Lenzing AG

Management did not give a full numeric revenue or EPS figure in the transcript, but said H1 2026 revenue was only modestly lower than H1 2025. EBITDA grew by around 9% year over year, and quarter-on-quarter EBITDA increased by roughly 6% despite EUR 11 million of higher input costs. Fiber selling prices increased approximately 6% in Q2 2026, while pulp production in Q2 reached 300,000 tons and pulp selling prices improved from USD 780 per ton at the end of last year to USD 850 per ton currently, reaching approximately USD 900 within Q3. Trade working capital was around 17.6% of revenue, leverage was 3.6x net financial debt to EBITDA at the end of Q2, and 2026 CapEx is expected to be approximately EUR 150 million. Guidance stayed midterm: return to revenue growth, add approximately EUR 150 million of EBITDA, reach a 20% to 25% EBITDA margin, and reduce leverage below 2.5x.

Georg Kasperkovitz framed the quarter as evidence that the new strategy is already showing up in the numbers, with a deliberate shift toward value over volume and stronger resilience. He emphasized stable demand across textiles, nonwovens, and dissolving wood pulp, plus a constructive pricing backdrop supported by relatively high competing fiber prices. His tone was confident but pragmatic, repeatedly noting that cost headwinds remain elevated and execution on the new strategy is the top priority.

Mathias Breuer focused on active pricing and cost control, saying Lenzing uses full cost pass-through, weekly monitoring, and supply diversification to manage volatility. He said about EUR 25 million of the EUR 120 million cost program is already fully in the books, fiber prices rose about 6% in Q2, and higher input costs amounted to EUR 11 million quarter on quarter. On balance sheet items, he pointed to trade working capital at around 17.6% of revenue, leverage at 3.6x EBITDA, strong liquidity, and 2026 CapEx of about EUR 150 million, including EUR 15 million for the tampon business.

Analyst Patrick Steiner pressed on caustic soda and sulfur costs, the lack of a bigger volume rebound, SG&A inflation, pricing negotiations, and 2026 CapEx. Management said caustic soda spend is slightly above EUR 10 million per month, sulfur spend is less than EUR 5 million per month, and caustic soda should stay around Q2 levels into Q3 while sulfur could peak in Q3. On volumes, management said demand was strong, the company is effectively running at full capacity, and Q3 and Q4 volumes should remain broadly stable; on pricing, they said customers understand the cost backdrop and current price levels look defendable through year-end.