Q1 Results Presentation

‌RESULTS PRESENTATION Q1 2026

May 12th, 2026

‌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 The Navigator Company S.A. or any of its subsidiaries' undertakings, affiliates, directors, officers, employees or advisors or any other person as to the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation or of the views given or implied or any other material discussion in connection with this presentation.

This presentation has been prepared by The Navigator Company S.A. for information purposes only. The Navigator Company S.A. or any of its affiliates, directors, officers, employees or advisers or any other person shall not have any liability whatsoever (including in case of omission, negligence or otherwise) for any losses, errors or omissions howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith or with respect to their reliance upon the completeness and accuracy of any such information, as well as any damages resulting hereof.

DISCLAMER

PARTICIPANTS

‌Q1 2026 RESULTS

Tissue & Packaging segments account for 40% of Group EBITDA

Tissue, 25%

(vs. 25%)

Packaging, 6%

(vs. 4%)

€427M

Turnover

Paper, 56%

(vs. 55%)

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 temporarily disrupted Navigator's production and logistics

  Resilient performance amid a tough quarter, with Tissue & Packaging near 40% of EBITDA

• Price increases announcements and implementations across all business

• In Europe, Navigator's price initiatives reversed a six-quarter downward trend in the PIX A4 B-copy

• Tissue: Successfully scaling up operations and leveraging synergies and partnerships

  • Strategic strength underpinned by premium positioning - new launches & partnerships (P&G)

  • Strong performance in Iberia, tougher competition in the UK (focus on margins)

  • UK transformation project progressing as planned to enhance cost competitiveness & efficiency

  • Positive FID: New tissue capacity in Aveiro

Pulp , 13%

(vs. 16%)

(Q1 2026 vs. Q1 2025)

• Packaging: accounting for 6% of sales, developed entirely in-house with innovative EUCA fibers

  
  
  

  ▪ +36% sales (t) YoY; +23% Turnover YoY

  • gKRAFT brand driving international expansion

  • PM3 Rebuild to produce low basis weight flexible packaging progressing as planned

• Value-added capex: focused on efficiency gains through innovation

• Strong Financial Position: Net Debt down by € 28 M, Net Debt/EBITDA at 2.08x

Quarter Impacted by Extreme Weather and Volatile Market Conditions

Debt Reduction

Net Debt

Net Debt/ EBITDA

2,08

1,85

1,87

1,46

1,25

Q1

Q2

Q3

Q4

2025

Q1

2026

Tissue & Packaging already account for 40% EBITDA

Value-added Capex 53% ESG investments

Boosting future cost saving

New long-term debt ensures adequate profile and ample liquidity, with no significant

payments due in the next five years

Sustainable

306

242

68

66

72

34

20

23

568

Liquidity dec. 26 dec. 27 dec. 28 dec. 29 dec. 30 dec. 31 dec. 32 33 - 37

Long Term Committed Unused Credit Facilities € 414 M

Liquidity = Cash € 154 M+

Average cost of debt issued (Mar. 2026)

Fixed interest rate

Of total debt issued tied

to ESG targets

(vs. 90% in Dec. 2025)

‌Price

Pulp and Paper prices increased, reflecting the positive evolution of the main benchmark indexes, led by Navigator in the UWF segment

EBITDA decline driven by temporary weather-related operational disruptions,

impacting sales volumes and increasing energy, wood and CO2-related costs

-11

(-14%)

75

6

13

2

-14

65

Q4 25

Price

Volume

Logistics

Costs

FX

Other

Q1 26

0

-17

Volume

Sales volumes were negatively impacted by production disruptions and low inventory levels

Fixed & Variable Cost

Costs decreased, mainly driven by lower fixed costs, partially offset by higher energy, wood and CO2-related costs

‌PULP & PAPER PRICES

1500

1400

1300

1200

USD/ton

1100

1000

900

800

700

600

500

PIX BHKP EUROPE (USD/t)

