The Navigator Company reports €1.33 billion in revenue for first nine months of 2026

The Navigator Company reported revenue of €1.333 billion for the first nine months of 2026, down 10.5% compared with the same period in 2025. EBITDA totaled €212.2 million, a 29.3% decrease year over year, while net income amounted to €65.4 million, representing a 44.8% decline.

In the third quarter, revenue reached €464.7 million, increasing 5.2% compared with the previous quarter but decreasing 1% against the same period of 2025.

According to the company, its financial performance was affected by challenging macroeconomic and market conditions, higher energy and logistics costs, and extreme weather events recorded during the first quarter. Scheduled maintenance shutdowns at its industrial facilities also affected available production volumes and increased fossil fuel consumption.

TISSUE BUSINESS PERFORMANCE

In the first nine months of 2026, tissue sales, including finished products and parent reels, totaled 160,000 tonnes. In the third quarter, sales volumes increased 2% compared with the previous quarter but declined 6% year over year.

International operations accounted for 79% of the segment’s total sales volume during the period, compared with 54% in 2022, before the integration of Tissue Ejea in Spain and Tissue UK in the United Kingdom.

Spain, the United Kingdom, and France were the segment’s main international markets, accounting for 33%, 28%, and 16% of sales, respectively. In terms of customer segments, the At Home market represented 84% of sales, while the Away from Home channel accounted for the remaining 16%.

 

The company also made progress on an industrial transformation program in the United Kingdom, aimed at optimizing its production structure and costs, with a focus on improving operational efficiency and competitiveness. The program is expected to be completed by the end of the first half of 2027.

In parallel, Navigator continued preparatory work for the installation of a new tissue machine at its Aveiro industrial complex in Portugal. The project involves a planned investment of €115 million and will have an annual production capacity of 70,000 tonnes. The machine is expected to supply the company’s UK operations, with start-up scheduled for 2028.

INVESTMENTS

Navigator’s investments totaled €173.9 million in the first nine months of 2026. Approximately 48% of the amount was allocated to environmental and sustainability projects, including initiatives focused on industrial efficiency and reducing environmental impacts.

At the end of September, the company’s net debt stood at €765 million. Cost optimization and improvements in operational efficiency remain among its priorities amid pressure on demand and high energy and logistics costs across European markets.