Navamedic

Investor Presentation • Aug 14, 2025

Q2 and H1 2025

Second quarter and first half year 2025 results

14 August 2025

Kathrine Gamborg Andreassen, CEO Lars Hjarrand, CFO

Stable growth in first half year, strategic levers set for continued growth

Q2/H1 2025

EBITDA 1

10.1 MNOK 32.7 MNOK in Q2 24

¹ 10.0 MNOK adjusted in Q2 24

	REVENUE1	GROSS MARGIN1
Q2	137.3 MNOK	37.3%
2025	-12.2% YoY	46.1% in Q2 24
	1 2.8% adjusted YoY	1 37.0% adjusted in Q2 24
H1	269.3 MNOK	39.0%
2025	-2.8% YoY	42.9% in H1 24
	1 5.8% adjusted YoY	1 37.8% adjusted in H1 24

22.9 MNOK 41.1 MNOK in H1 24

¹ 18.4 MNOK adjusted in H1 24

¹ Comparison period Q2 2024 included license fee of 22.7 MNOK from Orion Corporation; adj. figures also shown

• First approval of OraFID® as primary package for Flexilev
• Acquisition of dne pharma and partly underwritten rights issue

HIGHLIGHTS FOR Q2

Prescription Drugs

MYSIMBA® WHOLESALER VOLUME

Vol. (units 000)

Iqvia data; Norway, Sweden, Finland Sales to retailers, rolling 3 (red) and 12 months

Comments Q2

Imdur® delivered strong revenues in the period and is up

101.0% YoY

Flexilev® continues to deliver revenue growth and is up 4.8% YoY

Mysimba® revenues lower than last year by 12% YTD, while variable between the quarters (-26.6% YoY)

Q2 2025

H1

2025

68.2 MNOK

-2.8% YoY

133.3 MNOK

+3.7% YoY

Revenues

Mixed performance in the quarter

Prescription Drugs (RX)

Comments Q2

Eroxon® revenues increased by 10.7% YoY, after successful launch in Denmark

Revenues of Modifast slightly down in the quarter (-1.1%)

ThermaCare stable YTD, but down in the quarter(-11.8%)

Q2 2025

H1 2025

Revenues

33.3 MNOK -3.5% YoY

67.2 MNOK -1.5% YoY

Varied development in the business area

Consumer Health

Comments Q2

Recent tender wins have driven sales growth for the antibiotics portfolio, which is up 48.4% YoY

The Medical Nutrition portfolio showed

3.3% growth

Revenues

35.7 MNOK +23.5% YoY

68.8 MNOK +19.4% YoY

Q2 2025

H1 2025

Strong segment growth led by antibiotics portfolio

Hospital

Financials

Key consolidated profit and loss figures

Financials

Comparison period Q2 2024 included license fee of 22.7 MNOK from Orion Pharma.

Adjusted for this, Q2 2025 was 2.8% above LY and 5.8% YTD

Gross Profit came in at 37.3% mostly due to product mix and currency

EBITDA was 10.1 MNOK for the quarter, and 22.9 MNOK YTD, 24.5% above 2024 excl license fee

Net Financial items was negative 8.1 MNOK due to interest payments, currency effects and decrease in value of the shares in Observe Medical

(in NOK '1000)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	Year 2024
Operating revenues	137 277	156 305	269 301	277 178	531 436
Gross profit	51 175	72 109	104 958	118 923	208 877
Gross profit %	37,3 %	46,1 %	39,0 %	42,9 %	39,3 %
Operating cost	-41 061	-39 432	-82 009	-77 787	-162 327
EBITDA	10 114	32 678	22 949	41 136	46 550
EBITDA %	7,4 %	20,9 %	8,5 %	14,8 %	8,8 %
Depreciation	-1 106	-1 083	-2 168	-2 011	-4 267
Amortization	-2 737	-2 678	-5 346	-5 312	-10 488
Operating result (EBIT)	6 272	28 917	15 435	33 814	31 795
Net financial income and expenses	-8 081	-4 892	-19 049	-10 592	-33 415
Profit before tax	-1 810	24 025	-3 608	23 222	-1 620
Income taxes	277	-4 536	-5 379	-5 316	-3 865
Net profit / loss (-)	-1 533	19 489	-8 987	17 906	-5 485

