Navamedic (NAVA) Q4 2025 earnings summary

Executive summary

• Achieved record-high quarterly revenue of NOK 157.1 million in Q4 2025, up 19.8% year-over-year, and full-year revenue of NOK 565.4 million, a 6.4% increase over 2024, driven by the acquisition of DNE Pharma/Addiction portfolio and strong growth in Antibiotics.

• Adjusted EBITDA reached NOK 13.4 million for Q4 (8.5% margin) and NOK 47.6 million for the year (8.4% margin), both excluding transaction costs.

• Key milestones included the acquisition of DNE Pharma/Addiction portfolio assets and the launch of Flexilev in OraFID for advanced Parkinson's care.

Financial highlights

• Q4 gross margin improved to 40.3% from 33.7% in Q4 2024; full-year gross margin was 39.0%.

• Q4 adjusted EBITDA increased to NOK 13.4 million from a loss of NOK 3.2 million in Q4 2024.

• Net profit for Q4 was a loss of NOK 11.1 million, and for the full year a loss of NOK 23.5 million, impacted by higher amortization and financial expenses.

• Cash at year-end was NOK 74.2 million, up from NOK 37.3 million at the end of 2024.

• Pro forma revenue for 2025, including full-year DNE effect, would be approximately NOK 600 million, a 12.9% increase over 2024.

Outlook and guidance

• Modest to moderate revenue growth expected in 2026, driven by full-year DNE Pharma/Addiction portfolio integration and new product launches, offset by phase-out of selected brands.

• Improved gross margins and reduced OPEX anticipated to drive positive EBITDA development.

• Additional growth initiatives, including market expansion for Flexilev, Ventizolve, Absolut Torr, and continued focus on in-licensing, out-licensing, and M&A, are being actively pursued.

• Focus on stabilizing gross margins above 40%.