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The Navigator Company (NVG) investor relations material
The Navigator Company Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Turnover for H1 2025 was €1,019 million, down 4% year-over-year, with EBITDA at €216 million (28% decrease) and net profit at €85 million (46% decrease), reflecting market volatility and cost pressures.
Diversification into tissue and packaging segments drove growth, now accounting for nearly 30–45% of turnover, with tissue turnover up 35% and packaging up 8%.
Maintained strong competitive position in Europe, with international sales representing 81% of tissue sales and significant growth in both tissue and packaging.
Achieved top ESG ratings, including Sustainalytics Top Rated and CDP 'A' scores for climate and forests.
Best ever safety results achieved, with a 49–50% year-over-year improvement in accident frequency.
Financial highlights
Turnover reached €1,019 million in H1 2025, down 4% year-over-year, with Q2 turnover at €490 million (down 8% sequentially).
EBITDA was €216 million, margin at 21% (down from 28% YoY); Q2 EBITDA declined 13% sequentially.
Net profit for H1 2025 was €85 million, down from €159 million in H1 2024.
Net debt increased to €675–676 million, up €58 million since December, after €100 million dividend payout and high CapEx.
Value-added capex totaled €94 million, with 60% directed to sustainable investments.
Outlook and guidance
Persistent global uncertainty due to trade policy shifts, protectionism, and new 15% US tariff on European exports.
Operational excellence and cost optimization programs underway, including AI-driven efficiency and headcount freeze.
CapEx plans under review, aiming to reduce 2025 projects by €40 million and prioritize high-return, EU-funded investments.
US market remains structurally short in Printing and Writing paper, supporting export opportunities.
Feasibility study for a new 70,000-ton tissue machine in the UK ongoing, with a decision expected this semester.
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Q3 202528 Oct, 2025
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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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