Navigator Company Sa · EURONEXT:NVG

Navigator Company Sa — The Navigator Company — Investor Presentation (June 2025)

46 slides from Navigator Company Sa's investor presentation, June 2025

  1. Slide 1: Investor Presentation June 2025

    INVESTOR PRESENTATION JUNE 2025 1

  2. 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

  3. Slide 3: The Navigator Company: Resilient & Future-Oriented Industry Leader

    THE NAVIGATOR COMPANY Resilient & Future-Oriented Industry Leader Unmatched Profitability + 2B € • Consistent strong results in a cyclical and volatile market Turnover 2024 Leadership in UWF and EUCA Pulp production in Europe • Vertically integrated model: from forest to end-product • A benchmark in

  4. Slide 4: Global Leader in the Circular Bioeconomy

    GLOBAL LEADER IN THE CIRCULAR BIOECONOMY driven by sustainably managed eucalyptus forests and vertically integrated operations R&D PULP PAPER #1 Europe #7 World #1 Europe #6 World Leader in Eucalyptus globulus 1.6 Mt of pulp 1.6 Mt of paper cloning 100 Packaging 6681 5751 3852 kt 800 700 kt FOREST E

  5. Slide 5: Sound Business Model

    SOUND BUSINESS MODEL with consistent and second-to-none profitability in a cyclical & volatile industry EBITDA (M€) & EBITDA margin (%) 736 502 547 455 400 385 385 390 397 404 372 355 350 328 286 29% 26% 26% 25% 25% 27% 30% 26% 26% 23% 21% 24% 22% 21% 22% 2010 2011 2012 2013 2014 2015 2016 2017 2018

  6. Slide 6: Leadership in UWF & EUCA Pulp Production in Europe

    LEADERSHIP IN UWF & EUCA PULP PRODUCTION IN EUROPE with strong market position in UWF Leading UWF manufacturer in Europe… #1 Europe #6 World … focusing on value-added products… 58% Premium Share (FY 2024) 77% Mill Brand Share (FY 2024) … with an efficient Capacity (t) cash cost structure… 1stQ of th

  7. Slide 7: Strong Cash Flow Generation

    STRONG CASH FLOW GENERATION Sustainability without performance has no impact, Performance without sustainability has no future CASH FLOW 455M€ ▪ Strong cash flow generation has enabled us to: ▪ Invest in modernising our assets € 365 M ▪ Maintain production capacity ▪ Modernise of equipment and manuf

  8. Slide 8: Business Growth and Diversification

    BUSINESS GROWTH AND DIVERSIFICATION Tissue & Packaging accounted for 26% of sales in 2024 ▪ Growth with a reduction in dependence on Printing and Writing paper (UWF) from 75% to 57% ▪ Between 2017 and 2024 UWF turnover holds practically steady, with lower volumes and higher margins ▪ With lower volu

  9. Slide 9: Tissue Business

    TISSUE BUSINESS In 10 years, we have established a multinational business with mills across 3 regions, targeting revenue of over €500M by 2025 STRONG STRATEGIC RATIONALE SALES SOARED 8.16X IN JUST 9 YEARS INOVATION AND OWN BRANDS Vertical Integration LEADING MANUFACTURER End-to-end tissue production

  10. Slide 10: Responsible Investment

    RESPONSIBLE INVESTMENT Across all businesses, that positively impacts our profitability, secures long-term growth, and builds a sustainable future Cut direct CO2 emissions by 86%1 Climate Transition Decarbonisation Roadmap (2024: -41% cut direct CO2 emissions) Energy efficiency (Capex €10M L5Y, deli

  11. Slide 11: Paper | Pulp | Energy & Tissue

    Paper l Pulp l Energy & Tissue 11 11

  12. Slide 12: UWF Is Universal and Versatile

    UWF IS UNIVERSAL AND VERSATILE Everywhere and for everyone, serving multiple applications RESILIENT & SOCIAL & REGIONAL BRANDING & GROWING CULTURAL OPPORTUNITIES PRODUCT APPLICATIONS DIFFERENTIATION Wider range of applications Important role for Population growth & Navigator: Top-Selling and less de

