Good day, and thank you for standing by. Welcome to the Vistin Pharma quarterly report Q3 2026 webcast and conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. If you join via device audio, click the raise hand button on your screen. To withdraw your question, please press star one and one again, or click the lower hand button. Alternatively, you may submit your question via the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Magnus Tolleshaug, CEO. Please go ahead. Thank you. Good morning, everyone, and welcome to this third quarter presentation of Vistin Pharma. My name is Magnus Tolleshaug, CEO of the company, and with me today, I have our CFO, Mr. Alexander Karlsen. I will now go through the highlights of the quarter. The revenue in the third quarter ended at NOK 108 million, compared to NOK 109 million in the third quarter 2025. We have had a significantly stronger Norwegian krone compared to euro in the third quarter of 2026 compared to 2025, affecting the revenue in local currency. The revenue year-to-date was NOK 321 million, compared to NOK 342 million year-to-date last year, a decrease of 6%. The EBITDA ended at NOK 19 million versus NOK 28 million in the third quarter 2025. The EBITDA of NOK 19 million was positively affected by higher sales volume, but offset by a weaker euro. Year-to-date, we have had an EBITDA of NOK 68 million compared to NOK 88 million year-to-date 2025. The earnings per share for the first nine months of 2026 ended at NOK 1.05 per share, compared to NOK 1.38 year-to-date 2025. We have had a sales volume from January to September 2026 of 4,710 metric tons, which represents an increase of 10%, corresponding to about 420 metric tons more produced than compared to the first nine months of 2025. An ordinary cash dividend of total NOK 1 per share was paid out in the second quarter, corresponding to about NOK 44 million and an additional cash dividend of NOK 0.5 per share will be paid out in November to our shareholders. 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 biannual maintenance stop in the fourth quarter of four weeks, where both lines will be standing idle. The planned stop will impact our production and sales volume correspondingly in the same quarter and thereby also the financial results in the fourth quarter like we have communicated earlier also during the first quarter and second quarter presentations. Here we see a picture of our manufacturing plant in Norway. This is a picture showing it situated in the middle of a forest. The big gray box in the front you can see is the, let's say, newest building. That's the finished goods warehouse we invested in some years ago. Vistin, we are one of the world leaders of metformin API manufacturing. Metformin is the first-line treatment of type two diabetes. There's always going to be additional diabetes medication coming on top used in combination, but metformin is still the first-line treatment of type two diabetes. The demand globally for metformin is expected to continue to grow by about 5% per year. It's really a high demand in the world, especially from Asia and out-of-pocket paying countries where there's not so much reimbursement because metformin is cheap and efficacious and have very few side effects. Our sales market share globally today is about 10%, and our goal is to reach about 7,000 metric tons of sales and production volume, and we are growing in a growing market. Here we see a picture of the world and how many millions of people that are affected by diabetes. It's really a pandemic. Today, about 590 million adults are living with diabetes, and the distribution between type one diabetes and type two diabetes is that 90% of the cases are type two. So about 550 million is type two diabetes, where you typically get metformin as a first-line treatment. You can also see that about 3.4 million deaths occur every year because of diabetes. So it's really a pandemic. This picture shows the more growth or expected growth by the International Diabetes Federation. To the right, you can see the expected regional growth in percentages. In average or in general, you could say that the prediction is that the number of cases of diabetes will grow by approximately 45% by 2050. Here is a picture of our global export footprint. We have 100% export from our manufacturing plants in Norway. We do direct sales all the way from Japan in the east to Latin America, U.S. in the west, even though majority of our volumes goes typically to Central Europe, to hubs where mid-size reputable or large-size reputable pharmaceutical companies are transforming our API into granules or drug products and then distributing this and packaging it around the world. So today, at least we know that our metformin is used in more than 100 countries or registered in 100 countries. In Vistin, we have had a long and successful growth rate. Below you can see the revenue development the past years. The spike in 2023 was when we installed our new secondary manufacturing line in 2022, and you could say it started to materialize into sales and financial activity that year. I would like to hand over to our CFO, Mr. Alexander Karlsen, who will bring us through a bit more of the details of the financial figures. Thank you, Magnus. We will start with the sales volume. 