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The Navigator Company (NVG) investor relations material
The Navigator Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Diversification into Tissue and Packaging offset subdued pulp and paper prices, now contributing 30–33% of EBITDA and strengthening resilience amid market volatility.
Operational excellence and cost optimization led to significant reductions in cash costs across all segments, despite macroeconomic and geopolitical risks.
Strategic acquisitions and integration, especially in the UK, boosted Tissue turnover by 17% YoY and expanded the product range and customer base.
UWF sales volume reached a record high since 2022, with market share growing to 26% and best-ever quarter in Iberia.
Revenue for the first nine months of 2025 was €1,489 million, down 5% YoY, with EBITDA at €300 million (margin 20.2%), and net income at €118 million, down 51%.
Financial highlights
Turnover for the first nine months of 2025 reached €1,489 million, down 5% YoY.
EBITDA was €300 million, down 30% YoY, with a margin of 20.2%.
Net income fell 51% YoY to €118 million.
Capex totaled €160 million, with 61% for sustainability and decarbonisation projects.
Net debt to EBITDA ratio at 1.85x after significant CapEx and dividend payout.
Outlook and guidance
Cautiously optimistic for short-term market developments, expecting improvement in Pulp, Tissue, and Packaging, while Printing and Writing Paper demand remains under pressure.
Pulp prices in China and Europe are expected to rebound, with demand growth in both regions.
Tissue demand projected to grow steadily, with further integration and efficiency gains in the UK.
CapEx for ESG and decarbonization projects to remain elevated through 2026, then normalize to €100–120 million annually.
Packaging segment to benefit from PM3 machine conversion, moving up to 4th in Europe for low-grammage flexible packaging.
What drives pulp price recovery post-Q3 2025?
How will PM3 conversion impact market share?
Capitalize on US P&W market import needs
When will new tissue machine & PM3 boost results?
Drivers of 19% QOQ pulp cash cost reduction?
How to capitalize on US Uncoated Woodfree import needs?
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Frequently asked questions
The Navigator Company S.A., formerly known as Portucel S.A., is a Portugal-based enterprise primarily focused on the production of paper and pulp. The company operates through four main segments: Paper, Pulp, Energy, and Forestry. It is recognized for manufacturing uncoated printing and writing paper and for producing bleached eucalyptus pulp. The company also generates power from biomass fuels through cogeneration processes and manages eucalyptus nurseries as part of its forestry operations. The Navigator Company offers its products under several brand names including Navigator, Pioneer, and Inacopia, catering to various market demands in office and offset paper. The company is headquartered in Setúbal, Portugal, and its shares are listed on Euronext Lisbon.
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