Q2/H1 Results Presentation

JULY 29th, 2025

PARTICIPANTS

2

33

Strategic Growth and Diversification

€1,019M

TURNOVER

(H1 2025 vs. H1 2024)

4

Source: NVG Results 2Q 2025

Strong Financial Position After CAPEX and Dividends

1.13

675.7

1.46

94

2024 H1 2025 2024 H1 2025

5

Source: NVG Results 2Q 2025 l 1 Without IFRS 16

YTD results were below last year's, due to lower selling prices

and rising cash costs (energy and chemicals), mainly in Q1

M€

-82,1

(-28%)

299

5

1

-52

13

216

-2

-49

C

H1 24 Price Volume

Logistics

Costs FX Other H1 25

A

B

C

A

B

Downward trend in UWF and Pulp market prices, under pressure from falling benchmark indexes, as well as changes in product mix

Sales volumes above last year's, driven by increased Tissue capacity as from May 2024. This more than offset the slowdown in European demand for P&P

Production costs showed a YoY increase, due to higher energy and chemical costs. Also, acquisition of a tissue converter resulted in greater demand for external reels

The weakness of the U.S. dollar - penalizing exporters,

contributed to a QoQ drop in EBITDA

-9

-3

-6

101

-13

116

4

12

-15,1

(-13%)

M€

Q1 25 Price Volume

Logistics

Costs FX Other Q2 25

A

B

C

A

Positive price evolution - UWF prices dipped 14€/t QoQ, including a negative FX impact of 20€/t

P&P sales were impacted by the slowdown in demand in Europe and more selective management of opportunities in pulp. Also, strategic US stock increase, with a potential impact of

B

C

€10M sales in Q2

Downward trend in production costs in Q2, especially in energy costs, benefited from financial hedges contracted in 2024 and 2025

DEBT MATURITY AND LIQUIDITY

New Long-Term Debt ensures Adequate Profile and Ample Liquidity, aligned with Sustainability Goals

316M

Debt Maturity Profile

Total debt: € 893 million Average Maturity: 4.3 years

Liquidity dec. 25 dec. 26 dec. 27 dec. 28 dec. 29 dec. 30 dec. 31 32 - 37

Unused Long Term Credit Facilities 100 M

Liquidity = Cash 216 M€+

Average Cost of Debt Issued (Jun 2025)

242M

245M

170M

63M

69M

67M

20M 17M

Fixed Interest Rate

76 %

Of total debt tied to ESG targets

02. Market & Group Performance

Price drop in Q2, despite the strong recovery in Q1

European market paper price - A4 B-Copy (EUR) and BHKP (USD)

1500

1400

1300

1200

USD/ton

1100

1000

900

800

700

600

500

PIX BHKP EUROPE USD PIX A4 COPY-B (EUR/ton)

1500

1400

1300

1200

EUR/ton

1100

1000

900

800

700

600

500

2019 2020 2020 2021 2022 2023 2024 2025

Average A4 B-Copy price

Average BHKP prices

EUR

2015-19 2020-21 2022 2023 2024 H1 2025

847 840 1,214 1,208 1,107 1,035

Europe USD

Europe EUR

China USD

UWF remains most Resilient Segment due to Versatile Uses

Global Apparent Demand for P&W Paper

Global apparent demand -2.4%:

• UWF -1.7%, CWF -4.3% and Mechanical -2.5%

Europe: UWF down by 9%2

US: -2%

Upward Trend (Market Indicators for European UWF Producers 3)

Navigator's order intake market share increased in H1 25 YoY, both in Europe and across all

All Markets

24%

markets

27%

+ 3 pp

• In Europe, apparent demand for UWF declined by 9% YoY, driven by a reduction in both deliveries and imports across the region. Intra-European deliveries fell by 7%, while imports dropped by 17%, indicating a sharp slowdown in effective demand