1,610 metric tons of metformin was sold in the third quarter, which is an all-time high sales during one quarter. It is around 13% increase. Year- to- date, we sold 4,710 tons compared to 4,290 tons for the first nine months of 2025, which is a 10% increase. Revenue in the quarter was positively affected by increased sales volume. However, it was offset by a significantly stronger NOK versus euro and lower global spot price of metformin. Revenue came in at NOK 108.4 million, compared to NOK 108.8 million in the third quarter last year. FX neutral revenue increased by approximately 7% in the quarter. The 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 compared to same quarter last year. Product mix and onboarding of customers in new regions also influenced the sale prices, and this is in relation to fill up the capacity. Year- to- date, [NOK 321 million] in revenue compared to NOK 342 million last year. Adjusted for currency effects, revenue is approximately flat Year-to-date. The gross margin was 57% in the third quarter, driven by a temporary increase in raw material prices and significantly stronger NOK. The raw material costs in the quarter are higher due to consumption of raw materials purchased in April, May, when the Hormuz situation was on its most intense. Generally, the raw material prices are lower. However, during the most intense Hormuz situation, the Asian suppliers had concerns of future supply of raw materials, and based on that, we decided to buy additional safety stock of raw materials at increased prices, to be sure to be able to deliver to customers. That is very important as we are a premium supplier. Year-to-date, the gross margin is 61%, which is above our long-term ambition. Having a look at the EBITDA, came in at NOK 90 million compared to NOK 28 million last year. Generally, a stronger NOK versus U.S. dollar has a positive effect on the raw material costs. However, as mentioned during Q3, we did consume the higher-priced raw materials that was purchased in April, May, when the Hormuz situation was on its most intense. Year-to-date, EBITDA of NOK 68 million compared to NOK 88 million last year. I think we have been through most of the figures, but if you go below the EBITDA, we had depreciation of close to NOK 5.9 million in the quarter compared to NOK 6.7 million in the same quarter last year. Last year, we had a one-time write-off of NOK 1.2 million. EBIT came in at close to NOK 13 million compared to NOK 21.3 million last year, while net profit for the period was around NOK 11 million compared to NOK 18.5 million last year. Moving on to the balance sheet. Total non-current assets of around NOK 229 million compared to close to NOK 235 million last year, and that consists mainly of the machines, equipment and buildings at our plant at Fikkjebakke. For the current assets, there is a decrease in inventory, and that is driven by less raw materials on hand due to the plant four-week production stop in October. Cash position of NOK 32 million as of end September, and that brings total assets to close to NOK 422 million, compared to around NOK 425 million per September end 2025. Moving on to the equity and liability side. We have total equity around NOK 331 million compared to around NOK 313 million last year. There is a decrease in share premium driven by the dividend payout in the second quarter. For liabilities, we have no interest-bearing bank loans as of end September. We have enough cash position, as mentioned, of NOK 32 million, and there are also credit facilities available if we need. That brings total equity and liabilities to close to NOK 422 million, compared to NOK 425 million as of end September last year. With that, I am done with the financial review. I will give the word back to you, Magnus. Thank you, Alexander. I will now go through a summary of the presentation and add some comments to it. We have had a third quarter revenue of NOK 108 million, with a corresponding EBITDA of NOK 19 million. We had a record high sales volume of 1,610 metric tons in the third quarter, which is a 13% increase compared to the same quarter last year. We have had a sales volume of 4,710 metric tons from January to September, up 10% compared to last year. We had a gross margin of 57%, despite the raw material turbulence mentioned by Alexander in the pricing during the Hormuz situation. This indicates a good commercial execution and also a good partnership with our customers. We also utilized safety stock of critical raw materials to mitigate fluctuations and were able to deliver on orders according to plan during this most intense Hormuz situation. This is something that we are proud of. This is also important for us to deliver on promise as a high-premium supplier, as also Alexander mentioned. Our sales and marketing team is working actively around the world in different new regions and countries in order to onboard new customers. As manufacturing capacity is expanded, we need to fill it with new customer volume and also volume from existing customers growing. The long-term renewable energy supply agreement that we signed with Statkraft until 2032 provides us with predictable power prices, irrespective of market volatility these days. That is a good agreement. This also secures 100% green, renewable hydropower long term with a very favorable carbon footprint compared to other metformin suppliers. I think if you compare it ballpark, we have up to something like 40%-50% less CO2 equivalents as a carbon footprint compared to an Asian producer if you use coal power versus we use 100% renewable hydropower. This matters for customers when you have a high-volume product