PIX A4 COPY-B (EUR/t)

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

1500

1400

1300

1200

EUR/ton

1100

1000

900

800

700

600

500

‌P&W PAPER MARKET

UWF Remains Most Resilient Segment Due to Versatile Uses

Global Demand for P&W Paper1 Global apparent demand -1%:

• UWF -0.4%, CWF -2% and mechanical -4%

  Europe UWF: -4% (below Q1 CAGR since 2018: -5.2%);

• Reels -5%; Folio -0.4%; Cutsize -5%

US UWF: -9%

China UWF: -0.1%

-1%

CAGR 16-26 UWF

UWF

-7%

CAGR 16-26 CWF

CWF

-7%

CAGR 16-26 Mechanical

UME

CME

8,1 8,2

8,0

8,0

7,8

7,3 7,3

7,0

7,1

7,2 7,2

-1%

CAGR 20-26 UWF

-8%

CAGR 20-26 CWF

3,1

2,9

-7%

CAGR 20-26

Mechanical

2,5

2,6

2,2 2,2

2,1

2,1

1,5

1,4

1,2 1,1

0,9

1,0 0,9

0,9

1,6

1,4

1,1 1,1

2019 2020 2021 2022

0,9 0,9 0,9 0,9

2023 2024 2025 2026

Operating Rate (Production / Capacity) 2

84%

Navigator was able to outperform European Industry (YoY).

90%

Industry Navigator

Navigator's share of Mill & Premium Brands

MILL

Our mill brands share increased to 67% and our premium products share to 52% (YoY).

BRANDS PREMIUM

BRANDS

Q1 2026

‌PULP MARKET

Market Constrained by Overcapacity and Weak Demand Across Pulp & Paper

Demand

Global demand:

• -3% Bleached Chemical Pulp; Hardwood remain stable; +1% Eucalyptus Pulp

  In Europe, pulp consumption fell, driven by end-uses underperformance: -4% UWF YTD Mar. and +0.5% Tissue YTD Feb. (lower than CARG 2019-2024):

• -9.2% Bleached Chemical Pulp

• -8.5% Hardwood

• -9% Eucalyptus Pulp

  Supply

  Overcapacity in the sector aggravated in the past couple of years:

• In the past 2 years, China added around 6.2Mt and South America 2.5 Mt, creating a global supply-demand imbalance.

  Port Stocks

• European port stocks below last years' average in volumes (1.3 vs. 1.5Mt), although in line with normal levels in days (34 vs. 33d).

• In China, stocks are above normal levels for both volumes (2.4 vs. 1.8Mt) and days of supply (29 vs. 26d) in Q1.

6.7

6.7

5.1

5.1

2025

2026

2025

2026

2025

2026

BCP HW Euca

45%

47%

76%

77%

11.2 10.9

Global Demand 1

Eucalyptus fibres, pioneered for market pulp by the Cacia mill in 1956, continue to gain ground over long-fibre pulp, driven by technological advances and the superior quality of short-fibre eucalyptus pulp, such as that produced by Navigator

‌TISSUE BUSINESS

Consolidates Growth and International Expansion

TISSUE MARKET1

European demand for Tissue paper grew by 1.7%

• Western Europe: +0.5%

• Eastern Europe: +6%

Type

(vs. Q1 2025)

Iberia Operation

• Fully integrated: Including both paper production and converting into finished products

  UK Operation

• Pure converter, without in-house reels production, resulting in structurally lower business margins

• Transformation project launched in UK to strengthen cost competitiveness and operational efficiency

  FID - New Tissue Machine

• New Tissue Machine in Aveiro, to supply UK tissue operations

Segment

(vs. Q1 2025)

Geography

81% of sales from outside Portugal (vs. Q1 2025)

UK 31%

(vs. 37%)

Spain 33%

(vs. 28%)

