FIRST QUARTER INTERIM RESULTS 0 | 17

THE NAVIGATOR COMPANY

PERFORMANCE FIRST QUARTER 2025	2
LEADING INDICATORS	3
ANALYSIS OF RESULTS	4
The printing and writing papers industry	4
Pulp Market	5
Growth and strong performance in Tissue business	7
Packaging - From Fossil to Forest – investment in sustainability. innovation and change	8
78% of Power Output generated from renewable energy sources	9
Sales growth and price resilience in Packaging and Tissue lead to EBITDA of €116 million	9
Financial Results benefit from exchange rate and interest rate hedging policy	10
Free cash flow generation of €57 million	10
Green Financing consolidates Sustainable Financial Management	10
Capital expenditure of € 36 million	11
From Forest to the Future	12
External recognition of our commitment to sustainability	13
FINANCIAL STATEMENTS	16

PERFORMANCE FIRST QUARTER 2025

The first quarter of 2025 brought a rapid worsening of geopolitical uncertainties and growing trade tensions, resulting in an upsurge in protectionism and significant cooling of the economy in Navigator's main markets.

Despite this troubled environment, Navigator's business pointed to a positive trend in relation to the previous quarter, with increased sales and healthy order books for Printing and Writing paper, Packaging and Tissue paper. The quarter also saw a rise in the benchmark index for pulp prices, while Packaging and Tissue paper prices remained resilient, in contrast to the drop in the benchmark index for Printing and Writing paper.

Navigator has pressed ahead with moves to strengthen its competitive advantages and to invest in diversification of its business. We ended the quarter with the Printing and Writing paper segment representing a lower proportion of turnover, at 55% (vs. 57% in 2024), while the new segments - Tissue and Packaging - already account for close to 30% (up from 26% in 2024). In line with our strategy of diversification, we started work this quarter on the preliminary engineering for conversion of PM3 paper machine, at our integrated pulp and paper mill in Setúbal, for production of low-grammage flexible packaging paper, whilst retaining the possibility of using the machine for Printing and Writing paper. The final investment decision for this conversion project has been taken, and start-up is planned for the end of the third quarter next year. This project reinforces the company's strategic commitment to innovative packaging solutions, aligned with the global demand for alternatives to fossil resources and with the transition to biodegradable and recyclable materials.

As an integrated producer of Forest, Pulp, Paper, Tissue, Packaging and Energy, Navigator has consistently demonstrated its resilience, adjusting quickly to market conditions, successfully protecting its margins and delivering results, even in the toughest economic circumstances, as well as pressing ahead with its strategy of investment, growth and diversification.

Analysis First Quarter

Turnover stood at € 529 million, up 2% on Q4 2024, down by 1% on Q1 2024;
EBITDA totalled € 116 million (in line with Q4 2024 and down 13% on Q1 2024), with an EBITDA margin of 22% (down 0.4 pp on Q4 2024 and down 3.0 pp on Q1 2024);
Net debt stood at € 660 million on 31st of March (excluding the effect of IFRS 16), up by only € 43 million on December, despite an interim dividend payout of € 100 million in the quarter and the high level of capex. Net debt / EBITDA ratio of 1.25x;
The volume of Printing and Writing and Packaging paper sales stood at 325 thousand tons (up 17% on Q4 2024 and down 8% on Q1 2024 - the best result in the last 9 quarters);
The volume of pulp sales stood at 100 thousand tons (down 12% on Q4 2024 and down 9% on Q1 2024), in a quarter when less pulp was available for sale on the market due to the planned maintenance stoppage at the Aveiro mill;
The volume of Tissue sales stood at close to 61 thousand tons (down 5% on Q4 2024 and up 62% on Q1 2024). The growth in relation to first quarter of 2024 was due in part to integration of Navigator Tissue UK, which joined the group in the second quarter of 2024;
Business continues to grow in the Packaging segment, with the volume of orders growing essentially as the result of: (i) an upturn in demand; (ii) development of new product ranges in the flexible packaging

sector, making it possible to diversify our Packaging business and to continue to grow our client and market base; thanks to this success, the sales volume in this segment grew by 31% in relation to the first quarter of 2024;

