The Navigator Company (NVG) Investor presentation summary

Business model and strategy

• Operates as a vertically integrated bioindustry, producing pulp, paper, tissue, packaging, and bioenergy, with a focus on Eucalyptus Globulus as a unique raw material.

• Production capacity includes 1.6 Mt of pulp, 1.6 Mt of paper, 165,000 t of tissue, and 381 MW of energy, with global sales to 130 countries.

• Diversification strategy includes expansion into packaging, biofuels, biomaterials, and international tissue markets, reinforced by M&A and R&D investments.

• Strong R&D focus with 43 patents and a dedicated research institute, driving innovation in bioproducts and sustainable solutions.

• Mozambique project targets wood exports and future pulp mill development, leveraging high forest productivity and proximity to Asia.

Market leadership and operational highlights

• Holds #1 position in Europe for uncoated woodfree paper and bleached eucalyptus pulp, and is a top player in tissue in Iberia and the UK.

• Maintains efficient cash cost structure and premium product focus, with 60% of paper sales in premium segments and 80% under own brands.

• Tissue business sales grew 5.25x in 8 years, with recent UK acquisition (Accrol) boosting capacity and market share.

• Energy production is 76% renewable, with investments to reach 430 MW capacity and leadership in solar PV for self-consumption in Portugal.

• EBITDA margin averaged 24.8% over 14 years, with 2023 turnover at €1,953M and strong operational cash flow.

Sustainability and ESG performance

• Recognized as a global ESG leader, ranking #1 in Sustainalytics' Paper & Forestry and Paper & Pulp clusters, with negligible risk.

• Achieved a 41% reduction in direct CO2 emissions since 2018, with a target of 86% reduction by 2035 and 80% renewable energy by 2030.

• 100% of managed forests are FSC and PEFC certified, with 12% of area dedicated to conservation and biodiversity programs.

• Circular economy initiatives include waste reduction, water use optimization, and industrial symbiosis for by-product recovery.

• 44% of 2024 capex directed to ESG investments, supporting decarbonization and sustainable innovation.