Navamedic

Investor Presentation • Oct 28, 2025

Q3 2025

Third Quarter 2025 results

28 October 2025

Kathrine Gamborg Andreassen, CEO Lars Hjarrand, CFO

Rights issue completed

	REVENUES	GROSS MARGIN	Adjusted EBITDA 1
Q3	138.9 MNOK	37.5%	11.3 MNOK
2025	12.9% YoY	37.1% in Q3 24	8.6 MNOK in Q3 24

HIGHLIGHTS FOR Q3

• Growth across all business areas in the quarter
• Completed the acquisition of dne Pharma business
• Completed the Rights Issue in early October at 130MNOK
• Integration of dne on track

¹EBITDA excl transaction costs

Prescription Drugs (RX)

Growth due to Generics and Addiction portfolio in the quarter

Revenues

MYSIMBA® WHOLESALER VOLUME 0 50 100 150 200 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Vol. (units 000) Iqvia data; Norway, Sweden, Finland Sales to retailers, rolling 3 (red) and 12 months

Q3 25

Q3 2025

74.1 MNOK

+10 % YoY

YTD 2025

207.4 MNOK

+6 % YoY

Comments Q3

Mysimba® revenues were down 16 % YoY and 13% YTD

Imdur® delivered strong revenues in the period and is up 11% YoY

Flexilev® continues to deliver revenue growth and is up 10% YoY

dne portfolio (addiction) contributed by 10.6MNOK in revenues

Strong growth in the business area

Q3 2025

YTD 2025

35.3 MNOK

+20 % YoY

102.5 MNOK

+5 % YoY

Comments Q3

Revenues of Modifast was slightly up in the quarter

ThermaCare, Alflorex and Eroxon were the main growth drivers

Hospital

Strong segment growth led by antibiotics portfolio

Revenues

Q3 2025

29.5 MNOK

+11 % YoY

YTD 2025

98.3 MNOK

+17 % YoY

Comments Q3

Recent tender wins have driven sales growth for the Antibiotics portfolio, which is up 20.3% YoY

The Medical Nutrition portfolio showed a steady 3.9% growth

Key consolidated profit and loss figures

(in NOK '1000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024	Year 2024
Operating revenues	138 921	123 062	408 222	400 240	531 436
Gross profit	52 107	45 685	157 065	164 608	208 877
Gross profit %	37,5 %	37,1 %	38,5 %	41,1 %	39,3 %
Operating cost	-40 813	-37 069	-122 822	-114 856	-162 327
Adjusted EBITDA (excluding transaction cost)	11 294	8 616	34 243	49 753	46 550
Adjusted EBITDA %	8,1 %	7,0 %	8,4 %	12,4 %	8,8 %
Transaction cost	-2 254	0	-2 254	0	0
EBITDA	9 040	8 616	31 989	49 753	46 550
EBITDA %	6,5%	7,0%	7,8%	12,4%	8,8%
Depreciation	-941	-1 141	-3 108	-3 151	-4 267
Amortization	-8 285	-2 712	-13 631	-8 023	-10 488
Operating result (EBIT)	-186	4 764	15 249	38 578	31 795
Net financial income and expenses	-3 589	-3 314	-22 632	-13 084	-33 415
Profit before tax	-3 775	1 450	-7 383	25 494	-1 620
Income taxes	282	-253	-5 098	-5 569	-3 865
Net profit / loss (-)	-3 493	1 197	-12 481	19 925	-5 485

Financials Revenues in Q3 were 12.9% above Q3 2024 and include revenues from the acquired business from dne.

Gross Profit came in at 37.5%, slightly above last year mostly due to product mix and currency effect

Operating costs are higher than last year mostly due to continued investments in growth initiatives

Adjusted EBITDA was 11.3 MNOK for the quarter, compared to 8.6 MNOK LY.

