OCTOBER 28th, 2025
PARTICIPANTS
António Quirino Soares
Nuno Santos
Executive Directors
Fernando Araújo
António Redondo
Ana Canha
Investor Relations
2
Highlights
Q3/9M 2025 | RESULTSDiversification Delivers 33% EBITDA from Tissue & Packaging
9M 2025: P&P sector faced severe pressure
Sharp decline in pulp prices in China since April, impacting Europe
Q3 marking the cycle's low point
€1,489M
TURNOVER
Q3: Significant cash costs reduction: Pulp & Tissue cash costs dropped to near their lowest since mid-2021, while Paper cash costs reached a two-year low
UWF Sales up 15% YoY: record Q3 sales volume since 2022
Market Share Grows to 26%: enhancing our competitive edge
9M: Diversification Strengthens Profitability: 33% EBITDA from Tissue & Packaging
Tissue: Successfully scaling up operations and leveraging synergies
▪ +17% Turnover YoY, boosted by the integration of Navigator Tissue UK, in May 2024
80% International sales: key markets UK (35%), Spain (30%), France (14%)
Packaging: Growing with strong Performance
▪ +7% Turnover YoY, +7% in volume (t); +1% in price; +10% in paper area (lower gsm) YoY
PM3 Rebuild to produce low basis weight flexible packaging progressing as planned
(9M 2025 vs. 9M 2024)
Tissue & Packaging 29 % Turnover
Strong Financial Position:
Net Debt/EBITDA ratio at 1.85x
After € 175M dividend payout and value-added capex of € 160M
Source: NVG Results 3Q 2025 4
9M FINANCIAL HIGHLIGHTS
Diversification strategy has strengthened resilience amid market volatility
EBITDA stood at € 300 million, with EBITDA Margin of 20.2%
The successful execution of our diversification strategy has strengthened resilience amid market volatility
Tissue & Packaging helping offset the impact of subdued Pulp and Paper prices
Value-added capex of € 160 million
Sustainable long-term cost-efficiency
Maintenance, expansion and structural projects
61% Sustainable Investments
9M | 9M | YoY | Q3 | Q2 | QoQ | |
Millions € | 2025 | 2024 | 2025 | 2025 | ||
Turnover | 1,489 | 1,569 | -5% | 470 | 490 | -4% |
EBITDA | 300 | 431 | -30% | 84 | 101 | -17% |
Net Earnings | 118 | 241 | -51% | 33 | 37 | -10% |
EBITDA/Sales | 20.2% | 27.5% | -7.3 pp | 17.8% | 20.6% | -2.7 pp |
Capex | 160 | 151 | 9% | 66 | 57 | 8% |
Net Debt | 770 | 643 | +127 | 770 | 676 | +94 |
Net Debt/EBITDA | 1.85 | 1.16 | 0.69 | 1.85 | 1.46 | 0.40 |
Source: NVG Results 3Q 2025 l 1 Without IFRS 16 5
EBITDA YoY ANALYSIS
YTD results were below last year's, driven by lower selling prices in Pulp and Paper,
and significant cost pressure, particularly in energy and chemicals,
early in the year
M€
-131
(-30%)
431 -106
12 2
-45
-9 14
300
A
B
C
9M 24 Price Volume
Logistics Costs
Fixed & Variable Costs
FX Other 9M 25
A
B
Downward trend in the UWF and Pulp market prices, pressured by the decline of the benchmark indexes
Sales volumes above last year's, driven by Paper and Tissue segments
Production costs increased YoY, mainly due to higher energy and chemical, along with a greater use of external reels following the acquisition of a Tissue converter in May 2024
C
Source: NVG Results 3Q 2025 6
EBITDA QoQ ANALYSIS
QoQ EBITDA impacted by lower selling prices across all segments,
partially offset by higher sales volumes in Pulp and the effect of cost control
initiatives
M€
-17
(-17%)
10
-3
4
1
-4
84
101 -25
A
B
C
Q2 25
Price Volume
Logistics Costs
Fixed & Variable Costs
FX Other
Q3 25
A
B
Downward trend in market prices across all segments due to the decline the benchmark indexes
Sales volumes showed resilience despite seasonal effects, remaining stable in UWF and Tissue, and increasing in Pulp.
