Slide 1: Results H1 2026 Investor Presentation
RESULTS H1 2026 INVESTOR PRESENTATION AUGUST 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 Joined Lenzing in 20251 Joined Lenzing in 20232 Note: 1) Appointed CEO on June 1, 2026; 2) Appointed CFO on January 1, 2026. 3
Slide 4: Agenda
AGENDA 01 Key Facts 02 Market Update 03 Financials 04 Outlook 4
Slide 5: Key Facts
| Lenzing Innovative by nature 01 KEY FACTS
Slide 6: 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 7: Market Update
| Lenzing Innovative by nature @2 MARKET UPDATE
Slide 8: Resilient Fiber and Nonwovens Demand Firmed H1 Pricing
Resilient Fiber and Nonwovens Demand Firmed H1 Pricing Fiber demand DWP demand Textile Markets Nonwovens Markets ● Consumer sentiment – muted, ● End demand – stable, across ● Demand link – fiber-driven, tied on Middle East conflict and Europe and North America, with to regenerated cellulosic fiber d
Slide 9: Higher Competing-Fiber Prices Support Cellulosics as Elevated Levels Structurally Persist
Higher Competing-Fiber Prices Support Cellulosics as Elevated Levels Structurally Persist Textile fiber prices in China1 USD/kg, excl. VAT | YTD development Cotton Viscose Polyester +17% +15% +20% 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 2/26 3/26 4/26 5/26 6/26 7/26 1/26 2/26 3/26 4/26
Slide 10: Middle East Conflict Kept Energy and Caustic Soda Prices Elevated in Q2'26
Middle East Conflict Kept Energy and Caustic Soda Prices Elevated in Q2‘26 Comparison of selected energy and NaOH1 market price levels Energy prices (EUR / MWh) NaOH1 prices (local currency / ton incl. VAT) Electricity Austria (EPEX Spot) Natural Gas Europe (TTF) Indexed to 2020=100 Europe2 Indonesi
Slide 11: Middle East Conflict: Market Impact and Lenzing Mitigation Actions
Middle East Conflict: Market Impact and Lenzing Mitigation Actions Market impact of Iran war Lenzing response 01 Cost pass-through ● Fiber sales – strong, though possible overstocking ahead of feared supply-chain disruptions, notably in Asia ● Competing fibers – dearer, as higher costs for cotton 02
Slide 12: Fiber Volumes Stable, Selling Prices Higher in Q2 2026
Fiber Volumes Stable, Selling Prices Higher in Q2 2026 Fiber sales volumes Average fiber sales price in ktons in USD/kg in EUR/kg +1 +0.5% +5.8% +6.6% 229 220 221 2.35 2.49 2.04 2.14 2.32 2.01 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 • Volumes – stable, broadly flat vs
Slide 13: Pulp Volumes Steady, DWP Prices Firmer in Q2 2026
Pulp Volumes Steady, DWP Prices Firmer in Q2 2026 DWP production volumes DWP sales volumes1 Average DWP sales price1 in ktons in ktons in EUR/kg +14 (4) +4.9% (2.5%) 312 306 166 162 +6.9% 292 154 0.77 0.74 0.69 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 • Sales volumes –
Slide 14: Financials
| Lenzing Innovative by nature Os FINANCIALS
Slide 15: EBITDA Up Year-on-Year on Stable Revenue
EBITDA Up Year-on-Year on Stable Revenue Group revenue EBITDA | EBITDA margin in EUR mn in EUR mn | in % of revenue 17% 11% 12% 19% 19% +1 0% +11 +9% 651 631 630 652 616 116 123 112 72 73 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 • Revenue – stable, vs Q2 2025 a
Slide 16: Strong operative EBITDA increase compared to Q1 2026
Strong operative EBITDA increase compared to Q1 2026 EBITDA bridge Q1 2026 – Q2 2026 in EUR mn +6.0% 4 4 (14) 10 (11) 25 (8) 123 116 (3) 1 2 Q1 2026 Price/Volume/Mix Price/Volume/Mix Cost savings FX / Others TTT Cost inflation Co2 certificates Biological Asset Q2 2026 Fiber Pulp Revaluation Positive
Slide 17: Disciplined Working Capital; Higher Capex Weighed on Free Cash Flow
Disciplined Working Capital; Higher Capex Weighed on Free Cash Flow Trading working capital¹ Capex Unlevered FCF2 in EUR mn in EUR mn in EUR mn Trading working capital (TWC) TWC in % of annualized revenue +5 (17) +17% (35%) (132) (22%) 34 29 592 460 49 22.7% 17.6% 32 Q2 2025 Q2 2026 Q2 2025 Q2 2026
Slide 18: Lower Inventories Drove Working Capital Down
Lower Inventories Drove Working Capital Down Inventories Trade receivables Trade payables in EUR mn in EUR mn in EUR mn (138) +1 (5) (22%) 0% (2%) 635 275 276 318 324 314 312 593 258 245 255 297 532 484 497 06/25 09/25 12/25 03/26 06/26 06/25 09/25 12/25 03/26 06/26 06/25 09/25 12/25 03/26 06/26 • I
Slide 19: Net Debt Position Lowered Year-on-Year