Assets

Financials

Inventory is mostly unchanged from last quarter

Cash level at end of quarter solid at 42.7 MNOK

Loan receivable is loans to Observe Medical after the conversion and write-down

Other current financial assets is the Observe Medical shares at market value

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

(in NOK '1000)	30.06.2025	30.06.2024	31.12.2024
Goodwill	163 666	155 347	159 051
Deferred tax assets	934	930	934
Other intangible assets	89 944	92 316	92 561
Property, plant and equipment	4 337	3 497	4 493
Right of use assets	2 645	5 844	4 246
Non-current loans receivable	5 710	0	6 196
Total non-current assets	267 236	257 975	267 480
Tax receivables	8 439	12 927	8 720
Inventories	98 582	113 897	81 888
Trade and other receivables	64 933	80 978	55 909
Cash	42 659	28 320	37 285
Current loans receivable	0	33 620	0
Other current financial assets	3 699	1 862	16 194
Total current assets	218 312	271 605	199 996
Total assets	485 549	529 579	467 477

Equity and liabilities

Financials

Equity ratio of 45%.

Total loans and borrowings is down compared to last year as we have paid down on the loans

Trade payables is slightly up from last quarter

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

(in NOK '1000)	30.06.2025	30.06.2024	31.12.2024
Total equity	216 553	226 291	216 673
Non-current interest-bearing borrowings	70 714	87 078	78 571
Non-current license liabilities	22 023	4 105	21 360
Non-current right of use liabilities	595	2 914	1 694
Deferred tax liabilities	8 072	8 666	8 361
Total non-current liabilities	101 404	102 763	109 986
Current interest-bearing borrowings	37 614	49 208	35 441
Trade and other payables	80 370	73 445	50 267
Current right of use liabilities	2 338	3 284	2 868
Current license liabilities	0	16 699	0
Taxes payable	2 179	10 632	5 198
Other current liabilities	45 090	47 257	47 045
Total current liabilities	167 592	200 525	140 818
Total liabilities	268 996	303 288	250 804
Total equity and liabilities	485 549	529 579	467 477

Cash flow Group – total operations

Financials

Net cash from operating activities is the result of Profit Before Tax of -1.8 MNOK, adjustments for non-cash items of 5.6 MNOK, Taxes of -2.0 MNOK and changes in working capital of -1.4 MNOK

Cash Flow from Financing activities is negative 3.4 MNOK mostly due to interest payments

Total Cash increased by 2.3 MNOK in the quarter to 42.7 MNOK

(in NOK '1000)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	Year 2024
Net cash flow from operating activities	373	11 104	9 583	5 541	39 354
Net cash flow from investing activities	0	-187	-526	-372	-2 778
Net cash flow from financing activities	-3 369	-13 081	-11 990	-14 994	-37 738
Changes in currency	5 344	1 390	8 308	109	412
Net change in cash	2 348	-775	5 375	-9 716	- 751
Cash and cash equivalents end period	40 311	29 095	37 285	38 036	38 036
Cash and cash equivalents end period	42 659	28 320	42 659	28 320	37 285

Growth strategy

Becoming a NOK 1 billion revenue company

GROWTH BASED ON A STRONG FOUNDATION

Unlocking the potential of existing products, categories, and territories. Strengthening the core through disciplined portfolio management, including the addition of attractive new products within our distribution model

CONTINUING GROWTH THROUGH M&A

Acquiring smaller companies and product portfolios with strong growth potential. Both by leveraging Navamedic's existing platform and through expansion into new markets alongside distributors or partners.

PORTFOLIO EXPANSION WITH PRODUCT OWNERSHIP

Proactively increasing portfolio value through in-licensing of products and brands. Exploring market growth opportunities beyond our own territory with proprietary products in collaboration with distributors or partners.

1

2

3

Mysimba – Reposition with local insights

Strategy: Reposition Mysimba for optimal patient, treatment, and timing alignment

• Mysimba is uniquely aimed to aid patients struggling with Emotional Eating
• Individual reimbursement in Norway and Finland
• Transform efficacy perceptions (10-15% weight loss amongst responders)

Tactics: Toolkit based on local insights

• Utilizing the Obesity Report to address challenges and highlight insights (focusing on reimbursement awareness, willingness to pay, trust and efficiency)
• Continuous PR & KOL activation to increase awareness

Digital toolbox targeting HCP's

• Studio recording GP/Specialists
• Mysimba 60 sec pitch
• Highlights from Fedmerapporten 2025

PR activities ongoing

• Initiate patient stories
• Positioning Navamedic
• Engaging KOL's in media

Q4 2025: Commercial launch of Flexilev® in OraFID® across the Nordics

Regulatory status: FlexiLev®:

• Approved in Sweden, Norway, Denmark, Finland, United Kingdom, Austria, Luxemburg, The Netherlands, Belgium and Poland
• Reimbursed in Sweden, Norway, Denmark and Finland
• Flexilev in OraFID®:
• Navamedic will expand the current Marketing Authorisations to additional European countries

Commercial update:

• 27 June 2025: First approval of the medical device OraFID® as primary package for a pharmaceutical product, enabling personalized, fine-tuned treatment with minitablets
• It is approved as an integral combination product for Flexilev®, Navamedic's medication for the treatment of Parkinson's disease
• 12 August 2025: Final approval for the packaging material in national languages for Norway, Sweden, Denmark and Finland
• Q4 2025: Anticipated commercial launch by Navamedic of Flexilev® in OraFID® in Norway, Sweden and Denmark, and launch in Finland by Orion Pharma*

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 people are currently living with PD, with approximately 195,000 considered potentially eligible for Flexilev®**
• US: Around 940,000 people are living with PD, with an estimated 130,000 potentially eligible for Flexilev®**

15 July 2025: Closed acquisition of dne pharma

Continuing growth through M&A

For better days OPIOD ADDICTION TREATMENT

dne pharma is a Norwegian pharma company focusing addiction and pain therapies, including opioid substitution treatments and emergency overdose medications.

The acquisition encompasses dne pharma's business, including product portfolio, key employees and all essential contracts of the business, intellectual property, licenses, and distribution agreements

Link: Press release

dne pharma is among the market leaders in opioid substitution treatment across the Nordics

3 – Continuing growth through M&A

2024 Revenue split

Key products Commercialisation status Ventizolve® Naloxone nasal spray Currently Ventizolve® MA in Levopidon® Single dose liquidand tablets levomethadone Currently Levopidon®1) MA in FI SE EE Metadon dne Single dose liquid•and tablets methadone Currently Metadon dne MA in SE NO NO

Key strategic benefits of acquiring dne pharma

#3 – Continuing growth through M&A

GROWTH THROUGH FULLY OWNED PRODUCTS Expands Navamedic's portfolio of owned products, in line with the long-term strategy, with an expected annual EBITDA contribution of approx. NOK 25 million based on 2024 net sales.

1

BROADENS PRESENCE IN SPECIALTY PHARMA PRODUCTS

Establishes Navamedic as a leader in addiction treatment (a critical and expanding area of public health) and strengthens its contribution to addressing public health challenges related to opioid dependence and overdose

2

SIGNIFICANT SYNERGIES WITH EXISTING PLATFORM

Clear fit with existing Navamedic product portfolio and set-up, both with regard to geographical footprint, market expansion, logistics/warehousing and tender management

3

Become a NOK 1 billion revenue company through profitable, sustainable growth

Our ambition

Build a leading Nordic pharmaceutical company – a Proud Contributor to Public Health

Our vision

Visit our website www.navamedic.com/

Follow us on LinkedIn #InvestInNavamedic

Navamedic's Q3 2025 presentation will be held on October 28, 2025

Want to know more?

Appendix

Condensed consolidated statement of cash flows

Navamedic ASA

(in NOK '1000)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	Year 2024
Cash flow from operating activities
Profit before tax	-1 810	25 842	-3 608	24 044	-1 610
Adjusted for:
Depreciation, amortization and impairment	4 240	3 761	7 911	7 322	40 342
Financial and other income / expenses without cash effect	1 347	727	3 697	7 319	3 995
Taxes paid	-2 033	-92	-1 129	-2 856	-3 118
Changes in inventory	184	6 311	-16 693	-9 888	17 479
Changes in trade and other receivables	-2 713	-22 796	-8 743	-30 348	-5 279
Changes in trade and other payables	3 063	-6 190	30 104	5 145	-18 033
Changes in other current items	-1 904	3 541	-1 955	4 803	5 587
Net cash flow from operating activities	373	11 104	9 583	5 541	39 353
Cash flow from investing activities
Acquisition of tangible and intangible assets	0	-247	-526	-439	-3 325
Interest received	0	60	0	67	547
Net cash flow from investing activities	0	-187	-526	-372	-2 778
Cash flow from financing activities
Loans paid	162	-9 883	-5 684	-9 883	-32 534
Interest paid	-2 678	-2 371	-4 575	-5 108	-7 780
Share issues	0	0	0	1 520	5 890
Payment of lease liabilities	-853	-827	-1 732	-1 523	-3 314
Net cash flow from financing activities	-3 369	-13 081	-11 990	-14 994	-37 738
Changes in currency	5 344	1 390	8 308	109	412
Net change in cash	2 348	-775	5 375	-9 716	-751
Cash and cash equivalents start period	40 311	29 095	37 285	38 036	38 036
Cash and cash equivalents end period	42 659	28 320	42 659	28 320	37 285

Basis for preparation

• Appendix

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.

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.

Definitions of Alternative Performance Measures (APM)

Copyright and disclaimer

• Appendix

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.