Decreasing production costs over the quarter, with reductions across all raw materials. Personnel costs also declined compared to the previous quarter.
C
Source: NVG Results 3Q 2025 7
DEBT MATURITY AND LIQUIDITY
New long-term debt ensures adequate profile and ample liquidity, with no significant payments due in the next five years
Debt Maturity Profile
Total debt: € 885 million Average Maturity: 5.2 years
307 M
Sustainable
2.6 %256 M
118 M
54 M
20 M 17 M
69 M 67 M
233 M
Average cost of debt issued (Sep 2025)
78 %Fixed interest rate
Liquidity dec. 25 dec. 26 dec. 27 dec. 28 dec. 29 dec. 30 dec. 31 32 - 37
Unused Long Term Credit Facilities 140 M
Liquidity = Cash 116 M€+
79 %
Of total debt tied to ESG targets
(vs. 65% in December)
In July, Navigator secured a New Long-term loan of € 40M from the EIB, part of a total of €80M, to
accelerate the decarbonisation of our operations in Portugal. This will extend the company's average
debt maturity, while maintaining a low average cost
Source: NVG Results 3Q 2025 8
Next Generation EU projects advance on schedule, reflecting our strategic discipline and focus on delivering results
77%
executed
RESPONSIBLE INVESTMENT
Delivering on a strong and value-added investment cycle
Reduction of 327 kt of CO2from direct and indirect emissions
Capex (M€)
Decarbonisation
High strategic capex phase during 2023-2025, boosted by
NextGen EU and the Innovation Fund, is coming to an end
- is expected to be phased by mid-2026
9M 2025 Value-added capex of € 160 million
9%
91%
From Fossil to Forest
(+60% ESG investments)
158
187
160
113
81
80
NextGen EU, Innovation Fund
and Oxygen Delignification Line
241
Replacing single-use fossil-based plastic
51%
49%
Sustainable Bioeconomy
Biocomposites, Cellulose, Footwear
29%
71%
2019 2020 2021 2022 2023 2024 9M 2025
National Test Beds Enterprises
A key sustainability initiative, the Oxygen Delignification Line in Setúbal-starting April 2026-will reduce chemical use in pulp bleaching and improve effluent quality. While not part of
NextGen projects, it remains an important milestone
Developing and testing new products and services
66%
44%
Source: NVG Results 3Q 2025 9
RESPONSIBLE INVESTMENT
Reinforcing our commitment with operational excellence and long-term value
creation
Key strategic projects set to launch in 2025, underscoring our disciplined execution and commitment to excellence
"Sustainability without performance has no impact,
performance without sustainability has no future"
Under completion
Figueira da Foz
New Cogeneration Turbine New Biomass-fuelled lime kiln
Aveiro
New Cogeneration Turbine Conversion of lime kiln
Setúbal
New hi-efficiency Chemical Recovery Boiler Conversion of lime kiln
Conversion of 2 lime kilns from fossil fuels to sustainable biomass and 1 new biomass-fuelled lime kiln
New Solar Photovoltaic Plant
New Biomass Boiler
New hi-efficiency Chemical Recovery Boiler
Vila Velha de Ródão
New Biomass Boiler
New Solar Photovoltaic Plant
2 New Cogeneration Turbines
Cut direct CO2emissions by 86% (K tons)
42%
86%
774
707
553
453
354
351
322
2018
2020
2022
2024
2026
2028
2030
110
2035
Source: NVG Results 3Q 2025
10
Market & Group Performance
PULP & PAPER PRICESTurning Point in China and Europe Prices
Between April and August, the BHKP pulp prices index in China, bottomed on 493 $/t, the lowest level since 2021.
In Europe, the BHKP pulp price index started the year rising, until April to 1,218 $/t (+22%), and has since fallen back to 1,000$/t (-18%), where it remained until the end of the quarter, currently standing at 1,060 $/t1
The PIX A4 B-copy index stood at 1,023 €/t over the first nine months of the year (-8% vs. 9M 2024). This is still well above pre-pandemic prices, and the current level is 953 €/t1.