Europe

H1 2024 H1 2025

+ 2 pp

Imports to Europe2

Navigator's operating rate4 increased, while the industry experienced a decline

87%

-17%

85%

Industry

83 %

+ 2 pp

NVG

- 2 pp

H1 2024 H1 2025

H1 2024 H1 2025

Source: NVG Results 2Q 2025 l FOEX; Euro-Graph; The Navigator Company l 1 PPPC, YTD May l 2 YTD June -June 11

PULP MARKET

Global Hardwood Pulp Demand up by 5%, driven by China

DEMAND

Global apparent demand1:

• +3% Bleached Chemical Pulp

• +5% Hardwood

• +6% Eucalyptus Pulp

This performance in HW was mainly driven by China

(+11%) and by the Rest of the World (+3%)

In contrast, demand in HW pulp declined in Europe

(-3%) and in the USA (-8%)

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.

The current downward cycle began following an incomplete rebound from the previous decline. Prices peaked at 601 USD/t in April 25, well below the previous cycle's peak of 741 USD/t in July 23 (-19% gap). This new drop started from a weaker

structurally base and has already accelerated by more than 15% in just 3 months.

Evolution of down cycles PIX BHKP China (100=start of cycle-USD)

SUPPLY

Gradual increase in supply, resulting of:

• New capacity since 2023: in Chile (1.6Mt), Uruguay (2.2Mt) and Brazil (2.5Mt) total ~ 6.3Mt

• New capacity in China ~3.7 Mt (2022-2024) and ~2.4 Mt expected for 2025 (largely supplied by Chinese wood)

  • Long-term sustainability of Chinese wood unlikely

  • China will largely remain a wood importing country

100

95

90

Percentile

85

80

75

70

65

60

55

50

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79

Nº of weeks until minimum cycle price

Jun 2010 - Dec 2011

Jun 2013 - Sep 2014

Sep 2015 - Sep 2016

Sep 2018 - Fev 2020

Apr 2021 - Nov 2021

Nov 2022 - May 2023

Jul 2024 - Jan 2025

Apr 2025 - present

12

TISSUE BUSINESS

Consolidate acquisition in the UK, maximising integration synergies

Tissue Sales H1 25 1 2 (vs. H1 2024)

Finished products and Reels + 27% YoY

Type Segment

Tissue Market 4 European demand dipped 0.3%, following 2024's 6.3% growth, amid economic headwinds and softer consumer spending

European Market Demand (Mt)

Reels

2% (vs.3%)

Finished Goods

98% (vs.97%)

Away from Home

17% (vs.15%)

At Home

83% (vs.85%)

Market growth equating to more than four new tissue machines per year (2012-2024) highlights the sector's sustained expansion

9.7

9.9 10.3 11.0

Leading manufacturer #1 Portugal

#2 Iberia

#4 UK (AtH)

Geography 3

UK 36% (vs.20%)

Spain 29% (vs.35%)

Portugal 19% (vs.24%)

France 14% (vs.18%)

Others 2% (vs.3%)

2012 2017 2020 2021 2022 2023 2024 2025 2027 2032

2012-2023 (CAGR) 1.5% 2023-2032e (CAGR)1.3%

+ 20% YoY mill brands growth, based on a diversified customer base and innovative products

Source: NVG Results 2Q 2025 l RISI "Outlook World Tissue - Fastmarkets - 2023" 13

PACKAGING l From Fossil to Forest

Cutting-edge and Innovative Sustainable Solutions

Strong Start to the year

• European deliveries of Kraft papers for flexible packaging (Machine Glazed and Machine Finished) up by 9%1 (YoY)

• 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

• Navigator will become Europe's 4th largest producer of low basis weigh flexible packaging paper, strategically consolidating

its presence in a segment with strong growth in demand

gKRAFT brand - has won market recognition and continues to evolve: +390 active clients

• Navigator recorded an 8% increase in

  sales (€) in H1 2025 (vs. H1 2024)

  • Price Improvement: +4%

  • Volume Growth: +5%

  • Paper Area Sold: +9%, driven by market penetration in lower grammage segments

FROM FOREST TO FUTURE

External recognition of our commitment to sustainability

Navigator received the highest score 'A' from

CDP for both Climate and Forest

(only 2% of over 22k companies

with at least on "A" score)

T A K E A W A Y S

• Diversification Strategy paying off

  • Non-UWF products now represent 45% of sales. This 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.

