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"ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f0__s4__4__34": { "value": "-751000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f0__s4__3__35": { "value": "37285000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f0__s4__4__35": { "value": "38036000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f0__s4__3__36": { "value": "74157000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f0__s4__4__36": { "value": "37285000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "pp-value-30-1": { "value": "Note 1 \u2013 General information Navamedic ASA is a Nordic pharma company listed on the Oslo Stock Exchange. The Company is a reliable supplier of high-quality products, delivered to hospitals and through pharmacies, meeting the specific medical needs of patients and consumers. Navamedic ASA is a limited liability company. The product portfolio consists of prescription and non-prescription pharmaceuticals as well as other healthcare products registered as medical nutrition, medical devices, food supplements or cosmetics. Navamedic ASA is present in all Nordic countries, the Baltics and Benelux and has sales of specific products in other European countries like the UK and Greece. Through its subsidiaries Navamedic AB in Sweden and Navamedic AS in Norway, the Group distributes more than 40 different product brands from over 20 international partners/brand owners and manufacturers in the Europe. Navamedic\u2019s ambition is to grow by expanding its product portfolio and launching existing products in new markets. Navamedic ASA is registered and based in Norway and is listed on the Oslo Stock Exchange. Its head office is in Oslo. Its visiting address is Henrik Ibsens gate 100, 0255 Oslo, Norway. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-30": { "value": "Note 1 \u2013 General information ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-44-1": { "value": "Note 2 \u2013 Accounting policies In order to provide users of financial statements with better clarity over important accounting policies and basis for preparation or judgement, Navamedic has included the necessary information about material policies and estimates in the respective notes. This section outlines the policies that are not included in the respective notes. Navamedic distributes and delivers pharmaceuticals and other products to hospitals and pharmacies, mainly in the Nordic region, but also in a number of other countries in Europe. Revenues are measured based on the transaction price specified in a contract with a customer. The Group\u2019s revenues are generated from the sale of goods, and revenue is recognized at the point in time when control of the goods transfers to the customer, typically when the Group has delivered the goods to the customer. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. The Group does not have any single customer that accounts for 10% or more of its total revenue.Navamedic classifies its products into three business areas: \u2022 The Prescription drugs (Rx) business area comprises Navamedic\u2019s prescription products and categories, including obesity, urology, neurology, addiction, and cardiology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity), Elmiron\u00ae/Gepan\u00ae (products for the treatment of painful bladder syndrome), Flexilev (microtablets for the treatment of Parkinson\u2019s disease) and cardiology products such as Imdur\u00ae (used to prevent angina pectoris), Nitrolingual (acute relief of angina pectoris), Metadon, Levopidon and Ventizolve \u2022 The Consumer Health business area comprises Navamedic\u2019s over-the-counter products, available to patients without a prescription in the pharmacies or drugstores, the area includes obesity (Modifast \u2013 products for meal replacement), pain (ThermaCare), intimate health (Absolutt Torr, Eroxon and Cysticina) and gastro (brands such as Alflorex, SmectaGo and ForlaxGo) \u2022 Hospital products included in tenders such as a broad portfolio of niched medical nutrition products for rare diseases such as Phenylketonuria, and intravenous antibiotics for hospital use Note 5 \u2013 Business combinations The acquisition method is used for acquisitions of business. The consideration is measured at the fair value of the assets transferred, liabilities assumed, and equity instruments issued. The fair value of all assets or liabilities according to the agreement on contingent consideration is also included in the remuneration. Identifiable assets, liabilities, and contingent liabilities are recognised at their fair value on the acquisition date. Acquisitions-related costs linked to business combinations are recognized as expenses when incurred. If the sum of the remuneration, fair value of earlier assets, and any fair value of minority interests exceeds the fair value of identifiable net assets in the acquired company, the difference is capitalized as goodwill. For tax purposes, acquired goodwill is recognized as an intangible asset and is subject to depreciation under the Norwegian declining\u2011balance method. Note 8 \u2013 Goodwill and intangible assets The Group\u2019s intangible assets consist of the following: Licenses (product rights) and marketing authorisations. Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorisations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. Note 9 \u2013 Right of use assets and lease liabilities The Group assesses at contract inception whether a contract is, or contains, a lease. The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. In calculating the present value of lease payments, the Group uses its estimated incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Note 10 \u2013 Trade receivables and other current assets Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost, less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Trade receivables are non-interest bearing and are generally on terms of 30 days. The Group has a trade receivable financing agreement with Avida Finans AB. The Group has not recognized any loss allowance on trade receivables as of the reporting date. This is based on an assessment that the Group\u2019s customer base primarily consists of large, reputable counterparties with strong credit ratings and low historical default rates. The company continuously assesses the need for loss provisions as part of its financial reporting process. This ongoing evaluation ensures that any potential credit losses are recognized in a timely and appropriate manner. The credit risk is therefore considered to be low. (in NOK '1000) 2025 2024 Trade receivables 43,296 45,592 Other receivables 1,255 1,650 Prepaid expenses 15,926 8,667 Total trade receivables and other current assets 60,476 55,909 (in NOK '1000) 2025 2024 Gross trade receivables 43,296 45,592 Provision for loss on trade receivables 0 0 Total trade receivables 43,296 45,592 (in NOK '1000) 2025 2024 Provision for loss on trade receivables at 1 January 0 -112 Net change in provision for loss on trade receivables -85 105 Loss on trade receivables 85 8 Total provision for loss on trade receivables at 31 December 0 0 Due date profile trade receivables (in NOK '1000) 2025 2024 Not due 21,673 31,585 0-3 months 19,197 9,246 > 3 months 2,425 4,762 Total trade receivables 43,296 45,592 Note 16 \u2013 Payroll expenses Pension scheme The Company has entered into a mandatory defined contribution pension scheme for employees in Norway and Sweden. Under defined contribution plans, the Group pays contributions to public or private organized insurance plans for pensions on a compulsory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The plan in Norway complies with the requirements of the Norwegian Mandatory Occupational Pension Act. The contributions are recognized as payroll expenses as incurred. (in NOK '1000) 2025 2024 Salaries 49,671 50,413 Employer's National insurance contributions 9,089 8,301 Share options for employees 2,861 3,352 Pension expenses \u2013 defined-contribution scheme 5,963 5,599 Other payroll expenses 3,455 2,595 Total payroll expenses 71,038 70,260 Number of FTEs 38 42 Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that convincing evidence exists that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that convincing evidence no longer that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent convincing evidence that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Assessment of whether a deferred tax asset is recognizable involves a significant degree of judgment in determining the likelihood of utilization against future taxable results within the various tax jurisdictions in which the Group operates. As of 31.12.2025 the Group has no deferred tax assets recognized for tax losses carry forward. There are, however tax losses carry forward in Sensidose AB and Navamedic ASA for which no deferred tax assets are recognized since, as of 31.12.2025, there is no convincing evidence as to what extent these losses can be utilized in the near future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-49-1": { "value": "2.1 Framework for preparation of the financial statements The consolidated financial statements have been prepared on the basis of historical cost, except for shares held at fair value through profit and loss. The accounting policies applied, and the presentation of the consolidated financial information are consistent with the previous annual financial statements for the year that ended 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-51-1": { "value": "Navamedic's consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. New and amended standards adopted by the group New or amended standards and interpretations issued during the current period, effective from 1 January 2025, are not expected to have material impact on the entity in the current or future periods. New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements was issued on 9 April 2024. The standard is not mandatory for the reporting period ending 31 December 2025 and has not been early adopted by Navamedic ASA. The Group is currently evaluating the potential impact of IFRS 18 on its financial reporting. Other new or amended accounting standards and interpretations have also been published but are not yet mandatory for the 31 December 2025 reporting period and have not been early adopted by the Group. IFRS 18 is expected to introduce substantial changes to the presentation and disclosure of the Group\u2019s consolidated income statement, balance sheet, and accompanying notes. The standard will require more detailed breakdowns of income and expense categories, including the separate disclosure of foreign exchange gains and losses. This additional detail will provide enhanced transparency regarding the effect of exchange rate fluctuations on the Group\u2019s financial performance, which is particularly relevant given Navamedic ASA\u2019s exposure to multiple currencies through its international operations. Furthermore, IFRS 18 may require a more granular presentation or disclosure or certain items of income, expense, assets and liabilities. Key performance indicators disclosed under IFRS 18 may also be subject to tighter definitions and reconciliation requirements to the primary statements. As Navamedic ASA continues its assessment of IFRS 18, any material impacts, including changes in the presentation of exchange rate effects, segment information, and management\u2019s analysis of performance, will be communicated in future financial statements once the standard is effective. IFRS 18 is effective from 01 January 2027. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-57": { "value": "The consolidated financial statements have been prepared on the assumption that the Group is a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-79-1": { "value": "2.2 Accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Other disclosures relating to the Group\u2019s exposure to risks and uncertainties include: \u2022 Financial risk management and capital management (Note 3) \u2022 Goodwill and intangible assets (Note 8) \u2022 Loan to Observe Medical (Note 18) 2.2.1 Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: 2.2.1.a) Determining the classification and measurement of loans receivables The Group has issued two loans to Observe Medical ASA, a principal loan from 2019 which is convertible at certain conditions and a new loan from 2023. For both loans, the Group has applied the classification methodology in accordance with IFRS 9 to assess classification and measurement of the loan receivables. The Group has assessed whether the loans should be classified as financial instruments measured at amortised cost or fair value through profit or loss on the basis of both: \u2022 the entity's business model for managing the financial assets and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding The Group has evaluated these criteria and concluded to classify the financial instruments at amortised cost. This assessment has been based on the fact that the group\u2019s goal with its business model is solely to receive contractual cash flows, and these cash flows consist only of interests and principal. For the principal loan, the Group has applied judgement in assessing the impact on the conversion opportunity. The Group recognizes that the conversion opportunity can lead to a violation of SPPI requirements. The floor of the conversion price, which is equal to the nominal value of the shares in Observe Medical ASA and volume-weighted average in the conversion price (average share price over the last 10 trading days prior to the conversion date) may be considered as criteria that point to a breach of the SPPI test as this can result in cash flows that will not only amount to payment of principal and interests. Conversion right The principal loan has a conversion right where the floor of the conversion price is equal to the nominal value of the shares in Observe Medical ASA and a volume-weighted average in the conversion price (average share price over the last 10 trading days prior to the conversion date). The conversion option is subject to approval from the BoD of Observe Medical ASA, which can refuse the conversion to shares and repay the loan instead, which means that no direct conversion is present at the Group's discretion. In assessing that the contractual cash flows are only payment of principal and interests, the Group has considered it essential that the right of conversion functions as a mechanism to force early redemption (early settlement option), and not as a conversion right that has value in itself. Any added value by converting the loans would, based on the Group\u2019s judgment, be random due to the conditions of applying the average share price last 10 trading days before the conversion date. Shares could instead be bought directly in the market. The conversion right has been assessed to in substance represent a security for which the Group can receive shares with the same value as the outstanding loan amount if the conditions of the loans are not met by the loan taker. The conversion right is a security mechanism for the settlement of outstanding debts. The Group\u2019s assessment is that the conversion right is intended to ensure settlement of interest and principal amount, either in the form of cash or in the form of shares with an equivalent value, by which the loan is considered to be satisfy the SPPI criteria in the future. Therefore, the loan receivables have been classified and measured at amortised cost. Refer to Note 18 for more details about the loans and the basis for measurement. 2.2.1.b) Impairment losses on loan receivables In determining the expected credit losses (ECL), the Group makes the following judgments: Significant increase in credit risk (SICR): \u2022 In assessing whether a SICR has occurred for an exposure since initial recognition, the Group considers both quantitative and qualitative information and analysis. In doing so, the Group makes judgements about the appropriate indicators used as SICR triggers. The triggers that the Group has determined as appropriate include movement in probability of default (PD) and other qualitative factors, such as a default or past due event, or the loan becoming forborne. See Note 18 for further details. Multiple economic scenarios: \u2022 The Group in its measurement of ECLs makes judgements about the type and number of scenarios in order to reflect the Group\u2019s exposure to credit risk and the probability for the scenarios to occur. For example, the Group has determined that 3 scenarios are appropriate; going concern, restructuring and liquidation. See Note 18 for further disclosures relating to the different scenarios. Definition of Default: \u2022 Significant judgement exists with regards to assessing when the loan receivables are considered to have defaulted, and in assessing the parameters of ECL model such as probability of default (PD), loss given default (LGD) and exposure at default (EAD). See Note 18. Other judgements in the determination of ECL include the development of the Group\u2019s ECL model, the choice of inputs, for example which inputs are relevant assessing the exposure, see note 18 for further details. 2.2.1.c) Fair value Significant judgement is exercised in the measurement of fair value instruments as level 3 since the valuation of such instruments is driven by significant unobservable inputs. For example, the fair value of the receivable from a milestone agreement is determined by estimating expected future revenues (cash flows) and discounting them using an appropriate discount rate. Because these assumptions are uncertain, this valuation involves significant estimation uncertainty. See Note 18 for further details regarding the milestone agreement related to the loan to Observe Medical. 2.2.2 Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the forecast for the next five years and do not include restructuring activities the Group is not yet committed to nor significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in Note 8. Provision for expected credit losses of loan receivable The Group\u2019s ECL calculations are outputs based on a number of underlying assumptions regarding the different inputs and their interdependencies. Elements of the ECL calculation that involve assumptions and estimate uncertainty include: \u2022 The weightings assigned to the multiple economic scenarios in order to reflect the exposure to credit risk \u2022 The value of specific economic inputs included in the assessment, such as the financial risk of Observe Medical and the company\u2019s ability to obtain necessary funding and commercialize their products, and the effect on PDs, EADs and LGDs. See note 18 for an analysis of the inputs to the ECL model \u2022 In addition to the judgements outlined above with regards to SICR triggers, there is also an assessment of qualitative criteria to determine if there has been a significant increase or decrease in credit risk. These factors result in significant estimation uncertainty The Group will regularly review its model in the context of actual loss experience and adjust when necessary. Refer to 18 for further details on ECLs.