European market paper price - A4 B-Copy (EUR) and BHKP (USD)
PIX BHKP EUROPE (USD/t) PIX A4 COPY-B (EUR/t)
1 500
1 400
1 300
1 200
USD/ton
1 100
1 000
900
800
700
600
500
1 500
1 400
1 300
1 200
EUR/ton
1 100
1 000
900
800
700
600
500
2019 2020 2020 2021 2022 2023 2024 2025
-25% vs. 2022 peak
+21% vs. pre-covid
EUR
Average A4 B-Copy price
2015-19 2020-21 2022 2023 2024 9M 2025
847 840 1,216 1,206 1,107 1,023
Europe USD
Europe EUR
China USD
Average BHKP prices
Below historical level (-9% vs. 2015-20)
2015-20 | 2021 | 2022 | 2023 | 2024 | 9M 2025 |
812 | 1,023 | 1,291 | 1,037 | 1,237 | 1,092 |
716 | 867 | 1,232 | 959 | 1,143 | 979 |
596 | 654 | 796 | 607 | 643 | 542 |
Source: FOEX l 1 Note: FOEX - prices on October 28th , 2025 12
P&W PAPER MARKETNavigator's Share of Deliveries increased in 2025
Global Apparent Demand for P&W Paper
Global apparent demand -2.7%:
UWF -1.6%, CWF -5.1% and Mechanical -4.2%
Europe: UWF -6.4%, driven by a reduction in imports (-11%)2
US: -1.2%
Upward Trend (Market Indicators for European UWF Producers) 3
Navigator's order intake market share increased in 9M 25 YoY, both in Europe and across all markets
Navigator increased its market share of total deliveries, driven by a strong performance in international markets, while its market share in European markets remained stable
Europe
17%
All Markets
24%
27%
19 %
+ 3pp
+2pp
Navigator's share of UWF Euro Graph deliveries 9M 2025 (vs. 9M 2024)
YTD Set 2024 YTD Set 2025
Operating Rate (Shipments / Capacity) 3
Our performance exceeded that of our European peers QoQ, which we effectively maintained price levels QoQ
International Markets
62%
vs. 56%
Europe
Global Market Share
26%
vs. 24%
18%
vs. 18%
80%
80%
Industry
Navigator
81 %
87%
+ 7 pp
+ 1 pp
Source: NVG Results 3Q 2025 l 1 PPPC, YTD August l 2 YTD September (Set estimated) l 3 Eurograph Data
YTD Set 2024 YTD Set 2025
13
PULP MARKET
Global Demand for Eucalyptus Pulp up by 10%
Supply & Demand Balance Demand growth outlook for market pulp, limited net capacity addition in the coming years | |
Global Demand for Pulp1 +5% Bleached Chemical Pulp +8% Hardwood China +12% Europe -1% +10% Eucalyptus Pulp China +14% Europe 0% | |
Gradual increase in supply New capacity in 2025, offset by:
In China, the major projects only due in late 2026, short-term price pressure remains limited | |
Our sustained competitive advantage is anchored in the uniqueness of Eucalyptus Globulus - eco-efficiency and fibre quality
Eucalyptus Globulus allows an eco-efficient cost competitive pulp 2.85-2.90m3 wood /tAD (vs. 3.2-4.5m3 wood/tAD) and up to less 20-30% usage chemicals versus other EUCA species. Fiber morphology confers distinctive
papermaking properties in all types of papers.
Pulp Stocks at Chinese Ports 3
In China, stocks at ports have been building up since January.
Pulp Stocks at European Ports 2
Cash Costs (€/t)
Q3 25 - second-lowest point since mid-2021 20% down Jan to Set and 19% QoQ
In Europe, stock levels remained stable.
