Navigator S A : Apresentação Investidores - JB Capital

FIELD TRIP

F i g u e i r a d a F o z

JB CAPITAL

J u n e 19, 2024

1

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.

2

CREATING VALUE, PLANTING 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 welcome everyone's contribution, we respect their

identity, promoting development, cooperation and communication

We are guided by principles of transparency, ethics and respect in our relationships amongst 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

We seek to bring out everyone's skills and creative potential to do the impossible

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

In our work we focus on quality, efficiency, safety and getting it right

3

THE NAVIGATOR COMPANY

"Much More Than A Conventional Pure Pulp Or Graphical Paper Player"

Forest

Bioenergy

Pulp

Integrated

Producer

Packaging	Paper
Solutions

Tissue

Source: NVG Report 2023

An integrated producer of forestry, pulp, paper, tissue, sustainable packaging solutions and bioenergy, based on continuous R&D and state- of-the-art factories worldwide.

The company has a production capacity of 1.6 million tons of paper,

1.6 million tons of pulp, 165,000 tons of tissue per year, 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 it takes care of their 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.

4

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.

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):
							EBITDA (M€) & EBITDA margin (%)	736							✓ Average: 24.8%
																		455										502			✓ Std: 2.8%
400	385	385	350	328	390	397	404	372			355									✓ Min: 21%
29%															286	30%
26% 26%	23% 21%	24%	25%	25%	27%										✓ Max: 30%
			22%	21% 22%						26%
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022		2023
																													5

Source: NVG Report 2023

CREATING VALUE,

PLANTING 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

6

THE NAVIGATOR COMPANY

An Integrated Producer

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

P U L P

#1 Europe, #7 World

1.6 M tons of BEKP pulp

k tAD 6551 5551 3902

F O R E S T

109,086 ha of forest (under management) 4

356 Kha Land Use Rights

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 Ródão Zaragoza United Kingdom 5

*total nominal capacity | 1 Integrated | 2 Market |	7
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

FOREST:

• In 2023, Navigator managed 109,086 ha 1 of forest in Portugal and Spain. Of these, 107,871 ha are certified by the FSC® (FSC®-C010852) and PEFC (PEFC/13-23-001) in mainland Portugal. Every area managed is responsibly managed and actively promotes the sharing of knowledge throughout the value chain, particularly with the community of forestry producers
• Forest Producers Club , a pioneering initiative that aims to support the Company's partners in the forestry sector, in a collaborative manner , in implementing active and responsible forest management
• Navigator believes that increasing the national area in which best forestry practices are applied and all certification requirements are met is creating benefits that go far beyond strengthening the eucalyptus sector. It contributes to reducing the risk of fires , reducing CO₂ emissions , increasing biodiversity with more conservation areas and boosting the economy in the interior of the country

BIODIVERSITY:

Forest management reconciles production with habitats and species conservation

• 12.3% of area under management considered as Conservation Area
• 1,310 species of flora and fauna, identified, georeferenced, catalogued and protected
• 51 Natura 2000 habitats

PROTECTION:

• 9.6 million invested annually, in the prevention and support of fire fighting2

1 In addition, around 14,000 hectares in Mozambique l 2 Included investment in some land preparation operations in	8
afforestation and reforestation

EUCALYPTUS GLOBULUS wood differentiates this species from other eucalyptus or hardwood species given the quality of its (short) fibers, providing higher thickness, specific volume, opacity and drying capacity. Due to its morphology, Eucalyptus allows 2-6 more recycling cycles compared to other paper fibers

BASED ON LARGE SCALE PRODUCTION MILLS

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

9

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

Of Eucalyptus Pulp in Europe

European BHKP

Main players (Excluding Russian Mills and Specialties)

		MT	%
1.	NVG	1.6	16%
2.	ENCE	1.21	12%
3.	Altri	1.06	11%
4.	Metsä Group	0.82	8%
5.	UPM	0.76	8%
6.	Stora Enso	0.63	6%
7.	Mondi	0.58	6%
8.	Billerud	0.42	4%
9. Burgo Group	0.38	4%
10. Metsä Board	0.33	3%

		Total Capacity		10 Mt
1.6

1.21

1.06

0.82 0.76

0.63 0.58

					0.42
					0.38
					0.33
											0.28	0.26	0.24	0.23		0.21
																					0.18	0.18	0.16	0.16	0.15		0.1
																																															0.07		0.01

TOP - 10	7.79	79%

Source: RISI; NVG; EMGE * Feb 2024	10

Europe

#1 #7