presentation to investors roadshow bpi 2021

P r e s e n t a t i o n t o I n v e s t o r s

R O A D S H O W B P I 2 0 2 1

This presentation is intended to provide a general overview of The Navigator Company S.A.’s businessand 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 NavigatorCompany S.A. or any of its subsidiaries’ undertakings, affiliates, directors, officers, employees oradvisors or any other person as to the fairness, accuracy, completeness or correctness of theinformation or opinions contained in this presentation or of the views given or implied or any othermaterial discussion in connection with this presentation.

This presentation has been prepared by The Navigator Company S.A. for information purposes only. TheNavigator Company S.A. or any of its affiliates, directors, officers, employees or advisers or any otherperson 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 thispresentation or its contents or otherwise arising in connection therewith or with respect to their relianceupon the completeness and accuracy of any such information, as well as any damages resulting hereof.

DISCLAIMER

1

T A B L E O F C O N T E N T S

2

Solid & Resilient Business Model

Expansion & Diversification

01 02 03 04Sustainability at

the Core

Performance, Market Update

& Outlook

<<

3

NAVIGATOR IN BRIEF

A solid business model, with significant resilience in adverse market conditions

Expansion and diversification of business portfolio into the growing tissue segment, with other growth options available

Focused on efficiency and committed to additional cost reduction programs

Sustainability at the core – investing in people, aiming to be a leader in sustainability and delivering sustainable returns

Performance, Market update & Outlook

<<

an integrated producer

R & D

F O R E S T

P U L PE N E R G Y

P A P E R

T I S S U E

130,000 ton Reels;120,000 ton Converting*

1.6 M tonof UWF paper

2.5 TWhof electricity

Leader in Eucalyptus globulus cloning

107,370 ha of forest(under management)

1.6 M ton of BEKP pulp(0.350 M market pulp)

4

(*total nominal capacity)

<<THE NAVIGATOR COMPANY

Nº1 in European UWF fine paper by capacity, with the largest and most modern mills

European uncoated fine paper *Main players

Uncoated woodfree (UWF)European mills

Velsen-Noord

Stockstadt

Alizay5

Hernani

Fabriano

Munkedal

Etival

Theresienthal

Nymolla

Figueira da Foz

Kymi

Others

Others

Kostrzyn1

Ruzomberok1

Veitsiluoto3

Setúbal

Nordland

0 200 400 600 800 1000 1200 1400 1600

SAPPI

Crown Van Gelder

Zicuñaga

Clairefontaine

Fedrigoni

Double A

Arctic Paper

UPM

International Paper

Stora Enso

Mondi

Capacity, 1000 ton/year

Saillat Svetogorsk2 Kwidzyn 1,4

Syktyvkar

Integrated

Non Integrated

5

Kematen

1 Mill located in Poland and Slovakia2 Mill located in Russia3 Mill will permanently close down during Q3 2021

Mt

10.3Includes Russia and Specialities

6.8 MtTOP 10

66%

15

13

7

6

5

4

4

4

3

3

%

<<NAVIGATOR IS THE LEADING MANUFACTURER

O F U W F P A P E R I N E U R O P E

4 Sale of Kwidzyn to Mayr Melhof to be concluded by Q3 20215 Alizay UWF production will stop in Q1 2022 after sale to VPK * Ranking already includes capacity changes until the end of 2021

1 NVG (PT) 1.62 Mondi (AT,RU,SK) 1.3

3 UPM (FI,DE) 0.7

4 IP (FR,RU) 0.6

5 Stora Enso (FI,SE) 0.5

6 Arctic Paper (PL,SE) 0.4

7 Mayr-Melnhof (PL) 0.4

8 Koehler (DE) 0.4

9 Double A (FR) 0.3

10 Fedrigoni (IT) 0.3

BASED ON LARGE SCALE PRODUCTION MILLSW I T H S T A T E - O F - T H E - A R T T E C H N O L O G Y

FIGUEIRA DA FOZ

• Pulp (Integrated) – 650,000 tAD

• Paper – 790,000 ton

• Energy – 165 MW

With global capacity of:

1.6 Mtons of UWF – 1.6 Mtons of BEKP – 130 ktons of Tissue Reels – 374 MW of Energy

VILA VELHA DE RÓDÃO

• Tissue – 60,000 ton reels;65,000 ton converting

SETÚBAL

• Pulp (Integrated) – 550,000 tAD

• Paper – 775,000 ton


AVEIRO

• Pulp (Market) – 350,000 tAD

• Tissue – 70,000 ton reels; 55,000 ton converting*


6(*total nominal capacity)

<<

The Navigator Company is responsible for 4% of the total electricity generation in Portugal

C o g e n e r a t i o n(Biomass+Natural Gas)

344 MW

S o l a r P h o t o v o l t a i c

5 MW

B i o m a s s25 MW

2 large solar photovoltaic powerplants in self consumption regime

+ Herdade de Espirra (113 kW) + RAIZ Institute (94kW)

FIGUEIRA DA FOZ (1) SETÚBAL (1)

2 biomass power plants

60% of electricity generation from biomass

SETÚBAL (1)AVEIRO (1)

