The Navigator Company (NVG) Investor presentation summary

Business model and strategy

• Operates as an integrated bioindustry, producing pulp, paper, tissue, packaging, and bioenergy, with a focus on Eucalyptus Globulus as a unique raw material and strong R&D capabilities.

• Vertically integrated forestry business manages 109,086 ha in Portugal and Spain, with 100% FSC and PEFC certification.

• Diversification strategy includes expansion into packaging, biofuels, biomaterials, and international tissue markets.

• Resilient business model with operational flexibility, premium product focus, and responsible price/margin management.

• Global reach with sales in 130 countries and production units in Portugal, Spain, and the UK.

Market leadership and product portfolio

• #1 in Europe for uncoated woodfree paper (UWF) and bleached eucalyptus pulp (BEKP); #6 and #7 globally, respectively.

• Leading tissue producer in Portugal and Iberia, #4 in UK consumer tissue after Accrol acquisition.

• Premium and own brands represent 60% and 80% of paper sales, respectively.

• Packaging business (gKRAFT) targets single-use plastic substitution with innovative eucalyptus-based products.

• Strong position in value-added pulp segments, with 70% of sales in decor and specialties.

Financial performance

• 2023 turnover reached €1,953M, with an average EBITDA margin of 24.8% over 14 years.

• H1 2024 EBITDA at €299M (+18% YoY), margin at 28%, and net profit of €159M (+16% YoY).

• Value-added capex of €93M in H1 2024, with 44% allocated to ESG investments.

• Dividend yield ranged from 5.3% to 9.5% (2019–2024), with a total shareholder return of 47.4% (2019–2023).

• Net debt at €665M (H1 2024), with 93% at fixed rates and average maturity of 3 years.