NOVEMBER 2025
Navigator at a
THE NAVIGATOR COMPANY
Resilient & Future-Oriented Industry Leader
Unmatched ProfitabilityConsistent strong results in a cyclical and volatile market
+ 2B €
Turnover 2024
Vertically integrated model: from forest to end-product
A benchmark in scale, cost management, quality and operational efficiency
Strategic focus on premium products and mill brands
Top-Tier margins: nearly double the Industry Benchmark
High and stable Cash Flow generation
~4,000 employees
40 different nationalities
3rd Portuguese Exporter
+3% of Portuguese exports to more than 130 countries
Tissue: High-quality and innovative tissue papers
Packaging: Cutting-edge sustainable solutions tackling single-use plastics
Improving operational and environmental efficiency in current operations
4
GLOBAL LEADER IN THE CIRCULAR BIOECONOMY
Driven By Sustainably Managed Eucalyptus Forests and vertically integrated operations
R & D P U L P
#1 Europe #7 World
P A P E R
#1 Europe #6 World
Leader in Eucalyptus globulus cloning
1.6 Mt of pulp 1.6 Mt of paper
3852
kt
kt
Packaging
6681
800
700
5751
T I S S U E
F O R E S T
E N E R G Y
3% of total (Portugal); 3% RE and
100
110 Kha of forest under management4
34% biomass based
#1 Portugal, #2 Iberia, #4 UK (AtH)
70
55
65
60
60
130
356 Kha Land Use Rights in Mozambique 1.4 TWh of electricity 3 (78% renewable) 165 Kt Reels 310 Kt Converting *
254
484
698
6.7
GWh
35 kt
Setúbal
Figueira da Foz
Aveiro
Vila Velha de Ródão
Production units with state-of-the-art technology
4 Portugal | 1 Spain | 5 UK
Zaragoza
United Kingdom5
*total nominal capacity (included Wet Wipes - 10kt) l 1 Integrated l 2 Market l 3 2024 Net electricity generation
l 4Forest in Portugal and Spain l 5Tissue UK acquisition effective - May 24, 2024 5
SOUND BUSINESS MODEL
with consistent and second-to-none profitability in a cyclical & volatile industry
EBITDA (M€) & EBITDA margin (%)
328
400 385 385 350 390 397 404 455 372 355
286
736
502 547
21%
EBITDA Margin H1 2025
29% 26% 26% 23% 21% 24% 25% 25% 27% 22% 21% 22% 30% 26% 26%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Turnover | 1 385 | 1 488 | 1 502 | 1 531 | 1 542 | 1 628 | 1 577 | 1 637 | 1 692 | 1 688 | 1 385 | 1 596 | 2 465 | 1 953 | 2 088 |
EBITDA Margin Last 15 years AVG: 25% STD: 3% MIN: 21% MAX: 30%
~2X the average of the UWF peer group
EBITDA Margin (2010-2024)
~65% above the average of the TISSUE peer
+12pp
vs. the average of the UWF peer group (H1 2025)
group
EBITDA Margin (2010-2024)
25%
AVG:13% STD:2% MIN:8% MAX:16%
25%
AVG:15% STD:1% MIN:14% MAX:19%
+7pp
vs. the average of the Tissue peer group (H1 2025)
NVG Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7
NVG Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7
Source: NVG Report 2024; Peer Group considers (1) Arctic Paper, Iberpapel, Lecta, Mondi, Sappi, Sylvamo (since 2021), UPM (2) Cascade, Clearwater, CMPC, Essity (since 2016) , Kimberly-Clark, Kruger - KP Tissue (since 2012), Metsä (since 2013) 6
LEADERSHIP IN UWF & EUCA PULP PRODUCTION IN EUROPE
with strong market position in UWF
Leading UWF manufacturer in Europe… #1 Europe #6 World
Capacity* (t)
… focusing on value-added products…
… with an efficient
cash cost structure…
1stQ of the European UWF Cash Cost Curve
… strengthening our
The Navigator Company1
Sylvamo Mondi
Industry 2025e
Excluding Navigator
Navigator
market leadership
Q1 2025 EUR UWF Cash Cost Curve - BY COMPANY
€/t, delivered in Paris, excluding Russia and specialties
UPM
Industry (19e)
Arctic Paper
MM Board & Paper
Burgo
Iberpapel
Clairefontaine
Crown Van Gelder
0 400 800 1 200 1 600
0% 25% 50% 75% 100%
Cumulative capacity
Premium products:
