Deep Intelligence Across Industries

Company Headquarters: Tokyo, Japan Founded: 1947 Workforce: 1,303 Company Working: Achilles Corporation is a manufacturer of automotive materials, chemical & rubberized products, floor & wall coverings, shoes, and industrial materials. It operates through three segments, namely shoe, plastic, and industrial materials. The company offers synthetic leather under the plastic business segment. The company has a wide network in the global market and exports its products to the US, Canada, Brazil, Mexico, England, Italy, the Netherlands, Greece, Switzerland, Sweden, Spain, Slovakia, Denmark, Germany, Norway, France, Bulgaria, Belgium, Portugal, Russia, India, Indonesia, South Korea, Cambodia, Singapore, Thailand, China, Hong Kong, Taiwan, Pakistan, Philippines, Malaysia, Australia, and Egypt. It owns several manufacturing subsidiaries across the US and China.

Company Headquarters: Hamamatsu City, Japan Founded: 1935 Workforce: NA Company Working: Kyowa Leather Cloth Co., Ltd (Kyowa Leather) is a manufacturer of synthetic surface leather materials that are primarily used in automobile, housing, fashion, and lifestyle applications. The company has ISO9001 and ISO14001 certifications. It owns an in-house quality assurance center to maintain product quality and develop new products. The products offered by the company are made from different raw materials such as polyurethane, olefin, and PVC (polyvinyl chloride). The company has 11 business locations and affiliates in Japan and two overseas.

Company Headquarters: Zhejiang, China Founded: 1984 Workforce: ~200 Company Working: Zhejiang Hexin Holdings Co., Ltd (Zhejiang Hexin Holdings) is a leather manufacturing company engaged in the development and manufacturing of PU artificial leather products. The company has a vast array of artificial leather for shoes, bags, handbags, and others. The company along with PU artificial leather also offers microfiber artificial leather, artificial leather substrate, PU resin, and pigment surfacing agent.

Company Headquarters: Rajasthan, India Founded: 1994 Workforce: NA Company Working: Mayur Uniquoters Limited (Mayur Uniquoters) is one of the largest producers and suppliers of artificial leather using release paper transfer coating technology. The company offers artificial leather for automobiles, footwear, furnishing, and garment applications. Its products find applications in door trims, gear boot, steering wheel covers, knob covers, sun visors, boots, roof lining, sports shoes, slippers, footwear, chairs, sofas, bean bags, cushion-covers, pads, gloves, footballs, and others. The company has operation in several countries of Europe, the Middle East & Africa, Asia-Pacific, North America, and Latin America.

Company Headquarters: Taiwan, China Founded: 1973 Workforce: ~NA Company Working: San Fang Chemical Industry Co., Ltd (San Fang Chemical) is engaged in the manufacturing and distribution of artificial leather, fiber, and films. San Fang Chemical offers artificial leather of various substrate types including nonwoven, microfiber, and knitwear. The company operates through various subsidiaries, which help them to have an established geographical presence.

