The Navigator Company (NVG) Investor presentation summary

Strategic positioning and business model

• Maintains leadership in uncoated woodfree (UWF) paper and eucalyptus pulp in Europe, with a vertically integrated model from forest to finished product.

• Focuses on premium products, operational efficiency, and cost management, achieving top-tier margins nearly double the industry benchmark.

• Diversifies into tissue and packaging, reducing reliance on UWF from 75% to 57% of turnover between 2017 and H1 2025.

• Controls all value chain stages, offering branded, value-added products in over 130 countries.

• Strong cash flow generation supports modernization, ESG projects, and expansion into new business areas.

Financial performance and shareholder returns

• Turnover reached €2.088 billion in 2024, with an EBITDA margin of 26% and ROCE of 24%.

• EBITDA margin averaged 25% over 15 years, about twice the UWF peer group and 65% above tissue peers.

• H1 2025 turnover was €1.019 billion, EBITDA €216 million (21% margin), and net profit €85 million.

• Net debt/EBITDA remains low at 1.46x after significant capex and dividend outflows.

• Total shareholder return (TSR) of 92% from Jan 2021 to Aug 2025, outperforming sector peers.

Growth, diversification, and innovation

• Tissue business sales grew 8.2x in 10 years, targeting €500 million by 2025, with strong market positions in Portugal, Iberia, and the UK.

• Packaging sales expanded 5.3x in 4 years, with innovative, sustainable products replacing plastics and a growing international client base.

• Investments in new tissue machines, packaging lines, and moulded fibre products position the company as a top flexible packaging producer in Europe.

• R&D and innovation are central, with 47 registered patents and a focus on bioproducts, biochemicals, and biofuels.

• Operational excellence program leverages AI, cost optimization, and asset management to reinforce resilience.