  13. Slide 13: P&W Paper Market

    P&W PAPER MARKET UWF Remains Most Resilient Segment Due to Versatile Uses UWF resilience comes from its UWF Demand Nearly Flat since 2020, while CWF and Mechanical Papers see Significant Drops Universality | available for purchase Versatility | end use options by many different customer are wide seg

  14. Slide 14: Leading Manufacturer in Europe

    LEADING MANUFACTURER IN EUROPE Uncoated Printing and Writing Papers (UWF) #1 in Europe #6 in the World by capacity, with the largest and most modern mills European uncoated woodfree (UWF) Main players (Excluding Russian Mills and Specialties) MT % 1 NVG (PT) 1.6 31% Figueira da Foz Setubal 2 Sylvamo

  15. Slide 15: With an Efficient Cash Cost Structure

    WITH AN EFFICIENT CASH COST STRUCTURE Navigator is well equipped with efficient assets and strong products and brands to remain the global UWF benchmark Q4 2024 EUR UWF Cash Cost Curve - BY COMPANY €/t, delivered in Paris, excluding Russia and value-added products 0% 25% 50% 75% 100% Cumulative capa

  16. Slide 16: Strong Market Position

    STRONG MARKET POSITION Best sales mix in the world: approx. 60% premium & 80% own brands Premium products: Boosting Margins by up Paper Sales Distribution Navigator Market Share to 80% Over Economy products Strategic flexibility, business-mix management 2024 Share of European Exports Europe Africa A

  17. Slide 17: Paper | Pulp | Energy & Tissue

    Paper l Pulp l Energy & Tissue 17 17

  18. Slide 18: Pulp Market

    PULP MARKET EUCA Nearing Half of Pulp Market and Almost 80% of Hardwood Global Demand for Pulp 𝟏 Eucalyptus Kraft Market Pulp was an innovation introduced by 68.3 % EUCA 2023 2023 66.8 % EUCA 2024 2024 Navigator in the 50’s, that became a 40.9 40.5 world standard in Hardwood Pulps 30.7 31.0 18 45%…

  19. Slide 19: Leading Manufacturer in Europe

    LEADING MANUFACTURER IN EUROPE Bleached Hardwood (BHKP) & Bleached Eucalyptus (BEKP) Pulp #1 in Europe #7 in the World using the best cellulose fibre in the world – Eucalyptus Globulus European BHKP (Navigator, ENCE, Altri, Iberpapel & Lecta– purely BEKP) Main players (Excluding Russian Mills and Sp

  20. Slide 20: Bleached Eucalyptus Kraft Pulp (BEKP)

    BLEACHED EUCALYPTUS KRAFT PULP (BEKP) European Leader Focused on Value Added Segments Pulp Sales 350-400 Decor & 24 % 68 % kt Specialities Of European Suppliers** In NVG mix 56% 68% European Sales*** Navigator European Industry Market Share* 24% BEKP 15% 23% World Europe 5% 9% 1.2 2.7 % % Tissue Dec

  21. Slide 21: Paper | Pulp | Energy & Tissue

    Paper l Pulp l Energy & Tissue 21 21

  22. Slide 22: Total Energy Capacity of 381 MW

    TOTAL ENERGY CAPACITY OF 381 MW 78% of electricity production from renewable sources New investments will boost capacity to 430 MW by the end of 2025 Production: approx. 3% of total (Portugal); 3% of all RE and over 34% of biomass based energy COGENERATION 344 MW BIOMASS 25 MW PHOTOVOLTAIC 38 MWp BI