Wanhua Chemical is China's most technologically self-sufficient chemical producer. It is the world's largest supplier of isocyanates. At end-2025 it held 3.8 Mt/yr of MDI and 1.47 Mt/yr of TDI capacity, plus 2.32 Mt/yr of polyether polyols. All of this is built on proprietary phosgenation technology that the company developed after reverse-engineering a small Japanese plant in the 1980s. Since 2014 it has used its polyurethane cash flows to build integrated C2/C3/C4 olefin chains in Yantai and Penglai. It has also built a fast-growing portfolio of specialty materials: TPU, ADI/HDI, PC, nylon 12, POE, PMMA/MS optical resins, vitamins, fragrances, and battery materials. Revenue first exceeded RMB 200bn in FY2025, at RMB 203.2bn. The group is state-controlled through Yantai SASAC but run with a long-tenured, engineer-led management team. Its strategic thesis is "chemicals + new energy": defend cost leadership in the polyurethane oligopoly while building a second growth curve in emerging materials. --- ### Company's own description The FY2025 annual report and the company's operating disclosures describe Wanhua as a globally operating chemical new-materials company. Its businesses span five industrial clusters: polyurethanes, petrochemicals, fine chemicals, emerging materials, and future industries (The Paper, Aug 2025, citing company materials). For FY2025 the company framed the year under the management theme of a "Year of Transformation" (变革年). It identified "chemicals + new energy" (化工+新能源) as the key transformation lever. It said it continued to optimise its global production base and supply chain, and focused on expanding in emerging overseas regions (FY2025 annual report, as reported by 10jqka, 21 Apr 2026). For 2026 the management theme is the "Year of Quality and Efficiency Improvement" (提质增效年), per the Q1 2026 report commentary. ### Independent characterisation Wanhua is best understood as a cost-advantaged, vertically integrated commodity-to-specialty chemical platform with four layers: 1. **Isocyanate oligopolist (polyurethanes).** This is the profit engine. MDI and TDI are technically demanding, phosgene-based processes with high barriers to entry. Global supply is concentrated among roughly six producers: Wanhua, BASF, Covestro, Dow, Huntsman, and Tosoh/Kumho Mitsui, plus Sadara and a few Chinese entrants in TDI. Wanhua's polyurethane gross margin was 26.88% in FY2025 even though the cycle was weak. 2. **Integrated olefins producer (petrochemicals).** This layer is large in revenue but thin in margin. It runs on imported LPG/propane/ethane feedstock through PO/AE, PDH, ethane crackers, PO/SM, POCHP and acrylics. It also supplies captive feedstock to polyurethane and specialty chains. Segment gross margin was only 0.58% in FY2025, but recovered sharply in 2026 after ethylene phase I was converted to ethane feed. 3. **Specialty and new materials (fine chemicals & new materials).** This is the fastest-growing segment: revenue +17.4% in FY2025 and +44.3% in H1 2026. It covers TPU, ADI (HDI/IPDI), PC, PMMA/MS, nylon 12, POE, SAP, specialty amines, sulfone polymers, vitamins/nutrition, fragrance, cosmetics actives and electronic chemicals. 4. **Emerging materials / battery materials (the declared "second main business").** This includes LFP cathodes (4th generation in mass production), sodium-ion cathodes, graphite and silicon-carbon anodes, and a European LFP project. This is the main destination for 2026 capex: RMB 11.05bn of the RMB 27.3bn plan. ### Business and revenue model | Dimension | Characterisation | |---|---| | Revenue model | Almost entirely product sales of physical chemicals, plus a trading component reported within petrochemicals ("petrochemical products and trade"). There is no material subscription or licensing revenue. Technology licensing is not disclosed as a revenue line. | | Pricing | Commodity and semi-commodity pricing. MDI/TDI are sold on monthly listed prices (Wanhua publishes China list prices monthly, which act as a regional benchmark) and contract formulas. Petrochemicals are sold at market prices. Specialties are priced on value and specification. | | Value-chain position | Upstream to midstream. Wanhua converts imported LPG/ethane, benzene, toluene and coal (for syngas, CO and hydrogen) into isocyanates, polyols, olefin derivatives and specialty polymers. It sells to formulators and converters, not end consumers. Downstream it is moving into systems/solutions (e.g., polyurethane battery-pack solutions, formaldehyde-free board adhesives). | | Customer types | Polyurethane system houses; appliance OEMs (refrigerators/freezers); construction insulation panel makers; furniture and bedding foam producers; automotive tier suppliers; footwear and textiles (spandex, TPU); coatings and adhesives formulators; plastics compounders; battery cell makers (LFP and sodium-ion customers among "leading cell makers"); cosmetics and nutrition companies. | | End-markets | Construction, cold chain/appliances, furniture/bedding, automotive/EV, footwear/apparel, coatings/adhesives/sealants/elastomers (CASE), packaging, electronics/optics, energy storage and power batteries, wind/solar (POE encapsulants), personal care, animal nutrition. | | Cyclicality | High. Earnings are driven by MDI/TDI spreads over benzene, toluene and coal, and by olefin spreads over LPG/ethane. Sensitivity disclosed by industry press: every RMB 1,000/t rise in TDI price adds about RMB 830m to profit (Guidechem, Aug 2025). |

