Ladies and gentlemen, welcome to the Lenzing AG Update Call and Live Webcast. I am Matilde, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Rohit Aggarwal, CEO. Please go ahead. Welcome, and thank you for joining today's Capital Markets Update. With me is also Nico Reiner, our CFO. Over the next 30 minutes, we'll present how Lenzing has refined its strategy to navigate a challenging market while continuing to build on our leadership in innovation and sustainability. We'll review performance progress, market dynamics, and outline the strategic priorities, including the financial guidance that underpins our path to long-term value creation. On slide two, you see the big picture and flow of the contents and the presentation. Since 2023, we have been working hard to secure the future of Lenzing in an environment that has become increasingly challenging. Global textile and nonwoven markets remain under pressure, and shifting geopolitical dynamics affect the entire industry. Against this backdrop, we have refined our strategy to ensure Lenzing remains competitive and resilient in the long run. The idea is straightforward. We want to unlock the full potential of Lenzing by focusing on what we do best: premium fibers and innovation, while at the same time making our structures leaner and the processes more efficient. The refined strategy rests on premiumization, including customer proximity and operational excellence. Premiumization means concentrating on our high-margin branded fibers, such as TENCEL and VEOCEL, and gradually withdrawing from low-margin commodity segments. Customer proximity means expanding our presence in North America and Asia, staying closer to our partners, and intensifying innovation through joint developments in our application centers. Operational excellence means strengthening our efficiency, embedding cost discipline, reviewing our asset footprint, and ensuring that savings are sustainable. What remains unchanged are our core strengths: innovation and sustainability. In short, this refined strategy sharpens our focus, makes us more resilient, and positions Lenzing to capture growth in those areas where we truly add value. We are also backing our strategy with a targeted investment program, upgrading our Austrian sites. This leads us to confirmed EBITDA outlook by year-end and a positive outlook for 2027. With this, I hand over time to Nico Reiner as to report progress versus last year. Thank you, Rohit, and also a very warm welcome from my side. Let me take a moment to look back at our progress since last year. In 2024, we managed to significantly increase EBITDA, improving our margin to 15%, while at the same time reducing leverage. In the first half of 2025, that momentum continued. Revenues grew, EBITDA increased by more than 60% year on year, and we further strengthened our balance sheet. Our performance program is delivering tangible results. By 2024, we had already secured EUR 130 million in annual savings, and we are firmly on track to reach EUR 180 million+ by the end of this year. On top of this, we successfully refinanced our debt, eliminated near-term maturities, and improved working capital efficiency. The bottom line is we set ambitious targets, and we met them. This track record proves that Lenzing can deliver what it promises, and it gives us the credibility and confidence to now take the next step with our refined strategy. Handing back to you, Rohit. Thank you, Nico. Let's move to slide four. What we see on slide four is that the environment for our industry has changed considerably since the second half of 2022, and many of these conditions are still with us today. Global textile and non-woven markets remain under pressure. Trade conflicts, new tariff barriers, and geopolitical uncertainty continue to weigh on demand flows across regions. Consumer sentiment is subdued, and that translates directly into lower textile consumption. On the cost side, Europe continues to face elevated energy and caustic soda prices, putting pressure on margins. In China, the lifestyle market has become commoditized, intensifying price competition, and demand for ECOVERO viscose is developing more slowly than we had anticipated. At the same time, there are steady dynamics that support our strategy. Regenerated cellulosic fibers continue to grow by 5%- 6% annually, clearly outpacing the global fiber market, which grows at only 2% -3%. Modal remains a healthy niche, and the premium fiber segment still has limited competition. The message is clear. The generic segments of the fiber market remain highly exposed and pressured, while specialty and premium fibers continue to offer growth, differentiation, and resilience. This is exactly where we are positioning Lenzing for the future. Moving on to the next slide, what you can see on slide five is that our refined strategy is built around four strategic priorities that together unlock value and prepare Lenzing for the future. Unlocking value happens mostly in the first two pillars: premiumization and excellence. Premiumization means that we will concentrate most strongly on our branded and innovative fibers like TENCEL, VEOCEL, and ECOVERO, and gradually step back from less