Lenzing Ag Ord (LNZNF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Yeah, perfect. So good afternoon, everyone, and thank you for handing over to me. And thanks to everyone for joining our call today. Today, we're going to walk together through Lansing's result for the first quarter of 2026. Just a brief look into the agenda. I will start with the key highlights, followed by an update on the market environment, as always. And then I will take you through the financials in more detail, including the EBITDA, the cash flow, the working capital, and our balance sheet position. And finally, we will end with our current view on the outlook before we move to the Q&A session. Let me start with the key highlights of the first quarter of 2026. As we also discussed in March this year, the year began in a very challenging geopolitical and macroeconomic environment, in particular the escalation in the Middle East, which has increased the uncertainty across energy, chemicals, logistics, and finally also consumer markets. Against this backdrop, we delivered a revenue of €616 million, which is an 11% decline year-on-year and slightly below the fourth quarter of 2025, reflecting the still challenging market environment and lower pulp volumes. Please keep in mind that especially the first quarter of 2025 was particularly strong with a worsening economic situation over the following quarters 2025 following the tariff announcements in April. Our EBITDA increased significantly compared to the fourth quarter 2025 to €116 million, corresponding to a solid EBITDA margin of 19%. This underlines the continued impact of our pricing and cost excellence initiatives and the measures that we have taken, supported by some one-off effects that we will also discuss in today's meeting. The cash generation was particularly strong. The unlevered free cash flow reached 6...