Slides
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Q3 Presentation 2026 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 29 October 2026
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Agenda Highlights Market overview Financial review Summary Appendix
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Highlights MNOK 108 in revenue vs. MNOK 109 in Q3 2025 • Significantly stronger NOK compared to EUR in third quarter of 2 026 compared to 2025, affecting revenue in local currency • MNOK 321 in revenue YTD 2026 compared to MNOK 342 YTD last year, a decrease of 6% EBITDA of MNOK 19 vs. MNOK 28 in Q3 2025 • EBITDA of MNOK 19 positively affected by higher sales v olume, offset by a weaker EUR • EBITDA YTD of MNOK 68 compared to MNOK 88 YTD 2025 Other • EPS for the first nine months of 2026 ended at NOK 1.05 compared to 1.32 YTD 2025 • Sales volume from January to September 2026 of 4 710MT, an increase of 10% (+420 MT) compared to first nine months of 2025 • Ordinary cash dividend of total NOK 1 per share was paid out in the second quarter (MNOK ~44) • An additional ordinary cash dividend of NOK 0.5 per share to be paid in November • The main distillation vessel in production has reached the end of its normal lifespan and will need to be replaced. This is planned in an extended bi-annual maintenance stop in Q4 of four weeks where both lines will be idle. The planned stop will impact the production and sales volume correspondingly in the same quarter Third quarter revenue of MNOK 108 with corresponding EBITDA of MNOK 19. Sales volume increased by 13%.
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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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Agenda Highlights Market overview Financial review Summary Appendix
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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 the International Diabetes Federation (IDF) • Vistin's global market share is expected to reach approximately 10% when the capacity expansion is fully utilized
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Diabetes – A global emergency
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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
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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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World sales map – global sales footprint
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Agenda Highlights Market overview Financial review Summary Appendix
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Long and successful growth track record Financial review 88 101 111 142 150 176 171 177 201 228 254 279 305 438 430 452 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 2025 Revenues vistin metformin (MNOK) 2022 includes a one-time positive liquidated damage compensation (MNOK ~12.5)
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Q3 2026 sales volume increased by 13% compared to same quarter last year. YTD sales volume +10% (+420MT) Financial review Figures in Metric Tons (MT) 5000 5180 5810 4710 0 1000 2000 3000 4000 5000 6000 7000 2023 2024 2025 Q1-Q3 2026 Annual sales volume metformin (HCl & DC) 1300 1400 1400 1460 1430 1520 1520 1580 1610 0 200 400 600 800 1000 1200 1400 1600 1800 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Quarterly sales volume metformin (HCl & DC)
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Increased sales volume offset by a significantly stronger NOK versus EUR and lower global spot price of Metformin • Revenue of MNOK 108.4 in Q3’26 vs 108.8 in Q3’25. FX neutral revenue increased by approximately 7% • NOK significantly stronger against EUR in third quarter of 2026 compared to 2025, affecting sales in local currency • Average sales price (ASP) was lower compared to same quarter last year as the spot price of Metformin fluctuates with the global raw material prices which was lower versus same quarter 2025 • Product mix and onboarding of customers in new regions also influenced the sales price • MNOK 321 in revenue YTD 2026 compared to MNOK 342 YTD last year, a decrease of 6%. FX neutral revenue YTD approximately flat. Financial review Figures in MNOK 106 114 115 118 109 111 112 100 108 0 20 40 60 80 100 120 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
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Gross margin of 57% in Q3 driven by temporary increase in raw material prices and significantly stronger NOK • Vistin mainly sells in EUR, which weakened significantly against NOK compared to 2025 and affects the gross margin • Raw material costs in the quarter are higher due to consumption of materials purchased in April/May when the Hormuz situation was on its most intense • YTD gross margin of 61% • Vistin long-term ambition for gross margin >60% Financial review Gross margin (revenue – raw materials & freight costs) 68% 63% 63% 63% 68 % 64% 63% 66% 57% 0% 10% 20% 30% 40% 50% 60% 70% 80% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
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EBITDA of MNOK 19 in Q3 compared to MNOK 28 in Q3 2025 • EBITDA of MNOK 19 positively affected by higher sales volume, offset by stronger NOK vs EUR • A stronger NOK versus USD had a positive effect on cost of raw materials during the quarter, however offset by increased prices • EBITDA YTD of MNOK 68 compared to MNOK 88 YTD 2025 Financial review Figures in MNOK 29 28 30 30 28 26 27 22 19 0 5 10 15 20 25 30 35 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
