EQS-News: Lenzing AG: Lenzing with new outlook for 2023

EQS-News: Lenzing AG / Key word(s): Profit Warning
   Lenzing AG: Lenzing with new outlook for 2023

   14.09.2023 / 20:15 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   Lenzing Group lowers its forecast for earnings development in the 2023
   financial year.

   Lenzing – The continued weak development of the markets relevant to
   Lenzing, coupled with very cautious market expectations in 2023, requires
   a reassessment of Lenzing AG’s macroeconomic environment.

   Taking into account the current lack of market recovery, the previous
   earnings forecast is not expected to be achieved. The Lenzing Group is
   therefore adjusting its forecast for earnings development and is assuming
   EBITDA in a range of EUR 270 mn to EUR 330 mn for the 2023 financial year.

   CEO Stephan Sielaff: “The recovery expected for the second half of the
   year in the markets relevant to us has not yet occurred. This makes the
   early measures we took all the more correct. We launched an ambitious cost
   reduction program back in November 2022, which delivered the expected
   results ahead of schedule. Building on this, we are implementing a
   holistic and consistent value creation program with a focus on measures to
   strengthen profitability and cash flow generation and to exploit the
   growth potential in the fiber markets through targeted sales activities.”

   CFO Nico Reiner: “With this value creation program, we will powerfully
   overcome the current economic challenges and make Lenzing more resilient
   in difficult market situations in the future.”

   The Lenzing Group will announce further details about the value creation
   program when it publishes its quarterly results on November 3, 2023.

    

   Your contact for                                          
   Public Relations:                               Investor Relations:
                                                             
   Dominic Köfner                                     Sébastien Knus
   Vice President Corporate Communications &  Vice President Capital Markets
   Public Affairs                               Lenzing Aktiengesellschaft
   Lenzing Aktiengesellschaft                  Werkstraße 2, 4860 Lenzing,
   Werkstraße 2, 4860 Lenzing, Austria                   Austria
                                                             
   Phone   +43 7672 701 2743                   Phone     +43 7672 701 3599
   E-mail   [1][email protected]             E-mail     [3][email protected]
   Web      [2]www.lenzing.com                Web        [4]www.lenzing.com
    

    

   About the Lenzing Group
    
   The Lenzing  Group  stands  for  ecologically  responsible  production  of
   specialty fibers  made  from  the  renewable  raw  material  wood.  As  an
   innovation leader, Lenzing  is a  partner of global  textile and  nonwoven
   manufacturers and drives many new technological developments.
    
   The Lenzing Group’s high-quality  fibers form the basis  for a variety  of
   textile applications ranging from elegant clothing to versatile denims and
   high-performance sports clothing.  Due to their  consistent high  quality,
   their biodegradability and compostability  Lenzing fibers are also  highly
   suitable for hygiene products and agricultural applications.
    
   The business  model  of  the Lenzing  Group  goes  far beyond  that  of  a
   traditional fiber  producer. Together  with  its customers  and  partners,
   Lenzing develops innovative products along the value chain, creating added
   value  for  consumers.  The  Lenzing  Group  strives  for  the   efficient
   utilization and processing of  all raw materials  and offers solutions  to
   help redirect the textile sector  towards a closed-loop economy. In  order
   to reduce the speed of global warming and to accomplish the targets of the
   Paris Climate Agreement and the “Green Deal” of the EU Commission, Lenzing
   has a clear vision: namely to make a zero-carbon future come true.
    
   Key Facts & Figures Lenzing Group 2022
   Revenue: EUR 2.57 bn
   Nominal capacity: 1,145,000 tonnes
   Number of employees (headcount): 8,301
    
   TENCEL™, VEOCEL™, LENZING™,  REFIBRA™, ECOVERO™,  LENZING MODAL™,  LENZING
   VISCOSE™, MICROMODAL™ and PROMODAL™ are trademarks of Lenzing AG.

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   14.09.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
   www.eqs.com

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   Language:    English
   Company:     Lenzing AG
                4860 Lenzing
                Austria
   Phone:       +43 7672-701-0
   Fax:         +43 7672-96301
   E-mail:      [email protected]
   Internet:    www.lenzing.com
   ISIN:        AT0000644505
   Indices:     ATX
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 1726769


    
   End of News EQS News Service


   1726769  14.09.2023 CET/CEST

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