Slides
Page 1
Investor presentation Q3 2026 29 October 2026 Lars Minor, CEO Nils Ole Krekling, CFO
Page 2
This presentation (the “Presentation”) has been prepared by NavamedicASA (“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 and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “belie ves”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in the Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. While the Company believes that i ts expectations and the Presentation are based upon reasonable assumptions, none of the Company or any of its management, directors, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presenta tion or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results. The Company uses certain financial measures as alternative performance measures in this Presentation. These non -IFRS financial measures are provided as additional insight into the Company’s ongoing financial performance and to enhance the user’s overal l understanding of the Company’s financial results and the potential impact of any corporate development activities. These term s, as we define them, may not be comparable to similarly titled measures employed by other companies and are not a measure of performance calculated in accordance with IFRS. The information included in this Presentation has not been audited and may be subject to modifications. Disclaimer
Page 3
Highlights
Page 4
Highlights Q3 • Profitability improvement driven by a continued focus on optimising product mix and cost discipline, despite decreased revenue due to Mysimba and impact from discontinued brands • Five-year extension of the distribution agreement for Mysimba was announced on 20 October 2026 Revenue NOK 120.6m −13.2% YoY Gross Margin 39.5% vs. 37.5% in Q3 25 Adjusted EBITDA1 NOK 10.6m −6.1% YoY 1Excluding transaction costs in Q3 2025. No adjustments in Q3 2026. EBITDA NOK 10.6m +17.3% YoY
Page 5
60.9 MNOK −17.8% YoY Revenues 39% 28% 22% 8% Mysimba Imdur Addiction 3% Flexilev Other Comments: • Mysimba−30% in Q3 and −15% YTD • Imdur +7.7% in Q3 and −1.4% YTD • Addiction: the acquired portfolio from dne Pharma contributed NOK 13.2m and NOK 42.0m in revenue in Q3 and YTD 2026 respectively, compared to NOK 10.6m in Q3 and YTD 2025 • Flexilev roll-out continues – still limited revenue impact • Nitrolingual and Gepan discontinued from Q2 Q3 revenues by product Q3 impacted by wholesaler purchasing patterns leading to lower Mysimba sales, yet overall YTD growth Prescription Drugs (RX) 43.0 % Q3 Gross Margin 212.1 MNOK +2.3% YoY 44.1 % YTD Source: IQVIA. Norway, Sweden, Finland sale to retailers 0 10 000 20 000 30 000 40 000 50 000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -7.5% Mysimba sell - in volume
Page 6
6 52% 48% Antibiotics Medical Nutrition Comments: • Antibiotics +19% in Q3 and +3.3% YTD • Medical Nutrition +2.7% in Q3 and −0.6% YTD compared to last year • Gross margin for the business area was reduced by approximately 2.7%pp. YTD 2026 due to inventory write-off on a hospital tender product Q3 revenues by product Strong quarter for Antibiotics drives revenue growth Hospital 32.6 MNOK +10.6% YoY Revenues 35.7 % Q3 Gross Margin 99.8 MNOK +1.5% YoY 35.3 % YTD
Page 7
33% 26% 11% 30% Modifast ThermaCare Absolut Torr Other Comments: • Modifast−25% in Q3 and −19% YTD reflecting increased competition • ThermaCare−17% in Q3 mainly due to timing of campaigns, and +5.3% YTD • Absolut Torr+15% in Q3 and −15% YTD • Gross margin for the business area was reduced by approximately 4.8pp YTD due to inventory write-off related to one brand in Q2 Q3 revenues by product Pockets of growth, but two brands drive decline in Q3 vs. last year Consumer Health 27.1 MNOK −23.3% YoY Revenues Gross Margin 36.3 % Q3 86.9 MNOK −15.2% YoY 31.2 % YTD
Page 8
Financials
Page 9
Quarterly development in key figures Navamedic ASA 37.5% Q3 25 40.3% Q4 25 39.5% Q1 26 38.4% Q2 26 39.5% Q3 26 52.1 63.3 54.4 53.8 47.7 8.1% Q3 25 8.5% Q4 25 9.1% Q1 26 11.3% Q2 26 8.8% Q3 26 11.3 13.4 12.5 15.9 10.6 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 40.8 49.9 41.9 37.9 37.1 -9.1% 1Excluding transaction costs and for Q2 2026 costs related to change of CEO Revenue, NOKm Gross Profit, NOKm Adjusted EBITDA1, NOKmOperating Expenses1, NOKm Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 138.9 157.1 137.9 140.3 120.6 -13.2% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 9.0 11.8 12.5 7.8 10.6 EBITDA, NOKm
