Navigator S A : Investors Presentation - Portugal Capital Markets Day 2024

PORTUGAL

CAPITAL

MARKETS

DAY 2024

AEM l EURONEXT

J u n e 27, 2024

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DISCLAIMER

This presentation is intended to provide a general overview of The Navigator Company S.A.'s business and does not purport to deal with all aspects and details regarding The Navigator Company S.A.. Accordingly, no representation, undertaking or warranty, expressed or implied, is given by The Navigator Company S.A. or any of its subsidiaries' undertakings, affiliates, directors, officers, employees or advisors or any other person as to the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation or of the views given or implied or any other material discussion in connection with this presentation.

This presentation has been prepared by The Navigator Company S.A. for information purposes only. The Navigator Company S.A. or any of its affiliates, directors, officers, employees or advisers or any other person shall not have any liability whatsoever (including in case of omission, negligence or otherwise) for any losses, errors or omissions howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith or with respect to their reliance upon the completeness and accuracy of any such information, as well as any damages resulting hereof.

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1. BIOINDUSTRY ON THE RIGHT SIDE
   OF THE FUTURE

O U R P U R P O S E

PEOPLE, THEIR

QUALITY OF LIFE, AND THE PLANET'S FUTURE ARE WHAT INSPIRE AND MOVE US

Trust

Integrity

Entrepreneurship

Innovation

Sustainability

Excellence

We believe in people, we accept everyone's contribution, and we respect their identity. We are committed to development, cooperation and communication

We are guided by principles of transparency, ethics and respect in our relationships among ourselves and with others

We are passionate about what we do, we like to get out of our comfort zone, we have the courage to take decisions and to accept risks in a responsible way

By expanding our knowledge and creative potential, together we can achieve the impossible

The balance between the Economic, Environmental and Social pillars of Sustainability is the foundation of our business model

We believe in quality, efficiency, safety and rigor in everything we do

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THE NAVIGATOR COMPANY

Solid Core. Increasingly diversified

Forest

Bioenergy

Pulp

Integrated

Producer

PackagingPaper

Tissue

Source: NVG Sustainability Report 2023

An integrated producer of forestry, pulp, paper, tissue, sustainable packaging solutions and bioenergy, based on unique raw material (Eucalyptus Globulus), continuous R&D and state-of-the-art factories worldwide.

Production capacity of 1.6 million tons of pulp, 1.6 million tons of paper, 165.000 tons of tissue per year (310.000 tons converting), and 381 MW of installed power for energy production.

The Group has a vertically integrated forestry business, with its own forestry research institute, and is responsible for planting a vast area of forest in mainland Portugal (1.2% of the country's area), 100% certified by the FSC® and PEFC systems.

More than 90% of Navigator's sales of goods are sold to 130 countries, across all 5 continents.

Navigator is a bioindustry on the right side of the future, when it leads the research and industrialization of a new generation of forest- based bioproducts, but also when takes care of its impacts.

Navigator was one of the 1st in the world, to make an ambitious commitment to decarbonize its industrial complexes, anticipating national and European targets by 15 years.

The investment allocated to its Decarbonization Roadmap amounts to 340 million euros, to be implemented between 2019 and 2028, 89% of which has already been or is in the process of being implemented.

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AGILE BUSINESS MODEL

Proving Resilience in a Cyclical Market

Navigator stability and consistency in delivering results:

• operational flexibility;
• resilient business model, anchored in a solid diversification strategy, with differentiated products and a focus on the premium segment and own brands;
• responsible price and margin management.

EBITDA (M€) & EBITDA margin (%) 736

Energy 9%	Packaging 2%
(vs. 10%)	(vs. 4%)

Tissue 15% (vs. 8%)

	€1,953M
Pulp 13%	Turnover
2023
(vs. 8%)

Paper 61% (vs. 70%)

EBITDA Margin (Last 14 years):

• Average: 24.8%

																		455									502		✓ Std: 2.8%
400	385	385	350 328	390	397	404	372			355								✓ Min: 21%
																	286	30%
29% 26% 26% 23% 21%	24% 25% 25% 27%							26%
22% 21% 22%					✓ Max: 30%
2010	2011	2012	2013	2014	2015	2016	2017		2018	2019	2020	2021	2022	2023
Source: NVG Sustainability Report 2023																						5

1. BIOINDUSTRY ON THE RIGHT SIDE OF
   THE FUTURE

01-Solid & Resilient Business Model

02-Paper l Pulp l Energy & Tissue

03-New Business Opportunities

04-Sustainability at the Core

05-Financial Performance & Outlook

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THE NAVIGATOR COMPANY

Vertically integrated with a diversified business portfolio

R & D

Leader in Eucalyptus

globulus cloning

T I S S U E

#1 Portugal, #2 Iberia, #4 Consumer Tissue in UK

165,000 tons Reels

310,000 tons Converting *

55			5
65	60	130
70
60	35	k tons

P A P E R

#1 Europe, #6 World

1.6 M tons of UWF paper

800 800

k tons

F O R E S T

109,086 ha of forest (under management) 4

356 Kha Land Use Rights

P U L P

#1 Europe, #7 World 1.6 M tons of BEKP pulp

k tAD 6551 5551 3902

E N E R G Y

1.41 TWh of electricity 3

(76% renewable)