The amortization increase is related to the assets acquired from the dne transaction

Net Financial items was negative 3.6 MNOK due to interest payments, currency and Observe Medical loans/shares

Note: The 2024 numbers reflect correction of accounting of loan value

Assets

(in NOK '1000)	30.09.2025	30.09.2024	31.12.2024
Goodwill	202 753	160 732	159 051
Deferred tax assets	934	930	934
Other intangible assets	261 175	93 492	92 561
Property, plant and equipment	4 084	3 317	4 493
Right of use assets	2 008	5 100	4 246
Non-current loans receivable	4 177	0	6 196
Total non-current assets	475 132	263 571	267 480
Tax receivables	9 777	13 334	8 720
Inventories	114 770	92 072	81 888
Trade and other receivables	53 570	57 030	55 909
Cash	51 712	46 467	37 285
Current loans receivable	0	34 893	0
Other current financial assets	7 915	1 605	16 194
Total current assets	237 745	245 401	199 996
Total assets	712 876	508 971	467 477

The increase in Goodwill and Intangible assets is mainly due to the dne acquisition.

The increase in Inventory is partly due to the dne acquisition in addition to normal fluctuations

Cash level at end of quarter was solid at 51.7 MNOK

Loan receivable and Other current financial assets are the loans to, and shares in Observe Medical

Note: The 2024 numbers reflect correction of accounting of loan value

Equity and liabilities

(in NOK '1000)	30.09.2025	30.09.2024	31.12.2024
Total equity	209 671	245 607	216 673
Contingent consideration	32 800	0	0
Non-current interest-bearing borrowings	280 714	87 100	78 571
Non-current license liabilities	22 069	4 166	21 360
Non-current right of use liabilities	64	2 273	1 694
Deferred tax liabilities	7 787	8 725	8 361
Total non-current liabilities	343 434	102 263	109 986
Current interest-bearing borrowings	28 671	34 402	35 441
Trade and other payables	71 164	59 120	50 267
Current right of use liabilities	2 213	3 147	2 868
Current license liabilities	0	17 328	0
Taxes payable	2 165	11 360	5 198
Other current liabilities	55 558	35 743	47 045
Total current liabilities	159 771	161 101	140 818
Total liabilities	503 205	263 365	250 804
Total equity and liabilities	712 876	508 971	467 477

Equity ratio of 30% is lower in Q3 due to bridge financing for the dne acquisition. The Equity ratio will come back up in Q4.

Total loans and borrowings are up compared to last year. This is due to financing of the dne acquisition.

Trade payables is higher than last year but down from last quarter

Note: The 2024 numbers reflect figures after correction in the accounts

Cash flow Group – total operations

(in NOK '1000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024	Year 2024
Net cash flow from operating activities	338	29 081	9 921	34 622	39 354
Net cash flow from investing activities	-186 015	-63	-186 564	-435	-2 778
Net cash flow from financing activities	194 842	-11 629	182 875	-26 623	-37 738
Changes in currency	-113	758	8 195	867	412
Net change in cash	9 053	18 147	14 427	8 431	- 751
Cash and cash equivalents end period	42 659	28 320	37 285	38 036	38 036
Cash and cash equivalents end period	51 712	46 467	51 712	46 467	37 285

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 working capital of -7.7 MNOK

Cash Flow from investing activities is negative 186 MNOK, due to the acquisition of dne pharma

Cash Flow from Financing activities is positive 195 MNOK mostly due to new loans related to the acquisition and related interest payments

Total Cash increased by 9.1 MNOK in the quarter to 51.7 MNOK

Growth strategy

Q4 2025: Commercial Launch of Flexilev ® in OraFID® Across the Nordics Status

Launch of Flexilev in OraFID®

• Launch: Anticipated first delivery of Flexilev in OraFID to Norway, Sweden and Denmark, and launch in Finland by Orion Pharma* in December.
• Commercial activites in Q4 with webinars and conferences: Participation with booth and demonstration, and live webinars planned with Professor Dag Nyholm across Scandinavia

About Parkinson's Disease (PD)

Parkinson's Disease is a progressive neurological disorder that primarily affects movement. It affects 1–2 per 1,000 people in the general population, with prevalence increasing with age.

