Slide 1: Investor presentation Q4 2025
Investor presentation Q4 2025 12 February 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: Highlights
Navamedic ASA Revenue Highlights Q4 157.1 MNOK Prescription Drugs (RX) FY 565.4 MNOK Integration of Addiction portfolio from dne Pharma; Launch of Flexilev in OraFID Gross Margin Q4 40.3% Consumer Health Distribution agreement with Evolsin Medical for Absolut Torr on the German market; FY 39.0% Secu
Slide 5: Prescription Drugs (RX)
Prescription Drugs (RX) Mysimba wholesaler volume ‘000 Growth in generics and addition of Addiction portfolio 200 Rolling 3 months Rolling 12 months 150 offset lower Mysimba sales 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 25 Source: Iqvia .
Slide 6: Consumer Health
Consumer Health Strong growth for ThermaCare, but lower Q4 overall compared to last year mainly due to periodization of campaigns for Modifast Revenues Comments: 31.3 MNOK • Modifast −5.6% in Q4 and −1.4% in 2025 mainly due to Q4 Q4 revenues by product periodization of campaign activities compared t
Slide 7: Hospital
Hospital Strong growth driven by Antibiotics Revenues Comments: 39.7 MNOK • Antibiotics +83% in Q4 and +43% in 2025 driven by Q4 Q4 revenues by product recent tender wins in the Nordics +40.3% YoY • Medical Nutrition portfolio +9.0% in Q4 and +4.4% in Medical Nutrition 2025 43% 57% 138.0 MNOK 2025 +
Slide 8: Financials
miatelarelels @ Navamedic
Slide 9: Q4 2025
Navamedic ASA Q4 2025 Comments: • Q4 revenue at all -time high, Revenue, NOKm Gross Profit, NOKm Adjusted EBITDA1, NOKm driven by acquisition of dne Pharma assets and growth in Antibiotics 19.8% 40.7% 40.3% 9.7% 157.1 37.3% 37.5% 8.1% 8.5% 33.7% 7.4% 131.2 132.0 137.3 138.9 63.3 • Favourable product
Slide 10: Revenue Q4 2025
Navamedic ASA Revenue Q4 2025 (NOKm) Navamedic ASA Prescription Drugs (RX) Consumer Health Hospital 19.8% 24.1% -6.6% 40.3% 157.1 86.1 33.5 33.9 33.3 35.3 39.7 131.2 132.0 137.3 138.9 74.1 31.3 33.1 35.7 69.4 65.0 68.2 29.5 28.3 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25
Slide 11: Revenue full-year 2025
Navamedic ASA Revenue full-year 2025 (NOKm) Navamedic ASA Prescription Drugs (RX) Consumer Health Hospital +14% +12% +19% +15% 6.4% 10.5% 2.3% 22.9% 531.4 565.4 300.3 293.5 130.8 133.8 138.0 512.0 265.5 108.9 112.3 382.1 211.7 90.9 102.8 79.6 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 20
Slide 12: Full-year 2025
Navamedic ASA Full-year 2025 Comments: Revenue, NOKm Gross Profit, NOKm Adjusted EBITDA1, NOKm • Revenue growth driven primarily by Antibiotics and acquisition of 6.4% 42.8% 13.5% dne Pharma assets 38.9% 39.3% 39.0% 531.4 565.4 10.1% 512.0 8.8% 8.4% • Adjusted EBITDA in 2025 excludes 382.1 199.1 208
Slide 13: Pro-forma comparison 2024-2025
Navamedic ASA Pro-forma comparison 2024-2025 Revenue bridge pro-forma full-year, NOKm Revenue bridge pro-forma Q4, NOKm Comments: +6.4% +12.9% +5.8% +7.3% 600 157 509 531 538 27 565 35 141 16 • Acquisition of dne Pharma assets 23 131 completed 15 July 2025 • Illustrative pro -forma full -year revenu
Slide 14: Assets
Navamedic ASA Assets (in NOK '1000) 31.12.2025 31.12.2024 Comments: Goodwill 207,568 159,051 Deferred tax assets 934 934 • Change in Goodwill and Other intangible assets comes primarily Other intangible assets 250,890 92,561 from acquisition of dne Pharma Property, plant and equipment 3,901 4,493 as
Slide 15: Equity and liabilities
