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IP - Financial results for the second quarter and first half of 2025 for Medistim ASA - Attachment: Q2 2025 PPT FINAL.pdf

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# Second Quarter and First Half 2025 Financial Results

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**Kari E. Krogstad** President & CEO

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**Thomas Jakobsen** CFO

### Before we start

- You will be kept on mute during the presentation
- Click on the Q&A button to write your questions
- The host will read and answer your questions at the end of the presentation

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## Disclaimer

The information included in this Presentation may contain certain forward-looking statements that address or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties.

The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets where Medistim is or will be operating, such as IP risks, clinical development risks, regulatory risks, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors, we refer to Annual Report for 2024. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements.

The reservation is also made that inaccuracies or mistakes may occur in this information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and Medistim disclaims any an all liability in this respect.

# Agenda

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# 01 - Highlights

Medistim Second Quarter and First Half Financial Results 2025

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## Medistim Track Record

![](_page_5_Figure_1.jpeg)

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## Highlights Q2 2025

| In MNOK  | Q2 2025 | Q2 2024 | QoQQ    |
|----------|---------|---------|---------|
| Revenue  | 169.1   | 144.9   | +16.7 % |
| EBIT     | 54.1    | 41.3    | +31.2 % |
| Currency |         |         | +1.0 %  |

- o Second best quarter ever for both sales and EBIT, only beaten by Q1
- o Currency neutral sales development:
	- Total sales up 15.7%
	- Own products sales up 18.2%
		- AMERICAS up 32.9%
		- APAC up 22.9%
		- EMEA down 3.6%
- Third-party products up 3.3%

7

- o Operating profit (EBIT) up 31.2%
- o Strong EBIT margin at 32.0% (28.5%) due to strong sales of own products in Q2
- o A dividend of NOK 6.00 per share, a total of MNOK 109.6 was paid 19th of May

![](_page_6_Picture_13.jpeg)

## Highlights H1 2025

| In MNOK  | H1 2025 | H1 2024 | H1 o H17 |
|----------|---------|---------|----------|
| Revenue  | 350.6   | 278.7   | +25.8 %  |
| EBIT     | 113.3   | 73.3    | +54.5 %  |
| Currency |         |         | +1.1 %   |

- o Record first half for sales and EBIT
- o Currency neutral sales development:
	- Total sales up 24.7%
	- Own products sales up 25.4%
		- AMERICAS up 33.7%
		- APAC up 44.0%
		- EMEA up 7.1%
	- Third-party products up 21.4%
- o Operating profit (EBIT) up 54.5%
- o Strong EBIT margin at 32.3% (26.3%) due to strong sales of own products in H1
- o Strengthening the commercial operation

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## 02 Financial Statements

![](_page_8_Picture_3.jpeg)

## Profit & Loss Q2 2025 Sales per Quarter (MNOK)

| PROFIT & LOSS (All numbers in NOK 1000)                           | 02 25   | Q2 24   |
|-------------------------------------------------------------------|---------|---------|
| Total revenue                                                     | 169 076 | 144 917 |
| Cost of material                                                  | 30 638  | 28 957  |
| Gross margin                                                      | 138 438 | 115 960 |
| Gross margin %                                                    | 81.9 %  | 80.0 %  |
| Salary and social expenses                                        | 47 914  | 39 836  |
| Other operating expenses                                          | 30 030  | 28 439  |
| Total operating expenses                                          | 108 583 | 97 232  |
| Operating profit before depreciation and<br>amortization (EBITDA) | 60 493  | 47 685  |
| EBITDA %                                                          | 35.8 %  | 32.9 %  |
| Depreciation                                                      | 6 358   | 6 428   |
| Operating profit (EBIT)                                           | 54 135  | 41 257  |
| EBIT %                                                            | 32.0 %  | 28.5 %  |
| Financial income                                                  | 7 765   | 1 782   |
| Financial expenses                                                | 5 553   | (1 622) |
| Net finance                                                       | 2 212   | 3 404   |
| Profit before tax                                                 | 56 347  | 44 660  |
| Tax                                                               | 13 363  | 9 939   |
| Profit after tax                                                  | 42 984  | 34 721  |
| Dividend                                                          | 109 465 | 82 414  |

![](_page_9_Figure_3.jpeg)

EBIT per Quarter (MNOK & %)

![](_page_9_Figure_5.jpeg)

