Slide 1: Presentation 2025
Presentation 2025 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 31 October 2025
Slide 2: Agenda
Agenda • Highlights • Market overview • Financial review • Summary • Appendix
Slide 3: Highlights: good operational performance with production of 1 600 MT
Highlights Good operational performance in quarter with production of 1 600 MT and revenue of MNOK 109 MNOK 109 in revenue vs. MNOK 106 in Q3 2024, Other an increase of 3% • All time high production volume in the quarter with • Increased revenue driven by sales volumes +10% 1 600MT Metformin produce
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
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Slide 6: Agenda
Agenda • Highlights • Market overview • Financial review • Summary • Appendix
Slide 7: A pure play metformin company in a growing market
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: 590 million adults living with diabetes
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 10: Number of people living with diabetes
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 metformin demand
Vistin Pharma produces about 10% of the world’s demand of metformin and has a world-wide sales coverage
Slide 12: Vistin Pharma - world wide sales footprint
Vistin Pharma - world wide sales footprint
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Slide 14: Agenda
Agenda • Highlights • Market review • Financial review • Summary • Appendix
Slide 15: Long and successful growth track record
Financial review Long and successful growth track record Revenues Vistin Metformin (MNOK) 500 450 438 430 400 350 305 300 279 254 250 228 201 200 176 177 171 142 150 150 101 111 100 88 50 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2022 includes a one-time positive l
Slide 16: Q3 2025 sales volume increased by 10%
Financial review Q3 2025 sales volume increased by 10% compared to same quarter last year. YTD sales volume + 13% Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1600 6000 1440 1460 1430 1400 1400 5200 1400 5000 1260 1230 1250 1300 5000 4300 1200 4000 1000 3500 8
Slide 17: Increased production volume resulted in increased revenue
Financial review Increased production volume has resulted in more volumes available for sale and increased revenue compared to same quarter last year 120 118 120 114 115 111 109 104 106 106 • Revenue of MNOK 109 in Q3’25 vs 106 in Q3’24 100 (+3%) • Average sales price in Q3 lower than in Q2 due 80 t
Slide 18: Gross margin of 68% in Q3, above long-term ambition
Financial review Gross margin of 68% in Q3, above long-term ambition 80% 68% 68 % • Strong gross margin due to stable production 70% 63% 64% 63% 63% 63% and favorable economies of scale 59% 60% 56% • Less volatile raw material prices in 2025 compared to 2023 and 2024 50% • Vistin long-term ambition
Slide 19: EBITDA of MNOK 28 in Q3 and 89 YTD 2025
Financial review EBITDA of MNOK 28 in Q3 and 89 YTD 2025 compared to MNOK 29 and 77 YTD 2024 35 30 30 30 29 28 • EBITDA of MNOK 28 positively affected by 27 27 28 higher sales volume, offset by lower global 25 metformin prices compared to same quarter 25 last year 20 20 • EBITDA margin of 26% in qua
Slide 20: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Total revenue and other income 108 840 105 838 341 546 315 803 429 503 Total operating expenses 80 793 77 010 253 010 239 197 325 178 EBITDA 28 047 28 828 88 536 76 606 104 325 Depreciation & amortis
Slide 21: Balance sheet: assets
Financial review Balance sheet Assets 30.09.2025 30.09.2024 31.12.2024 Non-current assets • Deferred tax asset in relation to realized Fixed assets 222 776 230 286 229 603 loss for Energy Trading in Q1 2020, fully Financial Assets 12 154 11 433 12 154 utilized Deferred tax assets - 2 401 - Total non
Slide 22: Balance sheet: equity and liabilities
Financial review Balance sheet Equity and liabilities 30.09.2025 30.09.2024 31.12.2024 Equity • Strong balance sheet with an equity ratio of Share capital 44 345 44 345 44 345 74% Share premium 73 867 151 470 129 298 Retained earnings 194 583 114 924 135 886 • Dividend payment of MNOK ~55 in June To
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Slide 24: Agenda
Agenda • Highlights • Market review • Financial review • Summary • Appendix
Slide 25: Summary
Summary • Solid quarter with EBITDA of 28 MNOK in • Currently no changes in demand from customers Q3’2025, and 16% increase YTD after the US tariff announcements. Continuously monitoring the situation for potential supply chain • All-time-high production volume of 1600MT in the “knock-on effects” qu
Slide 26: Agenda
Agenda • Highlights • Market review • 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 to grow by 4-6% annually Metformin HCl and DC in
Slide 28: Top 20 shareholders as of end September 2025
Appendix NAME SHAREHOLDING % SHARE Top 20 share- INTERTRADE SHIPPING AS* HOLMEN SPESIALFOND 14 509 280 4 371 558 32,7 % 9,9 % holders as of PACTUM VEKST AS* MP PENSJON PK TIGERSTADEN AS 2 991 773 1 719 848 800 000 6,8 % 3,9 % 1,8 % end September HENRIK MIDTTUN HAAVIE STORKLEIVEN AS 757 844 751 000 1
Slide 29: Thank you for your attention
Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) Alexander Karlsen (CFO) 31 October 2025