Interim report
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Interim Results First Nine Months 2026
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2026 FIRST NINE MONTHS INTERIM RESULTS 1 | 24 THE NAVIGATOR COMPANY PERFORMANCE IN 3RD QUARTER 2026 ....................................................................................................... 2 Analysis 3rd Quarter (vs. Q2 2026 and vs. Q3 2025) ................................................................................. 2 First 9 Months of 2026 vs. 9 Months 2025 ............................................................................................... 4 ANALYSIS OF RESULTS ............................................................................................................................ 5 The Printing and Writing paper industry .................................................................................................. 5 Tissue business continues on trajectory of growth .................................................................................... 7 Packaging - From Fossil to Forest – investment in sustainability, innovation and change ............................... 9 Pulp Market ....................................................................................................................................... 10 Strategic transformation builds for the future, with temporary impact on EBITDA ....................................... 12 Financial Results ................................................................................................................................ 13 Free cash flow generation of €19 million ............................................................................................... 13 Sustainable Financial Management ....................................................................................................... 13 Capital expenditure of € 174 million ..................................................................................................... 15 From Forest to the Future ...................................................................................................................... 16 OUTLOOK ............................................................................................................................................ 18 FINANCIAL STATEMENTS ....................................................................................................................... 21
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2026 FIRST NINE MONTHS INTERIM RESULTS 2 | 24 PERFORMANCE IN 3RD QUARTER 2026 The international economy remains under pressure from worsening geopolitical tensions in the Middle East, in an environment marked by volatility and uncertainty. This situation has had an impact on energy markets and on the dynamic of global supply chains, with repercussions for logistical flows and the respective costs. In addition to the challenges posed by the international economic environment, Navigator has also faced operational constraints which have affected the availability of output throughout the year . With stocks starting 2026 at low levels, as a result of efforts to maximise sales in late 2025, the availability of Pulp and Paper was further constrained by the storms experienced in Portugal in the 1st quarter and then by planned maintenance shutdowns in the 2nd and 3rd quarters, limiting the headroom for growth in sales. Navigator is currently nearing the end of a large -scale strategic investment drive, strengthening the foundations for a new phase of sustainable growth and value creation. The integration of new technologies and several industrial projects at the pulp units, in particular under the aegis of the Recovery and Resilience Plan (RRP), has entailed a longer than normal transitional period of operational adaptation. However, these capital projects should translate into productivity gains, improved efficiency in the use of resources and stronger environmental performance, helping to make the Company more competitive in the medium and long term. In parallel to this, cost optimisation and streamlining of processes have continued to generate consistent results, boosting operational efficiency and the Group’s profitability, without compromising the high quality standards prized by its clients. Business diversification continues to function as one of the central planks in the Group’s strategy for resilience and value creation. The Tissue segment already accounts for a quarter of turnover, whilst the Packaging business topped 6% of sales in the pe riod, reflecting progress in our plans for diversification and development of new launchpads for growth. Another important achievement in this context was the completion of conversion work on the paper machine (PM3) in Setúbal, a structurally important project which has equipped the unit with cutting edge technology and thereby boosted the Company’s operational flexibility, energy efficiency and the competitiveness of its industrial plant. The new PM3 will enable production of high -performance, low grammage paper for flexible packaging applications, in alignment with growing demands from international markets on issues of sustainability, functionality and performance, without forfeiting the flexibility for printing and writing paper, whenever necessary. This project has strengthened Navigator's positioning in segments with greater value added and will enable it to seize new opportunities for growth, sustained by a forward -looking pathway to development offering greater diversification and resilience. Analysis 3rd Quarter (vs. Q2 2026 and vs. Q3 2025) • Navigator recorded turnover of € 465 million (+5% on Q2 2026; -1% on Q3 2025); • EBITDA stood at € 69 million ( -12% on Q2 2026; -18% on Q3 2025), reflected in an EBITDA margin of 15% (down 3 pp on Q2 2026 and vs. Q3 2025); Business in the quarter was constrained by lengthy planned shutdown of the Figueira da Foz mill during July in order to conduct a time -consuming process of chemic al cleaning of the recovery boiler, for the first time since it started up, and several operational improvements; and also by the impact of conversion work on PM3 in Setúbal, which required production to be halted for around half the quarter;
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2026 FIRST NINE MONTHS INTERIM RESULTS 3 | 24 • Sales (in tons) of Printing & Writing and Packaging Paper were up by 2% in relation to Q2 and in line with Q3 2025. Sales outstripped output in the quarter, and September closed with stocks approximately 25% below the historical average for the time of year; The shutdown in Figueira da Foz in July, as well as the stoppage of PM3, in August and September, for conversion to producing lightweight packaging papers, were temporary constraints on output during the quarter. • In a European market where demand remained challenging, Navigator maintained firm commercial discipline and again raised its prices above market levels. In the third quarter, the premium over the PIX A4 Copy B benchmark index reached 5 per cent, standing at historically high levels; • The volume of Tissue sales, in tons, was up by 2% over Q2. In relation to Q3 2025, sales were down by 6%, in a context of fiercer competition, especially in the United Kingdom, and disciplined management of margins. Work proceeded at the same time on plans to transform the Company’s industrial base in that country, designed to achieve structural improvements in the efficiency and competitiveness of the operation, by optimising locations, assets and costs. The project is currently at the most challenging pha se of implementation, and is planned for completion at the end of the 1st half of next year; • Packaging business continued on a positive trajectory in the 3 rd quarter; Despite a slight drop of around 3% in the sales volume, in tons, in relation to the preceding quarter, due in part to the conversion of PM3, sales were up by 33% on the same period in 2025. In September, prices rose to their highest since June 20 23, reflecting the success of the commercial strategy. Growth in business continues to be supported by the growing reputation enjoyed by papers based on Eucalyptus globulus, particularly for lightweight flexible packaging; • In pulp, the sales volume was up by 76% on the 2nd quarter, benefiting from the replenishment of stock levels after the planned shutdowns at the Setúbal and Aveiro mills in the previous quarter. Year -on-year, the sales volume was down by 13%, reflecting the impact of the planned shutdown at the Figueira d a Foz unit in July. In the Energy segment, output has been increasingly allocated to internal consumption, meaning that external sales have declined in relevance. In view of this situation, and the close operational connection between the two divisions, the Energy Segment has been merged into the Pulp segment. LEADING INDICATORS 1. Operating profits + depreciation + provisions 2. Variation net debt + dividends + purchase of own shares 3. Interest-bearing liabilities - liquid assets (not including effect of IFRS 16) 4. 