The Navigator Company S.A

NVG

Equity

ISIN PTPTI0AM0006 / Valor 380136

Euronext Lisbon (2026-08-28)

EUR 3.27+0.12%

The Navigator Company S.A
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About company

The Navigator Company S.A. is a prominent European manufacturer specializing in uncoated printing and writing paper, as well as bleached eucalyptus pulp. As a key player in the pulp and paper industry, the company focuses on producing high-quality products for various applications, catering to both domestic and international markets. The Navigator Company operates with a strong emphasis on innovation and efficiency, leveraging advanced technology and sustainable practices to maintain its competitive edge. Its operations are supported by a strategic approach to human resources, which emphasizes investment in human capital to drive growth and operational excellence.

Summarized from source with an LLMView SourceSector: Non-Energy Materials

Key financials

Revenue €426.8m (‑19% YoY; ‑11% QoQ). EBITDA €64.8m (‑44% YoY; ‑14% QoQ) with 15.2% margin (‑7.0 pp YoY). Operating profit €22.9m (‑69% YoY). Net income €17.2m (‑64% YoY; ‑35% QoQ). Basic EPS €0.024.

Cash, debt and liquidity

Free cash flow €28.2m (Q1 2026). Capex €42.4m in Q1 (≈53% sustainability/environmental). Net debt €675.4m (down €28m vs Dec‑2025); Net Debt/EBITDA 2.08x; average debt maturity ~5.2 years; €414m long‑term facilities unused.

Segment performance

Pulp sales volumes fell sharply (‑25% QoQ; ‑33% YoY) and pulp/power turnover down (pulp prices recovering in early 2026). UWF paper volumes down (‑16% QoQ; ‑13% YoY). Tissue volumes down slightly QoQ (‑1%) and ‑13% YoY; Packaging sales grew strongly: turnover €25m (+17% QoQ; +23% YoY) and volumes +16% QoQ, +36% YoY.

Main drivers and headwinds

Severe weather (storm Kristin) caused temporary outages, constrained water/power and wood supply, forced imports and higher costs. Energy (natural gas) prices and increased CO₂ license needs raised costs. Additional logistics costs (maritime substitution for rail) also pressured margins. Company reported an IT incident in March with no material operational impact.

Investments & strategy

Major RRP‑backed projects nearing completion; approved new Tissue machine (70 ktpa) at Aveiro (~€115m total, start‑up targeted Mar 2028) supported by Portugal 2030. Ongoing capex focused on decarbonisation, efficiency and packaging innovations (gKraft™).

Outlook

Navigator expects continued volatility near term but notes pulp price recovery and announced price increases across Paper, Tissue and Packaging (implemented or phased in Q2). Company highlights resilience from diversification (Tissue + Packaging ≈40% of EBITDA) and a solid liquidity/debt profile to execute strategy.

Summarized from source with an LLMView Source

Key figures

-1.62%1Y

-2.50%3Y

6.51%5Y

Performance

17.9%1Y

19.0%3Y

20.7%5Y

Volatility