6 high efficiency cogenerationplants

SETÚBAL (3)AVEIRO (1) FIGUEIRA DA FOZ (2)

<<

7

WITH A TOTAL INSTALLED CAPACITY OF 374 MW

*Other includes forest **Revenues by geography of pulp, paper and tissue ***Includes all energy sales in Portugal

The Group exports around 81% of pulp, paper and tissue products

WITH A MORE DIVERSIFIED BUSINESS AND GLOBAL SALES TO 130 DIFFERENT COUNTRIES

Revenue diversification over the last 6 years with the entry into the tissue business and pulp debottlenecking, with a diversified customer base selling across 130 different countries

8

15% 19%

62% 55%

12%7%

11% 19%

2014 2019

Other

America

Rest ofEurope

Portugal***

2020

Revenue by Geography**Revenue by business area

<<

76% 68%

7% 11%

15%10%10%

2%

2014 2019

Other

Tissue

Energy

Pulp

Paper

2020

Product and brand differentiation strategy have skewed the Group’s product mix to the high end market, allowing up to 7% price premium advantage (in Europe)

The Navigator Company

Europe industry average*

Premium products 50-55% 10-15%

Mill Brands 65-70% 20-25%

Sheets 70-75% 65-70%

Operating rates 100% 90%

* Estimated industry average including Navigator

Source: Euro-Graph; EMGE9

NVG market share in Western Europe

20%

22%

21%

13%

~50%

Total

Cut-size

Folio

Reels

Premium

WITH A DIFFERENTIATION STRATEGYB A S E D O N T H E H I G H E S T Q U A L I T Y P A P E R P R O D U C T S A N D

O W N B R A N D S

<<

10

<<PRODUCING A RESILIENT PAPER GRADE: UNCOATED WOODFREE

Among Printing and Writing papers, Uncoated Woodfree (UWF) is the most resilient grade. UWF Demand for YTD May 2021 performing better than other grades

YTD May 2021 Global Demand

Source: PPPC

305

631

-20-75

-231-300

-200

-100

0

100

200

300

400

500

600

700

Total UncoatedWoodfree

Coated Woodfree

Uncoated Mechanical

Coated Mechanical

1.1% 4.4% -0.3% -2.4% -7.6% % YoY

Kt, YoY

27.6 15.1 6.6 3.1 2.8 Mt, YTD

UWF resilience comes from its:

Universality: available for purchase by many

different customer segments, from both B2B

and B2C

Versatility: end use options are wide

11

Uncoated

Woodfree Mechanical

CoatedHigh-end magazines &

Communication materials(flyers, brochures, posters…)

UncoatedTrade books, directories

CoatedMagazines &

communication materials

Printing & Writing

Graphic Papers

There are different grades to different uses and UWF is less dependent on media and advertising

<<UWF IS LESS EXPOSED TO DIGITALIZATION

ECONOMICAL SOCIAL / CULTURAL

PAPER ROLES PAPER APPLICATIONS

Demand Drivers

Emp. in Services (esp. Knowledge sector)

Population growthEducation attainmentAgeingPublicity spending

EducationScience ProductionIndustrial ActivityReading habitsInformation SocietyContent CreationPlastic PhobiaDigital Fatigue

To Think

To Present

External CommunicationsLetter & AgreementsDirect MailBooksPackagingPaper to writeDraw & create

GDP, ExRate, Public Finances, (Un)Employment, Inflation, Credit Coverage, Political Stability,Social Tensions

ECONOMICAL/POLITICAL

To Protect - Storage /

Archival

+ Packaging/ Envelope for Direct Marketing/Tags /Bags /Cards + etc.

Source: NVG

UWF is Universal (everywhere to everybody) and Versatile (addressing multiple applications)

12

UWF MARKET DEMAND DRIVERS <<

13

The use of an excellent raw material such as Eucalyptus globulus fiber, modern and efficient plants and an experienced workforce – allows the production of high quality paper and the emphasis on

premium products

50-60%

30-45%

0-10%

10-15%

20-30%

60-70%

Premium

Standard

Economy

World Market (e) Navigator

A STRONG POSITIONING IN UWF MARKET <<

9%

50%

14

For every 3 office paper reams exported from Europe

2 are made by Navigator

2%

52%

2% 4%2%

57%

14%

55%

3%

5%

North America

17%

Europe

Wes

tern Eastern

Middle East

Latin America

Africa World

UWFOffice Paper

Market Share* Market Share - indicates the Share of Navigator’s Sales per Consumption (Risi); Share of European Exports – indicates the share of Navigator’s Deliveries per European Deliveries (Euro-Graph).

NVG Market Share* Share of European Exports* (exc.RU)

60%16%

11%

8%5%

Paper Sales Distribution

Europe

Africa

Middle East

North America

Latin America

LEADING MARKET PLAYER IN UWF SEGMENT <<

15

200

300

400

500

600

700

800

900

1000

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

European UWF Cash Cost Curve for Q3 2020 and Q1 2021 adapted to current pulp prices

€/t, delivered to Frankfurt, excluding Specialities and Recycled

East Europe Mills

NVG Mills

Stora Veitsiluoto

Q3-2020

Q1-2021 adapted to current pulp prices

Cash

Cos

ts (

€/t)

Cumulated Capacity

AA Alizay

APPM Arkhangelsk

>170€ cost increase for non-integrated producers

More exits to come?

