Medistim Asa · OSL:MEDI
Medistim Asa — Q2 2026 Earnings Presentation
35 slides from Medistim Asa's earnings presentation, Aug 21, 2026
Slide 1: Second Quarter & First Half 2026 Financial Results
Second Quarter & First Half 2026 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 2: Before we start
Before we start • You will be kept on mute during the presentation • Click on the Q&A button to write your questions • The host will read and answer your questions at the end of the presentation 2 21.08.2026 Medistim Second Quarter & First Half 2026 Financial Results
Slide 3: Disclaimer
Disclaimer The information included in this Presentation may contain certain forward-looking statements that address activities, events or developments that Medistim ASA (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various
Slide 4: Second Quarter & First Half 2026 Financial Results
Second Quarter & First Half 2026 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 5: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 5 21.08.2026 Medistim Second Quarter & First Half 2026 Financial Results
Slide 6: Medistim Track Record
Medistim Track Record Dividend per share in NOK Sales per year in MNOK EBIT in MNOK and EBIT % 6
Slide 7: 01 - Highlights
01 - Highlights 21.08.2026 Medistim Second Quarter & First Half 2026 Financial Results
Slide 8: Highlights Q2 2026
Highlights Q2 2026 o Another record quarter, with sales reaching MNOK 202 o New record also for quarterly operating profit (EBIT) at MNOK 65.3 o Currency neutral sales development: • EBIT margin on the high side at 32.3% (32.0%) due to • Total sales up 27.5% strong sales of own products • Own produc
Slide 9: Highlights H1 2026
Highlights H1 2026 o Record first half, with sales surpassing MNOK 400 o Strong first-half performance, with operating profit (EBIT) for the first time reaching a new record of MNOK 122.4 • EBIT margin on the high side at 30.3% (32.3%) due to o Currency neutral sales development: strong sales of own
Slide 10: 02 – Financial Statements
02 – Financial Statements 21.08.2026 Medistim Second Quarter & First Half 2026 Financial Results
Slide 11: Profit & Loss Q2 2026
Profit & Loss Q2 2026 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 11
Slide 12: Profit & Loss H1 2026
Profit & Loss H1 2026 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 12
Slide 13: Balance Sheet Assets
Assets in MNOK Balance Sheet Assets o High inventory levels reflect company policy to secure critical components and finished goods, but have decreased from the Q2- 25 peak of MNOK 174.3 o Accounts receivables increased due to record sales, driving higher working capital o Strong cash position by qu
Slide 14: Balance Sheet Equity & Liability
Balance Sheet Equity in MNOK Equity & Liability o No interest-bearing bank debt o Long term debt is related to lease contracts and extended warranties 14
Slide 15: Key Figures
15 Figures KEY FIGURES Q2 26 Q2 25 H1 26 H1 25 FY 2025 Equity share 70.6 % 71.7% 70.6 % 71.7% 70.9 % Earnings per share kr 2.85 kr 2.35 kr 5.06 kr 4.73 kr 8.71 Earnings per share diluted kr 2.85 kr 2.35 kr 5.06 kr 4.73 kr 8.71 Average shares outstanding in 1000 18 293 18 253 18291 18 276 18 276 Aver
Slide 16: Cash Flow
16 Flow CASH FLOW (ait numbers in NOK 1000) 2 2026 2 2025 30.06.2026 30.06.2025 31.12.2025 Profit before tax 68 913 56 347 120 435, 113 057 206 849 Depreciation and amortizations 2866 4159 6 184 7534 (28 340) Income tax paid (14 141) (12 809) (28 282) (28 340) 16015 Change in working capital (22.449
Slide 17: 03 Business Segments Update
03 Business Segments Update 21.08.2026 Medistim Second Quarter & First Half 2026 Financial Results
Slide 18: Flow-and-Imaging Systems in Units
Flow-and-Imaging Systems in Units (capital sales) Flow-and-Imaging systems in units sold as capital Equal number of units sold in Q2-26 as in Q2-25 in all regions 22 22 o AMERICAS at 14 units o EMEA at 5 units o APAC at 3 units Continued high volume sale of high value product drives revenue, especia
Slide 19: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units Reduction of 2 units of Imaging probes sold QoQ • AMERICAS up by 5 units 38 36 • EMEA down by 5 units • APAC down 2 units 19
