Navigator Company Sa · EURONEXT:NVG
Navigator Company Sa — The Navigator Company — Pulp Week 2025
60 slides from Navigator Company Sa's conference presentation, November 2025
Slide 1: Investor Presentation Pulp Week
INVESTOR PRESENTATION PULP WEEK NOVEMBER 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: Navigator at a Glance
Navigator at a Glance 33
Slide 4: The Navigator Company
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
Slide 5: 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 ENERGY T
Slide 6: 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 30% 21% 29% 26% 26% 24% 25% 25% 27% 26% 26% 23% 21% 22% 21% 22% EBITDA Margin H1 2025 2010 2011 2012 201
Slide 7: 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… … with an efficient Capacity* (t) cash cost structure… 1stQ of the European UWF Cash Cost Curve … strengthening our The Nav
Slide 8: Strong Cash Flow Generation
STRONG CASH FLOW GENERATION Sustainability without performance has no impact, performance without sustainability has no future ▪ Strong cash flow generation has enabled us to: CASH FLOW 455M€ ▪ Invest in modernising our assets ▪ Maintain production capacity ▪ Update production equipment and modernis
Slide 9: Strong Cash Flow Generation: Years of Strategic Expansion
STRONG CASH FLOW GENERATION 8 Years of Strategic Expansion, Strong Growth, and Stable Returns 2017-2024 Strong cash flow Over the past 8 years, Navigator has strategically expanded into generation has new business areas, driving growth in revenue (+ € 450 M) and enabled us to: 557 (18%) EBITDA (+ €
Slide 10: Business Growth and Diversification
BUSINESS GROWTH AND DIVERSIFICATION Tissue & Packaging ~30% of sales in 9M 2025 ▪ Growth with a reduction in dependence on UWF from 75% to 57% ▪ Between 2017 and 2024 UWF turnover holds practically steady, with lower volumes and higher margins ▪ With lower volume, the business margin rose significan
Slide 11: Tissue Business
TISSUE BUSINESS In 10 years, we have established a multinational business with mills across 3 regions, targeting sales of circa €500M by 2025 STRONG STRATEGIC RATIONALE SALES SOARED 8.2x IN JUST 10 YEARS INOVATION AND OWN BRANDS Vertical Integration MARKET SHARE We have received external recognition
Slide 12: 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 BRAND PERFORMANCE BRAND ARCHITECTURE Innovative packaging SALES EXPANDED 5.3x IN JUST 4 YEARS Positive FID to rebuild PM3 positioning papers,
Slide 13: 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: -42% cut direct CO2 emissions) K tons Energy efficiency (Capex €10M L5
Slide 14: Paper | Pulp | Energy | Tissue & Packaging
Paper Paperl lPulp Pulpl lEnergy Energy| |Tissue Tissue&| Packaging Packaging
Slide 15: UWF Is Universal and Versatile
UWF IS UNIVERSAL AND VERSATILE Everywhere and for everyone, serving multiple applications RESILIENT & GROWING SOCIAL & CULTURAL REGIONAL OPPORTUNITIES BRANDING & PRODUCT APPLICATIONS DIFFERENTIATION Important role for thinking & Population growth & Education Wider range of applications and less know
Slide 16: 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 Pri
Slide 17: Leading Manufacturer in Europe
LEADING MANUFACTURER IN EUROPE With an Efficient Cash Cost Structure Navigator is well equipped with efficient assets and strong products and brands to remain the global UWF benchmark European uncoated woodfree (UWF) Q2 2025 EUR UWF Cash Cost Curve - BY COMPANY Main players (Excluding Russian Mills
Slide 18: Strong Market Position
STRONG MARKET POSITION Navigator as a leading European UWF Exporter Share of Navigator within Euro Graph UWF Deliveries Paper Sales Distribution H1 2025 Strategic flexibility, business-mix management First Nine Months 2025 For every 3 office paper reams exported from Europe Upward Trend 2 are made b
Slide 19: Paper | Pulp | Energy | Tissue & Packaging
Paper l Pulp l Energy | Tissue | Packaging 19 19
Slide 20: Pulp Market
PULP MARKET EUCA Nearing Half of Pulp Market and Almost 80% of Hardwood Supply & Demand Balance Demand growth outlook for market pulp, limited net capacity addition in the coming years First Nine Months 2025 BHKP demand drivers: Fibre to Fibre and From Fossil to Fibre Turning Point in China and Euro