  23. Slide 23: Paper | Pulp | Energy & Tissue

    Paper l Pulp l Energy & Tissue 23 23

  24. Slide 24: Tissue World Trends

    TISSUE WORLD TRENDS Sustainable Market Demand Global Tissue Market Growth World Tissue Demand by Region – 2024e RoW 2008-2023 (CAGR) 3.0% 9% N. America 2024e (YoY) 2.5% Other Asia 19% 12% 2023-2028e (CAGR) 2.2% Europe Europe Tissue Market Growth China 21% 26% 2008-2023 (CAGR) 1.4% 2024e (YoY) 5.4% L

  25. Slide 25: Leading Manufacturer: Tissue Diversification

    LEADING MANUFACTURER Tissue diversification - Strong strategic rationale #1 P O R T U G A L #2 I B E R I A 1 #4 U K 2 #8 E U R O P E 3 HI-TECH TISSUE CONSUMER TISSUE IN UK 2 (M€) TISSUE CAPACITY 7 Proprietary Technologies KT REELS CONVERTING Functional and innovative patented products with high UK -

  26. Slide 26: Growing with Strong Performance

    GROWING WITH STRONG PERFORMANCE Sales Soared 8.16x in 9 years (CAGR 26%) TISSUE SALES 2024 1 2 (vs. 2023) NAVIGATOR’S PERFORMANCE Tissue sales up 55%, driven by: Type Segment Geography3 ▪ Sustained growth in demand for Navigator's finished products and the new acquisitions in Spain (Q2 Reels Finishe

  27. Slide 27: New Business Opportunities

    New Business Opportunities 27 27

  28. Slide 28: Growth Strategy

    GROWTH STRATEGY Strengthening current businesses and investing in the future by assessing profitable diversification opportunities in line with our two founding values: Innovation & Sustainability SUSTAINABILITY Biomaterials Biochemicals Biofuels e-Fuels Packaging Multi-product and multi-segment PM3

  29. Slide 29: RAIZ - R&D Lab

    RAIZ - R&D LAB Covers The Entire Value Chain R&D and Forestry Consultancy R&D and Technological Consultancy ◼ Genetic improvement program ◼ Raw materials Technologies supporting silviculture ◼ Industrial processes ◼ and forest management ◼ New product development: printing and writing papers, tissue

  30. Slide 30: Packaging: From Fossil to Forest

    PACKAGING l From Fossil to Forest Cutting-edge and Innovative Sustainable Solutions Strong Start of the year ▪ European deliveries of Kraft papers for flexible packaging (white and brown) up by 13% (YoY) ▪ Navigator´s business with strong performance: sales volume growing 31% (t), +41% (m2) ▪ Naviga

  31. Slide 31: Packaging: Flexible Packaging PM3 Rebuild

    PACKAGING l From Fossil to Forest Positive FID to rebuild PM3 positioning Navigator as the 4th largest Flexible Packaging producer in Europe FLEXIBLE PACKAGING INVESTING IN THE FUTURE European Market ~2.7 Mt - rising 2.8%/annual Achieving up to 100kt of LBW2 with Low Capex (€ 30M) and Low Risk (grow

  32. Slide 32: Packaging: Moulded Fibre

    PACKAGING l MOULDED FIBRE 1st Moulded Fibre Products with BfR XXXVI Recommendation Upcoming Launch On the Market gKRAFT Bioshield designed to replace single use plastic and aluminum packaging in food sector: ▪ World’s largest integrated plant using eucalyptus fibre Fruit Basket ▪ Market with high po

  33. Slide 33: Tissue Business: Consolidate UK Acquisition

    TISSUE BUSINESS Consolidate acquisition in the UK, maximising integration synergies Focus 2025 - … Sales (M€) Accrol Plc, 5 Mills in the UK • FID new TM 70kt expected in 2025. Total TM capacity 230kt. Total converting capacity TM1 greenfield 457 (310kt) Aveiro, Portugal Goma-Camps Consumer Ejea de l

