Slides
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Presentation 2025 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 31 October 2025
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• Highlights • Market overview • Financial review • Summary • Appendix Agenda
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Highlights Good operational performance in quarter with production of 1 600 MT and revenue of MNOK 109 MNOK 109 in revenue vs. MNOK 106 in Q3 2024, an increase of 3% • Increased revenue driven by sales volumes +10% compared to same quarter last year • MNOK 342 in revenue YTD 2025 compared to MNOK 316 YTD last year, an increase of 8% EBITDA of MNOK 28 vs. MNOK 29 in Q3 2024 • Strong EBITDA of MNOK 28 positively affected by higher sales volume, offset by lower global metformin prices compared to same quarter last year • EBITDA YTD of MNOK 89 compared to MNOK 77 YTD 2024, an increase of 16% Other • All time high production volume in the quarter with 1 600MT Metformin produced • Currently no changes in demand from customers after the US tariff discussions • Net debt of MNOK 18 as of end September
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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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• Highlights • Market overview • Financial review • Summary • Appendix Agenda
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A pure play metformin company – supporting patients worldwide in a growing market Diabetes One of the largest health emergencies in the 21st century Metformin The gold standard treatment of type 2 diabetes Vistin Pharma growth opportunity A leading global producer of premium metformin + = • Market demand for Metformin is expected to grow 4-6% annually, according to International Diabetes Federation • Vistin’s global market share will be approx. 10% when new capacity expansion is fully utilized
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Diabetes – A global emergency
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Number of people living with diabetes / Source International Diabetes Federation, IDF Diabetes Atlas, eleventh edition, 2025 590 million adults in the world today is living with diabetes, this is expected to increase by 45% within 2050
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Number of people living with diabetes / Source International Diabetes Federation, IDF Diabetes Atlas, eleventh edition, 2025
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Vistin Pharma produces about 10% of the world’s demand of metformin and has a world-wide sales coverage
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Vistin Pharma - world wide sales footprint
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• Highlights • Market review • Financial review • Summary • Appendix Agenda
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Financial review Long and successful growth track record 88 101 111 142 150 176 171 177 201 228 254 279 305 438 430 0 50 100 150 200 250 300 350 400 450 500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenues Vistin Metformin (MNOK) 2022 includes a one-time positive liquidated damage compensation (MNOK ~12.5)
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Financial review Q3 2025 sales volume increased by 10% compared to same quarter last year. YTD sales volume + 13% Figures in Metric Tons (MT) 3500 5000 5200 4300 0 1000 2000 3000 4000 5000 6000 2022 2023 2024 YTD 2025 Annual sales volume metformin (HCl & DC) 1440 1260 1230 1250 1300 1400 1400 1460 1430 0 200 400 600 800 1000 1200 1400 1600 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Quarterly sales volume metformin (HCl & DC)
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Financial review Increased production volume has resulted in more volumes available for sale and increased revenue compared to same quarter last year • Revenue of MNOK 109 in Q3’25 vs 106 in Q3’24 (+3%) • Average sales price in Q3 lower than in Q2 due to product mix sold • Market price of Metformin fluctuates with the global raw material prices, with corresponding revenue effects • Parts of production volume in Q3 used to increase safety stock levels to secure high service level to premium customers • MNOK 342 in revenue YTD 2025 compared to MNOK 316 YTD last year (+8%) Figures in MNOK 120 111 104 106 106 114 115 118 109 0 20 40 60 80 100 120 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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Financial review Gross margin of 68% in Q3, above long-term ambition • Strong gross margin due to stable production and favorable economies of scale • Less volatile raw material prices in 2025 compared to 2023 and 2024 • Vistin long-term ambition for gross margin >60% Gross margin (revenue – raw materials & freight costs) 59% 63% 56% 64% 68% 63% 63% 63% 68 % 0% 10% 20% 30% 40% 50% 60% 70% 80% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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Financial review EBITDA of MNOK 28 in Q3 and 89 YTD 2025 compared to MNOK 29 and 77 YTD 2024 • EBITDA of MNOK 28 positively affected by higher sales volume, offset by lower global metformin prices compared to same quarter last year • EBITDA margin of 26% in quarter represents good commercial execution • FX effect on EBITDA versus same quarter last year was insignificant • EBITDA YTD of MNOK 89 compared to MNOK 77 YTD 2024 (+16%) Figures in MNOK 27 25 20 27 29 28 30 30 28 0 5 10 15 20 25 30 35 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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Financial review Key figures: income statement (NOK 1 000) Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Total revenue and other income 108 840 105 838 341 546 315 803 429 503 Total operating expenses 80 793 77 010 253 010 239 197 325 178 EBITDA 28 047 28 828 88 536 76 606 104 325 Depreciation & amortisation -6 703* -4 765 -17 000 -14 456 -19 029 EBIT 21 344 24 063 71 536 62 150 85 296 Net finance income/(expense) 2 405 -2 826 3 713 -6 530 - 4 843 Profit/(loss) before tax 23 750 21 237 75 249 55 620 80 453 Profit/(loss) for the period 18 525 16 565 58 694 43 383 62 749 *Depreciation in Q3 2025 affected by a one-time write down of MNOK 1.3 of a fixed asset (no cash effect)