profitable commodity segments. By doing so, we improve margins and position Lenzing in areas where we can truly differentiate. The second is excellence. We are embedding a culture of efficiency and discipline across the group, not just through one-off savings, but by institutionalizing cost control, optimizing our asset footprint, and streamlining structures. This makes us leaner, more agile, and more resilient. The third pillar is innovation. Here, we will focus resources on fewer but higher-impac t projects, accelerating time to market and ensuring that our innovation pipeline continues to provide the next generation of premium fibers, whether in textiles or non-wovens. Finally, sustainability. This has always been part of Lenzing's DNA, but going forward, it'll be leveraged even more as a value driver. With growing regulation and customer demand for sustainable products, our leadership in this area is truly a competitive advantage. Taken together, these four priorities: premiumization, excellence, innovation, and sustainability ensure that we don't just react to changes in the market, but actively shape them, creating long-term value for customers, employees, and shareholders. Let's look a little bit closer to our premiumization strategy. It is at the core of our refined strategy. Together, around a quarter of our volumes are still in generic commodity fibers. About 60% are in our branded classic products, and 15% are in innovative premium fibers. Our goal is clear. Over time, we will exit the generic segments and shift resources into branded and premium products. This means that competitors can continue to play in commoditized viscose, while Lenzing focuses on areas with higher margins and stronger differentiation. Flagship brands like TENCEL, VEOCEL, and ECOVERO are central to this journey. They not only provide better profitability, but also embody sustainability, performance, and innovation, qualities that customers and consumers increasingly demand. Premiumization is more than just a portfolio shift. It makes our business structurally more resilient, less exposed to cyclical swings, and better positioned for sustainable growth. It is how we unlock more value for our customers and shareholders by building on what we do best. Let's move to the slide and talk a little bit about our refined target markets and applications. To capture profitable growth, we are refining our geographic and application focus. In the Americas, our goal is expansion. Here, a strong local footprint and increasing regulatory focus on sustainability create real tailwinds. In Europe, the Middle East, and Africa, we will strengthen our position, aligning closely with new sustainability legislation and optimizing our customer mix. In Asia, which remains highly competitive, our objective is stabilization, concentrating on segments where Lenzing can truly differentiate, such as hygiene, filtration, and technical applications. Just as important as where our fibers are used, beyond traditional textiles, we see strong opportunities in hygiene, medical, packaging, filtration, and industrial non-wovens. These applications have more resilient demand patterns and often command higher margins. By selectively shifting production capacity from textiles into nonwovens, we aim to achieve a more balanced revenue distribution between the two business areas. This also reinforces our pulse integration, securing competitiveness and long-term profitability. The story of this slide is not just about regions, but about using our assets in the right markets and the right application areas. Markets that are structurally growing are less cyclical and where Lenzing can lead. Let's talk a little bit about excellence. Excellence is about making Lenzing structurally leaner, more efficient, and more resilient. It goes well beyond temporary savings and touches every part of the organization. On the commercial side, we are embedding value-based selling practices and improving pricing discipline. This includes better use of data on products, customers, and margins, as well as building transparent sales and business development pipelines. We're also strengthening key account management, giving sales teams clearer responsibilities and a more proactive hunter mindset. On the cost side, we are implementing tough but necessary measures. By the end of 2025, around 300 positions will be reduced in Austria, mainly in overhead, supported by a social plan with full assistance for those affected. This is expected to result in annual savings of over EUR 25 million from 2026 onwards. By 2027, another 300 positions will be reduced through internationalization as we strengthen our footprint in Asia and North America. Both measures will lead to a total annual savings of more than EUR 45 million, the latest fully effective before end of 2027. To support competitiveness and lasting profitability, we have prepared an investment package of more than EUR 100 million for Lenzing and Heiligenkreuz sites until 2027. Heiligenkreuz will reinforce its position as the most environmentally friendly specialty fiber facility worldwide and as an innovation hub through targeted technology investments. At the Lenzing