EL7.AI
Stocks•29 October 2026•
4 min read

Navamedic Posts Adjusted EBITDA Margin of 8.8% Despite 13.2% Revenue Decline in Q3

Key Facts

1Navamedic revenue fell 13.2% to 120.6 million Norwegian kroner in the third quarter of 2026.
2Navamedic’s adjusted EBITDA margin rose to 8.8% from 8.1%, and its gross margin increased to 39.5% from 37.5%.
3SYZYGY reaffirmed its 2026 outlook for revenue of about 50 million euros and an EBIT margin of between 3% and 4%.
4Navamedic revenue was 398.9 million kroner in the first nine months, down 2.3% from the corresponding period.

Third-quarter results showed diverging trends in margins and revenue at Navamedic and SYZYGY. Navamedic revenue fell 13.2% year on year to 120.6 million Norwegian kroner, but its adjusted EBITDA margin rose to 8.8% from 8.1%, and its gross margin increased to 39.5% from 37.5%. SYZYGY said quarterly profitability improved compared with the second quarter as revenue continued to decline, and reaffirmed its 2026 financial-year outlook. The companies’ results point to different sources of sales pressure: declines across Navamedic’s business segments and a negative currency effect, compared with improved profitability in SYZYGY’s operating segments. Navamedic published its results on 29 October 2026, while the available information does not include a figure for SYZYGY’s third-quarter revenue.

Navamedic attributed the quarterly revenue decline to its prescription drugs and consumer health products, and said exchange-rate movements reduced revenue by about 6 million Norwegian kroner during the quarter. In prescription drugs, revenue was 60.9 million kroner, compared with 74.1 million a year earlier. The decline included a 10.5 million kroner drop in Mysimba sales, as well as the impact of brands the company had discontinued, which had contributed revenue of 6.8 million kroner in the third quarter of 2025. Chief Executive Lars Minor said weaker Mysimba sales were mainly linked to wholesalers’ purchasing patterns, and also cited the effect of the discontinued products. Declining sales in both main businesses, together with the currency impact, therefore weighed on total revenue even as margin indicators improved.

Performance across the other segments was mixed. Hospital segment revenue rose to 32.6 million kroner from 29.5 million a year earlier, supported by a 2.7 million kroner increase in antibiotic revenue. Consumer health revenue, by contrast, fell to 27.1 million kroner from 35.3 million. The company attributed the segment’s decline to increased competition facing Modifast, the timing of promotional campaigns for ThermaCare, and the removal of GeloRevoice from its portfolio. These movements reflect the differing contributions of products and segments to revenue. Navamedic said an improved product mix, operational execution and cost discipline supported the rise in its adjusted EBITDA margin. Its unadjusted EBITDA margin also increased to 8.8% from 6.5% in the third quarter of 2025.

For the first nine months of 2026, Navamedic revenue was 398.9 million Norwegian kroner, down 2.3% from 408.2 million kroner in the same period. Gross margin for the period rose to 39.1% from 38.5%. The company said the strength of the Norwegian krone, particularly against the Swedish krona and the euro, reduced nine-month revenue by about 11 million kroner when compared using monthly exchange rates for the same period in 2025. It attributed the improvement in gross margin mainly to a more favourable product mix. The figures put the quarterly sales decline in a broader context: the decrease remained limited over the first nine months, while gross margins improved compared with the corresponding period.

SYZYGY Chief Executive Frank Wolfram said efficiency measures were beginning to have an effect and that the company continued to make targeted investments in AI-supported services. The group reported positive earnings before interest and taxes contributions from its operating segments, with profitability and margins improving in the third quarter compared with the second quarter despite continued revenue declines. It reaffirmed its 2026 outlook for revenue of about 50 million euros and an EBIT margin of between 3% and 4%. The available information does not include a year-on-year comparison for SYZYGY revenue or detailed segment figures, leaving its reported results centred on quarterly profitability gains and reaffirmed annual guidance. Wolfram said: "Our measures to increase efficiency are having an effect. At the same time, we continue to make targeted investments in AI-supported services."

Navamedic expects EBITDA in 2026 to be higher than in 2025, while revenue is expected to be somewhat lower on a constant-currency basis. The guidance puts margin improvement at the forefront of its outlook, while acknowledging that annual revenue will not reach the prior year’s level on the stated comparison basis. Minor said the company was focused on improving its product mix to support margins, alongside cost discipline and operational execution. Minor and Chief Financial Officer Nils Ole Krikling were scheduled to present the third-quarter results on 29 October at 08:30 Central European Time, with a live and on-demand webcast available. Navamedic had submitted the release for publication at 07:00 Central European Time on the same day.