China
Avg. 19-25
Europe
Avg. 19-25
1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11
2019 2020 2021 2022 2023 2024 2025
2 000
Q2
Q3
2025
-19%
1 500
1 000
500
The ratio of stocks to days of production has held relatively steady in recent months, pointing to a balance between supply and demand (kt)
Source: NVG Results 3Q 2025 l 1 PPPC - YoY YTD August l 2 Europulp l 3 Goldman Sachs 14
TISSUE BUSINESS
Consistent Growth Powered by Integration Synergies and Sustained
Tissue Sales
Tissue Market 4
After 6.3% growth in 2024, demand for Tissue in Europe rose slightly (+0.3%),
driven by Western Europe (+0.6%) and offset by Eastern Europe (-0.9%)
Strong growth and global expansion through operational
integration and a focus on value-added products:
Sales Volume Up YoY in Iberia and Tissue UK
17% YoY Growth in Tissue Sales (€), driven by Demand and UK Integration:
Enhanced customer base,
Access to a broader client network
Synergy gains: operational efficiencies from integration
Tissue Sales 9M 25 1 2 (vs. 9M 2024)
Finished Goods & Reels + 14% YoY
Type Segment
+ Finished Goods (value-added)
+ Consumer (At Home)
Reels
2% (vs.3%)
Finished Goods
98% (vs.97%)
Away from Home
17% (vs.18%)
At Home
83% (vs.82%)
Our strategic acquisitions in Spain and the UK reinforce geographical mix and business resilience
Diversified customer base and innovative products
Geography 3
80% International Sales
Leading manufacturer
#1 Portugal
#2 Iberia
#4 UK (AtH)
UK 35% (vs.28%)
Spain 30% (vs.32%)
Portugal 20% (vs.22%)
France 14% (vs.16%)
Others 1% (vs.2%)
15
Source: NVG Results 3Q 2025 l 1 ton 2 May to September 2024 and 9M 2025 sales includes Tissue UK 3 Finished Goods and Reels l 4 YTD September
PACKAGING l From Fossil to Forest
Cutting-edge and Innovative Sustainable Solutions
Navigator's Competitive Strategy and Performance: Climbing to Global Market Leadership
Cash Costs Curve Machine Finished - BY COMPANY €/t
European deliveries of Kraft
papers for flexible
(Machine Glazed and
packaging
Machine
Finished) up by 11%1 (YoY)
The gKRAFT brand - has won market recognition, achieving a 15% growth in number of active clients during YtD 2025
With presence in +40 countries
worldwide
▪ +7% in sales YoY
Price Increases: +1%
Volume Growth: +7%
Area of paper sold: +10%
Bleached Unbleached
The Q1 is 100% filled with PMs using exclusively recycled pulp
0% 25% 50% 75% 100%
0% 25% 50% 75% 100%
22
4 PMs
34 PMs
AVG
3.9m
AVG
33y
PMs
Navigator after Rebuild
Only 3 modern and sizeable machines able to
produce < 30 gsm
8
Trim width (m)
Minimum Grammage (gsm) | |||
20-30 | 40-50 | ||
30-40 | >50 | ||
6
4
2
≥40y
Source: NVG Results 3Q 2025 l 1 CEPI August 16
0
39-20y 19-0y
Modelled technical age (year)
TAKEAW AYS
Navigator Positioned for Growth Beyond the Traditional UWF Paper Market
The diversification into higher-growth and less cyclical markets, such as Tissue and Packaging, reinforces the company's long-term value creation and resilience
Tissue: Successfully scaling up operations and leveraging long-term synergies.
