Lenzing Draws a Shortlist at Heiligenkreuz as Nine-Month Loss Deepens

Lenzing has narrowed the field of potential buyers for its Lyocell site at Heiligenkreuz, with a shortlist expected around mid-November from a pool of roughly 30 interested parties, according to Wednesday media reports. A final call on whether the site is sold or shut down is due by the end of the year, and production is set to keep running until the end of March 2027. No sale has been agreed — both outcomes remain on the table.

The plant update came as the Austrian fibre maker reported a weaker set of nine-month figures for 2026. EBITDA slipped to EUR 316.4 million from EUR 340.4 million a year earlier, while revenue eased to EUR 1.9263 billion from EUR 1.9720 billion. The bottom line deteriorated more sharply: the loss after tax widened to EUR 130.3 million from EUR 105.0 million. Stripping out one-offs, adjusted EBITDA held almost flat at EUR 353.0 million. Shares were down 2.2% on the day.

Funding Takes Shape

Alongside the results, Lenzing disclosed new financing arrangements worth around EUR 300 million, about half of which has been signed on a binding basis. That sits next to the roughly EUR 300 million raised through a capital increase completed about a month ago. The cash call lifted the total number of voting rights to 73,374,542, as the company announced on 30 October, with new share capital of EUR 76,204,702.90.

Should investors sell immediately? Or is it worth buying Lenzing?

Ownership of part of that equity was clarified in a corrected voting-rights notification published on Thursday. Goldman Sachs Asset Management B.V. exercises voting rights over 4.27% of the company but does not own the shares in question — legal title rests with NN Group N.V. through its subsidiaries. The mandatory disclosure sets 23 October as the date the threshold was crossed, and the correction reallocates the shares and the attached voting rights between the parties involved.

Deutsche Bank Trims Its Target

Analysts have been marking Lenzing down. Deutsche Bank cut its price target to EUR 12.70 from EUR 22 on 28 October, keeping its rating at "Hold," according to media reports. The company has scheduled 18 March 2027 for the release of its 2026 annual results.

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