Navigator Company Sa · EURONEXT:NVG
Navigator Company Sa — The Navigator Company — Investor Presentation (September 2026)
57 slides from Navigator Company Sa's investor presentation, September 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION September 2026
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: Navigator at a Glance
& NANIGATOR COMPANY Navigator at a Glance
Slide 4: The Navigator Company
THE NAVIGATOR COMPANY Resilient & Future-Oriented Industry Leader ~ 2B € Unmatched Profitability Turnover 2025 ▪ Best-in-class profitability, c.25% average EBITDA margin over the past 15 years Leadership in UWF and EUCA Pulp production in Europe ~4,000 employees ▪ Vertically integrated: from forest
Slide 5: Global Leader in the Circular Bioeconomy
GLOBAL LEADER IN THE CIRCULAR BIOECONOMY Driven by Sustainably Managed Eucalyptus Forests and vertically integrated operations United R&D PULP 668 Aveiro Kingdom #1 Europe #7 World 5 575 (AV) (UK) Leader in Eucalyptus 385 1.6 Mt of pulp globulus cloning (40 years) Figueira S FF AV da Foz PAPER 800 8
Slide 6: Leadership in Euca Pulp & UWF Production in Europe
LEADERSHIP IN EUCA PULP & UWF PRODUCTION IN EUROPE with strong market position in UWF European BHKP European uncoated woodfree (UWF) Main players (Excluding Russian Mills and Specialties) Main players (Excluding Russian Mills and Specialties) #1 Europe #7 World #1 Europe #7 World TOP 10 7.7 81% 4.5
Slide 7: Strong Cash Flow Generation
STRONG CASH FLOW GENERATION 10 Years of Strategic Expansion, Strong Growth, and Stable Returns Strong cash flow 2016-2025 generation has enabled us to: 712 (19%) Over the past 10 years, Navigator has strategically expanded into new business areas, while maintaining stable net debt and > 80% Pulp con
Slide 8: Business Growth & Diversification
BUSINESS GROWTH & DIVERSIFICATION From Strategy to Reality: Transitioning to a diversified, high-growth model ▪ Growth supported by portfolio diversification, with UWF share declining from 75% to 57% ▪ Between 2017 and 2025, UWF turnover remained broadly stable at c.1.2 billion euros, with margin ex
Slide 9: Tissue Business
TISSUE BUSINESS Tissue reached 25% of Sales in 10 years driven by acquisitions, organic investment, and proprietary R&D STRONG STRATEGIC RATIONALE SALES SOARED 8.7x IN JUST 10 YEARS GROWTH, EFFICIENCY & INNOVATION LEADING MARKET SHARE Positive FID for a new 70 kt tissue machine in VERTICAL INTEGRATI
Slide 10: Packaging Business
PACKAGING BUSINESS gKRAFT is accelerating the shift from fossil to forest, with a growing customer base and a constant drive for innovation VALUE PROPOSITION PERFORMANCE – 100% Mill Brands BRAND ARCHITECTURE Packaging has grown to over 6% of Group Positive FID to rebuild PM3 positioning Navigator In
Slide 11: Responsible Investment
RESPONSIBLE INVESTMENT Creating long-term value through profitable and sustainable growth Capex* (M€) Capex exceeded D&A, reflecting Strategic capex 2023-H1 2026 an accelerated investment cycle nearing completion driven by focused on long-term growth NextGen projects supporting Capex Sustainability
Slide 12: Sound Business Model
SOUND BUSINESS MODEL with consistent and second-to-none profitability in a cyclical & volatile industry EBITDA (M€) & EBITDA margin (%) 736 502 547 455 400 385 385 390 397 404 372 355 376 350 328 286 29% 30% 19% 26% 26% 23% 24% 25% 25% 27% 22% 22% 26% 26% 21% 21% 2010 2011 2012 2013 2014 2015 2016 2
Slide 13: Debt Maturity and Liquidity
DEBT MATURITY AND LIQUIDITY Our strong capital base and financial flexibility position us well to continue our transformation into a higher-value, more diversified company Total debt: € 873 million Average Maturity: 5.2 years Q2 2026 (vs. 5 years in Dec. 2025) 592 Our debt profile remains comfortabl
Slide 14: Market Performance
Market Performance Paper l Pulp l Tissue l Packaging
Slide 15: P&W Paper Market
P&W PAPER MARKET UWF Remains Most Resilient Segment due to Universality and Versatile Uses UWF resilience comes from its Printing & Writing Demand Evolution1 In million tons Universality | used by a broad range Versatility | end use options July 2026 of customer segments via both B2B are wide and B2
