Vistin Pharma Asa · OSL:VISTN
Vistin Pharma Asa — Q1 2026 Earnings Presentation
29 slides from Vistin Pharma Asa's earnings presentation, Apr 24, 2026
Slide 1: Q1 Presentation 2026
Q1 Presentation 2026 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 24 April 2026
Slide 2: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 3: Highlights
Highlights First quarter revenue of MNOK 112 with corresponding EBITDA of MNOK 27. Sales and EBITDA slightly better than same quarter last year, adjusted for currency effects MNOK 112 in revenue vs. MNOK 115 in Q1 2025 Other • Strong sales volume of 1 520MT in quarter (+9%), offset by • Vistin has b
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
Slide 5: Slide 5
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: 590 million adults in the world today are 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 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 12: World sales map - world wide sales footprint
World sales map - world wide sales footprint
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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: Q1 2026 sales volume increased by 9% (+120 MT)
Financial review Q1 2026 sales volume increased by 9% (+120 MT) compared to same quarter last year Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1600 7000 1520 1520 1460 1430 1400 1400 1400 6000 5810 1300 1230 1250 5180 5000 1200 5000 1000 4000 800 3000 600 200
Slide 17: Adjusted for FX revenue increased by 1% compared to first quarter of 2025
Financial review Adjusted for FX revenue increased by 1% compared to first quarter of 2025 120 114 115 118 111 112 • Revenue of MNOK 112 in Q1’26 vs 115 in Q1’25 104 106 106 109 (-2%). FX neutral +1% (MNOK 1). 100 • NOK significantly stronger against EUR in first quarter of 2026 compared to 2025, af
Slide 18: Gross margin of 63% in Q1 - above long-term ambition
Financial review Gross margin of 63% in Q1 - above long-term ambition 80% 68% 68 % • Strong gross margin even with significant FX 70% 64% 63% 63% 63% 64% 63% effect on sales. Vistin mainly sells in EUR which 60% has weakened compared to 2025 56% 50% • We expect volatile raw material and freight pric
Slide 19: EBITDA of MNOK 27 in Q1 compared to MNOK 30 in Q1 2025
Financial review EBITDA of MNOK 27 in Q1 compared to MNOK 30 in Q1 2025. FX adjusted EBITDA increased by MNOK ~1 35 30 30 • EBITDA of MNOK 27 positively affected by higher 30 29 28 28 sales volume, offset by stronger NOK vs EUR 27 27 26 25 • EBITDA margin of 24% in quarter continues to represent goo
Slide 20: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q1 2026 Q1 2025 FY 2025 Total revenue and other income 112 214 115 037 452 291 Total operating expenses 84 892 84 822 337 405 EBITDA 27 322 30 214 114 885 Depreciation & amortisation 5 795 4 871 22 532 EBIT 21 527 25 344 92 354 Net finance i
Slide 21: Balance sheet
Financial review Balance sheet Assets 31.03.2026 31.03.2025 31.12.2025 • Inventory consisting approximately of 50/50 Non-current assets raw materials and finished goods Fixed assets 223 865 229 765 223 754 Financial Assets 12 154 12 154 • Safety stock of raw materials added due to the 12 154 Total n
Slide 22: Balance sheet
Financial review Balance sheet Equity and liabilities 31.03.2026 31.03.2025 31.12.2025 Equity Share capital 44 345 44 345 44 345 • Strong balance sheet with an equity ratio of Share premium 73 867 129 298 73 867 77% Retained earnings 232 047 157 584 210 602 Total equity 350 259 331 227 328 814 • Div
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Slide 24: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 25: Summary
Summary • First quarter revenue of MNOK 112 with corresponding • The main distillation vessel in production has reached EBITDA of MNOK 27. Sales and EBITDA slightly better end of its normal life span and will need to be replaced. than same quarter last year, adjusted for currency effects This is pla
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 31 March 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* 2 991 773 6,7 % MP PENSJON PK 1 719 848 3,9 % as of 31 March TIGERSTADEN AS HENRIK MIDTTUN HAAVIE 800 000 765 700 1,8 % 1,7 % 2026 STORKLEIVEN AS 751 0
Slide 29: Thank you for your attention
Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 24 April 2026