Interim report
Page 1
Vistin Pharma ASA – Third quarter report 2025 Q3 and YTD 2025 financial results 2025
Page 2
Vistin Pharma ASA – Third quarter report 2025 2 Published 31 October 2025 Highlights ▪ 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% ▪ 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.
Page 3
Vistin Pharma ASA – Third quarter report 2025 3 3rd quarter report and YTD financial results for 2025 The financial report as per September 2025 has been prepared according to the IFRS (International Financial Reporting Standard) and follows IAS 34 for interim financial reporting, as do the comparable numbers for 2024. Financial development (Comparative numbers for 2024 in parenthesis) Revenue Revenue in the third quarter of MNOK 108.8 compared to MNOK 105.8 in Q3’24, which is an increase of 3%. The revenue increase was driven by increased sales volume (+10%). Good operational performance has resulted in more volumes available for sale. YTD 2025 the revenue is MNOK 342 compared to MNOK 316 YTD last year, an 8% increase. Cost of goods sold Cost of goods sold (COGS) in the quarter ended at MNOK 80.8 (MNOK 77). However, compared to the same quarter last year and YTD, there is a decline in cost per kg produced Metformin. This is driven by volume leverage with good operational utilization of both production lines and continued cost optimization, in addition to slightly decreased raw material prices. Further volume leverage on costs is expected with increasing production volume. Earnings EBITDA ended at MNOK 28 (MNOK 28.8) for the quarter. EBITDA was positively affected by increased sales volume and good cost control in the quarter. Global metformin prices have decreased slightly compared to same quarter last year and has affected the sales prices achieved. An EBITDA margin of 26% (27%) in the quarter continues to represent solid commercial execution. 120 111 104 106 106 114 115 118 109 0 20 40 60 80 100 120 140 Revenues Quarter 328 316 342 0 100 200 300 400 1-3Q 2023 1-3Q 2024 1-3Q 2025 Revenues YTD 27 25 20 27 29 28 30 30 28 0 5 10 15 20 25 30 35 EBITDA Quarter 61 77 89 0 20 40 60 80 100 1-3Q 2023 1-3Q 2024 1-3Q 2025 EBITDA YTD Figures in MNOK
Page 4
Vistin Pharma ASA – Third quarter report 2025 4 Production Production output in the third quarter ended at record high 1 600 MT produced metformin. The output in the quarter reflected good operational utilization of both production lines, with an annual run rate of close to 6 400 MT. Financial items Net finance ended positive with MNOK 2.4 for the third quarter of 2025, compared to negative with MNOK 2.8 in the same quarter of 2024. Finance income and loss are in general related to realized and unrealized FX losses from customers receivables, currency hedging contracts in EUR and interest expense from credit overdraft. Net finance income in Q3 2025 was mainly related to realized and unrealized gain from FX hedging contracts for the quarter and remaining part of 2025 and 2026. Cash flow Net cash flow for 2025 year to date from operating activities was positive with MNOK 37.2. The operational cash flow was affected by working capital increase due to higher inventory (increased safety stock) and receivables (increased sales). Net cash flow from operating activities in the same period of 2024 was positive with MNOK 65.4. Longer sailing times to Asia has also resulted in increased payment timelines from Asian customers. Net cash flow from investing activities YTD 2025 was negative with MNOK 10.2. This constituted mainly by capital expenditure and some leasing repayments. Net cash flow from investing activities in the same period last year was negative with MNOK 36.2 also representing capital expenditure and leasing repayments in addition to the acquisition of 15% in CF Pharma. Net cash flow from financing activities YTD 2025 was negative with MNOK 36.5. Net cash flow from financing activities in Q3’24 was negative with MNOK 49.8. For both periods, the cash decrease was driven by dividend payment of MNOK 55.4, partly offset by utilizing the bank overdraft. Net change in cash and cash equivalents in the first nine months of 2025 was negative with MNOK 9.4. In the same period last year, there was a net decrease in cash equivalents of MNOK 20.6. Balance sheet Assets Vistin Pharma had total assets of MNOK 425.1 as of 30 September 2025 (MNOK 388). The company has fully utilized the deferred tax asset by 2024 end (MNOK 2.4). Equity Equity by the end of September was MNOK 312.8 (MNOK 310.7). This equals an equity ratio of 74%. Liabilities The Company had net interest-bearing debt of MNOK 17.6 as of end September 2025, compared to zero net debt as of end September 2024. MNOK 1.7 (MNOK 2.5) in obligations related to lease contracts are recognized in the balance sheet according to IFRS 16. 1380 1300 1040 1280 1500 1470 1350 1480 1600 0 200 400 600 800 1000 1200 1400 1600 1800 Production volume metformin in metric tons
Page 5