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 of IFRS 16: Net Debt / EBITDA of 3.13; Net Debt / EBITDA (9M 2025) of 2.11; 8. Variation in figures not rounded up/down Q3 Q2 Change (8) Q3 Change (8) Million euros 2026 2026 Q3 26/Q2 26 2025 Q3 26/Q3 25 Total sales 464.7 441.9 5.2% 470.2 -1.2% EBITDA (1) 68.9 78.5 -12.3% 83.9 -17.9% Operating profits 24.3 35.9 -32.2% 36.6 -33.6% Financial results - 7.4 - 5.1 -44.2% - 8.2 9.8% Net earnings 16.2 31.9 -49.1% 33.1 -51.0% Cash flow 60.8 74.6 - 13.8 80.4 - 19.6 Free Cash Flow (2) 8.2 - 17.8 26.0 - 18.9 27.0 Capex 46.6 85.0 - 38.4 66.0 - 19.4 Net Debt (3) 765.0 693.2 71.8 769.6 - 4.6 EBITDA/Sales (%) 14.8% 17.8% -3.0 pp 17.8% -3.0 pp ROCE (4) 4.5% 6.8% -2.3 pp 7.1% -2.6 pp ROE (5) 4.6% 9.1% -4.5 pp 9.7% -5.1 pp Equity ratio 42.4% 41.3% 1.1 pp 43.9% -1.5 pp Net Debt/EBITDA (6)(7) 2.66 2.29 0.37 1.85 0.81
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2026 FIRST NINE MONTHS INTERIM RESULTS 4 | 24 First 9 Months of 2026 vs. 9 Months 2025 • Turnover totalled € 1,333 million (down 10% on 9M 2025); EBITDA stood at € 212 million (down 29% on 9M 2025), resulting in an EBITDA margin of 16% (down 4.2 pp on 9M 2025). Performance in the first nine months was impacted by the disruption resulting from the extreme weather conditions experienced in the 1 st quarter and the scheduled maintenance shutdowns in the 2 nd quarter in Setúbal and Aveiro and in the 3 rd quarter in Figueira da Foz, which we leveraged to accelerate our technological and decarbonisation transition, successfully integrating new industrial innovation projects enabled by our recent capex drive. These temporary constraints affected the available volumes of Pulp and Paper and led to a non-recurrent increase in fossil fuel consumption, in particular natural gas, with a direct impact on costs, due to both increased consumption and higher prices, and to the need to purchase additional CO₂ allowances; • Capex stood at € 174 million (+9% on 9M 2025), highlighting Navigator’s continued focus on decarbonisation projects, environmental performance, operational reliability and efficiency. At the same time, work progressed further on capital projects under the RRP, in line with the objecti ves set, and investment also started in the new Tissue machine in Aveiro; • At 30 September 2026, net debt stood at € 765 million (excluding the effect of IFRS 16), up by € 61 million on December, despite a dividend payout of € 80 million and the volume of capital expenditure, which totalled € 174 million. The Net Debt / EBITDA ratio stood at 2.66x, due exclusively to lower EBITDA in the period. LEADING INDICATORS 1. Operating profits + depreciation + provisions 2. Variation net debt + dividends + purchase of own shares 3. Interest-bearing liabilities - liquid assets (not including effect of IFRS 16) 4. 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 of IFRS 16: Net Debt / EBITDA of 3.13; Net Debt / EBITDA (9M 2025) of 2.11; 8. Variation in figures not rounded up/down 9M 9M Change (8) Million euros 2026 2025 9M 26/ 9M 25 Total Sales 1 333.3 1 489.3 -10.5% EBITDA (1) 212.2 300.2 -29.3% Operating Profits (EBIT) 83.1 174.0 -52.3% Financial Results - 20.0 - 22.2 9.9% Net Earnings 65.4 118.3 -44.8% Cash Flow 194.5 244.6 - 50.1 Free Cash Flow (2) 18.6 22.7 - 4.2 Capex 173.9 159.6 14.3 Net Debt (3) 765.0 769.6 - 4.6 EBITDA/Sales 15.9% 20.2% -4.2 pp ROCE (4) 5.1% 11.2% -6.1 pp ROE (5) 6.1% 11.5% -5.4 pp Equity Ratio 42.4% 43.9% -1.5 pp Net Debt/EBITDA (6)(7) 2.66 1.85 0.81
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2026 FIRST NINE MONTHS INTERIM RESULTS 5 | 24 ANALYSIS OF RESULTS (9M 2026 vs. 9M 2025) The diversification strategy we have been implementing continues to deliver strong and consistent results, with the Tissue and Packaging segments already accounting for 30% of turnover and around a third of Group EBITDA. Energy sales have declined in importance to the group at the same time as generation for internal consumption has risen, making Navigator more competitive in its power purchases. There has therefore been a significant structural reduction in the contribution made by the energy segment to turnover and this resulted in the decision to incorporate the Energy segment into the Pulp segment, reflecting the high level of operational and strategic interdependence, and also the close business match between the two segments. The Printing and Writing paper industry Apparent global demand for Printing and Writing paper edged up by 0.2% in the months up to August, with UWF growing by 0.4%, in contrast to a reduction of 0.3% in demand for coated papers (Coated Woodfree – CWF). Demand for paper produced from mechanical pulp (coated and uncoated) dropped by 0.4%. Global Printing & Writing Demand 2026 (Mt) Source: PPPC, YtD August Paper 57% (vs. 57%) Tissue 24% (vs. 25%) Pulp 13% (vs. 14%) Packaging 6% (vs.4%) Turnover €1,333M 45.8 Mt 29.8 Mt 8.6 Mt 3.7 Mt 3.8 Mt P&W UWF CWF UME CME YoY (%) +0.2% +0.4% -0.3% +1.3% -2.0%
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2026 FIRST NINE MONTHS INTERIM RESULTS 6 | 24 In Europe, apparent demand for uncoated printing and writing paper (UWF) was down YoY by 2% YtD September, confirming that the pace of market contraction has slowed. In a context of growing imports, deliveries by European manufacturers to the internal market were down by 4.7%, reflecting an industry increasingly oriented to export markets. Even so, stocks at producers remained below the levels recorded in the same period in 2025 and the historical average, whilst order books showed an improvement on both corresponding benchmarks. Another factor here is the retirement of capacity due to a production closure announced by a leading manufacturer in December 2025, with an estimated annual impact of approximately 185 thousand tons of UWF. In the United States, apparent consumption contracted more sharply YoY, down 3% YtD August. This drop is thought to owe more to supply -side restrictions, than to a real fall in actual consumption. Further annual UWF capacity of approximately 320 thousand tons was retired during the second quarter, to be added to the 350 thousand tons of annual capacity retired in August 2025. Since the start of the anti-dumping proceedings, in 2015, the US market has recorded an accumulated reduction in capacity estimated at around 4.1 million tons, equivalent to 51% of the capacity existing that year and average retirement of approximately 374 thousand tons each year between 2015 and 2026. At the same time, total imports rose by more than 18 per cent to ensure the market was supplied. The trend in these two indicators shows that the measures adopted not only failed to prevent a decline in domestic production capacity, but also did not reduce the need to rely on imports, highlighting their ineffectiveness in protecting US industry. In the first 9 months of 2026, the operating rate (OR) in the European UWF industry (measured as output as a proportion of rated capacity) stood at 82%, still at low levels. Navigator recorded an operating rate of 89%, 7pp above the industry average. At the end of September, the benchmark index for office paper prices in Europe - PIX A4 