Our e-commerce portal - NVG Hub - was launched in 2021, and in 2024 we added an online business model for sales by pallet and deliveries between 24 and 72 hours, aimed at smaller clients, in selected European regions. In the first quarter, online orders already accounted for approximately 30% of all orders (Paper, Packaging and Tissue). NVG Hub is currently available in more than 60 countries and offers sales by pallet in Spain and Poland. For 2025, the strategy is to expand sales by pallet to Italy, France and the Netherlands;
The first quarter also brought Navigator's best ever safety indicators, in particular for the frequency rate (for accidents at work leading to sick leave), underlining our commitment to Occupational Health and Safety, through our Mission Zero strategy and ongoing work in prevention, training and improvement of management systems, which has involved investment of 27 million over the past five years.

Million euros	Q1 2025	Q1 2024	Q1 25/Q1 24 (8)	Q4 2024	Q1 25/Q4 24 (8)

Total Sales	529.3	536.4	-1.3%	519.7	1.8%
EBITDA (1)	115.6	133.3	-13.3%	115.5	0.0%
Operating Profits (EBIT)	72.9	97.7	-25.5%	62.2	17.1%
Financial Results	- 7.1	- 8.8	19.5%	- 16.1	56.0%
Net Earnings	48.3	64.1	-24.6%	45.5	6.1%
Cash Flow	91.0	99.6	- 8.6	98.8	- 7.8
Free Cash Flow (2)	57.0	46.3	10.8	25.8	31.2
Capex	36.4	40.7	- 4.3	89.8	- 53.4
Net Debt (3)	660.3	443.6	216.7	617.3	43.0

EBITDA/Sales	21.8%	24.9%	-3.0 pp	22.2%	-0.4 pp
ROS	13.8%	18.2%	-4.5 pp	12.0%	1.8 pp
ROCE (4)	14.4%	21.5%	-7.0 pp	13.2%	1.3 pp
ROE (5)	14.0%	19.0%	-4.9 pp	13.6%	0.4 pp
Equity Ratio	42.8%	47.5%	-4.7 pp	40.5%	2.3 pp
Net Debt/EBITDA (6)(7)	1.25	0.88	0.37	1.13	0.12

LEADING INDICATORS

1.Operating results + depreciation + provisions;

2.Change in net debt + dividends + purchase of own shares

Interest-bearing liabilities - liquid assets (not including effect of IFRS 16)
ROCE = Annualised operating income / Average Capital invested (N+(N-1))/2

5.ROE = Annualised net income / Average Shareholders' Funds (N+(N-1))/2

6.(Interest-bearing liabilities - liquid assets) / EBITDA corresponding to last 12 months;

7.Impact IFRS 16: Net Debt / EBITDA Q1 2025 of 1.46; Net Debt / EBITDA Q1 2024 of 1.02;

8.Variation in figures not rounded up/down

Note: Navigator Tissue UK was merged into the group in the 2nd quarter of 2024, meaning that Q1 2024 does not include Navigator Tissue UK.

ANALYSIS OF RESULTS

(Q1 2025 vs. FY 2024)

The positive evolution of sales volume, combined with the success of the diversification strategy - with the new Tissue and Packaging segments already accounting for close to 30% of sales - and the commercial initiatives to grow new products and markets and to protect margins, led to the good results achieved in the quarter.

The printing and writing papers industry

In the first two months of 2025, global apparent demand fell by 1.9% after a year of modest recovery. Printing and Writing (Uncoated Woodfree - UWF) paper was once again the most resilient grade with a decline of 1.9%, compared to Coated (CWF) papers, for which demand dropped by 4.5%. Demand for paper produced from Mechanical pulp (Coated and Uncoated) dropped by 4%.

In Europe, apparent demand for UWF paper was down by 8% this quarter in relation to the first quarter of 2024, due to the shrinking of orders in the last quarter of 2024.

In the United States, demand for UWF fell by 2% in the first quarter, as installed capacity fell by 11% compared to the first quarter of 2024. Apparent consumption of UWF in the rest of the world fell by 0.9%, with China growing 1% (YtD February).