Company Headquarters: Yamaguchi, Japan Founded: 2005 Workforce: NA Company Working: FILWEL Co. Ltd (FILWEL) is a major manufacturer and supplier of artificial leather materials. The artificial leather products are developed based on textile and high polymer technology and are used across various application including shoes, accessories, and briefcases. Belluria is a popular brand name of the company in the women’s shoes lining segment. The company has a large production capacity with an established distribution network in Asian countries. AIR WATER INC is the parent company of FILWEL.

Amines & Plasticizers Limited is a promoter-controlled Indian specialty-amines producer with a 53-year operating history. It makes ethanolamines, alkanolamines, alkyl alkanolamines, morpholine derivatives, EO/PO derivatives and, most importantly, MDEA-based gas-treating solvents sold under the Aminosol® brand. These products remove CO₂ and H₂S in refineries, fertiliser plants and gas-processing units. The company says it was the first in India to develop MDEA indigenously. It claims a 75–80% domestic share in ethanolamines and a place among the world's largest producers of NMMO, a solvent used in cellulose (lyocell) fibre production. It runs a 32,760 MTPA amines complex at Turbhe, Navi Mumbai, plus industrial-gas and pressure-equipment units at Khopoli, and exports to more than 85 countries. The Middle East is its largest disclosed region. At about INR 571–660 Cr of revenue and roughly 10–11% EBITDA margins, APL is a niche, low-capex, internally funded micro/small-cap. Its strategic options are carbon capture solvents, hydrogen-related solvents and import-substitute specialty molecules. --- ### Company's own description (paraphrased from AR FY2025) APL describes itself as a manufacturer of specialty amines, chemical intermediates and solvent systems. It positions these as building blocks for oil refining, petrochemicals, pharmaceuticals, agrochemicals, personal care, textiles and advanced materials. Operations run from two production locations in Maharashtra. The company emphasises application-specific formulation, close customer collaboration, and an in-house R&D laboratory recognised by DSIR since 1974. It uses continuous-reaction systems for ethoxylation, propoxylation, cyclisation, dehydration and other multi-step chemistry. Its stated vision is to be globally recognised as a dependable specialty-chemicals manufacturer. Its mission centres on customer satisfaction through consistent quality and responsive service. The FY2025 report theme is "Enabling Industries through Intelligent Chemistry." ### Independent characterisation APL is best described as an ethylene-oxide (EO) downstream converter with a specialty gas-treating franchise. Its core chemistry reacts EO, which it must source domestically because EO is highly flammable and import-restricted, with ammonia or alkylamines to produce ethanolamines and alkyl alkanolamines. It then takes these further into: - **MDEA and formulated solvents**, its largest category at about 45% of revenue. These sell into refinery amine units, fertiliser (ammonia/urea) CO₂ removal, natural gas sweetening and, increasingly, carbon capture. - **Morpholine and derivatives**, including NMMO, N-methyl/N-ethyl/N-formyl morpholine and N-acetyl morpholine. These go into lyocell fibre, pharma intermediates, agrochemicals and textiles. - **EO/PO derivatives**, such as alcohol and sorbitol ethoxylates, glycerol polyols, PPG 4000, phenoxyethanol and triisopropanolamine. These sell into surfactant, polyurethane and personal-care chains. Three small adjacencies sit at Khopoli: dissolved acetylene (industrial gases), pressure-equipment fabrication (engineering), and analytical and process services for gas-treating customers. The services include amine analysis, IX/ED reclaiming skids, HSAS-C software, process simulation and operator training. ### Business and revenue model | Dimension | Assessment | |---|---| | Revenue model | Almost entirely product sales (B2B, tonnage-based, spot and contract). Services such as engineering, analytical work and training are embedded in "Others" (1.59% of FY2025 revenue). No subscription or licensing revenue is disclosed. | | Product vs. service mix (FY2025) | Products about 98.4%; Others (oilfield chemicals, industrial gas, engineering services) about 1.6% (AR FY2025) | | Pricing | Largely cost-plus or market-linked to EO, ammonia and alkylamine feedstocks. Formulated Aminosol blends and refinery-qualified solvents carry stickier pricing because of long qualification cycles. | | Value-chain position | Mid-stream. Upstream of APL: EO from domestic petrochemical producers, plus PO, ammonia and alkylamines. Downstream: refiners, fertiliser companies, gas processors, pharma/agro API makers, fibre makers (NMMO) and surfactant formulators. | | Customer types | Refineries and PSU oil companies, fertiliser plants, gas-processing and LNG operators, oilfield service companies, pharmaceutical and agrochemical manufacturers, cellulose-fibre producers, surfactant and personal-care formulators, textile auxiliaries makers | | End-markets | Oil and gas / refining; fertilisers; pharmaceuticals; agrochemicals; textiles and cellulose fibres; surfactants and personal care; polyurethanes; emerging uses in carbon capture, hydrogen and battery materials | | Funding model | Internally generated cash, SBI-led working-capital consortium, and unsecured deposits from members (AGM approval for up to 35% of paid-up capital plus free reserves) |

