Lenzing Ag · VIE:LNZ
Lenzing — Lenzing Ag Ord — H1 2025 Earnings Presentation
25 slides from Lenzing's earnings presentation, Aug 7, 2025
Slide 1: Investor Presentation Results H1 2025
Investor Presentation Results H1 2025| August 7, 2025 www.lenzing.com 1
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: Revenue and profitability continued to improve
Disclaimer Revenue and profitability continued to improve Q2 2025 H1 2025 vs. Q2 2024 vs. H1 2024 Revenue EUR 651 mn EUR 1,341 mn YoY ~ 0% + 2% EBITDA EUR 112 mn EUR 269 mn YoY + 21% + 63% Margin 17% 20% Unlevered FCF EUR 49 mn EUR 89 mn YoY EUR -47 mn EUR -91 mn www.lenzing.com 3
Slide 4: Markets impacted by tariff developments
Markets impacted by tariff developments Tariff developments since April 2025 Lenzing mitigation ● Reciprocal tariffs and retaliation from April led to Global asset footprint with production in the collapse of China-US trade and US, Asia, and Europe as an advantage reconfiguration of textile and nonw
Slide 5: Lenzing's relevant markets remain challenging
Lenzing’s relevant markets remain challenging Development of the relevant markets in Q2 2025 A ● Global apparel demand with slight increase, uncertainty Market Demand remains high ● Nonwovens markets more stable B ● Slight decrease of selected generic fiber prices compared Market Prices to Q1 2025 C
Slide 6: Global apparel demand slightly up partially impacted by preponed purchases
A Global apparel demand slightly up partially impacted by preponed purchases Textile Markets Nonwovens Markets Apparel retail sales1 breakdown by region Key influences H1 2025 Key influencing factors H1 2025 H1 2025 vs. H1 2024, in %, inflation-adjusted Examples, not-exhaustive Examples, not-exhaust
Slide 7: Generic viscose as well as DWP prices down in the second quarter
B Generic viscose as well as DWP prices down in the second quarter Fiber and DWP market prices in China, Q1 2023 – Q2 2025, USD/kg (excl. VAT) 1.8 Viscose 1.7 Generic viscose prices slightly declined in the second quarter 1.6 impacted by the tariff developments 1.5 2.5 Cotton 2.0 Development in inte
Slide 8: Energy and NaOH market prices remain on high levels
C Even with slight improvements in the second quarter, energy and NaOH market prices remain on high levels Comparison of selected energy and NaOH1 market price levels Development Q2 2025 vs. Q1 2025 Change in Percentage Q2 2025 vs. 2020 (averages) Energy NaOH +279% +77% +69% +34% +35% Coal Indonesia
Slide 9: Performance program with focus on margins, cost excellence and FCF generation
Performance program with focus on enhancing margins, cost excellence and FCF generation Lenzing’s holistic performance program 1 2 3 1 Top-line growth with full focus on margin improvement Dedicated sales initiatives and strengthened sales organization & processes Enhanced cost excellence for sustai
Slide 10: Cost savings continue to be well on track
Cost savings continue to be well on track Cost Excellence Priorities Envisaged impact composition by bucket Full recurring target, EUR mn Illustrative starting 2025 Enhancement in governance and priority setting Initiated new workstreams with further potentials Reinforcement of measures to streamlin
Slide 11: EBITDA increased to EUR 269 mn
EBITDA increased to EUR 269 mn Group revenue EBITDA1 EBITDA margin in EUR mn in EUR mn in % of revenue Q2 2025 H1 2025 Q2 2025 H1 2025 +30 +2% +104 -1 1,341 +63% 1,311 0% 269 +19 652 651 20% +21% 112 164 93 17% 13% 14% Q2 2024 Q2 2025 H1 2024 H1 2025 Q2 2024 Q2 2025 H1 2024 H1 2025 Slightly positive
Slide 12: Trading working capital down, capex low, unlevered FCF increased to EUR 49 mn
Trading working capital down, capex remains on low levels, unlevered FCF increased to EUR 49 mn Trading working capital¹ Capex Unlevered Free cash flow2 in EUR mn in EUR mn in EUR mn -2% +24% -11% 602 592 32 49 29 40 31/03/2025 30/06/25 Q1 2025 Q2 2025 Q1 2025 Q2 2025 Trading Working Capital down Ca
Slide 13: Net financial debt further down and liquidity cushion significantly up
Net financial debt further down and liquidity cushion significantly up due to successful refinancing Net financial debt1,2 Liquidity cushion3 in EUR mn in EUR mn +335 +53% -61 970 -4% 1,499 1,438 635 31/03/2025 30/06/2025 31/03/2025 30/06/2025 Liquidity cushion significantly up due to successful Net
Slide 14: Syndicated loan and new hybrid bond lift pro forma liquidity above EUR 1.1 bn
With the syndicated loan and the new hybrid bond pro forma liquidity increased above EUR 1.1 bn Pro forma1 debt maturities Pro forma1 liquidity cushion2 in EUR mn in EUR mn Financial Debt Hybrid 1,135 934 500 686 650 547 555 182 426 137 221 222 14 13 2022 2023 2024 30/06/2025 2025 2026 2027 2028 202
Slide 15: Continuing to take the future in our own hands in uncertain market environment
Continuing to take the future in our own hands in uncertain market environment Solid first half 2025 despite still challenging market environment in Q2 Stable demand in pulp assumed and continuously cautious outlook on generic fiber market development in H2 2025 Lenzing keeps Energy and raw material
Slide 16: Thank you for your attention!
