Key message: Navigator outperformed in UWF with deliveries up +2% YoY in a market where industry volumes declined -5%, supported by stronger international exposure (+5% YoY; 56% of volumes). This contrasts with Mondi (-2% YoY volumes), reflecting Navigator’s greater offshore sales mix. Meanwhile, industry kraft paper demand in Europe grew +2.6% in 2025, supporting Navigator’s gradual diversification into packaging. Looking ahead, global UWF price increase announcements should support pricing into late Q1 and Q2, while pulp prices are expected to strengthen in H1 2026 on improving demand momentum in China and Europe (with a downside scenario of price stability in H2). View Presentation