Page 10
Quarterly development in revenues Navamedic ASA Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 74.1 86.1 76.9 74.3 60.9 -17.8% Prescription Drugs (RX), NOKm Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 32.629.5 39.7 32.0 35.2 +10.6% Hospital, NOKm Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 35.3 31.3 29.0 30.8 27.1 -23.3% Consumer Health, NOKmNavamedic, NOKm Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 138.9 157.1 137.9 140.3 120.6 -13.2%
Page 11
Cash flow development Navamedic ASA Cash flow development Q3 2026, NOKm Cash 30.06.26 8.3 Operating activities -0.4 Investing activities -12.0 Financing activities -0.2 Currency Cash 30.09.26 53.0 48.6
Page 12
Year-to-date development in revenues Navamedic ASA Revenue development, NOKm Revenue Q3 2025 YTD 31.4 Addiction -17.9 Discontinued products -15.3 Mysimba -6.7 Modifast -0.8 Other 398.9 Revenue Q3 2026 YTD 408.2
Page 13
Business update
Page 14
Prolongation of Mysimba secures a position in a growing, competitive obesity market Market pressure • GLP-1 companies increasingly dominate the obesity market • The introduction of GLP-1 products has challenged Mysimba growth Patient - focused strategy • Mysimba positioning for specific patient groups • Increased focus on scientific communication relating to obesity and Mysimba • Mysimba tablets offer patients with obesity a treatment option beyond GLP-1 New partnership foundation • Five-year extension of the distribution agreement signed with Azurity, Mysimba’s new global owner, announced 20 October 2026 • Stronger international support from a new owner with growth ambitions • Patient-centric strategy to position Mysimba for the right patients in a competitive market • From a broad obesity treatment option to a differentiated choice for specific patient needs
Page 15
Building for the future – a thorough process with focus on profitable growth Preparations for future growth are ongoing Profitable growth In each strategic segment Resource allocation Focus resources on value creation Commercial direction Reshape commercial strategy, operations and long-term ambition International expansion Identify international expansion opportunities Portfolio partnerships Expand the portfolio through partnerships Execution and alliance management Optimize existing products and partnerships through strong execution
Page 16
Sustainable growth through products, partnerships and expansion Our strategy for growth: GROW THE CORE Realising the potential of existing products and recent acquisitions FOCUS ON EXECUTION AND ALLIANCE MANAGEMENT Be the partner of choice in our territories for existing and future partners, with a platform that can manage multiple product categories UNLOCK INTERNATIONAL POTENTIAL Exploring growth opportunities beyond our own territory with distributors and partners 1 2 3 BUILD FUTURE PORTFOLIO Attracting products with growth potential adding economies of scale, strategic fit and sustainable profits 4
Page 17
Outlook
Page 18
Profitability Revenue Outlook 2026 Navamedic ASA Revenue is expected to be somewhat lower in 2026 compared to 2025 on a constant currency basis. 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.
Page 19
Q&A
Page 20
Navamedic ASA Henrik Ibsens gate 100 0255 Oslo Norway Investor relations Email: ir@navamedic.com Web: navamedic.com/investors
Page 21
Appendix
Page 22
Navamedic ASA 2023 2024 2025 2026 (in NOKm) Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 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 60.9 212.1 Hospital 25.0 25.8 24.0 28.0 102.8 28.8 28.9 26.6 28.3 112.3 33.1 35.7 29.5 39.7 138.0 32.0 35.2 32.6 99.8 Consumer Health 27.9 31.3 25.0 24.2 108.9 33.8 34.6 29.3 33.5 130.8 33.9 33.3 35.3 31.3 133.8 29.0 30.8 27.1 86.9 Other 0.0 0.0 0.0 0.0 0.0 0.0 22.8 0.0 0.0 22.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total revenue 121.7 124.0 141.0 125.3 512.0 120.9 156.3 123.1 131.2 531.4 132.0 137.3 138.9 157.1 565.4 137.9 140.3 120.6 398.9 Gross profit 50.2 50.1 53.0 45.7 199.1 46.8 72.1 45.7 44.3 208.9 53.8 51.2 52.1 63.3 220.3 54.4 53.8 47.7 156.0 Operating cost -34.5 -39.6 -35.6 -37.8 -147.5 -38.4 -39.4 -37.1 -47.5 -162.3 -40.9 -41.1 -40.8 -49.9 -172.7 -41.9 -37.9 -37.1 -116.9 Adjusted EBITDA 15.8 10.5 17.4 7.9 51.6 8.5 32.7 8.6 -3.2 46.6 12.8 10.1 11.3 13.4 47.6 12.5 15.9 10.6 39.0 Transaction costs/other e.o. costs 0.0 -12.3 -1.1 -2.6 -16.