B-copy – stood at 956 €/t (vs. 927 €/t at the start of January). Since the start of the year, the index has edged up by around 3%. Price increases led by Navigator in January, April and June continued to push the market’s benchmark index upwards. In the 3 rd quarter, the price index averaged 948 €/t, up by 14 €/t on the previous quarter. Despite a context marked by lower operating rates in the industry and the slackest season for consumption in Europe, market prices continued to recover. This meant that Navigator’s average UWF prices remained on an upward trajectory during the first 9 months of 2026, and average prices in September were up 81 euros on those recorded in December, an increase of close to 10%. Performance was strongest in the premium cut-size segment in Europe, where prices were 29% higher than the market index during the quarter in question. This all -time high in prices reflects our brand’s strength and excellent positioning in European markets, where we estimate a market share of 75% in the premium segment. In a fiercely competitive European market under growing pressure from Asian imports, the differentiation of our portfolio has been a key factor in our success. Mill brands accounted for 70% of sales in the year, whilst the share of premium products remains high, at 50% , helping to boost the resilience of Navigator’s results in more challenging market contexts. Paper and Packaging sales totalled 917 thousand tons in the first 9 months. It should be noted that the sales volume outstripped production, and Navigator closed the 3rd quarter with historically low stock levels for the time of year, 25% below the average since 2016. During the quarter, the allocation of output to either paper or packaging benefited from operational flexibility, reflecting the shutdown of the PM3 paper m achine as part of the project to convert it to production of low grammages.
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2026 FIRST NINE MONTHS INTERIM RESULTS 7 | 24 Tissue business continues on trajectory of growth The European Tissue market remains resilient, even in a very challenging economic environment. YtD July (the latest available data), European Tissue demand was up by 0.2% YoY, in line with rate of growth recorded last year (+0.3%) and reflecting the underlying stability of the market. In the first 9 months of 2026, Navigator's Tissue sales (finished products and reels) totalled 160 thousand tons. Performance reflected a more fiercely competitive environment, above all in the United Kingdom, and more disciplined management of margins, al ongside implementation of a programme of industrial transformation designed to bring structural improvements to the efficiency and competitiveness of the operation in that country. The programme entails optimisation of the production structure and of costs , as well as tighter commercial discipline in the allocation of output; the project is currently at the most challenging phase of implementation, and is planned for completion at the end of the first half of next year. Execution has proceeded without disruption to customer service, alongside reorganisation of locations, transfer and installation of plant, and reshaping of the teams needed for the new industrial model. The Tissue segment combines two operations based on distinct models: the Iberian operation is integrated, entailing both paper production (in Aveiro it even includes pulp production) and converting into finished products. In contrast, the operation in the United Kingdom is centred exclusively on converting into finished products, meaning that there is no margin from paper production. This means that the operating margin for our business in the UK is structurally lower as the company is engaged exclusively in converting. It was with the aim of mitigating this differential in margins and optimising the profitability of this operation that we have gone ahead with the capex project for a new machine in Aveiro, for which preparatory work is already in progress, w ith start -up scheduled for 2028. Tissue business sales outside Portugal accounted for 79% of the total volume of sales in the first 9 months of 2026 (vs. 54% in 2022, prior to integration of Tissue Ejea and Tissue UK). The Spanish market took the largest share, with 33% of sales, followed by the United Kingdom, with 28%, and France, which accounted for 16% of sales. Acquisitions of production units in Spain (2023) and the United Kingdom (2024) have enabled us to balance our geographical mix, bringing greater resilience to our business, which has focused essentially on finished products (98% of total sales). In terms o f client segment stratification, At Home or Consumer (retail) business has grown in importance, currently accounting for around 84% of sales, whilst the Away-from-home segment (wholesalers - Horeca channel and offices) accounts for the remaining 16%. Tissue Sales First 9 Months of 2026 (vs. 9M 2025) Finished Product 98% (vs. 98%) Reels 2% (vs. 2%) Type At Home 84% (vs. 82%) Away from Home 16% (vs. 18%) Segment Spain 33% (31%) United Kingdom 28% (33%) Portugal 21% (21%) France 16% (15%) Others 2% (2%) Geography
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2026 FIRST NINE MONTHS INTERIM RESULTS 8 | 24 In the course of the first 9 months of the year, Navigator further extended its portfolio on the basis of its strategic strengths: operational excellence, premium quality, innovation and sustainability Navigator has succeeded in consolidating its differentiation strategy in the Iberian Tissue market with the commercial development of a new product range under the Don Limpio brand in Spain, commercial launch of the Mr Propre range in France, manufactured and marketed under license from P&G (Procter & Gamble ). These initiatives have expanded the partnership originally forged with Flash in the United Kingdom and represent further investment in high quality products under brands which enjoy excellent awareness. This is a further instance of the Group investing in more highly differentiated premium value propositions and in greater proximity to its end consumers. Developed for daily use in the home, the new line combines performance, versatility and efficiency. The launch of the new Amoos Selection range this quarter has stepped up our commitment to the circular economy, offering a distinctive proposition in the Tissue category which combines performance, circularity and high safety standards. Our proprietary technology, Hybrid Recycled Soft™, lies at the heart of this innovation, based on a formulation developed by Navigator combining 50% virgin fibre with 50% carefully selected recycled fibres. The result is a range designed to meet requirements of softness, strength and absorption, whilst also promoting circular use of resources. In the kitchen roll portfolio, the launch of Amoos Boom , a new single roll solution that combines absorption, strength and performance in a compact format, designed to respond to everyday domestic consumer needs. This product has been launched in a segment of significant weight in Iberian markets, driven by de mand for practical, functional and affordable solutions. This type of product has also been gaining ground in France and other international markets, in certain channels. With Amoos Boom, Navigator has expanded its presence in the category with a competitive proposition that benefits from the quality of Eucalyptus globulus fibres, combining performance, convenience and alignment with the latest consumer trends. These developments follow up on the innovations launched in the 1 st half, notably Amoos Pure, equipped with Clear Odor ™ technology, designed to help neutralise bathroom odours, and Amoos Fresh , with Air Sense ™ technology, offering gradual fragrance release through microencapsulation without using microplastics. This series of launches has strengthened the Company’s position as a byword for innovation in the Tissue segment, by providing distinctive solutions that bring the consumer added value, making its premium offering more attractive in the context of an increasingly tough and competitive market.