    81% International sales: key markets UK (36%), Spain (29%), France (14%)

  • Packaging: solid growth. Increased penetration in low-grammage segments confirmed the strong appeal of Eucalyptus Globulus fibre for these segments, leading to a 9% increase in paper sold (compared to a 5% increase in sales volume in tons)

• Focus on core operations, business transformation & innovation

  • Value-added capex of € 94 million

    • Sustainable (long-term) cost efficiency

    • 60% value-added ESG investments

    • Growth initiatives in packaging segment

• Consistent conservative financial policies

  • Net Debt/EBITDA ratio at 1.46x, after € 100 million dividend payout and high level of Capex

In the area of safety, H1 marked a significant milestone for Navigator, achieving its best result in the frequency index. A remarkable -49% year-on-year improvement highlights the company's strong commitment to Occupational Health and Safety, driven by its 'Mission Zero' strategy and continuous efforts in prevention, training, and fostering a robust safety culture

03. Outlook

Amid persistent uncertainty, Navigator is reinforcing its resilience through targeted initiatives and a strong financial position, enabling it to manage current challenges and adapt to future risks and

opportunities

Challenges & Opportunities 2025

The unpredictability of US trade policy

• This context has contributed to a slowdown in end-user consumption in

  several markets and depreciation of the US dollar

• EU and US announced the principles of a trade deal, including a 15% tariff

• This is expected to impact our anti-dumping duties (ADD), though the exact percentage is yet to be confirmed

  Impact of new Tariffs on UWF Market

• NA (US and Canada) capacity deficit has recently increased by the closure of the largest factory (350kt) of the 3rd largest NA producer -estimated annual capacity deficit is now 800 - 1,100k/t

• A limited number of countries have the capability and the capacity to supply the demanding US market. LatAm and Asia face both much higher ADD and likely much higher tariffs than Portugal

• At the same time, Navigator is seeing new opportunities in LatAm, as tariffs in Mexico and Colombia on Asian and regional imports create openings. Also, a relevant LatAm player is reportedly preparing to file for insolvency, shifting market dynamics

Operational Excellence Program (2025/2026)

Variable Cost Optimization

• AI - Driven Optimization: Enhancing efficiency through Machine Learning

• 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

• Optimize running costs Capital Allocation

• Careful reassessment of all investment plans

• Aiming to bring capex down by circa €40 million in 2025

  Reliability at Pulp and Paper mills

• Achieved through the accelerated implementation of the Asset Performance Management (APM) system in all mills and the execution of targeted action plans to strengthen our teams and enhance asset management

  Diversification Strategy

• Commercial strategy and market diversification

• Re-launch of economic products in view of the economic slowdown, while

protecting the margins and volumes of premium products

GROWTH STRATEGY

Strengthening current businesses and investing in the future by assessing profitable diversification opportunities in line with our two founding values: Innovation & Sustainability

Packaging Multi-product and multi-segment PM3 conversion - Flexible Packaging Moulded Fibre

New Tissue Machine

- FID in H2 2025

Positive FID to

rebuild PM3

Moulded Fibre

1st retail outlets sales

Biomaterials Biochemicals

Biofuels e-Fuels

Conceptual study for Biofuels

Operational Excellence Program (2025/2026)

Tissue

Product differentiation

Functional and innovative hi-tech products Organic expansion - new Tissue machines M&A

Operational efficiency

Inward-looking innovation - Output and costs

Energy Efficiency

Decarbonisation and Digitalisation

Source: NVG Results Q2 2025

19 INNOVATION

JULY 29th, 2025