Navamedic ASA Equity and liabilities (in NOK '1000) 31.12.2025 31.12.2024 Total equity 334,077 216,673 Contingent consideration 32,800 0 Comments: Non-current interest-bearing borrowings 172,857 78,571 Non-current license liabilities 19,130 21,360 • Contingent consideration is earn - Non-current rig
Slide 16: Cash flow
Navamedic ASA Cash flow Comments: • Net cash flow from financing activities in Q4 is proceeds from rights issue after repayment of (in NOK '1000) Q4 2025 Q4 2024 FY 2025 FY 2024 bridge loan, as well as interest and instalment on loan facilities Net cash flow from operating activities 14,320 4,731 24
Slide 17: Business update
Business update @ Navamedic
Slide 18: Delivering on Launch Excellence Across the Nordics
Commercial Launch Flexilev ® in OraFID ® Delivering on Launch Excellence Across the Nordics • Successful launch of Flexilev in OraFID in December across Sweden, Norway, and Denmark, with Finland launch executed in January via Orion Pharma • Upcoming National Tender in Norway • First patient initiate
Slide 19: Levilog - Helping Patients Stay on Track With Treatment
Digital Companion App Levilog - Helping Patients Stay on Track With Treatment • Digital support tool designed to support patients throughout treatment • Enables easy management and control of dosing schedules • Provides clear reminders and visibility of upcoming doses • Notifies patients when it’s t
Slide 20: New weight control concept – «Lettere steg»
Collaboration between Modifast and Grete Roede New weight control concept – «Lettere steg» • Collaboration between Navamedic and Grete Roede to launch a new, structured weight -management concept in Norway. • Combines Modifast’s clinically documented products with Grete Roede’s expertise in behavior
Slide 21: 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 22: Outlook
Outlook @ Navamedic
Slide 23: Outlook 2026
Navamedic ASA Outlook 2026 Revenue Full-year contribution from the new Addiction portfolio and the launch of Flexilev in OraFID, and phase-out of selected brands1, is expected to result in modest revenue growth overall Profitability Improved gross margins from a more favourable product mix, combined
Slide 24: OSA
OSA @ Navamedic
Slide 25: 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 26: Appendix
Appendix @ Navamedic
Slide 27: Profit and loss
Navamedic ASA Profit and loss (in NOK '1000) Q4 2025 Q4 2024 FY 2025 FY 2024 Operating revenues 157,137 131,196 565,359 531,436 Gross profit 63,255 44,269 220,320 208,877 Gross profit % 40.3 % 33.7 % 39.0 % 39.3 % Operating cost -49,889 -47,472 -172,711 -162,327 Adjusted EBITDA (excluding transactio
Slide 28: Key figures by quarter
Navamedic ASA Key figures by quarter 2022 2023 2024 2025 (in NOKm) Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Prescription Drugs (RX) 30.1 68.3 46.7 66.5 211.7 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 Consumer Health 10.9 18.3 24.1 26.3 7
Slide 29: Interest-bearing debt
Navamedic ASA Comments: Interest-bearing debt Navamedic ASA currently have two loans and an overdraft facility, all with Nordea: Facility A: Outstanding interest-bearing debt profile (in NOK ‘1000) • Type: Secured loan • Interest: NIBOR+3% • Maturity: 29 April 2028 188,571 • Instalments: semi -annua
Slide 30: Basis for preparation
Basis for preparation • This Presentation provides the financial highlights for Navamedic for the period. The financial information has not been prepared in accordance with IAS 34 Interim Financial Reporting, and the figures have not been audited. The same measurement principles as those applied in