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2026 FIRST NINE MONTHS INTERIM RESULTS 9 | 24 Packaging - From Fossil to Forest – investment in sustainability, innovation and change The European market in Machine Glazed (MG) and Machine Finished (MF) kraft papers remains buoyant, with growth of 7% YoY (CEPI Eurokraft August). Navigator’s turnover from Packaging stood at € 82 million in the first 9 months of 2026, on the strength of growth in sales in tons of 44%, thanks to increased penetration in lightweight (low grammage) segments. Expansion of the customer base continues to underpin the future growth of the business, with 254 active clients and 50 new customers who placed their first order during the first 9 months of the year, demonstrating the Company’s ability to penetrate new markets and applications. At present, 67% of our sales are in Europe and the remaining 33% on overseas markets – the Americas and MENA (Middle East and North Africa). The fastest growing line is FLEX - Flexible Packaging. The top performers were low grammage food and non-food packaging solutions, which are strategic priority areas for expanding our business, together with release liners for feminine hygiene and personal care markets, made exclusively from eucalyptus fibre. These strategic segments benefit in particular from the use of lightweight papers, where Eucalyptus globulus offers significant competitive advantages, both economically and technically. Navigator has accordingly continued to broaden its customer base in an operation 100% based on its own brand - gKRAFT™. Our packaging paper offering is based on three gKRAFT™ segments: BAG, FLEX and BOX. The innovative introduction of the properties of eucalyptus fibre in these products has been crucial in securing broad acceptance and recognition in the market. MOLDED FIBRE PRODUCTS (Food packaging and food service segments) CORRUGATED & SOLID BOARD (Boxes and trays for agriculture, industry, retail, take-away and e- commerce) BAGS (Retail, food & filling industries, etc.) FLEXIBLE PACKAGING (Packs, pouches, food take-away, envelopes, release liners, etc.)
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2026 FIRST NINE MONTHS INTERIM RESULTS 10 | 24 Pulp Market After the strong pressure recorded in 2025, marked by a sharp drop in pulp prices in China from April onwards, which then spread to Europe, the pulp market started to turn around in August that year and then rose to 1.410 USD/t at the start of July 2026. This quarter, the pulp market showed signs of adjustment in China up to August, and then turned around and presented a recovery, supported by the delay in the start -up of an Asian producer and disruption to the wood supply resulting from adverse climate phenomena and the cancellation of several timber concessions held by major local exporters in Indonesia due to deforestation practices, together with the higher cost of imported woodchips. No structural change is expected in these areas in the months ahead. In Europe, the benchmark price reached its highest point at the start of the quarter, and then gradually adjusted downwards until the end of September. Despite this recent adjustment, prices remained significantly higher than those observed at the start of the year. The benchmark index for hardwood fibre (PIX BHKP in dollars), ended the first 9 months of 2026 at 1,310 USD/t in Europe, up around 18% on the first week of 2026, whilst in China the benchmark price ended the period at 584 USD/t, reflecting a more moderate increase of approximately 4%. During the first 9 Months of 2026, prices in both regions rallied, despite the temporary inversion of the cycle observed in the 3rd quarter. The persistence of downtimes and greater restrictions on supply helped sustain the recovery in pulp prices. In addition, the supply of BHKP (Bleached Hardwood Kraft Pulp) was limited by the strategic decision by certain swing producers to convert their production lines to dissolving pulp, in particular in Latin America. In Europe, the market dynamic was influenced by stock levels at ports down from those recorded in 2025 and lower than the average for the past five years. At the same time, tensions in world trade, related to the application of customs tariffs and geopolitical uncertainty, have resulted in continued volatility in the global pulp market. We may point, in particular, to the impact of the conflict in the Middle East, which has pushed up production costs, in particular the costs of energy, chemicals and logistics. This situation has exerted inflationary pressure on final pulp prices. Global demand for market hardwood pulp, YtD August, fell back by 3% in relation to the same period in 2025. China recorded a reduction of 4%, reflecting above all a process of destocking, above all in the first half of the year, after a high level of purchases in 2025. There are clear signs that th e restocking process got under way during the 3 rd quarter. In contrast, Europe presented growth of 1%, insufficient to offset the weakness in other regions. Significantly, eucalyptus fibre - in which our Cacia mill was the global pioneer, first using the kraft process to develop market pulp in 1956 - has continued to gain ground in relation to long fibre, due to the latter being less competitive and to the tec hnological advances achieved both in papermaking machinery and in the quality of eucalyptus hardwood fibre - for which Navigator is the global benchmark.