Slide 16: Leading Manufacturer in Europe
LEADING MANUFACTURER IN EUROPE With an Efficient Cash Cost Structure •Q2 2026 EUR UWF Cash Cost Curve - BY COMPANY €/t, delivered in Paris, excluding Russia and specialties €/ton 1 000 Navigator is well equipped with efficient assets and strong products and brands to remain the global UWF 800 benchm
Slide 17: Strong Market Position
STRONG MARKET POSITION Efficient Operational Model Built on Premium Products Navigator as a leading European UWF Exporter Premium products boosting Margins by up to 80% Market 2025e Navigator Navigator Operating Rate INDUSTRY NAVIGATOR Excl. NVG Market Share excl. NVG Global Market (Production / Cap
Slide 18: Market Performance
Market Performance Paper l Pulp l Tissue l Packaging
Slide 19: A Legacy of Innovation, a Future of Excellence
A LEGACY OF INNOVATION, A FUTURE OF EXCELLENCE A range to fit today’s and tomorrow’s industry needs Eucalyptus Kraft Market Pulp was an innovation introduced by Navigator in the 50’s, that became the world standard in Hardwood Pulps Eucalyptus globulus: the starting point of a 70-year success story
Slide 20: Pulp Market
PULP MARKET Market Constrained by Overcapacity and Weak Demand Across Pulp & Paper China Global Pulp Demand (Mt)1 14 Mt 13 Mt 9 Mt 9 Mt 7 Mt 6 Mt Euca maintains a stable 34 Mt 33 Mt market share 2025 2026 2025 2026 2025 2026 % EUCA BCP HW EUCA 21 Mt 21 Mt 48% 17 Mt 16 Mt -1% -4% -9% 78% 48% 78% Euro
Slide 21: Bleached Eucalyptus Kraft Pulp (BEKP)
BLEACHED EUCALYPTUS KRAFT PULP (BEKP) European Leader Focused on Value Added Segments Pulp Sales (kt) 300 - 400 24 % Decor & Specialities 66 % Of European In NVG Market Share1 BEKP Supply2 mix 66% 56% European Sales3 Navigator World Europe European Industry 1% 2% 24% 26% 15% 5% 8% Tissue Decor Fine
Slide 22: Unbleached Eucalyptus Pulps
UNBLEACHED EUCALYPTUS PULPS have been developed to produce Packaging, Tissue and Moulded Cellulose High-yield kraft pulp innovation Innovation to Flexible Packaging, FROM FOSSIL TO FOREST Low Capex1 | 100 kt/y 2 capacity production Moulded Fibre, Tissue and Market Pulp Accelerating the shift to a fo
Slide 23: Market Performance
Market Performance Paper l Pulp l Tissue l Packaging
Slide 24: Tissue World Trends
TISSUE WORLD TRENDS Sustainable Market Demand Consumption 2025 Europe 16.7 kg per capita Global Tissue Market Growth Demand by Region 2026e Russia & Oth. EE Japan 4.9 kg per capita 17 kg per capita 20% RoW 8 686 kt 21% China 2% 5% 17% 9 166 kt 2 098 kt 25% 1 034 kt 2015-2025 (CAGR) +2.7% Japan 5% No
Slide 25: Leading Manufacturer: Tissue Diversification
LEADING MANUFACTURER Tissue diversification - Strong strategic rationale Consumption 2025 #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 CONSUMER TISSUE IN UK 2 (M€) 530kt 368 356 TISSUE CAPACITY 310 KT REELS CONVERTING 214 207 UK - 1304 EJEA 35 60 115 3 671kt 69 VVR 60 65 23 AVEIRO 7
Slide 26: Tissue Business Innovation & Differentiation
TISSUE BUSINESS Type (vs. H1 2025) Consolidates Growth and International Expansion Finished Product 99% (vs. 97%) Reels 1% TISSUE MARKET1 Innovation & Global apparent demand: +1.7% YtD May (vs. 2%) Differentiation Segment (vs. H1 2025) Iberia Operation ▪ Fully integrated: Including both paper produc
Slide 27: Market Performance
Market Performance Paper l Pulp l Tissue l Packaging
Slide 28: European Kraft Paper Market
EUROPEAN KRAFT PAPER MARKET Navigator is set to achieve a strong cost competitive position in kraft paper, key to unlocking new market opportunities Kraft paper market showed a historical growth trend of 2.6% between 2020- Emerging Market 24. This trajectory is expected to continue, with a CAGR of a
Slide 29: The Right Side of Packaging
THE RIGHT SIDE OF PACKAGING Integration with Eucalyptus Globulus Pulp Drives Cost Competitiveness in Bleached and Unbleached Products Cash Cost Curve Machine Finished - BY COMPANY €/t Machine Finished & Machine Glazed - Main players 1 TOP 10 (number of machines) AVG 1.6Mt 60% Machine Bleached Unblea
Slide 30: Packaging – From Fossil to Forest