## Profit & Loss H1 2025 Sales per Quarter (MNOK)

| PROFIT & LOSS (All numbers in NOK 1000)                           | H1 25   | H1 24   | FY 2024 |
|-------------------------------------------------------------------|---------|---------|---------|
| Total revenue                                                     | 350 622 | 278 704 | 562 599 |
| Cost of material                                                  | 61 203  | 53 936  | 113 680 |
| Gross margin                                                      | 289 420 | 224 768 | 448 919 |
| Gross margin %                                                    | 82.5 %  | 80.6 %  | 79.8 %  |
| Salary and social expenses                                        | 106 511 | 85 905  | 185 113 |
| Other operating expenses                                          | 57 673  | 52 772  | 108 220 |
| Total operating expenses                                          | 225 386 | 192 613 | 407 013 |
| Operating profit before depreciation and<br>amortization (EBITDA) | 125 236 | 86 091  | 155 585 |
| EBITDA %                                                          | 35.7 %  | 30.9 %  | 27.7 %  |
| Depreciation                                                      | 11 930  | 12 767  | 24 510  |
| Operating profit (EBIT)                                           | 113 306 | 73 324  | 131 076 |
| EBIT %                                                            | 32.3 %  | 26.3 %  | 23.3 %  |
| Financial income                                                  | 11 105  | 5 366   | 11 499  |
| Financial expenses                                                | 11 355  | 3 366   | 8 329   |
| Net finance                                                       | (250)   | 2 001   | 3 170   |
| Profit before tax                                                 | 113 057 | 75 324  | 134 246 |
| Тах                                                               | 26 648  | 16 223  | 30 414  |
| Profit after tax                                                  | 86 409  | 59 101  | 103 832 |
| Dividend                                                          | 109 465 | 82 414  | 82 414  |

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EBIT per Quarter (MNOK & %)

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## Balance Sheet Assets

| BALANCE SHEET (All numbers in NOK 1000) | 02 25   | 02 24   | FY 2024 |
|-----------------------------------------|---------|---------|---------|
| Assets                                  |         |         |         |
| Intangible assets                       | 76 581  | 56 787  | 69 739  |
| Fixed assets                            | 70 384  | 59 363  | 76 098  |
| Total intangible and fixed assets       | 146 966 | 116 150 | 145 837 |
| Current assets                          |         |         |         |
| Inventory                               | 174 341 | 164 436 | 160 521 |
| Accounts receivables                    | 94 121  | 66 473  | 68 980  |
| Other receivables                       | 23 258  | 22 734  | 20 421  |
| Cash                                    | 96 351  | 107 058 | 179 210 |
| Total current assets                    | 388 072 | 360 700 | 429 131 |
| TOTAL ASSETS                            | 535 037 | 476 850 | 574 968 |

![](_page_11_Figure_2.jpeg)

- o In general, high inventory levels due to company policy of securing stock of critical components and finished goods
- o Expecting a decrease in inventory levels after purchase orders placed during the period of supply chain issues are delivered
- o Increase in customer receivables due to record sales, which increase working capital
- o Strong cash position by quarter end at MNOK 96.4 after a dividend of NOK 6 per share, total MNOK 109.6, was paid the 19th of May

## Balance Sheet Equity & Liability

| BALANCE SHEET (All numbers in NOK 1000) | 02 25   | 02 24   | FY 2024 |
|-----------------------------------------|---------|---------|---------|
| Equity and liability                    |         |         |         |
| Share capital                           | 4 585   | 4 585   | 4 584   |
| Share premium reserve                   | 44 172  | 44 172  | 44 172  |
| Other equity                            | 335 049 | 334 497 | 387 855 |
| Total equity                            | 383 806 | 383 254 | 436 611 |
| Lease obligations                       | 22 033  | 10 320  | 25 059  |
| Deferred income                         | 5 453   | 1 622   | 5 931   |
| Total long term liability               | 27 487  | 11 942  | 30 990  |
| Total short term liability              | 123 745 | 81 654  | 107 367 |
| TOTAL EQUITY AND LIABILITY              | 535 037 | 476 850 | 574 968 |

![](_page_12_Figure_2.jpeg)

- o No interest-bearing debt
- o 36.8 MNOK in obligations related to lease contracts, where 27.5 MNOK is long term
- o Deferred income from extended warranty contracts amounted to 5.4 MNOK