<<WITH A VERY EFFICIENT CASH COST STRUCTURELow prices and high costs pulling UWF capacity out from the market.

Navigator is well equipped with efficient assets and strong products and brands to continue to be the global UWF benchmark

Source: RISI; FOEX, NVG

7.5 7.2 7.5 6.2 5.7 5.6 5.1 4.1

14.9 13.4 13.09.9 8.8 8.3 7.6 5.8

24.8 26.731.7

33.937.3 37.5 38.7

35.8

2000 2003 2006 2009 2012 2015 2018 2020eSource: RISI; Note: The figures presented account for Old China demand as well as some specialty papers (e.g. Carbonless, Thermal Paper, Colored)

Rest of the World

North America

Western Europe

Mt

Financial Crisis~40 to 50% of XXI cent. demand decline*

World

Demand Outlook* through 2030NA -3%/y

WE -2%/y

OP more endangered than Graphic UWF (Folio and Reels)

*Pre-Covid; still no visibility on Covid impact in future demand

47 47 52 50 52 51 51 46

M A T U R E M A R K E T S v s . D E V E L O P I N G W O R L D

31%32%

34%38%

38% 37% 37%41%

China share of RoW

1% CAGR L3Y

<<UWF DEMAND EVOLUTION

16

7.5 7.2 7.5

6.25.7 5.6

5.1

4.1

8.1 8.3 8.37.6

7.16.5

6.1 5.8

2000 2003 2006 2009 2012 2015 2018 2020

06-09-1.4 Mt

CAGR -6.4% / y

12-18-0.5 Mt

CAGR -1.8% / y-2.4 Mt

2003-19 UWF demandCAGR -2.5% / y

09-12-0.5 Mt

CAGR -2.6% / y

Capacity in WE has been adjusting to the reduction in Demand: from2013 until 2019 UWF demand diminished by 2.4 Mt with supply also reducing2.4 MtonsDemand in Europe is estimated to decline around 0.6 Mtons from2019 until 2021, and circa 1.2 Mtons of capacity will be reducedfrom 2019 until beg.2022

Source: EMGE; CEPIFINE/Euro-Graph;RISI

OR 92% 87% 89% 85% 91% 93% 89%

Western European Focus Demand decline, capacity follows

76%

18-20-1.0 Mt

CAGR -10% / y

Capacity WE

Demand WE

-2.4 Mt2003-19 UWF capacity

CAGR –2.1% / y

03-06+0.3 Mt

CAGR +1.5% / y

<<UWF DEMAND EVOLUTION

17

UWF PAPER VS PULP: S igni f icant recovery of gross pulp pr ices in 2021

Index FOEX PIX (Europe) – Gross Prices

A4 – B Copy: index for uncoated woodfree paper (80 g/m2)

BHKP: index for bleached hardwood kraft pulp (eucalyptus or birch)

EUROPEAN MARKET PAPER PRICE – A4 B-COPY AND BHKP (IN €)

500

550

600

650

700

750

800

850

900

950

1000

1 9 17 25 33 41 49 4 12 20 28 36 44 52 8 16 24 32 40 48 4 12 20 28 36 44 52 8 16 24 32 40 48 4 12 20 28 36 44 52 7 15

Eur/T

on

Week

A4 B-copy BHKP

2015 2017 2018 2019 20202016YTD 2021

18

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 2020Source: PPPC; NVG *Other include Hardwood other than BEKP, UKP and Sulphite.

PULP DEMANDMarket Pu lp by ma in grade

19

<<

M A R K E T P U L P B Y M A I N G R A D E

M tAD

ChinaM tAD 2000 2020 L5Y (Mt/y)SW 1.4 9.0 0.3

BEK 0.3 11.4 1.0

Other 0.7 5.5 0.4

Total 2.4 25.8 1.8

WorldM tAD 2000 2020SW 18.9 25.9

BEK 6.6 27.4

Other 13.1 12.9

Total 38.6 66.3

BEKP, +1.2 Mt / y (L5Y)83% in China

Other*, +0.3 Mt / y (L5Y)129% in China

SW, +0.3 Mt / y (L5Y)102% in China

China BEKP (% of World)

12%

20%

30%

42%

China SW (% of World) 35%13% 21%

30%

4%

7%

20

Pulp Sales300 - 400

ktons

Market ShareWorld Europe

1.2% 2.7%

BEKP

Focus on Value Added Segments in Europe

Decor & Specialities allows for a 5-6% price premium over other segments:

32% 73%Of total demand in Europe* In NVG mix**

6.1% MS in Europe

Decor & Specialities

6%

21%

73%

0%

Fine Papers

Decor & Spec

32%23%

41%

4%

Tissue Fine Papers

Decor & Spec

Others Tissue Others

Indu

stry

Navigator

European leader in BEKP production

* Euca Demand by End-Use in Europe in 2019 (PPPC) ** NVG sales 2019 in Europe

PULP NAVIGATOR POSITIONING <<

Source: NVG; PPPC; RISI

21

Navigator has been permanently focus on optimizing its production processes and on cost reduction initiatives

