The Navigator Company has officially approved a final investment decision to install a new state-of-the-art tissue paper production machine at its Aveiro industrial complex.

This €115 million project marks a significant acceleration of the Group’s strategic transformation as it diversifies its business model beyond traditional printing and writing paper.

The new machine will have an annual production capacity of 70,000 tons, specifically designed to supply the Group’s converting operations in the United Kingdom. Operation is scheduled to begin in March 2028, with the investment spread over three years: €48 million in 2026, €53 million in 2027, and €14 million in 2028. The project will also benefit from support under the "Portugal 2030" program.

This move follows a decade of growth where the Tissue segment has evolved from representing 5% of Navigator's turnover to approximately 25% today. Currently, Navigator possesses an annual tissue production capacity of 165,000 tons and a converting capacity of 310,000 tons.

The investment announcement comes alongside the company's 2025 financial results, which showed resilience during a historically challenging year for the global pulp and paper industry.

• Key Results: The company closed 2025 with a total turnover of €1,970 million and an EBITDA of €376 million (19% margin). Net profit reached €145 million.
• Diversification Success: The Tissue and Packaging segments now contribute nearly 33% of the total EBITDA (€122 million), acting as a crucial buffer against the sharp decline in international pulp and paper prices.
• Pulp Market Challenges: 2025 saw some of the lowest real prices ever recorded for pulp due to global overcapacity (particularly in China) and weak demand in Europe and North America.

Despite a difficult 2025, Navigator enters 2026 with signs of a market recovery already underway.

• Price Increases: Pulp prices have rebounded by approximately 10% in China and 16% in Europe compared to the fourth quarter of 2025. Navigator also announced price increases for printing and writing paper of 5-8% in Europe.
• Global Supply Constraints: Recent natural disasters and the revocation of forest licenses in Indonesia are expected to limit global wood availability, further supporting the upward trajectory of prices.
• Operational Resilience: Although extreme weather in Portugal briefly interrupted operations at the Figueira da Foz and Vila Velha de Ródão plants in early 2026, production resumed fully within a few days.

Navigator remains a global leader in environmental performance, with 60% of its €210 million total investment in 2025 dedicated to environmental and sustainability projects.

• Decarbonization: The company aims to decarbonize its industrial complexes by 2035—15 years ahead of national targets. In 2026, direct CO2 emissions are expected to be 60% lower than 2018 levels.
• Recognition: The company maintains an "A" rating from the CDP for both Climate and Forest management, a distinction held by only 2% of evaluated companies globally.

By reinforcing its focus on high-growth segments like Tissue and Packaging, The Navigator Company continues to strengthen its competitive position and long-term sustainability in the global market.