Company Headquarters: Dzerzhinsk, Russia Founded: 1938 Workforce: ~800 Company Working: SINTEZ OKA LLC is a leading manufacturer and supplier of amines in Russia and foreign markets. The company has developed and implemented gas treatment processes for oil refineries and gas processing plants, nitrogen production plants with the use of both conventional monoethanolamine (MEA) and diethanolamine (DEA) and specially modified methyl diethanolamine. These products are popular in Russia and CIS countries, and are used in gas treatment at oil refineries and gas processing plants of major companies such as Gazprom, Rosneft, Lukoil, and PJSC TATNEFT. The absorbents are also high in demand among ammonia manufacturers. The manufacturing process deployed by SINTEZ OKA is based on the water-free technique of ammonia and ethylene oxide synthesis. SINTEZ OKA LLC is a part of the Sintez OKA Group of Companies, their key business includes production and marketing of amines. The group has a sales base in over 50 countries globally.

China Steel Corporation engage in the manufacturing and selling of steel products primarily in Vietnam, Malaysia, Taiwan, China, and India. The company provide steel plates, steel bars, and wire rods for construction structures, shipbuilding, pressure vessels, and welding electrodes.

Company Headquarters: ‎Gujrat, India Founded: 1994 Workforce: 133 Company Working: Macro Polymers is engaged in the production and distribution of epoxy resin along with synthetic resin for paints, printing inks, wood coating, and adhesive applications. The overall production capacity of the company is 30,000 tons per annuum. It exports products to Africa, the Middle East, and Asia countries. Macro Polymers has a research and development center and plant located in India. The sales revenue of the company was USD 20 million in 2015.

Company Headquarters: Taipei, Taiwan Founded: 1969 Workforce: 2,430 Company Working: Chang Chun Group is in the manufacturing of epoxy resin. The company serves the coating & adhesive, electronic, textile, construction, energy, and automobile composites markets. The company operates in the US, China, Japan, Taiwan as well as Southeast Asian and European countries.

Company Headquarters: Seoul, South Korea Founded: 1972 Workforce: 514 Company Working: Kukdo Chemical Co., Ltd (Kukdo Chemical) is engaged in the production and marketing of epoxy and polyamide resins. Its products include epoxy, hardeners, polyols, and polyurethane. It also produces inorganic chemicals that find application in antiseptics products, sterilizers, and bleaches. Its sales offices and manufacturing plants are located in South Korea, with sales in South Korea, China, Germany, and the US, among others.

Company Headquarters: California, USFounded: 2009 Workforce: ~35 Company Working: Axiom Materials manufactures composite materials. The company’s product portfolio includes prepreg, adhesive, and ancillary composite products. It also offers epoxy and modified epoxy, phenolic, polyimide, hybrid and specialty resin systems, and bismaleimides. The products offered by the company are used in the aerospace, defense, industrial, automotive, electronics, and advanced energy end-use industries. It is an ISO 9001 certified company.

