The Navigator Company S.A

Latest Results (11.04.2026):

The Navigator Company S.A — 4th quarter of 2025 (and full‑year 2025): Navigator reported a challenging year driven by a sharp fall in pulp and some paper prices, but showed resilience through diversification into Tissue and Packaging. Full‑year 2025 turnover was €1,970m (‑6% YoY), EBITDA €376m (‑31% YoY, 19% margin) and net profit €145m (‑50% YoY). The group generated positive free cash flow (€89m), invested €210m (60% ESG‑related) and finished the year with net debt of about €704m (Net Debt/EBITDA 1.87x) while extending average debt maturity to 5 years and increasing sustainability‑linked financing to 90%.

Key full‑year financials

Turnover €1,970m (‑6% vs 2024); EBITDA €376m (‑31%), EBITDA margin 19% (‑7 pp); Net income €145m (‑50%). Pre‑tax profit €176m and effective tax rate ~17.7%.

Q4 2025 snapshot

Q4 revenue €480.5m (+2% vs Q3, ‑7.6% vs Q4 2024); Q4 EBITDA €75.5m (‑10% vs Q3, ‑34.7% vs Q4 2024) — EBITDA margin ~16%; Q4 net earnings €26.3m. Quarter impacted by falling pulp/paper prices and maintenance shutdowns.

Liquidity, leverage and financing

Net debt ~€704m (up ~€86m YoY) with Net Debt/EBITDA 1.87x. Average debt maturity extended to 5 years; ~70% of debt fixed‑rate; ~90% of debt linked to sustainability features. Average cost of financing ~2.7%. Dividend paid €175m in 2025.

Cash flow and capex

Free cash flow €89m (vs €23m in 2024). Capex €210m (down from €241m in 2024), of which ~€127m (60%) classified as environmental/ESG investment. RRP‑eligible projects ongoing; ~€31m of incentives received in 2025.

Business mix, volumes and markets

Tissue and Packaging now represent ~32% of group EBITDA (Tissue ≈25% of turnover). UWF & Packaging paper volumes up ~6%; total packaging sales +8% (tonnage +11%). Pulp sales 347 kt (‑11% YoY) and pulp revenue down c.26% due to price declines.

Operational performance & risk drivers

Main headwind: sharp downturn in pulp prices (China) from April 2025, affecting Europe. Navigator reduced stocks to record lows (15 days), gained market share (≈26% deliveries), and recorded its best ever safety performance. Q4 was also affected by maintenance at Aveiro and Setúbal and a fire in Setúbal earlier in the year.

Outlook

Early 2026 showed a recovery in pulp and paper prices and Navigator announced price increases for paper and packaging; management expects momentum through H1 2026 but flags risks from tariffs, geopolitical tensions and capacity changes in Asia/Indonesia. Continued focus on diversification (PM3 conversion to low‑grammage flexible packaging), efficiency and energy measures.

Sustainability & recognition

78% of power output from renewables in 2025. Navigator received top scores from CDP (A for Climate and Forests) and was rated low‑risk by Sustainalytics; continued investments in decarbonisation and innovation (AI controls, recovery boiler, RRP projects) underpin ESG strategy.