Navamedic Asa · OSL:NAVA
Navamedic Asa — Q2 2026 Earnings Presentation
30 slides from Navamedic Asa's earnings presentation, Aug 14, 2026
Slide 1: Investor presentation Q2/H1 2026
Investor presentation Q2/H1 2026 14 August 2026 Lars Minor, 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: Highlights Q2
Highlights Q2 • Strong growth in EBITDA adjusted for CEO transition costs, driven by margin improvement and disciplined cost management • Mysimba revenue up 1.6% compared to same quarter last year • Extraordinary inventory write-offs of NOK 5.3 million impact gross margins negatively by around 3.8 %
Slide 5: Prescription Drugs (RX): Mysimba sales up 1.6 per cent compared to same quarter last year
Prescription Drugs (RX) Mysimba sales up 1.6 per cent compared to same quarter last year despite increasing competition Comments: Revenues Gross Margin • Mysimba +1.6% in Q2 and −7.4% in H1 Q2 revenues by product • Imdur −8.1% in Q2 and −5.0% in H1 compared to last year Other Flexilev 74.3 MNOK 45.4
Slide 6: Hospital: Steady revenue development – gross margin impacted by inventory write-off
Hospital Steady revenue development – gross margin impacted by inventory write-off Comments: Revenues Gross Margin • Antibiotics −0.7% in Q2 and −2.7% in H1 due to stock Q2 revenues by product up last year for new tender products • Medical Nutrition −2.4% in Q2 and −2.2% in H1 Medical Nutrition Q2 3
Slide 7: Consumer Health: Challenging quarter and half-year across several key products
Consumer Health Challenging quarter and half-year across several key products Comments: Revenues Gross Margin • Modifast −14% in Q2 and −17% in H1 due to somewhat Q2 revenues by product changed market dynamics due to increased competition • ThermaCare +53% in Q2 and +21% in H1 driven by Q2 30.8 MNOK
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 2.2% 40.3% 39.5% 38.4% 37.3% 37.5% -7.7% 11.3% 157.1 137.3 138.9 137.9 140.3 63.3 49.9 8.5% 9.1% 8.1% 51.2 52.1 54.4 53.8 41.1 40.8 41.9 7.4% 37.9 15.9 13.4 12.5 10.1
Slide 10: EBITDA development Q2 2025 vs. Q2 2026
Navamedic ASA EBITDA development Q2 2025 vs. Q2 2026 EBITDA waterfall Q2 2025 vs. Q2 2026, NOKm 3.2 5.2 1.1 15.9 6.7 8.2 10.1 7.8 EBITDA Q2 2025 Increased Increased revenue Reduced operating Extraordinary Adjusted Change of CEO costs EBITDA Q2 2026 gross margin expenses inventory write-off EBITDA Q2
Slide 11: Quarterly development in revenues
Navamedic ASA Quarterly development in revenues Navamedic, NOKm Prescription Drugs (RX), NOKm Hospital, NOKm Consumer Health, NOKm 2.2% 8.9% -1.5% -7.4% 33.3 35.3 157.1 86.1 39.7 31.3 30.8 137.3 138.9 137.9 140.3 74.1 76.9 74.3 35.7 35.2 29.0 68.3 29.5 32.0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25
Slide 12: Cash flow development
Navamedic ASA Cash flow development Cash flow development Q2 2026, NOKm 5.0 67.1 5.7 25.0 53.0 0.2 Cash 31.03.26 Operating activities Investing activities Financing activities Currency Cash 30.06.26
Slide 13: Business update
Business update @ Navamedic
Slide 14: Virono successfully launched in Sweden and Finland in May
Navamedic ASA Virono successfully launched in Sweden and Finland in May High earned press coverage in Sweden • National print and online media coverage • Local media and radio coverage Strong market access established • Strong physical distribution achieved in Sweden and Finland • Listed with all fo
Slide 15: Addiction portfolio with steady performance first months – international growth potential to be unlocked
Navamedic ASA Addiction portfolio with steady performance first 12 months – international growth potential to be unlocked • Navamedic acquired the dne Pharma business with a portfolio of addicition products in July 2025 • Metadon and Levopidon – opioid substitution treatment • Ventizolve – intranasa
Slide 16: Flexilev in OraFID launch continues
Navamedic ASA Flexilev in OraFID launch continues • Continued focus on MyFID-to-OraFID switch • Clinical study started end of June 2026 • Focus on tech-transfer to ensure scale-up production for future launches • Strong focus on realizing Flexilev’s international potential through partnerships
Slide 17: Sustainable growth through products, partnerships and expansion
Our strategy for growth: Sustainable growth through products, partnerships and expansion 1 GROW THE CORE Realising the potential of existing products and recent acquisitions 2 UNLOCK INTERNATIONAL POTENTIAL Exploring growth opportunities beyond our own territory with distributors and partners 3 BUIL
Slide 18: Outlook
Outlook @ Navamedic
Slide 19: Outlook 2026
Navamedic ASA Outlook 2026 Revenue Revenue is expected to be maintained around the same level as 2025. Profitability Improved gross margins driven by a more favourable product mix combined with continued operational efficiencies is expected to result in an improved EBITDA compared to 2025.