Significantly, UWF has remained the most resilient segment over the years, due to its versatile uses.

Global Demand for P&W paper (in million tons)

Source: PPPC, February (2025 vs. 2024) l * All years YtD February

On the supply side, the first quarter felt the impact of the closure of two European mills, removing 430 thousand tons of annual UWF capacity (approximately 7% of European capacity).

Order intake for European industry increased throughout the first quarter, with growth of 6% compared to the last quarter of 2024, and showed an upward trend, with the month of March closing 5% higher than the same month last year. However, the quarter was down on the strong performance of the same quarter last year.

The benchmark index for Office paper prices in Europe, PIX A4 B-copy, stood at an average of 1,058€/t, down by 4% on the previous quarter and last year. The mix of products and geographical regions in Navigator's total sales this quarter resulted in lower average prices. It should be noted that Navigator's prices for premium and standard products have evolved in line with the market, but increased penetration of economy products this quarter caused our average price to drop further than the PIX A4 B-copy index.

Navigator's sales of Printing & Writing and Packaging papers totalled more than 325 thousand tons in the quarter, up 17% on the previous quarter and down 8% on first quarter of 2024, which was the best quarter in terms of sales volumes in the past two years. In value, sales grew by 7% on the previous quarter and fell by 14% in relation to the first quarter last year.

Pulp Market

After the sharp fall in prices in the second half of 2024 in China (mostly in the third quarter) and in Europe, the first quarter of 2025 saw prices rally, especially in Europe. The benchmark index for hardwood pulp - PIX BHKP in dollars - ended the quarter at 1,160 USD/t, up by approximately 16%. The price difference

between China and Europe started the year in China's favour, but turned around over the course of the quarter, ending as favourable to Europe.

In China, after benchmark prices hit their lowest point in the first week of 2025 (544 USD/t), ending the steepest and fastest downwards cycle in recent years, the market started to move in the opposite direction, rising to 588 USD/t at the end of the first quarter of 2025 (up 8% from the lowest point at the start of the year).

The dynamics of supply and demand were crucial in sending prices upwards. Up to February, demand for hardwood pulp in China rose by 13.5%, compared with the first quarter of 2024, which had been marked by severe destocking. Despite the growth, demand cooled in relation to the fourth quarter, when lower prices had driven restocking.

In Europe, the pulp market was sustained by stable demand from the Packaging and Tissue sectors. All the same, consumption was down by 2.2% in relation to the same period in 2024. This indicator is influenced by the level of consumption in early 2024, which was particularly strong.

In this context, global demand in the first two months of 2025 grew, compared with the first quarter, by 4.6% in bleached chemical pulp (BCP), 6.7% in hardwood pulp (HW), and 6.1% in eucalyptus pulp (EUCA), most strongly in China (+12% BCP, +13.5% HW, +11.3% EUCA), in contrast to Europe (-2.1% BCP, -2.2% HW, -3.5% EUCA).

Growth in global hardwood fibre demand was accordingly driven by growth in China (up 13.5%), despite the fall in Europe (down 2.2%).

Global Demand of Pulp (in million tons)

Source: PPPC, February (2025 vs. 2024)

Hardwood fibre stocks around the globe have stabilised. In other words, stocks at producers, ports and consumers remain relatively in line with the patterns observed in recent years.

Pulp sales therefore stood at 100 thousand tons, representing a reduction of 12% in relation to the previous quarter and 9% compared with the first quarter, due to the planned shutdown at the Aveiro mill. However, the value of sales grew by 7% over the previous quarter, thanks to rising prices, but was down by 14% on the same period in 2024.

Growth and strong performance in Tissue business

In Europe, demand for tissue paper had a more subdued start to the year in 2025, with a slight decline of 0.1% in January and February compared to the same period last year. This compares to strong growth of +6.2% in 2024, when the market benefited from increased restocking and higher household purchasing power.

Navigator's Tissue sales (finished products and reels) totalled 61 thousand tons in the first quarter, down by 5% compared to the previous quarter, reflecting lower sales of reels and the usual seasonal impact on finished products in this period, and an increase of 62% compared to the same period last year. In value terms, sales fell by 3% compared to the previous quarter and grew by 76% in relation to the first quarter last year.

