Vistin Pharma Asa · OSL:VISTN
Vistin Pharma Asa — Q3 2026 Earnings Presentation
29 slides from Vistin Pharma Asa's earnings presentation, Oct 29, 2026
Slide 1: Q3 Presentation 2026
Q3 Presentation 2026 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 29 October 2026
Slide 2: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 3: Highlights
Highlights Third quarter revenue of MNOK 108 with corresponding EBITDA of MNOK 19. Sales volume increased by 13%. Other MNOK 108 in revenue vs. MNOK 109 in Q3 2025 • EPS for the first nine months of 2026 ended at NOK 1.05 compared to 1.32 YTD 2025 • Significantly stronger NOK compared to EUR in thir
Slide 4: Focus on reducing local and global emissions
Vistin has high focus on reducing local and global emissions, and programs are in place to consume responsibly and recycle where possible
Slide 5: Slide 5
Slide 6: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 7: A pure play metformin company
A pure play metformin company – supporting patients worldwide in a growing market Vistin Pharma Diabetes Metformin growth opportunity One of the largest + The gold standard = A leading global health emergencies treatment of type in the 21st century 2 diabetes producer of premium metformin • Market d
Slide 8: Diabetes – A global emergency
Diabetes – A global emergency
Slide 9: Diabetes Atlas: global impact of diabetes
Europe 66m « Middle East and North Africa 35m South-East Asia 107m South and Central America 35m The Diabetes Atlas highlights the growing impact of diabetes across the world and the proven and effective actions that governments and policy-makers must urgently take to tackle it. 589 million adults 3
Slide 10: 590 million adults living with diabetes, expected to increase 45% by 2050
590 million adults in the world today is living with diabetes, this is expected to increase by 45% within 2050 Number of people living with diabetes / Source International Diabetes Federation, IDF Diabetes Atlas, eleventh edition, 2025
Slide 11: Vistin produces about 10% of world's demand of metformin
Vistin Pharma produces about 10% of the world’s demand of metformin and has a world-wide sales coverage
Slide 12: World sales map – global sales footprint
World sales map – global sales footprint
Slide 13: World sales map
Slide 14: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 15: Long and successful growth track record
Financial review Long and successful growth track record Revenues vistin metformin (MNOK) 500 452 450 438 430 400 350 305 300 279 254 250 228 201 200 176 177 171 142 150 150 111 101 100 88 50 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2022 includes a one-time p
Slide 16: Q3 2026 sales volume increased by 13%
Financial review Q3 2026 sales volume increased by 13% compared to same quarter last year. YTD sales volume +10% (+420MT) Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1800 7000 1580 1610 1600 1520 1520 6000 5810 1460 1430 1400 1400 5180 1400 1300 5000 5000 471
Slide 17: Increased sales volume offset by stronger NOK versus EUR
Financial review Increased sales volume offset by a significantly stronger NOK versus EUR and lower global spot price of Metformin 120 114 115 118 112 • Revenue of MNOK 108.4 in Q3’26 vs 108.8 in Q3’25. 111 106 109 108 FX neutral revenue increased by approximately 7% 100 100 • NOK significantly stro
Slide 18: Gross margin of 57% in Q3
Financial review Gross margin of 57% in Q3 driven by temporary increase in raw material prices and significantly stronger NOK 80% 68% 68 % • Vistin mainly sells in EUR, which weakened 70% 63% 63% 63% 64% 63% 66% significantly against NOK compared to 2025 and 60% affects the gross margin 57% 50% • Ra
Slide 19: EBITDA of MNOK 19 in Q3
Financial review EBITDA of MNOK 19 in Q3 compared to MNOK 28 in Q3 2025 35 30 30 • EBITDA of MNOK 19 positively affected by higher 30 29 28 28 sales volume, offset by stronger NOK vs EUR 27 26 25 • A stronger NOK versus USD had a positive effect 22 on cost of raw materials during the quarter, 19 how
Slide 20: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Total revenue and other income 108 391 108 840 320 808 341 546 452 291 Total operating expenses 89 540 80 793 252 574 253 010 337 406 EBITDA 18 852 28 047 68 234 88 536 114 885 Depreciation & amortis
Slide 21: Balance sheet: assets
Financial review Balance sheet Assets 30.09.2026 30.09.2025 31.12.2025 Non-current assets • Decrease in inventory driven by less raw Fixed assets 216 804 222 776 223 754 materials on hand due to the planned four- Financial Assets 12 154 12 154 12 154 week production stop in October Total non-current
Slide 22: Balance sheet: equity and liabilities
Financial review Balance sheet Equity and liabilities 30.09.2026 30.09.2025 31.12.2025 Equity • Strong balance sheet with an equity ratio of Share capital 44 345 44 345 44 345 78% Share premium 29 522 73 867 73 867 Retained earnings 257 176 194 583 210 602 • Dividend payout of approximately MNOK 44
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Slide 24: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 25: Summary
Summary • Third quarter revenue of MNOK 108, with corresponding • The main distillation vessel in production has reached the EBITDA of MNOK 19 end of its normal lifespan and will need to be replaced. This is planned in an extended bi-annual maintenance • Sales volume of 1 610 MT in Q3, +13% compared
Slide 26: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 27: Double capacity double care metformin strategy
Double capacity double care metformin strategy Strategically positioned Attractive growth A premium producer in Metformin market producer of two different potential with new a competitive market expected to continue metformin products: production line installed to grow by 4-6% Metformin HCl and DC i
Slide 28: Top 20 shareholders as of 30 September 2026
Appendix NAME INTERTRADE SHIPPING AS* SHAREHOLDING 14 509 280 % SHARE 32,7 % HOLMEN SPESIALFOND 4 371 558 9,9 % Top 20 shareholders PACTUM VEKST AS* MP PENSJON PK 2 991 773 1 719 848 6,7 % 3,9 % as of 30 September SURFSIDE HOLDING AS HENRIK MIDTTUN HAAVIE 1 552 960 806 019 3,5 % 1,8 % 2026 LUCELLUM
Slide 29: Thank you for your attention
Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 29 October 2026