Cost optimization and operational efficiency plan implemented at the start of 2020 and reinforced with the Covid-19 pandemic

Targets for cost reduction 2020 fully achieved:

Global reduction of € 107 million :

€ 47 million fixed costs

€ 60 million variable costs

FOCUS ON COST EFFICIENCY <<

Target for 2021: consolidate cost optimization achieved in 2020 and retain circa 80% of savings in fixed costs between 2019 and 2020 (YTD May cost savings have been on target)





the Core


& Outlook

<<

22

23

€131 M

ORGANIC DEVELOPMENT ANDDIVERSIFICATION IN THE LAST GROWTH CYCLE

25 36 4387

14381

127 93 72

129 15

2015 2016 2017 2018 2019 2020

Capex (M€)

GrowthCycle

CurrentBusiness

€158 M€152 M€129 M

€115 M

€216 M

Tissue: 190 M€

Pellets: 115 M€

Pulp expansion:

125 M€

Heavyweights: 12 M€

Growth cycle included:

• From 2015 until 2018, Capex included essentially growth projects that have allowed NVG to diversify its business

• In 2019, capex included mainly maintenance /efficiency, regulatory/environment (~33 M€ for environment) and completion of expansion projects

• In light of the Covid-19 the capex plan for 2020 was significantly revised downward from 158 M€ to 81 M€

2020 plan included:- 56 M€ for maintenance /efficiency ;- 25 M€ regulatory/environment

<<

Diversification of The Navigator Company’s

portfolio(Representing currently 10% of

Navigator’s sales, tissue business is an important

growth platform option for the future)

Synergies with our core business

(raw material Eucalyptus globulus)

Ability to develop a competitive advantage with pulp integration

(cost and quality advantage)

State-of-the-art technological

solutions

(The Navigator Company’s DNA)

After entering the tissue business in 2015, Navigator doubled its capacity first in 2015 and then in 2018, with the construction of a new 70 Ktons integrated machine in Aveiro.The growth in the tissue business has a strong strategic rational:

24

GROWTH IN THE TISSUE BUSINESS <<

PRODUCTION CAPACITY IN IBERIAN PENINSULA (KTON) 2020

25

280

140130

120110

100 95

55

718

30303030

505050

5

Source : RISI, NUMERA, Companies & NVG estimates

Total capacity in Iberia:

1 330 ktons

Portugal – 330 Ktons

Spain - 1 000 k tons

In 5 years, Navigator developed a business platform that represents 10% of Iberian Capacity and 40% of Portuguese capacity

NAVIGATOR - #3 P LAY E R I N T I S S U E I N I B E R I A <<

The tissue industry has been on a strong growth track for the past 20 years, growing 3.7% p.a. from 1996 until 2016; from 2017 until 2020, CAGR has been 2.3% and during 2020 growth accelerated to 4.5%. China has been a driving

force for global tissue market growth, accounting for over 35% of market growth.

WORLD TISSUE DEMAND BY REGION

North America 22%

Europe 22%

Russia & Other EE 2%

Latin America 11%

Other Asia 16%

China 23%

RoW 4%22,5

15,9

15,4

11,3

6,6

6,2

3,7

0,0 5,0 10,0 15,0 20,0 25,0

North America

Japan

Europe

Oceania

Latin America

China

Russia & Other EE

Tissue Demand per capita in 2019(kg per capita)

Per capita consumption in the Chinese coast is 9 Kg; an increase of 1Kg/capita in China would represent + 1.4 Mtons of demand/year

Per capita consumption in Africa is 0.7Kg and in India 0.2 Kg; an increase of 0.1Kg /capita in Africa and India would represent + 136 Ktons of demand in Africa and +139 Kton demand in India

<<TISSUE WORLD TRENDS

Source: Numera Analytics – Global Forecast December 202026

Growth opportunity driven by increased demand in Asia and worldwide supply limitations

Attractive fundamentals of Mozambique:‐ High Forest productivity ‐ Proximity to Asia‐ Land available at competitive costs

Geographic diversification within the core business of The Navigator Company

MOZAMBIQUE PROJECT

Strategic Rationale P h a s e 1 :W o o d c h i p M i l l

Investment: USD 280 M(USD 100 M already invested)

P h a s e 2 :P u l p M i l l

<<

40 000 ha planted area

Operational Start-up* > 2025

2000 job opportunities

Investment: USD 2.5 B1.5 Mtons/year BEKP

120 000 ha planted area

Operational Start-up: 2032-2034

8000 job opportunities

27

* Depending on conditions defined in the MoU

MOZAMBIQUE PROJECT UPDATE• Navigator has been working with the Mozambique

Government under the terms of the MoU signed in 2018, in particular on infrastructures and logistics and land and development issues.