Thank you for your attention! www.lenzing.com 16
Slide 17: Group revenue breakdown
Group revenue breakdown Fiber revenue by application, % Specialties share of fiber sales in H1 2025 Standard Fibers 7.7% 65% 64% 68% 64% 63% 35% 36% 32% 36% 37% Specialty Fibers 1 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 92.3% Textile Fibers Nonwoven Fibers 1) LENZING Lyocell, LENZING Modal, LENZING
Slide 18: Quarterly P&L development
Quarterly P&L development Delta Q2 2025 - Delta % Q2 2025 - EUR mn Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2025 Revenues 650.9 690.2 705.7 647.5 652.3 (39.3) (5.7%) Cost of Sales (521.9) (548.9) (557.8) (509.9) (532.4) 27.0 (4.9%) % of Revenue (80.2%) (79.5%) (79.0%) (78.7%) (81.6%) (0.7%
Slide 19: Top-Line Breakdown
Top-Line Breakdown Delta % EUR mn Q2-c 2025 Q2-c 2024 Delta YoY YoY Fiber 1,008.4 1,013.4 (5.0) (0.5%) Wood-based cellulosic fibers 971.9 979.6 (7.7) (0.8%) Co-Products Fibers 1 29.6 30.5 (0.9) (3.0%) Engineering, services and others 7.0 3.3 3.6 > 100,0% Pulp 331.0 295.7 35.4 12.0% Pulp 244.3 215.1
Slide 20: EBITDA per division
EBITDA per division EBITDA in EUR mn H1 2025 H1 2024 (18.8) 268.6 (40.6) 164.4 276.0 184.2 20.8 11.4 1) Fiber Pulp Other Group Fiber Pulp Other 1) Group 1) Incl. consolidation www.lenzing.com 20
Slide 21: Quarterly cash flow development
Quarterly cash flow development Change Change 01-06/ 01-06/ Change (EUR mn) Q2/2025 Q1/20251 Q2/Q1 (%) Q2/20241 Q2/Q2 (%) 2025 20241 y-o-y (%) Operating cash flow 78.2 72.0 8.6 123.6 (36.8) 150.1 239.6 (37.3) Acquisition of intangible assets, property, plant and equipment, and biological assets (28.
Slide 22: Q2 2025: Net debt bridge
Q2 2025: Net debt bridge Net Net Financial Change CAPEX Financial Debt Q1 in trading Change in Income (incl. Fin. Interest Dividend IFRS 16 Interest Currency Debt Q2 2025 EBITDA WC1 other WC Tax Paid Ass.)2 received paid Leasing paid Translation Others 2025 -112.5 1,437.9 26.1 8.1 -5.7 1,499.3 12.6
Slide 23: H1 2025: Net debt bridge
H1 2025: 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 H1 2024 EBITDA WC1 other WC Tax Paid Ass.)2 received paid Leasing paid Translation Others 2025 -268.6 52.6 1,437.9 44.1 1,532.5 22.9 -79.
Slide 24: Contact and financial calendar
Contact and financial calendar Investor contact Financial calendar Sébastien Knus VP Investor Relations Annual results 2024 March 14, 2025 Phone: +43 664 828 1576 E-mail: s.knus@lenzing.com 81st Annual General Meeting April 17, 2025 Visit our IR website and our SRI sites https://www.lenzing.com/inve
Slide 25: Thank you!
Thank you! www.lenzing.com 25