PACKAGING – FROM FOSSIL TO FOREST Strong Results Driven by Demand for Sustainable & Low-Grammage Products Eucalyptus MARKET1 European deliveries up 2.1% YtD May (MF + MG) Globulus PACKAGING: 6% OF GROUP SALES Printing Quality ▪ Packaging growth since 2020 built on repurposed UWF assets, with very lo
Slide 31: Packaging | Moulded Fibre
PACKAGING | MOULDED FIBRE 1st Moulded Fibre Products with BfR XXXVI Recommendation Leveraging a growing trend: new partnerships position Navigator as a moulded fibre tableware supplier gKRAFT Bioshield Food safety and responsible sourcing gKRAFT Bioshield designed to replace single use plastic ➢ Mad
Slide 32: Business Strategy
Business Strategy
Slide 33: RAIZ - R&D Lab
RAIZ - R&D LAB Strong R&D Foundation Covers the entire value chain R&D and Forestry Consultancy 94 • Genetic improvement program Researchers and technicians 25% holding PhD • Technologies supporting silviculture and forest management • Technology transfer to private outgrowers (400,000) 53 Registere
Slide 34: Leveraging Our Eucalyptus Expertise
LEVERAGING OUR EUCALYPTUS EXPERTISE to create new products, applications and growth opportunities Biomaterials, Bio-based Tissue Packaging Paper chemicals and Renewable fuels Value-added and functional tissue Advanced barrier technologies Differentiated paper solutions, Among the opportunities withi
Slide 35: Diversification Strategy
DIVERSIFICATION STRATEGY Reinforce the core and focus on growth through diversification of eucalyptus-based products and by-products SUSTAINABILITY Energy Biofuels, e-Fuels Biomaterials Biogenic CCU (Carbon Capture and Utilization) Biochemicals Biogenic CCS (Carbon Capture and Storage) Packaging Mul
Slide 36: PM3 Rebuild: 4th Largest Kraft Paper Producer in Europe
PACKAGING | FROM FOSSIL TO FOREST PM3 rebuild positioning Navigator as the 4th largest kraft paper producer in Europe for Flexible Packaging 90-100 kt Annual production EUROPEAN KRAFT PAPER MARKET INVESTING IN THE FUTURE capacity (LBW) * European Market ~2.7 Mt - rising 2.8%/annual Achieving up to 1
Slide 37: New Tissue Capacity
NEW TISSUE CAPACITY Drive Sustainable Growth with Greater Efficiency 70kt New Tissue Machine Annual production capacity New 70 kt tissue machine in Aveiro to supply UK operations; Navigator Tissue UK (acq. 2024) is a pure converter with 130 kt capacity (120 kt + 10 kt wipes). Strategic Rationale Syn
Slide 38: Innovation & Energy
INNOVATION & ENERGY Navigator is strategically positioned for competitive biofuels 140 pulp mills (biomethanol kraft) and e-fuels production and monetising biogenic in Europe CO₂ via third-party e-fuels (CCU) and carbon credits (CCS) 49 with relevant scale Pulp Mills Produce biogenic CO2 with a conc
Slide 39: Innovation & Sustainability
INNOVATION & SUSTAINABILITY Biomaterials, Biochemicals, Biofuels and e-Fuels 21 Patent Families Thermoplastic bio composites Lignin and polyols Replaces plastic with up to 40% cellulose Thermal insulation foams, Improves footprint without 19 adhesives, cements functional impact Registered Patents 10
Slide 40: A Bioindustry on the Right Side of the Future
A bioindustry on the right side of the future
Slide 41: Building Navigator's 2030 Agenda Through a Collaborative Process
BUILDING NAVIGATOR’S 2030 AGENDA THROUGH A COLLABORATIVE PROCESS Macrotrends Stakeholder Double Materiality & Challenges Engagement Analysis Planet on the edge + 600 stakeholders Double approach regularly revised: Demographic changes (2021-2025) • Impact perspective (inside out) Technological innova
Slide 42: A Bioindustry on the Right Side of the Future
A BIOINDUSTRY ON THE RIGHT SIDE OF THE FUTURE A responsible business agenda aligned with Navigator´s purpose OUR CORPORATE PURPOSE For Climate & Nature For Society ACT GROW People, their Preserve and value the Creating sustainable value Quality of life, natural capital, thus and the planet’s generat
Slide 43: For Climate and Nature: Act – Climate Change
FOR CLIMATE AND NATURE: ACT 2030 Agenda and Roadmap to impact Climate Change Our impact 2030 Roadmap Cut direct EU ETS CO2 emissions from industrial 572,079 tCO2e (-39% vs. 2020) -37% Reduction in direct ETS 11 m tCO2 Accumulated stock complexes by 86% by 2035 (baseline: 2018). Emissions baseline ye
