Navamedic

Investor Presentation • Jun 24, 2025

Navamedic expands into addiction treatment area with the acquisition of dne pharma's business

Kathrine Gamborg Andreassen, CEO Lars Hjarrand, CFO

June 24, 2025

THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES"), THE UNITED KINGDOM, AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS PRESENTATION IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES IN ANY JURISDICTION.

This presentation (the "Presentation") has been prepared by Navamedic ASA ("Navamedic" or the "Company"), with assistance from DNB Carnegie, a part of DNB Bank ASA, exclusively for information purposes to provide a high-level overview of certain aspects of dne pharma AS ("dne pharma") in connection with the Company's contemplated acquisition of the business of dne pharma, and may not be reproduced or redistributed, in whole or in part, to any other person.

The Presentation, and the statements included herein, is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not act or rely on the Presentation or any of its contents. The Presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in the Company.

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Key highlights

• Navamedic has entered into an agreement to acquire the business of dne pharma for a total consideration of up to NOK 225 million, whereby NOK 185 million is payable at closing of the Acquisition, and the remaining NOK 40 million is payable in two tranches subject to achievement of certain agreed sales volumes for the acquired products

• The acquisition encompasses dne pharma's business, including product portfolio, key employees and all essential

• dne pharma is a Norwegian company focused on addiction treatment pharmaceuticals
• contracts of the business, intellectual property, licenses, and distribution agreements
• Link: Press release

• The product portfolio includes products such as Ventizolve® (intranasal naloxone spray for opioid overdose reversal), Levopidon® (levomethadone), and Metadon Dne (methadone) for opioid substitution therapy

Transaction overview

• The total consideration of up to NOK 225 million is payable in instalments, whereby NOK 185 million is payable at closing of the acquisition, and the remaining NOK 40 million is payable in two tranches subject to achievement of

• The acquisition will be financed through a combination of new debt (NOK 110 million) and a rights issue (NOK 110- 130 million), where NOK 110 million is underwritten by Navamedic's largest shareholder, Kistefos AS

• Completion of the acquisition is conditional upon approval of the rights issue by an extraordinary general meeting

- certain agreed sales volumes for the acquired products

• (the EGM) of the company to be held on 14 July 2025 and is expected to occur on 15 July 2025
• around 22 September 2025 and end on or around 6 October 2025

• According to the current tentative timetable, and subject to the approval by the EGM, the Company's shares are expected to trade exclusive of subscription rights from and including 15 July, the record date for the subscription rights is expected to be 16 July 2025 and the subscription period for the rights issue is expected to commence on or

Financial impact Navamedic

• In 2024, the business being acquired generated net sales of NOK 62 million and is expected to be an important contributor to Navamedic's growth strategy going forward
• The acquisition is line with Navamedic's strategy of increasing product ownership, and the product portfolio will be accretive to both Navamedic's gross margins and EBITDA
• Upon integrating the product portfolio into Navamedic's set-up and platform, significant synergies are expected to be realised and Navamedic anticipates an EBITDA contribution of approx. NOK 25 million based on the 2024 net sales

Transaction rationale

Gives Navamedic a strong strategic position in an important therapeutic area of addiction treatment

Addiction treatment is a fast-growing field with significant impact on people's lives. dne pharma's products align well with Navamedic's mission to deliver high-quality products where they are most needed

Seamless integration into Navamedic's commercial platform enables rapid market access and geographic expansion across the Nordics and selected European markets

Strong fit with Navamedic's existing operations in terms of geographic footprint, logistics, warehousing, and tender management

Expands Navamedic's portfolio of fully owned products, supporting its long-term growth strategy

Description of the dne pharma business

• Pharmaceutical company built on the remaining pharma business from "Den Norske Eterfabrikk" (est. 1900). Market leader in opioid substitution treatment in the Nordics
• Products well-known across the Nordics. Presence to be further strengthened through Navamedic's commercial network. The products are available in some European countries through distributors
• Opioid overdoses are increasing due to reduced heroin availability and a rise in potent synthetics like fentanyls and nitazenes. New high-risk segments emerging, including prescription opioid users and recreational users
• Regulatory push from Rx1) to OTC2) is improving access and driving demand for dne pharma's products

Notes: 1) Prescription-only medicine, 2) Over the counter (medicine that can be bought without a prescription)

European roll-out of addiction treatment business

• Levopidon® launched in Nordics
• Levomethadone1)MA Estonia
• Levopidon ® tablets MAs for the Nordics

Focus on Europe with the potential to roll out Ventizolve® and Levopidon® globally

• Ventizolve® has been approved in 12 countries in Europe
• MENA Zone 4A stability study initiated

Product portfolio and commercialisation status

Notes: 1) Levopidon® in the Nordics, duplicate file outside the Nordics – Levopidon has been retracted from the Danish market as tablets are used in Denmark

Ventizolve® – Intranasal naloxone spray for reversal of opioid overdose

• A needle-free solution designed to provide first responders in suspected overdose with an easy-to-use, potentially life-saving dose of naloxone
• Product comprises a moderate dosage of 1.26 mg1) naloxone per dose which reduces the risk of precipitating acute opioid withdrawal
• Innovative, user-friendly and appealing design (proprietary to dne pharma) protects the nasal spray devices
• Packaging design has been protected in Norway, EU, the US and in Canada (along with three additional designs)
• Protection has been obtained for the Ventizolve® trademark
• Dne Pharma was granted MA for Ventizolve® in 122) EU countries

Ventizolve® Naloxone intranasal spray

Nasal delivery of naloxone has many crucial benefits

Concluding remarks

• The acquisition of the dne pharma's business adds to the range of products Navamedic now fully owns, which is part of the long-term strategy and is expected to be an important contributor to our growth going forward

• The products of the acquired business fit well into the existing Navamedic product portfolio and set-up, both with

• Upon integrating the acquired products into Navamedic's platform, Navamedic anticipates an EBITDA contribution

• regard to geographical footprint, logistics/warehousing and tender management
• on an annual basis of approx. NOK 25 million based on the 2024 net sales
• addressing public health challenges related to opioid dependence and overdose

• The acquisition broadens Navamedic's presence in specialty pharma products and strengthens its contribution to