Slide 20: Flow-only Systems in Units
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital Reduction of 3 units of Flow systems sold QoQ 36 33 o AMERICAS at same level with 7 units o EMEA at same level with 12 units • Strong sales through distributors o APAC down by 3 units • Weaker quarter after a stron
Slide 21: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales increase 16.5% in Q2 3306 2837 o AMERICAS at the same level as last year o EMEA up 22.5% o APAC up 20.6% Strong probe sales through distributor network this quarter 21
Slide 22: AMERICAS
AMERICAS MNOK 103.7 (78.9) in sales in Q2 Currency neutral, revenue is up 46.3% for the quarter o Total unit numbers of Flow probes and Systems sold as capital, are at the same level as last year - Flow-and-Imaging systems was 14 (14) and Flow-only systems 7 (7) - Revenue growth for flow probes and
Slide 23: Unit sales development USA
40% share of the Unit sales development USA US CABG procedures Number of Cardiac and Vascular FLOW procedures sold per year in the USA Number of Cardiac and Vascular FLOW procedures sold per quarter in the USA *) Procedures are counted based on PPP cards and Probes sold.. the number sold is an 23 ES
Slide 24: APAC
APAC MNOK 26.0 (22.1) in sales in Q2 Currency neutral, revenue is up 22.4% for the quarter o Sales to China were up 15.9% for the quarter, reaching MNOK 14.8 • While Medistim has established a subsidiary and sales office in China, with own employees, sales still go through local Chinese distributors
Slide 25: EMEA
EMEA MNOK 48.9 (42.8) in sales in Q2 Currency neutral, revenue is up 19.4% for the quarter o Direct markets (Spain, Germany, Scandinavia) with sales at the same level as last year o Sales through Distributors increased 59 % currency neutral 25
Slide 26: 3rd party products
3rd party products MNOK 23.4 (25.2) in sales in Q2 Revenue is down 7.0 % for the quarter o Random variations per quarter explain the decline for the second quarter, while the 19,9 % decline for the first half year is due to extraordinary high sales in Q1 last year o Highly diversified product portfo
Slide 27: Revenue Performance by Region
Revenue Performance by Region 27
Slide 28: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split o Strong Cardiac segment sales is driving growth in the quarter and first half o Vascular segment revenue was weaker than we have seen in recent years, reflecting a temporary product mix effect and not a shift in underlying demand • Some customers have opted for the
Slide 29: Flow and Imaging Sales Split
Flow and Imaging Sales Split After a challenging period in 2023 and 2024, the Imaging product portfolio has come back strong in 2025 and first half of 2026 29
Slide 30: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring and capital sales (MNOK) 30
Slide 31: 04 Implementing the Strategy
04 Implementing the Strategy 21.08.2026 Medistim Second Quarter & First Half 2026 Financial Results
Slide 32: Growth Strategy
Growth Strategy 1. Convert high-penetrated Flow-only CABG markets to Flow-and-Imaging and the New-Standard-of-Care Emerging → Early adopter & KOL support high.-growth economies → REQUEST study (e.g. India) → Ease conversion with the upgradable MiraQ 2. Grow adoption in under-penetrated markets Devel
Slide 33: Long-term outlook update
Long-term outlook update As part of our annual strategy review with the Board of Directors in June, we updated our long-term outlook through 2030: The revised plan indicates a higher growth trajectory than achieved over the past five years, combined with continued margin expansion • Based on this
Slide 34: Defining Quality. Transforming lives.
34 Defining Quality. Transforming lives. oom sth cement) WY MED\STIM
Slide 35: Medistim Shareholders
Medistim Shareholders Name: MEDISTIM ASA ISIN: NO0010159684 Number of investors: 1684 Number of shares: 18337336 Rank Name Holding Stake Country 1 Øyvin Brøymer with companies 2 300 001 12,54 % Norway 2 ACAPITAL MEDI HOLDCO AS 1 815 978 9,90 % Norway 3 VERDIPAPIRFOND ODIN NORDEN 1 094 000 5,97 % Nor