Navigator Company Sa · EURONEXT:NVG
Navigator Company Sa — The Navigator Company — 9M 2026 Earnings Presentation
20 slides from Navigator Company Sa's earnings presentation, Oct 27, 2026
Slide 1: Results Presentation First Nine Months 2026
RESULTS PRESENTATION First Nine Months 2026 October 27th, 2026
Slide 2: Disclaimer
DISCLAIMER This presentation is intended to provide a general overview of The Navigator Company S.A.’s business and does not purport to deal with all aspects and details regarding The Navigator Company S.A.. Accordingly, no representation, undertaking or warranty, expressed or implied, is given by T
Slide 3: Participants
Executive Directors PARTICIPANTS António Redondo Fernando Araújo Nuno Santos João Lé Dorival Almeida António Quirino Soares Investor Relations Ana Canha 3
Slide 4: Highlights
& NANIGATOR cOMPANY HIGHLIGHTS
Slide 5: Q3/9M 2026 Results: Short-Term Operational Impacts, Long-Term Value Creation
Q3/9M 2026 RESULTS Short-Term Operational Impacts, Long-Term Value Creation Packaging 6% • 1. External cost pressure and temporary operational constraints weighed on 9M results (vs. 4%) ▪ Weather-related operational constraints in Portugal (Q1) Paper 57% (vs. 57%) ▪ Extended planned maintenance shut
Slide 6: Financial Highlights - Sound Financial Position
FINANCIAL HIGHLIGHTS - SOUND FINANCIAL POSITION Sales up over 5% quarter-on-quarter despite European seasonality Q3 2026 Q2 2026 QoQ 9M 2026 9M 2025 YoY Millions € Turnover 465 442 +5% 1,333 1,489 -11% EBITDA 69 79 -12% 212 300 -29% Net Profit 16 32 -49% 65 118 -45% EBITDA /Sales CAPEX 15% 47 18% 85
Slide 7: EBITDA YoY Analysis
EBITDA YOY ANALYSIS Prices EBITDA reflected temporary volume constraints and external cost pressure, Significant price recovery from partly offset by ongoing cost reduction projects. Dec 25 to Sep 26 in Pulp, UWF and Packaging. In pulp, YoY prices already above last year. Volume M€ Sales volumes bel
Slide 8: Debt Maturity and Liquidity
DEBT MATURITY AND LIQUIDITY Strong liquidity and financial flexibility support our transition towards a higher-value, more diversified business Total debt: € 912 million Average Maturity: 5 years 3.0% 470M Well-spread maturity profile with limited near-term Sustainable refinancing needs Average cost
Slide 9: Responsible Investment
RESPONSIBLE INVESTMENT NextGen investments completed, benefits increasingly materialising 90 NextGen Projects Driving efficiency, innovation & diversification 6 decarbonisation projects across 4 industrial sites, Setúbal with NextGen co-funding, reducing fossil fuel consumption while increasing rene
Slide 10: A New Chapter for Packaging
A NEW CHAPTER FOR PACKAGING Building a Leading European Position in Low-Grammage Kraft Paper With minimum Capex ~80 kt/pa European kraft paper demand by subcategory 1 Flexible packaging MARKET OPPORTUNITY Food service European annual market Carrier & Shopper bags growth ▪ European market expected to
Slide 11: Market & Group Performance
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Slide 12: Pulp & Paper Prices
PULP & PAPER PRICES Pricing momentum improving across Pulp and Paper PIX A4 COPY-B (EUR/t) PIX BHKP CHINA (USD/t) 1500 1500 1300 1300 ▪ PIX BHKP ended the first 9 months at $1,310/t, with prices increasing 18% in Europe and 4% in China compared to the beginning of 1100 1100 2026. USD/t EUR/t 900 900
Slide 13: P&W Paper Market
P&W PAPER MARKET UWF Remains Resilient Due to Versatile Uses Operating Rate Mill Brand Share •Global Demand for P&W Papers1 (Production / Capacity) 2 INDUSTRY NAVIGATOR excl. NVG •Global apparent demand P&W papers:+0.2% Navigator once 70% ▪ UWF:+0.4%; CWF:-0.3%; mechanical:-0.4% again outperformed t
Slide 14: Pulp Market
PULP MARKET Supply discipline supporting market balance despite softer demand Demand1 Global Pulp Demand1 Eucalyptus fibres, Global demand: 46.1 Mt pioneered for market ▪ -3% Bleached Chemical Pulp; -3% Hardwood; 44.8 Mt %EUCA pulp by the Cacia mill -4% Eucalyptus Pulp. in 1956, continue to gain gro
Slide 15: Tissue Business
TISSUE BUSINESS Type & Segment (vs. 9M 2025) Building Scale and International Growth Finished Product 98% (vs. 98%) Reels 2% TISSUE MARKET1 10 proprietary (vs. 2%) Global apparent demand: +1.8% YtD July At Home 84% (vs. 82%) ▪ Europe: +0.2% technologies Away-from-Home 16% Iberia Operation (vs. 18%)
Slide 16: Packaging – From Fossil to Forest
PACKAGING – FROM FOSSIL TO FOREST Strong Growth Driven by Sustainable, Low-grammage Solutions With minimum Capex Eucalyptus MARKET1 Globulus European deliveries up 7% YtD August (MF + MG) PACKAGING: 6% OF GROUP SALES Printing Quality ▪ Packaging growth leveraging existing UWF assets with limited cap
Slide 17: Takeaways
TAKEAWAYS 1. Positive momentum entering Q4: ▪ Major investments completed and PM3 ramp-up curve on track ▪ No major maintenance shutdowns planned for the coming quarters ▪ Pricing recovery gaining traction across businesses 2. Diversification increasingly contributing to growth: ▪ Packaging: strong
Slide 18: Outlook
& THE NANIGATOR cOMPANY OUTLOOK
Slide 19: Outlook
OUTLOOK Pricing recovery and efficiency gains support improving momentum despite continued market volatility PULP PAPER TISSUE PACKAGING ▪ Pulp prices are expected to increase in ▪ European market supported by ▪ Demand prospects remain ▪ The Packaging segment coming quarters, supported by tighter lo
Slide 20: Results Presentation First Nine Months 2026
RESULTS PRESENTATION First Nine Months 2026 October 27th, 2026
The Navigator Company — 9M 2026 Earnings Presentation on 6ix