Net Debt Position Lowered Year-on-Year Net financial debt1,2 Liquidity cushion3 in EUR mn in EUR mn (133) (14%) (75) (5%) 970 909 837 1,438 1,362 1,363 06/2025 03/2026 06/2026 06/2025 03/2026 06/2026 • Net financial debt – reduced YoY, on disciplined balance- • Liquidity cushion – remains solid, at
Slide 20: Maturity profile
Maturity profile Debt maturities (30.06.2026)1 in EUR mn Financial Debt Hybrid 500 548 570 328 224 229 15 1 13 2026 2027 2028 2029 2030 2031 2032 2033ff Note: 1) Excl. recently announced financial transactions on 27 th July. 20
Slide 21: Outlook
| Lenzing Innovative by nature @4 OUTLOOK
Slide 22: Creating a More Focused, Profitable and Resilient Leader in Supplying Fiber and Pulp
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 2026-28 Performance Program 9
Slide 23: Outlook
Outlook 2026 Mid-term targets Pricing — constructive but likely peaking, with H1 price trends improved in fiber and pulp vs Q4 2025 and potential downside limitation into H2 Return to Revenues revenue growth Costs — elevated headwind, as energy and raw-material prices are expected to stay high while
Slide 24: Thank You
. | Lenzing Innovative by nature THANK YOU
Slide 25: Contact and Financial Calendar
Contact and Financial Calendar Investor contact Financial calendar For further information please contact Investor Relations: Extraordinary General Meeting August 25, 2026 Alexander Schwaiger VP Corporate Treasury and Investor Relations Results Q3 2026 November 5, 2026 +43 676 6194503 Juliane Rick I
Slide 26: Appendix
| Lenzing Innovative by nature APPENDIX
Slide 27: New Performance Program accompanying the Portfolio Shift and Footprint Consolidation
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 SG&A
Slide 28: Margin Resilience Maintained Through a Softer H1 2026
Margin Resilience Maintained Through a Softer H1 2026 Group revenue EBITDA | EBITDA margin in EUR mn in EUR mn | in % of revenue 20% 19% (5%) (11%) 1,341 1,267 269 239 H1 2025 H1 2026 H1 2025 H1 2026 • Margin – resilient at 19%, held by continued cost excellence • Revenue – lower YoY, on reduced fib
Slide 29: Group revenue breakdown
Group revenue breakdown Group revenue by division, % Fiber revenue by application, % 63% 63% 64% 67% 64% 75% 71% 70% 74% 75% 37% 37% 36% 33% 36% 25% 29% 30% 26% 25% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Fiber Pulp1 Textile Fibers Nonwoven Fibers Note: 1) Pul
Slide 30: Group P&L
Group P&L Delta Delta % EUR mn Q2 2026 Q2 2025 Q2 2026 – Q2 2025 Q2 2026 – Q2 2025 Revenues 651.7 650.9 0.9 0.1% Cost of Sales (517.5) (521.9) 4.4 0.8% % of Revenue (79.4%) (80.2%) 0.8%pt Gross Profit 134.2 129.0 5.2 4.1% % of Revenue 20.6% 19.8% 0.8%pt Selling Expenses (71.2) (67.3) (3.9) (5.8%) Ad
Slide 31: Top-Line Breakdown
Top-Line Breakdown EUR mn H1 2026 H1 2025 Delta YoY Delta YoY Fiber 941.2 1,008.4 (67.2) (6.7%) Regenerated cellulosic fibers 911.9 971.9 (60.0) (6.2%) Co-Products of fiber products 1 28.4 29.6 (1.2) (3.9%) Other 1.0 7.0 (6.0) (86.3%) Pulp 324.8 331.0 (6.3) (1.9%) Pulp 234.7 244.3 (9.6) (3.9%) Biore
Slide 32: Division EBITDA Q2 2026 vs. Q2 2025
Division EBITDA Q2 2026 vs. Q2 2025 EBITDA in EUR mn Q2 2026 Q2 2025 112.5 (12.8) 123.0 1.3 92.8 116.0 42.9 (4.9) Fiber Pulp Other1 Group Fiber Pulp Other1 Group Note: 1) Incl. consolidation. 32
Slide 33: Quarterly cash flow development
Quarterly cash flow development Change Q2/Q1 Change 01-06/ 01-06/ Change (EUR mn) Q2/2026 Q1/2026 (%) Q2/2025 Q2/Q2 (%) 2026 2025 y-o-y (%) Operating cash flow 65.9 94.6 (30.3) 78.2 (15.7) 160.4 150.1 6.9 Acquisition of intangible assets, property, (33.9) (28.4) 19.1 (28.8) 17.5 (62.3) (61.3) 1.7 pl
Slide 34: H1 2026: Net debt bridge
H1 2026: Net debt bridge Net Net Financial Change in CAPEX Financial Debt FY trading Change in Income (incl. Fin. Interest Dividend IFRS 16 Interest Currency Debt H1 2025 EBITDA WC 1 other WC Tax Paid Ass.)2 received paid Leasing paid Translation Others 2026 (14.0) (239.2) 26.5 13.6 (7.6) 1,350.1 1,
Slide 35: Q2 2026: Net debt bridge
Q2 2026: Net debt bridge Net Net Financial Change in CAPEX Financial Debt Q1 trading Change in Income (incl. Fin. Interest Dividend IFRS 16 Interest Currency Debt Q2 2026 EBITDA WC 1 other WC Tax Paid Ass.)2 received paid Leasing paid Translation Others 2026 (123.0) 34.1 2.9 6.3 1,362.0 1,363.3 (4.0