## Key Figures

| KEY FIGURES                                | 02 25   | Q2 24    | H1 25   | H1 24   | FY 2024 |
|--------------------------------------------|---------|----------|---------|---------|---------|
| Equity share                               | 71,7 %  | 77,7 % - | 71,7 %  | 80,4 %  | 75.9 %  |
| Earnings per share                         | kr 2.35 | kr 1,90  | kr 4,73 | kr 3.23 | kr 5.67 |
| Earnings per share diluted                 | kr 2.35 | kr 1,90  | kr 4,73 | kr 3.23 | kr 5,67 |
| Average shares outstanding in 1000         | 18 253  | 18 314   | 18 276  | 18 314  | 18 314  |
| Average shares outstanding in 1000 diluted | 18 253  | 18 314   | 18 276  | 18 314  | 18 314  |

### Cash Flow

| CASH FLOW (All numbers in NOK 1000)              | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|--------------------------------------------------|------------|------------|------------|
| Profit before tax                                | 113 057    | 75 324     | 134 246    |
| Depreciation and amortizations                   | 11 930     | 12 767     | 24 510     |
| Income tax paid                                  | (28 340)   | (25 873)   | (28 404)   |
| Change in working capital                        | (29 564)   | (8 259)    | (7 855)    |
| Other                                            | (10 608)   | (6 570)    | 19 065     |
| Cash flow from operation                         | 56 474     | 47 389     | 141 561    |
| Cash flow from investments                       | (12 480)   | (7 598)    | (24 693)   |
| Purchase own shares                              | (12 572)   |            |            |
| Dividend                                         | (109 885)  | (82 414)   | (82 414)   |
| Principle and interest paid on lease obligations | (4 396)    | (4 192)    | (9 115)    |
| Cash flow from financing                         | (126 853)  | (86 606)   | (91 529)   |
| Net change in cash and cash equivalents          | (82 859)   | (46 815)   | 25 339     |
| Cash and cash equivalents at start of period     | 179 210    | 153 872    | 153 872    |
| CASH AND CASH EQUIVALENTS BY THE END OF PERIOD   | 96 351     | 107 057    | 179 210    |

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## 03 Business Segments Update

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### Flow-and-Imaging Systems in Units (capital sales)

Strong volume growth in AMERICAS is offset by weaker quarter in EMEA and APAC, giving net 1 more **Flow-and-Imaging unit** sold compared to last year

- o AMERICAS up by 8 units
- o EMEA down by 4 units
- o APAC down by 3 units

Most of the sales was through the direct sales channel and less through distributors

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#### Flow-and-Imaging systems in units sold as capital

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### Imaging Probes in Units

7 more **Imaging probes** sold in Q2, up 23%

- AMERICAS up by 2 units
- EMEA up by 10 unit
- APAC down by 5 units

![](_page_17_Figure_5.jpeg)

#### Imaging probes in units

### Flow-only Systems in Units (capital sales)

Capital sales of **Flow systems u**p 6 units, growing 20%, compared to Q2 last year

- o AMERICAS up by 2 units
- o EMEA down by 3 units
	- Weaker sales through distributor network
- o APAC up by 7 units driven by strong quarter in China

![](_page_18_Figure_6.jpeg)

#### Flow-only systems in units sold as capital

![](_page_18_Figure_8.jpeg)

### Flow Probes in Units

**Flow probe** unit sales up 15.6% in Q2

- o AMERICAS up 27%
- o EMEA up 2%

o APAC up 35%

Strong capital sales drive probe sales. Inventory situation in China normalized

![](_page_19_Figure_6.jpeg)

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## AMERICAS

### **MNOK 78.9 (59.0**) in sales in Q2

Currency neutral, revenue is **up 32.9% for the quarter**

- o Total number of systems sold as capital, is up by 10 units in total. Flow-and-Imaging systems is up with 8 units, driving the growth for the region
- o New direct market **Canada** continued to grow with 13.7% in Q2
- o Distributors in **Latin America** delivers weak quarter compared to last year down from MNOK 1.9 to MNOK 0.9

### Performance USA

| SYSTEM SALES AND OUT-<br>PLACEMENTS | 02<br>2025 | 2024 | Q2 CHANGE<br>IN % | H1<br>2025 | H1<br>2024 | CHANGE<br>IN % |
|-------------------------------------|------------|------|-------------------|------------|------------|----------------|
| Capital sales flow                  |            | 5    | 40.0 %            | த          | 12         | -25 %          |
| Capital sales flow & imaging        | 14         | ട    | 133.3 %           | 28         |            | 11    154.5 %  |
| Outplacement flow                   |            |      | 0.0 %             |            | വ          | -100 %         |
| Outplacement flow &<br>imaging      |            |      | 0.0 %             | 2          | ব          | -50.0 %        |
| Total number of units               | 21         | 11   | 90.9 %            | 39         |            | 29 34.5 %      |