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-188-1": { "value": "2.3 Consolidation policies A subsidiary is a company over which Navamedic ASA (directly or indirectly) has control. Control is attained when Navamedic is exposed to, or has rights to, variable returns from its engagement in a company in which it has invested and is able to influence this return by exercising power over the Company. Power means existing rights that currently provide Navamedic with the ability to steer relevant activities, i.e. the activities that affect, to a significant degree, the return from the Company that has been invested in. All subsidiaries are owned 100% and there are no minority interests. Subsidiaries are consolidated from the date when the Group attains control and consolidation ceases when control of the subsidiary ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-198-1": { "value": "2.4 Translation of foreign currency Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the transaction's exchange rate. Realized currency gains and losses that arise during the settlement and translation of monetary items in foreign currency at the exchange rate on the balance sheet date are recognized through profit or loss. Currency gains and losses are presented (net) as financial income or financial expenses. Group companies The income statements and balance sheets of group companies with functional currencies different from the presentation currency are translated in the following way: a) balance sheets are translated using the exchange rate on the balance sheet date.b) income statements are translated using the average exchange rate for the year.c) translation differences are recognized in other comprehensive income and specified in equity as a separate item.Goodwill and excess values upon the acquisition of a foreign unit are treated as assets and liabilities in the acquired unit and translated at the exchange rate on the balance sheet date. Translation differences that arise are recognized in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-199-1": { "value": "Functional currency and presentation currency The accounts of the individual units in the Group are measured in the currency that is mainly used in the economic area in which the unit operates (functional currency). The consolidated financial statements are presented in NOK, which is both the parent company's functional currency and its presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-218-1": { "value": "Note 3 \u2013 Financial risk management and capital management The Group's operations expose it to various types of financial risk, including, but not limited to market risk (including currency risk, variable interest risk and price risk), credit risk, and liquidity risk. The Group focuses on minimizing the potential negative effects unforeseeable movements in the capital markets can have on the Group's financial results. The Group's risk management is performed by the management team in accordance with company risk policy approved by the Board. Market risk Operational risk The Group is exposed to operational risk. The Group believes that such a risk will primarily arise in relation to the development of future sales of the Company's products, measured in terms of both price and volume. Factors that can influence market risk include increased competition, instructions to reduce prices from the authorities, and competition from existing and future pharmaceuticals within the Company's range of therapies. The Company depends on supply and distribution from suppliers. The Company has supply and distribution agreements with suppliers in which the term of the agreement varies from three to eight years. The Company is dependent on renewing these agreements at market prices and on market terms and conditions and is therefore in continuous dialogue with the suppliers to ensure they are renewed. A hypothetical 10% decline in sales in the Hospital business area, due to factors such as loss of tenders, supply chain disruptions, or increased competition, would reduce revenue by approximately NOK 14 million. Given the Group\u2019s gross margin of 39%, this would result in a reduction in gross profit of approximately NOK 5\u20136 million, with a corresponding decrease in EBITDA and profit before tax, assuming fixed operating costs remain unchanged. The Group is exposed to risk related to pandemic outbreaks like Covid-19. However, based on the existing portfolio of products, the Company is probably less prone to be affected to the same extent as many other companies. The demand for most of the Company\u2019s products, except for some Consumer Health products, is less likely to be affected since the end users typically use the products based on needs and cannot easily stop using them. There is a risk that some products\u2019 production and delivery could be affected in the event of long term shut down. Navamedic is exposed to risk related to outbreak of war, like the current war in Ukraine and Gaza. Navamedic has no direct business relation with neither Ukraine, Russia nor Israel, however, if the war has negative effect on prices of raw material or transportation costs, this will likely have an effect on Navamedic, although it is difficult to assess to what extent. Navamedic owns shares in Observe Medical ASA, a company listed on Oslo Euronext Growth trading exchange. As is the case with any company\u2019s share, the share price and value is subject to fluctuations stemming from one or more of the following factors: Economic down-turns, share trading and speculation, inability to comply to its financial and other obligations, liquidity challenges and more. Hence there is a not insignificant risk, as well as upside potential related to the value of the shares as recorded in the Navamedic accounts. Currency risk The Group is exposed to currency risk. A significant proportion of the Group's revenue and expenses are in currencies other than the functional currency in the individual entities (mostly NOK, SEK, DKK and EUR). Materials are generally paid for in EUR, SEK, GBP, USD, DKK and NOK. Most of the sales in Navamedic AB take place in Nordic currencies and EUR. Payroll and operating expenses are generally incurred in the currency of the country in which the individual company is registered. Over the last two years, the value of NOK vs EUR and SEK has decreased. A further 5% depreciation of NOK against the Group\u2019s main purchase currencies would be expected to reduce the gross margin by approximately 1\u20132 percentage points. This would translate into a reduction in EBITDA and profit before tax of approximately NOK 8 million. Conversely, a 5% appreciation of NOK would be expected to have a positive effect of a similar magnitude. The Group does not currently employ formal currency hedging strategies but relies on natural hedging and evaluates hedging needs in major agreements on a case-by-case basis. Variable interest rate risk The interest rate on the Group\u2019s loans is variable. As of 31 December 2025, the Group had gross interest-bearing debt of approximately NOK 205.7 million. A 100 basis point increase in the NIBOR would, in isolation, increase annual interest expenses by approximately NOK 2 million, thereby reducing profit before tax by the same amount. However, the Group has entered into interest rate swap agreements with Nordea to mitigate exposure to fluctuations in NIBOR. As a result, the actual impact of such an interest rate increase would be lower. This means that Navamedic does not bear significant risk related to changes in interest rates. Please refer to note 20 for more details about the loan terms and interest rate hedging. Credit risk The Group is exposed to concentrations of credit risk for non-current loans receivable. For trade receivables and other current receivables the Group is not exposed to significant risk given the short-term nature of these receivables. Routines have been introduced to ensure products are sold to customers with satisfactory creditworthiness. The Company's customers are largely public enterprises and larger pharmacy chains that represent a low credit risk. The level of sales directly to consumers is relatively low. See also note 10, which shows when the Group's receivables fall due. Liquidity risk The Group\u2019s liquidity risk is considered low to moderate as of 31 December, and the Group\u2019s liquidity situation as of 31 December 2025 is considered to be satisfactory. As of 31 December 2025, the Group had NOK 74 million in cash and cash equivalents (NOK 37 million as of 31 December 2024). The Group has outstanding loans of NOK 189 million as well as an outstanding overdraft facility of NOK 17 million as of 31 December 2025. The Group continually monitors the liquidity risk associated with the due dates for financial liabilities. Expected cash flows from interests on liabilities to financial institutions are based on an interest rate of 7.2% for all years. The table below illustrates the maturity structure of liabilities: Maturity structure of liabilities 2025 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4 Total License liabilities 21 19,130 20,514 4,750 15,764 0 0 20,514 Liabilities to financial institutions 20 205,688 205,688 40,688 31,429 62,857 70,714 205,688 Interest on liabilities to fin. institutions 20 0 25,752 10,210 8,042 5,837 1,626 25,752 Lease liabilities 9 2,536 2,662 2,650 8 4 0 2,662 Trade account payables 14 90,628 90,628 90,628 0 0 0 90,628 Taxes payable 26 6,032 6,032 6,032 0 0 0 6,032 Other current liabilities 14 43,103 43,103 43,103 0 0 0 43,103 Total 367,117 394,378 198,062 55,241 68,734 72,340 394,378 Capital management For the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and therequirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group has established a revolving credit facility to manage its working capital. Maturity structure of liabilities 2024 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4-5 Total License liabilities 21 21,360 21,882 0 17,132 4,750 0 21,882 Liabilities to financial institutions 20 114,012 114,012 35,441 15,714 15,714 47,143 114,012 Interest on liabilities to fin. institutions 20 0 15,993 6,054 4,970 3,885 1,084 15,993 Lease liabilities 9 4,561 4,699 2,985 1,143 571 0 4,699 Trade account payables 14 50,267 50,267 50,267 0 0 0 50,267 Taxes payable 26 5,198 5,198 5,198 0 0 0 5,198 Other current liabilities 14 47,045 47,045 47,045 0 0 0 47,045 Total 242,442 259,096 146,989 38,959 24,921 48,227 259,096 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-225-2": { "value": "Market risk Operational risk The Group is exposed to operational risk. The Group believes that such a risk will primarily arise in relation to the development of future sales of the Company's products, measured in terms of both price and volume. Factors that can influence market risk include increased competition, instructions to reduce prices from the authorities, and competition from existing and future pharmaceuticals within the Company's range of therapies. The Company depends on supply and distribution from suppliers. The Company has supply and distribution agreements with suppliers in which the term of the agreement varies from three to eight years. The Company is dependent on renewing these agreements at market prices and on market terms and conditions and is therefore in continuous dialogue with the suppliers to ensure they are renewed. A hypothetical 10% decline in sales in the Hospital business area, due to factors such as loss of tenders, supply chain disruptions, or increased competition, would reduce revenue by approximately NOK 14 million. Given the Group\u2019s gross margin of 39%, this would result in a reduction in gross profit of approximately NOK 5\u20136 million, with a corresponding decrease in EBITDA and profit before tax, assuming fixed operating costs remain unchanged. The Group is exposed to risk related to pandemic outbreaks like Covid-19. However, based on the existing portfolio of products, the Company is probably less prone to be affected to the same extent as many other companies. The demand for most of the Company\u2019s products, except for some Consumer Health products, is less likely to be affected since the end users typically use the products based on needs and cannot easily stop using them. There is a risk that some products\u2019 production and delivery could be affected in the event of long term shut down. Navamedic is exposed to risk related to outbreak of war, like the current war in Ukraine and Gaza. Navamedic has no direct business relation with neither Ukraine, Russia nor Israel, however, if the war has negative effect on prices of raw material or transportation costs, this will likely have an effect on Navamedic, although it is difficult to assess to what extent. Navamedic owns shares in Observe Medical ASA, a company listed on Oslo Euronext Growth trading exchange. As is the case with any company\u2019s share, the share price and value is subject to fluctuations stemming from one or more of the following factors: Economic down-turns, share trading and speculation, inability to comply to its financial and other obligations, liquidity challenges and more. Hence there is a not insignificant risk, as well as upside potential related to the value of the shares as recorded in the Navamedic accounts. Currency risk The Group is exposed to currency risk. A significant proportion of the Group's revenue and expenses are in currencies other than the functional currency in the individual entities (mostly NOK, SEK, DKK and EUR). Materials are generally paid for in EUR, SEK, GBP, USD, DKK and NOK. Most of the sales in Navamedic AB take place in Nordic currencies and EUR. Payroll and operating expenses are generally incurred in the currency of the country in which the individual company is registered. Over the last two years, the value of NOK vs EUR and SEK has decreased. A further 5% depreciation of NOK against the Group\u2019s main purchase currencies would be expected to reduce the gross margin by approximately 1\u20132 percentage points. This would translate into a reduction in EBITDA and profit before tax of approximately NOK 8 million. Conversely, a 5% appreciation of NOK would be expected to have a positive effect of a similar magnitude. The Group does not currently employ formal currency hedging strategies but relies on natural hedging and evaluates hedging needs in major agreements on a case-by-case basis. Variable interest rate risk The interest rate on the Group\u2019s loans is variable. As of 31 December 2025, the Group had gross interest-bearing debt of approximately NOK 205.7 million. A 100 basis point increase in the NIBOR would, in isolation, increase annual interest expenses by approximately NOK 2 million, thereby reducing profit before tax by the same amount. However, the Group has entered into interest rate swap agreements with Nordea to mitigate exposure to fluctuations in NIBOR. As a result, the actual impact of such an interest rate increase would be lower. This means that Navamedic does not bear significant risk related to changes in interest rates. Please refer to note 20 for more details about the loan terms and interest rate hedging. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-263-3": { "value": "Variable interest rate risk The interest rate on the Group\u2019s loans is variable. As of 31 December 2025, the Group had gross interest-bearing debt of approximately NOK 205.7 million. A 100 basis point increase in the NIBOR would, in isolation, increase annual interest expenses by approximately NOK 2 million, thereby reducing profit before tax by the same amount. However, the Group has entered into interest rate swap agreements with Nordea to mitigate exposure to fluctuations in NIBOR. As a result, the actual impact of such an interest rate increase would be lower. This means that Navamedic does not bear significant risk related to changes in interest rates. Please refer to note 20 for more details about the loan terms and interest rate hedging. Credit risk The Group is exposed to concentrations of credit risk for non-current loans receivable. For trade receivables and other current receivables the Group is not exposed to significant risk given the short-term nature of these receivables. Routines have been introduced to ensure products are sold to customers with satisfactory creditworthiness. The Company's customers are largely public enterprises and larger pharmacy chains that represent a low credit risk. The level of sales directly to consumers is relatively low. See also note 10, which shows when the Group's receivables fall due. Liquidity risk The Group\u2019s liquidity risk is considered low to moderate as of 31 December, and the Group\u2019s liquidity situation as of 31 December 2025 is considered to be satisfactory. As of 31 December 2025, the Group had NOK 74 million in cash and cash equivalents (NOK 37 million as of 31 December 2024). The Group has outstanding loans of NOK 189 million as well as an outstanding overdraft facility of NOK 17 million as of 31 December 2025. The Group continually monitors the liquidity risk associated with the due dates for financial liabilities. Expected cash flows from interests on liabilities to financial institutions are based on an interest rate of 7.2% for all years. The table below illustrates the maturity structure of liabilities: Maturity structure of liabilities 2025 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4 Total License liabilities 21 19,130 20,514 4,750 15,764 0 0 20,514 Liabilities to financial institutions 20 205,688 205,688 40,688 31,429 62,857 70,714 205,688 Interest on liabilities to fin. institutions 20 0 25,752 10,210 8,042 5,837 1,626 25,752 Lease liabilities 9 2,536 2,662 2,650 8 4 0 2,662 Trade account payables 14 90,628 90,628 90,628 0 0 0 90,628 Taxes payable 26 6,032 6,032 6,032 0 0 0 6,032 Other current liabilities 14 43,103 43,103 43,103 0 0 0 43,103 Total 367,117 394,378 198,062 55,241 68,734 72,340 394,378 Capital management For the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and therequirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group has established a revolving credit facility to manage its working capital. Maturity structure of liabilities 2024 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4-5 Total License liabilities 21 21,360 21,882 0 17,132 4,750 0 21,882 Liabilities to financial institutions 20 114,012 114,012 35,441 15,714 15,714 47,143 114,012 Interest on liabilities to fin. institutions 20 0 15,993 6,054 4,970 3,885 1,084 15,993 Lease liabilities 9 4,561 4,699 2,985 1,143 571 0 4,699 Trade account payables 14 50,267 50,267 50,267 0 0 0 50,267 Taxes payable 26 5,198 5,198 5,198 0 0 0 5,198 Other current liabilities 14 47,045 47,045 47,045 0 0 0 47,045 Total 242,442 259,096 146,989 38,959 24,921 48,227 259,096 Note 12 \u2013 Financial assets and liabilities (in NOK '1000) Carrying amount at 31.12.2025 Fair value at 31.12.2025 Carrying amount at 31.12.2024 Fair value at 31.12.2024 Non-current financial assets Non-current loans receivable 4,282 4,282 6,196 6,196 Total non-current financial assets 4,282 4,282 6,196 6,196 Current financial assets Tax receivables 11,392 11,392 8,720 8,720 Trade and other receivables 60,476 60,476 55,909 55,909 Other current financial assets 9,298 9,298 16,194 16,194 Cash and cash equivalents 74 157 74,157 37,285 37,285 Total current financial assets 155,322 155,322 118,108 118,108 Total financial assets 159,604 159,604 124,304 124,304 Non-current financial liabilities Contingent consideration 32,800 40,000 0 0 Non-current license liabilities 14,380 14,380 21,360 21,360 Non-current interest-bearing borrowings 165,000 165,000 78,571 78,571 Total non-current financial liabilities 212,181 219,380 99,931 99,931 Current financial liabilities Trade and other payables 90,628 90,628 50,267 50,267 Current interest-bearing borrowings 40,688 40,688 35,441 35,441 Current license liabilities 4,750 4,750 0 0 Other current liabilities 43,103 43,103 47,045 47,045 Total current financial liabilities 179,170 179,170 132,752 132,752 Total financial liabilities 391,350 398,550 232,683 232,683 Fair value hierarchy for financial instruments recognized at fair value With an exception of other current financial assets that are valued based on level 1 of inputs in accordance with IFRS 13:81, all the other financial assets are valued based on level 3 inputs. Other current financial assets are representing the fair value of Navamedic`s investment in Observe medical ASA that is measure at fair value through profit and loss. As part of the renegotiated loan agreement with Observe Medical ASA in December 2025, the Group obtained rights to two future milestone-based payments, contingent on Observe Medical achieving defined cumulative sales thresholds for its Sippi\u00ae product line. As of 31 December 2025, none of the milestones had been achieved, and due to the