In a statement, the group further reports that its earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 300 million euros, compared to 431 million a year earlier, with a margin of 20.2%.
Revenue totaled 1.489 billion euros from January to September, a decline of 5.1%.
Sales of uncoated woodfree paper (UWF) and packaging rose 15% from the third quarter of 2024, to 316,000 tons, aligning with the previous quarter, reflecting “the strength of demand and the success of the diversification strategy,” according to the company led by António Redondo.
The tissue business grew 14% in volume and 17% in value, driven by the integration of Navigator Tissue UK, completed in 2024, while packaging increased 7% compared to the same period last year, as the company prepares to convert the PM3 machine in Setúbal. This investment will enable Navigator to become the fourth largest European producer of low-grammage flexible packaging paper.
The company highlighted that, despite pressure from energy prices, chemicals, and the scarcity of domestic wood—which led to the temporary shutdown of the Aveiro unit—it managed to reduce production costs and keep fixed costs under control.
“The first nine months of 2025 occurred in an international context of significant economic slowdown and high volatility, constrained by conflicts in the Middle East and Eastern Europe, the strengthening of protectionist policies, and political instability in several developed economies,” states Navigator.
The company further details that the last quarter was particularly affected by pressure on energy costs “with indirect impacts on chemical product, logistics, and packaging material costs, and by the sharp correction of pulp prices in China after April.”
Investment totaled 160 million euros up to September, with approximately 61% allocated to environmental and sustainability projects.
Net remunerated debt rose to 769.6 million, with a net remunerated debt/EBITDA ratio of 1.85x.