site, further investments with strategic partners are in preparation to support our premiumization strategy. Additional efficiency measures include a systematic energy optimization in all plants to reduce energy consumption by more than 5%, bringing both cost and sustainability benefits. A systemic optimization program will be rolled out with site-specific roadmaps in place by 2026. Our goal is to cut reliance on purchased energy, reduce exposure to volatile input costs, and secure additional subsidies and co-financing where possible. Finally, production footprint optimization. We are reviewing selected sites, including the Indonesian plant, where a potential sale is under consideration. We expect to recognize impairment losses of the non-current assets, especially property, plant, and equipment, of up to EUR 100 million in 2025. This non-cash impairment charge has a negative impact on the consolidated EBIT and consolidated net income, but no impact on Lenzing's EBITDA. Taken together, these initiatives move Lenzing from a patchwork of cost measures to a culture of institutionalized excellence, one that improves profitability, strengthens resilience, and secures long-term competitiveness. Let's talk about the unchanged core strengths, and innovation and sustainability remain the foundation of Lenzing's long-term strategy. They are what sets us apart from the competition. Even as we streamline, we will not compromise in these areas. On the innovation side, our pipeline continues to create real opportunities. One example is Lyocell Filament Technology, which delivers unique properties for high-performance fabrics. Another is our LNT technology, our Lenzing Nonwoven Technology, which enables Lyocell-based nonwoven roll goods designed to replace plastics. These projects not only expand our product range, but also open up new markets in textiles and nonwovens with higher margins and better resilience. On the sustainability side, our leadership is recognized worldwide. We've been rated A by CDP for climate five years in a row, putting us among the top 2% of companies globally. With EcoVadis Platinum, Lenzing is in the top 1% of companies worldwide in sustainability performance. These achievements are not just certificates; they are an asset that strengthens our brand, enhances customer partnerships, and increasingly drives premium pricing. Looking forward, we will intensify customer-driven innovations through stronger collaboration with partners and by expanding our application centers. This ensures that our R&D is directly linked to real customer needs and market demand, while maintaining our position as the industry's technology leader. Now, with this, I hand over time to Nico to talk about financial guidance. Thank you, Rohit. Despite the impairment and restructuring charges announced today, our EBITDA outlook is confirmed. For 2025, we expect EBITDA to be higher than in 2024. By 2027, we target approximately EUR 550 million of EBITDA assuming stable market conditions. The main drivers are clear: cost savings of around EUR 45 million from headcount measures and internationalization, a stronger premium product mix, targeted growth in textile, and growth in resilient non-woven applications such as hygiene, filtration, and medical uses. We will also continue to exercise strict investment discipline. CapEx will be focused on license to operate, on strengthening the competitiveness of our Austrian sites, and on innovation projects that directly support premiumization. This balance of discipline and selective investments gives us confidence that we can achieve our financial targets while strengthening resilience. Back to you, Rohit. Thank you, Nico. Let's move to the slide and talk a little bit about investment highlights, and let me summarize why Lenzing presents a compelling investment case today. First, we are recalibrating our asset base. That means moving away from a volume-driven model towards one that prioritizes economic value creation. We are reviewing underperforming assets, including the Indonesian site, and focusing on investments where returns are highest. Second, we are refocusing the organization. With leaner structures, institutionalized cost discipline, and a stronger international footprint, particularly in North America and Asia, we are aligning resources with future growth opportunities. Third, we are resharpening our market focus. We are withdrawing from commoditized fibers and concentrating on premium branded products and resilient non-woven applications. This makes our business less cyclical and more predictable. Finally, we are positioned to regain valuation. We combine a proven ability to execute savings, refinancing, EBITDA growth, with unique differentiation through innovation and sustainability. This is how we will restore investor confidence and create long-term value. To conclude, the environment remains challenging, but Lenzing has shown that it can deliver results even in difficult times. The steps we announced today, the site review, the headcount measures, and the targeted investments in Austria are tough but necessary to secure our future. They will make us leaner, more efficient, and more resilient. At the same