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Key figures: income statement Financial review (NOK 1 000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Total revenue and other income 108 391 108 840 320 808 341 546 452 291 Total operating expenses 89 540 80 793 252 574 253 010 337 406 EBITDA 18 852 28 047 68 234 88 536 114 885 Depreciation & amortisation 5 879 6 703 17 687 17 000 22 532 EBIT 12 972 21 344 50 547 71 536 92 354 Net finance income/(expense) 70 2 405 8 173 3 713 3 485 Profit/(loss) before tax 13 042 23 750 58 720 75 249 95 839 Profit/(loss) for the period 10 946 18 525 46 574 58 694 74 751
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Balance sheet • Decrease in inventory driven by less raw materials on hand due to the planned four- week production stop in October • Cash position of MNOK 22 as of end of September Financial review Assets 30.09.2026 30.09.2025 31.12.2025 Non-current assets Fixed assets 216 804 222 776 223 754 Financial Assets 12 154 12 154 12 154 Total non-current assets 228 959 234 931 235 909 Current assets Inventory 70 485 91 388 82 133 Trade receivables 84 261 85 344 89 712 Other receivables 15 987 10 007 15 259 Cash & cash equivalents 22 043 3 395 16 419 Total current assets 192 775 190 135 203 524 Total Assets 421 735 425 066 439 432
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Balance sheet • Strong balance sheet with an equity ratio of 78% • Dividend payout of approximately MNOK 44 in Q2 has reduced the share premium (dividend classified as returned capital) • No interest-bearing bank loans as of end September • Credit facilities available if needed Financial review Equity and liabilities 30.09.2026 30.09.2025 31.12.2025 Equity Share capital 44 345 44 345 44 345 Share premium 29 522 73 867 73 867 Retained earnings 257 176 194 583 210 602 Total equity 331 044 312 795 328 814 Non-current liabilities Pension liabilities 6 094 6 279 6 415 Deferred tax liabilities 29 782 20 073 16 862 Other non-current liabilities 27 827 619 Total long term liabilities 35 903 27 179 23 896 Current liabilities Trade payables 18 146 19 677 30 238 Short term debt - 21 022 - Tax payable - - 7 734 Other current liabilities 36 642 44 393 48 748 Total short term liabilities 54 787 85 092 86 720 Total liabilities 90 691 112 271 110 617 Total Equity and Liabilities 421 735 425 066 439 432
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Agenda Highlights Market overview Financial review Summary Appendix
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Summary • Third quarter revenue of MNOK 108, with corresponding EBITDA of MNOK 19 • Sales volume of 1 610 MT in Q3, +13% compared to same quarter last year. Jan-Sep 4 710 MT, up 10% compared to last year. • Gross margin of 57% despite raw material turbulence in pricing during the Hormuz situation, shows good commercial execution • Vistin utilized its safety stock of critical raw materials to mitigate fluctuations and was able to deliver orders according to plan during the most intensive Hormuz situation. • Vistin Sales & Marketing team is actively working in new regions and countries in order to onboard new customers as manufacturing capacity is expanded • The long-term renewable energy supply agreement signed with Statkraft until 2032 provides predictable power prices irrespective of market volatility. This secures 100% green renewable hydropower long-term with a very favorable carbon footprint versus other Metformin suppliers • The main distillation vessel in production has reached the end of its normal lifespan and will need to be replaced. This is planned in an extended bi-annual maintenance stop in Q4 of four weeks where both lines will be idle. The planned stop will impact the production and sales volume correspondingly in the same quarter • Vistin is continuously working towards improvement and growth opportunities and has started to look for ways to further increase production capacity and improve unit cost • The global Metformin demand is expected to grow at a CAGR of 4-6% • Vistin is strategically well positioned as many European clients prefer high-quality supplies, near-shore production and an attractive ESG-profile using renewable energy • Ordinary cash dividend of total NOK 1 per share (~MNOK 44) was paid out to shareholders in June • An additional ordinary cash dividend of NOK 0.5 per share to be paid in November
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Agenda Highlights Market overview Financial review Summary Appendix
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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 Attractive growth potential with new production line installed in 2022 • MNOK 100 invested in 2022 to increase the annual production capacity up to ~7 000MT • Sales volume increased by ~65% from 2022 to 2025 • Vistin is experiencing good demand for its Metformin 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 grow by approximately 31.000MT to 109.000MT by 2030 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
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Appendix Top 20 shareholders as of 30 September 2026 NAME SHAREHOLDING % SHARE INTERTRADE SHIPPING AS* 14 509 280 32,7 % HOLMEN SPESIALFOND 4 371 558 9,9 % PACTUM VEKST AS* 2 991 773 6,7 % MP PENSJON PK 1 719 848 3,9 % SURFSIDE HOLDING AS 1 552 960 3,5 % HENRIK MIDTTUN HAAVIE 806 019 1,8 % LUCELLUM AS 770 000 1,7 % STORKLEIVEN AS 751 000 1,7 % AUGUST RINGVOLD AGENTUR AS 750 315 1,7 % IVAR LØGES STIFTELSE 540 000 1,2 % CORTEX AS 508 989 1,1 % SANDEN EQUITY AS 500 000 1,1 % DNB BANK ASA 499 000 1,1 % DELTA AS 415 000 0,9 % GINKO AS 400 000 0,9 % MELESIO INVEST AS 397 110 0,9 % NIELS CATO BECKETT AALL 299 256 0,7 % NICOLAI ANDREAS EGER 266 102 0,6 % FJORD HOLDING AS 250 905 0,6 % SKANDINAVISKA ENSKILDA BANKEN AB 216 042 0,5 % Total 20 largest shareholders 32 515 157 73,3 % Other shareholders 11 829 435 26,7 % Total number of shares 44 344 592 100,0 % *Board members of Vistin Pharma ASA (direct or indirect ownership)
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Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 29 October 2026