80% International sales: key markets UK, Spain and France
Strategic plan launched to consolidate UK tissue operations for greater efficiency and best-practice alignment
Packaging: solid growth - Increased penetration in low-grammage segments confirmed the strong appeal of Eucalyptus Globulus fibre for these segments, leading to a 10% increase in paper sold (vs. 7% increase in sales volume in tons)
Focus on core operations, business transformation & innovation
Value-added capex of € 160 million: Sustainable long-term cost-efficiency
Operational Excellence Program (2025/2026)
Significant cash costs reduction: Pulp & Tissue cash costs dropped in Q3 to near their lowest since mid-2021, while Paper cash costs reached a two-year low
Source: NVG Results 3Q 2025 17
2025 marked a record year for safety at Navigator, with the best performance and a significant drop in the Frequency Index
Outlook
OUTLOOK
The global economy shows signs of reduced uncertainty and moderate growth prospects. Market conditions are expected to gradually improve, particularly in Pulp, Tissue, and Packaging
PULP
Prices in China and Europe are anticipated to rebound, a trend that has already begun
Supply remains shaped by China, where rising demand and new capacity are shifting dynamics. Most plants are still ramping up, limiting short-term impact, while concerns grow over sustainable wood sourcing
On the demand side, pulp consumption in China and in Europe should increase YoY
New Paper and Tissue capacity in China may balance pulp S/D
In Latin America, several pulp mills to take downtime in Q4, with more than 13Mt/y affected
PAPER
Europe with strong UWF demand contraction while the US and remaining overseas markets with a more moderate fall. Global UWF demand -1.6%, in line with last 10 years' yearly rate
On the supply side, in Europe there is potential for further reductions. Already, 430k t/y of UWF (~7% of European capacity) has exited the market
European imports remain stable with no upward pressure. EUDR discussions continue, and its implementation is expected to reinforce P&P market
In the US, following the shutdown of a 350k t/y plant (~8% of U.S. capacity), US and Canada now face a capacity deficit of 800-1,100k t/y
This will heighten the US's reliance on imports, concentrated in a few countries-mainly in Europe and LatAm-where LatAm producers face higher tariff risks vs. Europeans
Opportunities persist in Mexico and Colombia, where protectionist policies continue to bolster Navigator's sales and regional presence
TISSUE
Demand is expected to continue growing, with a projected 0.4% increase in 2025 and steady annual growth of around 1% expected through 2029
The integration of Navigator Tissue UK is progressing with stronger collaboration between local and Iberian teams, unlocking cross-selling, optimizing the portfolio for higher-margin product
Navigator also launched a strategic plan to consolidate its UK tissue roll operations into 2 strategic sites -Leyland and Leicester - reducing sites, integrating production and storage for greater efficiency, scalability and cost competitiveness. Building on an already efficient model to achieve even greater competitiveness and alignment with best practices;
FID for the new tissue machine is
anticipated by year-end 2025
PACKAGING
The Packaging segment continues to perform well, with growth in sales and rising prices
Demand of the flexible packaging market expected to grow between 2.5% and 3% until 2035
The project to rebuild the PM3 paper machine at the integrated pulp and paper mill in Setúbal, announced in May, is proceeding according to plan
In order to ensure that assets are more flexible and adaptable, the project has been designed to permit, if necessary, production of different grades of UWF paper, guaranteeing our capacity to respond to market dynamics and preparing us for future scenarios
Source: NVG Results 3Q 2025 19
Operational Excellence Program (2025/2026)
Optimization
AI - Driven Optimization: Enhancing efficiency through Machine Learning:
Deployed 3 third-party APC systems (2 in caustification + 1 in pulp bleaching) with 2 more planned for 2025, while advancing proprietary solutions, 1 already implemented (UWF) + 2 in the 2025 pipeline (Tissue and UWF)
Reducing specific consumption of raw and subsidiary materials
Strategic supplier negotiations and optimization of logistics.
Increased use of Iberian wood sustainable sourcing
Fixed Costs
HR - Freeze on the headcount and Optimize running costs. Focused on sustaining HR levels aligned with 2024 benchmarks, while enabling business expansion and the successful operation of new equipment
Capital Allocation
Comprehensive review of all investments with adjusted timelines as needed
Reliability of our Pulp and Paper mills
Achieved through the accelerated implementation of the Asset Performance Management (APM) system in all mills and enhance asset management
Commercial strategy and market diversification
Re-launch of economic products, while protecting margins and volumes of premium products
Source: NVG Results 3Q 2025 20
Driving Sustainable Growth: Strengthening Core Businesses While Unlocking Profitable Diversification Through Innovation
RESULTS PRESENTATION Q 3 / 9 M 2 0 2 5
OCTOBER 28th, 2025
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