The YoY figures were boosted by the integration of Navigator Tissue UK, at the start of the second quarter of 2024, which, as well as contributing to growth in sales, expanded the customer base and generated significant gains by unlocking synergies. It has also permitted cross-selling, which has further strengthened commercial relations with clients.

In the first quarter of 2025, international sales accounted for 81% of turnover in Tissue business. The English market took the largest share, with 36% of sales, followed by Spain, with 28%, and France, which accounted for 15% of sales. In the last two years, acquisitions of new units in Spain and the United Kingdom have enabled us to balance our geographical mix, securing greater resilience for Navigator's Tissue business. On the other hand, finished products represented 98% of total sales, and reels just 2%. In terms of client segment stratification, At Home or Consumer (retail) business has grown in importance, currently accounting for around 83% of sales, whilst the Away-from-Home segment (wholesalers - Horeca channel and offices) accounts for the remaining 17%.

Tissue Sales Q1 2025 1 2 (vs. Q1 2024)

1 tons ²1 st quarter of 2025 includes Tissue UK ³Finished product and reels

Navigator was selected for the "International Investment Award", at the 15th UK-Portugal Business Awards, held in Lisbon in April 2025. This accolade reflected our investment in the United Kingdom, with acquisition of the British company Accrol, now Navigator Tissue UK. Continued international expansion is a major part of Navigator's strategy and this acquisition has clearly shown this to be the way forward. Navigator Tissue UK positions the Group as one of the top four players in the Tissue paper market in the United Kingdom.

Packaging - From Fossil to Forest – investment in sustainability. innovation and change

The European market got off to a lively start in 2025. European deliveries of Kraft papers for flexible packaging (white and brown) reported by CEPI were up by 13% on the same period in 2024.

Our commercial strategy is focused on continued efforts to establish ourselves in these new segments, by expanding the client base, developing new products, above all low-grammage products, and carrying out a substantial number of market trials, in particular, in the food packaging and food service market, for release liners, designed for products such as labels, stickers or feminine hygiene; in the building & construction sector, in multilaminates associated with products for thermal, acoustic and electrical insulation; in formfill, with a view to filling industries, especially the food industry, with papers for use in packaging sugar, flour, rice, pasta, etc…

Navigator has based its offering of Packaging papers on three gKraft™ macro-segments: BAG, FLEX and BOX, which subdivide into 12 segments for different applications, aimed respectively at the markets for Bags (retail, consumer and industrial bags), Flexible Packaging (serving a vast array of end applications in a number of industries, such as the agri-food sector, restaurants, and pharmaceutical and hygiene products etc.), and Boxes (corrugated cardboard boxes for value-added products and food packaging, including cardboards for producing paper cups and food trays). In these products the innovative introduction of the properties of eucalyptus fibre has been crucial in securing wide acceptance and recognition in the market.

As part of the diversification of Packaging business, progress has continued as planned on the project for integrated production of eucalyptus-based Moulded Fibre Products, designed to substitute single-use plastic packaging in the food service and food packaging market, under the gKraft™ Bioshield brand. The facility is one of the largest in Europe and the first such integrated facility in southern Europe, moving into a fast growing, high-potential market.

The start-up of 4 production lines was completed in the first quarter, and these are now operating around the clock, whilst work is proceeding to consolidate the marketing of 5 products for the food sector.

78% of Power Output generated from renewable energy sources

Energy sales in the first quarter of 2025 stood at approximately € 31 million, up by 11% on the previous quarter and down 8% on the same period in 2024.

This reduction was due essentially to lower sales from the combined cycle natural gas plant in Setúbal, operating primarily for self-consumption, with sale of surpluses at market prices, and to the complete shutdown of the renewable cogeneration plant in Aveiro, in February.

Over the course of the first quarter, work started on a new photovoltaic solar facility for self-consumption on the industrial complex in Vila Velha de Ródão. The facility will have rated capacity of 5.3 Mwp and will be concluded by the end of the year.

