Slide 1: Fourth Quarter & Preliminary Financial Results for 2025
Fourth Quarter & Preliminary Financial Results for 2025 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
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: Fourth Quarter & Preliminary Financial Results for 2025
Fourth Quarter & Preliminary Financial Results for 2025 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
Slide 6: 01 - Highlights
01 - Highlights Medistim Fourth Quarter and Preliminary Financial Results 2025
Slide 7: Highlights Q4 2025
Highlights Q4 2025 o New record for sales in a quarter; 182.3 MNOK o Strong operating profit (EBIT) at 42.3 MNOK • The high growth continues; 20.6 % • Up 63.8 % o Currency neutral sales development: o EBIT margin at 23.2 % (17.1%) • Total sales up 21.7 % • Increase in IT infrastructure expenses of M
Slide 8: Highlights FY 2025
Highlights FY 2025 o Record sales for a year; 699.8 MNOK o Record operating profit (EBIT) at 196.2 MNOK • Completing the year at 24.4 % growth • Up 49.7 % o Currency neutral sales development: o Strong EBIT margin at 28.0 % (23.3 %) due to • Total sales up 25.8 % strong sales of own products through
Slide 9: Medistim Track Record
Medistim Track Record Dividend per share in NOK and in Sales per year in MNOK EBIT in MNOK and EBIT % % of profit 9
Slide 10: 02 – Financial Statements
02 – Financial Statements Medistim Fourth Quarter and Preliminary Financial Results 2025
Slide 11: Profit & Loss Q4 2025
Profit & Loss Q4 2025 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 11
Slide 12: Profit & Loss FY 2025
Profit & Loss FY 2025 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 12
Slide 13: Balance Sheet Assets
Assets in MNOK Balance Sheet Assets o In general, high inventory levels due to company policy of securing stock of critical components and finished goods o Expecting a decrease in inventory levels after purchase orders placed during the period of supply chain issues are delivered o Increase in custo
Slide 14: Balance Sheet Equity & Liability
Equity in MNOK Balance Sheet Equity & Liability o No interest -bearing debt o 49.3 MNOK in obligations related to lease contracts, where 37.5 MNOK is long term o Deferred income from extended warranty contracts amounted to 11.5 MNOK
Slide 15: Key Figures
igures KEY FIGURES Q424 FY 2025 FY 2024 Equity share 75.9% 70.8% 75.9% Earnings per share 0 kr 1.16 kr 8.71 5.67, Earnings per share diluted kr 2.08 kr 1.16 ‘kr 8.71 5.67 Average shares outstanding in 1000 18 276 18 314 18 276 18 314 Average shares outstanding in 1000 diluted 18 276 18314 18 276 183
Slide 16: Cash Flow
Flow CASH FLOW (All numbers in NOK 1000) Q4 25 Q4 24 FY 2025 FY 2024 Profit before tax 47 845 28 300 206 849 134 246 Depreciation and amortizations (1792) 6 542° 16 015 24 510 Income tax paid - (2 531) (28 340) (28 404) Change in working capital 2444 3 166 (6 832) (7 855) Other 17511 28430 3.879 19
Slide 17: 03 Business Segments Update
03 Business Segments Update Medistim Fourth Quarter and Preliminary Financial Results 2025
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 Volume growth in all regions giving net 5 more Flow - and - Imaging unit sold 22 compared to Q4 last year 17 o AMERICAS up by 2 units o EMEA up by 2 units o APAC up by 1 unit ➢ For the full year,
Slide 19: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units Weaker sales of Imaging probes in Q4 after very strong sales in Q3 42 • AMERICAS up by 3 units • EMEA down by 9 units 30 • APAC down by 6 units For the full year, strong volume growth in AMERICAS, up 81 %, while APAC and EMEA was down 12 % and 24 %, re
Slide 20: Flow-only Systems in Units
Flow -only Systems in Units (capital sales) Capital sales of Flow systems down Flow -only systems in units 13 units in Q4 sold as capital o AMERICAS down by 4 units 39 o EMEA down by 2 units o APAC down by 7 units 26 For the full year, Flow -only systems volume was down in AMERICAS by 36 %, APAC up
Slide 21: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales up 26.5% in Q4 3 067 o AMERICAS up 56% o EMEA up 38 % 2 425 o APAC down 14% For the full year, flow probe volume sales is up 20.7 % driven by strong 17 % growth in capital sales of all systems ➢ Capital system sales and increase in use
Slide 22: AMERICAS
AMERICAS MNOK 86.1 (61.7 ) in sales in Q4 Currency neutral, revenue is up 44.3% for the quarter o Total capital system sales declined by 2 units, ending at 11 units. Within this, the high value Flow -and - Imaging systems increased by 2 units, while Flow -only systems decreased by 4 units . o Strong
Slide 23: A closer look at AMERICAS
40% of the US CABG Number of Flow procedures *) sold procedures A closer look at AMERICA S in the USA per year Number of Flow procedures *) sold in the USA per quarter *) Procedures are counted based on PPP cards and Probes sold. . 23 the number sold is an ESTIMATE for utilization. The majority of p
Slide 24: APAC
APAC MNOK 16.9 (22.1 ) in sales in Q4 Currency neutral, revenue is down 24% for the quarter but up 40% for the full year o Sales to China were down 49% for the quarter, but up 32% for the year, ending at MNOK 45.7 • While Medistim has established a subsidiary and sales office in China, with own empl