conditional nature of the arrangement and significant uncertainty regarding the likelihood and timing of realization, the fair value of the milestone rights was assessed to be nil. Accordingly, no asset has been recognized in the 2025 financial statements. The Group will reassess the valuation and recognition in future periods based on observable progress toward the defined milestones. Fair value of financial instruments recognized at amortised cost Due to their short term nature, the carrying value of current financial assets and liabilities is deemed a reasonable approximation to the fair value of these financial assets and liabilities. The interest rate on non-current liabilities to financial institutions is considered not to be significantly different from what the Group could achieve as of 31 December 2025, and as such the carrying amount is considered not to be significantly different from the fair value. The discount rate applied to the calculation of amortized cost for non-current license liabilities is considered not to be significantly different from the market cost of capital as of 31 December 2025, and as such the carrying amount is considered not to be significantly different from the fair value. See note 20 for information regarding non-cash transactions related to financial liabilities. Note 18 \u2013 Loan to Observe Medical ASA Navamedic has entered into two loan agreements with Observe Medical ASA as borrower for; i) a convertible loan (with specific conditions) with an original principal amount of NOK 32 million plus accrued interest, entered into on 27 September 2019 and ii) a loan with an original principal amount of NOK 5 million plus accrued interest (liquidity loan), entered into on 6 September 2023 secured with collateral in shares in Biim Ultrasound AS (a subsidiary of Observe Medical ASA). Due to debt conversion and forgiveness of loans, the two loans have outstanding principal amounts (including interests) of NOK 9 million and 6.8 million respectively. The loans are classified as financial assets measured at amortized cost based on judgment, by considering the Group\u2019s business model for managing the financial assets and the contractual terms of the financial assets to give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Refer to note 2.2.1 for more information on this judgmental assessment. Assessment of increase in credit risk When assessing the estimated credit loss, the Group has assessed whether a significant increase in credit risk has occurred and the timing of the facts and circumstances leading to a conclusion that a significant increase in credit risk has occurred, assessing both quantitative and qualitative information and analysis of Observe Medical ASA. Assessment as per 31 December 2024 The Group continued to assess the development of Observe Medical\u2019s financial situation into 2024 by making the same qualitative assessment of whether the loans still were credit impaired. The Group considered whether the events should result in treating the loans as continued to be defaulted and therefore assessed as stage 3 for ECL calculations or whether Stage 2 would be appropriate. Such events assessed were: \u2022 Observe Medical completed a Private Placement in June 2024 obtaining cash of NOK 22 million in which Navamedic did not participate \u2022 In relation to the \u201csubsequent offering\u201d in November 2024 Observe Medical issued a Prospectus and obtained NOK 0.9 million in cash from new investors. In relation to that process, Navamedic decided to convert NOK 16.4 million to shares in Observe Medical \u2022 Continued financial difficulties of Observe Medical resulted in renegotiations of both the principal loan and accrued interests and the liquidity loan and accrued interests in November 2024. Maturity dates were postponed for both interest and principal payments \u2022 Further delays in commercialization of both Sippi and Biim, and revenues from the Unometer-portfolio had not materialized significantly during 2024 \u2022 Observe Medical reported as per year-end 2024 still significant uncertainty related to the liquidity situation and the assessment of going concern \u2022 Continued decrease in market capitalization of Observe Medical ASA during 2024 The Group\u2019s assessment concludes that Observe Medical\u2019s financial situation worsened during 2024, the loans continued to be in default and were still assessed at stage 3. The renegotiations of the loans in November 2024 resulted in recognition of a modification effect of a net gain of NOK 693 thousand after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. Due to that the calculated effect was below 10%, the loans were not derecognized/recognized. The conversion of loan to shares in November 2024 resulted in a reduction of gross carrying amount of NOK 16.4 million. Assessment as per 31 December 2025 The Group continued to monitor Observe Medical ASA\u2019s financial condition throughout 2025, performing the same qualitative assessment as in prior years to determine whether the loan remained credit-impaired. The Group considered whether developments in 2025 warranted maintaining the loan\u2019s classification as credit-impaired (Stage 3) for expected credit loss (ECL) purposes, or whether an improvement to Stage 2 was justified. During the year, Observe Medical completed several equity transactions that provided short-term liquidity support, including a private placement of NOK 36.4 million in July, a NOK 10 million directed share issue in September, and a subsequent offering of NOK 12 million in October. In addition, a NOK 15 million loan was secured from Innovation Norway in December. While these measures improved short-term funding capacity, the company\u2019s commercial activities remained in early-stage development, and key product lines had not yet reached profitability by year-end. The Group also noted a continued decline in Observe Medical\u2019s market capitalization during the year. Based on the overall assessment of these developments, the Group concluded that the loan continued to meet the criteria for classification as credit-impaired. The borrower had not yet demonstrated a sustained ability to meet its obligations under normal terms or restored a stable financial position. Accordingly, the loan remained in Stage 3, and expected credit loss (ECL) estimates were updated to reflect current expectations. The renegotiations of the loans in December 2025 resulted in recognition of a modification effect of a net gain of NOK 353 thousand after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. Due to that the calculated effect was below 10%, the loans were not derecognized/recognized The forgiveness and conversion of loan to shares in 2025 resulted in a reduction of gross carrying amount of NOK 15.6 million. As part of the renegotiated loan terms agreed in December 2025, the Group is entitled to receive two milestone-based payments from Observe Medical ASA. These payments consist of fixed amounts of NOK 10 million each when net sales of SIPPI reaches certain sales levels. The milestone payments are not part of the loan principal and will only become payable if and when the specified sales targets are met. As of 31 December 2025, none of the milestone conditions had been fulfilled. Due to the conditional nature of the payments and the current uncertainty regarding the timing and likelihood of achieving the sales thresholds, the Group has not recognized any asset related to these milestones in the 2025 financial statements. The Group will continue to monitor developments and reassess the accounting treatment in future periods if and when there is sufficient evidence that the conditions for recognition are met. Measurement of expected credit loss for credit-impaired financial instruments Based on the fact that Observe Medical have not been able to fulfil their obligations, the Group has assessed that default have occurred, and the loan receivables continue to be credit-impaired, resulting in that probability of default have been assessed to be 100 per cent. The estimated credit loss (ECL) is the allowance for the difference between the contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the entity expects to receive, discounted at the original effective interest rate. The Group has estimated cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument. The cash flows that are considered include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The ECL allowance is estimated based on the weighted average of credit losses with from the different scenarios. The scenarios represent the Groups assessment of actual scenarios for the borrowers financial difficulties. The Group has assessed and identified three scenarios considered to be relevant: \u2022 Going concern: All debt is repaid without concessions in the form of debt conversion or write-offs \u2022 Restructuring: The borrower must restructure the capital structure to maintain going concern \u2022 Liquidation: The borrower is liquidated through bankruptcy, orderly liquidation etc. The credit loss within the restructuring scenario will be dependent on the expected debt level that may be agreed upon with the stakeholders in a restructuring. The credit loss in the liquidation scenario will be dependent on the expected realization value of collateral given a sale of assets for example, as part of bankruptcy or orderly liquidation process. The Group has assessed a scenario where the principal loan with interests is further partly or fully converted to shares in order to reduce the risk of credit loss of the loan receivable. The group consider the investment in Observe Medical to be a financial investment and have no strategic intention of increasing the shareholdings in the company. The conversion right has been assessed to be a security but the purpose and intention is to have the loans repaid. Although conversion to share (if conditions are met) may impact and possibly reduce ECL, the subsequent ownership of the shares post conversion may negatively impact P/L especially in a scenario where the Group does not intend to hold the shares for a longer period of time. For exposures in stage 3 where ECL is measured individually, judgement is applied when determining assumptions for determining the probability and credit loss for the different scenarios. The judgement is mainly related to determination of probabilities of different scenarios. Non-current receivables 2024 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 38,724 38,724 Total 0 0 38,724 38,724 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL 1 January 2024 0 0 0 0 50,249 18,090 50,249 18,090 Accrued interests 5,523 0 5,523 0 Debt conversion -16,355 0 -16,355 0 Loan modification -693 0 -693 0 Gain at derecognition 0 -13,738 0 -13,738 Expected credit loss 0 28,177 0 28,177 At 31 December 2024 0 0 0 0 38,724 32,528 38,724 32,528 Non-current receivables 2025 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 15,605 15,605 Total 0 0 15,605 15,605 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL 1 January 2025 0 0 0 0 38,724 32,528 38,724 32,528 Accrued interests 2,720 0 2,720 0 Forgiveness -20,198 0 -20,198 0 Debt conversion -5,000 0 -5,000 0 Loan modification -353 0 -353 0 Gain at derecognition 0 -4,693 0 -4,693 Expected credit loss 0 -16,224 0 -16,224 At 31 December 2025 0 0 0 0 15,894 11,611 15,894 11,611 (in NOK '1000) 2025 2024 Gross carrying amount 15,894 38,724 Expected Credit Loss (ECL) 11,611 32,528 At 31 December 4,282 6,196 Note 3 \u2013 Financial risk management and capital management The Group's operations expose it to various types of financial risk, including, but not limited to market risk (including currency risk, variable interest risk and price risk), credit risk, and liquidity risk. The Group focuses on minimizing the potential negative effects unforeseeable movements in the capital markets can have on the Group's financial results. The Group's risk management is performed by the management team in accordance with company risk policy approved by the Board. Market risk Operational risk The Group is exposed to operational risk. The Group believes that such a risk will primarily arise in relation to the development of future sales of the Company's products, measured in terms of both price and volume. Factors that can influence market risk include increased competition, instructions to reduce prices from the authorities, and competition from existing and future pharmaceuticals within the Company's range of therapies. The Company depends on supply and distribution from suppliers. The Company has supply and distribution agreements with suppliers in which the term of the agreement varies from three to eight years. The Company is dependent on renewing these agreements at market prices and on market terms and conditions and is therefore in continuous dialogue with the suppliers to ensure they are renewed. A hypothetical 10% decline in sales in the Hospital business area, due to factors such as loss of tenders, supply chain disruptions, or increased competition, would reduce revenue by approximately NOK 14 million. Given the Group\u2019s gross margin of 39%, this would result in a reduction in gross profit of approximately NOK 5\u20136 million, with a corresponding decrease in EBITDA and profit before tax, assuming fixed operating costs remain unchanged. The Group is exposed to risk related to pandemic outbreaks like Covid-19. However, based on the existing portfolio of products, the Company is probably less prone to be affected to the same extent as many other companies. The demand for most of the Company\u2019s products, except for some Consumer Health products, is less likely to be affected since the end users typically use the products based on needs and cannot easily stop using them. There is a risk that some products\u2019 production and delivery could be affected in the event of long term shut down. Navamedic is exposed to risk related to outbreak of war, like the current war in Ukraine and Gaza. Navamedic has no direct business relation with neither Ukraine, Russia nor Israel, however, if the war has negative effect on prices of raw material or transportation costs, this will likely have an effect on Navamedic, although it is difficult to assess to what extent. Navamedic owns shares in Observe Medical ASA, a company listed on Oslo Euronext Growth trading exchange. As is the case with any company\u2019s share, the share price and value is subject to fluctuations stemming from one or more of the following factors: Economic down-turns, share trading and speculation, inability to comply to its financial and other obligations, liquidity challenges and more. Hence there is a not insignificant risk, as well as upside potential related to the value of the shares as recorded in the Navamedic accounts. Currency risk The Group is exposed to currency risk. A significant proportion of the Group's revenue and expenses are in currencies other than the functional currency in the individual entities (mostly NOK, SEK, DKK and EUR). Materials are generally paid for in EUR, SEK, GBP, USD, DKK and NOK. Most of the sales in Navamedic AB take place in Nordic currencies and EUR. Payroll and operating expenses are generally incurred in the currency of the country in which the individual company is registered. Over the last two years, the value of NOK vs EUR and SEK has decreased. A further 5% depreciation of NOK against the Group\u2019s main purchase currencies would be expected to reduce the gross margin by approximately 1\u20132 percentage points. This would translate into a reduction in EBITDA and profit before tax of approximately NOK 8 million. Conversely, a 5% appreciation of NOK would be expected to have a positive effect of a similar magnitude. The Group does not currently employ formal currency hedging strategies but relies on natural hedging and evaluates hedging needs in major agreements on a case-by-case basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-271-3": { "value": "Credit risk The Group is exposed to concentrations of credit risk for non-current loans receivable. For trade receivables and other current receivables the Group is not exposed to significant risk given the short-term nature of these receivables. Routines have been introduced to ensure products are sold to customers with satisfactory creditworthiness. The Company's customers are largely public enterprises and larger pharmacy chains that represent a low credit risk. The level of sales directly to consumers is relatively low. See also note 10, which shows when the Group's receivables fall due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-417-3": { "value": "Capital management For the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and therequirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group has established a revolving credit facility to manage its working capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-278-3": { "value": "Liquidity risk The Group\u2019s liquidity risk is considered low to moderate as of 31 December, and the Group\u2019s liquidity situation as of 31 December 2025 is considered to be satisfactory. As of 31 December 2025, the Group had NOK 74 million in cash and cash equivalents (NOK 37 million as of 31 December 2024). The Group has outstanding loans of NOK 189 million as well as an outstanding overdraft facility of NOK 17 million as of 31 December 2025. The Group continually monitors the liquidity risk associated with the due dates for financial liabilities. Expected cash flows from interests on liabilities to financial institutions are based on an interest rate of 7.2% for all years. The table below illustrates the maturity structure of liabilities: Maturity structure of liabilities 2025 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4 Total License liabilities 21 19,130 20,514 4,750 15,764 0 0 20,514 Liabilities to financial institutions 20 205,688 205,688 40,688 31,429 62,857 70,714 205,688 Interest on liabilities to fin. institutions 20 0 25,752 10,210 8,042 5,837 1,626 25,752 Lease liabilities 9 2,536 2,662 2,650 8 4 0 2,662 Trade account payables 14 90,628 90,628 90,628 0 0 0 90,628 Taxes payable 26 6,032 6,032 6,032 0 0 0 6,032 Other current liabilities 14 43,103 43,103 43,103 0 0 0 43,103 Total 367,117 394,378 198,062 55,241 68,734 72,340 394,378 Maturity structure of liabilities 2024 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4-5 Total License liabilities 21 21,360 21,882 0 17,132 4,750 0 21,882 Liabilities to financial institutions 20 114,012 114,012 35,441 15,714 15,714 47,143 114,012 Interest on liabilities to fin. institutions 20 0 15,993 6,054 4,970 3,885 1,084 15,993 Lease liabilities 9 4,561 4,699 2,985 1,143 571 0 4,699 Trade account payables 14 50,267 50,267 50,267 0 0 0 50,267 Taxes payable 26 5,198 5,198 5,198 0 0 0 5,198 Other current liabilities 14 47,045 47,045 47,045 0 0 0 47,045 Total 242,442 259,096 146,989 38,959 24,921 48,227 259,096 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-529-1": { "value": "Note 4 \u2013 Segment information and revenue from contracts with customers Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment. The reporting structure reflects the Company\u2019s business and product composition. Navemedic\u2019s business consists of pharmaceuticals, medical nutrition and consumer health products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic\u2019s chief operating decision maker is the CEO.Navamedic distributes and delivers pharmaceuticals and other products to hospitals and pharmacies, mainly in the Nordic region, but also in a number of other countries in Europe. Revenues are measured based on the transaction price specified in a contract with a customer. The Group\u2019s revenues are generated from the sale of goods, and revenue is recognized at the point in time when control of the goods transfers to the customer, typically when the Group has delivered the goods to the customer. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. The Group does not have any single customer that accounts for 10% or more of its total revenue.Navamedic classifies its products into three business areas: \u2022 The Prescription drugs (Rx) business area comprises Navamedic\u2019s prescription products and categories, including obesity, urology, neurology, addiction, and cardiology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity), Elmiron\u00ae/Gepan\u00ae (products for the treatment of painful bladder syndrome), Flexilev (microtablets for the treatment of Parkinson\u2019s disease) and cardiology products such as Imdur\u00ae (used to prevent angina pectoris), Nitrolingual (acute relief of angina pectoris), Metadon, Levopidon and Ventizolve \u2022 The Consumer Health business area comprises Navamedic\u2019s over-the-counter products, available to patients without a prescription in the pharmacies or drugstores, the area includes obesity (Modifast \u2013 products for meal replacement), pain (ThermaCare), intimate health (Absolutt Torr, Eroxon and Cysticina) and gastro (brands such as Alflorex, SmectaGo and ForlaxGo) \u2022 Hospital products included in tenders such as a broad portfolio of niched medical nutrition products for rare diseases such as Phenylketonuria, and intravenous antibiotics for hospital use Operating revenues by major markets (in NOK '1000) 2025 2024 Norway 194,828 201,650 Sweden 197,870 185,536 Denmark 51,210 38,861 Finland 50,086 36,238 The Netherlands 49,128 34,747 Other countries 22,237 34,404 Total revenue 565,359 531,436 Operating revenues by business areas (in NOK '1000) 2025 2024 Prescription drugs (Rx) 293,491 265,517 Hospital 138,026 112,336 Consumer health 133,842 130,783 Other \u2013 outlicensing 0 22,800 Total revenue 565,359 531,436 Non-current assets by country * (in NOK '1000) 2024 2024 Sweden 226,510 224,950 Norway 243,354 42,530 Total 469,864 267,480 * Other than financial instruments and deferred tax assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-529-2": { "value": "Note 4 \u2013 Segment information and revenue from contracts with customers Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment. The reporting structure reflects the Company\u2019s business and product composition. Navemedic\u2019s business consists of pharmaceuticals, medical nutrition and consumer health products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic\u2019s chief operating decision maker is the CEO.Navamedic distributes and delivers pharmaceuticals and other products to hospitals and pharmacies, mainly in the Nordic region, but also in a number of other countries in Europe. Revenues are measured based on the transaction price specified in a contract with a customer. The Group\u2019s revenues are generated from the sale of goods, and revenue is recognized at the point in time when control of the goods transfers to the customer, typically when the Group has delivered the goods to the customer. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. The Group does not have any single customer that accounts for 10% or more of its total revenue.Navamedic classifies its products into three business areas: \u2022 The Prescription drugs (Rx) business area comprises Navamedic\u2019s prescription products and categories, including obesity, urology, neurology, addiction, and cardiology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity), Elmiron\u00ae/Gepan\u00ae (products for the treatment of painful bladder syndrome), Flexilev (microtablets for the treatment of Parkinson\u2019s disease) and cardiology products such as Imdur\u00ae (used to prevent angina pectoris), Nitrolingual (acute relief of angina pectoris), Metadon, Levopidon and Ventizolve \u2022 The Consumer Health business area comprises Navamedic\u2019s over-the-counter products, available to patients without a prescription in the pharmacies or drugstores, the area includes obesity (Modifast \u2013 products for meal replacement), pain (ThermaCare), intimate health (Absolutt Torr, Eroxon and Cysticina) and gastro (brands such as Alflorex, SmectaGo and ForlaxGo) \u2022 Hospital products included in tenders such as a broad portfolio of niched medical nutrition products for rare diseases such as Phenylketonuria, and intravenous antibiotics for hospital use Operating revenues by major markets (in NOK '1000) 2025 2024 Norway 194,828 201,650 Sweden 197,870 185,536 Denmark 51,210 38,861 Finland 50,086 36,238 The Netherlands 49,128 34,747 Other countries 22,237 34,404 Total revenue 565,359 531,436 Operating revenues by business areas (in NOK '1000) 2025 2024 Prescription drugs (Rx) 293,491 265,517 Hospital 138,026 112,336 Consumer health 133,842 130,783 Other \u2013 outlicensing 0 22,800 Total revenue 565,359 531,436 Non-current assets by country * (in NOK '1000) 2024 2024 Sweden 226,510 224,950 Norway 243,354 42,530 Total 469,864 267,480 * Other than financial instruments and deferred tax assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-529-3": { "value": "Note 4 \u2013 Segment information and revenue from contracts with customers Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment. The reporting structure reflects the Company\u2019s business and product composition. Navemedic\u2019s business consists of pharmaceuticals, medical nutrition and consumer health products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic\u2019s chief operating decision maker is the CEO.Navamedic distributes and delivers pharmaceuticals and other products to hospitals and pharmacies, mainly in the Nordic region, but also in a number of other countries in Europe. Revenues are measured based on the transaction price specified in a contract with a customer. The Group\u2019s revenues are generated from the sale of goods, and revenue is recognized at the point in time when control of the goods transfers to the customer, typically when the Group has delivered the goods to the customer. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. The Group does not have any single customer that accounts for 10% or more of its total revenue.Navamedic classifies its products into three business areas: \u2022 The Prescription drugs (Rx) business area comprises Navamedic\u2019s prescription products and categories, including obesity, urology, neurology, addiction, and cardiology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity), Elmiron\u00ae/Gepan\u00ae (products for the treatment of painful bladder syndrome), Flexilev (microtablets for the treatment of Parkinson\u2019s disease) and cardiology products such as Imdur\u00ae (used to prevent angina pectoris), Nitrolingual (acute relief of angina pectoris), Metadon, Levopidon and Ventizolve \u2022 The Consumer Health business area comprises Navamedic\u2019s over-the-counter products, available to patients without a prescription in the pharmacies or drugstores, the area includes obesity (Modifast \u2013 products for meal replacement), pain (ThermaCare), intimate health (Absolutt Torr, Eroxon and Cysticina) and gastro (brands such as Alflorex, SmectaGo and ForlaxGo) \u2022 Hospital products included in tenders such as a broad portfolio of niched medical nutrition products for rare diseases such as Phenylketonuria, and intravenous antibiotics for hospital use Operating revenues by major markets (in NOK '1000) 2025 2024 Norway 194,828 201,650 Sweden 197,870 185,536 Denmark 51,210 38,861 Finland 50,086 36,238 The Netherlands 49,128 34,747 Other countries 22,237 34,404 Total revenue 565,359 531,436 Operating revenues by business areas (in NOK '1000) 2025 2024 Prescription drugs (Rx) 293,491 265,517 Hospital 138,026 112,336 Consumer health 133,842 130,783 Other \u2013 outlicensing 0 22,800 Total revenue 565,359 531,436 Non-current assets by country * (in NOK '1000) 2024 2024 Sweden 226,510 224,950 Norway 243,354 42,530 Total 469,864 267,480 * Other than financial instruments and deferred tax assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-530-4": { "value": "Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment. The reporting structure reflects the Company\u2019s business and product composition. Navemedic\u2019s business consists of pharmaceuticals, medical nutrition and consumer health products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic\u2019s chief operating decision maker is the CEO.Navamedic distributes and delivers pharmaceuticals and other products to hospitals and pharmacies, mainly in the Nordic region, but also in a number of other countries in Europe. Revenues are measured based on the transaction price specified in a contract with a customer. The Group\u2019s revenues are generated from the sale of goods, and revenue is recognized at the point in time when control of the goods transfers to the customer, typically when the Group has delivered the goods to the customer. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. The Group does not have any single customer that accounts for 10% or more of its total revenue.Navamedic classifies its products into three business areas: \u2022 The Prescription drugs (Rx) business area comprises Navamedic\u2019s prescription products and categories, including obesity, urology, neurology, addiction, and cardiology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity), Elmiron\u00ae/Gepan\u00ae (products for the treatment of painful bladder syndrome), Flexilev (microtablets for the treatment of Parkinson\u2019s disease) and cardiology products such as Imdur\u00ae (used to prevent angina pectoris), Nitrolingual (acute relief of angina pectoris), Metadon, Levopidon and Ventizolve \u2022 The Consumer Health business area comprises Navamedic\u2019s over-the-counter products, available to patients without a prescription in the pharmacies or drugstores, the area includes obesity (Modifast \u2013 products for meal replacement), pain (ThermaCare), intimate health (Absolutt Torr, Eroxon and Cysticina) and gastro (brands such as Alflorex, SmectaGo and ForlaxGo) \u2022 Hospital products included in tenders such as a broad portfolio of niched medical nutrition products for rare diseases such as Phenylketonuria, and intravenous antibiotics for hospital use ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-645-1": { "value": "Note 5 \u2013 Business combinations The acquisition method is used for acquisitions of business. The consideration is measured at the fair value of the assets transferred, liabilities assumed, and equity instruments issued. The fair value of all assets or liabilities according to the agreement on contingent consideration is also included in the remuneration. Identifiable assets, liabilities, and contingent liabilities are recognised at their fair value on the acquisition date. Acquisitions-related costs linked to business combinations are recognized as expenses when incurred. If the sum of the remuneration, fair value of earlier assets, and any fair value of minority interests exceeds the fair value of identifiable net assets in the acquired company, the difference is capitalized as goodwill. For tax purposes, acquired goodwill is recognized as an intangible asset and is subject to depreciation under the Norwegian declining\u2011balance method. Business combinations in 2025 On 15 July 2025, Navamedic ASA completed a business combination related to the business of dne Pharma AS (Norway), a company focused on addiction treatment pharmaceuticals. The transaction encompassed dne Pharma\u2019s entire business, including its product portfolio (notably Ventizolve\u00ae intranasal naloxone spray, Levopidon\u00ae (levomethadone), and Metadon Dne (methadone) for opioid substitution therapy), as well as key employees and contracts. This acquisition represents Navamedic\u2019s entry into the addiction treatment market and expands its prescription drug portfolio. The business combination was conducted as an acquisition of the operations and net assets of dne Pharma, rather than a purchase of shares. The total consideration is NOK 225 million, comprising NOK 185 million paid in cash at closing and up to NOK 40 million in contingent consideration (earn-out, payable upon achieving certain sales targets). The contingent consideration is linked to the achievement of defined sales-based milestones and may amount to a maximum of NOK 40 million. In accordance with IFRS 13, the fair value of the contingent consideration was determined using a probability-weighted discounted cash flow model. This model incorporates management\u2019s expectations regarding future revenue performance of the acquired products, the likelihood of achieving the contractual milestones, and a discount rate that reflects the time value of money and risk adjustments for uncertainty in the cash flows. Transaction costs related to the acquisition amounted to NOK 3.9 million and were expensed as incurred in the 2025 consolidated income statement under other operating expenses. As part of the purchase price allocation (PPA), Navamedic identified and measured the acquired assets and assumed liabilities at their fair values. The most significant component was intangible assets related to product rights, which were valued at NOK 178.6 million. The excess of the consideration transferred over the fair value of the net assets acquired, amounting to NOK 39.2 million, was recognized as goodwill. This goodwill reflects anticipated synergies from integrating the acquired business into Navamedic\u2019s commercial platform, including operational efficiencies, expanded market access, and future growth opportunities. It also captures the value of the assembled workforce and other strategic benefits that do not meet the criteria for separate recognition under IFRS 3. The acquisition was financed through a combination of a new bank loan and proceeds from a rights issue completed in October 2025. The cash flow impact of the transaction is summarized below: NOK \u20191000 Total consideration paid 185,000 Contingent consideration 1 (discounted) 17,218 Contingent consideration 2 (discounted) 15,582 Total consideration 217,800 Identifiable net assets acquired 178,557 Goodwill 39,243 This acquisition is considered highly significant for Navamedic, both strategically and financially, and is expected to contribute positively to the Group\u2019s long-term growth and profitability.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-657-2": { "value": "Business combinations in 2025 On 15 July 2025, Navamedic ASA completed a business combination related to the business of dne Pharma AS (Norway), a company focused on addiction treatment pharmaceuticals. The transaction encompassed dne Pharma\u2019s entire business, including its product portfolio (notably Ventizolve\u00ae intranasal naloxone spray, Levopidon\u00ae (levomethadone), and Metadon Dne (methadone) for opioid substitution therapy), as well as key employees and contracts. This acquisition represents Navamedic\u2019s entry into the addiction treatment market and expands its prescription drug portfolio. The business combination was conducted as an acquisition of the operations and net assets of dne Pharma, rather than a purchase of shares. The total consideration is NOK 225 million, comprising NOK 185 million paid in cash at closing and up to NOK 40 million in contingent consideration (earn-out, payable upon achieving certain sales targets). The contingent consideration is linked to the achievement of defined sales-based milestones and may amount to a maximum of NOK 40 million. In accordance with IFRS 13, the fair value of the contingent consideration was determined using a probability-weighted discounted cash flow model. This model incorporates management\u2019s expectations regarding future revenue performance of the acquired products, the likelihood of achieving the contractual milestones, and a discount rate that reflects the time value of money and risk adjustments for uncertainty in the cash flows. Transaction costs related to the acquisition amounted to NOK 3.9 million and were expensed as incurred in the 2025 consolidated income statement under other operating expenses. As part of the purchase price allocation (PPA), Navamedic identified and measured the acquired assets and assumed liabilities at their fair values. The most significant component was intangible assets related to product rights, which were valued at NOK 178.6 million. The excess of the consideration transferred over the fair value of the net assets acquired, amounting to NOK 39.2 million, was recognized as goodwill. This goodwill reflects anticipated synergies from integrating the acquired business into Navamedic\u2019s commercial platform, including operational efficiencies, expanded market access, and future growth opportunities. It also captures the value of the assembled workforce and other strategic benefits that do not meet the criteria for separate recognition under IFRS 3. The acquisition was financed through a combination of a new bank loan and proceeds from a rights issue completed in October 2025. The cash flow impact of the transaction is summarized below: NOK \u20191000 Total consideration paid 185,000 Contingent consideration 1 (discounted) 17,218 Contingent consideration 2 (discounted) 15,582 Total consideration 217,800 Identifiable net assets acquired 178,557 Goodwill 39,243 This acquisition is considered highly significant for Navamedic, both strategically and financially, and is expected to contribute positively to the Group\u2019s long-term growth and profitability.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-704-1": { "value": "Note 6 \u2013 Investments in subsidiaries Office location Ownership share 31.12 Navamedic AS Oslo, Norway 100% Navamedic AB* Gothenburg, Sweden 100% Sensidose AB Stockholm, Sweden 100% * The subsidiary Navamedic AB has branches in Denmark and Finland. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-704-2": { "value": "Note 6 \u2013 Investments in subsidiaries Office location Ownership share 31.12 Navamedic AS Oslo, Norway 100% Navamedic AB* Gothenburg, Sweden 100% Sensidose AB Stockholm, Sweden 100% * The subsidiary Navamedic AB has branches in Denmark and Finland. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-724-1": { "value": "Note 7 \u2013 Property, plant & equipment (in NOK '1000) Office equipment Medical devices Total Accumulated cost Balance at 1 January 2024 1,381 3,803 5,184 Additions 0 1,933 1,933 Acquisition 0 0 0 Disposals 0 0 0 Currency translation differences 2 61 63 Accumulated cost at 31 December 2024 1,383 5,797 7,180 Balance at 1 January 2025 1,383 5,797 7,180 Additions 55 253 309 Acquisition 0 0 0 Disposals 0 0 0 Currency translation differences 7 375 382 Accumulated cost at 31 December 2025 1,445 6,425 7,871 (in NOK '1000) Office equipment Medical devices Total Accumulated depreciation Balance at 1 January 2024 -963 -529 -1,492 Depreciation -304 -870 -1,173 Disposals 0 0 0 Currency translation differences -1 -20 -21 Balance at 31 December 2024 -1,268 -1,419 -2,687 Balance at 1 January 2025 -1,268 -1,419 -2,687 Depreciation -108 -1,031 -1,139 Disposals 0 0 0 Currency translation differences -7 -137 -144 Balance at 31 December 2025 -1 383 -2,587 -3,970 Expected useful economic life 3-5 years 5 years Carrying amounts At 1 January 2024 418 3,274 3,692 At 31 December 2024 115 4,378 4,493 At 31 December 2025 62 3,839 3,901 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-724-2": { "value": "Note 7 \u2013 Property, plant & equipment (in NOK '1000) Office equipment Medical devices Total Accumulated cost Balance at 1 January 2024 1,381 3,803 5,184 Additions 0 1,933 1,933 Acquisition 0 0 0 Disposals 0 0 0 Currency translation differences 2 61 63 Accumulated cost at 31 December 2024 1,383 5,797 7,180 Balance at 1 January 2025 1,383 5,797 7,180 Additions 55 253 309 Acquisition 0 0 0 Disposals 0 0 0 Currency translation differences 7 375 382 Accumulated cost at 31 December 2025 1,445 6,425 7,871 (in NOK '1000) Office equipment Medical devices Total Accumulated depreciation Balance at 1 January 2024 -963 -529 -1,492 Depreciation -304 -870 -1,173 Disposals 0 0 0 Currency translation differences -1 -20 -21 Balance at 31 December 2024 -1,268 -1,419 -2,687 Balance at 1 January 2025 -1,268 -1,419 -2,687 Depreciation -108 -1,031 -1,139 Disposals 0 0 0 Currency translation differences -7 -137 -144 Balance at 31 December 2025 -1 383 -2,587 -3,970 Expected useful economic life 3-5 years 5 years Carrying amounts At 1 January 2024 418 3,274 3,692 At 31 December 2024 115 4,378 4,493 At 31 December 2025 62 3,839 3,901 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-919-1": { "value": "Note 8 \u2013 Goodwill and intangible assets The Group\u2019s intangible assets consist of the following: Licenses (product rights) and marketing authorisations. Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorisations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. Other intangible assets Majority of Group\u2019s other intangible assets relate to the patents for the products in the Parkinson treatment area. The costs are capitalized when they meet the requirements to be considered as the development costs and amortization commences once the product is ready for market and necessary regulatory approvals are obtained. Additionally, the market authorisations and IP from the acquisition of dne Pharma\u2019s business is also included in other intangible assets. (in NOK '1000) Goodwill Licenses Patents IP irights Other ntangible assets Total intangible assets Accumulated cost Balance at 1 January 2024 156,729 81,554 47,377 0 11,956 140,687 Acquisition 0 0 0 0 0 0 Additions 0 1,605 0 0 2,234 3,839 Currency translation differences 2,322 505 761 0 609 1,875 Accumulated cost at 31 December 2024 159,051 83,665 48,137 0 14,799 146,602 Balance at 1 January 2025 159,051 83,665 48,137 0 14,799 146,602 Acquisition 39,243 0 0 178,557 178,557 178,557 Additions 0 2,129 0 0 47 2,177 Currency translation differences 9,274 -3,225 3 045 0 1,042 868 Accumulated cost at 31 December 2025 207,568 82,570 51 182 178,557 15,888 328,197 Accumulated amortization Balance at 1 January 2024 0 -37,018 -2,323 0 -3 919 -43,260 Amortization 0 -4,006 -4,773 0 -1,709 -10,488 Currency translation differences -133 -125 0 -36 -293 Balance at 31 December 2024 0 -41,157 -7,221 0 -5,663 -54,041 Balance at 1 January 2025 0 -41,157 -7,221 0 -5,663 -54,041 Amortization 0 -8,780 -5,131 -11,762 -1,513 -27,186 Currency translation differences 4,909 -493 0 -496 3,920 Balance at 31 December 2025 0 -45,028 -12,845 -11,762 -7,673 -77,307 Expected useful economic life 5-10 years 5-10 years 5-10 years 5-10 years Carrying amounts At 31 December 2024 159,051 42,508 40,917 0 9,136 92,561 At 31 December 2025 207,568 37,542 38,337 166,795 8,216 250,890 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-919-2": { "value": "Note 8 \u2013 Goodwill and intangible assets The Group\u2019s intangible assets consist of the following: Licenses (product rights) and marketing authorisations. Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorisations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. Other intangible assets Majority of Group\u2019s other intangible assets relate to the patents for the products in the Parkinson treatment area. The costs are capitalized when they meet the requirements to be considered as the development costs and amortization commences once the product is ready for market and necessary regulatory approvals are obtained. Additionally, the market authorisations and IP from the acquisition of dne Pharma\u2019s business is also included in other intangible assets. (in NOK '1000) Goodwill Licenses Patents IP irights Other ntangible assets Total intangible assets Accumulated cost Balance at 1 January 2024 156,729 81,554 47,377 0 11,956 140,687 Acquisition 0 0 0 0 0 0 Additions 0 1,605 0 0 2,234 3,839 Currency translation differences 2,322 505 761 0 609 1,875 Accumulated cost at 31 December 2024 159,051 83,665 48,137 0 14,799 146,602 Balance at 1 January 2025 159,051 83,665 48,137 0 14,799 146,602 Acquisition 39,243 0 0 178,557 178,557 178,557 Additions 0 2,129 0 0 47 2,177 Currency translation differences 9,274 -3,225 3 045 0 1,042 868 Accumulated cost at 31 December 2025 207,568 82,570 51 182 178,557 15,888 328,197 Accumulated amortization Balance at 1 January 2024 0 -37,018 -2,323 0 -3 919 -43,260 Amortization 0 -4,006 -4,773 0 -1,709 -10,488 Currency translation differences -133 -125 0 -36 -293 Balance at 31 December 2024 0 -41,157 -7,221 0 -5,663 -54,041 Balance at 1 January 2025 0 -41,157 -7,221 0 -5,663 -54,041 Amortization 0 -8,780 -5,131 -11,762 -1,513 -27,186 Currency translation differences 4,909 -493 0 -496 3,920 Balance at 31 December 2025 0 -45,028 -12,845 -11,762 -7,673 -77,307 Expected useful economic life 5-10 years 5-10 years 5-10 years 5-10 years Carrying amounts At 31 December 2024 159,051 42,508 40,917 0 9,136 92,561 At 31 December 2025 207,568 37,542 38,337 166,795 8,216 250,890 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-919-3": { "value": "Note 8 \u2013 Goodwill and intangible assets The Group\u2019s intangible assets consist of the following: Licenses (product rights) and marketing authorisations. Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorisations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. Other intangible assets Majority of Group\u2019s other intangible assets relate to the patents for the products in the Parkinson treatment area. The costs are capitalized when they meet the requirements to be considered as the development costs and amortization commences once the product is ready for market and necessary regulatory approvals are obtained. Additionally, the market authorisations and IP from the acquisition of dne Pharma\u2019s business is also included in other intangible assets. (in NOK '1000) Goodwill Licenses Patents IP irights Other ntangible assets Total intangible assets Accumulated cost Balance at 1 January 2024 156,729 81,554 47,377 0 11,956 140,687 Acquisition 0 0 0 0 0 0 Additions 0 1,605 0 0 2,234 3,839 Currency translation differences 2,322 505 761 0 609 1,875 Accumulated cost at 31 December 2024 159,051 83,665 48,137 0 14,799 146,602 Balance at 1 January 2025 159,051 83,665 48,137 0 14,799 146,602 Acquisition 39,243 0 0 178,557 178,557 178,557 Additions 0 2,129 0 0 47 2,177 Currency translation differences 9,274 -3,225 3 045 0 1,042 868 Accumulated cost at 31 December 2025 207,568 82,570 51 182 178,557 15,888 328,197 Accumulated amortization Balance at 1 January 2024 0 -37,018 -2,323 0 -3 919 -43,260 Amortization 0 -4,006 -4,773 0 -1,709 -10,488 Currency translation differences -133 -125 0 -36 -293 Balance at 31 December 2024 0 -41,157 -7,221 0 -5,663 -54,041 Balance at 1 January 2025 0 -41,157 -7,221 0 -5,663 -54,041 Amortization 0 -8,780 -5,131 -11,762 -1,513 -27,186 Currency translation differences 4,909 -493 0 -496 3,920 Balance at 31 December 2025 0 -45,028 -12,845 -11,762 -7,673 -77,307 Expected useful economic life 5-10 years 5-10 years 5-10 years 5-10 years Carrying amounts At 31 December 2024 159,051 42,508 40,917 0 9,136 92,561 At 31 December 2025 207,568 37,542 38,337 166,795 8,216 250,890 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-919-5": { "value": "Note 8 \u2013 Goodwill and intangible assets The Group\u2019s intangible assets consist of the following: Licenses (product rights) and marketing authorisations. Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorisations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. Other intangible assets Majority of Group\u2019s other intangible assets relate to the patents for the products in the Parkinson treatment area. The costs are capitalized when they meet the requirements to be considered as the development costs and amortization commences once the product is ready for market and necessary regulatory approvals are obtained. Additionally, the market authorisations and IP from the acquisition of dne Pharma\u2019s business is also included in other intangible assets. (in NOK '1000) Goodwill Licenses Patents IP irights Other ntangible assets Total intangible assets Accumulated cost Balance at 1 January 2024 156,729 81,554 47,377 0 11,956 140,687 Acquisition 0 0 0 0 0 0 Additions 0 1,605 0 0 2,234 3,839 Currency translation differences 2,322 505 761 0 609 1,875 Accumulated cost at 31 December 2024 159,051 83,665 48,137 0 14,799 146,602 Balance at 1 January 2025 159,051 83,665 48,137 0 14,799 146,602 Acquisition 39,243 0 0 178,557 178,557 178,557 Additions 0 2,129 0 0 47 2,177 Currency translation differences 9,274 -3,225 3 045 0 1,042 868 Accumulated cost at 31 December 2025 207,568 82,570 51 182 178,557 15,888 328,197 Accumulated amortization Balance at 1 January 2024 0 -37,018 -2,323 0 -3 919 -43,260 Amortization 0 -4,006 -4,773 0 -1,709 -10,488 Currency translation differences -133 -125 0 -36 -293 Balance at 31 December 2024 0 -41,157 -7,221 0 -5,663 -54,041 Balance at 1 January 2025 0 -41,157 -7,221 0 -5,663 -54,041 Amortization 0 -8,780 -5,131 -11,762 -1,513 -27,186 Currency translation differences 4,909 -493 0 -496 3,920 Balance at 31 December 2025 0 -45,028 -12,845 -11,762 -7,673 -77,307 Expected useful economic life 5-10 years 5-10 years 5-10 years 5-10 years Carrying amounts At 31 December 2024 159,051 42,508 40,917 0 9,136 92,561 At 31 December 2025 207,568 37,542 38,337 166,795 8,216 250,890 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-919-6": { "value": "Note 8 \u2013 Goodwill and intangible assets The Group\u2019s intangible assets consist of the following: Licenses (product rights) and marketing authorisations. Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorisations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. Other intangible assets Majority of Group\u2019s other intangible assets relate to the patents for the products in the Parkinson treatment area. The costs are capitalized when they meet the requirements to be considered as the development costs and amortization commences once the product is ready for market and necessary regulatory approvals are obtained. Additionally, the market authorisations and IP from the acquisition of dne Pharma\u2019s business is also included in other intangible assets. (in NOK '1000) Goodwill Licenses Patents IP irights Other ntangible assets Total intangible assets Accumulated cost Balance at 1 January 2024 156,729 81,554 47,377 0 11,956 140,687 Acquisition 0 0 0 0 0 0 Additions 0 1,605 0 0 2,234 3,839 Currency translation differences 2,322 505 761 0 609 1,875 Accumulated cost at 31 December 2024 159,051 83,665 48,137 0 14,799 146,602 Balance at 1 January 2025 159,051 83,665 48,137 0 14,799 146,602 Acquisition 39,243 0 0 178,557 178,557 178,557 Additions 0 2,129 0 0 47 2,177 Currency translation differences 9,274 -3,225 3 045 0 1,042 868 Accumulated cost at 31 December 2025 207,568 82,570 51 182 178,557 15,888 328,197 Accumulated amortization Balance at 1 January 2024 0 -37,018 -2,323 0 -3 919 -43,260 Amortization 0 -4,006 -4,773 0 -1,709 -10,488 Currency translation differences -133 -125 0 -36 -293 Balance at 31 December 2024 0 -41,157 -7,221 0 -5,663 -54,041 Balance at 1 January 2025 0 -41,157 -7,221 0 -5,663 -54,041 Amortization 0 -8,780 -5,131 -11,762 -1,513 -27,186 Currency translation differences 4,909 -493 0 -496 3,920 Balance at 31 December 2025 0 -45,028 -12,845 -11,762 -7,673 -77,307 Expected useful economic life 5-10 years 5-10 years 5-10 years 5-10 years Carrying amounts At 31 December 2024 159,051 42,508 40,917 0 9,136 92,561 At 31 December 2025 207,568 37,542 38,337 166,795 8,216 250,890 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1222-1": { "value": "Test for impairment losses for cash generating units that contain goodwill Goodwill originates from the purchase of Vitaflo AB, Impolin AB, Sensidose AB and other minor acquisitions, including Novicus Pharma AS. For the purpose of impairment testing, goodwill has been allocated to the Group's cash generating units ('CGU'), being the Pharma and healthcare product portfolio, Parkinson treatment and Addiction portfolio with the following carrying value at 31.12.2025: \u25aa Pharma and healthcare: NOK 115 million \u25aa Parkinson treatment: NOK 53 million \u25aa Addiction portfolio: NOK 39 million Impairment test \u2013 Pharma and healthcare product portfolio Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. The test is based on the book value of the CGUs at 31.12.2025 compared to the estimated value calculated on the basis of discounted future cash flows. A discount rate pre-tax of 10.5% was used to discount future cash flows, and cash flows beyond the five-year period are extrapolated using a 2.0% growth rate. The estimated value of the CGU exceeded the book value at 31.12.2025, therefore resulting in no impairment of goodwill. In addition to the discounted cash flow estimation, a sensitivity analysis showed that the estimated value would still not indicate an impairment. Neither reasonably possible negative changes in the growth assumption, nor reasonably possible negative changes in the EBITDA margin would lead to impairment. Also, a reasonably possible increase in the discount rate would not give rise to impairment. Impairment test \u2013 Parkinson treatment Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. The test is based on the book value of the CGUs at 31.12.2025 compared to the estimated value calculated on the basis of discounted future cash flows. A discount rate pre-tax of 10.5% was used to discount future cash flows, and cash flows beyond the five-year period are extrapolated using a 2.0% growth rate. The estimated value of the CGU exceeded the book value at 31.12.2025, therefore resulting in no impairment of goodwill. In addition to the discounted cash flow estimation, a sensitivity analysis showed that the estimated value would still not indicate an impairment. Neither reasonably possible negative changes in the growth assumption, nor reasonably possible negative changes in the EBITDA margin would lead to impairment. Also, a reasonably possible increase in the discount rate would not give rise to impairment. Management has considered scenarios related to lower revenues and gross margin for the CGU. While the original impairment test for the CGU has a headroom between recoverable amount and carrying amount of NOK 69.4 million, a 20% reduction in gross margin would reduce this headroom to NOK 4.2 million. Similarly, a 60% reduction in revenues would reduce the headroom from NOK 69.4 million to NOK 23.5 million. Impairment test \u2013 Addiction portfolio Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. The test is based on the book value of the CGUs at 31.12.2025 compared to the estimated value calculated on the basis of discounted future cash flows. A discount rate pre-tax of 10.5% was used to discount future cash flows, and cash flows beyond the five-year period are extrapolated using a 2.0% growth rate. The estimated value of the CGU exceeded the book value at 31.12.2025, therefore resulting in no impairment of goodwill. In addition to the discounted cash flow estimation, a sensitivity analysis showed that the estimated value would still not indicate an impairment. Neither reasonably possible negative changes in the growth assumption, nor reasonably possible negative changes in the EBITDA margin would lead to impairment. Also, a reasonably possible increase in the discount rate would not give rise to impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1268-1": { "value": "Note 9 \u2013 Right of use assets and lease liabilities The Group assesses at contract inception whether a contract is, or contains, a lease. The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. In calculating the present value of lease payments, the Group uses its estimated incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. (in NOK '1000) Land and buildings Motor vehicles Office equipment Total Balance at 1 January 2024 4,400 1,654 6 6,060 Depreciation -2,163 -925 -6 -3,094 Additions 966 300 0 1,266 Currency translation differences 4 10 0 14 Balance at 31 December 2024 3,206 1,039 0 4,246 Depreciation -2,316 -713 0 -3,030 Additions 1,002 0 0 1,002 Currency translation differences 40 31 0 71 Balance at 31 December 2025 1,932 357 0 2,289 Lease liabilities (in NOK '1000) 2025 2024 Non-current lease liabilities 11 1,694 Current lease liabilities 2,524 2,868 Total lease liabilities 2,536 4,561 Maturity analysis contractual undiscounted cash flows (in NOK '1000) 2025 2024 Less than one year 2,650 2,985 Between one and five years 11 1,714 Total undiscounted lease liabilities at 31 December 2,662 4,699 Changes in lease liabilities (in NOK '1000) 2025 2024 At 1 January 4,561 6,345 Payments -3,222 -3,314 Interest 136 252 Additions and adjustments 1,002 1,267 Currency translation 58 12 At 31 December 2,536 4,561 Amounts recognised in profit or loss (in NOK '1000) 2025 2024 Interest on lease liabilities 136 252 Depreciation right of use assets 3,016 3,094 Other information (in NOK '1000) 2025 2024 Expenses related to short-term leases and leases on assets of low value 965 759 The weighted average lessee\u2019s incremental borrowing rate applied to lease liabilities recognized in the statement of financial position at the date of initial application is 4.6%. The total outgoing cash flows for leases was NOK 4.3 million in 2025 (NOK 4.3 million in 2024), which consist of calculated interest on leasing liabilities of NOK 0.1 million, payment of principal portion of leasing liabilities of NOK 3.2 million and payment for leasing contracts not recognised in the financial position of NOK 1 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1268-3": { "value": "Note 9 \u2013 Right of use assets and lease liabilities The Group assesses at contract inception whether a contract is, or contains, a lease. The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. In calculating the present value of lease payments, the Group uses its estimated incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. (in NOK '1000) Land and buildings Motor vehicles Office equipment Total Balance at 1 January 2024 4,400 1,654 6 6,060 Depreciation -2,163 -925 -6 -3,094 Additions 966 300 0 1,266 Currency translation differences 4 10 0 14 Balance at 31 December 2024 3,206 1,039 0 4,246 Depreciation -2,316 -713 0 -3,030 Additions 1,002 0 0 1,002 Currency translation differences 40 31 0 71 Balance at 31 December 2025 1,932 357 0 2,289 Lease liabilities (in NOK '1000) 2025 2024 Non-current lease liabilities 11 1,694 Current lease liabilities 2,524 2,868 Total lease liabilities 2,536 4,561 Maturity analysis contractual undiscounted cash flows (in NOK '1000) 2025 2024 Less than one year 2,650 2,985 Between one and five years 11 1,714 Total undiscounted lease liabilities at 31 December 2,662 4,699 Changes in lease liabilities (in NOK '1000) 2025 2024 At 1 January 4,561 6,345 Payments -3,222 -3,314 Interest 136 252 Additions and adjustments 1,002 1,267 Currency translation 58 12 At 31 December 2,536 4,561 Amounts recognised in profit or loss (in NOK '1000) 2025 2024 Interest on lease liabilities 136 252 Depreciation right of use assets 3,016 3,094 Other information (in NOK '1000) 2025 2024 Expenses related to short-term leases and leases on assets of low value 965 759 The weighted average lessee\u2019s incremental borrowing rate applied to lease liabilities recognized in the statement of financial position at the date of initial application is 4.6%. The total outgoing cash flows for leases was NOK 4.3 million in 2025 (NOK 4.3 million in 2024), which consist of calculated interest on leasing liabilities of NOK 0.1 million, payment of principal portion of leasing liabilities of NOK 3.2 million and payment for leasing contracts not recognised in the financial position of NOK 1 million. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1485-1": { "value": "Note 10 \u2013 Trade receivables and other current assets Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost, less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Trade receivables are non-interest bearing and are generally on terms of 30 days. The Group has a trade receivable financing agreement with Avida Finans AB. The Group has not recognized any loss allowance on trade receivables as of the reporting date. This is based on an assessment that the Group\u2019s customer base primarily consists of large, reputable counterparties with strong credit ratings and low historical default rates. The company continuously assesses the need for loss provisions as part of its financial reporting process. This ongoing evaluation ensures that any potential credit losses are recognized in a timely and appropriate manner. The credit risk is therefore considered to be low. (in NOK '1000) 2025 2024 Trade receivables 43,296 45,592 Other receivables 1,255 1,650 Prepaid expenses 15,926 8,667 Total trade receivables and other current assets 60,476 55,909 (in NOK '1000) 2025 2024 Gross trade receivables 43,296 45,592 Provision for loss on trade receivables 0 0 Total trade receivables 43,296 45,592 (in NOK '1000) 2025 2024 Provision for loss on trade receivables at 1 January 0 -112 Net change in provision for loss on trade receivables -85 105 Loss on trade receivables 85 8 Total provision for loss on trade receivables at 31 December 0 0 Due date profile trade receivables (in NOK '1000) 2025 2024 Not due 21,673 31,585 0-3 months 19,197 9,246 > 3 months 2,425 4,762 Total trade receivables 43,296 45,592 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1485-2": { "value": "Note 10 \u2013 Trade receivables and other current assets Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost, less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Trade receivables are non-interest bearing and are generally on terms of 30 days. The Group has a trade receivable financing agreement with Avida Finans AB. The Group has not recognized any loss allowance on trade receivables as of the reporting date. This is based on an assessment that the Group\u2019s customer base primarily consists of large, reputable counterparties with strong credit ratings and low historical default rates. The company continuously assesses the need for loss provisions as part of its financial reporting process. This ongoing evaluation ensures that any potential credit losses are recognized in a timely and appropriate manner. The credit risk is therefore considered to be low. (in NOK '1000) 2025 2024 Trade receivables 43,296 45,592 Other receivables 1,255 1,650 Prepaid expenses 15,926 8,667 Total trade receivables and other current assets 60,476 55,909 (in NOK '1000) 2025 2024 Gross trade receivables 43,296 45,592 Provision for loss on trade receivables 0 0 Total trade receivables 43,296 45,592 (in NOK '1000) 2025 2024 Provision for loss on trade receivables at 1 January 0 -112 Net change in provision for loss on trade receivables -85 105 Loss on trade receivables 85 8 Total provision for loss on trade receivables at 31 December 0 0 Due date profile trade receivables (in NOK '1000) 2025 2024 Not due 21,673 31,585 0-3 months 19,197 9,246 > 3 months 2,425 4,762 Total trade receivables 43,296 45,592 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1485-3": { "value": "Note 10 \u2013 Trade receivables and other current assets Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost, less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Trade receivables are non-interest bearing and are generally on terms of 30 days. The Group has a trade receivable financing agreement with Avida Finans AB. The Group has not recognized any loss allowance on trade receivables as of the reporting date. This is based on an assessment that the Group\u2019s customer base primarily consists of large, reputable counterparties with strong credit ratings and low historical default rates. The company continuously assesses the need for loss provisions as part of its financial reporting process. This ongoing evaluation ensures that any potential credit losses are recognized in a timely and appropriate manner. The credit risk is therefore considered to be low. (in NOK '1000) 2025 2024 Trade receivables 43,296 45,592 Other receivables 1,255 1,650 Prepaid expenses 15,926 8,667 Total trade receivables and other current assets 60,476 55,909 (in NOK '1000) 2025 2024 Gross trade receivables 43,296 45,592 Provision for loss on trade receivables 0 0 Total trade receivables 43,296 45,592 (in NOK '1000) 2025 2024 Provision for loss on trade receivables at 1 January 0 -112 Net change in provision for loss on trade receivables -85 105 Loss on trade receivables 85 8 Total provision for loss on trade receivables at 31 December 0 0 Due date profile trade receivables (in NOK '1000) 2025 2024 Not due 21,673 31,585 0-3 months 19,197 9,246 > 3 months 2,425 4,762 Total trade receivables 43,296 45,592 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1487-1": { "value": "Note 11 \u2013 Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for on a first-in/first-out basis. Cost of materials is entirely related to inventory purchases and is recognized through changes in inventory. (in NOK '1000) 2025 2024 Finished goods 118,778 79,672 Work in progress 1,812 157 Provisions for inventory obsolescence -4,029 2,060 Total inventory 116,561 81,888 Value changes in inventory recognised through profit and loss 3,111 6,710 Cost of goods sold in the year amounts to 345,039 322,558 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1488-2": { "value": "Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for on a first-in/first-out basis. Cost of materials is entirely related to inventory purchases and is recognized through changes in inventory. (in NOK '1000) 2025 2024 Finished goods 118,778 79,672 Work in progress 1,812 157 Provisions for inventory obsolescence -4,029 2,060 Total inventory 116,561 81,888 Value changes in inventory recognised through profit and loss 3,111 6,710 Cost of goods sold in the year amounts to 345,039 322,558 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1717-1": { "value": "Note 13 \u2013 Paid in equity and shareholders (in NOK '1000, number of shares in actual figures) Number of shares Share capital Share premium reserve Total paid in equity As of 1 January 2024 17,352,777 12,841 192,577 205,418 Share capital issues 310,000 229 5,661 5,890 As of 31 December 2024 17,662,777 13,070 198,238 211,308 As of 1 January 2025 17,662,777 13,070 198,238 211,308 Share capital issues 6,318,601 4,676 116,217 120,893 As of 31 December 2025 23,981,378 17,746 314,456 332,201 Each share has a nominal value of NOK 0,74 kr. Largest shareholders as of 31 December 2025 Shareholders Number of shares Share of capital Share of votes Kistefos 7,413,195 30.9% 30.9% Nordea Funds 2,765,498 11.5% 11.5% InfoRLife SA 1,053,775 4.4% 4.4% Topridge Pharma 917,522 3.8% 3.8% Hausta Investor AS 902,190 3.8% 3.8% Soleglad Invest AS / Kathrine Gamborg Andreassen 794,928 3.3% 3.3% Fondita Fund Management 650,000 2.7% 2.7% Tranbergkollen Invest AS / Astrid T Bratvedt 627,000 2.6% 2.6% Leikerane AS / Ole Henrik Eriksen 575,000 2.4% 2.4% Vi \u00d8nsker Styreplass AS 566,061 2.4% 2.4% Ginko AS 500,000 2.1% 2.1% Schroders 450,000 1.9% 1.9% Lars Hjarrand 355,882 1.5% 1.5% Cmdc AS 336,054 1.4% 1.4% Oma Invest AS 250,000 1.0% 1.0% Eivind Bj\u00f8rntvedt 223,488 0.9% 0.9% Kraeber Verwaltung GmbH 214,850 0.9% 0.9% Christian Ramberg 196,918 0.8% 0.8% Hans Eiendom AS 174,502 0.7% 0.7% Other shareholders 5,014,515 20.9% 20.9% Total 23,981,378 100% 100% Shares owned by the Board and Senior executives in Navamedic ASA at 31 December 2025 Name Role Number of shares Comment Kathrine Gamborg Andreassen CEO 794,928 Through Soleglad Invest AS Lars Hjarrand CFO 355,882 Resigned from position 28 November 2025 Jostein Davidsen Former Chairman of the Board 67,116 Left the Board 7 January 2026 Rune Wahl Board member 60,000 Morten Jurs Chairman of the Board 30,786 Through Jurs Consulting AS Edm\u00e9e Steenken Board member 10,000 \u00c5sa Kornfeld Board member 3,979 Mads Helmich Pedersen Board member 0 Board member from 7 January 2026 Shares owned by the Board and Senior executives in Navamedic ASA at 31 December 2024 Name Role Number of shares Comment Kathrine Gamborg Andreassen CEO 771,668 Through Soleglad Invest AS Lars Hjarrand CFO 355,882 Rune Wahl Board member 50,000 Edm\u00e9e Steenken Board member 10,000 \u00c5sa Kornfeld Board member 3,979 ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1717-2": { "value": "Note 13 \u2013 Paid in equity and shareholders (in NOK '1000, number of shares in actual figures) Number of shares Share capital Share premium reserve Total paid in equity As of 1 January 2024 17,352,777 12,841 192,577 205,418 Share capital issues 310,000 229 5,661 5,890 As of 31 December 2024 17,662,777 13,070 198,238 211,308 As of 1 January 2025 17,662,777 13,070 198,238 211,308 Share capital issues 6,318,601 4,676 116,217 120,893 As of 31 December 2025 23,981,378 17,746 314,456 332,201 Each share has a nominal value of NOK 0,74 kr. Largest shareholders as of 31 December 2025 Shareholders Number of shares Share of capital Share of votes Kistefos 7,413,195 30.9% 30.9% Nordea Funds 2,765,498 11.5% 11.5% InfoRLife SA 1,053,775 4.4% 4.4% Topridge Pharma 917,522 3.8% 3.8% Hausta Investor AS 902,190 3.8% 3.8% Soleglad Invest AS / Kathrine Gamborg Andreassen 794,928 3.3% 3.3% Fondita Fund Management 650,000 2.7% 2.7% Tranbergkollen Invest AS / Astrid T Bratvedt 627,000 2.6% 2.6% Leikerane AS / Ole Henrik Eriksen 575,000 2.4% 2.4% Vi \u00d8nsker Styreplass AS 566,061 2.4% 2.4% Ginko AS 500,000 2.1% 2.1% Schroders 450,000 1.9% 1.9% Lars Hjarrand 355,882 1.5% 1.5% Cmdc AS 336,054 1.4% 1.4% Oma Invest AS 250,000 1.0% 1.0% Eivind Bj\u00f8rntvedt 223,488 0.9% 0.9% Kraeber Verwaltung GmbH 214,850 0.9% 0.9% Christian Ramberg 196,918 0.8% 0.8% Hans Eiendom AS 174,502 0.7% 0.7% Other shareholders 5,014,515 20.9% 20.9% Total 23,981,378 100% 100% Shares owned by the Board and Senior executives in Navamedic ASA at 31 December 2025 Name Role Number of shares Comment Kathrine Gamborg Andreassen CEO 794,928 Through Soleglad Invest AS Lars Hjarrand CFO 355,882 Resigned from position 28 November 2025 Jostein Davidsen Former Chairman of the Board 67,116 Left the Board 7 January 2026 Rune Wahl Board member 60,000 Morten Jurs Chairman of the Board 30,786 Through Jurs Consulting AS Edm\u00e9e Steenken Board member 10,000 \u00c5sa Kornfeld Board member 3,979 Mads Helmich Pedersen Board member 0 Board member from 7 January 2026 Shares owned by the Board and Senior executives in Navamedic ASA at 31 December 2024 Name Role Number of shares Comment Kathrine Gamborg Andreassen CEO 771,668 Through Soleglad Invest AS Lars Hjarrand CFO 355,882 Rune Wahl Board member 50,000 Edm\u00e9e Steenken Board member 10,000 \u00c5sa Kornfeld Board member 3,979 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1994-1": { "value": "Note 14 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2025 2024 Total trade accounts payable 90,628 50,267 Accrued VAT and public duties 11,361 14,249 Accrued salaries and holiday pay 16,788 13,000 Accrued expenses and other current liabilities 14,955 19,797 Total other current liabilities 43,103 47 045 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1994-2": { "value": "Note 14 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2025 2024 Total trade accounts payable 90,628 50,267 Accrued VAT and public duties 11,361 14,249 Accrued salaries and holiday pay 16,788 13,000 Accrued expenses and other current liabilities 14,955 19,797 Total other current liabilities 43,103 47 045 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-1994-3": { "value": "Note 14 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2025 2024 Total trade accounts payable 90,628 50,267 Accrued VAT and public duties 11,361 14,249 Accrued salaries and holiday pay 16,788 13,000 Accrued expenses and other current liabilities 14,955 19,797 Total other current liabilities 43,103 47 045 Note 21 \u2013 License liabilities (in NOK '1000) 2025 2024 Total carrying amount non-current license liabilities 14,380 21,360 Total carrying amount current license liabilities 4,750 0 Total carrying amount license liabilities 19,130 21,360 Total undiscounted amount non-current license liabilities 20,514 21,882 Average discount rate amortized cost calculation 6.0% 6.0% Non-current license liabilities consist of the discounted cash flows from product licensing agreements with long-term payment plans. Current license liabilities consist of the short-term part (due in less than 1 year) of the discounted cash flows from product licensing agreements. Expected undiscounted cash flows from license liabilities (in NOK '1000) 2025 2024 Year 1 4,750 0 Year 2 15,764 17,132 Year 3-5 0 4,750 Total expected undiscounted cash flows from license liabilities 20,514 21,882 The discount rate applied to the amortized cost calculations equals the effective interest rate for each agreement. For interest free agreements the estimated cost of debt that the Group could achieve on loans with similar maturity and security is applied. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2020-1": { "value": "Note 15 \u2013 Other operating expenses (in NOK '1000) 2025 2024 Consulting, legal and audit fees 17,081 9,949 Transaction cost 3,850 0 Maintenance of PP&E 2,755 3,363 Travel expenses 2,970 3,312 Insurance 2,120 1,764 IR expenses 1,276 1,199 Marketing 45,056 47,881 Regulatory fees 11,893 12,544 Other expenses 18,521 12,055 Total other operating expenses 105,523 92,067 Auditor expense recognised (in NOK '1000) 2025 2024 Statutory audit 1,758 1,498 Tax consultancy 131 102 Other assurance services 561 117 Total auditor expense recognised 2,450 1,717 *Auditor expense amounts are excluding VAT. The change in consulting, legal and audit fees is mainly related to temporary personnel, external sales personnel and costs related to the integration of the dne Pharma portfolio. The change in other expenses is mainly related to higher royalties due to higher sales in 2025 for certain product groups, as well as increased IT costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2020-2": { "value": "Note 15 \u2013 Other operating expenses (in NOK '1000) 2025 2024 Consulting, legal and audit fees 17,081 9,949 Transaction cost 3,850 0 Maintenance of PP&E 2,755 3,363 Travel expenses 2,970 3,312 Insurance 2,120 1,764 IR expenses 1,276 1,199 Marketing 45,056 47,881 Regulatory fees 11,893 12,544 Other expenses 18,521 12,055 Total other operating expenses 105,523 92,067 Auditor expense recognised (in NOK '1000) 2025 2024 Statutory audit 1,758 1,498 Tax consultancy 131 102 Other assurance services 561 117 Total auditor expense recognised 2,450 1,717 *Auditor expense amounts are excluding VAT. The change in consulting, legal and audit fees is mainly related to temporary personnel, external sales personnel and costs related to the integration of the dne Pharma portfolio. The change in other expenses is mainly related to higher royalties due to higher sales in 2025 for certain product groups, as well as increased IT costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2061-3": { "value": "Auditor expense recognised (in NOK '1000) 2025 2024 Statutory audit 1,758 1,498 Tax consultancy 131 102 Other assurance services 561 117 Total auditor expense recognised 2,450 1,717 *Auditor expense amounts are excluding VAT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2087-1": { "value": "Note 16 \u2013 Payroll expenses Pension scheme The Company has entered into a mandatory defined contribution pension scheme for employees in Norway and Sweden. Under defined contribution plans, the Group pays contributions to public or private organized insurance plans for pensions on a compulsory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The plan in Norway complies with the requirements of the Norwegian Mandatory Occupational Pension Act. The contributions are recognized as payroll expenses as incurred. (in NOK '1000) 2025 2024 Salaries 49,671 50,413 Employer's National insurance contributions 9,089 8,301 Share options for employees 2,861 3,352 Pension expenses \u2013 defined-contribution scheme 5,963 5,599 Other payroll expenses 3,455 2,595 Total payroll expenses 71,038 70,260 Number of FTEs 38 42 Remuneration of Board and Senior executives (in NOK '1000) Kathrine Gamborg Andreassen CEO Lars Hjarrand CFO Total 2025 Kathrine Gamborg Andreassen CEO Lars Hjarrand CFO Total 2024 Salary and holiday pay paid 3,697 2,510 5,822 3,444 2,378 5,822 Variable remuneration paid 619 147 766 2,250 532 2,782 Benefits in kind and other 224 127 351 223 123 346 Option expenses 269 302 571 424 538 962 Pension expenses 291 216 507 138 138 276 Total paid salary and remuneration 5,100 3,302 8,402 6,479 3,709 10,188 Variable remuneration earned in 2025/2024 603 150 753 619 147 766 Senior executives is defined as being chief executive officer (CEO) and chief financial officer (CFO). No loans were issued and no assets were pledged to the benefit of employees, shareholders or board members in 2025 or 2024. Further information on Remuneration of Board and Senior executives is provided in the Remuneration report 2025, available on Navamedic\u2019s website before the Annual General Meeting. Board fees paid (in NOK '1000) 2025 2024 Jostein Davidsen 550 250 Rune Wahl 325 0 Edm\u00e8e Steenken 260 225 Kjell Erik Nordby 250 0 \u00c5sa Kornfeld 250 225 Annika Maria Kollen 250 225 Terje Bakken 0 520 Narve Reiten 0 275 Total Board fees paid 1,885 1,720 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2087-3": { "value": "Note 16 \u2013 Payroll expenses Pension scheme The Company has entered into a mandatory defined contribution pension scheme for employees in Norway and Sweden. Under defined contribution plans, the Group pays contributions to public or private organized insurance plans for pensions on a compulsory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The plan in Norway complies with the requirements of the Norwegian Mandatory Occupational Pension Act. The contributions are recognized as payroll expenses as incurred. (in NOK '1000) 2025 2024 Salaries 49,671 50,413 Employer's National insurance contributions 9,089 8,301 Share options for employees 2,861 3,352 Pension expenses \u2013 defined-contribution scheme 5,963 5,599 Other payroll expenses 3,455 2,595 Total payroll expenses 71,038 70,260 Number of FTEs 38 42 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2124-2": { "value": "Remuneration of Board and Senior executives (in NOK '1000) Kathrine Gamborg Andreassen CEO Lars Hjarrand CFO Total 2025 Kathrine Gamborg Andreassen CEO Lars Hjarrand CFO Total 2024 Salary and holiday pay paid 3,697 2,510 5,822 3,444 2,378 5,822 Variable remuneration paid 619 147 766 2,250 532 2,782 Benefits in kind and other 224 127 351 223 123 346 Option expenses 269 302 571 424 538 962 Pension expenses 291 216 507 138 138 276 Total paid salary and remuneration 5,100 3,302 8,402 6,479 3,709 10,188 Variable remuneration earned in 2025/2024 603 150 753 619 147 766 Senior executives is defined as being chief executive officer (CEO) and chief financial officer (CFO). No loans were issued and no assets were pledged to the benefit of employees, shareholders or board members in 2025 or 2024. Further information on Remuneration of Board and Senior executives is provided in the Remuneration report 2025, available on Navamedic\u2019s website before the Annual General Meeting. Board fees paid (in NOK '1000) 2025 2024 Jostein Davidsen 550 250 Rune Wahl 325 0 Edm\u00e8e Steenken 260 225 Kjell Erik Nordby 250 0 \u00c5sa Kornfeld 250 225 Annika Maria Kollen 250 225 Terje Bakken 0 520 Narve Reiten 0 275 Total Board fees paid 1,885 1,720 Share-based remuneration Key management personnel in Navamedic ASA receive parts of their salary as share-based remuneration in the form of options. The total number of options in the below table are both vested and unvested options. Quantity at 31.12.2025 Quantity at 31.12.2024 Kathrine Gamborg Andreassen, CEO 200,000 200,000 Lars Hjarrand, CFO 200,000 200,000 Total 400,000 400,000 Resignation of CFO Navamedic ASA\u2019s Chief Financial Officer, Lars Hjarrand, resigned effective 28 November 2025. In connection with his resignation, a severance agreement was entered into. Under the agreement, he will receive his agreed salary and other benefits at the time of resignation during the notice period through 31 May 2026, followed by severance pay equivalent to six months\u2019 salary. Salary during the notice period will be paid monthly from December 