Construction work is also under way on a new biomass boiler at the industrial complex in Vila Velha de Ródão, planned for completion in December 2025. This boiler will enable us to substitute steam production currently dependent on two natural gas boilers.

Over the period, the Group's industrial units continued to serve the manual Frequency Restoration Reserve Band Market (mFRR Band). This system service, provided to the operator of the power grid by qualified consumers, helps to safeguard the security of supply in the National Electrical System, which has already proved to be decisive for protecting domestic consumers and critical users.

It is not yet clear whether the recent event relating to power distribution in the Iberian Peninsula might happen again, and this has pointed to the need to expand the contribution of demand management in system services, especially in automatic mobilisations mechanisms which complement the existing manual activation procedures.

Sales growth and price resilience in Packaging and Tissue lead to EBITDA of €116 million

Navigator recorded healthy results thanks to the faster pace of new orders for Printing and Writing paper, Packaging and Tissue paper, as well as the resilience of prices for Packaging and Tissue paper.

Navigator has remained focused on managing its variable costs, under pressure from energy prices, with higher costs caused by increases in market indexes and chemicals.

Fixed costs were down on the same period in 2024, with a reduction in real terms of around 2.4%, considering the same operations, in other words, excluding the new Navigator Tissue UK.

In this context, Navigator recorded first quarter EBITDA of € 116 million (in line with Q4 and down by 13% on Q1 2024), with an EBITDA margin of 22% (down 0.4 pp on Q4 2024; down 3.0 pp on Q1 2024).

Financial Results benefit from exchange rate and interest rate hedging policy

Financial results improved by € 1.7 million in relation to the same period in 2024, standing at a loss of € 7.1 million this quarter (vs. € -16.1 in Q4 2024 and € -8.8 million in Q1 2024).

The cost of financing operations stood at € 6 million (vs. € 3.48 million in Q1 2024), reflecting the substitution of finance facilities contracted when market interest rates were at all-time low levels with new facilities contracted with fairly competitive spreads, despite being indexed to higher market benchmarks than in the past.

These are net costs that include the effect of interest income on cash flow surpluses, thanks to efficient management of these surpluses.

Despite the highly volatile exchange rate in the first quarter, the exchange rate risk management policies in force once again proved effective, and the net exchange rate effect recorded for the period was € -2.0 million, compared to € -5.2 million in Q1 2024. It should be noted that the financial results for the first quarter of 2024 included a one-off (non-cash) foreign exchange effect of € -4.3 million.

Pre-tax profits totalled € 66 million (vs. € 46 million in Q4 2024 and € 89 million in Q1 2024) and corporation tax payable stood at € 17 million, with an effective tax rate for the period of 26.5%. Net income stood at € 48 million (vs. € 46 million in Q4 2024 and vs. € 64 million in Q1 2024).

Free cash flow generation of €57 million

Free cash flow generation in the quarter stood at € 57 million (vs. approximately € 26 million in the preceding quarter and € 46 million in the same period in 2024).

Cash generation has remained strong, despite the strong investment programme in progress.

Green Financing consolidates Sustainable Financial Management

On 31st March 2025, net debt stood at € 660 million euros, up by € 43 million on December, despite an interim dividend payout of € 100 million during the quarter and the strong investment currently under way. The interest-bearing Net Debt/EBITDA ratio stood at 1.25x, further consolidating the financial strength displayed by the Group.

Debt repayments totalling € 50 million were made over the quarter within the framework of a financial policy built on firm foundations - and despite the current comfortable situation, with significant surpluses - we have continued working to extend debt maturity and at the same time to link borrowing costs to the company's sustainable development criteria on a broader basis.

Average debt maturity therefore remains appropriate, with rationally staggered repayments, more than 73% of total debt tied to sustainability and 89% of total debt issued on a flat rate basis, directly or using interest rate hedges.

Unused long term credit facilities currently total € 115 million.

Capital expenditure of € 36 million

Capital expenditure totalled € 36 million in the first quarter of 2025 (compared to € 90 million in Q4 2024 and € 41 million in Q1 2024), of which approximately € 22 million was classified as value-creating environmental or sustainability investment, accounting for approximately 60% of total.