Slide 21: Hardwood Cost in BHKP Evolution
HARDWOOD COST IN BHKP EVOLUTION Portugal has gained relative competitiveness within Europe, making its pulp production more efficient than that of other European countries, including Spain Evolution of the Hardwood Cost in BHKP production (€/tAD) Consumption per ton of pulp (Index – Base 100 = Portu
Slide 22: Leading Manufacturer in Europe: BHKP & BEKP Pulp
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
Slide 23: 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 69 % Of European Suppliers2 In NVG mix 69% 56% Navigator European Sales3 European Industry Market Share1 BEKP 24% 23% World Europe 15% 8% 1.2 % 2.7 % 5% Tissue De
Slide 24: Unbleached Eucalyptus Pulps
UNBLEACHED EUCALYPTUS PULPS have been developed to produce Packaging, Tissue and Moulded Cellulose From Fossil to Forest High-yield kraft pulp innovation Innovation to Flexible Packaging, Capex1 of €11 M to produce2 100 kt/y Moulded Fibre, Tissue and Market Pulp A significant step forward in the The
Slide 25: Paper | Pulp | Energy | Tissue | Packaging
Paper l Pulp l Energy | Tissue | Packaging
Slide 26: Total Energy Capacity of 407 MW
TOTAL ENERGY CAPACITY OF 407 MW New investments will boost capacity to 430 MW by the end of 2025 BIOMASS POWER COGENERATION l 344 MW PLANT l 25 MW PHOTOVOLTAIC l 38 MWp Navigator is the leading solar PV producer for self-consumption in Portugal Decarbonizing Tissue New biomass boiler to replace natu
Slide 27: Energy Mix Overview
ENERGY MIX OVERVIEW ~80% of electricity production from renewable sources Production: ~3% of total (Portugal); 3% of all RE; +34% of biomass-based energy Electrical Energy Production Primary Energy Consumption Energy Production from Fossil (20%) Renewable Sources ~18% Natural Gas 2020-2026e ~2% Fuel
Slide 28: Decarbonization Solutions
DECARBONIZATION SOLUTIONS 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 susta
Slide 29: Paper | Pulp | Energy | Tissue | Packaging
Paper l Pulp l Energy | Tissue | Packaging 29 29
Slide 30: Tissue World Trends
TISSUE WORLD TRENDS Sustainable Market Demand Global Tissue Market Growth Global Tissue Demand by Region 2024e Consumption 2023 RoW Other Asia 8% 16.7 kg per capita Russia & Oth. EE Russia & Oth. EE 22% 7.9 kg per capita 6% China 10 095 kt 16% 28% 6 944 kt 12% 2017-2022 (CAGR) 3.3% 6% 5 066 kt L. Am
Slide 31: 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 Consumption 2023 CONSUMER TISSUE IN UK 2 (M€) TISSUE CAPACITY 368 356 KT REELS CONVERTING 310 UK - 1304 214 207 EJEA 35 60 VVR 60 65 115 AVEIRO 70 55 69 23 Total 165
Slide 32: Growing with Strong Performance
GROWING WITH STRONG PERFORMANCE Sales Soared 8.2x in 10 years (CAGR 26%) Consolidate acquisition in the UK, maximising integration synergies First Nine Months 2025 High margins - outperforming competitors MARKET SHARE Tissue Sales +17% turnover, +14% volume YoY, driven by: High-quality and innovativ
Slide 33: Tissue Business
TISSUE BUSINESS Consolidate acquisition in the UK, maximising integration synergies Sales Focus 2025 - … (M€) Accrol Plc, 5 Mills in the UK • FID new TM 70kt expected in H2 2025. Total TM capacity 230kt. Total TM1 greenfield 457 converting capacity (310kt) Aveiro, Portugal Goma-Camps Consumer Ejea d
Slide 34: Paper | Pulp | Energy | Tissue | Packaging
Paper l Pulp l Energy | Tissue | Packaging
Slide 35: Packaging: From Fossil to Forest
PACKAGING l From Fossil to Forest Cutting-edge and Innovative Sustainable Solutions Navigator has been developing and investing in the gKRAFT sustainable packaging range, providing an alternative to fossil-based plastics and supporting the move towards renewable, low-carbon products First Nine Month
Slide 36: 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 2020-24. Emerging Market • European kraft paper market totalled 2.2 Mt in 2023 and T
Slide 37: The Right Side of Packaging
THE RIGHT SIDE OF PACKAGING Integration with Eucalyptus Globulus Pulp Drives Cost Competitiveness in Bleached and Unbleached Products Machine Finished & Machine Glazed -Main players Cash Cost Curve Machine Finished - BY COMPANY €/t AVG TOP 10 (number of machines) Machine 1.6Mt 60% Bleached Unbleache
Slide 38: Packaging: Positive FID to Rebuild PM3