• This has included the first Outgrower Support program in Mozambique, a government initiative funded by the World Bank, with the aim to promote small and medium scale sustainable commercial private forestry plantations, and restoration of degraded areas. In the first 2019-2020 season, plantations were established over an area of approximately 550 hectares and 1250 hectares are estimated for the next season 2020-2021, in a total of circa 1 800 hectares.

• Portucel Moçambique (PM) played an active role providing wide-range support by designing the silviculture model, supplying clonal plants and offering access to fertilizers. When the plantations are ready for harvest, PM will have first option on purchase of the wood.

• In 2020 wood harvesting operations have started on Portucel Moçambique's plantations in Manica, for export through the Port of Beira. Three shiploads are currently planned for delivery in 2021, representing approximately 100,000 m3 of wood.

28

<<

FOCUSED ON BUILDING THE FUTURE BIO-ECONOMY

RAIZ & Inpactusproject

Plantation trees Forestry residues

Biorefinery

Biomass deconstruction & separation

processes

1 ton wood Pulp

Fibers

Chemicals & energy recovery

(combustion)Pulping By-products

Biomass components

Paper

Tissue

Market pulp

Heat and electricity

BiochemicalsBioproductsBiomaterials

Examples of possible bioproducts from biorefinery

Essential oilsSugars for bioethanol and bioplasticsThermoplastic bio compositesLignin-based foams for thermo insulationBacterial cellulose for biomedical applicationsMicro/nanocellulose for paper coating and food additives

Raiz – Main achievements in the last 3 years: • 10 new patents submitted • Dozens of proof of concept of products and technologies (e.g. 1-2

new clonal plants/year, cellulose composite for 3D printing, tissue paper functionalized with bioactive microcapsules, road bitumen incorporating mill residues)

• 4 new technical and economic viability studies for industrial units for bioeconomy related to the forest industry (essential oils from eucalyptus leaves, bioethanol from forest residues, bioethanol from primary sludges – mill sub-product, cellulose/thermoplastic biocomposites)29

CREATING INNOVATIVE PRODUCTS & TECHNOLOGIES

A co-promotion R&D project between industry and academia.A step forward to a green, global, sustainable and competitive bioeconomic environment in Portugal, based on eucalyptus pulp and paper industry!

RAIZ & Inpactus project

180Researchers/Technicians

50Research grants

2Invited chairs

15.3M€Total budget

30


31




the Core


& Outlook

<<

NEW 2030 SUSTAINABILITY AGENDA

32

<<

A RESPONSIBLE BUSINESS AGENDA ALIGNED WITH NAVIGATOR´S PURPOSE:

People, their quality of life, and the planet's future are what inspire and move us. We want to share with society not only our outcomes, but also our knowledge,

experience and resources in the search for a better future

Contribute to a circular and lowcarbon economy, based on

innovation, technology and R&D

Develop our people, engage communitiesand share value with society in a fair and

inclusive way

Preserve and value the natural capital, thus generating economic, environmental and social value by minimizing the ecological footprint and optimizing efficiency in the use of resources

Create value and business opportunities with responsibility, applying ethical principles and demonstrating integrity and

transparency in everything we do

2030 SUSTAINABILITY AGENDA

33

<<

M A I N G O A L S

FOR NATURE

Preserve and value the natural capital:

Reduction of 33% specific use of water by 2030 (base line 2019)

80% of certified wood until 2030 Less than 1% of burned area

under management until 2030 90% of waste recovered by 2030

FOR CLIMATE

Invest in low carbon solutions towards carbon neutrality:

Reduction of 85% of direct CO2 emission in industrial facilities by 2035 (baseline 2018)

80% of renewable energy consumption by 2030 (baseline 2018)

FOR SOCIETY

Develop our people, involve communities and share value with society in a fair and inclusive way:

80% of employees with development plans Accident frequency index ≤2 in 2030 Employees’ satisfaction with Occupational Health

program >95% Ergonomics project : 100 workstations redesigned

by 2030 Run Forest Literacy initiatives for primary school

children, teenagers and adults (No. initiatives / year -digital and face-to-face): 10; No. children contacted / year: 20,000; No. teenagers and adults contacted / year: 40,000)

CORE: generate positive impact SUPPORTIVE: direct or indirect impact

Our contribute to UN’s Sustainable Development Goals

0.7 Mt CO2

total direct emissions

34

<<

84%of water

returned to the environment

90%raw materials

from renewable sources

74 %of total certified

wood*

6.1Mt CO2

Sequestred in our forest

123 707training hours

1.7 M€invested in the

comunity

70%renewable

energy consumed

+7 000families

supported in MozambiqueFor

NATURE

For CLIMATE

For SOCIETY

87%of waste recovered

PERFORMANCE IN 2020

3 232employees

* 61% is national certified wood

35

L e a d e r i n S u s t a i n a b i l i t y

<<

Score of 17.2 ESG Risk Rating 20205th among 79 global

Paper&Forestry companies

Among the only 5% companies evaluated worldwide that achieved

an “A” rating

Member and part of the WBCSD’s ExCoForest Solutions Group – core members.

Presidency of BCSD Portugal, an affiliate of WBCSD. SteerCo member of this Yale University

based initiative focusing on forests and their role in promoting improving the livelihoods of local communities.