Capital expenditure consisted mostly of projects aimed at decarbonisation, maintaining production capacity, modernising plant and achieving efficiency gains, as well as structural and safety projects. Capex projects included the new high efficiency Recovery Boiler in Setúbal (which has started up in the current quarter), the new cogeneration unit at the Tissue plant in Aveiro, the oxygen delignification line in Setúbal, conversion of the Setúbal lime kiln to burning biomass, conversion of burning processes to hydrogen in Aveiro, collection and incineration of malodorous gases (NCGs) in Setúbal and the new biomass-fuelled lime kiln in Figueira da Foz.

Navigator has continued to move forwards with projects under the Recovery and Resilience Plan (RRP), in particular projects addressing the Climate Transition and the Digital Transition. For eligible investments under the RRP, an incentive rate of around 40% is anticipated, corresponding to close to € 100 million for the projects approved, of which the company has already received approximately € 49.2 million, including € 3.5 million in the first quarter of 2025.

In 2025, Navigator plans to start work on the following projects related to the circular economy and waste valorisation: (i) Valorisation of ash from the Biomass Power Plants (BBPs) – potential reclamation of 15 thousand tons of ash over 5 years; (ii) 90% reduction in the production of carbonate sludge as a result of installing a Lime Kiln in Figueira da Foz; (iii) Alteration of fly ash discharge system to the dry method in Setúbal – this will enable us to identify new applications for the valorisation of this waste; (iv) Valorisation of fly ash from production of Low Carbon Clinker – Production of soil-cement; (v) Burning of WWTP sludges in the recovery boiler in Aveiro.

These projects are designed to reduce the disposal of waste at industrial landfill sites and to develop sustainable and value-added applications for by-products from the industrial process. In addition, they improve the Company's environmental efficiency, they also contribute to solutions for local communities, reducing the material impact of our operations.

From Forest to the Future

Innovation & Sustainability

Sustainability and innovation are both core values for Navigator. They go hand in hand in the company's strategy and are mutually supportive. Navigator's purpose is another clear example of this approach, committing the company to creating sustainable value for all stakeholders, "leaving a better planet for future generations, through natural products that are sustainable, recyclable and biodegradable, that help to sequester carbon and produce oxygen, that protect biodiversity, improve the soil and combat climate change".

Navigator has been developing and investing in the gKRAFT™ sustainable packaging segment, which offers alternatives to fossil-based plastics, supporting the transition to renewable, low carbon products. In particular, we have launched production of Moulded Fibre articles to substitute disposable plastics in the food packaging sector, in alignment with sustainability goals.

Also, to this end, pre-engineering work started in the first quarter of the 2025 for conversion of the PM3 paper machine, at the integrated pulp and paper mill in Setúbal, in order to produce low-grammage flexible packaging papers, and the final investment decision for converting this machine has been taken. This project reinforces the company's strategic commitment to innovative packaging solutions, aligned with the global demand for alternatives to plastic and with the transition to biodegradable and recyclable materials. In contrast to what has been done by many competitors, this conversion of PM3 to Packaging will not prevent continued production of UWF papers using the same machine, if and when necessary. This further adds to the strategy of flexible operation of assets which Navigator has successfully pursued since the pandemic, in line with the evolution of the different markets in which it operates.

PM3 is a Valmet machine installed in 1990 and upgraded several times (1997, 2003, 2007 and 2018). With a width of 4.55m and a speed of 1,160 m/min. PM3 currently has capacity for approximately 180 thousand tons of UWF and is expected to offer outstanding performance in flexible packaging papers, thanks to being larger and highly competitive, in a market dominated by smaller, older and less efficient machines, often

not integrated with cellulose production. Conversion of this unit will enable Navigator to diversify and expand its portfolio of sustainable products, increasing its presence in the flexible packaging sector.

The projected investment for this project is around € 30 million (2025-2027), for estimated output of approximately 90-100 thousand tons, a marginal figure in comparison with the alternative of a greenfield project for a new machine, which would involve capex of around € 200 million, for capacity of 100 to 120 thousand tons.

The new operation is planned to start up at the end of the third quarter of 2026.

