The Navigator Company (NVG) Q3 2026 earnings summary

Executive summary

• 9M results reflected weather disruption, mill shutdowns, temporary operating constraints and transition costs; conditions improved sequentially, with Q3 sales up 5.2% QoQ.

• Diversification advanced as Tissue and Packaging reached 30% of turnover and around one-third of EBITDA; completed investments support efficiency, decarbonisation and growth.

Financial highlights

• 9M turnover was €1,333.3m, down 10.5% YoY; EBITDA was €212.2m, down 29.3%, and net earnings were €65.4m, down 44.8%.

• Q3 turnover was €464.7m, up 5.2% QoQ; EBITDA was €68.9m, down 12.3% QoQ, and net earnings were €16.2m, down 49.1% QoQ.

• 9M free cash flow was €18.6m versus €22.7m; Q3 free cash flow was €8m, compared with negative €18m in Q2.

• 9M CapEx was €173.9m versus €159.6m a year earlier; 48% was environmental or sustainability investment.

Outlook and guidance

• Q4 volumes and costs were expected to improve with normalized operations; no specific EBITDA guidance was given, and no major maintenance shutdowns were planned in coming quarters.

• Pulp prices recovered in September; late-2026 prospects were described as favourable, with moderate increases expected in 2027.

• Tissue demand growth for 2026 was forecast at 1.6% globally; the 70,000-ton/year Aveiro machine is scheduled to start in Q2 2028.

• European kraft paper demand is expected to grow 2.5%-3.0% annually through 2035; PM3 ramp-up is progressing as planned.