Slide 1: Q2 Presentation 2026
Q2 Presentation 2026 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 20 August 2026
Slide 2: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 3: Highlights
Highlights Second quarter revenue of MNOK 100 with corresponding EBITDA of MNOK 22. Increased sales volume offset by a significantly stronger NOK versus EUR MNOK 100 in revenue vs. MNOK 118 in Q2 2025 Other • Significantly stronger NOK compared to EUR in second quarter • EPS for the first six months
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: Diabetes Atlas: global diabetes statistics
Europe 66m ‘America and Caribbean 56m « Middle East \_ and North Africa 35m South-East Asia 107m South and Central America 35m The Diabetes Atlas highlights the growing impact of diabetes across the world and the proven and effective actions that governments and policy-makers must urgently take to t
Slide 10: 590 million adults living with diabetes, expected to increase by 45% by 2050
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 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 – global sales footprint
World sales map – global sales footprint
Slide 13: World sales map
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: Q2 2026 sales volume increased by 8% compared to same quarter last year
Financial review Q2 2026 sales volume increased by 8% compared to same quarter last year. YTD sales volume +8% (+240MT) Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1800 7000 1580 1600 1520 1520 6000 5810 1460 1430 1400 1400 5180 1400 1300 5000 1250 5000 1200
Slide 17: Increased sales volume offset by stronger NOK versus EUR and lower spot price
Financial review Increased sales volume offset by a significantly stronger NOK versus EUR and lower global spot price of Metformin 120 114 115 118 112 • Revenue of MNOK 100 in Q2’26 vs 118 in Q2’25, a 111 106 106 109 decrease of 15%. FX neutral revenue decreased 9% 100 100 • Increased production vol
Slide 18: Gross margin of 66% in Q2 - above long-term ambition
Financial review Gross margin of 66% in Q2 - above long-term ambition 80% 68% 68 % • Strong gross margin even with significant 70% 64% 63% 63% 63% 64% 63% 66% currency effect on sales. Vistin mainly sells in 60% EUR, which weakened significantly against NOK compared to 2025 50% • Volatility on raw m
Slide 19: EBITDA of MNOK 22 in Q2 compared to MNOK 30 in Q2 2025
Financial review EBITDA of MNOK 22 in Q2 compared to MNOK 30 in Q2 2025. FX adjusted EBITDA decreased by MNOK ~2 35 30 30 • EBITDA of MNOK 22 positively affected by higher 30 29 28 28 sales volume, offset by stronger NOK vs EUR 27 27 26 25 • FX neutral EBITDA decreased by approximately 22 MNOK 2 20
Slide 20: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Total revenue and other income 100 203 117 670 212 416 232 706 452 291 Total operating expenses 78 142 87 395 163 034 172 217 337 405 EBITDA 22 060 30 275 49 382 60 489 114 885 Depreciation & amortis
Slide 21: Balance sheet
Financial review Balance sheet Assets 30.06.2026 30.06.2025 31.12.2025 Non-current assets • Higher safety stock of raw materials compared Fixed assets 220 243 227 772 223 754 to historical levels due to the increased and Financial Assets 12 154 12 154 12 154 volatile lead times for raw material Tota
Slide 22: Balance sheet
Financial review Balance sheet Equity and liabilities 30.06.2026 30.06.2025 31.12.2025 Equity Share capital 44 345 44 345 44 345 • Strong balance sheet with an equity ratio of Share premium 29 522 73 867 73 867 74% Retained earnings 246 231 176 057 210 602 Total equity 320 098 294 269 328 814 • Divi
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Slide 24: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 25: Summary
Summary • Second quarter revenue of MNOK 100 with • Vistin Sales & Marketing team is actively working in new corresponding EBITDA of MNOK 22 regions to offer our products, and onboard new customers to fill our manufacturing capacity • Sales volume of 1 580 MT in quarter and 3100 MT YTD +8% compared
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: Appendix: Top 20 shareholders as of 30 June 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* MP PENSJON PK 2 991 773 1 719 848 6,7 % 3,9 % as of 30 June SURFSIDE HOLDING AS HENRIK MIDTTUN HAAVIE 1 552 960 796 410 3,5 % 1,8 % 2026 STORKLEIVEN AS
Slide 29: Thank you for your attention
Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 20 August 2026