The Navigator Company S.A

Latest Results (13.01.2026):

This summary covers The Navigator Company S.A.’s third quarter (Q3) 2025 and first nine months (9M) of 2025 results as presented in the company’s report. In 9M 2025 Navigator reported revenue of €1,489.3m (‑5% YoY), EBITDA of €300.2m (‑30% YoY) with a 20.2% margin, and net income of €118.3m (‑51% YoY). Q3 2025 results weakened vs prior quarters (Q3 EBITDA €83.9m) as pulp and paper prices fell, but the company preserved volumes, generated positive free cash flow and continued heavy investment in sustainability and capacity conversion projects.

Financial snapshot (9M 2025)

Turnover €1,489.3m (‑5% vs 9M 2024); EBITDA €300.2m (‑30%) with 20.2% margin; EBIT €174.0m (‑45%); Net income €118.3m (‑51%). Free cash flow €22.7m (positive vs ‑€3.3m in 9M 2024). Capex €159.6m (≈61% sustainability/decabonisation related).

Balance sheet and liquidity

Net debt €769.6m at 30 Sep 2025 (≈€770m), up ~€152m vs Dec 2024; Net Debt/EBITDA 1.85x (excluding IFRS16). Liquidity comprised cash €116m plus unused long‑term facilities €140m. Average debt maturity increased to 5.2 years; ~79% of debt tied to ESG targets and 78% on fixed rate (or hedged) basis.

Q3 2025 operational and quarter trends

Q3 sales €470.2m, EBITDA €83.9m (‑37% vs Q3 2024, ‑17% vs Q2 2025). UWF & Packaging sales in Q3 were 316 kt (in line with Q2; +15% vs Q3 2024). Pulp sales 90 kt in Q3 (‑6% YoY; +31% vs Q2) with output hit by an unscheduled Setúbal bleaching‑tower fire (~25 kt lost). Tissue sales 58 kt in Q3 (‑7% YoY).

Segment performance — Tissue & Packaging

Tissue: 9M Tissue sales 177 kt (+14% YoY, +17% value) aided by Navigator Tissue UK integration; finished products ~98% of sales; international sales ~80% of Tissue volume. Packaging: strong growth — sales and prices rising, volumes up (gKRAFT brand and low‑grammage flexible packaging gaining traction); PM3 conversion project in Setúbal progressing to target low‑grammage flexible packaging market.

Pulp market impact

Pulp prices fell sharply in H1/H2 2025 (PIX BHKP volatility), weighing on pulp sales value (9M pulp volumes 258 kt, ‑7% YoY; value ‑24% YoY). Company expects Q3 lows to mark the end of the downward cycle with prices beginning to recover.

Cashflow, dividends and financing actions

Positive free cash flow €22.7m despite heavy capex (~€160m) and interim dividends totalling €175m (€100m in Q1, €75m in Q3). Navigator repaid €394m of debt (including €275m early) and raised long‑term facilities €365m (with €140m unused). First tranche €40m EIB green loan (of €80m total) signed for decarbonisation projects.

Energy, sustainability and capex focus

~80% of power output from renewable sources; major decarbonisation projects under way (biomass boilers, lime kiln conversions, photovoltaic capacity). Capex includes RRP‑eligible projects (~€269m total eligible, >€100m support expected) and investments to reduce fossil fuel use and emissions.

Safety, ESG recognition and outlook

Best ever frequency rate for workplace accidents reported. Navigator retained top external ESG scores (Sustainalytics low‑risk, CDP A for Climate and Forests). Outlook: company expects short‑term improvement in Pulp, Tissue and Packaging markets but continued pressure in Printing & Writing; remains focused on diversification, cost control and operational flexibility.