Navamedic Asa · OSL:NAVA
Navamedic Asa — Q1 2026 Earnings Presentation
26 slides from Navamedic Asa's earnings presentation, Apr 23, 2026
Slide 1: Investor presentation Q1 2026
Investor presentation Q1 2026 23 April 2026 Kathrine Gamborg Andreassen, CEO Nils Ole Krekling, CFO
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Navamedic ASA (“Navamedic” or the “Company”). The Presentation contains certain forward-looking statements relating to the business, financial performance, current expectations, estimates, projections and results of the Company a
Slide 3: Highlights
milelalirelaies @ Navamedic
Slide 4: Q1 2026 in brief
Navamedic ASA Revenue Q1 2026 in brief 137.9 MNOK +4.5% YoY Prescription Drugs (RX) Launched Flexilev in OraFID in Finland by Orion Pharma in January Gross Margin 39.5% Consumer Health vs. 40.7% in Q1 25 Prepared for the launch of Virono in Sweden and Finland in May Adjusted EBITDA1 Hospital 12.5 MN
Slide 5: Prescription Drugs (RX): growth due to the Addiction portfolio
Prescription Drugs (RX) Mysimba wholesaler volume Growth in the quarter due to the Addiction portfolio ‘000 250 Rolling 3 months Rolling 12 months 200 150 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 25 26 Source: Iqvia . Norway, Sweden, Fi
Slide 6: Hospital: high tender activity and normal fluctuations in demand
Hospital High tender activity and normal fluctuations in demand in the quarter Comments: Revenues Gross Margin • Antibiotics −5.0% in Q1 due to stock up last year for Q1 revenues by product new tender products • Gross margin was reduced by approximately 5%p in Medical Nutrition Q1 32.0 MNOK 36.5 % t
Slide 7: Consumer Health: challenging quarter for key products
Consumer Health Challenging quarter for key products Comments: Revenues Gross Margin • Modifast −19% in Q1 due to fewer pharmacy Q1 revenues by product campaigns, and somewhat changed market dynamics due to increased competition from Rx alternatives Q1 29.0 MNOK 31.3 % • ThermaCare +1.1% in Q1 drive
Slide 8: Financials
miatelarelels @ Navamedic
Slide 9: Quarterly development in key figures
Navamedic ASA Quarterly development in key figures Revenue, NOKm Gross Profit, NOKm Operating Expenses1, NOKm Adjusted EBITDA1, NOKm 4.5% 40.7% 40.3% 39.5% 9.7% 157.1 37.3% 37.5% 8.5% 9.1% 8.1% 132.0 137.3 138.9 137.9 2.4% 7.4% 63.3 49.9 53.8 51.2 52.1 54.4 40.9 41.1 40.8 41.9 12.8 13.4 12.5 10.1 11
Slide 10: Quarterly development in revenues
Navamedic ASA Quarterly development in revenues Navamedic, NOKm Prescription Drugs (RX), NOKm Hospital, NOKm Consumer Health, NOKm 4.5% 18.2% -3.3% -14.3% 157.1 86.1 39.7 132.0 137.3 138.9 137.9 74.1 76.9 35.7 33.9 33.3 35.3 68.2 33.1 32.0 31.3 65.0 29.5 29.0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 2
Slide 11: Cash flow development
Navamedic ASA Cash flow development Cash flow development Q1 2026, NOKm 74.2 2.0 1.3 9.0 67.1 1.4 Cash 31.12.25 Operating activities Investing activities Financing activities Currency Cash 31.03.26
Slide 12: Business update
Business update @ Navamedic
Slide 13: Clear strategic focus and launch execution
Flexilev in OraFID ® Clear strategic focus and launch execution • Strategic portfolio focus • Switching MyFID → OraFID • MyFID discontinuation communicated to the market • Clinical Development • OraFID clinical study patient enrollment scheduled to start in MyFID OraFID April Total units 222 328 • N