time, we continue to build on our unique strengths: premium fibers, sustainable innovation, and strong partnerships with our customers. This is how we will create long-term profitable growth while leading the industry towards a more sustainable future. Thank you for your attention. We are glad to open the floor for questions. We will now begin the question -and -answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. In the interest of time, please limit yourself to three questions. Anyone who has a question may press star and one at this time. First question comes from the line of Seba s tian Growe from BNP Paribas. Please go ahead. Yeah, good afternoon, everybody. Thanks for taking my questions. I would be around capacity and to start with the Austrian EUR 100 million investment that you have put into the press release. My question is if you could help us to square the investment between what is related to the energy cost reduction that you have laid out there versus the mentioned investment to new technologies. Could you also shed more light on what is behind the investments with the strategic partners at your Lenzing site in particular? The second question that I would have is around Indonesia. You have been contemplating a potential sale of that production site. Given that the capacity is by far the largest of all your plants, can you comment on the utilization in that plant at this point? I'm clearly trying to get my head around to what extent it's eating potentially if you give it up into the revenue development going forward. Subsequently, by when would you take a final decision in regards to that potential sale? Thank you. Thank you, Sebastian. Your first question with regards to more granularity of the investments, I will hand over to Nico Reiner. Yeah, thank you, Sebastian. Look, at this point of time, we have a clear plan what we want to do. A key element of it is to strengthen competitiveness and resilience of our Austrian sites. This is the major focus of these investments which we are doing here. We do not give any details on the different types of investments. We, as management, see that this is a real positive addition to our Austrian sites. That's why we are convinced why we want to do these investments, giving us this resilience and the strength in the competition to be successful in the future. The second question with regards to the potential sale of the Indonesian site, this one is for you, Rohit. Yeah, Sebastian, thanks for the question. First of all, we don't hand out specific utilization data for specific sites. What I would like to characterize is SPV has been a site that has done well for a period of time. We see over the last three, four years where conditions in the markets have been continuing to deteriorate, as you kind of described. That has been challenging for a site like SPV to be continuing to be able to compete with the Asian situation as it has evolved over the last couple of years. We have, at this stage, looked for evaluation of options, including a potential sale, and that's where we are. We'll give more details as we progress the discussions on SPV. On the partners, can you be, to the extent possible, any more specific around who might be in scope for really teaming up with you guys in Austria for that, especially technology-related investments? Sure, Sebastian. One of the things that we are pivoting towards is how do we kind of find ways to take our innovation and fast-track both in terms of scaling the technology as well as accessing the markets and developing the markets. One way of doing that is through working closely with our customers and partners and to be able to allow for the technology to ramp up and commercialize at a faster rate than we would do ourselves. That's the concept behind it. It's about risk management on one hand, but also in terms of scaling and market buildup and speed to market as the other dimension to it. We are in different technology areas, identified working already without giving names here, but working very closely for them to be able to work with us to get those technologies commercialized. Having said that, I would like to point out that, for example, a technology that is public knowledge that we have invested in TreeTo Textile, which is where we have other shareholders and there are strict technologies that we could bring to the market eventually, is a good example of where there is more than one party involved in trying to build a new platform, which we think is very exciting for the future. Concepts like that are what we are focused on in Lenzing in the future. Okay, thank you very much. As a reminder, if you wish to register for a question, please press star and one on your telephone. Ladies and gentlemen, there are no more questions at this time. I would now like to turn the conference back over to Rohit Aggarwal, CEO, for any closing remarks. I just want to thank everyone for joining us today and appreciate your interest in Lenzing and Lenzing's future. We look forward to seeing you again on November 6th for the earnings call for quarter three. Thank you very much again for taking the time today. Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.