Boosting Margins by up to 80% Over Economy products
*European UWF Capacity, excluding Russia and Specialities
Source: NVG Results Q2 2025 l Fastmarkets l 1100kt packaging capacity (convertible to UWF) 7
STRONG CASH FLOW GENERATION
Sustainability without performance has no impact, performance without sustainability has no future
Strong cash flow generation has enabled us to:
Invest in modernising our assets
Maintain production capacity
Update production equipment and modernise mills
Boost Added-Value Sustainability Projects
Environmental and efficiency improvements, with an impact on cost
reduction
Structural and safety projects
50% of capex classified as ESG
Diversify our business
Expansion of the Tissue production base to Spain and the United
Kingdom, while enlarging product offer
Develop a Packaging business on the benefits of eucalyptus globulus
Innovative new products, in both Tissue and Packaging segments
CASH FLOW 455M€
357
377
307
254
297
555
410
455
2017 2018 2019 2020 2021 2022 2023 2024
ESG
CAPEX 241M€
115
216
158
81
80
113
187
241
1,358 Capex projects, of which 31
with an individual cost of more than €1 million
8
Source: NVG Report 2024
2017 2018 2019 2020 2021 2022 2023 2024
Leveraging EU's Next Gen Funds (2023-2025), ESG Capex has risen since 2023.
€269M was eligible, out of €353M investment submitted, securing €104M in grants.
STRONG CASH FLOW GENERATION
8 Years of Strategic Expansion, Strong Growth, and Stable
Returns
Strong cash flow generation has enabled us to:
557 (18%)> 80% Pulp
2017-2024
Over the past 8 years, Navigator has strategically expanded into new business areas, driving growth in revenue (+ € 450 M) and EBITDA (+ € 140 M), while maintaining stable net debt and consistently returning capital to shareholders
<20% Paper
3 012
"Keep the lights on"
(Pulp & Paper)
Regulatory &
Sustainability 1
70 (2%) 468 (16%)
Forest, IT 2
Return capital to our Shareholders
Strategic Growth
(M&A and expansion projects)
Tissue (new capacity)
Tissue M&A
Packaging
Change in
1 598
(53%)
Net Debt and other
16
1 Includes value-added decarbonization
2 Given the nature of the Forestry and IT activities, the majority of the spend is OPEX (€169M) rather than CAPEX (€70M)
Source: NVG Report 9
BUSINESS GROWTH AND DIVERSIFICATIONTissue & Packaging ~30% of sales in 9M 2025
Growth with a reduction in dependence on UWF from 75% to 57%
Between 2017 and 2024 UWF turnover holds practically steady, with lower volumes and higher margins
With lower volume, the business margin rose significantly (vs. pre-pandemic) +46%*
Pulp freed up by the reduction in UWF volume used for Tissue, Packaging and Market Pulp, helping to increase overall margin
5% 5% 8%
1% 3% 4% 2% 4% 4%
10%
10%
10%
10%
9%
10%
15%
10% | 9% | 8% | ||
10% | 8% | 10% | ||
11% | 10% | 8% |
9%
13%
6% 11%
~30%
Tissue & Packaging 9M 2025
22%
75%
75%
73%
68%
70%
70%
61%
+3.5%
CAGR Turnover 2017-2024
57%
+4.4%
CAGR EBITDA 2017-2024
+0.8%
CAGR Turnover UWF 2017-2024
25%
5%
9%
57%
2017 2018 2019 2020 2021 2022 2023 2024 9M 2025
Turnover | 1 637 | 1 692 | 1 688 | 1 385 | 1 596 | 2 465 | 1 953 | 2 088 | 1 489 |
UWF | 1 200 | 1 248 | 1 198 | 945 | 1 162 | 1 811 | 1 241 | 1 271 | 905 |
UWF PULP ENERGY TISSUE PACKAGING
Navigator controls all the relevant stages of the value chain, offering valued-added products at premium prices under its own brands in more than 130 countries around the world
Source: NVG Report 2024 l *Margin of Contribution Stand Alone (2024 vs. pre-pandemic) 10
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The Navigator Company SA published this content on November 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 13, 2025 at 15:34 UTC.