Company Headquarters: Seoul, South KoreaFounded: 1988 Workforce: ~46 Company Working: DACC Carbon (DACC) specializes in ultra-high temperature carbon composites. It operates through four major segments, namely aircraft, automotive, military & defense, and civilian business. Some of the major customers of the company include Hyundai, Hanwha, Audi, and Racing Sport, among others. It had 41 patents on its name as of 2018.

Company Headquarters: Illinois, USFounded: 1998 Workforce: ~11 Company Working: Applied Thin Films, Inc (Applied Thin Films) develops ceramic materials and surface engineered products. The company’s product portfolio includes ultrathin films, high-temperature sealants, high-temperature paints, self-healing surfaces, hollow ceramic microspheres, and ceramic matrix composites. The company offers its products under the brand name Cerablak. The CMCs offered by the company are made from commercially available fiber reinforcements, i.e., Nextel-grade fibers from 3M and its proprietary matrix material.

Company Headquarters: Pennsylvania, USFounded: 2006 Workforce: ~40 Company Working: Lancer Systems designs and manufactures material science-based value solutions using polymer-based composite, elastomer, and fiber optic technologies. It offers ceramic matrix composites, thermosets, thermoplastics, specialty sealing solutions, optical connectivity solutions as well as various OEM products. The company uses the polymer infiltration and pyrolysis process to manufacture ceramic matrix composites. It offers ceramic products under the brand name CeraComp.

Company Headquarters: Geleen, Netherlands Founded: 2008 Workforce: ~500 Company Working: GFBiochemicals Ltd (GFBiochemicals) engages in the production and distribution of levulinic acid and its derivatives. The company has an annual production capacity of over 10,000 tons of levulinic acid. The company caters to the solvents, resins and coatings, polymer and plasticizers, personal care, pharmaceuticals, agrochemicals, and biopolymer industries, among others. Through the GreenSolRes project, GFBiochemicals aims at converting lignocellulosic biomass into levulinic acid. The company has invested USD 8.70 million in this project, which is expected to operational by August 2020.

Company Headquarters: California, USFounded: 1970 Workforce: ~70 Company Working: Ultramet is engaged in engineering, developing, and manufacturing of refractory metals, platinum group metals, and cermics. It offers catalysts and catalyst supports, ceramic matrix composites, ceramic protective and fiber interface coatings, chemical vapor deposition materials, propulsion system components, refractory metal coatings/structures, refractory open-cell foams, rhenium raw materials, and thermal protection systems. It offers ceramics in the form of coatings, freestanding shapes, composites, and open-cell foam. The products offered by the company find applications in the aerospace, defense, biomedical, and energy industries. It is an ISO 9001 certified company.

Company Headquarters: Deeside, UK Founded: 2012 Workforce: NA Company Working: Itaconix PLC (Itaconix), formerly known as Revolymer PLC, manufactures and supplies specialty polymers. Revolymer PLC acquired Itaconix Corporation in 2016 and relaunched as Itaconix PLC in March 2017. Itaconix mostly caters to the home care, personal care, and industrial markets in North America, Europe, and Asia. The company also has distribution channels in 14 countries and collaborations with leading market players such as Akzo Nobel NV, Croda, and Solvay.

Company Headquarters: Connecticut, US Founded: 1932 Workforce: ~170 Company Working: King Industries, Inc (King Industries) is engaged in the designing, manufacturing, and distribution of additives for the rubber and lubricants industry. The company's products include coatings additives, lubricants additives, rubber additives, and specialty additives. It is an ISO 9001, ISO 14001, and ISO 18001 certified company. Financial Overview This is a privately held company. Hence, the financial information is not available in the public domain.

Company Headquarters: Henan, China Founded: 1998 Workforce: ~1,000 Company Working: Willing New Materials Technology Co., Ltd (Willing New Materials) develops, manufactures, and sells rubber chemicals products. It can produce more than 50 sorts of rubber chemicals, using its lustration production technology with 60,000 MT per year. It exports its products to around 40 countries across the globe. It is an ISO 9001 and ISO 14001 certified company. It has seven patents along with 28 proprietary technologies on its name. Financial Overview This is a privately held company. Hence, the financial information is not available in the public domain.