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -2.3 -1.6 -3.9 0.0 -8.2 0.0 -8.2 EBITDA 15.8 -1.8 16.2 5.3 35.5 8.5 32.7 8.6 -3.2 46.6 12.8 10.1 9.0 11.8 43.8 12.5 7.8 10.6 30.9 Revenue growth YoY: Prescription Drugs (RX) 128.9% -2.2% 97.2% 9.8% 41.9% -15.2% 4.9% -27.1% -4.9% -11.6% 11.4% -2.6% 10.4% 24.1% 10.5% 18.2% 8.9% -17.8% 2.3% Hospital 14.2% 8.9% 8.6% 21.2% 13.2% 15.2% 12.0% 10.8% 1.1% 9.3% 14.9% 23.5% 10.9% 40.3% 22.9% -3.3% -1.5% 10.6% 1.5% Consumer Health 156.0% 71.0% 3.7% -8.0% 36.7% 21.1% 10.5% 17.2% 38.4% 20.1% 0.2% -3.7% 20.5% -6.6% 2.3% -14.3% -7.4% -23.3% -15.2% Total 93.2% 12.3% 51.9% 8.1% 34.0% -0.7% 26.1% -12.7% 4.7% 3.8% 9.2% -12.2% 12.9% 19.8% 6.4% 4.5% 2.2% -13.2% -2.3% Gross margin 41.3% 40.4% 37.6% 36.5% 38.9% 38.7% 46.1% 37.1% 33.7% 39.3% 40.7% 37.3% 37.5% 40.3% 39.0% 39.5% 38.4% 39.5% 39.1% Adjusted EBITDA margin 13.0% 8.5% 12.3% 6.3% 10.1% 7.0% 20.9% 7.0% -2.4% 8.8% 9.7% 7.4% 8.1% 8.5% 8.4% 9.1% 11.3% 8.8% 9.8% EBITDA margin 13.0% -1.5% 11.5% 4.2% 6.9% 7.0% 20.9% 7.0% -2.4% 8.8% 9.7% 7.4% 6.5% 7.5% 7.7% 9.1% 5.5% 8.8% 7.7% Key figures by quarter
Page 23
Profit and loss (in NOK '1000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Operating revenues 120,644 138,921 398,897 408,222 565,359 Cost of materials 72,955 86,814 242,944 251,157 345,039 Gross profit 47,690 52,107 155,953 157,065 220,320 Gross margin % 39.5 % 37.5 % 39.1 % 38.5 % 39.0 % Operating expenses1 37,089 40,813 116,930 122,822 172,711 Adjusted EBITDA 10,601 11,294 39,023 34,243 47,609 Adjusted EBITDA % 8.8 % 8.1 % 9.8 % 8.4 % 8.4 % Transaction costs/other extraordinary costs 0 2,254 8,160 2,254 3,850 EBITDA 10,601 9,040 30,863 31,989 43,759 EBITDA % 8.8 % 6.5 % 7.7 % 7.8 % 7.7 % Depreciation and amortization 10,799 9,226 32,987 16,740 31,355 Operating profit (EBIT) -198 -186 -2,124 15,249 12,404 Net financial income and expenses -5,254 -3,589 -12,897 -22,632 -28,061 Profit before tax -5,452 -3,775 -15,022 -7,383 -15,657 Income tax expense 173 282 1,131 -5,098 -7,881 Net profit / loss (-) -5,278 -3,493 -13,891 -12,481 -23,538 Navamedic ASA 1Excluding transaction costs and for Q2 2026 costs related to change of CEO
Page 24
Assets Navamedic ASA (in NOK '1000) 30.09.2026 30.09.2025 31.12.2025 Goodwill 188,721 202,753 207,568 Deferred tax assets 934 934 934 Other intangible assets 204,657 261,175 250,890 Propertly, plant and equipment 931 4,084 3,901 Right of use assets 10,007 2,008 2,289 Financial derivatives 3,587 0 0 Non-current loans receivable 5,144 4,177 4,282 Total non-current assets 413,981 475,132 469,865 Tax receivables 10,823 9,777 11,392 Inventories 99,552 114,770 116,561 Trade receivables and other current assets 46,814 53,570 60,476 Other current financial assets 0 7,915 9,298 Cash and cash equivalents 48,641 51,712 74,157 Total current assets 205,830 237,745 271,884 Total assets 619,812 712,876 741,748
Page 25
Equity and liabilities Navamedic ASA (in NOK '1000) 30.09.2026 30.09.2025 31.12.2025 Total equity 288,208 209,671 334,077 Contingent consideration 32,800 32,800 32,800 Non-current interest-bearing borrowings 141,429 280,714 165,000 Non-current license liabilities 0 22,069 14,380 Non-current lease liabilities 7,629 64 11 Deferred tax liability 7,046 7,787 7,753 Other non-current liabilities 960 0 0 Total non-current liabilities 189,863 343,434 219,945 Current interest-bearing borrowings 31,429 28,671 40,688 Trade account payables 57,544 71,164 90,628 Current license liabilities 0 0 4,750 Current lease liabilities 2,399 2,213 2,524 Taxes payable 2,788 2,165 6,032 Other current liabilities 47,581 55,558 43,103 Total current liabilities 141,740 159,771 187,726 Total liabilities 331,603 503,205 407,671 Total equity and liabilities 619,812 712,876 741,748
Page 26
(in NOK '1000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Net cash flow from operating activities 8,310 14 15,267 17,328 25,585 Net cash flow from investing activities -432 -186,012 6,574 -186,505 -186,648 Net cash flow from financing activities -11,962 195,118 -45,909 183,404 196,998 Changes in currency -229 -67 -1,448 201 937 Net change in cash -4,312 9,053 -25,515 14,428 36,872 Cash and cash equivalents at beginning of period 52,953 42,659 74,157 37,285 37,285 Cash and cash equivalents end period 48,641 51,712 48,641 51,712 74,157 Cash flow Navamedic ASA