Slide 44: For Climate and Nature: Act – Water and Resources
FOR CLIMATE AND NATURE: ACT 2030 Agenda and Roadmap to impact Water Management Use of Resources and Circular Economy Our impact Our impact 80% Water 5,877,755 t 89% -8.4% returned to the environment Renewable Raw materials consumed raw materials Specific water use in industrial operations 20.5 m3/t
Slide 45: For Climate and Nature: Act – Biodiversity
FOR CLIMATE AND NATURE: ACT 2030 Agenda and Roadmap to impact Biodiversity Conservation Our impact 2030 Roadmap 7,660 ha 4,647 ha Create positive impact on (or net gain) in biodiversity by taking action in keeping with commitments made by Navigator through National Network of Protected or reclaimed
Slide 46: For Climate and Nature: Act – Sustainable Forest Management
FOR CLIMATE AND NATURE: ACT 2030 Agenda and Roadmap to impact Sustainable Forest Management Our impact 2030 Roadmap 139,314 ha Assets under Navigator's 93% Wood suppliers with Ensure that the Company’s wood 68% consumption include no less than 80% management certified chain of custody certified wood
Slide 47: For Society: Grow – Innovation, Technology and R&D
FOR SOCIETY: GROW 2030 Agenda and Roadmap to impact Innovation, Technology and R&D Our impact €11.9 m 2030 Roadmap Investment in RDI11 53 Develop innovative, Promote registration of 30 Formulations developed Patent families competitive and sustainable products Develop functional and intellectual pro
Slide 48: For Society: Grow – People and Talent
FOR SOCIETY: GROW 2030 Agenda and Roadmap to impact People, talent and human capital development Our impact 2030 Roadmap €217 m 92.3% Reach 80% of Employees with development plans customised to their needs and Employee pay and benefits Employees on professional plans, in alignment with permanent con
Slide 49: People at the Core
PEOPLE AT THE CORE Talent management at the heart of our transformation and value creation Transformation Average Age: 43 years ~4.000 Employees down nearly one year over the last 5 Woman 20% years 4 Generations 52% Millennials & Gen Z 80% Men Middle and Senior Management Diversity 38% Women (+69% v
Slide 50: Renewed and Recognised Leadership in 2025
RENEWED AND RECOGNISED LEADERSHIP IN 2025 Recognition by leading independent sustainability rating agencies Score: 12.6 3rd lowest investor risk among 71 Paper Score: A Score: A Score: A CDP Forests Climate Change Supplier Engagement & Forestry companies (June 2025) ( “Leadership”) ( “Leadership”) (
Slide 51: Financial Performance
& THE NANIGATOR COMPANY Financial Performance
Slide 52: Financial Performance
FINANCIAL PERFORMANCE Consistent strong results in a cyclical and volatile market Average 2019-25 Turnover EBITDA EBITDA Margin 2025 1,970M€ 2025 376M€ 2025 19% 1 878 24% 453 1 688 1 385 1 596 2 465 1 953 2 088 1 970 22% 21% 22% 30% 26% 26% 19% 372 286 355 736 502 547 376 2019 2020 2021 2022 2023 20
Slide 53: H1 2026 Highlights
H1 2026 HIGHLIGHTS EBITDA improved by 21% QoQ, reflecting pricing recovery and ongoing cost discipline Lower volumes reflect extended maintenance shutdowns, strategically leveraged to accelerate high-return industrial projects Q2 2026 Q1 2026 QoQ H1 2026 H1 2025 YoY Millions € Turnover 442 427 +4% 8
Slide 54: Total Shareholder Return
& THE NANIGATOR COMPANY Total Shareholder Return
Slide 55: Navigator Shareholder Structure
NAVIGATOR SHAREHOLDER STRUCTURE Combining Stability and Long-Term Vision Broad institutional coverage despite a limited free float structure 8.4% Total Shareholder Composition Dividend yield Average L12Y Semapa Institutional Investors +30 +80 Global indices Investment Fund 70% 14% Free Float ESG – F
Slide 56: Total Shareholders Return
TOTAL SHAREHOLDERS RETURN Navigator stands out for its resilience in the cyclical and volatile equity market Pulp & Paper ( June 20261) June 30, 2021 – June 30, 20261 Last 5 years Last 12 months TSR*: 60% TSR annualized: 10% Peer 1 89% 2% NVG 60% 5% Dividend Yield Peer 2 -1% -11% Peer 3 -9% 6% Year
Slide 57: Investor Presentation
INVESTOR PRESENTATION September 2026
The Navigator Company — Investor Presentation (September 2026) on 6ix