Vistin Pharma ASA – Third quarter report 2025 5 Operational status Market Diabetes is one of the most serious diseases of this century. The number of diabetes II patients are by WHO expected to grow from approximately 590 million today to > 850 million in approximately 25 years. About 11% of the world’s population in the age group between 25 – 79 years live with diabetes. The global demand for Metformin is expected to grow by approximately 31.000MT to 109.000MT by 2030. Metformin is the standard first-line treatment of Type 2 Diabetes, which represents around 90% of the global diabetes cases. Vistin Pharma’s key customers are leading pharmaceutical companies that use our API into innovative and generic metformin drug products to the end market. The product demand will therefore be dependent on the performance of these products in the market. Key drivers for future growth are the number of diabetes patients diagnosed and treated with metformin-containing products, continued growth in sales volume from existing international customers, as well as adding new customers to Vistin’s portfolio. The company is currently experiencing good demand for its products. Strategy Vistin’s strategy is to build a >7000 MT Metformin business through world class operations and strategic customer partnerships to maintain and grow the market share. Further to make our manufacturing site the most technology advanced and environmentally sustainable state of the art Metformin plant in the world. Vistin has positioned itself as a premium supplier in the highly competitive Metformin market, and to become a front runner on sustainability by continuous focus and innovations on reduction of emissions and waste production. Vistin is one out of two European Metformin manufacturer, and the only one with a dedicated facility. Vistin Pharma’s long-term vision is to have no negative impact on the environment, people, and local community by the Company’s presence. Vistin Pharma is proud of the sustainability achievements, the track record of deliverables and ongoing ESG focus and investments to further reduce the Company’s carbon footprint. Vistin Pharma’s customers are to a growing extent also requesting and expecting their suppliers to support the shift towards a sustainable future, and Vistin is strategically well positioned to fulfil these needs being situated in Norway with renewable hydropower and stable environmental focus. Vistin Pharma believes that the quality of its Metformin products, its advanced, fully automated production facility, continuous focus on and investment in sustainable operations, and its service and delivery performance, are competitive advantages and drivers for increased sales and future growth. After installation of the new second production line (MEP) in Q1 2022, the company has been focusing on ramping up volume from the two production lines. A significant part of the company’s resources engages in optimizing output and building efficient and robust processes to achieve up to 7000MT of annual Metformin HCl output, and sales volume accordingly. Higher manufacturing and sales volumes going forward are expected to increase working capital requirements, however this will fluctuate from quarter to quarter. In addition, Vistin’s further growth ambitions will require
Page 6
Vistin Pharma ASA – Third quarter report 2025 6 some additional CAPEX to support the growth, increased productivity, and sustainability. Vistin has a strategy of keeping additional safety stock of critical raw materials and finished goods to secure future supply and support the ramp-up plan. Such safety stock is planned to mitigate potential uncertainties or delays around delivery lead times of raw material from Asia and/or any negative effects from the ongoing war in Ukraine. When it comes to market share our Metformin strategy is to grow with our existing and new customers, fulfilling their demands and gradually utilize all available production capacity by increasing our market share via active sales Business to Business (B2B). Competitive drugs New diabetes drugs will always enter the market being effective in separate ways. This was the case with the DDP4 combination products and the SGLT2 revolution in past years, and now also with the GLP-1 diabetes type 2 treatment with weight reducing effect. However, Metformin is used as baseline treatment, and the combination drugs are typically added on top of Metformin. Because Metformin is a safe, efficacious drug product with a monthly treatment cost of 4-5 USD, it is an easy treatment choice for the prescribing doctors. Research and Development (R&D) Vistin is positioned as a premium supplier in the market. To strengthen this position, Vistin is committed to invest in process and product quality development and take advantage of Best Available Techniques (BAT) in its production environment. Vistin has a separate department consisting of four highly competent engineers dedicated to work with process, productivity, and quality improvements. Strategic intent Vistin Pharma also has a strategic intent to become a European multiproduct Contract Development and Manufacturing Organization (CDMO) as part of the growth strategy. Other alternative ways to grow the business is also possible, and Vistin has an opportunistic approach in this context. Vistin Pharma owns 15% of CF Pharma. CF Pharma is an API CDMO located in Budapest, Hungary and has an extensive production site in Budapest, with an experienced R&D department for development of new products and processes. The company has a proven track record in developing and commercializing Active Pharmaceutical Ingredients (APIs).