O t h e r I n n i t i a t i v e s

ACHIEVEMENTS IN 2020

FOREST IS AT THE HEART OF WHAT WE DOa n a t u r a l a n d r e n e w a b l e r e s o u r c e

6.1 Million t CO2 eq

12 MillionPlants produced at Portuguese

Nurseries

107.370ha

Forest under management in Portugal

Million3.3Investment in forest fires

protection

RAIZForest and Paper Research Institute

Improve foresty management

Increase eucalyptus Yields

241Species of Fauna

800Species of Flora

Main forest certification schemes:

<<

For NATURE

36

ADDRESSING CLIMATE CHANGE BY BECOMING ACARBON NEUTRAL COMPANY

The Navigator Company is committed to achieve Carbon Neutrality at its industrial sites by 2035, 15 years ahead of EU schedule, by investing € 154 million in the implementation of changes in its production processes in order to minimize the use of fossil fuels

GOAL 1100% of electrical energy production from renewable sources

GOAL 2Reduce fossil fuelCO2 emissions with implementation of cleaner technologies

GOAL 3Reduction of 10% of the specific energy consumption from 2015 until 2025

GOAL 4Carbon offsettingfor unavoidablecarbon emissions

37

For CLIMATE

<<

ENERGY – SOLAR PHOTOVOLTAIC

RAIZ Institute (2019)

342 solar panels

94 kW of installed capacity

(30-35% of the institute’s consumption)

The energy generation through renewable energy sources constitutes one of the company’s strategic axis. This is shown through relevant investments in solar plants in self consumption regime.

Navigator Paper Setúbal (2016)

8 800 solar panels

2.2 MW of installed capacity

1 140 t CO2 emissions/year avoided

Herdade de Espirra (2018)

352 solar panels

112.6 kW installed capacity

(~30% of the consumption of Herdade de Espirra)

U P C O M I N G P R O J E C T S ( 2 0 2 2 )

• Navigator Pulp Setúbal: 4 680 solar panels

(installed capacity 1.8 MW);

38

<<

PM2 Figueira da Foz (2021)

7 700 solar panels

2.6 MW of installed capacity

(Navigator’s biggest solar photovoltaic plant).

1 300 t CO2 emissions/year avoided

Current total solar energy capacity

5 MW

For CLIMATE

INVESTING IN PEOPLE & TALENT MANAGEMENT

39

G E N D E R D I V E R S I T Y 3280

Employees in 2019

W O R K F O R C E R E J U V E N A T I O N

( 2 0 1 3 - 2 0 2 0 )

T R A I N I N G&

L E A R N I N G C E N T E R

Middle and Seniormanagement68% - Male

32% - Female

Training Hours: 135 787 h**

Courses: 551 courses

Internal Training: 113 974 h

Average impact of 6.5 years*

Distribution by age:10% < 30 years

60% between 30 – 50 years30% > 50 years

Headcount 3232*

Setúbal1,137

Figueira da Foz1,003

Aveiro520

Vila Velha de Ródão235Portucel

Mozambique139Others

locations in Portugal

132

International sales offices

66

* Dec.2020

<<

* Without rejuvenation program, average age would have been 6.5 years older** includes Moz.

For SOCIETY

For SOCIETY

Mozambique project

40

$6 Million invested

In the Community Development

Program

250 employees90% Mozambicans

30% women

Increasinghousehold

income And decreasing the poverty rate in the

provinces of Zambezia& Manica

850 improved craft stoves

Distributed in Zambézia, to help reduce the use of

wood, and protect the existing forest resources

Securingfamilies welfare

Delivering food security and

generating income to 7.000 families

53 new water boreholes

And fix some of the existing, making potable

water available to communities

fishing tanks + lots of goats

Delivered to 393 families, to support food diversity and increase protein consumption

I M P A C T O F S O C I A L P R O G R A M *

* Reference to the end of 2020

<<

For SOCIETY


41




the Core


& Outlook

<<

42

FINANCIAL INDICATORS

2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0Million euros

Turnover 1,577 1,637 1,692 1,688 1,385

EBITDA 397 404 455 372 286

EBITDA/Sales (%) 25% 25% 27% 22% 21%

CAPEX 139 115 216 158 81

Free Cash Flow 184 198 211 186 234

Net Debt 640 692 683 715 680

Net debt/EBITDA 1.61 1.72 1.50 1.92 2.38

ROCE 12% 14% 16% 13% 8%

ROE 18% 17% 19% 15% 11%

<<

253291 311

253314

394

2015 2016 2017 2018 2019 2020

Pulp Sales (ktons)

1.555 1.587 1.578 1.513 1.4471.276

2015 2016 2017 2018 2019 2020

Paper Sales (ktons)

3951 55 63

96106

2015 2016 2017 2018 2019 2020

Tissue Sales (ktons)

304385 357 377

307254

2015 2016 2017 2018 2019 2020

Operational Cash Flow (M€)

390 397 404455

372286

2015 2016 2017 2018 2019 2020

EBITDA (M€)

1.628 1.577 1.637 1.692 1.688

1.385

2015 2016 2017 2018 2019 2020

Turnover (M€)

