Slide 1: Presentation 2024
Presentation 2024 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) 23 August 2024
Slide 2: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 3: Highlights: Second quarter 2024 results
Highlights Second quarter 2024 results MNOK 106 in revenue vs. MNOK 107 in Q2 2023 Other • Currency neutral revenue slightly higher in the quarter • Manufacturing line 2 has been producing compared to Q2’23 (+1%) according to plan from April, after the unplanned • MNOK 210 in revenue YTD 2024 compar
Slide 4: Vistin has high 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 – supporting patients worldwide 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: Number of people with diabetes expected to increase by 50% from 2019-2045
Number of people with diabetes expected to increase by 50% from 2019-2045 to 750 million people Number of people living with diabetes Source International Diabetes Federation, IDF Diabetes Atlas, tenth edition, 2021
Slide 10: Vistin Pharma produces about 10% of the 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 11: World sales map
World sales map
Slide 12: World sales map
Slide 13: Agenda
Agenda Highlights Market review Financial review Summary Appendix
Slide 14: Long track of profitable growth
Financial review Long track of profitable growth Revenues Vistin Metformin (MNOK) 500 450 438 400 350 305 300 279 254 250 228 201 210 200 176 177 171 142 150 150 111 101 100 88 50 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1H 2024 2022 includes a one-time positive liquid
Slide 15: Sales volume increased by 4% compared to Q2'23
Financial review Sales volume increased by 4% compared to Q2’23, even with limited available volume in April due to production downtime in Q1 Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1600 6000 1440 1400 5000 1260 1230 1250 5000 1200 1200 1140 1100 1030 400
Slide 16: Revenue increased compared to Q2'23 (currency neutral)
Financial review Revenue increased compared to Q2’23 (currency neutral), partly offset by lower global metformin prices due to decreased raw material prices 140 • Revenue of MNOK 106 in Q2’24 vs 107 in 120 120 Q2’23, adjusted for slightly stronger NOK 111 107 104 106 compared to EUR/USD in 2023, rev
Slide 17: Positive development in gross margin
Financial review Positive development in gross margin with stable production volumes and economies of scale in raw material purchasing 70% • Positive development in gross margin due to 64% 63% 64% 58% 59% stable production and favorable economies 60% 56% of scale in raw material purchasing 54% 50% 4
Slide 18: Record high EBITDA of MNOK 27.3 vs. MNOK 19.6 in Q2 2023
Financial review Record high EBITDA of MNOK 27.3 vs. MNOK 19.6 in Q2 2023, a 40% increase compared to same quarter last year 30 27 27 • EBITDA positively affected by product mix, 25 favorable material cost prices and good cost 25 control in quarter 20 20 20 15 14 10 10 5 5 0 Q2'22 Q3'22 Q4'22 Q1'23
Slide 19: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q2 2024 Q2 2023 YTD 2024 YTD 2023 FY 2023 Total revenue and other income Total revenue and other income 106 081 106 729 209 964 207 669 438 328 EBITDA EBITDA 27 337 19 546 47 778 33 688 85 944 EBIT EBIT 22 328 15 313 38 087 25 255 68 597 Dep
Slide 20: Balance sheet: Assets
Financial review Balance sheet Assets 30.06.2024 30.06.2023 31.12.2023 ASSETS Non-current assets • Deferred tax asset in relation to Fixed assets 229 973 218 433 219 984 realized loss for Energy Trading in Q1 Financial Assets 11 433 - - 2020 Deferred tax assets 7 074 27 440 14 638 Total non-current
Slide 21: Balance sheet: Equity and liabilities
Financial review Balance sheet Equity and liabilities 30.06.2024 30.06.2023 31.12.2023 EQUITY AND LIABILITIES Equity Share capital 44 345 44 345 44 345 • Strong balance sheet with an equity ratio of Share premium 151 470 206 885 206 885 73% Retained earnings 98 360 26 372 71 540 Total equity 294 175
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Slide 23: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 24: All time high EBITDA of 27.3 MNOK in Q2'2024 with gross margin of 64%
Summary All time high EBITDA of 27.3 MNOK in Q2’2024 Attractive Metformin growth potential to be with gross margin of 64% realized when the remaining manufacturing capacity is fully available and utilized Metformin market expected to continue to grow by 4-6% annually Vistin is strategically well pos
Slide 25: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 26: Double capacity double care metformin strategy
Double capacity double care metformin strategy Strategically Attractive growth A premium producer Metformin market positioned producer potential with new in a competitive expected to continue of two different production line market to grow by 4-6% metformin products: installed in 2022 annually Metfo
Slide 27: Top 20 shareholders as of end June 2024
Appendix Top 20 share- NAME INTERTRADE SHIPPING AS* SHAREHOLDING 12 575 000 % SHARE 28,36 % holders as of HOLMEN SPESIALFOND PACTUM VEKST AS* 3 842 055 2 991 773 8,66 % 6,75 % end June 2024 MP PENSJON PK FERNCLIFF LISTED DAI AS* 1 719 848 1 234 280 3,88 % 2,78 % STORKLEIVEN AS 751 000 1,69 % AUGUST
Slide 28: Thank you for your attention
Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) Alexander Karlsen (CFO) 23 August 2024