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2026 FIRST NINE MONTHS INTERIM RESULTS 11 | 24 Global Pulp Demand (Mt) -3% -3% -4% -2% -4% -9% -1% +1% +2% Source: PPPC, August (2026 vs. 2025) In the first 9 months of 2026, sales of Navigator pulp totalled 189 thousand tons, reflecting decreased availability of pulp for the market in the early months of the year, and also the planned shutdowns at the Setúbal and Aveiro pulp mills in the 2nd quar ter and at the Figueira da Foz mill in the 3rd quarter. Turnover in the Pulp segment (including Energy) was down YoY, on a comparable basis, due to lower pulp prices and the reduction in energy sales, as a result of some units switching to generation for internal consumption. 49% 48% 78% 78% 46.1 Mt 44.8 Mt 28.7 Mt 27.7 Mt 22.5 Mt 21.6 Mt 2025 2026 2025 2026 2025 2026 BCP HW EUCA %EUCA 18.6 12.4 9.7 18.2 11.9 8.9 2025 2026 2025 2026 2025 2026 BCP HW EUCA China 10.5 6.4 5.4 10.4 6.4 5.5 2025 2026 2025 2026 2025 2026 BCP HW EUCA Europe
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2026 FIRST NINE MONTHS INTERIM RESULTS 12 | 24 Strategic transformation builds for the future, with temporary impact on EBITDA Performance over the period was influenced in part by non -recurrent operational factors, related to the extreme weather experienced in Portugal, which occasionally hampered access to water and energy in the 1st quarter, and to the longer -than-usual schedul ed maintenance shutdowns at all mills. The planned shutdowns offered an opportunity to integrate new industrial innovations resulting from recent strategic capex projects. Alongside this, Navigator has largely completed a strategic capex programme, driven by projects under the aegis of the RRP. Implementing these large -scale, technically sophisticated initiatives presupposes an operational and technological adjustment curve. As in any industrial modernisation process, this period of transition and the stabilisation testing for the new equipment have been temporarily reflected in output figures, a scenario which has coincided with price volatility and, non-recurrently, with con sumption of natural gas. However, these capex projects are laying the essential foundations for ensuring substantial efficiency gains, reduced dependence on resources and improved medium and long term resilience. Navigator is implementing a strategic vision of the future, ensuring a sound and sustainable basis for its global operations in the long term. Results reflect a challenging economic and market environment, as well as a significant increase in energy and logistical costs, on top of the temporary operational constraints mentioned. The Company’s ongoing efficiency and optimisation plan has again pointed to our ability to achieve results, bringing concrete and measurable benefits. The gains achieved have made it possible to offset a significant portion of the additional costs of logis tics, raw materials , energy and maintenance, helping to protect returns in a context of severe inflationary pressure. Based on a culture of continuous improvement, the Company has pressed ahead with implementing initiatives for optimising processes, for industrial innovation and product engineering, with a direct impact on operational efficiency and structural reduction of the cost base. This approach is making our business more resilient and our operations more competitive, thus boosting our capacity to generate value on a sustainable basis. In this context, Navigator recorded EBITDA of € 212 million in the first 9 months (vs. € 300 million in the same period in 2025), with an EBITDA margin of 16% (down 4.2 pp year-on-year).
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2026 FIRST NINE MONTHS INTERIM RESULTS 13 | 24 Financial Results The Group recorded a financial loss of € 20.0 million in the first 9 months of the year, representing an improvement over the figure of € 22.2 million recorded in the same period in the previous year. This improvement can be attributed above all to recogni tion of interest payable by the tax authorities of € 1.9 million and net foreign exchange income of € 2.0 million, factors which more than compensated for the increase of € 0.9 million in net financing costs, due to the rise in market indices over the period, recording an increase of approximately 100 bps in September 2026 in relation to the same period in the previous year. The increased loss from financing operations was the result of the higher cost of borrowing in relation to the same period in 2025, combined with lower returns on short term investments, due to the reduction in the funds invested. Average debt was down by € 16 million (average of € 8 60 million in 2026 vs. average of € 876 million in 2025), and the average cost of borrowing was up 40 bps to 3.0%, in relation to the same period in 2025. This rising cost can be traced to the evolution of market ind ices over the period, which impacted the proportion of borrowing subject to a variable rate, approximately 43% of total Navigator debt at 30 September. It should be noted that new financing operations contracted over the period contributed to the average debt maturity presented at 30 September of approximately 5 years. Pre-tax profits totalled € 63 million (vs. € 152 million in the same period in 2025). Corporation tax for the period showed a surplus of €2 million, reflecting the reversal of tax provisions, as a result of administrative and court decisions, the closure of inspection procedures and, above all, the reduction in Pre -Tax Profits (PTP). Net income accordingly stood at € 65 million (vs. € 118 million in the same period in 2025). Free cash flow generation of €19 million In the first 9 months of 2026, free cash flow generation stood at € 19 million (compared to € 23 million in the same period in 2025). As was to be expected, cash flow generation was brought down significantly by the high level of capital expenditure in the period, which stood at € 174 million. The most significant investment cycle associated with the RRP has now been completed. Eligible investments under the RRP benefited from investment support of more than € 106 million. To date, Navigator has received RRP incentives totalling approximately € 92 million, of which € 13 million in the first 9 months of 2026. Sustainable Financial Management At 30 September, net debt stood at € 765 million, up by € 61 million on December, despite a dividend payout of € 80 million and the volume of capital expenditure in the period, which totalled € 174 million. The Interest Bearing Net Debt/EBITDA ratio stood at 2.66x, again underlining the financial strength enjoyed by the Group, with an average debt maturity of 5 years. Navigator has € 323 million in long term facilities, available and unused. Average debt maturity therefore remains appropriate, with rationally staggered repayments, 95% of total debt contracted and used on terms tied to sustainability and 57% of total debt issued at a fixed rate, either directly or through interest-rate hedging instruments.