Slide 14: Virono – an innovative single-dose treatment for cold sores
Consumer Health Virono® – an innovative single-dose treatment for cold sores Market value • Launch in Sweden and Finland in May, followed by the Netherlands in Topical antiviral OTC treatment* August • Full distribution across all Swedish pharmacy chains from May 25.3 27.5 17.6 Single-dose & local t
Slide 15: Update on the addiction portfolio
Prescription Drugs Update on the addiction portfolio New markets in 2026-2027 Ventizolve® Possible launches from late 2026-2027 Naloxone nasal spray BE ISL DE Levopidon® Norway and Denmark – Launch expected 2026 Single dose liquidand tablets levomethadone NO DK Metadon dne Launched in Norway, but sa
Slide 16: Our strategy for growth
Navamedic ASA Our strategy for growth 1 GROWTH BASED ON A STRONG FOUNDATION Unlocking the potential of existing products Launch of Flexilev in OraFID® 2 OUTLICENSING OF OWN PRODUCTS Exploring market growth opportunities beyond our own territory with distributors or partners with Flexilev in OraFID®,
Slide 17: Outlook
Outlook @ Navamedic
Slide 18: Outlook 2026
Navamedic ASA Outlook 2026 Revenue Modest revenue growth is expected, as full-year contribution from the Addiction portfolio and the launch of Flexilev in OraFID will be partly offset by phase-out of selected brands1 and impact of competition in the obesity market. Profitability Gross margins are ex
Slide 19: Xv Uv iD) : %
Xv Uv iD) : % 2 9
Slide 20: Navamedic ASA contact details
Navamedic ASA Henrik Ibsens gate 100 0255 Oslo Norway Investor relations Email: ir@navamedic.com Web: navamedic.com/investors
Slide 21: Appendix
Appendix @ Navamedic
Slide 22: Key figures by quarter
Navamedic ASA Key figures by quarter 2023 2024 2025 2026 (in NOKm) Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 2026 Prescription Drugs (RX) 68.9 66.8 92.1 73.0 300.3 58.4 70.1 67.1 69.4 265.5 65.0 68.2 74.1 86.1 293.5 76.9 76.9 Hospital 25.0 25.8 24.0 28.0 102.8 28.8 28.9 26.6 28.3 112.3 3
Slide 23: Profit and loss
Navamedic ASA Profit and loss (in NOK '1000) Q1 2026 Q1 2025 FY 2025 Operating revenues 137,904 132,024 565,359 Cost of materials 83,467 78,241 345,039 Gross profit 54,438 53,783 220,320 Gross profit % 39.5 % 40.7 % 39.0 % Operating cost 41,932 40,948 176,561 EBITDA 12,506 12,835 43,759 EBITDA % 9.1
Slide 24: Assets
Navamedic ASA Assets (in NOK '1000) 31.03.2026 31.03.2025 31.12.2025 Goodwill 197,625 162,285 207,568 Deferred tax assets 934 934 934 Other intangible assets 237,753 91,819 250,890 Propertly, plant and equipment 2,913 4,598 3,901 Right of use assets 3,156 3,441 2,289 Non-current loans receivable 4,4
Slide 25: Equity and liabilities
Navamedic ASA Equity and liabilities (in NOK '1000) 31.03.2026 31.03.2025 31.12.2025 Total equity 312,902 214,273 334,077 Contingent consideration 32,800 0 32,800 Non-current interest-bearing borrowings 157,143 78,571 165,000 Non-current license liabilities 13,485 21,799 14,380 Non-current lease lia
Slide 26: Cash flow
Navamedic ASA Cash flow (in NOK '1000) Q1 2026 Q1 2025 FY 2025 Net cash flow from operating activities 1,266 12,640 25,585 Net cash flow from investing activities 2,036 -493 -186,648 Net cash flow from financing activities -8,965 -8,872 196,997 Changes in currency -1,393 -249 937 Net change in cash