The Navigator Company (NVG) Investor presentation summary

Business overview and strategic positioning

• Achieved €2B turnover in 2025, employing ~4,000 people from 45 nationalities and exporting to over 120 countries.

• Maintains best-in-class profitability with a 25% average EBITDA margin over 15 years, double the industry benchmark.

• Vertically integrated operations from forest to end-products, with leadership in UWF and eucalyptus pulp production in Europe.

• Strategic focus on premium products, operational efficiency, and high cash flow generation.

• Diversified into tissue and packaging, emphasizing sustainability and innovation.

Market leadership and diversification

• #1 in Europe for UWF and eucalyptus pulp, with strong market share and efficient cost structure.

• UWF share of turnover declined from 75% to 57% (2017–2025) as tissue and packaging segments grew rapidly.

• Tissue business grew 8.7x in 10 years, now 25% of sales, with leading positions in Portugal, Iberia, and the UK.

• Packaging segment now over 6% of sales, driven by sustainable, innovative products and asset repurposing.

• Positive FID for new tissue machine in Aveiro and PM3 rebuild for flexible packaging to support further growth.

Financial performance and capital allocation

• Consistent strong results: €1,970M turnover and €376M EBITDA in 2025, with a 19% EBITDA margin.

• Maintained stable net debt and returned significant capital to shareholders, with an 8.4% average dividend yield over 12 years.

• H1 2026 EBITDA up 21% QoQ, reflecting pricing recovery and cost discipline; capex focused on ESG and value-added projects.

• Total debt €873M (Q2 2026), average maturity 5.2 years, 95% tied to ESG targets, and strong liquidity position.

• TSR of 60% over five years, outperforming most peers in a volatile market.