Lenzing revenues improve by 5 percent

The Lenzing Group revenue grew by 5 percent to 2 billion euros in the first three quarters of 2024 reflecting higher revenue from fibres, up 10.9 percent.

The company expects that its performance program will make a greater contribution to further improving earnings in the coming quarters. The company confirms its guidance for the 2024 financial year of year-on-year higher EBITDA.

“The Lenzing Group is continuing its recovery course. We continue to ensure strict cost management and focus on strengthening our global sales activities. At the same time, we are adapting our corporate organisation to the changed market conditions,” said Rohit Aggarwal, chief executive officer of the Lenzing Group.

EBITDA for the period rose by 20.3 percent to 263.7 million euros and EBITDA margin increased from 11.7 percent to 13.5 percent. The operating result (EBIT) rose to 38.3 million euros and the EBIT margin was 2 percent compared with minus 0.6 percent last year.

Earnings before tax (EBT) contracted to minus 33.4 million euros, while net loss after tax decreased to minus 111.1 million euros.

Commenting on Lenzing’s measures to improve profitability, Nico Reiner, Lenzing Group CFO, added: “The implementation of our performance program is currently well ahead of schedule. We expect annual cost savings in excess of 100 million euros, of which more than 50 percent will already be effective from this financial year onward.”