43

MAIN FINANCIAL AND OPERATIONAL HIGHLIGHTS

<<

25%

12% 15

%

16%

14%

15%

25%

11%

17%

16%

16% 16%

27%

13%

18%

17%

18% 20

%22%

10%

17%

17%

15%

15%

21%

7%

16%

17%

15%

13%

The NavigatorCompany

Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5

2016 2017 2018 2019 2020

* Average does not include Navigator

EBITDA Margin - Paper Peers (2016-2020) Average for 2016-2020*: 15%

44

<<VERY FAVOURABLE COMPARISON WITH PEERS

Source:Euro-Graph; EMGE

Year (payment)

Ajusted dividend yield

Total amount paid (million euros)

Dividend per share (€)

2015 8.0% 440.5 0.614

2016 8.8% 170.0 0.237

2017 6.6% 250.0 0.349

2018 4.8% 200.0 0.279

2019 6.6% 200.0 0.279

2020 9.5% 198.0 0.279

2021 4.4% 99.6 0.140

45

€/share

Jan 2015– June 2021:

TSR: 68%

TSR annualized: 8.4 %

1,0 €

2,0 €

3,0 €

4,0 €

5,0 €

6,0 €

<<HISTORICAL DIVIDEND PAYMENT AND SHARE PRICE EVOLUTION

1Protect the

core business

2 Consolidate and clarify the options of organic

growth

3Reinforce

the focus on efficiency and

cost management

4 Continue to

invest on our people as a

key asset for the future

5 Commitement

to create value in a

responsible way

Financial Goal: Preserve company’s value, operating under the norms of shareholder’s remuneration.

46

<<MANAGEMENT PRIORITIES

• With the new lockdowns implemented in Q1, paper demand evolved in line with Q4 2020; market pulp conditions improved significantly with prices in China increasing 46% (+35% in Europe in Euros);

• Navigator concentrated larger maintenance stoppages during Q1, for both pulp and paper mills, impacting output of pulp, paper and energy;

• With very low stocks levels of pulp and paper, sales volumes for paper decreased to 336 ktons (-2% QoQ; -8% YoY) while pulp sales registered a reduction to 79 ktons (-19% QoQ; -5% YoY); tissue volumes remained positive with sales increasing to 27 ktons (+1% QoQ; +4% YoY);

• Turnover stable vs previous quarter, at € 341 million, reflecting a 16% YoY reduction, explained by the lower pulp and paper volumes and paper price evolution – A4-Bcopy index declined 6.4% YoY;

• EBITDA totaling € 71 million (-6% QoQ; -20% YoY) with a relevant 16% quarterly reduction in fixed costs; EBITDA/Sales margin reached 21%;

• Strong FCF generation of € 56 million vs € 15 million in Q1 2020, and last 12 months FCF was € 275 million (highest figure since 2013). Significant reduction of Net Debt to € 624 million (vs € 800 million in Q1 2020), which allowed a comfortable Net Debt/ EBITDA ratio of 2.33X;

• After a wide ranging stakeholder assessment, Navigator launched a new Sustainability agenda for 2030, aimed at Creating Value in a Sustainable Way.

<<Q1 2021 IN LINE WITH Q4 2020STABLE PERFORMANCE

47

48

Turnover of € 341 million stood in line with Q4 2020, as a recovery in selling prices offset the reduction in pulp and paper sales volumes

EBITDA totalled € 71 million and EBITDA/ Sales margin was 21%, circa 1pp lower in relation to Q4 2020

Strong FCF generation of € 56 million and CAPEX of € 20 million focused on maintenance and environment

Strong balance sheet with a significant decline of Net Debt to € 624 million and a comfortable Net Debt/EBITDA of 2.33X

<<3M 2021 FINANCIAL HIGHLIGHTS

In millions € Q12021

Q42020

ChangeQoQ

Q12020

ChangeYoY

Turnover 341 341 -0.2% 406 -16%

EBITDA 71 75 -6% 88 -20%

EBITDA /Sales 21% 22% -1pp 22% -1pp

CAPEX 20 11 +9 23 -3

Free Cash Flow

56 63 -7 15 -41

Net Debt 624 680 -56 800 -176

RemuneratedNet Debt/EBITDA

2.33 2.38 -0.05 2.25 +0.08

49

PAPER PERFORMANCE in Q1

• UWF sales volume decreased 2% in Q1, comparing with previous quarter, to 335 ktons;

• Average selling price impacted by product and market mixes and heavily penalised by the evolution of exchangerates in international markets;

• Paper turnover was stable versus Q4 2020 and declined 18.5% versus Q1 2020;

• Navigator´s order book at the end of the quarter was a robust 57 days, growing 60% over the quarter. Thiscompares well with the 30 days level of its competitors and the circa 40 days registered in Q1 2020;

• Navigator stock level dropped to a level of around 13 days by the end of March, as compared to an average 31days of its competitors, thanks to a careful management of working capital and a good start of the year in termsof demand.

