Baader Bank Ag · XETR:BWB
Baader Bank — Lenzing — Investor Presentation (September 2026)
31 slides from Baader Bank's investor presentation, September 2026
Slide 1: Lenzing Executes Strategy: Grow Nonwovens, Reset Textiles
LENZING EXECUTES STRATEGY: GROW NONWOVENS, RESET TEXTILES INVESTOR PRESENTATION September 2026
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) IMPORTANT: Please read the following before continuing. The following applies to this publication, which has been prepared by Lenzing Aktiengesellschaft (the “Company”, together with its consolidated subsidiaries, the “Group”). By accessing this publication, you agree to be bound by
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) This publication includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", "estimate", "expect", “plan”, “project”, “target", "aim", "seek", "outlook", "ambition", "will", "may", "should", "could" or words of similar meaning. All st
Slide 4: Agenda
AGENDA 01 Opening Remarks 02 Current Trading Update 03 Strategy Execution 04 Strengthening Lenzing’s Capital Structure 05 Outlook 4
Slide 5: Opening Remarks
| Lenzing Innovative by nature 01 OPENING REMARKS
Slide 6: Lenzing's Path to increasing Profitability and Value Creation
Lenzing’s Path to increasing Profitability and Value Creation Continued Challenging Environment Lenzing Strategy Portfolio Focus Path to Value Creation ● Persistent macro and geopolitical Market disruptions assumptions Grow Nonwovens Profitable Volume ● Slower textile market recovery / have shifted
Slide 7: Current Trading Update
| Lenzing Innovative by nature @2 CURRENT TRADING UPDATE
Slide 8: Generic viscose, cotton, and dissolving pulp prices all higher in Q2 2026
Generic viscose, cotton, and dissolving pulp prices all again were higher in Q2 2026 Generic market prices in China, 2024 – Q2 2026, USD/kg (excl. VAT) Commentary Dissolving hardwood pulp (DWP) 1.0 Q2 2026 ● Chinese demand was the main driver of DWP prices went up and then 0.9 market activity in Q2
Slide 9: Resilient performance in a volatile environment
Resilient performance in a volatile environment Q2 2026 H1 2026 vs. Q2 2025 vs. H1 2025 Commentary Revenue EUR 652 mn EUR 1,267 mn Revenue held firm despite volatility YoY ~0% (5%) — flat in Q2 and modestly lower in H1 amid the Middle East conflict EBITDA EUR 123 mn EUR 239 mn Margin sustained, refl
Slide 10: Strategy Execution
| Lenzing Innovative by nature Os STRATEGY EXECUTION
Slide 11: Global Fiber Demand Shows Steady Historic Long-term Growth
Global Fiber Demand Shows Steady Historic Long-term Growth despite Unprecedented Disruptions since 2020 Global fiber demand (mt) Global Fiber Demand for Man-Made Cellulosic Fibers (mt) CAGR: +3.0% US Tariffs, Iran War Viscose Staple Fiber Lyocell Fiber Modal Fiber Ukraine War, CAGR: CAGR: CAGR: Ener
Slide 12: MMCF Market Expected to Grow Faster than Other Fiber Types
Man-made Cellulosic Fiber (MMCF) Market is Expected to Grow Faster than Other Fiber Types Global fiber demand by fiber type In mt CAGR 2025-40F Key market drivers Total +2.2% 179.8 Demand driven by "Cellulose Gap“ supported by new capacities 19.2 MMCF1 +5.5% 129.3 32.7 Natural +0.3% Cotton and other
Slide 13: 'Grow NW, Reset TX' Strategy based on Four Pillars
`Grow NW, Reset TX´ Strategy based on Four Pillars to address Macroeconomic and Industry-Specific Developments Key objectives Key strategic measures Sustainable Increased 1 Transition product 2 Reduce cost profitability competitiveness portfolio base level to excel in a challenging market environmen
Slide 14: Transition Product Portfolio towards less cyclical Nonwoven and Pulp Markets
1 PRODUCT PORTFOLIO TRANSITION Lenzing to transition Product Portfolio towards less 2 COST BASE REDUCTION cyclical Nonwoven and Pulp Markets 3 CAPITAL EMPLOYED REDUCTION 4 INNOVATION TX / NW revenue reported, 2010–2025 Transition business mix to less cyclical markets Business unit revenue outlook, %
Slide 15: Grow NW, Reset TX - Improving Profitability by Repositioning the Portfolio
Grow NW, Reset TX - Improving Profitability by Repositioning the Portfolio Grow Nonwoven Reset Textile MARKET MARKET ● Ongoing global shift from fossil-based to cellulosic fiber ● Persistent overcapacity depresses utilization and pricing ● Long-term contracts with leading FMCG1 companies with ● Asia
