What happened?
LENZING''s Q2 sales/ EBITDA came in -4%/+-2% vs. BBG Consensus estimates.
Guidance for FY25 was confirmed: EBITDA: ''higher compared to last year'' [FY24: EUR 395m] vs. BBG: EUR 465m | LTM Q2: EUR 500m
BNPP Exane View:
LENZING''s Q2 results are in line with expectations for EBITDA. Considering the print and unchanged 25 guidance, any meaningful changes to consensus PandL/CF estimates for 25 look rather unlikely at this stage, in our view. However, and considering LTM trends ....