Company Headquarters: Shandong, China Founded: 2004 Workforce: ~276 Company Working: Shandong Stair Chemical & Technology Co., Ltd. (Shandong Stair Chemical) is engaged in the production and development of rubber additives and fine chemical products. The company’s product portfolio includes rubber antioxidants, rubber accelerators, processing additives, protective wax series, pharmaceutical intermediate, and other fine chemical products. It is an ISO 9001 and ISO 14001 certified company. Financial Overview This is a privately held company. Hence, the financial information is not available in the public domain.

Company Headquarters: Slovakia, Europe Founded: 1958 Workforce: ~100 Company Working: Duslo, a.s. (Duslo) is engaged in the production of fertilizers, rubber chemicals, and dispersions and adhesives. It also offers services for the environment, energy, and healthcare sectors such as incineration and wastewater treatment, electricity trading, power license, and contractual health insurances. It became a member of Agrofert, a holding company with operations in the chemical, agricultural, and food industries in 2005. Its production facilities are located in the town of Sala, which is in the Nitrian region in south-western Slovakia. It is an ISO 9001, ISO 14001, and ISO 50001 certified company. Financial Overview This is a privately held company. Hence, the financial information is not available in the public domain.

Company Headquarters: Louisiana, US Founded: 2007 Workforce: ~35 Company Working: Omni Industrial Solutions (Omni Industrial) is engaged in the production and distribution of chemicals and lubricants, and offering logistic solutions for the maintenance, production, completion and stimulation of oil wells, gas wells, and pipelines in the oil & gas industry. The company operates through following product portfolio – production chemicals, midstream & compression, water treating & disposal wells, completion, and stimulant products. Hydrate inhibitors are offered under the production chemicals segment. The company has major production sites in North America and the Gulf of Mexico.

Company Headquarters: Texas, US Founded: 2010 Workforce: ~200 Company Working: Finoric offers chemical solutions for oil & gas exploration, hydraulic fracturing, production, stimulation, coiled tubing, food & feed ingredients, mineral fortifiers, and pharmaceutical binders. The company offers its product and services under the following portfolio–oil drilling fracking or fracturing chemicals; galvanizing chemicals; inorganic, organic, pharmaceutical excipient & applied chemicals; rare earth salts; and aromatic fragrances & flavors. Hydrate inhibitors are offered under the oil drilling fracking or fracturing chemicals portfolio. The company marks presence in 55 countries across five continents. The company delivers its services through the chemical manufacturing facilities in Pleasanton, Houston, Midland, Oklahoma, and Williston, US, and allied manufacturing sites in India and UAE.

