Navamedic (NAVA) Q2 2026 earnings summary

Executive summary

• Revenue grew 2.2% year-over-year in Q2 2026 to NOK 140.3 million, driven by Prescription Drugs and supported by the Addiction portfolio acquisition, with gross margin improvement despite inventory write-offs.

• Adjusted EBITDA rose 57.4% to NOK 15.9 million, reflecting higher gross margin and lower marketing expenses; reported EBITDA was NOK 7.8 million after CEO transition costs.

• Lars Minor was appointed CEO in June 2026, bringing over 30 years of pharmaceutical industry experience.

• Net loss for Q2 was NOK 8.5 million, compared to NOK 1.5 million loss in Q2 2025, mainly due to amortization, inventory write-offs, and CEO transition costs.

• Launch of Virono cold sore tablet in Sweden and Finland, with continued integration of the dne Pharma addiction portfolio.

Financial highlights

• Q2 2026 revenue: NOK 140.3 million (up 2.2% YoY); H1 2026 revenue: NOK 278.3 million (up 3.3% YoY).

• Adjusted EBITDA: NOK 15.9 million in Q2 2026 (+57.4% YoY); EBITDA: NOK 7.8 million (impacted by CEO transition costs).

• Gross margin: 38.4% in Q2 2026, up from 37.3% in Q2 2025, despite NOK 5.3 million inventory write-off.

• Operating expenses reduced by 7.7% year-over-year, mainly from lower marketing costs; Q2 2026 operating expenses (excluding extraordinary costs): NOK 37.9 million.

• Cash and cash equivalents at quarter end: NOK 53.0 million.

Outlook and guidance

• Revenue for 2026 expected to remain at 2025 levels, with improved profitability and gross margins due to favorable product mix and operational efficiencies.

• EBITDA is expected to improve compared to 2025, driven by operational efficiencies and margin gains.

• Growth strategy focuses on maximizing existing products, new distribution/in-licensing, and bolt-on acquisitions.