Slide 16: New Performance Program with Excellent Track Record
1 PRODUCT PORTFOLIO TRANSITION New Performance Program accompanying the 2 COST BASE REDUCTION Portfolio Shift and Footprint Consolidation – 3 CAPITAL EMPLOYED REDUCTION 4 INNOVATION with Excellent Track Record 2026-28 2023-25 Performance Program 2022 Value Creation Program Reorganisation New EUR 120
Slide 17: Optimizing Asset Footprint to drive Capital Efficiency and Profitability
1 PRODUCT PORTFOLIO TRANSITION Optimizing Asset Footprint 2 COST BASE REDUCTION to drive Capital Efficiency and Profitability 3 CAPITAL EMPLOYED REDUCTION 4 INNOVATION Current footprint exceeds market realities ● Aggregated through historical growth strategies ● Uneven profitability distribution: cr
Slide 18: Selective investments in key innovations to drive growth beyond mid-term
1 PRODUCT PORTFOLIO TRANSITION Selective investments in key innovations 2 COST BASE REDUCTION to drive growth beyond mid-term 3 CAPITAL EMPLOYED REDUCTION 4 INNOVATION Innovation pipeline Lenzing ● IP-protected process bypasses roll-goods at structurally lower cost Nonwovens ● Validated with Essity
Slide 19: Creating a More Focused, Profitable and Resilient Leader
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 Targeted sales mix 2026-28 Performance Program 9
Slide 20: Lenzing's New Executive Team
Lenzing’s New Executive Team Managing Board CEO CFO CPO/CTO Georg Kasperkovitz Mathias Breuer Christian Skilich Joined Lenzing in 20251 Joined Lenzing in 20232 Joined Lenzing in 2020 Operational expertise, track record and accountability of new leadership support execution of transformation and deli
Slide 21: Strengthening Lenzing's Capital Structure
04 STRENGTHENING LENZING’S CAPITAL STRUCTURE
Slide 22: Planned Recapitalization to Support Long-term Sustainable Financing Structure
Planned Recapitalization to Support Long-term Sustainable Financing Structure and Execution of Lenzing’s Strategy Equity Debt EUR ~300 mn new debt incl. upsizing of existing + EUR 300 mn new equity via capital increase Syndicated Loan and new "Vorratsinvest" loan (H2 2026) (H2 2026) ▪ Discounted rig
Slide 23: Indicative Timeline for the EUR 300 mn Capital Increase
Indicative Timeline for the EUR 300 mn Capital Increase 27 July 2026: 25 August 2026: Announcement of Extraordinary new strategy General Meeting 1 3 2 4 5 August 2026: H2 2026: Lenzing H1 2026 Targeted completion results publication of capital increase 23
Slide 24: Outlook
| Lenzing Innovative by nature 05 OUTLOOK
Slide 25: Outlining Lenzing's Medium-term Financial Ambitions
Outlining Lenzing’s Medium-term Financial Ambitions Medium-term Key Underlying Assumptions For New 2025 Q2 2026 Targets Medium-term Targets Return to ▪ Lenzing’s strategic ambition is to return to revenue Revenues (in EUR mn) 2,602 652 revenue growth with an EBITDA uplift of approx. EUR 150 growth m
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 2026 November 5, 2026 Alexander Schwaiger VP Corporate Treasury and Investor Relations +43 676 6194503 Juliane Rick Investor Relations Manager +43 676 5608632 inve
Slide 28: Appendix
| Lenzing Innovative by nature APPENDIX
Slide 29: Leading Supplier of Bio-based Alternative to Synthetic Fibers and Cotton
Leading Supplier of Bio-based Alternative to Synthetic Fibers and Cotton ~50% €2.6bn 413mn ~8,100 197 Joint ~ €0.9bn develop- fiber for 2025 2025 employees across the Market R&D Market cap. ment with textile Revenue EBITDA globe1 and leader in specialists global 9 production Modal2, and Listed on Au
Slide 30: Fiber accounts for 70% of Group Revenue in 2025
Fiber accounts for 70% of Group Revenue in 2025 – within Fiber, shares of 64% of TX and 36% of NW, respectively Revenue composition based on ACT’24 & ACT’25 (in EURmn) Product split 2,664 2,602 Total fiber 64% 36% Textiles Nonwovens Fiber 1,968 1,826 70% 59% Asia Regional split 29% Europe incl. Türk
Slide 31: Lenzing's locations worldwide
Nanjing Lenzing’s Paskov Heiligenkreuz China Czech Republic Austria locations 285,000 t p.a. 1 2 90,000 t p.a. 3 143,000 t p.a. worldwide 4 Istanbul Grimsby Türkiye Seoul United Kingdom Korea 45,000 t p.a. 2 Mobile USA New York Lenzing Shanghai USA Austria Hongkong China China 1 320,000 t p.a. 51,00