Lenzing is the world's leading producer of branded, wood-based regenerated cellulosic fibres. It is vertically integrated into dissolving wood pulp in Austria, the Czech Republic and Brazil, and sells lyocell, modal and viscose fibres under the TENCEL™, LENZING™ ECOVERO™, VEOCEL™ and LENZING™ brands into apparel, home textiles, hygiene nonwovens and technical applications. Its competitive edge rests on proprietary closed-loop lyocell technology, brand pull with fashion and hygiene brand owners, and certified low-impact supply chains. That edge has been badly eroded since 2022. Asian commodity viscose and lyocell overcapacity, energy and chemical inflation, and weak consumer demand have pushed the Fiber Division to roughly break-even EBITDA, while the Pulp Division now generates essentially all group earnings. After four consecutive annual net losses (2022–2025), Lenzing is executing a radical reset under CEO Georg Kasperkovitz ("Grow Nonwovens, Reset Textiles"): two European lyocell plants are closing, about 2,000 jobs are being cut, and a EUR 300M rights issue backed by B&C and Suzano is under way. --- ### Company's own description (ASR 2025, paraphrased) Lenzing reports three segments. **Division Fiber:** produces all three generations of regenerated cellulosic fibres (viscose, modal, lyocell) under the TENCEL™, VEOCEL™, LENZING™ ECOVERO™ and LENZING™ brands, for textiles, nonwovens and special applications. **Division Pulp:** produces and procures dissolving pulp, the primary and intermediate product for fibre production. The pulp is used internally and sold externally. The division also sells biorefinery products, energy, and engineering services. **Others:** covers central headquarters functions, cross-divisional activities, and the BZL – Bildungszentrum Lenzing training centre. The company notes that no single external customer accounts for more than 10% of revenue (ASR 2025, Note 4). ### Business and revenue model | Product line | FY2024 | FY2025 | |---|---|---| | Regenerated cellulosic fibres (EUR M) | 1965.3 | 1833.2 | | Co-products of fibre production (EUR M) | 63.4 | 57.7 | | Other Fiber Division (EUR M) | 4.3 | 6.9 | | Pulp (external) (EUR M) | 456.7 | 524.2 | | Biorefinery products and energy (EUR M) | 111.6 | 112.2 | | Engineering services, wood and other (EUR M) | 59.2 | 65.3 | | Others segment (EUR M) | 3.3 | 3.0 | | Group revenue (EUR M) | 2663.9 | 2602.4 | Lenzing is a product company. Revenue comes almost entirely from per-tonne sales of fibre and pulp, plus by-products. It has no meaningful subscription or licensing income, although it leverages brand co-marketing (TENCEL™ hangtags and licensing to brand owners) to support price premiums. Pricing is negotiated, typically quoted in USD or EUR per kg, and indexed loosely to Chinese viscose and dissolving-pulp market benchmarks for generic grades. Specialty grades (lyocell, modal, ECOVERO™) carry premiums that management has repeatedly said are under pressure (FY2025 outlook: generic fibre pricing to remain under pressure). **Revenue mix by product, FY2025 vs FY2024 (EUR M, ASR 2025 Note 4)** ### Value-chain position Lenzing spans the chain from forestry and wood procurement (including eucalyptus plantations in Brazil through the LD Celulose JV, recorded as biological assets) through dissolving-pulp production (Lenzing, Paskov, Indianópolis) and fibre spinning (nine production sites at end-2025). Downstream customers are spinners and yarn makers (textiles) and roll-goods producers (nonwovens). Lenzing also maintains brand relationships directly with apparel, home-textile and hygiene brand owners, who specify TENCEL™, ECOVERO™ or VEOCEL™ to their supply chains: a "pull" model unusual in commodity fibres. ### Customer types and end-markets **Textiles:** apparel (denim, intimates, activewear, womenswear), home textiles (bedding, towels), luxury (TENCEL™ Luxe filament). **Nonwovens:** wipes (baby, personal care, household), hygiene (topsheets, feminine care), cosmetic sheet masks, medical. This is the stated growth priority under the 2026 strategy. **Technical and industrial:** flame-retardant fibres (LENZING™ FR for protective apparel), specialty fibres. **Pulp customers:** third-party viscose and lyocell producers (largely Asian), supplied from Brazil. **Biorefinery:** acetic acid, furfural, xylose and similar co-products sold to chemical, food and pharma users. ### Independent characterisation Lenzing should now be understood as two economically distinct businesses under one roof: 1. A high-margin, scale-advantaged dissolving-pulp business: FY2025 segment EBITDA of EUR 451.5M at a 34.6% margin, anchored by the 500 kt Brazilian mill, which ran about 20% above nameplate in 2025. 2. A structurally challenged branded-fibre business: FY2025 segment EBITDA of EUR 0.1M on EUR 1.9bn sales, with EBIT of EUR −184.4M after an EUR 82M impairment in Indonesia. The Fiber Division's premium positioning has not insulated it from Chinese capacity additions in lyocell and viscose. The 2026 strategy implicitly concedes that the European lyocell footprint (Heiligenkreuz, Grimsby) is uneconomic. It redirects capital to nonwovens, where Lenzing's VEOCEL™ brand and plastic-free regulatory tailwinds (for example the EU Single-Use Plastics Directive) support differentiation.