The paper company Navigator achieved a net profit of 118.3 million euros in the first nine months of 2025, a drop of 51% compared to the same period last year, in which it reached 241.4 million.
Turnover totaled 1,489.3 million euros in contrast to 1,568.5 million in 2024, representing a year-on-year drop of 5.1%.
Analyzing by quarter, profits earned in the months of July, August and September were 33.1 million (-10.4%), compared to 36.9 million obtained in the second quarter of the year, while total sales were 4% lower compared to the previous period (470.2 million compared to 489.8 million euros in the previous three months).
These results reflect the company’s robustness in a challenging global context, marked by economic instability and variations in international prices, which have affected several sectors, as highlighted by the company in a statement sent this Wednesday, October 22nd, to the Securities Market Commission (CMVM).
In the third quarter of 2025, sales of UWF paper (printing and writing) and packaging increased by 15%, reaching a total of 316 thousand tons. This positive performance is a reflection of the strong demand for Navigator’s products and the effectiveness of its diversification strategy, which includes innovation in new products and adaptation to market needs, highlights the document.
Isabel Guerreiro, CEO of the company, mentioned in the statement, highlights that “the diversification of our business and innovation in new products are fundamental to our strategy, especially in a context of falling pulp and paper prices”.
O The company’s EBITDA was 300 million euros, a decrease compared to 431 million euros in the previous year. Despite this decline, the segments of Tissue e Packagingwhich already represent around 30% of turnover, continue to show high growth potential.
O segment of Tissuein particular, recorded a significant increase of 14% in salesstanding out as an area of great performance, driven by strategic business integration and an approach focused on customer satisfaction.
Regarding pulp production, sales totaled 258 thousand tons, which represents a reduction of 7% compared to the previous yearpartly due to a fire at the Setúbal factory that affected production. The company is working to recover this capacity and expects global demand for hardwood pulp to show signs of recovery, especially in China, where industrial activity is increasing and boosting the market.
With regard to the market for PackagingNavigator stood out with a 7% growth in salesdriven by the conversion of the PM3 paper machine at the Setúbal factory. This strategic investment will allow the company to increase competitiveness in the flexible packaging sector, which is growing rapidly.
With expected growth rates of between 2.5% and 3% until 2035, the company clarifies that it is positioning itself to meet the growing demand for efficient and sustainable packaging solutions.
Navigator maintains a solid financial position, with a net debt to EBITDA ratio of 1.85x, one of the lowest in the sector.
The generation of cash flow free market in the first nine months was around 23 million euros, representing a significant improvement compared to the same period last year, which had a cash flow negative of around 3 million euros.
This financial performance, according to the paper company, reflects not only the company’s resilience, but also the effectiveness of its cost control and operational optimization strategies.
Furthermore, Navigator highlights its commitment to sustainability, highlighting investments in projects that aim to improve operational efficiency and reduce environmental impact. One example is the new chemical recovery boiler, which not only improves operational performance, but also reduces the emission of harmful gases, demonstrating Navigator’s environmental responsibility.
The company emphasizes that it continues to explore new growth opportunities, consolidating its position as one of the leaders in the paper and pulp sector, and adapting to the demands of an ever-changing market.
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