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2026 FIRST NINE MONTHS INTERIM RESULTS 14 | 24 Debt Profile Total debt: € 912 M Average maturity: 5 years Liquidity = Cash € 147 M + Long term committed unused credit facilities € 323 M Within the framework of a sound financial policy, we continued to actively manage our funding structure, with a focus on extending maturities, maintaining adequate levels of liquidity and increasingly linking the cost of debt to the Company’s sustainable development criteria. In this context, during the period, debt amounting to €58 million was repaid and our financing capacity was strengthened through the arrangement of new credit facilities intended to replace maturing debt. In the 1 st quarter, the company contracted a total of € 135 million - as yet unused - in Sustainability-Linked commercial paper, with a placement guarantee and total maturities of between 5 and 7 years. A Sustainability - Linked commercial paper facility of € 35 million, maturing in 7 years, was also contracted and used. In the 2nd quarter, Navigator issued Sustainability-Linked bonds, “Navigator 2026-2033 SLB”, with a value of € 50 million, maturing in 7 years. In the 3 rd quarter of 2026, a first tranche of € 40 million was issued by the EIB, after being contracted in 2025, maturing in July 2038. A second tranche of the same value, contracted in the 1 st quarter of 2026, is still awaiting issue, making a total loan of € 80 million. This loan was intended to finance a series of projects geared to accelerating Navigator's decarbonisation plan, which have since been implemented. In addition, Navigator has contracted a short term ESG -linked facility in order to substitute another for a sum of around € 20 million, stepping up the Group’s commitment to the sustainability goals disclosed in the Sustainability- Linked Finance Framework. A short term facility of £ 17 million was also contracted in order to support treasury operations in the United Kingdom, of which approximately £ 2.7 million has been used. 470M 15M 31M 23M 68M 70M 311M 246M 148M Liquidity dec. 26 dec. 27 dec. 28 dec. 29 dec. 30 dec. 31 dec. 32 33-37 Sustainable 3.0% Average cost of debt issued (Sep. 26) 57% Fixed interest rate 95% Of total debt issued tied to ESG targets
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2026 FIRST NINE MONTHS INTERIM RESULTS 15 | 24 Capital expenditure of € 174 million In the first nine months, capital expenditure totalled € 174 million (compared to € 160 million in 9M 2025), of which approximately € 83 million (48% of total capex) corresponds to value -creating environmental or sustainability investment. This sum includes mostly projects aimed at decarbonisation, environmental performance, maintaining production capacity and modernising plant with a view to efficiency gains. It also includes structural and safety projects with a significant impact on the future reduction of variable costs. Execution of all the projects under the Recovery and Resilience Plan (RRP) is largely complete, strictly honouring the commitments made to the Portuguese authorities. In line with this modernisation drive, the new oxygen delignification system started up at the Setúbal Industrial Complex in the 2 nd quarter. This project represents capital outlay of more than € 40 million and will bring a significant improvement to operational performance at the existing pulp mill, permitting a reduction in consumption of chemicals in the bleaching process and improved effluent quality. Work was also completed in the 3 rd quarter on the conversion of the PM3 paper machine in Setúbal, a strategic project that incorporates cutting edge technology, boosting energy efficiency, product quality and industrial flexibility. The new configuration is geared to production of high val ue-added papers for flexible packaging solutions, a segment currently benefited by structural trends in both sustainability and functionality. The start-up curve continues to progress as planned, enabling Navigator to expand its capacity to respond to mark et needs thanks to greater flexibility in production of lightweight packaging papers and certain UWF ranges. As part of the strategy for growth, preparatory work has gone ahead on installing a new Tissue machine at the Aveiro industrial complex, with annual production capacity of 70,000 tons. The new capacity is designed to supply the operation in the United King dom and to boost industrial integration, considering that the converting unit in that country, currently without its own reels production operation, has capacity for processing more than 100,000 tons a year. Due to come online in 2028, investment will total around € 115 million, and will benefit from support under the Portugal 2030 programme.
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2026 FIRST NINE MONTHS INTERIM RESULTS 16 | 24 From Forest to the Future Execution of RRP accelerates decarbonisation, boosts industrial efficiency and drives new bioproducts Navigator’s participation in 90 projects supported by the Recovery and Resilience Plan (RRP) has been an important catalyst for industrial change in the Company, speeding up the decarbonisation of operations, promoting efficiency gains and driving both inn ovation and portfolio diversification. These projects have contributed to a reduction of approximately 300 thousand tons of CO₂ in emissions from the Company’s industrial complexes. The overall achievements of the projects were presented at a closing ceremony held at the Setúbal Industrial Complex, on 21 September. The six main decarbonisation projects, undertaken at the Setúbal, Figueira da Foz, Aveiro and Vila Velha de Ródão complexes, represent capital expenditure of approximately 193 million euros, of which 76 million has been co - financed by the RRP. These investments have enabled us to cut consumption of fossil fuels, to increase production of renewable energy for internal consumption and to improve operational efficiency, at the same time as making the Company more competitive. Navigator has made good progress on its decarbonisation roadmap, and in 2027, with the contribution of the projects then finished, it is expected to achieve a reduction of 54%, equivalent to 415 thousand tons of CO₂, which represents approximately two thirds of the target set for 2035, achieved in around half the time horizon originally established. This has been sustained by accumulated investment of € 352 million in decarbonisation initiatives. Alongside this, new biomass and electrification projects are under assessment for 202 7-2035, with the potential for additional cuts to emissions of approximately 251 thousand tons of CO₂. In addition to their environmental impact, these capital projects are strategically important to the Company's ability to compete. Reduced exposure to the volatility of energy markets and the respective costs, combined with the improved efficiency of produ ction processes, will boost Navigator's operational resilience and its capacity to compete in an export market which is highly demanding on an international scale. Innovation was another central element in Navigator's involvement in the RRP, most notably under the Mobilising Agenda “From Fossil to Forest”, which brought together more than 20 partners on a capital project worth close to 94 million euros. This initiati ve has enabled Navigator to develop and validate a broad range of cellulose -based solutions, including packaging materials, functional papers, biocomposites, sensors in paper and moulded cellulose, boosting know-how transfer for industrial applications with a high level of value added. Also in connection with the diversification strategy, the Aveiro site is now home to the world’s first production line, fully integrated with virgin Eucalyptus globulus fibre, for take-away and tableware solutions. This project has added to the Company’s commitment to developing renewable and recyclable alternatives to fossil -based materials, contributing to the substitution of single-use plastics and to expansion of its portfolio of sustainable bioproducts. Taken together, the projects supported by the RRP have accelerated the industrial modernisation of Navigator and added to the integration of research, development and production. The legacy of this capital expenditure cycle will be more efficient, decarbonised operations, improved innovation capacity and a sounder footing on which to create long term sustainable and competitive value. For Navigator, sustainability and innovation are inextricably linked to competitiveness. Our ongoing commitment to operational efficiency, circularity and to turning know -how into value has been a crucial factor in boosting business resilience and ensuring that lasting value is created for all stakeholders.