like metformin. The main distillation vessel in production has reached the end of its normal lifespan and needs to be replaced. This is planned now in an extended bi-annual maintenance stop in October for four weeks, where both lines will be standing idle. This planned stop will impact the production and sales volume correspondingly in the same quarter and will influence the financial figures of fourth quarter negatively, as we have communicated to the market in both Q1 and Q2. Since we are now already, you could say, in the end of October, I thought it could be nice for our shareholders just to know where we are with the maintenance stop and the current status. The current status for the maintenance stop is that we ramped down as planned. It's a big effort because you need a highly skilled team. It's been a big team of external people, internal people in our manufacturing plant. You can imagine we have to install this new distillation vessel. It's a 35,000 L tank, which is glass-lined on the inside. It has about 35 cu m of volume, and it weighs about 29 metric tons. This big vessel, first of all, we have to tear down the wall of the manufacturing plant. Then two big cranes is lifting this big vessel horizontally into the plant, and the tolerance between the walls is about 1 cm. It's really a great effort and a big effort. It went fine, and the vessel is working well. During the maintenance stop, we also used the opportunity to do some other OpEx cost-reducing installments, for example, in our tank farm, et cetera. So far we are according to plan, and we are starting our production this week. Vistin Pharma is continuously working towards improvement and growth opportunities and has started also to look for ways to further increase production capacity and improve unit costs. Being effective and having a low unit cost is, of course, bread and butter for us being a European manufacturing in a competitive market. We are looking into more automatization. We are looking into also how we can utilize AI and digitalization, and also be more efficient in our processes in such a way that as we ramp up volume, we do not need to potentially hire more people but be working smarter and more digital. That's a very interesting dimension. The global metformin demand is expected to continue to grow by a compound annual growth rate of about 4%-6%. We like to say at Vistin Pharma we are strategically well-positioned because many European clients, they prefer high-quality supplies, nearshore production, and an attractive ESG profile using renewable energy. We also see some tendency towards also Asian companies being interested in that sort of profile. An ordinary cash dividend of NOK 1 per share was paid out to shareholders in June, and an additional ordinary cash dividend of NOK 0.5 will be paid out in November. With that, I think we are done with the third quarter presentation, and we can open up for questions. Thank you. To ask a question, you will need to press star one and one on your telephone, or if you have joined via device audio, click the raise hand button and wait for your name to be announced. To withdraw your question, please press star one and one again, or click the lower hand button. If you wish to ask a question via the webcast, please type it into the box and click submit. Seems like we don't have any questions via the phone at the moment, so I will hand back to the speakers for online questions. Thank you. I think you already received some questions. We'll start with the first one. There is a question regarding gross margin recovery. Gross margin declined to 57% in Q3. How much of this is temporary, and when do you expect margins to recover above 60%? What I can say is that the third quarter was temporary. We have now consumed and bled out most of the more expensive raw materials. So as of now, we expect a recovery in Q4. What is your realistic production target for 2027, and what additional CapEx is required to reach 7,000 metric tons? First of all, we don't guide on direct production volume, but kind of, I think, we are expecting a nice increase from the Q3 production volume into 2027. To reach the 7,000 metric tons target, this is more about fine-tuning and working processes. There are not any significantly CapEx investment needed to reach the 7,000 metric tons. Yeah. There's another question here about the DC, the direct compressible 95%, commercialization. What's the status of this product and the sales volumes? Well, the product is ready commercially, so we are working with one customer at the moment, which is, let's say, advanced. We are also having some more leads on the DC 95. So this is about the, let's say, global sales job to attract more volumes. I think our target for the DC is about 800 metric tons. So that's a kind of an ideal target for us. We're working on ramping up the DC as well as the HCl API as we go forward. There is a bit more conversion cost, obviously, on the DC grade, but normally the margin is slightly higher than the API. There is another question here about the status of the distillation vessel. Well, I think I probably addressed that pretty well during the presentation, and the status of it. I think, Alexander, you commented also on the investment in the plant. Yeah. What I can say is that we have a running CapEx cost around NOK 10 million-NOK 12 million. In addition to that, we will do some minor replacement in 2027. It will not affect production volume. We also have an