Navamedic Asa · OSL:NAVA
Navamedic Asa — Q3 2025 Earnings Presentation
22 slides from Navamedic Asa's earnings presentation, Oct 28, 2025
Slide 1: Third Quarter 2025 results
Q3 2025 Third Quarter 2025 results 28 October 2025 Kathrine Gamborg Andreassen, CEO Lars Hjarrand, CFO
Slide 2: Rights issue completed - Highlights for Q3
Q3 2025 Rights issue completed HIGHLIGHTS FOR Q3 • Growth across all business areas in the quarter • Completed the acquisition of REVENUES GROSS MARGIN Adjusted EBITDA1 dne Pharma business Q3 • Completed the Rights Issue in 138.9 MNOK 37.5% 11.3 MNOK early October at 130MNOK 2025 12.9% YoY 37.1% in
Slide 3: Prescription Drugs (RX)
MYSIMBA® WHOLESALER Prescription Drugs (RX) VOLUME Vol. (units 000) Growth due to Generics and Addiction portfolio in the 200 quarter 150 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 Revenues Iqvia data; Norway, Sweden, Finland Sales to retailers
Slide 4: Consumer Health
Consumer Health Strong growth in the business area Revenues Comments Q3 Q3 35.3 MNOK Revenues of Modifast was slightly up in the 19% Modifast 2025 +20 % YoY Thermacare quarter 34% 8% Revenues Eroxon ThermaCare, Alflorex and Eroxon were the 35.3M Absolut Torr main growth drivers 7% YTD 102.5 MNOK Alf
Slide 5: Hospital
Hospital Strong segment growth led by antibiotics portfolio Revenues Comments Q3 Q3 29.5 MNOK Recent tender wins have driven sales growth 2025 +11 % YoY for the Antibiotics portfolio, which is up 20.3% YoY Revenues 48% 52% 29.5M YTD 98.3 MNOK The Medical Nutrition portfolio showed a steady 3.9% grow
Slide 6: Financials
mialelarelelis @ Navamedic
Slide 7: Key consolidated profit and loss figures
Financials Revenues in Q3 were 12.9% above Q3 2024 and include revenues from Key consolidated profit and loss figures the acquired business from dne. Gross Profit came in at 37.5%, slightly above last year mostly due (in NOK '1000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Year 2024 to product mix and curre
Slide 8: Assets
Financials Assets (in NOK '1000) 30.09.2025 30.09.2024 31.12.2024 The increase in Goodwill and Intangible assets is mainly due to Goodwill 202 753 160 732 159 051 the dne acquisition. Deferred tax assets 934 930 934 The increase in Inventory is partly Other intangible assets 261 175 93 492 92 561 du
Slide 9: Equity and liabilities
Financials Equity and liabilities (in NOK '1000) 30.09.2025 30.09.2024 31.12.2024 Total equity 209 671 245 607 216 673 Equity ratio of 30% is lower in Q3 Contingent consideration 32 800 0 0 due to bridge financing for the dne Non-current interest-bearing borrowings 280 714 87 100 78 571 acquisition.
Slide 10: Cash flow Group – total operations
Financials Cash flow Group – total operations Net cash from operating activities is the result of Profit Before Tax of -3.8 MNOK, adjustments for non-cash items of 10.1 MNOK and changes in (in NOK '1000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Year 2024 working capital of -7.7 MNOK Net cash flow from oper
Slide 11: Growth strategy
Growth strategy @ Navamedic
Slide 12: Q4 2025: Commercial Launch of Flexilev in OraFID Across the Nordics
® Q4 2025: Commercial Launch of Flexilev in ® OraFID Across the Nordics Status FlexiLev® in OraFID®: • Approved in Sweden, Norway, Launch of Flexilev in OraFID® Denmark, Finland, United • Launch: Anticipated first delivery of Flexilev in OraFID to Norway, Sweden and Denmark, and launch Kingdom, Aust
Slide 13: Market leaders in opioid substitution treatment across the Nordics
Market leaders in opioid substitution treatment across the Nordics Commercialisation status 2025 YTD Revenue split Currently launched in: MA granted Ventizolve® Methadone Naloxone nasal spray Levopidon 31% Ventizolve FI SE DK NO UK FR BE IE NL DE IT EE 35% NOK 48m YTD Revenue Currently launched in:
Slide 14: Growth opportunities
Growth opportunities Opioid Substitution Treatment well implemented New markets in 2026-2027 • Denmark has an increasing population of young opioid Ventizolve® addicted people, not only from Possible launches from late 2026-2027 Naloxone nasal spray heroin, but from Tramadol, BE ISL DE Oxycontin and
Slide 15: Our strategy for growth
Our strategy for growth GROWTH BASED ON A STRONG FOUNDATION 1 Unlocking the potential of existing products Launch of Flexilev in OraFID® OUTLICENSING OF OWN PRODUCTS 2 Exploring market growth opportunities beyond our own territory with distributors or partners with Flexilev in OraFID®, Antibiotics,
Slide 16: Our ambition and vision
Our ambition Become a NOK 1 billion revenue company through profitable, sustainable growth Our vision Build a leading Nordic pharmaceutical company – a Proud Contributor to Public Health
Slide 17: Q&A
Q&A
Slide 18: Want to know more?
Want to know more? Visit our website www.navamedic.com/ Follow us on LinkedIn #InvestInNavamedic Navamedic’s Q4 2025 presentation will be held on February 12, 2026
Slide 19: Appendix
Appendix
Slide 20: Condensed consolidated statement of cash flows
Navamedic ASA Condensed consolidated statement of cash flows (in NOK '1000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Year 2024 Cash flow from operating activities Profit before tax -3 775 2 988 -7 383 27 032 5 155 Adjusted for: Depreciation, amortization and impairment 10 108 3 852 18 019 11 174 22 418 Fin
Slide 21: Basis for preparation and Definitions of Alternative Performance Measures
• Appendix Basis for preparation This presentation provides financial highlights for the quarter for Navamedic Group. The financial information is not reported according to the requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited. The same measurement principles as pr
Slide 22: Copyright and disclaimer
• Appendix Copyright and disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Navamedic and third-party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in a