A press release from the company stated that during the quarter, EBITDA more than doubled to € 71.4 million. Compared to the negative € 41.4 million in the first quarter of 2023, EBIT was marginally positive at € 1.5 million.
Earnings before tax (EBT) was negative at € 17.8 million even though it was less than € 74.2 million the year before.
“In the first quarter, the Lenzing Group’s business development is moving in the correct path. But as long as there is significant pricing pressure in the fiber industry, we cannot speak of a durable market recovery,” stated Stephan Sielaff, CEO of Lenzing Group.
The corporation continued by stating that it is expected that more chances will be taken advantage of and that the already defined initiatives will be implemented even faster with the inclusion of a distinct management board member. Lenzing believes that these actions will assist to gradually increase profitability in the future quarters. Taking into account the aforementioned factors, the group maintains its forecast of growing EBITDA annually for the fiscal year 2024.