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2026 FIRST NINE MONTHS INTERIM RESULTS 17 | 24 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 low -risk company for investors, maintaining its status as a “2025 ESG Industry Top-Rated Company” and reasserting its leadership in the forestry and paper sector. Placing it in the prestigious global list of 2025 ESG Top-Rated Companies, this assessment consolidates Navigator’s position as one of the world’s best companies in terms of environmental, social and governance (ESG) practices. In 2025, Navigator obtained the top score of “A ” on the CDP Climate Change and CDP Forests questionnaires, securing its “Leadership” status and consequently a place on the prestigious “A List” for Climate and for Forests. This assessment by CDP (Carbon Disclosure Project) provides international recognition of Navigator’s commitment and good practices in relation to management of climate and deforestation risks. Only 4% of around 20 thousand companies assessed by CDP each year are included on the “A List” (meaning they achieved the top score on at least one of the questionnaires - Navigator achieved this score on two). Navigator also achieved a top score of “A” - “Leadership” level - in its 2025 Supplier Engagement Assessment by CDP. This is designed to distinguish companies for outstanding supply chain engagement on sustainability issues, in particular on fighting clima te change. It points to the Company’s ability to mobilise suppliers, producers and partners, pursuing climate action beyond its own direct operations. This is all the more relevant considering the size and complexity of Navigator's supply chain, which includes close to 8 thousand suppliers.
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2026 FIRST NINE MONTHS INTERIM RESULTS 18 | 24 OUTLOOK The outlook remains influenced by an international context of economic uncertainty and geopolitical volatility. Persisting conflicts and trade tensions continue to hold back international trade, reflected in swings in energy markets, in commodity prices and in the challenges faced from time to time in supply chains. Although the main institutions point to continued growth in the global economy, the wider economic environment remains challenging, constrained by continuing factors of uncertainty and financial conditions which remain restrictive in certain geographical regions, with a potential impact on levels of investment and demand. Despite these difficulties, the global economy continues to display resilience and the capacity to adapt. There are still opportunities for growth in various markets, although geopolitical and economic risks continue to justify taking a prudent view of business in the next few quarters. In the pulp market, prices appeared to bottom out in August, returning to an upwards trajectory in September. This recovery was helped by the postponement to 2027 of the start -up of a major project in Indonesia and by constraints on the wood supply in China, stemming from adverse climate phenomena, the cancellation of forestry concessions in Indonesia held by major local exporters accused by the Government of deforestation practices and rising costs for imported woodchip. In this context, the prospects for late 2026 remain f avourable and analysts expect prices to rise moderately in 2027. On the demand side, it is estimated that global consumption of hardwood fibre will drop by around 2% in 2026, in contrast to average annual growth of 2.7% over the past five years. Europe is expected to be the only region to show growth (+1.2%), whilst China (-2.4%) and the Rest of World (-3.9%) are expected to present contraction. In this context, market balance continues to be supported above all by supply -side discipline, rather than any consistent growth in demand, remaining dependent on how the main producers manage their output. The arrival on the market of new supply is expected to remain limited in the near term. The main project planned in Indonesia envisages two lines with capacity of 1.4 Mt each. Only part of this output will be destined for the market, and its impact should start to be felt only in mid-2027, potentially constrained by the availability of wood in the region or the use of imported wood at higher costs. In addition, a new industrial unit in Brazil, with capacity estimated at 3.5 Mt, is due to start up in late 2027, and should only influence the market from 2028 onwards. The capacity increases anticipated for the next few years are therefore expected to take place gradually, contributing to a market framework which is globally more balanced. In the Printing and Writing Paper segment, on the strength of healthy order books and due to the severe pressure from production costs on paper manufacturing, Navigator implemented a third price increase in Europe in the 3rd quarter, and the rest of the sector is following suit, with a second or third increase, albeit only in the 4th quarter. In this context, average prices are expected to continue to perform well in the quarters ahead. It should also be noted that the quarter closed with historically low stock levels, in tons, at approximately 25% below the average for the past ten years. This situation reflects the fact that the sales volume outstripped production over the period, as a result of lengthy shutdowns in Figueira da Foz and on PM3 in Setúbal. Although business at the start of the 4 th quarter is constrained by the low level of available stocks, significant shutdowns are not anticipated for the quarter ahead, enabling output and supplies to gradually return to normal. The global environment continues to present structural challenges, reflecting changes in consumption patterns and moderate economic growth in the main geographical regions. These difficulties have been partially mitigated by recent adjustments to capacity in the European and North American markets.
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2026 FIRST NINE MONTHS INTERIM RESULTS 19 | 24 In the United States, on the heels of a reduction of 350 thousand tons in the annual capacity of a major player (8% of US capacity), another UWF machine closure was announced in early 2026, further cutting North American UWF capacity by approximately 320 thousand tons, the impact of which will be felt as from the 2nd half. In addition, the 4th quarter will bring 5 weeks of downtime at a major US mill, removing close to 80 thousand tons of UWF from the market. No further capacity reductions have yet been announced for 2026, but the operating environment remains challenging for several industrial units, which continue to face significant pressure on their margins. Packaging business continues to enjoy lively demand, enabling it to consolidate its market position, grow its client base and sales and increase its prices. Conversion of PM3, completed in the 3 rd quarter, is proceeding in accordance with the expected start-up curve, and is currently at the production trial stage, but with output already sellable on the market. The new configuration is geared to producing high -performance, low grammage papers suited to flexible packaging applications, responding to growing demands from international markets in relation to sustainability, functionality and performance. This capital project will make it possible to scale up production and bolster our competitive positioning in the segment. It should be stressed that the machine will retain the capacity to produce several grades of UWF, which will make for flexible operation in line with market developments and the profitability of each segment over time. In the Tissue segment, the prospects for 2026 remain positive overall; demand is anticipated to rise by around 0.8% in Europe and 1.6% worldwide. Albeit at a more moderate pace than in previous years, this direction of travel