Navigator Company Sa · EURONEXT:NVG
Navigator Company Sa — The Navigator Company — FY2025 Earnings Presentation
20 slides from Navigator Company Sa's earnings presentation, Feb 24, 2026
Slide 1: Results Presentation FY 2025
RESULTS PRESENTATION FY 2025 FEBRUARY 24th, 2026
Slide 2: Disclaimer
DISCLAMER 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 Th
Slide 3: Participants
Executive Directors PARTICIPANTS António Redondo Fernando Araújo Nuno Santos João Lé Dorival Almeida António Quirino Soares Investor Relations Ana Canha 3
Slide 4: Highlights
& THE NANIGATOR COMPANY HIGHLIGHTS
Slide 5: 2025 Results
2025 RESULTS Navigating the Toughest Year in Decades and Emerging Better Positioned for Growth • 2025 defined by persistent geopolitical tensions and shifting global alliances Packaging, 4% ▪ Tariffs, weaker consumer confidence, high volatility and limited visibility Energy, 5% (vs. 4%) (vs. 6%) • P
Slide 6: Financial Highlights – Strong Cash Flow Generation
FINANCIAL HIGHLIGHTS – STRONG CASH FLOW GENERATION Sound Financial Position After M&A (2023 & 2024), value-added Capex and Dividends FY 2025 FY 2024 YoY Millions € Turnover 1,970 2,088 -6% EBITDA 376 547 -31% Net Profit 145 287 -50% Turnover of € 1,970 M EBITDA /Sales 1 19% 26% -7 pp Tissue & Packag
Slide 7: 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 Total debt: € 833 million Average Maturity: 5 years (vs. 3.5y in December 2024) 2.7% 389 Navigator extended average debt maturity by 2 years from 2023
Slide 8: EBITDA YoY Analysis
EBITDA YOY ANALYSIS Price Results driven by lower selling prices in Pulp & Paper, and significant cost Downward trend on UWF and pressure early in the year, particularly in energy and chemicals Pulp market prices, pressured by the decline in benchmark indexes -171 (-31%) Volume Sales volumes above l
Slide 9: Sustainable Business Strategy
SUSTAINABLE BUSINESS STRATEGY Strengthening current businesses and assessing profitable diversification opportunities Tissue & Packaging Efficiency & Innovation represent ~30% of Turnover & EBITDA strengthen cost competitiveness Sustainable Packaging: A transformational Decarbonisation Tissue reache
Slide 10: Market & Group Performance
& MPANY MARKET & GROUP PERFORMANCE
Slide 11: Pulp & Paper Prices
PULP & PAPER PRICES PIX BHKP EUROPE (USD/t) PIX A4 COPY-B (EUR/t) 1,500 1,500 1,400 1,400 ▪ PIX BHKP ended the year at $1,100/t, maintaining 1,300 1,300 a positive trend. In Q4, prices stabilised: China rose 1,200 1,200 5% and Europe 4% QoQ. 1,100 1,100 USD/ton EUR/ton 1,000 1,000 ▪ PIX A4 B-copy re
Slide 12: P&W Paper Market
P&W PAPER MARKET Order Books and Stocks2 NVG increased its order book by 2.25x. At the same time, reduced UWF Remains Most Resilient inventories by 45% vs. 2024. Segment Due to Versatile Uses 2.25x 2025 2024 2025 2024 •Global Demand for P&W Paper1 Inventories NVG's order book •Global apparent demand
Slide 13: Pulp Market
PULP MARKET Market Constrained by Overcapacity and Weak Demand Across Pulp & Paper Global Demand 1 % EUCA One of the most efficient hardwood pulp producers 63.3 in Europe 61.1 Euca keeps increasing share Demand Global demand: 37.3 39.4 28.5 30.7 ▪ +4% Bleached Chemical Pulp; +6% Hardwood; +8% Eucaly
Slide 14: Tissue Business
TISSUE BUSINESS Consolidates Growth and International Expansion TISSUE MARKET1 Type 97% 98% European demand for Tissue paper grew by 1.2% 81% 89% ▪ Western Europe: +0.7% 2022 2023 2024 2025 19% 11% 3% 2% ▪ Eastern Europe: +2.8% Reels Finished Product Iberia Operation ▪ Fully integrated: Including bo
Slide 15: Packaging – From Fossil to Forest
PACKAGING – FROM FOSSIL TO FOREST Strong Results Driven by Demand for Sustainable & Low-Grammage Products Eucalyptus KRAFT PAPER Globulus ▪ European market for kraft papers growth 2.6%1 YoY NAVIGATOR’S PERFORMANCE ▪ Packaging grew to over 4% of sales since 2020 through repurposed UWF Assets, without
Slide 16: Takeaways
TAKEAWAYS Navigating the Toughest Year in Decades and Emerging Better Positioned for Growth ▪ Our international footprint and diversified business model enable us to capture opportunities ▪ Delivered higher volumes and continued to expand our market share ▪ Positioning for growth – UK consolidation,
Slide 17: Positive FID - New Tissue Capacity
POSITIVE FID - NEW TISSUE CAPACITY Drive Sustainable Growth with Greater Efficiency 70kt New Tissue Machine Annual production In 2025, Navigator initiated a feasibility study for a 70 kt tissue machine to supply its UK operations. Navigator Tissue UK, capacity acquired in 2024, is a pure tissue conv
Slide 18: Outlook
& NANIGATOR OUTLOOK
Slide 19: Outlook
OUTLOOK PULP PAPER TISSUE PACKAGING ▪ Pulp prices are forecast to rise in ▪ Several global announcements of ▪ Demand remains buoyant and is ▪ The Packaging segment H1 2026, with positive momentum price increases for P&W are expected to remain at healthy continues to perform well, with in China and E
Slide 20: Results Presentation FY 2025
RESULTS PRESENTATION FY 2025 FEBRUARY 24th, 2026