2025 through May 2026. The severance pay is payable in June 2026. He is also entitled to a bonus for 2025 of NOK 150,000 payable in January 2026. The total compensation package amounts to NOK 3,003,400 and the full amount was recognized as an expense in December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2273-1": { "value": "Note 17 \u2013 Financial income and expenses Financial income (in NOK '1000) 2025 2024 Interest income 1,098 3,103 Total financial income 1,098 3,103 Gain at derecognition 4,693 13,738 Impairment -1,279 -25,587 Interest expenses -14,555 -10,008 Other financial expenses -6,686 -6,825 Total financial expenses -21,241 -16,833 Currency gains 1,019 497 Currency losses -899 -6,779 Total net currency gain/losses 120 -6,282 Net change in fair value of financial instruments at FVTPL 1) -11,451 -1,554 Net financial income and expenses -28,061 -33,415 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2273-2": { "value": "Note 17 \u2013 Financial income and expenses Financial income (in NOK '1000) 2025 2024 Interest income 1,098 3,103 Total financial income 1,098 3,103 Gain at derecognition 4,693 13,738 Impairment -1,279 -25,587 Interest expenses -14,555 -10,008 Other financial expenses -6,686 -6,825 Total financial expenses -21,241 -16,833 Currency gains 1,019 497 Currency losses -899 -6,779 Total net currency gain/losses 120 -6,282 Net change in fair value of financial instruments at FVTPL 1) -11,451 -1,554 Net financial income and expenses -28,061 -33,415 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2273-3": { "value": "Note 17 \u2013 Financial income and expenses Financial income (in NOK '1000) 2025 2024 Interest income 1,098 3,103 Total financial income 1,098 3,103 Gain at derecognition 4,693 13,738 Impairment -1,279 -25,587 Interest expenses -14,555 -10,008 Other financial expenses -6,686 -6,825 Total financial expenses -21,241 -16,833 Currency gains 1,019 497 Currency losses -899 -6,779 Total net currency gain/losses 120 -6,282 Net change in fair value of financial instruments at FVTPL 1) -11,451 -1,554 Net financial income and expenses -28,061 -33,415 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2273-4": { "value": "Note 17 \u2013 Financial income and expenses Financial income (in NOK '1000) 2025 2024 Interest income 1,098 3,103 Total financial income 1,098 3,103 Gain at derecognition 4,693 13,738 Impairment -1,279 -25,587 Interest expenses -14,555 -10,008 Other financial expenses -6,686 -6,825 Total financial expenses -21,241 -16,833 Currency gains 1,019 497 Currency losses -899 -6,779 Total net currency gain/losses 120 -6,282 Net change in fair value of financial instruments at FVTPL 1) -11,451 -1,554 Net financial income and expenses -28,061 -33,415 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2273-5": { "value": "Note 17 \u2013 Financial income and expenses Financial income (in NOK '1000) 2025 2024 Interest income 1,098 3,103 Total financial income 1,098 3,103 Gain at derecognition 4,693 13,738 Impairment -1,279 -25,587 Interest expenses -14,555 -10,008 Other financial expenses -6,686 -6,825 Total financial expenses -21,241 -16,833 Currency gains 1,019 497 Currency losses -899 -6,779 Total net currency gain/losses 120 -6,282 Net change in fair value of financial instruments at FVTPL 1) -11,451 -1,554 Net financial income and expenses -28,061 -33,415 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2273-6": { "value": "Note 17 \u2013 Financial income and expenses Financial income (in NOK '1000) 2025 2024 Interest income 1,098 3,103 Total financial income 1,098 3,103 Gain at derecognition 4,693 13,738 Impairment -1,279 -25,587 Interest expenses -14,555 -10,008 Other financial expenses -6,686 -6,825 Total financial expenses -21,241 -16,833 Currency gains 1,019 497 Currency losses -899 -6,779 Total net currency gain/losses 120 -6,282 Net change in fair value of financial instruments at FVTPL 1) -11,451 -1,554 Net financial income and expenses -28,061 -33,415 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2343-2": { "value": "Note 18 \u2013 Loan to Observe Medical ASA Navamedic has entered into two loan agreements with Observe Medical ASA as borrower for; i) a convertible loan (with specific conditions) with an original principal amount of NOK 32 million plus accrued interest, entered into on 27 September 2019 and ii) a loan with an original principal amount of NOK 5 million plus accrued interest (liquidity loan), entered into on 6 September 2023 secured with collateral in shares in Biim Ultrasound AS (a subsidiary of Observe Medical ASA). Due to debt conversion and forgiveness of loans, the two loans have outstanding principal amounts (including interests) of NOK 9 million and 6.8 million respectively. The loans are classified as financial assets measured at amortized cost based on judgment, by considering the Group\u2019s business model for managing the financial assets and the contractual terms of the financial assets to give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Refer to note 2.2.1 for more information on this judgmental assessment. Assessment of increase in credit risk When assessing the estimated credit loss, the Group has assessed whether a significant increase in credit risk has occurred and the timing of the facts and circumstances leading to a conclusion that a significant increase in credit risk has occurred, assessing both quantitative and qualitative information and analysis of Observe Medical ASA. Assessment as per 31 December 2024 The Group continued to assess the development of Observe Medical\u2019s financial situation into 2024 by making the same qualitative assessment of whether the loans still were credit impaired. The Group considered whether the events should result in treating the loans as continued to be defaulted and therefore assessed as stage 3 for ECL calculations or whether Stage 2 would be appropriate. Such events assessed were: \u2022 Observe Medical completed a Private Placement in June 2024 obtaining cash of NOK 22 million in which Navamedic did not participate \u2022 In relation to the \u201csubsequent offering\u201d in November 2024 Observe Medical issued a Prospectus and obtained NOK 0.9 million in cash from new investors. In relation to that process, Navamedic decided to convert NOK 16.4 million to shares in Observe Medical \u2022 Continued financial difficulties of Observe Medical resulted in renegotiations of both the principal loan and accrued interests and the liquidity loan and accrued interests in November 2024. Maturity dates were postponed for both interest and principal payments \u2022 Further delays in commercialization of both Sippi and Biim, and revenues from the Unometer-portfolio had not materialized significantly during 2024 \u2022 Observe Medical reported as per year-end 2024 still significant uncertainty related to the liquidity situation and the assessment of going concern \u2022 Continued decrease in market capitalization of Observe Medical ASA during 2024 The Group\u2019s assessment concludes that Observe Medical\u2019s financial situation worsened during 2024, the loans continued to be in default and were still assessed at stage 3. The renegotiations of the loans in November 2024 resulted in recognition of a modification effect of a net gain of NOK 693 thousand after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. Due to that the calculated effect was below 10%, the loans were not derecognized/recognized. The conversion of loan to shares in November 2024 resulted in a reduction of gross carrying amount of NOK 16.4 million. Assessment as per 31 December 2025 The Group continued to monitor Observe Medical ASA\u2019s financial condition throughout 2025, performing the same qualitative assessment as in prior years to determine whether the loan remained credit-impaired. The Group considered whether developments in 2025 warranted maintaining the loan\u2019s classification as credit-impaired (Stage 3) for expected credit loss (ECL) purposes, or whether an improvement to Stage 2 was justified. During the year, Observe Medical completed several equity transactions that provided short-term liquidity support, including a private placement of NOK 36.4 million in July, a NOK 10 million directed share issue in September, and a subsequent offering of NOK 12 million in October. In addition, a NOK 15 million loan was secured from Innovation Norway in December. While these measures improved short-term funding capacity, the company\u2019s commercial activities remained in early-stage development, and key product lines had not yet reached profitability by year-end. The Group also noted a continued decline in Observe Medical\u2019s market capitalization during the year. Based on the overall assessment of these developments, the Group concluded that the loan continued to meet the criteria for classification as credit-impaired. The borrower had not yet demonstrated a sustained ability to meet its obligations under normal terms or restored a stable financial position. Accordingly, the loan remained in Stage 3, and expected credit loss (ECL) estimates were updated to reflect current expectations. The renegotiations of the loans in December 2025 resulted in recognition of a modification effect of a net gain of NOK 353 thousand after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. Due to that the calculated effect was below 10%, the loans were not derecognized/recognized The forgiveness and conversion of loan to shares in 2025 resulted in a reduction of gross carrying amount of NOK 15.6 million. As part of the renegotiated loan terms agreed in December 2025, the Group is entitled to receive two milestone-based payments from Observe Medical ASA. These payments consist of fixed amounts of NOK 10 million each when net sales of SIPPI reaches certain sales levels. The milestone payments are not part of the loan principal and will only become payable if and when the specified sales targets are met. As of 31 December 2025, none of the milestone conditions had been fulfilled. Due to the conditional nature of the payments and the current uncertainty regarding the timing and likelihood of achieving the sales thresholds, the Group has not recognized any asset related to these milestones in the 2025 financial statements. The Group will continue to monitor developments and reassess the accounting treatment in future periods if and when there is sufficient evidence that the conditions for recognition are met. Measurement of expected credit loss for credit-impaired financial instruments Based on the fact that Observe Medical have not been able to fulfil their obligations, the Group has assessed that default have occurred, and the loan receivables continue to be credit-impaired, resulting in that probability of default have been assessed to be 100 per cent. The estimated credit loss (ECL) is the allowance for the difference between the contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the entity expects to receive, discounted at the original effective interest rate. The Group has estimated cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument. The cash flows that are considered include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The ECL allowance is estimated based on the weighted average of credit losses with from the different scenarios. The scenarios represent the Groups assessment of actual scenarios for the borrowers financial difficulties. The Group has assessed and identified three scenarios considered to be relevant: \u2022 Going concern: All debt is repaid without concessions in the form of debt conversion or write-offs \u2022 Restructuring: The borrower must restructure the capital structure to maintain going concern \u2022 Liquidation: The borrower is liquidated through bankruptcy, orderly liquidation etc. The credit loss within the restructuring scenario will be dependent on the expected debt level that may be agreed upon with the stakeholders in a restructuring. The credit loss in the liquidation scenario will be dependent on the expected realization value of collateral given a sale of assets for example, as part of bankruptcy or orderly liquidation process. The Group has assessed a scenario where the principal loan with interests is further partly or fully converted to shares in order to reduce the risk of credit loss of the loan receivable. The group consider the investment in Observe Medical to be a financial investment and have no strategic intention of increasing the shareholdings in the company. The conversion right has been assessed to be a security but the purpose and intention is to have the loans repaid. Although conversion to share (if conditions are met) may impact and possibly reduce ECL, the subsequent ownership of the shares post conversion may negatively impact P/L especially in a scenario where the Group does not intend to hold the shares for a longer period of time. For exposures in stage 3 where ECL is measured individually, judgement is applied when determining assumptions for determining the probability and credit loss for the different scenarios. The judgement is mainly related to determination of probabilities of different scenarios. Non-current receivables 2024 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 38,724 38,724 Total 0 0 38,724 38,724 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL 1 January 2024 0 0 0 0 50,249 18,090 50,249 18,090 Accrued interests 5,523 0 5,523 0 Debt conversion -16,355 0 -16,355 0 Loan modification -693 0 -693 0 Gain at derecognition 0 -13,738 0 -13,738 Expected credit loss 0 28,177 0 28,177 At 31 December 2024 0 0 0 0 38,724 32,528 38,724 32,528 Non-current receivables 2025 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 15,605 15,605 Total 0 0 15,605 15,605 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL 1 January 2025 0 0 0 0 38,724 32,528 38,724 32,528 Accrued interests 2,720 0 2,720 0 Forgiveness -20,198 0 -20,198 0 Debt conversion -5,000 0 -5,000 0 Loan modification -353 0 -353 0 Gain at derecognition 0 -4,693 0 -4,693 Expected credit loss 0 -16,224 0 -16,224 At 31 December 2025 0 0 0 0 15,894 11,611 15,894 11,611 (in NOK '1000) 2025 2024 Gross carrying amount 15,894 38,724 Expected Credit Loss (ECL) 11,611 32,528 At 31 December 4,282 6,196 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2343-3": { "value": "Note 18 \u2013 Loan to Observe Medical ASA Navamedic has entered into two loan agreements with Observe Medical ASA as borrower for; i) a convertible loan (with specific conditions) with an original principal amount of NOK 32 million plus accrued interest, entered into on 27 September 2019 and ii) a loan with an original principal amount of NOK 5 million plus accrued interest (liquidity loan), entered into on 6 September 2023 secured with collateral in shares in Biim Ultrasound AS (a subsidiary of Observe Medical ASA). Due to debt conversion and forgiveness of loans, the two loans have outstanding principal amounts (including interests) of NOK 9 million and 6.8 million respectively. The loans are classified as financial assets measured at amortized cost based on judgment, by considering the Group\u2019s business model for managing the financial assets and the contractual terms of the financial assets to give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Refer to note 2.2.1 for more information on this judgmental assessment. Assessment of increase in credit risk When assessing the estimated credit loss, the Group has assessed whether a significant increase in credit risk has occurred and the timing of the facts and circumstances leading to a conclusion that a significant increase in credit risk has occurred, assessing both quantitative and qualitative information and analysis of Observe Medical ASA. Assessment as per 31 December 2024 The Group continued to assess the development of Observe Medical\u2019s financial situation into 2024 by making the same qualitative assessment of whether the loans still were credit impaired. The Group considered whether the events should result in treating the loans as continued to be defaulted and therefore assessed as stage 3 for ECL calculations or whether Stage 2 would be appropriate. Such events assessed were: \u2022 Observe Medical completed a Private Placement in June 2024 obtaining cash of NOK 22 million in which Navamedic did not participate \u2022 In relation to the \u201csubsequent offering\u201d in November 2024 Observe Medical issued a Prospectus and obtained NOK 0.9 million in cash from new investors. In relation to that process, Navamedic decided to convert NOK 16.4 million to shares in Observe Medical \u2022 Continued financial difficulties of Observe Medical resulted in renegotiations of both the principal loan and accrued interests and the liquidity loan and accrued interests in November 2024. Maturity dates were postponed for both interest and principal payments \u2022 Further delays in commercialization of both Sippi and Biim, and revenues from the Unometer-portfolio had not materialized significantly during 2024 \u2022 Observe Medical reported as per year-end 2024 still significant uncertainty related to the liquidity situation and the assessment of going concern \u2022 Continued decrease in market capitalization of Observe Medical ASA during 2024 The Group\u2019s assessment concludes that Observe Medical\u2019s financial situation worsened during 2024, the loans continued to be in default and were still assessed at stage 3. The renegotiations of the loans in November 2024 resulted in recognition of a modification effect of a net gain of NOK 693 thousand after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. Due to that the calculated effect was below 10%, the loans were not derecognized/recognized. The conversion of loan to shares in November 2024 resulted in a reduction of gross carrying amount of NOK 16.4 million. Assessment as per 31 December 2025 The Group continued to monitor Observe Medical ASA\u2019s financial condition throughout 2025, performing the same qualitative assessment as in prior years to determine whether the loan remained credit-impaired. The Group considered whether developments in 2025 warranted maintaining the loan\u2019s classification as credit-impaired (Stage 3) for expected credit loss (ECL) purposes, or whether an improvement to Stage 2 was justified. During the year, Observe Medical completed several equity transactions that provided short-term liquidity support, including a private placement of NOK 36.4 million in July, a NOK 10 million directed share issue in September, and a subsequent offering of NOK 12 million in October. In addition, a NOK 15 million loan was secured from Innovation Norway in December. While these measures improved short-term funding capacity, the company\u2019s commercial activities remained in early-stage development, and key product lines had not yet reached profitability by year-end. The Group also noted a continued decline in Observe Medical\u2019s market capitalization during the year. Based on the overall assessment of these developments, the Group concluded that the loan continued to meet the criteria for classification as credit-impaired. The borrower had not yet demonstrated a sustained ability to meet its obligations under normal terms or restored a stable financial position. Accordingly, the loan remained in Stage 3, and expected credit loss (ECL) estimates were updated to reflect current expectations. The renegotiations of the loans in December 2025 resulted in recognition of a modification effect of a net gain of NOK 353 thousand after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. Due to that the calculated effect was below 10%, the loans were not derecognized/recognized The forgiveness and conversion of loan to shares in 2025 resulted in a reduction of gross carrying amount of NOK 15.6 million. As part of the renegotiated loan terms agreed in December 2025, the Group is entitled to receive two milestone-based payments from Observe Medical ASA. These payments consist of fixed amounts of NOK 10 million each when net sales of SIPPI reaches certain sales levels. The milestone payments