  34. Slide 34: Innovation & Sustainability

    INNOVATION & SUSTAINABILITY Biomaterials, Biochemicals, Biofuels and e-Fuels BIOMATERIALS • Packaging • Injection and moulding of plastics and bioplastics • Polymers and adhesives • Defence • Cement and construction • Furniture • Textiles (fibres) • Fashion accessories • Automotive • 3D printing BIO

  35. Slide 35: Sustainability at the Core

    Sustainability at the Core 35 35

  36. Slide 36: A Bioindustry on the Right Side of the Future

    A BIOINDUSTRY ON THE RIGHT SIDE OF THE FUTURE For Climate & Nature: Act Preserve and value natural capital, thereby OUR CORPORATE PURPOSE generating economic, environmental and social value by minimizing the ecological footprint and People, their Quality of optimizing efficiency in the use of resour

  37. Slide 37: Building Navigator's 2030 Agenda

    BUILDING NAVIGATOR’S 2030 AGENDA Through a Collaborative Process 2030 Roadmap Macrotrends & Challenges Sustainability management framework 21 Commitments Planet on the brink Contribution to UN SDG Demographic changes Stakeholder Objectives, Goals & Metrics Technological innovation Engagement to mana

  38. Slide 38: Eucalyptus Globulus

    EUCALYPTUS GLOBULUS We plant and tend our primary raw material Our products are recyclable, biodegradable or Eucalyptus globulus In the process of growing compostable, helping society to raise hygiene sequesters more carbon per hectare and and managing forest areas standards, improve literacy, disse

  39. Slide 39: For Climate & Nature

    FOR CLIMATE & NATURE The Pulp & Paper process is a well-known example of Circular Economy Initiatives to Promote the Circular Economy Investment in Bioproducts From Fossil to Forest Agenda, SUP substitution 7% <0.015% Solid waste from Hazardous waste from WURP Project - Process Optimization the tota

  40. Slide 40: Financial Performance

    Financial Performance 40 40

  41. Slide 41: Financial and Operational Highlights

    FINANCIAL AND OPERATIONAL HIGHLIGHTS Consistent strong results in a cyclical and volatile market Turnover 2.088M€ EBITDA 547M€ EBITDA Margin 26% ROCE 20% 1 817 M€ 450 M€ 24% 18% 736 35% 2 465 547 30% 1 688 1 385 1 596 1 953 2 088 502 22% 22% 26% 26% 372 355 21% 21% 20% 286 13% 14% 8% 2019 2020 2021

  42. Slide 42: 2024 Financial Highlights

    2024 | FINANCIAL HIGHLIGHTS Strong Financial Position After Strong CAPEX, M&A and Dividends ▪ 2nd Best Result in the history of the company FY 2024 FY 2023 YoY Millions € ▪ Even excluding the two recent acquisitions Turnover 2 088 1 953 +7% in Spain and the UK EBITDA 547 502 +9% ▪ Value-added capex

  43. Slide 43: 2024 Takeaways

    2 0 2 4 T A K E A2024 W A Y STAKEAWAYS Strong Financial Position After Strong CAPEX, M&A and Dividends 2024 was full of initiatives and achievements Strong FY results that reflect our commitment to growth and • Operational flexibility, business-mix management diversification. Navigator’s workforce t

  44. Slide 44: Share Price Evolution

    SHARE PRICE EVOLUTION TSR +7% 2024, reflecting the stability of the share price and the distribution of dividends 125 Sector The Navigator Company PSI January 2019 – December 2024 +1,2% -0,3% -3,4% TSR*: 58% 115 TSR annualized: 8% 105 Year Adjusted Total amount paid (payment) dividend yield (million

  45. Slide 45: Outlook 2025

    OUTLOOK 2025 The international environment continues to be marked by great uncertainty, with armed conflicts and unilateral and restrictive trade policies putting pressure on the global economy Megatrends 2025 Our Position ▪ Increased Protectionism ▪ Leads directly to higher costs and introduces new

  46. Slide 46: Investor Presentation

    INVESTOR PRESENTATION JUNE 2025 46

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