Lenzing AG faces a challenging economic landscape in 2023, as markets crucial to their operations continue to underperform, causing them to reevaluate their outlook. Due to the ongoing market stagnation, the previously projected earnings seem unlikely to materialize. Lenzing Group is revising its earnings forecast for 2023, anticipating an EBITDA ranging from EUR 270 million to EUR 330 million.
CEO Stephan Sielaff expressed concern over the delayed market recovery and emphasized the importance of their cost reduction efforts initiated in November 2022. In response, they are launching a comprehensive value creation program to boost profitability, cash flow, and leverage growth opportunities in the fiber markets through strategic sales activities.
CFO Nico Reiner emphasized the program's role in enhancing Lenzing's resilience in future market challenges. Detailed information about the value creation program will be disclosed alongside quarterly results on November 3, 2023.