What happened?
LENZING''s Q3 sales/ adj. EBITDA came in +0%/ +18% vs. BBG cons., adjusted for EUR13m restructuring charges; on a reported basis, EBITDA was 1% below expectations.
Guidance for FY25 was confirmed: Adj. EBITDA: ''higher compared to last year'' [FY24: EUR 395m] vs. BBG: EUR 477m | LTM Q3: EUR 475m).
BNPP Exane View:
LENZING''s Q3 results are about in line with expectations. While Q3 marked a further sequential slowdown, the outlook statements suggest that Fiber markets have b ....