Slide 20: Xv Uv iD) : %
Xv Uv iD) : % 2 9
Slide 21: Navamedic ASA, Henrik Ibsens gate 100, Oslo
Navamedic ASA Henrik Ibsens gate 100 0255 Oslo Norway Investor relations Email: ir@navamedic.com Web: navamedic.com/investors
Slide 22: Appendix
Appendix @ Navamedic
Slide 23: 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 Q2 2026 YTD 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 68.3 74.1 86.1 293.5 76.9 74.3 151.2 Hospital 25.0 25.8 24.0 28.0 102.8 28.8 28.9 26.6
Slide 24: Profit and loss
Navamedic ASA Profit and loss (in NOK '1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Operating revenues 140,348 137,277 278,252 269,301 565,359 Cost of materials 86,523 86,102 169,989 164,343 345,039 Gross profit 53,826 51,175 108,263 104,958 220,320 Gross margin % 38.4 % 37.3 % 38.9 % 39.0 % 39.0
Slide 25: Assets
Navamedic ASA Assets (in NOK '1000) 30.06.2026 30.06.2025 31.12.2025 Goodwill 196,912 163,666 207,568 Deferred tax assets 934 934 934 Other intangible assets 216,011 89,944 250,890 Propertly, plant and equipment 1,941 4,337 3,901 Right of use assets 2,114 2,645 2,289 Non-current loans receivable 5,0
Slide 26: Equity and liabilities
Navamedic ASA Equity and liabilities (in NOK '1000) 30.06.2026 30.06.2025 31.12.2025 Total equity 306,086 216,553 334,076 Contingent consideration 32,800 0 32,800 Non-current interest-bearing borrowings 149,286 70,714 165,000 Non-current license liabilities 0 22,023 14,380 Non-current lease liabilit
Slide 27: Cash flow
Navamedic ASA Cash flow (in NOK '1000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Net cash flow from operating activities 5,691 4,674 6,957 17,315 25,585 Net cash flow from investing activities 4,970 0 7,006 -493 -186,648 Net cash flow from financing activities -24,982 -2,842 -33,947 -11,714 196,998
Slide 28: Half-yearly development in key figures
Navamedic ASA Half-yearly development in key figures Revenue, NOKm Gross Profit, NOKm Operating Expenses1, NOKm Adjusted EBITDA1, NOKm 3.3% 39.0% 39.0% 38.9% -2.6% 10.2% 296.1 8.5% 8.3% 269.3 278.3 90.7 82.0 79.8 115.4 108.3 105.0 28.4 22.9 24.7 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26
Slide 29: Half-yearly development in revenues
Navamedic ASA Half-yearly development in revenues Navamedic, NOKm Prescription Drugs (RX), NOKm Hospital, NOKm Consumer Health, NOKm 3.3% +13.4% -2.4% -10.9% 296.1 278.3 160.2 151.2 68.8 69.2 67.2 67.2 66.6 269.3 59.9 133.3 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26 H1 25 H2 25 H1 26
Slide 30: Cash flow development
Navamedic ASA Cash flow development Cash flow development H1 2026, NOKm 7.0 74.2 7.0 33.9 53.0 1.2 Cash 31.12.25 Operating activities Investing activities Financing activities Currency Cash 30.06.26