OpEx program where we look at different investments to reduce the operational expenses, especially around waste. We hope to launch something during 2027, similar to what we did with the water cycling, where we can do something smart with our waste so we do not need to send it out to destruction, which is quite expensive. We are working on that. There may be some interesting products coming in 2027. Yeah. There is a question here about competition from Asia and current price levels, et cetera, for the next one to three years, whether there are any production coming up that can distribute price levels. Well, metformin is a commodity product. We are, in the last 10 years, living in this environment where you have cheap Asian producers, you have more expensive Asian producers, you have us as a European producer in the premium segment, and then you have different customers having preferences for different types of security or let's say the attributes that the different suppliers can deliver. We are positioned in the premium segment. There will always be competition. There will always be capacity in the market. I think the history has shown that at least we have been successful in being placed in the premium segment, and it is about finding the right customers that are willing and can see that the value of purchasing European API and all the attributes around that is favorable compared to going to, let's say, more risky suppliers from Asia with longer lead times or potential hiccups on the way. So there are, let's say, we are used to this and there is nothing new in the market. There is a question, have you considered buybacks, especially around these share prices? I think that is really a question for the board, to be honest. It is a bit up to them. The next one is in what way will the stop in the, let us say, fourth quarter that I mentioned impact the financials? We will not guide on that, but I think what you can assume is that there is a four week stop in production. Then there is also a four week stop in sales. So really when one third of a quarter volume disappear, this will have a significant effect on the financials. But it is also really important to bear in mind this is only a one-time stop. From now onwards, we will produce for full again. So this is only temporary. There is a question here whether we are looking into further manufacturing lines. That is a good visionary question. I think we have different ways. We are looking into different ways to grow in the future as well. One of the options is also to expand more into metformin, whether it is a new line or improvement of existing lines. This is on our, let us say, drawing board, and we are also looking into that. Currently, we do not have any plans to buy a new manufacturing line, but this is an opportunity. We have some space. So this is part of, let us say, management view and planning for the future, so to say. Currently, I think the most important for us is to deliver on the 7,000 metric tons with the two lines we have and optimize the OpEx cost to have a good margin on the volumes. That is our main target. Price development in the market. This is a question. I think it is pretty similar to the previous question, how it will go. I think, metformin is a commodity drug, so you have to place yourself as a premium customer to those customers that can see the benefit of your metformin. Previously in history has shown that there are a big portion of the market is also premium customers. So we are not competing with the cheapest Asian producers. We are more focused on the, let's say, generic plus on the premium market. There is a question about the status of the, let's say the ownership of the CF Pharma ownership. I think what we can say there is that we are First of all, this 15% ownership gives us very well insights and good data, let's say, into the company via management. What we can say is that we are actively looking into some options for further collaboration or partnership without extending that any further at the moment. There are also some, can you give some color on the future sales volume and market condition? I think as Magnus says, we are continuing ramping up. I think we are expecting some positive development going into next year. There are also the global metformin demand is expected to grow 4%- 6% annually. So we are growing in a growing market. Yeah. I think if you look at the demand in the world, it is expected to grow by 35,000 metric tons over the next five years to 120,000 metric tons, I think. So it is really a pull from the market. Maybe the most pull in the market is from those, let's say, Asian countries and Latin America and Eastern Europe where you have maybe not so reimbursed markets, but where you have more out-of-pocket expense because metformin is cheap and efficacious and low side effects. It costs you about $4- $5 per month as a patient. That is really very difficult to compete with any other medication. So that is the pull and it is efficacious. So we are expecting the demand for the market to maintain. It is more finding the right customers, ensuring a good margin and having a good operational expense on our side. In addition to commercial execution to make sure the prices are decent. Exactly. Okay. I think with that, we have answered all the questions that has come in. We are now done, and we can close the call. Thank you. This concludes this conference call. Thank you for participating. You may now disconnect.