Innovation close to consumers

• redefining comfort and hygiene with new launches & partnerships

‌Eucalyptus Globulus

Printing Quality Low Permeability Sustainability

PACKAGING - FROM FOSSIL TO FOREST

Strong Results Driven by Demand for Sustainable & Low-Grammage Products

PACKAGING: 6% OF GROUP SALES

• Packaging growth since 2020 built on repurposed UWF assets, with limited capex

  
  
  

• gKRAFT brand driving international expansion

• Product innovation based on Eucalyptus fibre

  strengthens Navigator´s market position

• PM3 rebuild positioning Navigator as the 4th largest kraft paper producer in Europe

  • Retains flexibility to pivot to P&W

41%

Q1 2026

2025

2024

2023

2022

43%

33%

19%

15%

2021

46%

48%

67%

46%

50%

63%

13%

6%

BOX

BAG

FLEX

7%

4%

14%

1%

SALES BY SEGMENT1

84%

TURNOVER

In million euros

26

20

15

Q1 24 Q1 25 Q1 26

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 quarter

  Executing our diversification plan: 40% of EBITDA from Tissue & Packaging businesses

• Packaging: growth built on repurposed UWF assets, with limited capex

  
  
  

  • gKRAFT brand driving international expansion

  • FLEX leads Packaging growth, supported by strategic low-grammage solutions and eucalyptus-based applications

• Tissue: Successfully scaling up operations and leveraging long-term synergies

  • 81% International sales: key markets Spain, UK and France

  • Strategic plan launched to consolidate UK tissue operations for greater efficiency

  • Strengthening the portfolio with new partnerships and premium product launches

    Focus on core operations and business transformation & innovation

• PM3 Rebuild to produce low basis weight flexible packaging progressing as planned

• New tissue capacity in Aveiro to supply the UK operation

• Value-Added Capex - with a significant boost to reduce future costs

Conservative financial policies: Comfortable debt profile and Net Debt/EBITDA ratio at 2.08x

‌OUTLOOK

PAPER

• Several global announcements of price increases for P&W are expected to impact Q2

• European market supported by lower stocks and higher order books

• Forecast of pulp price increase during 2026 supports paper prices

• The structural decline in consumption and the sharp economic slowdown across key regions, has been partly offset by capacity closures in both Europe (2025: 430kt) and North America (2025: 350kt + 2026: 317kt)

• UWF segment is showing new opportunities across different geographies

TISSUE

• Demand remains buoyant and is expected to remain at healthy levels; the latest estimates point to annual growth of 1.1%

• 5-7% Tissue price increases implemented across all markets, effective in May

• Strategic consolidation and transformation of UK operations to enhance efficiency, scalability and cost competitiveness (end 2026)

• New Tissue machine at Aveiro with 70 Kt of annual capacity to supply the UK operation, which currently has converting capacity of 130 Kt without in-house reels production (start-up 2028)

• New product launches &

partnerships (P&G)

PACKAGING

• The Packaging segment continues to perform well, with growth in sales and rising prices

• Navigator announced 5-10% Packaging price increases, effective April and +30€/ton for dispatches June onwards

• Demand of the flexible packaging market expected to grow 2.8%/y until 2035

• PM3 paper machine rebuild, is proceeding according to plan

• PM3 rebuild project has been designed to enhance asset flexibility - allows production of multiple packaging grades alongside some UWF in line with market shifts

PULP

• Pulp prices are expected to rise through 2026, supported by announced price increases in China and Europe

• Market supported mainly by supply discipline, not demand recovery. 2026's demand expected to be broadly stable, Europe remains flat, while China sees a slight contraction

• New capacity additions in 2026 will be limited, with the main Indonesian pulp project (~1.4 Mt, ~50% market pulp) with market impact largely in 2027 and Brazil 3.5 Mt project impacts market in 2028

Source: NVG Results Q1 2026 17

‌RESULTS PRESENTATION Q1 2026

May 12th, 2026