Vistin Pharma Asa · OSL:VISTN
Vistin Pharma Asa — Q4 2025 Earnings Presentation
30 slides from Vistin Pharma Asa's earnings presentation, Feb 12, 2026
Slide 1: Presentation 2025
Presentation 2025 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 12 February 2026
Slide 2: Agenda
Agenda • Highlights • Market overview • Financial review • Summary • Appendix
Slide 3: Highlights
Highlights Solid last quarter of 2025 signs-off a record year for Vistin Pharma with all-time high revenue of MNOK 452 (+5%) and EBITDA of MNOK 115 (+10%) MNOK 111 in revenue vs. MNOK 114 in Q4 2024 Other • Record high sales volume of 1 520MT in quarter (+9%), • Earnings per share for 2025 ended at
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: 590 million adults in the world today 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: 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 500 Revenues Vistin Metformin (MNOK) 452 450 438 430 400 350 305 300 279 254 250 228 201 200 176 177 171 150 142 150 111 101 100 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: Q4 2025 sales volume increased by 9% compared to same quarter last year
Financial review Q4 2025 sales volume increased by 9% compared to same quarter last year. YTD sales volume + 12% Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1600 1520 7000 1460 1430 1400 1400 1400 6000 5810 1260 1230 1250 1300 5180 1200 5000 5000 1000 4000 34
Slide 17: More volume available for sale has increased revenue by MNOK 22
Financial review More volume available for sale in Q4 and through 2025 has increased revenue by MNOK 22 from 2024 115 118 120 114 111 109 111 104 106 106 • Revenue of MNOK 111 in Q4’25 vs 114 in Q4’24 100 (-3%) • Average sales price (ASP) in 2H 2025 lower 80 than in 1H due to product mix • The spot
Slide 18: Gross margin of 64% in Q4 and 65% in 2025
Financial review Gross margin of 64% in Q4 and 65% in 2025 - above long-term ambition - driven by strong commercial execution 80% 68% 68 % • Strong gross margin due to stable production 70% 63% 64% 63% 63% 63% 64% and favorable economies of scale 60% 56% • Less volatile raw material prices in 2025 c
Slide 19: EBITDA of MNOK 26 in Q4 compared to MNOK 28 in Q4 2024
Financial review EBITDA of MNOK 26 in Q4 compared to MNOK 28 in Q4 2024 35 • EBITDA of MNOK 26 positively affected by 30 30 higher sales volume, offset by product mix 30 29 28 27 28 compared to same quarter last year. MNOK 26 25 ~1 of cost in relation to the weather storm 25 ‘’Amy’’ 20 20 • EBITDA m
Slide 20: Record high 2025 EBITDA of MNOK 115
Financial review Record high 2025 EBITDA of MNOK 115 compared to MNOK 104 in 2024 (+10%) 120 115 • EBITDA margin of 25% in 2025 represents 104 good commercial execution 100 86 • Net FX effect on EBITDA for total year 2025 vs 2024 was insignificant. Stronger NOK vs 80 USD positive for raw material pu
Slide 21: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q4 2025 Q4 2024 FY 2025 FY 2024 Total revenue and other income 110 744 113 700 452 291 429 503 Total operating expenses 84 395 85 981 337 405 325 178 EBITDA 26 349 27 719 114 885 104 325 Depreciation & amortisation 5 531 4 573 22 532 19 029
Slide 22: Balance sheet
Financial review Balance sheet Assets 31.12.2025 31.12.2024 Non-current assets • Inventory consisting approximately of Fixed assets 223 754 229 603 40/60 raw materials and finished goods Financial Assets 12 154 12 154 • Safety stock of raw materials added due to Total non-current assets 235 909 241
Slide 23: Balance sheet
Financial review Balance sheet Equity and liabilities 31.12.2025 31.12.2024 Equity • Strong balance sheet with an equity ratio of Share capital 44 345 44 345 75% Share premium 73 867 129 298 Retained earnings 210 607 135 886 • Dividend payment of MNOK ~55 in June Total equity 328 819 309 529 2025 ha
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Slide 25: Agenda
Agenda • Highlights • Market review • Financial review • Summary • Appendix
Slide 26: Summary
Summary • Solid quarter with EBITDA of 26 MNOK • The long-term renewable energy supply agreement signed with Statkraft until 2032 • Record high quarterly sales volume of 1520MT, provides predictable power prices irrespective of +9% compared to same quarter last year market volatility, and secures 10
Slide 27: Agenda
Agenda • Highlights • Market review • Financial review • Summary • Appendix
Slide 28: 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 29: Top 20 shareholders as of 31 December 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* 2 991 773 6,8 % MP PENSJON PK 1 719 848 3,9 % TIGERSTADEN AS 800 000 1,8 % 31 December HENRIK MIDTTUN HAAVIE STORKLEIVEN AS 765 700 751 000 1,7
Slide 30: Thank you for your attention
Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) Alexander Karlsen (CFO) 12 February 2026