• Europe: Over 1.2 million PD patients, with an estimated 195,000 potentially eligible for Flexilev**
• US: Around 940,000 PD patients, with an estimated 130,000 potentially eligible for Flexilev**

FlexiLev® in OraFID®:

• Approved in Sweden, Norway, Denmark, Finland, United Kingdom, Austria, Luxemburg, The Netherlands, Belgium and Poland
• Reimbursed in Sweden, Norway and Finland
• License & Supply Agreement signed with Orion Corporation for the right to market and sell Flexilev® in the OraFID container across Europe, excluding Norway, Sweden, Denmark and Iceland
• Navamedic will expand the current Marketing Authorisations to additional European countries

Market leaders in opioid substitution treatment across the Nordics

Commercialisation status

2025 YTD Revenue split

Note: Navamedic revenue share is 10.6M

Growth opportunities

New markets in 2026-2027

Possible launches from late 2026-2027

Norway and Denmark – Launch expected 2026

Metadon dne Single dose liquidand tablets methadone

Launch in Norway depending on new national tender, earliest 2027

Opioid Substitution Treatment well implemented

• Denmark has an increasing population of young opioid addicted people, not only from heroin, but from Tramadol, Oxycontin and similar
• Synthetic opioids expected to grow in the coming years

Emergency overdose medications

• Less heroin, increased risk of synthetic , stronger opioids
• Increased risk of fatal overdoses among non opioid users due to glazing of other illegal drugs

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®, Antibiotics, Addiction and others

3

CONTINUING GROWTH THROUGH INLICENSING AND M&A

Acquiring smaller companies and product portfolios with growth potential, and in-licensing of products and brands

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

Q&A

Visit our website www.navamedic.com/

Follow us on LinkedIn #InvestInNavamedic

Navamedic's Q4 2025 presentation will be held on February 12, 2026

Appendix

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
for: Adjusted
Depreciation, amortization and impairment	10 108	3 852	18 019	11 174	22 418
effect Financial income / expenses without cash and not related to perating activities	88	3 598	3 226	8 486	11 792
Other income / expenses without cash flow effect	0	982	559	3 414	3 352
Taxes paid	- 229	- 142	-1 358	-2 998	-3 118
Changes in inventory	-16 188	19 692	-32 882	9 803	17 479
Changes in trade and other receivables	10 026	23 949	1 282	-6 399	-5 279
Changes in trade and other payables	-9 207	-14 324	20 897	-9 179	-18 033
Changes in other current items	9 516	-11 514	7 561	-6 711	5 587
Net cash flow from operating activities	338	29 081	9 921	34 622	39 353
Cash flow from investing activities Acquisition of tangible and intangible assets	-186 014	- 66	-186 540	- 505	-3 325
Interest received	- 1	3	- 24	70	547
Net cash flow from investing activties	-186 015	- 63	-186 564	- 435	-2 778
financing activtities Cash flow from
Loans received	210 000	0	210 000	0	0
Loans paid	-8 943	-12 645	-14 626	-22 528	-32 534
Interest paid	-5 533	-2 457	-10 085	-7 565	-7 780
Share issues	0	4 370	0	5 890	5 890
Payment of lease liabilities	- 682	- 897	-2 414	-2 420	-3 314
financing activities Net cash flow from	194 842	-11 629	182 875	-26 623	-37 738
Changes in currency	- 113	758	8 195	867	412
Net change in cash	9 053	18 147	14 427	8 431	- 751
Cash and cash equivalents start period	42 659	28 320	37 285	38 036	38 036
Cash and cash equivalents end period	51 712	46 467	51 712	46 467	37 284

• 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 presented in the Annual Report 2021 have been used preparing this presentation.

Definitions of Alternative Performance Measures (APM)

The APMs are regularly reviewed by management and their aim is to enhance stakeholders' understanding of the company's performance. APMs presented may be determined or calculated differently by other companies.

APMs:

EBITDA is equal to earnings before interest, tax, depreciation and amortization. EBITDA is a sub-total in the condensed consolidated statement of comprehensive income. EBITDA margin is equal to EBITDA as a percentage of total operating revenues. Gross profit is equal to total revenues minus cost of materials. Gross profit is a sub-total in the condensed consolidated statement of income. Adjusted EBITDA means normal EBITDA less acquisition transaction costs.

Gross margin is equal to gross profit as a percentage of total operating revenues. Equity ratio is equal to total equity as a percentage of total shareholders' equity and liabilities.

• 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 any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.

Disclaimer

This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about economic. Navamedic ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Navamedic ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Navamedic ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. Navamedic ASA consists of several legally independent entities, constituting their own separate identities. Navamedic is used as the common brand or trademark for most of these entities. In this presentation we may sometimes use "Navamedic", "we" or "us" when we refer to Navamedic companies in general or where no useful purpose is served by identifying any particular Navamedic company.