are not part of the loan principal and will only become payable if and when the specified sales targets are met. As of 31 December 2025, none of the milestone conditions had been fulfilled. Due to the conditional nature of the payments and the current uncertainty regarding the timing and likelihood of achieving the sales thresholds, the Group has not recognized any asset related to these milestones in the 2025 financial statements. The Group will continue to monitor developments and reassess the accounting treatment in future periods if and when there is sufficient evidence that the conditions for recognition are met. Measurement of expected credit loss for credit-impaired financial instruments Based on the fact that Observe Medical have not been able to fulfil their obligations, the Group has assessed that default have occurred, and the loan receivables continue to be credit-impaired, resulting in that probability of default have been assessed to be 100 per cent. The estimated credit loss (ECL) is the allowance for the difference between the contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the entity expects to receive, discounted at the original effective interest rate. The Group has estimated cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument. The cash flows that are considered include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The ECL allowance is estimated based on the weighted average of credit losses with from the different scenarios. The scenarios represent the Groups assessment of actual scenarios for the borrowers financial difficulties. The Group has assessed and identified three scenarios considered to be relevant: \u2022 Going concern: All debt is repaid without concessions in the form of debt conversion or write-offs \u2022 Restructuring: The borrower must restructure the capital structure to maintain going concern \u2022 Liquidation: The borrower is liquidated through bankruptcy, orderly liquidation etc. The credit loss within the restructuring scenario will be dependent on the expected debt level that may be agreed upon with the stakeholders in a restructuring. The credit loss in the liquidation scenario will be dependent on the expected realization value of collateral given a sale of assets for example, as part of bankruptcy or orderly liquidation process. The Group has assessed a scenario where the principal loan with interests is further partly or fully converted to shares in order to reduce the risk of credit loss of the loan receivable. The group consider the investment in Observe Medical to be a financial investment and have no strategic intention of increasing the shareholdings in the company. The conversion right has been assessed to be a security but the purpose and intention is to have the loans repaid. Although conversion to share (if conditions are met) may impact and possibly reduce ECL, the subsequent ownership of the shares post conversion may negatively impact P/L especially in a scenario where the Group does not intend to hold the shares for a longer period of time. For exposures in stage 3 where ECL is measured individually, judgement is applied when determining assumptions for determining the probability and credit loss for the different scenarios. The judgement is mainly related to determination of probabilities of different scenarios. Non-current receivables 2024 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 38,724 38,724 Total 0 0 38,724 38,724 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL 1 January 2024 0 0 0 0 50,249 18,090 50,249 18,090 Accrued interests 5,523 0 5,523 0 Debt conversion -16,355 0 -16,355 0 Loan modification -693 0 -693 0 Gain at derecognition 0 -13,738 0 -13,738 Expected credit loss 0 28,177 0 28,177 At 31 December 2024 0 0 0 0 38,724 32,528 38,724 32,528 Non-current receivables 2025 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 15,605 15,605 Total 0 0 15,605 15,605 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL Gross carrying amount ECL 1 January 2025 0 0 0 0 38,724 32,528 38,724 32,528 Accrued interests 2,720 0 2,720 0 Forgiveness -20,198 0 -20,198 0 Debt conversion -5,000 0 -5,000 0 Loan modification -353 0 -353 0 Gain at derecognition 0 -4,693 0 -4,693 Expected credit loss 0 -16,224 0 -16,224 At 31 December 2025 0 0 0 0 15,894 11,611 15,894 11,611 (in NOK '1000) 2025 2024 Gross carrying amount 15,894 38,724 Expected Credit Loss (ECL) 11,611 32,528 At 31 December 4,282 6,196 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2840-1": { "value": "Note 19 \u2013 Cash (in NOK '1000) 2025 2024 Bank deposits 72,569 36,081 Restricted cash 1,588 1,204 Total cash and cash equivalents 74,157 37,285 Restricted cash consists of tax deduction and other restricted deposit accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-2858-1": { "value": "Note 20 \u2013 Interest-bearing liabilities to financial institutions Non-current interest-bearing liabilities to financial institutions 2025 2024 Total non-current interest-bearing liabilities, nominal value (in NOK '1000) 172,857 78,571 Average interest rate, including margin 7.2% 7.9% Average remaining duration 2.95 years 2.78 years Current interest-bearing liabilities to financial institutions 2025 2024 Current interest-bearing borrowings, nominal value (in NOK '1000) 23,571 15,714 Average interest rate, including margin 7.2% 7.9% Average remaining duration 0.84 years 0.58 years Revolving credit facility, nominal value (in NOK '1000) 17,116 19,726 Average interest rate, including margin 7.9% 8.3% Navamedic received a secured loan of NOK 110 million from Nordea in April 2023 and an additional secured loan of NOK 110 million in July 2025. The carrying values of the two loans at 31 December 2025 are NOK 78.6 million and NOK 110 million respectively. Navamedic has provided the following collaterals: \u25aa Pledge in shares of the subsidiaries and inventories \u25aa Second priority pledge in factoring receivables The Nordea loans are subject to the following covenants: \u25aa Net interest-bearing debt should not exceed 2.75 x consolidated LTM EBITDA \u25aa Capital expenditure should not exceed NOK 13 million on an annual basis. Both covenants are tested quarterly. The Group has no indication that it will have difficulty complying with these covenants for the next 12 months. Net interest-bearing debt is defined as interest-bearing debt adjusted for cash. The loans are to be partly repaid through 8 half-yearly installments of NOK 7.9 million each, starting in April 2024 and July 2026. In addition, Navamedic secured a revolving credit facility of up to NOK 35 million. Capital expenditure means any expenditure or obligation in respect of expenditure, apart from investments in shares or asset purchases. As of 31 December 2025, the Group\u2019s interest-bearing borrowings are secured by pledges over certain assets, including inventory, trade receivables, and operating assets. The pledged assets serve as collateral under the Group\u2019s loan agreements with financial institutions. The total carrying amount of assets pledged as security amounts to NOK 117 million, NOK 60 million and NOK 10 million respectively, in accordance with the terms of the loan facilities. Changes in total interest-bearing liabilities (in NOK '1000) Interest bearing loans l2025 Lease iabilities 2025 Total 2025 Interest bearing loans l2024 Lease iabilities 2024 Total 2024 At 1 January 114,012 4,561 118,574 146,546 6,345 152,891 Cash flow 91,676 -3,222 88,454 -32,534 -3,314 -35,848 Interest 0 136 136 0 252 252 Additions and adjustments 0 1,002 1,002 0 1,267 1,267 Currency and other changes 0 58 0 0 12 12 At 31 December 205,688 2,536 208,224 114,012 4,561 118,574 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3080-1": { "value": "Note 22 \u2013 Options Share options in the parent company (Navamedic ASA) are granted to certain key management personnel. The exercise price of the share options is equal to the market price of the underlying shares on the date of grant. The share options consist of 3 tranches, the first vesting after 12 months of grant date, tranche 2 vesting after 24 months and the last tranche vesting after 36 months. The options must be exercised within 12 months following the vesting of the last tranche, after which they expire (i.e. they expire 48 months after grant date). Additionally, the options program includes a 12-month lock-up period on the shares once exercised. The share options are settled as equity. Total costs related to options (in NOK '1000) 2025 2024 Total option cost 2,861 3,352 Total social security provision 0 -1 530 Total costs related to options 2,861 1,821 Reconciliation outstanding options Number of instruments Weighted average strike price Outstanding options 1 January 2024 1,785,000 29.98 Exercised -310,000 19.00 Expired -75,000 19.00 Cancelled -133,334 33.00 Total outstanding options 31 December 2024 1,266,666 33.00 Outstanding options 1 January 2025 1,266,666 33.00 Terminated -66,666 33.00 Total outstanding options 31 December 2025 1,200,000 32.68 Outstanding options 31 December 2024 Number of options Of which vested Weighted Average remaining contractual life (years) Strike price 33.00 1,266,666 466,662 2.13 Total outstanding options 31 December 2024 1,266,666 466,662 Outstanding options 31 December 2025 Number of options Of which vested Weighted Average remaining contractual life (years) Strike price 32.68 1,200,000 799,988 1.13 Total outstanding options 31 December 2025 1,200,000 799,988 Shares received from exercised options are subject to a lock-up period of 12 months. The lock-up obligations shall not prevent the option holders from selling an amount of the option shares necessary to finance the exercise price, as well as the tax payable as a consequence of the exercise of options. The Group recognizes employer\u2019s social security contributions (SSC) related to share options based on the intrinsic value method. This means that the provision is adjusted continuously based on the difference between the share price and the exercise price of the options. As long as the share price remains below the exercise price, no gain arises for the option holder, and consequently no provision for SSC is recognized. The final SSC expense is determined at the time of exercise, based on the actual difference between the share price and the exercise price on that date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3080-2": { "value": "Note 22 \u2013 Options Share options in the parent company (Navamedic ASA) are granted to certain key management personnel. The exercise price of the share options is equal to the market price of the underlying shares on the date of grant. The share options consist of 3 tranches, the first vesting after 12 months of grant date, tranche 2 vesting after 24 months and the last tranche vesting after 36 months. The options must be exercised within 12 months following the vesting of the last tranche, after which they expire (i.e. they expire 48 months after grant date). Additionally, the options program includes a 12-month lock-up period on the shares once exercised. The share options are settled as equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3268-1": { "value": "Note 23 \u2013 Earnings per share (in NOK '1000) 2025 2024 Net profit / loss (-) -23,538 -5,485 Weighted average shares issued 19,047,676 17,488,613 Dilutive potential ordinary shares 0 0 Basic earnings per share (in NOK) -1.2358 -0.3136 Diluted earnings per share (in NOK) -1.2358 -0.3136 The Annual earnings per share are calculated as the ratio of net profit/(loss) attributable to the ordinary shareholders and the weighted average number of ordinary shares outstanding. The diluted earnings per share is the profit attributable to the ordinary shareholders, and the weighted number of shares outstanding, adjusted for all diluting effects related to share options. For the periods presented there are no dilutive effects on profits or number of shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3305-1": { "value": "Note 24 \u2013Transaction with related parties TopRidge Pharma Limited, which owns 917,522 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from TopRidge worth SEK 80,210 thousand in 2025 and SEK 50,481 thousand in 2024. InfoRLife SA, which owns 1,053,775 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from InfoRLife worth EUR 4,477 thousand in 2025 and EUR 2,169 thousand in 2024. See also notes 16 and 22 for information regarding transactions and remuneration to the Board and senior executives. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3314-1": { "value": "Note 25 \u2013 Tax expense and deferred tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that convincing evidence exists that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that convincing evidence no longer that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent convincing evidence that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Assessment of whether a deferred tax asset is recognizable involves a significant degree of judgment in determining the likelihood of utilization against future taxable results within the various tax jurisdictions in which the Group operates. As of 31.12.2025 the Group has no deferred tax assets recognized for tax losses carry forward. There are, however tax losses carry forward in Sensidose AB and Navamedic ASA for which no deferred tax assets are recognized since, as of 31.12.2025, there is no convincing evidence as to what extent these losses can be utilized in the near future. Tax expense (in NOK '1000) 2025 2024 Profit before tax continuing operations -15,657 -1,620 Tax expense Tax payable 3,636 4,801 Corrections related to previous years 5,374 118 Change in deferred tax -1,129 -1,054 Total tax expense 7,881 3,865 Effective tax rate -50.3% -238.6% Reconciliation of effective tax rate (in NOK '1000) 2025 2024 Profit before tax continuing operations -15,657 -1,620 Tax expense at Norwegian tax rate Tax expense at Norwegian tax rate (22%) -3,445 -356 Permanent differences (22%) 7,249 4,249 Corrections related to previous years 5,374 118 Differences related to different corporate tax rate subsidiaries -1,297 -146 At the effective income tax rate of -50.3% (2024 -238.6%) 7,881 3,865 The effective tax rate in 2025 is higher than the corporate income tax rate in the markets the Group operates (20%-22%) primarily due to too little tax allocated previous years, non-deductible impairment loss and transaction costs and expense related to change in fair value of financial investment. The effective tax rate in 2024 is higher primarily due to non-deductible impairment loss and expense related to change in fair value of financial investment. Deferred tax reconciliation (in NOK '1000) 2025 2025 2024 2024 Basis for deferred tax asset/liability Deferred tax asset Deferred tax liability Deferred tax asset Deferred tax liability Property, plant & equipment 308 0 20 0 Intangible assets (Sensidose) 0 37,638 0 40,590 Provisions for liabilities 4,727 0 4,227 0 Tax losses carried forward 0 0 0 0 Total temporary differences 5,035 37,638 4,247 40,590 Tax rate 22% 20.6% 22% 20.6% Deferred tax assets/ defererred tax liability 934 7,753 934 8,361 In addition, tax receivables related to prepaid taxes and reclaimable tax (for the tax paid abroad) within Navamedic AB amounting to NOK 11,392 thousand (NOK 7,600 thousand in 2024) is recognized on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3315-3": { "value": "Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that convincing evidence exists that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that convincing evidence no longer that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent convincing evidence that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Assessment of whether a deferred tax asset is recognizable involves a significant degree of judgment in determining the likelihood of utilization against future taxable results within the various tax jurisdictions in which the Group operates. As of 31.12.2025 the Group has no deferred tax assets recognized for tax losses carry forward. There are, however tax losses carry forward in Sensidose AB and Navamedic ASA for which no deferred tax assets are recognized since, as of 31.12.2025, there is no convincing evidence as to what extent these losses can be utilized in the near future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3319-4": { "value": "Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that convincing evidence exists that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that convincing evidence no longer that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent convincing evidence that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Assessment of whether a deferred tax asset is recognizable involves a significant degree of judgment in determining the likelihood of utilization against future taxable results within the various tax jurisdictions in which the Group operates. As of 31.12.2025 the Group has no deferred tax assets recognized for tax losses carry forward. There are, however tax losses carry forward in Sensidose AB and Navamedic ASA for which no deferred tax assets are recognized since, as of 31.12.2025, there is no convincing evidence as to what extent these losses can be utilized in the near future. Tax expense (in NOK '1000) 2025 2024 Profit before tax continuing operations -15,657 -1,620 Tax expense Tax payable 3,636 4,801 Corrections related to previous years 5,374 118 Change in deferred tax -1,129 -1,054 Total tax expense 7,881 3,865 Effective tax rate -50.3% -238.6% Reconciliation of effective tax rate (in NOK '1000) 2025 2024 Profit before tax continuing operations -15,657 -1,620 Tax expense at Norwegian tax rate Tax expense at Norwegian tax rate (22%) -3,445 -356 Permanent differences (22%) 7,249 4,249 Corrections related to previous years 5,374 118 Differences related to different corporate tax rate subsidiaries -1,297 -146 At the effective income tax rate of -50.3% (2024 -238.6%) 7,881 3,865 The effective tax rate in 2025 is higher than the corporate income tax rate in the markets the Group operates (20%-22%) primarily due to too little tax allocated previous years, non-deductible impairment loss and transaction costs and expense related to change in fair value of financial investment. The effective tax rate in 2024 is higher primarily due to non-deductible impairment loss and expense related to change in fair value of financial investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3418-2": { "value": "Deferred tax reconciliation (in NOK '1000) 2025 2025 2024 2024 Basis for deferred tax asset/liability Deferred tax asset Deferred tax liability Deferred tax asset Deferred tax liability Property, plant & equipment 308 0 20 0 Intangible assets (Sensidose) 0 37,638 0 40,590 Provisions for liabilities 4,727 0 4,227 0 Tax losses carried forward 0 0 0 0 Total temporary differences 5,035 37,638 4,247 40,590 Tax rate 22% 20.6% 22% 20.6% Deferred tax assets/ defererred tax liability 934 7,753 934 8,361 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3482-2": { "value": "In addition, tax receivables related to prepaid taxes and reclaimable tax (for the tax paid abroad) within Navamedic AB amounting to NOK 11,392 thousand (NOK 7,600 thousand in 2024) is recognized on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3485": { "value": "Navamedic ASA ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3486": { "value": "Norway ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3487-1": { "value": "Public limited liability company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3488": { "value": "Norway ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3489-1": { "value": "Henrik Ibsens gate 100, 0255 Oslo ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3490": { "value": "Norway ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3491": { "value": "Navamedic ASA ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pp-value-3492-1": { "value": "Navamedic ASA ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }