Slide 1: Investor Presentation Results Q3 2025
Investor Presentation Results Q3 2025| November 6, 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: Agenda
Agenda 1 Key Highlights Rohit Aggarwal 2 Market update Rohit Aggarwal 3 Refined Strategy Rohit Aggarwal 4 Financials Nico Reiner 5 Investment highlights and outlook Rohit Aggarwal 6 Q&A All www.lenzing.com 3
Slide 4: Key Highlights Q1-Q3 2025
Key Highlights Q1-Q3 2025 1 Challenging market in 9M/25. Lenzing refines strategy. 2 9M: Revenue and EBITDA growth. Q3 with headwinds and restructuring one-offs. 3 Operational excellence. Raising the bar on Lenzing’s agility and flexibility. 4 Reliable financial strategy. Liquidity as #1 priority in
Slide 5: Leveraging global operations strength to manage tariff-related market challenges
Leveraging global operations strength to manage tariff-related market challenges Tariff developments 2025 Lenzing action plan to mitigate ● Q1 2025 with limited tariff impact and strong ●1 Customer collaboration: align with customers result for Lenzing and partners to strengthen demand visibility ●
Slide 6: Continued weak apparel demand with short-term relief from the US, nonwoven markets more resilient
Continued weak apparel demand with short-term relief from the US, nonwoven markets remain more resilient Fiber demand DWP demand Textile Markets Nonwovens Markets ● DWP demand closely linked to the production of regenerated ● Global apparel retail sales1 up by 2% ● Relatively stable consumer market
Slide 7: Generic viscose prices recovered seasonally in Q3 2025 while dissolving price bottomed out
Generic viscose prices recovered seasonally in Q3 2025 while dissolving price bottomed out; cotton still low Generic market prices in China, Q1 2023 – Q3 2025, USD/kg (excl. VAT) Lenzing’s focus 1.8 Viscose ● Premium branded Generic viscose prices increased, 1.7 fibers with higher seasonal demand be
Slide 8: High energy and NaOH market prices show further signs of easing
High energy and NaOH market prices show further signs of easing Comparison of selected energy and NaOH1 market price levels Development Q3 2025 vs. Q2 2025 Change in Percentage Q3 2025 vs. 2020 (averages) Energy NaOH +247% +72% +62% +25% +32% Coal Indonesia Gas Europe Europe2 Indonesia China3 NOTE:
Slide 9: 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 10: Lenzing's refined strategy – prioritization of Premiumization and Excellence
Lenzing’s refined strategy – prioritization of Premiumization and Excellence 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
Slide 11: Innovation and sustainability excellence. Global leadership confirmed.
Innovation and sustainability excellence. Global leadership confirmed. Innovation Sustainability Application- & customer-driven … Monetize sustainability leadership1… Platinum status in the EcoVadis ESG Rating TENCEL Lyocell – HV100 fibers bring undefined rawness of nature into the TENCEL Lyocell Fi
Slide 12: Q3 negatively impacted by decrease in revenue, 9M EBITDA up year on year
Q3 negatively impacted by decrease in revenue, 9M EBITDA up year on year from positive effects of performance program Group revenue EBITDA1 EBITDA margin in EUR mn in EUR mn in % of revenue Q3 2025 Q1-Q3 2025 Q3 2025 Q1-Q3 2025 +14 +1% +77 Impacted by one- +29% -17 1,958 1,972 off restructuring -3%
Slide 13: EBIT impacted by impairment of assets of EUR 82.1 mn in Q3 2025
EBIT impacted by impairment of assets of EUR 82.1 mn in Q3 2025 EBIT Non-cash impairment in EUR mn Q3 2025 • Lenzing is examining strategic options for Excl. impairment the site in Indonesia, including a potential -108 sale 19 +82 • In this context, non-cash impairment losses on non-current assets,
Slide 14: 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 Free cash flow2 in EUR mn in EUR mn in EUR mn +53 -6% +3 +108% 592 32 103 554 29 49 30/06/25 30/09/25 Q2 2025 Q3 2025 Q2 2025 Q3 2025 Disciplined approach to capital a
Slide 15: Lower net debt and higher liquidity strengthen financial position
Lower net debt and higher liquidity strengthen financial position Net financial debt1,2 Liquidity cushion3 in EUR mn in EUR mn +23 +2% 993 -35 970 -2% 1,438 1,403 30/06/25 30/09/25 30/06/25 30/09/25 Net financial debt with slight Liquidity cushion slightly up in Q3 based decrease in Q3 2025 on posit
Slide 16: Well-balanced maturity profile underpins financial flexibility
Well-balanced maturity profile underpins financial flexibility Debt maturities (30.9.2025) in EUR mn Financial Debt Hybrid 500 547 554 426 223 224 125 15 13 2025 2026 2027 2028 2029 2030 2032 2033ff • Capital market access despite challenging times • LDC converted project financing of USD 1 bn into
Slide 17: 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 18: Outlook
Outlook Solid Q1-Q3 2025 despite challenging market environment Fiber demand expected to have passed low point, stable demand in pulp assumed Lenzing keeps Energy and raw material costs assumed to remain on expectation for elevated levels EBITDA in 2025 However, limited visibility due to ongoing hig
Slide 19: Thank you for your attention!
