Navigator Company Sa · EURONEXT:NVG
Navigator Company Sa — The Navigator Company — Q3 2025 Earnings Presentation
22 slides from Navigator Company Sa's earnings presentation, Oct 28, 2025
Slide 1: Results Presentation Q3/9M 2025
RESULTS PRESENTATION Q3/9M 2025 OCTOBER 28th, 2025
Slide 2: Disclaimer
DISCLAIMER This presentation is intended to provide a general overview of The Navigator Company S.A.’s business and does not purport to deal with all aspects and details regarding The Navigator Company S.A.. Accordingly, no representation, undertaking or warranty, expressed or implied, is given by T
Slide 3: Participants
PARTICIPANTS António Redondo Fernando Araújo Executive Directors Nuno Santos António Quirino Soares Investor Ana Canha Relations 2
Slide 4: 01. Highlights
01. Highlights
Slide 5: Q3/9M 2025 Results
Q3/9M 2025 | RESULTS Diversification Delivers 33% EBITDA from Tissue & Packaging 9M 2025: P&P sector faced severe pressure ▪ Sharp decline in pulp prices in China since April, impacting Europe ▪ Q3 marking the cycle’s low point Q3: Significant cash costs reduction: Pulp & Tissue cash costs dropped t
Slide 6: 9M Financial Highlights
9M FINANCIAL HIGHLIGHTS Diversification strategy has strengthened resilience amid market volatility ▪ EBITDA stood at € 300 million, with 9M 9M Q3 Q2 EBITDA Margin of 20.2% YoY QoQ Millions € 2025 2024 2025 2025 ▪ The successful execution of our Turnover 1,489 1,569 -5% 470 490 -4% diversification s
Slide 7: EBITDA YoY Analysis
EBITDA YoY ANALYSIS YTD results were below last year’s, driven by lower selling prices in Pulp and Paper, and significant cost pressure, particularly in energy and chemicals, early in the year -131 M€ (-30%) 431 -106 12 2 -45 -9 14 300 9M 24 Price Volume Logistics Fixed & Variable FX Other 9M 25 Cos
Slide 8: EBITDA QoQ Analysis
EBITDA QoQ ANALYSIS QoQ EBITDA impacted by lower selling prices across all segments, partially offset by higher sales volumes in Pulp and the effect of cost control initiatives -17 M€ (-17%) 101 -25 10 -3 -4 84 4 1 Q2 25 Price Volume Logistics Fixed & Variable FX Other Q3 25 Costs Costs A B C Downwa
Slide 9: Debt Maturity and Liquidity
DEBT MATURITY AND LIQUIDITY New long-term debt ensures adequate profile and ample liquidity, with no significant payments due in the next five years Debt Maturity Profile Total debt: € 885 million Average Maturity: 5.2 years 2.6 % Sustainable 307 M 256 M Average cost of debt issued (Sep 2025) 233 M
Slide 10: Responsible Investment
RESPONSIBLE INVESTMENT Delivering on a strong and value-added investment cycle 77% Next Generation EU projects advance on schedule, reflecting our strategic discipline and focus on delivering results High strategic capex phase during 2023-2025, boosted by NextGen EU and the Innovation Fund, is comin
Slide 11: Responsible Investment
RESPONSIBLE INVESTMENT Reinforcing our commitment with operational excellence and long-term value creation Key strategic projects set to launch in 2025, underscoring our “Sustainability without performance has no impact, disciplined execution and commitment to excellence performance without sustaina
Slide 12: 02. Market & Group Performance
02. Market & Group Performance 11
Slide 13: Pulp & Paper Prices
PULP & PAPER PRICES Turning Point in China and Europe Prices European market paper price – A4 B-Copy (EUR) and BHKP (USD) PIX BHKP EUROPE (USD/t) PIX A4 COPY-B (EUR/t) ▪ Between April and August, the BHKP pulp prices index in 1 500 1 500 China, bottomed on 493 $/t, the lowest level since 2021. 1 400
Slide 14: P&W Paper Market
P&W PAPER MARKET Navigator’s Share of Deliveries increased in 2025 Upward Trend (Market Indicators for European UWF Producers) 3 Global Apparent Demand for P&W Paper 𝟏 Navigator's order intake market share increased in 9M 25 YoY, Global apparent demand -2.7%: both in Europe and across all markets ▪
Slide 15: Pulp Market
PULP MARKET Global Demand for Eucalyptus Pulp up by 10% Supply & Demand Balance Our sustained competitive advantage is Demand growth outlook for market pulp, limited net capacity addition anchored in the uniqueness of Eucalyptus in the coming years Globulus - eco-efficiency and fibre quality Gradual
Slide 16: Tissue Business
TISSUE BUSINESS Consistent Growth Powered by Integration Synergies and Sustained Tissue Sales Tissue Market 4 ❖ Strong growth and global expansion through operational After 6.3% growth in 2024, demand for Tissue in Europe rose slightly (+0.3%), integration and a focus on value-added products: driven
Slide 17: Packaging | From Fossil to Forest
PACKAGING l From Fossil to Forest Cutting-edge and Innovative Sustainable Solutions Navigator’s Competitive Strategy and Performance: Climbing to Global Market Leadership Cash Costs Curve Machine Finished - BY COMPANY €/t ▪ European deliveries of Kraft Bleached Unbleached papers for flexible packagi
Slide 18: Takeaways
TAKEAWAYS ▪ Navigator Positioned for Growth Beyond the Traditional UWF Paper Market The diversification into higher-growth and less cyclical markets, such as Tissue and 2025 marked a record year for safety at Navigator, with the best Packaging, reinforces the company's long-term value creation and r
Slide 19: 03. Outlook
03. Outlook
Slide 20: Outlook
OUTLOOK The global economy shows signs of reduced uncertainty and moderate growth prospects. Market conditions are expected to gradually improve, particularly in Pulp, Tissue, and Packaging PULP PAPER TISSUE PACKAGING ▪ Prices in China and Europe are ▪ Europe with strong UWF demand contraction ▪ Dem
Slide 21: Operational Excellence Program (2025/2026)
Operational Excellence Program (2025/2026) Optimization Driving Sustainable Growth: Strengthening ❖ AI - Driven Optimization: Enhancing efficiency through Machine Learning: Core Businesses While Unlocking Profitable ▪ Deployed 3 third-party APC systems (2 in caustification + 1 in pulp bleaching) wit
Slide 22: Results Presentation Q3/9M 2025
RESULTS PRESENTATION Q3/9M 2025 OCTOBER 28th, 2025
The Navigator Company — Q3 2025 Earnings Presentation on 6ix