GWh	986	475	283

Figueira da Foz		Setúbal		Aveiro		Vila Velha de Rodão		Zaragoza		United Kingdom 5

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*total nominal capacity | 1 Integrated | 2 Market | 3 2023 Net electricity generation l 4 Forest in Portugal and Spain l 5 Accrol aquisition effective - May 24, 2024

WITH THE FOREST

AT THE HEART OF EVERYTHING WE DO

A Natural and Renewable Resource

6.2 Million t CO2 eq

• 8 Million

Plants produced

at Portuguese

Nurseries

1,057 Species of

Flora 253 Species of

Fauna

RAIZ

109,086 ha

9.6 Million

Forest and Paper

Research

Institute

Improve forestry management

Increase eucalyptus Yields

EUCALYPTUS GLOBULUS wood differentiates this species from other eucalyptus or hardwood species given the quality of its (short) fibers, providing higher

Forest under	Investment in forest
management in Portugal	fires protection 2
and Spain 1

thickness, specific volume, opacity and drying capacity.

Due to its morphology, Eucalyptus allows 2-6 more recycling cycles compared to other paper fibers

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1 In addition, around 14,000 hectares in Mozambique l 2 Included investment in some land preparation operations in afforestation and reforestation

BASED ON WORLD SCALE PRODUCTION UNITS

With state-of-the-art technology

ZARAGOZA

• Tissue - 35,000 tons reels 60,000 tons converting*
• Energy - 5 MWp

AVEIRO

• Pulp (Market) - 390,000 tAD
• Tissue - 70,000 tons reels 55,000 tons converting*
• Energy - 47 MW

FIGUEIRA DA FOZ

• Pulp (Integrated) - 655,000 tAD
• Paper - 800,000 tons
• Energy - 165 MW

SETÚBAL

• Pulp (Integrated) - 555,000 tAD
• Paper - 700,000 tons
• Packaging - 100,000 tons
• Energy - 164 MW

*total nominal capacity (1) Accrol aquisition effective - May 24, 2024

2 1

4

3

5

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With global capacity of:

• 1.6 Mt of Paper
• 1.6 Mt of Pulp
• 165 kt of Tissue Reels
• • 310 kt of Tissue Converting
• 381 MW of Energy

TISSUE UK (1)

• 1:LEYLAND - 34,000 tons converting*
• 2:BLACKBURN - 50,500 tons converting*
• 3:LEICESTER - 38,000 tons converting*
• 4:FLINT - 5,000 tons converting*
• 5:BRIDGEWATER - 3,500 tons converting*

VILA VELHA DE RÓDÃO

• Tissue - 60,000 tons reels 65,000 tons converting*

LEADING MANUFACTURER

Uncoated Printing and Writing Papers (UWF) in Europe

#1 in Europe #6 in the World by capacity, with the largest and most modern mills

European uncoated woodfree (UWF)

Main players (Excluding Russian Mills and Specialties)

MT %

	1 NVG (PT)	1.6	28%
2	Sylvamo (SE, FR)	0.7	13%
3	UPM (FI, DE) ***	0.7	12%
4	Mondi (SK, AT) *	0.6	11%
5	MM Board & Paper (PL) **	0.4	7%
6	Arctic Paper (PL, SE)	0.4	7%
7	Burgo (IT)	0.2	4%
8	Iberpapel (SP)	0.2	3%
9	Clairefontaine (FR)	0.2	3%
10 Crown Van Gelder (NL)	0.2	3%
	TOP - 10	4.9	87%
UWF EUR Capacity Excl. Russian mills and Specialities	5.6

Figueira da Foz

Setubal

Nymölla

Saillat

Kymi

Nordland

Ruzomberok

There

sienthal

Kwidzyn

Kostrzyn

Munk

edal

Tolmezzo Sora

Capacity in tons

Hernani

Etival

Evergnicourt

Integrated

Clairef.

Velsen-N

oord

Non Integrated

0

400 000

800 000

1 200 000

1 600 000

UWF EUR Capacity Excl. Russian mills Including Specialities	7.7
Source: RISI; NVG; EMGE
* In April 2023 Mondi announced PM6 shut, which is already considered above in both, the chart and the table.
** MM of conversion of PM1 in Kwidzyn from copy paper to sack kraft paper (announced in April 2023) was put on hold in
November 2023		10
*** On May 29th, UPM issued a statement indicating it would permanently close, until the end of 2024, its Hürth

newsprint mill (330kt/year) and to shut down one fine paper machine at Nordland Papier (PM 3) in Dörpen (280kt/year).

Europe

#1 #6