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Financial review Assets • Deferred tax asset in relation to realized loss for Energy Trading in Q1 2020, fully utilized • Inventory consisting approximately of 40/60 raw materials and finished goods • Additional safety stock of raw materials added due to the increased lead times for raw material transportation from Asia Balance sheet 30.09.2025 30.09.2024 31.12.2024 Non-current assets Fixed assets 222 776 230 286 229 603 Financial Assets 12 154 11 433 12 154 Deferred tax assets - 2 401 - Total non-current assets 234 931 244 120 241 757 Current assets Inventory 91 388 72 433 76 665 Trade receivables 85 344 61 279 44 279 Other receivables 10 007 4 481 9 449 Cash & cash equivalents 3 395 5 631 12 794 Total current assets 190 135 143 824 143 187 Total Assets 425 066 387 944 384 945
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Financial review Equity and liabilities • Strong balance sheet with an equity ratio of 74% • Dividend payment of MNOK ~55 in June 2025 has reduced the share premium (dividend classified as returned capital) • Net debt of MNOK 18 as of end September • Increased working capital requirements driven by higher volume/sales, longer payment times from Asian customers due to longer transportation, and additional increased safety stock • Additional credit facilities available if needed Balance sheet 30.09.2025 30.09.2024 31.12.2024 Equity Share capital 44 345 44 345 44 345 Share premium 73 867 151 470 129 298 Retained earnings 194 583 114 924 135 886 Total equity 312 795 310 739 309 529 Non-current liabilities Pension liabilities 6 279 8 265 6 602 Deferred tax liabilities 20 073 - 3 517 Other non-current liabilities 827 1 541 1 326 Total long term liabilities 27 179 9 806 11 445 Current liabilities Trade payables 19 677 18 295 13 054 Short term debt 21 022 5 642 - Other current liabilities 44 393 43 462 50 914 Total short term liabilities 85 092 67 398 63 969 Total liabilities 112 271 77 204 75 414 Total Equity and Liabilities 425 066 387 944 384 945
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• Highlights • Market review • Financial review • Summary • Appendix Agenda
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• Solid quarter with EBITDA of 28 MNOK in Q3’2025, and 16% increase YTD • All-time-high production volume of 1600MT in the quarter • Sales volume increase of 10% compared to same quarter last year, and 8% increase YTD • Continued focus on costs and good commercial execution showing positive effects YTD • Market price of Metformin fluctuates with the global raw material prices, with corresponding revenue effects • Metformin market expected to continue to grow by 4-6% annually • Currently no changes in demand from customers after the US tariff announcements. Continuously monitoring the situation for potential supply chain “knock-on effects” • The long-term renewable energy supply agreement signed with Statkraft until 2032 provides predictable power prices irrespective of market volatility, and secures 100% green renewable hydropower long-term • Attractive long-term growth potential as the remaining manufacturing capacity becomes fully available and optimized • Vistin is strategically well positioned as many European clients prefer high quality supplies, near-shore production and an attractive ESG- profile Summary
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• Highlights • Market review • Financial review • Summary • Appendix Agenda
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Double capacity double care metformin strategy Strategically positioned producer of two different metformin products: Metformin HCl and DC • Enhance our capability to supply tailor-made products • Improve COGS by investing in cost-efficient supply of raw materials, waste handling and LEAN • Strategically well positioned as many European clients prefer high quality supplies, near-shore production and a leading ESG- profile A premium producer in a competitive market • Sales to reputable international pharmaceutical companies • State-of-the-art, fully automated manu- facturing plant in Kragerø, Norway • Certified by all signi- ficant international regulatory bodies Metformin market expected to continue to grow by 4-6% annually • Diabetes is one of the largest health crises of the 21st century • Metformin is expected to maintain its position as the Gold Standard baseline treatment for T2D in the foreseeable future • The additional demand for metformin HCl is by industry experts forecasted to grow by approx. 30.000MT to 105.000MT by 2030 Attractive growth potential with new production line installed in 2022 • Decided in April ‘20 to invest MNOK 100 to increase the annual production capacity up to ~7 000MT • Sales volume increased by ~50% from 2022 to 2024 • Vistin is experiencing a strong demand for it’s Metformin
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Appendix Top 20 share- holders as of end September 2025 NAME SHAREHOLDING % SHARE INTERTRADE SHIPPING AS* 14 509 280 32,7 % HOLMEN SPESIALFOND 4 371 558 9,9 % PACTUM VEKST AS* 2 991 773 6,8 % MP PENSJON PK 1 719 848 3,9 % TIGERSTADEN AS 800 000 1,8 % HENRIK MIDTTUN HAAVIE 757 844 1,7 % STORKLEIVEN AS 751 000 1,7 % AUGUST RINGVOLD AGENTUR AS 750 315 1,6 % LUCELLUM AS 720 000 1,6 % IVAR LØGES STIFTELSE 540 000 1,2 % SURFSIDE HOLDING AS 527 960 1,2 % CORTEX AS 508 989 1,2 % SANDEN EQUITY AS 500 000 1,1 % DNB BANK ASA 494 894 1,1 % NEBBA HOLDING AS 441 168 1,0 % DELTA AS 415 000 0,9 % GINKO AS 400 000 0,9 % MELESIO INVEST AS 309 808 0,7 % NIELS CATO BECKETT AALL 301 658 0,7 % NICOLAI ANDREAS EGER 284 040 0,6 % Total 20 largest shareholders 31 945 135 72,3 % Other shareholders 12 399 457 27,7 % Total number of shares 44 344 592 100,0 % *Board members of Vistin Pharma ASA (direct or indirect ownership)
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www.vistin.com Magnus Tolleshaug (CEO) Alexander Karlsen (CFO) 31 October 2025 Thank you for your attention