PACKAGING l From Fossil to Forest Positive FID to rebuild PM3 positioning Navigator as the 4th largest kraft paper producer in Europe for Flexible Packaging EUROPEAN KRAFT PAPER MARKET INVESTING IN THE FUTURE European Market ~2.7 Mt - rising 2.8%/annual Achieving up to 100kt of LBW2 with Low Capex (
Slide 39: Packaging: Moulded Fibre
PACKAGING l MOULDED FIBRE 1st Moulded Fibre Products with BfR XXXVI Recommendation Upcoming Launch gKRAFT Bioshield designed to replace single use plastic and Commercially launched aluminium packaging in food sector: ▪ World’s largest integrated plant using eucalyptus fibre Fruit Basket ▪ Market wit
Slide 40: Business Strategy
Business Strategy 40 40
Slide 41: Growth Strategy
GROWTH STRATEGY Strengthening current businesses and assessing profitable diversification opportunities in line with our 2 founding values: Innovation & Sustainability SUSTAINABILITY Biomaterials Biochemicals Positive FID to Biofuels rebuild PM3 e-Fuels Moulded Fibre 1st retail outlets sales Packagi
Slide 42: Operational Excellence Program
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 43: RAIZ - R&D Lab
RAIZ - R&D LAB Innovation at the Core: Driving Sustainable Growth and Expansion into New Business Areas R&D and Technological Consultancy R&D and Forestry Consultancy ◼ Raw materials ◼ Genetic improvement program ◼ Industrial processes ◼ Technologies supporting silviculture and forest management ◼ N
Slide 44: 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
Slide 45: Sustainability at the Core
Sustainability at the Core 45
Slide 46: A Bioindustry on the Right Side of the Future
A BIOINDUSTRY ON THE RIGHT SIDE OF THE FUTURE Creating sustainable value 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 effi
Slide 47: 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
Slide 48: For Climate and Nature: Act
FOR CLIMATE AND NATURE: ACT 2030 Agenda and Roadmap to impact Source: NVG Report 2024 48
Slide 49: For Climate and Nature: Act
FOR CLIMATE AND NATURE: ACT 2030 Agenda and Roadmap to impact Source: NVG Report 2024 49
Slide 50: For Climate and Nature: Act
FOR CLIMATE AND NATURE: ACT 2030 Agenda and Roadmap to impact Source: NVG Report 2024 50
Slide 51: For Climate and Nature: Act
FOR CLIMATE AND NATURE: ACT 2030 Agenda and Roadmap to impact Source: NVG Report 2024 51
Slide 52: For Society: Grow
FOR SOCIETY: GROW 2030 Agenda and Roadmap to impact Source: NVG Report 2024 52
Slide 53: For Society: Grow
FOR SOCIETY: GROW 2030 Agenda and Roadmap to impact Source: NVG Report 2024 53
Slide 54: From Forest to Future
FROM FOREST TO FUTURE External recognition of our commitment to sustainability Our contribution to Navigator received UN’s Sustainable Development Goals the highest score Navigator at the top of the list of companies with the CORE: Strategically relevant for the Group 'A' from CDP for lowest ESG ris
Slide 55: Financial Performance
Financial Performance 55
Slide 56: 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% 1 688 1 385 1 596 2 465 1 953 2 088 35% 22% 21% 22% 30% 26% 26% 13% 14% 21% 20% 372 286 355 736 502 547 8% 2019 2020 2021
Slide 57: 9M Financial Highlights
9M FINANCIAL HIGHLIGHTS Diversification strategy has strengthened resilience amid market volatility ▪ EBITDA stood at € 300 million, with 9M 9M Q3 Q2 YoY QoQ EBITDA Margin of 20.2% Millions € 2025 2024 2025 2025 ▪ The successful execution of our Turnover 1,489 1,569 -5% 470 490 -4% diversification s
Slide 58: Total Shareholder Return
TOTAL SHAREHOLDER RETURN Navigator stands out for its resilience in the cyclical and volatile equity market YtD 2025 Jan 21 – Sep 25 -1% -31% Peer 1 January 2021 – September 2025 -1% 99% Peer 2 TSR*: 90% -2% NVG 90% TSR annualized: 15% -8% 4% Peer 3 Year Adjusted Total amount paid -9% 10% (payment)
Slide 59: Navigator Shareholder Structure
NAVIGATOR SHAREHOLDER STRUCTURE Combining Stability and Long-Term Vision Total Shareholder Composition Institutional Shares by Geography Institutional Shares by Style 711,183,069 5% 1% United States Nº of shares Semapa 7% Index 4% Spain 13% 11% Growth 70% 30% Private 13% 39% Rest of Europe 13% Semap
Slide 60: Investor Presentation Pulp Week
INVESTOR PRESENTATION PULP WEEK NOVEMBER 2025