PULP PERFORMANCE in Q1

• Pulp available for sale restrained by anticipated production shutdowns, and low inventories at the beginning ofthe year: total volume amounted to 79 ktons (-5.5% YoY; -18.6% QoQ);

• The recovery in pulp prices since the start of the year helped mitigate the decline in sales volumes, allowing totalsales value 2.1% above the registered in Q1 2020 but reflecting a decline of 6.4% QoQ.

<<NAVIGATOR PAPER & PULP PERFORMANCE

50

• Sales turnover was in line with the same period in 2020 and reflected an increase of 3% when compared withQ4 2020;

• Average selling price was 4% below the registered in Q1 2020, mainly due to a higher weight of reels in thesales mix; sale price for finished products evolved positively;

• Global volume of tissue sold of 27 ktons (+4% YoY), sustained by very strong sales in At-Home products.

62% Consumer (At-Home)

38% Away-from-Home

Revenue by segment

44% Portugal

36% Spain

19% Extra-Iberia

Revenue by geography

<<SOLID PERFORMANCE IN TISSUE BUSINESS

In spite of lockdowns and travel restrictions imposed at the beginning of the year, particularly impacting the Away-from-Home segment , NVG´s tissue performance remained solid

83% Finish Product

17% Reels

Revenue by type

51

M €

<<CAPEX OF € 20 MILLION IN 2021 ( V S € 1 1 M i l l i o n i n Q 4 2 0 2 0 )

CAPEX during Q1 mainly directed at maintenance, including the new woodchip pile in Aveiro, and environment, including the biomass boiler and the solar plants in Figueira da Foz (completed) and

Setúbal (under construction)

23 26 2111

20

Q12020

Q22020

Q32020

Q42020

Q12021

Capex over the last 5 Quarters (M €)

20 14

6

Capex 3M 2021 Maintenance and AssetReplacement

Environment anddecarbonisaton

54.0

56.4

-3.9

-16.9

12.7

52

STRONG FCF GENERATION IN Q1

Great cash flow generation of € 56.4 million in Q1 favourably comparing with € 15 million in Q1 2020; effective cost management of working capital together with a careful policy of supplier

management positively impacted this result

M €

<<

Operating Cash Flow

CAPEX Inventories SuppliersClients State & Public

Entities

Other Free Cash Flow R21

-20.1

30.2

-2.4(+4%)

0.3

Current Average Cost of Debt (March 2021):

1.5%

53

Debt Rate Profile(March 2021):

Fixed Variable

65% 35%

DEBT PROFILE

Q1 impacted by the reimbursement of € 40 million and issuing of € 42.5 million. Significant restructuring occurring in April, in a global amount of € 240 million The Group was able to increase

debt maturity to 3.5 years and reduce medium and long-term cost of debt

Debt maturity profileTotal debt: € 984.9 million

Average maturity: 3.5 years

44 56

344

104169

229

39

2021 2022 2023 2024 2025 2026 2026-2030

<<

PULP PAPER

• After sharp price increases sincethe start of the year, prices inChina are stabilizing with theweaker seasonality in July/August;as pulp markets remain tight, mostanalysts estimate that pricesshould remain at high levels

• In Europe, prices will follow (witha lag) the trend ocurring in China

54

TISSUE

• Increase in raw materials, energyand logistics are driving pressureon producers’ margins;

• Navigator announced a 6%-8%price increment on tissue products,with a number of other producersalso announcing price increases forthe second quarter. Such increasesare currently under way;

• Demand for tissue should evolvepositively, namely in AfH; NVG willcontinue its growth in the tissuebusiness.

OUTLOOK FOR 2021

• Capacity exits and conversions in the US andin Europe are creating a positive pressure onthe balance between demand and supply;

• Raw materials, energy and logistics at highlevels in all regions, as well as high operatingrates sustain the progressive implementationof paper price increases in H2;

• Restrictions as high maritime freight costsand delays in the logistics chain are reducingthe presence of non-European competitors inEurope and some of Navigator’s overseas keymarkets.

<<

With the economy recovering and the vaccination plan being implemented, pulp, paper and tissue market conditions are expected to remain globally positive.

55

SOLID PERSPECTIVES FOR THE INDUSTRY

<<

Fundamentals for pulp, paper and tissue remain solid:

• In pulp, producer inventories remain low and demand strong; new capacity arriving over the next few years should be absorbed by demand growth, as end uses for pulp (tissue, packaging, specialties) continue to grow; BHKP has been gaining relevance over BSKP;

• Paper fundamentals remain healthy, with P&W demand picking up this year and tissue demand increasing 3% globally; paper producers have been adjusting to reduction in paper demand, reducing supply either by conversions or shut downs;

• The long-term outlook remains positive given macro trends, such as the substitution of single-use plastics for paper/pulp products.

Integrated players like Navigator, with forest, pulp, paper, tissue and energy, are in a stronger position to face the industry´s cyclicality and continue to deliver solid returns. Navigator’s efficient cost management, focus on its investment plan and sustainability projects to face new challenges and opportunities, as well as the 2030 Agenda commitment to a responsible business management, are key for the company’s success over the next decade

P r e s e n t a t i o n t o I n v e s t o r s

R O A D S H O W B P I 2 0 2 1

presentation to investors roadshow bpi 2021

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