Page 7
Vistin Pharma ASA – Third quarter report 2025 7
Page 8
Vistin Pharma ASA – Third quarter report 2025 8
Page 9
Vistin Pharma ASA – Third quarter report 2025 9
Page 10
Vistin Pharma ASA – Third quarter report 2025 10
Page 11
Vistin Pharma ASA – Third quarter report 2025 11 Corporate social responsibility, the environment and employees Vistin Pharma aspires to achieve sustainable development by having a good balance between financial results, value creation, sustainability, and CSR. The Board of Directors have the overall responsibility for aligning Vistin’s strategy and sustainability considerations, while the day-to-day responsibility lies with the CEO, supported by the Leadership Team. The statement of corporate social responsibility required under the Norwegian Accounting Act was published in June on the Company’s website. Vistin Pharma is committed to conduct its business in a manner that adheres to the highest industry standards within the pharmaceutical industry, and strictly in accordance with international and local laws and regulations. Vistin Pharma is a socially responsible company dedicated to promoting decent working and environmental conditions in the supply chains. Vistin Pharma has adopted the general principles of UN Global Compact with universally accepted principles for human rights, working conditions, environment, and anti-corruption. In pursuit of this the Company has developed a ‘NO HARM VISION’. Risks and uncertainties As a pharmaceutical manufacturing company, Vistin Pharma is exposed to several types of risk. Fluctuations in the price and availability of raw materials and the development in foreign exchange (USD and EUR) are among the most prominent. Majority of the sales are done in EUR, while all primary raw material purchases are in USD. In addition, risk related to potential regulatory changes, new medications for the treatment of diabetes II, and environmental issues connected to emission permits at the Company’s plant, represent central risk factors to the Company. Vistin has currently not experienced any changes in demand or behaviour from customers in relation to the ongoing US tariff discussions. Direct sales to USA are less than 5% of Vistin’s total sales. General market outlook Diabetes is one of the largest global health crises of the 21st century, and the demand for Metformin medication is expected to continue to grow by 4-6% annually, as it remains the standard baseline treatment for type 2 diabetes. The demand for Metformin in the market is generally stable also considering the current political landscape. Vistin is strategically well positioned to benefit from the expected stronger demand for local supplies from Europe going forward. GLP-1 agonists have recently become quite popular in high income countries to treat obesity and diabetes type 2. It is quite common to use for example the GLP-1 agonist Semaglutide in combination with metformin for managing type 2 diabetes. This combination is often prescribed because the two medications complement each other in controlling blood sugar levels. Semaglutide helps by stimulating insulin secretion, suppressing glucagon release, slowing digestion, and reducing liver glucose production. Metformin primarily works by decreasing glucose production in the liver and improving insulin sensitivity.
Page 12
Vistin Pharma ASA – Third quarter report 2025 12 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) Long and successful growth track record
Page 13
Vistin Pharma ASA – Third quarter report 2025 13 Shareholder information The Company had 44 344 592 issued shares as of 30 September 2025. The five largest shareholders were Intertrade Shipping AS with 14,509,280 shares, Holmen Spesialfond with 4,371 558 shares, Pactum Vekst AS with 2,991,773 shares, MP Pensjon PK with 1,719,848 shares, and Tigerstaden AS with 800,000 shares. The share price has moved from NOK 24.40 per share at 30 of June 2025, to NOK 22.80 as of 30 September 2025. Basis of presentation This financial information should be read together with the financial statements for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards (“IFRS”). The presentation of the Interim Financial Statements is consistent with the Annual Financial Statements. Additional disclosures supplementing the financial statements are included in this report on pages 2–5. The figures are unaudited. Dividend policy The company has an ambition to pay out 50 percent of net annual profit as dividend. However, the size of the dividend will be dependent on the company’s’ financial capability and capital requirements for future growth. An ordinary cash dividend of total NOK 1.25 per share, was paid out in June. Events after the reporting date There have not been events after the reporting date that affect the Company’s financials.