confirms the structural soundness of the market and points to a continued trajectory of sustained growth. The Group has continued to build on the partnerships, synergies and economies of scale resulting from expansion of its business, primarily through the acquisition of Navigator Tissue Ejea, in 2023, and Navigator Tissue UK, in 2024, boosting its international presence and its capacity for value creation. In the operation in the United Kingdom, work is proceeding according to plan on optimisation of the production and cost structure, complemented by a more selective commercial approach in terms of allocation of output, geared to adding value to the portfolio and increasing profitability. This project remains due for completion by the end of the first half of next year. With a continued focus on sustainable value creation, Navigator is pressing ahead with a series of efficiency and operational optimisation programmes in all business areas, in order to make the Company more competitive and mitigate the impact of cost inflation. Based on initiatives geared to product enginee ring, continuous improvement, industrial innovation and adapting structures to today’s business environment, these programmes have enabled us to generate significant efficiency gains, without any impact on product quality or customer service standards. Navigator’s structural cost advantage, strengthened by investment in operational and energy efficiency, remains an important distinctive factor, helping it to bolster its competitive position, to expand its market share in Europe and to increase its resilience in the face of the volatility of energy costs. This structural positioning is joined by an active policy of managing financial risk, based on partial hedging of electricity and natural gas prices, and also forex and interest rate hedging operations, helping to reduce exposure to market volatility. The energy price hedges currently in force provide significant protection to changes in electricity and natural gas prices in 2026, and the protection for electricity continues into 2027. Alongside this, the capex projects in energy efficiency have brought a structural reduction in consumption, making us more competitive and our operations more resilient in the face of energy price fluctuations. As part of our strategy of revitalising and developing the operators making up the forestry value chain, Navigator and its Forestry Producers’ Club, with consultancy support from AgroGes, are launching the Innovative
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2026 FIRST NINE MONTHS INTERIM RESULTS 20 | 24 Suppliers Network (ISN), a programme under the aegis of Portugal 2030, in coordination with COMPETE 2030. This initiative is intended to boost the competitiveness of partners in the sector, helping them to modernise and invest, working to mobilise up to € 84 million in investment in more than 120 companies and partners belonging to Navigator’s Forestry Producers’ Club, including wood suppliers, providers of forestry services and transport operators. By providing access to incentives for the purchase of machinery, incorporation of technology, digitisation and implementation of new processes, the programme promotes efficiency gains, innovation and productivity, thereby strengthening the structure of the Portuguese supply chain, adding value to Portuguese fores try and reducing dependence on imports. On the strength of its quick -footed and flexible teams, integrated management of the value chain and a sound financial position, the Company is well prepared to face the challenges of the market and to press ahead with transforming its portfolio. Cost optimisation and continuous improvement of industrial efficiency remain strategic priorities, complemented by active management of our asset portfolio. This approach contributes to building resilience and the ability to create sustainable value, consolidating the Company’s ability to compete and laying the foundations for sustainable growth and long-term profitability. Lisbon, 22 October 2026 Conference Call and Webcast for Analysts and Investors Date: Tuesday, 27 October 2026 Time: 16:00 WET (Western European Time, GMT) Link to the Conference Call webcast: https://connectstudio-portal.world-television.com/en/6aaa7ee58a1bd90e131ca929
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2026 FIRST NINE MONTHS INTERIM RESULTS 21 | 24 FINANCIAL STATEMENTS The Navigator Company, S.A. Consolidated Income Statement On September 30th 2026 and 2025 Amounts in Euros 30/09/2026 30/09/2025 Revenue 1 333 301 869 1 489 275 261 Other operating income 69 807 340 65 173 599 Changes in fair value of biological assets 3 407 792 1 566 021 Costs of goods sold and materials consumed (610 958 829) (651 718 637) Variation in production 11 056 165 (16 568 554) External services and supplies (405 953 980) (389 935 700) Payroll costs (148 173 204) (160 293 339) Other operating expenses (40 259 074) (37 268 241) Net provisions (840 598) (2 533 240) Depreciation, amortisation and impairment losses in non-financial assets (128 307 022) (123 705 263) Operating results 83 080 459 173 991 907 Financial income 7 508 294 8 667 083 Financial expenses (27 508 462) (30 855 528) Net financial results (20 000 168) (22 188 445) Profit before tax 63 080 291 151 803 462 Income tax 2 311 141 (33 441 884) Net profit for the period 65 391 432 118 361 578 Attributable to Navigator Company’s shareholders 65 374 390 118 336 070 Attributable to non-controlling interests 17 042 25 508
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2026 FIRST NINE MONTHS INTERIM RESULTS 22 | 24 The Navigator Company, S.A. Consolidated Statement of Financial Position On September 30th 2026 and December 31st 2025 Amounts in Euros 30/09/2026 31/12/2025 ASSETS Non-current assets Goodwill 421 402 488 420 580 669 Intangible assets 95 635 008 107 637 839 Property, plant and equipment 1 517 966 427 1 462 499 503 Right-of-use assets 125 024 323 120 068 177 Biological assets 124 808 025 120 646 643 Investment properties 662 275 669 397 Other financial assets 8 127 779 9 355 504 Receivables and other non-current assets 1 964 308 1 975 387 Deferred tax assets 51 027 408 47 635 415 2 346 618 041 2 291 068 534 Current assets Inventories 315 094 450 306 285 542 Receivables and other current assets 542 807 624 420 298 809 Income tax 31 041 394 40 640 998 Cash and cash equivalents 147 263 470 130 229 469 1 036 206 938 897 454 818 Total assets 3 382 824 979 3 188 523 352 EQUITY AND LIABILITIES Capital and Reserves Share capital 500 000 000 500 000 000 Currency translation reserve 3 266 013 6 557 946 Fair value reserve 35 158 663 302 772 Legal reserve 100 000 000 100 000 000 Other reserve (6 913 834) (6 181 061) Retained earnings 736 591 405 667 391 938 Net profit for the period 65 374 390 144 667 435 Equity attributable to Navigator ´s Shareholders 1 433 476 637 1 412 739 030 Non-controlling interests 410 035 389 845 Total Equity 1 433 886 672 1 413 128 875 Non-current liabilities Interest-bearing liabilities 870 522 881 762 828 265 Lease liabilities 123 246 694 120 381 320 Deferred tax liabilities 132 769 765 120 304 424 Provisions 29 093 853 25 426 997 Payables and other current liabilities 95 007 787 110 112 440 1 250 640 980 1 139 053 446 Current liabilities Interest-bearing liabilities 41 788 998 71 030 074 Lease liabilities 11 720 227 12 148 348 Payables and other current liabilities 605 440 875 535 529 542 Income tax 39 347 227 17 633 067 698 297 327 636 341 031 Total Liabilities 1 948 938 307 1 775 394 477 Total Equity and Liabilities 3 382 824 979 3 188 523 352
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The Navigator Company, S.A. Share Capital 500 000 000 Eur Corporate Entity 503 025 798 Registered at the Commercial Register of Setúbal Headquarters Península de Mitrena Freguesia do Sado, Setúbal