This conversion will enable Navigator to respond flexibly and efficiently to growing demands from the flexible packaging market, with rates of growth estimated at between 2.5% and 3% up to 2035.

The market has responded enthusiastically to Navigator's distinctive solutions based on Eucalyptus globulus pulp, as demonstrated by growth in the gKRAFT™ brand and the strong performance of gKRAFT™ low grammages for flexible packaging solutions.

In effect, Navigator is continuing to broaden its customer base, which by the end of the first quarter already numbered close to 375 active clients, in an operation 100% based on its own brand - gKraft™.

External recognition of our commitment to sustainability

Our ongoing commitment and investment in consolidating our Responsible Business has also been reflected in positive assessments from independent rating agencies.

Navigator was classified by Sustainalytics as a "2025 ESG Industry Top-Rated Company", reasserting its leadership in the forestry and paper sector. This recognition positions it in the prestigious global list of 2025 ESG Top-Rated Companies, consolidating its position as one of the world's best companies in terms of environmental, social and governance (ESG) practices.

In February 2025, Navigator was again named by CDP – Disclosure Insight Action as a leader in the fight against climate change, with an "A" rating in the CDP Climate Change questionnaire, placing us in the A-List for Climate, with continued leadership status.

OUTLOOK

The current geopolitical situation and the associated volatility is certain to be a central feature of the quarters ahead, in an increasingly unstable global environment, marked by an upsurge in protectionism and growing trading tensions between economic blocs. The increased uncertainty brought by the rising level of tariffs has brought new risks of a global slowdown, which can already be seen, as well as the risk of higher inflation, in particular in the US. The fluidity of the situation we are currently experiencing makes it particularly difficult to predict the course of demand and prices over the coming months. The ability to adapt to the new macroeconomic environment will be crucial for all businesses, and Navigator has already demonstrated its resilience in other, equally troubled market situations.

Customs Tariffs

Increased protectionism, involving application of customs duties, will directly increase costs, at the same time as bringing major changes to market dynamics.

In the Printing and Writing paper market, the United States is not currently self-sufficient and will have to continue importing some of the products it needs. The US' main trading partner in this sector is Canada, which should remain exempt from tariffs, under the USMCA (United States-Mexico-Canada Agreement). North America as a whole (US and Canada) has an overall shortfall in production of these papers, of around 220 to 400 thousand tons, meaning that it needs imports to supply its needs in addition, the third largest producer in the region recently announced the closure of its largest mill (350 thousand tons) by the end of 2025, further aggravating the structural deficit in North America.

As a result, the US' need for imports will have to continue to be met by the few countries with the capacity to supply products that meet the exacting specifications demanded by the region's market, notably a number of manufacturers in Europe and Brazil. At the same time, American producers may focus more on their domestic market, which will also open opportunities in their current export markets.

Asian manufacturers, many of which are currently subject to high anti-dumping duties, and with relatively modest sales to the US, can be expected to play only a small role in this process. This will be especially true for producers in China and Indonesia, which currently have only a small presence in the US market and will therefore not feel the need to repatriate large volumes of exports. In view of the volatility created by the trade policies of the new US administration, it is still too early to predict precisely what the total impact will be on international trade.

In view of the temporary cut in tariffs announced for Europe over the course of the second quarter, Navigator will temporarily increase its stocks in the US meaning that, if the tariffs announced in early April are reinstated, this should only affect the final quarter of the year. We nonetheless hope that negotiations between the US and Europe will be concluded with success.

It should be noted that the second quarter has started with a healthy level of apparent demand in the US, with distributors seeking to put down stocks so as to reduce the risk of shortages and disruption of the supply chain, as a result of the hike in customs tariffs. This upturn in apparent demand in the US has yet to produce a knock-on effect on apparent demand in Europe.

As is well known, the Iberian Peninsula suffered a general power cut on 28 April. Our operations were significantly affected, forcing the shutdown of almost all facilities. The net impact for Navigator was more than a day's loss of Pulp, Printing and Writing paper and Tissue production. Fortunately, through the collective efforts of our team, it was possible to maintain service levels for our customers. It should also be noted that there were no accidents, and the full safety of our employees was guaranteed.

