Lenzing to Wind Down Heiligenkreuz by Early 2027 as Impairments Pull EBIT Into the Red
Published on 11/10/2026 at 22:20 | Editorial boerse-global.de
Lenzing will halt production at its Heiligenkreuz site by the end of the first quarter of 2027, with the Grimsby plant set to follow by the close of 2027. The fibre maker is simultaneously exploring sale options for both locations, a twin-track approach that sits alongside nine-month figures showing a swing to an operating loss.
Non-cash write-downs of EUR 136.1 million on long-term assets at Heiligenkreuz and Grimsby were the main drag on earnings. EBIT came in at EUR -55.1 million, reversing a positive EUR 20.6 million in the same period a year earlier. The prior-year comparison had been a loss of EUR 105.0 million.
Revenue slipped to EUR 1.93 billion from EUR 1.97 billion. Adjusted EBITDA was essentially flat at EUR 353.0 million against EUR 352.7 million, while the adjusted EBITDA margin improved to 18.3% from 17.9%. Unadjusted EBITDA fell to EUR 316.4 million from EUR 340.4 million.
Should investors sell immediately? Or is it worth buying Lenzing?
Management continues to describe the trading environment as volatile, pointing to geopolitical tensions, tariff uncertainty and elevated energy and chemical prices. For the full year 2026, Lenzing is holding to its guidance of adjusted EBITDA between EUR 430 million and EUR 460 million.
On the divestment front, ORF reported that roughly 30 potential buyers had come forward for the Heiligenkreuz plant as of 4 November. A shortlist is due in mid-November, with a decision on sale or closure expected before the end of the year.
Deutsche Bank Research reaffirmed its "Hold" rating on the stock on the following day and lifted its price target to EUR 14.30 from EUR 12.70. Analyst Lars vom-Cleff highlighted the improved underlying profitability but cautioned that the recovery is not yet complete. Shares were down 4.2% in today's trading.
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