Page 14
Vistin Pharma ASA – Third quarter report 2025 14 Condensed financial statement (P&L) Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 All numbers in NOK 1000 Total revenue and income 108 840 105 838 341 546 315 803 429 503 Cost of materials 31 515 30 614 113 433 110 594 149 969 Salary and social expenses 27 140 25 761 74 666 69 353 94 224 Other operating expenses 22 139 20 635 64 911 59 250 80 985 Total operating expenses 80 793 77 010 253 010 239 197 325 178 Operating result before depr. (EBITDA) 28 047 28 828 88 536 76 606 104 325 Operating result before depr. % 26 % 27 % 26 % 24 % 24 % Depreciation 6 703* 4 765 17 000 14 456 19 029 Operating result (EBIT) 21 344 24 063 71 536 62 150 85 296 Operating result in % 20 % 23 % 21 % 20 % 20 % Financial income 4 757 1 480 13 036 5 995 9 410 Financial expenses 2 351 4 306 9 323 12 525 14 252 Net finance 2 405 -2 826 3 713 -6 530 -4 843 Pre-tax profit (EBT) 23 750 21 237 75 249 55 620 80 453 Tax 5 225 4 672 16 555 12 236 17 704 Result 18 525 16 565 58 694 43 383 62 749 Comprehensive income Result after tax 18 525 16 565 58 694 43 383 62 749 Other comprehensive income - - - - 1 598 Total comprehensive income 18 525 16 565 58 694 43 383 64 347 *Depreciation in Q3 2025 affected by a one-time write down of MNOK 1.3 of a fixed asset (no cash effect) Key figures Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Equity share 74 % 80% 74 % 80% 80 % Earnings per share 0,42 0,37 1,32 0,98 1,42 Average shares outstanding in 1000 44 345 44 345 44 345 44 345 44 345
Page 15
Vistin Pharma ASA – Third quarter report 2025 15 Condensed financial statement (balance sheet) 30.09.2025 30.09.2024 31.12.2024 All numbers in NOK 1000 Assets Fixed assets 222 776 230 286 229 603 Financial assets 12 154 11 433 12 154 Deferred tax assets - 2 401 - Total tangible and fixed assets 234 931 244 120 241 757 Inventory 91 388 72 433 76 665 Trade receivables 85 344 61 279 44 279 Other receivables 10 007 4 481 9 449 Cash 3 395 5 631 12 794 Total current assets 190 135 143 824 143 187 Total assets 425 066 387 944 384 945 Equity and liability Share capital 44 345 44 345 44 345 Share premium reserve 73 867 151 470 129 298 Retained earnings 194 583 114 924 135 886 Total equity 312 795 310 739 309 529 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 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 equity and liability 425 066 387 944 384 945
Page 16
Vistin Pharma ASA – Third quarter report 2025 16 Change in equity 30.09.2025 30.09.2024 31.12.2024 All numbers in NOK 1000 Equity starts of period 309 529 322 769 322 770 Result for the period 58 694 43 383 62 749 Other comprehensive income - - 1 598 Dividend -55 431 -55 415 -77 587 Equity end of period 312 795 310 739 309 529 Cash flow analysis YTD 30.09.2025 30.09.2024 31.12.2024 All numbers in NOK 1000 Result for the period 75 249 55 620 80 453 Depreciations 17 000 14 456 19 029 Working capital changes -55 027 -4 684 8 376 Cash flow from operation 37 223 65 392 107 858 Purchase of equipment and intangibles -10 174 -36 191 -40 296 Cash flow from investments -10 174 -36 191 -40 296 Dividends -55 431 -55 415 -77 587 Finance activities 18 983 5 642 -3 384 Cash flow finance activities -36 447 -49 773 -80 971 Change in cash for the period -9 399 -20 572 -13 409 Cash at start of period 12 795 26 204 26 204 Cash by the end of period 3 396 5 632 12 795
Page 17
Vistin Pharma ASA – Third quarter report 2025 17 Vistin Pharma ASA Østensjøveien 27 NO-0661 Oslo Norway Tel: +47 35 98 42 00 E-mail: vistin@vistin.com www.vistin.com