Thank you for your attention! www.lenzing.com 19
Slide 20: Group revenue breakdown
Group revenue breakdown Fiber revenue by application, % Specialties share of fiber sales in Q1-Q3 2025 Standard Fibers 10% 64% 68% 64% 63% 63% Specialty Fibers 1 36% 32% 36% 37% 37% 90% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1) LENZING Lyocell, LENZING Modal, Textile Fibers Nonwoven Fibers LENZING
Slide 21: Quarterly P&L development
Quarterly P&L development Q3 2025 Delta Q3 2025 - Q3 Delta % Q3 2025 - Q3 EUR mn Q3 2025 Q3 2024 2024 2024 Revenues 630.9 647.5 (16.6) (2.6%) Cost of Sales (634.6) (509.9) (124.7) 24.5% % of Revenue (100.6%) (78.7%) Gross Profit (3.7) 137.6 (141.3) > 100% % of Revenue (0.6%) 21.3% Selling Expenses (
Slide 22: Top-Line Breakdown
Top-Line Breakdown YTD EUR mn Q3-c 2025 Q3-c 2024 Delta YoY Delta % YoY Fiber 1,456.7 1,526.9 (70.2) (4.6%) Wood-based cellulosic fibers 1,406.5 1,476.2 (69.7) (4.7%) Co-Products Fibers 1 43.4 46.4 (3.0) (6.5%) Engineering, services and others 6.8 4.3 2.6 60.0% Pulp 513.0 428.9 84.1 19.6% Pulp 382.7
Slide 23: Quarterly cash flow development
Quarterly cash flow development Change Change 01-09/ 01-09/ Change (EUR mn) Q3/2025 Q2/2025 Q3/Q2 (%) Q3/20241 Q3/Q3 (%) 2025 20241 y-o-y (%) Operating cash flow 134.5 78.2 72.1 79.8 68.5 284.6 319.4 (10.9) Acquisition of intangible assets, property, plant and equipment, and biological assets (31.9)
Slide 24: Q3 2025: Net debt bridge
Q3 2025: Net debt bridge Net Net Financial Change CAPEX Refinancing Financial Debt Q2 in trading Change in Income (incl. Fin. Interest Dividend hybrid IFRS 16 Interest Currency Debt Q3 2025 EBITDA WC1 other WC Tax Paid Ass.)2 received paid capital Leasing paid Translation Others 2025 -24.1 -1.3 -49.
Slide 25: 01-09/2025: Net debt bridge
01-09/2025: 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 Q3 2024 EBITDA WC1 other WC Tax Paid Ass.)2 received paid capital Leasing paid Translation Others 2025 -340.4 2.7 2
Slide 26: Contact and financial calendar
Contact and financial calendar Investor contact Financial calendar For further information please contact Investor Relations: Annual results 2024 March 14, 2025 Phone: +43 7672 701 2743 E-mail: investorrelations@lenzing.com 81st Annual General Meeting April 17, 2025 Visit our IR website and our SRI
Slide 27: Thank you!
Thank you! www.lenzing.com 27