The Navigator Company drives strategic transformation through sustained growth of its Tissue business

The Navigator Company continues to advance its diversification strategy, with the tissue business strengthening its position as a central pillar of the group’s growth and financial resilience. In 2025, the segment further increased its relevance within the company’s results structure, making a meaningful contribution to EBITDA and helping to mitigate the impact of volatility in the global pulp and paper market.

Over the past decade, tissue has evolved from representing around 5% to approximately 25% of the company’s total revenue, reflecting a sustained structural transformation. In 2025, the segment recorded a 6% increase in sales volumes, driven primarily by strong international performance and a strategy focused on higher value-added products.

International markets accounted for 80% of total tissue sales, compared with 54% in 2022, prior to the integration of operations in Spain and the United Kingdom. The UK market represented 34% of total sales, followed by Spain with 30% and France with 14%, resulting in a more balanced and resilient geographic mix.

The company strengthened its focus on finished products, which accounted for 98% of tissue sales, while jumbo reels remained marginal. From a customer segment perspective, the At Home or consumer channel continued to gain weight, representing 83% of sales, while the Away from Home segment—including horeca, offices, and wholesalers—accounted for the remaining 17%.

 

Growth in the tissue business was also supported by the integration of Navigator Tissue UK, completed in May 2024. This operation expanded the product portfolio, broadened the customer base, and reinforced the company’s presence in strategic markets.

As part of its long-term growth strategy, the company took the final investment decision in 2025 to install a new tissue paper machine with an annual production capacity of 70,000 tonnes. The new machine will be located at the Aveiro industrial complex and is designed primarily to supply the group’s converting operations in the United Kingdom. Start-up is scheduled for March 2028, with a total investment of approximately €115 million, supported by funding under the Portugal 2030 program.

This project moves forward in a challenging industry environment, reinforcing The Navigator Company’s confidence in the long-term potential of the tissue market, as well as in its own industrial execution capabilities and value creation strategy.