Lisbon, 8 May 2025

Conference Call and Webcast for Analysts and Investors

Date: Tuesday, 13 May 2025

Time: 10:00 WET (Western European Time, GMT)

Link to the Conference Call webcast:

https://streamstudio.world-television.com/1076-1695-41655/en

Link for advance registration for telephone access to Conference Call:

https://grid.trustwavetechnology.com/navigator/register.html

FINANCIAL STATEMENTS

The Navigator Company, S.A. Consolidated Income Statement On March 31st 2025 and 2024

Amounts in euro	31/03/2025	31/03/2024

Revenue	529 272 692	536 410 280
Other operating income	23 122 177	18 160 518
Changes in fair value of biological assets	917 132	2 072 329
Costs of goods sold and materials consumed	(227 482 797)	(224 886 646)
Variation in production	(4 026 250)	(15 518 788)
External services and supplies	(140 818 740)	(115 015 197)
Payroll costs	(52 709 376)	(49 842 587)
Other operating expenses	(12 713 712)	(18 075 779)
Net provisions	(626 014)	-
Depreciation, amortisation and impairment losses in non-financial assets	(42 075 156)	(35 566 206)
Operating results	72 859 956	97 737 924

Financial Income	5 426 235	4 521 504
Financial expenses	(12 520 342)	(13 333 461)
Net financial results	(7 094 107)	(8 811 957)

Profit before tax	65 765 849	88 925 967

Income tax	(17 453 444)	(24 836 375)
Net profit for the period	48 312 405	64 089 592

Attributable to Navigator Company's shareholders	48 297 009	64 075 631
Attributable to non-controlling interests	15 396	13 961

The Navigator Company, S.A. Consolidated Statement of Financial Positions On March 31st and December 31st

Amounts in Euro	31/03/2025	31/12/2024

ASSETS
Non-current assets
Goodwill	422 319 309	422 627 337
Intangible assets	146 908 894	119 600 687
Property, plant and equipment	1 413 408 336	1 415 945 085
Right-of-use assets	97 581 667	98 651 166
Biological assets	115 525 650	115 250 198
Investment properties	356 989	360 170
Other financial assets		1 347 318
Receivables and other non-current assets	6 113 586	13 142 937
Deferred tax assets	55 663 105	59 110 851
	2 257 877 536	2 246 035 749
Current assets
Inventories	305 749 322	303 198 367
Receivables and other current assets	501 494 276	496 698 621
Income tax	20 621 461	20 621 461
Cash and cash equivalents	193 547 577	286 628 866
	1 021 412 636	1 107 147 315
Total assets	3 279 290 172	3 353 183 064
EQUITY AND LIABILITIES
Capital and Reserves
Share capital	500 000 000	500 000 000
Currency translation reserve	11 986 661	13 829 407
Fair value reserve	13 136 381	12 011 454
Legal reserve	100 000 000	100 000 000
Other reserve	(5 960 836)	(5 960 836)
Retained earnings	733 592 107	548 900 068
Net profit for the period	48 297 009	286 948 195
Anticipated Dividends	-	(99 999 451)
Equity attributable to navigator Company´s Shareholders	1 401 051 322	1 355 728 837
Non-controlling interests	375 743	360 347
Total Equity	1 401 427 065	1 356 089 184

Non-current liabilities
Interest-bearing liabilities	686 573 092	726 229 071
Lease liabilities	97 600 559	98 627 669
Pensions and other post-employment benefits	909 378	-
Deferred tax liabilities	135 248 063	135 938 603
Provisions	28 991 128	28 371 069
Payables and other current liabilities	116 135 968	117 161 513
	1 065 458 188	1 106 327 925
Current liabilities
Interest-bearing liabilities	167 300 175	177 748 681
Lease liabilities	13 051 047	13 109 231
Payables and other current liabilities	578 119 121	658 569 674
Income tax	53 934 576	41 338 369
	812 404 919	890 765 955
Total Liabilities	1 877 863 107	1 997 093 880
Total Equity and Liabilities	3 279 290 172	3 353 183 064