Navigator Company Sa · EURONEXT:NVG
Navigator Company Sa — Portucel Emprs Ord — Q1 2026 Earnings Presentation
18 slides from Navigator Company Sa's earnings presentation, May 12, 2026
Slide 1: Results Presentation Q1 2026
RESULTS PRESENTATION Q1 2026 May 12th, 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 João Lé Investor Relations Ana Canha 3
Slide 4: Highlights & The Navigator Company
& THE NANIGATOR COMPANY HIGHLIGHTS
Slide 5: Q1 2026 Results
Q1 2026 RESULTS Tissue & Packaging segments account for 40% of Group EBITDA • Geopolitical instability and extreme weather pressure early-2026 performance ▪ Rising energy prices and global disruptions across supply chains and logistics costs and flows ▪ Extreme weather conditions in Portugal tempora
Slide 6: Financial Highlights - Strong Cash Flow Generation
FINANCIAL HIGHLIGHTS - STRONG CASH FLOW GENERATION Quarter Impacted by Extreme Weather and Volatile Market Conditions Q1 2026 Q1 2025 YoY Q4 2025 QoQ Millions € Turnover 427 529 -19% 481 -11% EBITDA 65 116 -44% 76 -14% Net Profit 17 48 -64% 26 -35% 28 M€ EBITDA /Sales 15% 22% -7 pp 16% -1 pp Debt Re
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: € 829 million Average Maturity: 5.2 years (vs. 5 years in Dec. 2025) 568 Sustainable 2.8% Average cost of debt issued (Mar. 2026) 306 242 6
Slide 8: EBITDA QoQ Analysis
EBITDA QOQ ANALYSIS Price EBITDA decline driven by temporary weather-related operational disruptions, Pulp and Paper prices impacting sales volumes and increasing energy, wood and CO2-related costs increased, reflecting the positive evolution of the main benchmark indexes, led by Navigator in the UW
Slide 9: Market & Group Performance
& MPANY MARKET & GROUP PERFORMANCE
Slide 10: Pulp & Paper Prices
PULP & PAPER PRICES 1500 1500 PIX BHKP EUROPE (USD/t) PIX A4 COPY-B (EUR/t) 1400 1400 1300 1300 ▪ PIX BHKP ended the quarter at $1,286/t, 1200 1200 maintaining a positive trend. In Q1, prices 1100 1100 in Europe rose 12% and China rose 9% QoQ. USD/ton EUR/ton 1000 1000 900 900 ▪ PIX A4 B-copy record
Slide 11: P&W Paper Market
P&W PAPER MARKET UWF Remains Most Resilient Segment Due to Versatile Uses •Global Demand for P&W Paper1 •Global apparent demand -1%: Operating Rate (Production / Capacity) 2 90% ▪ UWF –0.4%, CWF –2% and mechanical –4% Navigator was able to 84% •Europe UWF: -4% (below Q1 CAGR since 2018: -5.2%); outp
Slide 12: Pulp Market
PULP MARKET Market Constrained by Overcapacity and Weak Demand Across Pulp & Paper Demand Global demand: % EUCA Global Demand 1 ▪ -3% Bleached Chemical Pulp; Hardwood remain 11.2 10.9 stable; +1% Eucalyptus Pulp In Europe, pulp consumption fell, driven by end-uses underperformance: -4% UWF YTD Mar.
Slide 13: Tissue Business
TISSUE BUSINESS Consolidates Growth and International Expansion Finished Product 99% TISSUE MARKET1 Type (vs. 98%) (vs. Q1 2025) European demand for Tissue paper grew by 1.7% ▪ Western Europe: +0.5% ▪ Eastern Europe: +6% Reels 1% (vs. 2%) Iberia Operation ▪ Fully integrated: Including both paper pro
Slide 14: Packaging – From Fossil to Forest
PACKAGING – FROM FOSSIL TO FOREST Strong Results Driven by Demand for Sustainable & Low-Grammage Products Eucalyptus Globulus PACKAGING: 6% OF GROUP SALES ▪ Packaging growth since 2020 built on repurposed UWF assets, with limited capex ▪ gKRAFT brand driving international expansion Printing Quality
Slide 15: Takeaways
TAKEAWAYS Geopolitical instability and extreme weather pressure early-2026 performance: ▪ Weather-related disruptions limited operations and logistics, reduced output and drove higher energy, raw material costs ▪ Positioning for growth – Prices increases announcements across all business during the
Slide 16: Outlook
& NANIGATOR OUTLOOK
Slide 17: Outlook
OUTLOOK PULP PAPER TISSUE PACKAGING ▪ Pulp prices are expected to rise ▪ Several global announcements of ▪ Demand remains buoyant and is ▪ The Packaging segment through 2026, supported by price increases for P&W are expected to remain at healthy continues to perform well, with announced price increa
Slide 18: Results Presentation Q1 2026
RESULTS PRESENTATION Q1 2026 May 12th, 2026