Cost CO2 FX / Inflation Price/mix Pulp Price/mix Fiber Biological TTT EBITDA Q4 2025 savings1 Certificates others Asset Val. Q1 2026 Positive impacts from e.g. cost sav
Slide 17: EBITDA increased by 60% compared to Q4 2025 despite lower revenues
EBITDA increased by 60% compared to Q4 2025 despite lower revenues Group revenue EBITDA1 EBITDA margin in EUR mn in EUR mn in % of revenue -15 690 -2% 651 631 630 156 +44 616 23% +60% 112 116 17% 19% 72 73 11% 12% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Slight
Slide 18: 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 in EUR mn in EUR mn in EUR mn Trading working capital (TWC) TWC in % of annualized revenue -4 -12% +26 -177 32 +66% -29% 28 66 602 425 40 21.8 17.3 31.03.2025 31.
Slide 19: 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 -164 -54 -40 -25% -17% -11% 648 635 309 354 593 275 318 324 314 532 258 245 255 297 484 Q1 25 Q2 25 Q3 25 Q4 25 Q1 2026 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q
Slide 20: Net financial debt down and liquidity cushion up
Net financial debt down and liquidity cushion up Net financial debt1,2 Liquidity cushion3 in EUR mn in EUR mn +273 +43% -137 909 -9% 1,499 1,362 635 31.03.2025 31.03.2026 31.03.2025 31.03.2026 Net financial debt position improved to EUR 1,362 mn Liquidity cushion increased due to stringent focus on
Slide 21: Financing roadmap leading to well-balanced maturity profile
Financing roadmap leading to well-balanced maturity profile Debt maturities (31.03.2026) in EUR mn 500 Financial Debt Hybrid 548 565 416 224 227 15 0 13 2026 2027 2028 2029 2030 2031 2032 2033ff www.lenzing.com 21
Slide 22: Outlook
OUTLOOK TRANSFORMATION IMPACT
Slide 23: The escalation in Middle East has a multitude of effects on the textile, nonwovens, and pulp industries
The escalation in Middle East has a multitude of effects on the textile, nonwovens, and pulp industries ● Disruption of oil and gas supply through the Strait of Hormuz leads to higher energy costs ● Secondary effects on availability and market prices of chemicals around the world leads to higher pro
Slide 24: Outlook
Outlook A solid Q1 2026 despite a challenging geopolitical and macroeconomic (tariffs) market environment as 2026 also began with geopolitical tensions, reaching a peak so far with the outbreak of the Iran War Q1 2026 shows improved price trends in the pulp and fiber business compared to Q4 2025, wi
Slide 25: Lenzing – Innovative by nature
Lenzing Innovative by nature THANIA YOU LEAD TRANSFORMATION GENERATE IMPACT
Slide 26: Group revenue breakdown
Group revenue breakdown Group revenue by division, % Fiber revenue by application, % 70% 65% 63% 63% 64% 67% 75% 75% 71% 74% 36% 37% 37% 36% 33% 25% 25% 29% 30% 26% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Fiber Pulp1 Textile Fibers Nonwoven Fibers 1) Pulp and
Slide 27: Group P&L
Group P&L Delta Q1 2026 - Delta % Q1 2026 EUR mn Q1 2026 Q1 2025 Q1 2025 - Q1 2025 Revenues 615.7 690.2 (74.5) (10.8%) Cost of Sales (518.9) (548.9) 30.0 5.5% % of Revenue (84.3%) (79.5%) (4.7%pt) Gross Profit 96.9 141.3 (44.5) (31.5%) % of Revenue 15.7% 20.5% (4.7%pt) Selling Expenses (68.2) (72.2)
Slide 28: Top-Line Breakdown
Top-Line Breakdown Delta Q1 Delta Q1% EUR mn Q1 2026 Q1 2025 YoY YoY Fiber 455.4 520.1 (64.7) (12.4%) Wood-based cellulosic fibers 440.6 499.7 (59.1) (11.8%) Co-Products Fibers 1 13.5 15.9 (2.4) (15.0%) Engineering, services and others 1.3 4.5 (3.2) (71.4%) Pulp 159.4 169.2 (9.8) (5.8%) Pulp 114.6 1
Slide 29: Division EBITDA Q1 2026 vs. Q1 2025
Division EBITDA Q1 2026 vs. Q1 2025 EBITDA in EUR mn Q1 2026 Q1 2025 (18,6) (20,1) 156,1 116,3 99,9 160,0 34,9 16,2 Fiber Pulp Other* Group Fiber Pulp Other* Group * Incl. consolidation www.lenzing.com 29
Slide 30: Quarterly cash flow development
Quarterly cash flow development Change Change (EUR mn) Q1/2026 Q4/2025 Q1/Q4 (%) Q1/20251 Q1/Q1 (%) Operating cash flow 94.6 135.1 (30.0) 72.0 31.4 Acquisition of intangible assets, property, plant and equipment, and biological assets (28.4) (47.9) (40.7) (32.4) (12.3) Proceeds from the sale of inta
Slide 31: Q1 2026: Net debt bridge
Q1 2026: Net debt bridge Net Net Financial Change CAPEX Financial Debt FY in trading Change in Income (incl. Fin. Interest Dividend IFRS 16 Interest Currency Debt Q1 2025 EBITDA WC1 other WC Tax Paid Ass.)2 received paid Leasing paid Translation Others 2026 -48.1 23.6 5.1 -116.3 -3.5 1,350.1 39.9 1,
Slide 32: Generic viscose, cotton, and dissolving pulp prices all turned upwards in Q1 2026
Generic viscose, cotton, and dissolving pulp prices all turned upwards in Q1 2026 Generic market prices in China, 2024 – Q1 2026, USD/kg (excl. VAT) Lenzing’s focus 1.8 Viscose Q1 2026 ● Premium branded Higher cost of DWP and chemicals and 1.7 fibers with higher demand improvement pushed generic 1.6
Slide 33: 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 34: Lenzing – Innovative by nature
Lenzing Innovative by nature THANIA YOU LEAD TRANSFORMATION GENERATE IMPACT