Slide 25: EMEA
EMEA MNOK 56.2 (44.8 ) in sales in Q4 Currency neutral, revenue is up 24.4% for the quarter o Strong quarter for direct markets (Spain, Germany, Scandinavia) with currency neutral increase of 13.5% for the quarter. o Sales through distributors was up with a currency neutral increase of 34.3% for the
Slide 26: 3rd party products
3rd party products MNOK 23.1 (22.6 ) in sales in Q4 Revenue is up 2.2% for the quarter, 12.7% for the year o Highly diversified product portfolio o Mentor, Icare and A.M.I. are the biggest contributors o High sales of opthalmology products to 2 new hospitals in Norway drive the high growth in 2025 o
Slide 27: Revenue Performance by Region
Revenue Performance by Region 27
Slide 28: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split ➢ Strong growth in both Cardiac and Vascular surgery ➢ Vascular surgery continue to have a higher growth rate than Cardiac surgery , gradually taking a larger share of the total sales of own products ; 19.8 % in 2025 28
Slide 29: Flow and Imaging Sales Split
Flow and Imaging Sales Split ➢ After a challenging period with sales decline in 2023 and 2024, the revenues from Imaging products are back with the hightest annual growth so far; 47.4 % ➢ Revenues from sale of Imaging products make up 31% of sales of own products 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 Medistim Fourth Quarter and Preliminary Financial Results 2025
Slide 32: Mid term goal: '1 Billion NOK in Sales in Few Years'
Mid term goal: ‘1 Billion NOK in Sales in Few Years ’ Open Committed to surgery Innovation Competition is Going direct CABG surgery sparse Cardiovascular Diseases Adoption is Conversion growing from Flow Vascular to Flow - &- surgery Imaging The markets are growing 32
Slide 33: Growth Strategy
Growth Strategy Emerging 1. Convert high - penetrated Flow - only CABG markets high .-growth to Flow -and -Imaging and the New-S tandard -of-C are economies → Early adopter & KOL support (e.g. India) → REQUEST study → Ease conversion with the upgradable MiraQ Developing Medistim 2. Grow adoption in
Slide 34: Medistim opens direct sales office in Japan
Medistim opens direct sales office in Japan Press release 2. February 2026 ❑ As of 16th March , Medistim opens direct sales office based in Tokyo o Solid team with experienced leader in place ❑ Medistim maintains a very strong market position in Japan o 90% of the approx . 17,000 CABG surgery proced
Slide 35: Growth Strategy
Growth Strategy Emerging 1. Convert high - penetrated Flow - only CABG markets high .-growth to Flow -and -Imaging and the New-S tandard -of-C are economies → Early adopter & KOL support (e.g. India) → REQUEST study → Ease conversion with the upgradable MiraQ Developing Medistim 2. Grow adoption in
Slide 36: Medistim sponsors SMARTFLOW – a randomized clinical trial in CABG surgery
Medistim sponsors SMARTFLOW – a randomized clinical trial in CABG surgery Press release 24. February 2026 Lead investigator ; Professor Mario Gaudino , MD, PhD, MSCE, FEBCTS, FACC, FAHA, at Weill Cornell Medicine in New York, NY. • Numerous academic and clinical leadership roles, including serving a
Slide 37: Most existing studies evaluating TTFM are small, observational, and heterogeneous
Most existing studies evaluating TTFM are small, observational, and methodologically heterogeneous. Although expert consensus supports its use, the lack of adequately powered randomized evidence remains a barrier to widespread adoption in clinical practice,” Professor Mario Gaudino, February 2026
Slide 38: SMARTFLOW has been designed as the first appropriately powered randomized trial
SMARTFLOW has been designed as the first appropriately powered randomized trial to rigorously evaluate intraoperative graft assessment with TTFM in CABG. Professor Mario Gaudino, February 2026
Slide 39: By generating high-quality randomized data on the impact of TTFM
By generating high -quality randomized data on the impact of TTFM on early graft failure —and by providing a platform that can be extended to assess clinical outcomes —the SMARTFLOW program has the potential to inform future guideline recommendations and promote a more consistent, evidence -based ap
Slide 40: The SMARTFLOW RCT
The SMARTFLOW RCT STUDY DESIGN STUDY GOAL • Expertise based clinical trial • To evaluate whether TTFM reduces the incidence of graft failure within 1 to 3 months post -surgery, as • 1242 patients randomized to TTFM or nonuse assessed by coronary CT angiography • Graft patency will be assessed with M
Slide 41: The SMARTFLOW RCT
The SMARTFLOW RCT MEDISTIM INVOLVEMENT • Scientifically independent trial • The study is primarily supported by philanthropic donations and federal funding, with Medistim serving as the sole industry sponsor, contributing USD 500,000 over the duration of the trial • Opportunity to facilitate upgrade
Slide 42: One team. Bolder moves.
One team. BOLDER MOVES. Excellence accelerated. MEDiSTIM 2.026
Slide 43: a ees
a ees Defining Quality. ~ P Transforming lives. MED\STIM J Loe *
Slide 44: Medistim Shareholders
Medistim Shareholders 44 Pr. 25.02.26