| NUMBER OF<br>PROCEDURES FROM:<br>PPP smart cards or lease flow | 02<br>2025<br>4 331 | 02<br>2024<br>6 182 | CHANGE<br>IN %<br>-29.9 % | H1<br>2025<br>10 910 | H1<br>2024<br>12 505 | CHANGE<br>IN %<br>-12.8 % |
|----------------------------------------------------------------|---------------------|---------------------|---------------------------|----------------------|----------------------|---------------------------|
| Flow probes to capital<br>customers                            | 16 118              | 10 765              | 49.7 %                    | 32 265               | 23 000               | 40.3%                     |
| Total flow procedures                                          | 20 449              | 16 947              | 20.7 %                    | 43 175               | 35 505               | 21.6 %                    |
| PPP or lease imaging                                           | 2 386               | 2 027               | 17.7 %                    | 4 668                | 4 025                | 16.0 %                    |
| Imaging probes to<br>capital customers                         | 2 000               | 1 400               | 42.9 %                    | 4 000                | 1 900                | 110.5 %                   |
| Total imaging procedures                                       | 4 386               | 3 427               | 28.0 %                    | 8 668                | 5 925                | 46.3 %                    |
| Total flow and imaging<br>procedures                           | 24 834              | 20 374              | 21.9 %                    | 51 842               | 41 430               | 25.1 %                    |

7 (2) new customers in Q2 and 19 (11) new customers YTD

Number of Flow procedures\*) sold in the USA per year

![](_page_21_Figure_5.jpeg)

![](_page_21_Figure_6.jpeg)

\*) *Procedures are counted based on PPP cards and Probes sold.*. *the number sold is an ESTIMATE for utilization*

![](_page_21_Picture_8.jpeg)

37% of the US CABG procedures

## APAC

23

### **MNOK 22.1 (17.7**) in sales in Q2

Currency neutral, revenue is **up 22.9% for the quarter**

We see recovery in sales to China;

- o Entering 2025, sales to **China** is normalizing after the transition period after going from distributor to direct operations in 2023, with inventory build ups affecting sales in the following periods.
- o **Q2 continued strong with sales at MNOK 12.7, up 75%.** We expect to see quarterly variations but a normalized year.
- o Sales to **Japan** was at the same level as last year, with MNOK 3 in Q1, and at MNOK 9.3 in H1
- o Sales to **India** is picking up, this quarter at MNOK 1.9 and 4 MNOK in H1

![](_page_22_Picture_8.jpeg)

## EMEA

### **MNOK 42.8 (43.7**) in sales in Q2

Currency neutral, **revenue is down 3.6% for the quarter**

- o Continued strong development in **direct markets** (Spain, Germany, Scandinavia) with currency neutral growth of 7.5% for the quarter.
- o Sales through **distributors** was down with a currency neutral decline of 19.1% for the quarter

![](_page_23_Picture_5.jpeg)

## 3rd party products

### **MNOK 25.2 (24.4**) in sales in Q2

Revenue **is up 3.3% for the quarter, 21.4% for H1**

- o Highly diversified product portfolio
- o Mentor, Icare and A.M.I. are the biggest contributors
- o High sales of opthalmology products to new hospitals in Norway drive sales in H1

![](_page_24_Picture_6.jpeg)

## Revenue Performance by Region

| GEOGRAPHIC SPLIT OF SALES<br>(All numbers in NOK 1000) | Q2 25   | 02 24   | Change in % | H1 25   | H1 24   | Change in % | FY 2024 |
|--------------------------------------------------------|---------|---------|-------------|---------|---------|-------------|---------|
| AMERICAS                                               |         |         |             |         |         |             |         |
| USA                                                    | 75 342  | 54 763  | 37,6 %      | 143 330 | 101 134 | 41.7 %      | 216 261 |
| Canada                                                 | 2 681   | 2 358   | 13,7 %      | 8 480   | 8 184   | 3.6 %       | 13 993  |
| South America                                          | 891     | 1 927   | -53,8 %     | 1 168   | 4 480   | -73.9 %     | 6 906   |
| Total AMERICAS                                         | 78 914  | 59 049  | 33,6 %      | 152 978 | 113 798 | 34.4 %      | 237 160 |
| АРАС                                                   |         |         |             |         |         |             |         |
| China                                                  | 12 754  | 7 299   | 74,7 %      | 27 248  | 15 731  | 73.2 %      | 34 573  |
| Japan                                                  | 3 059   | 3 157   | -3,1 %      | 9 334   | 6 752   | 38.2 %      | 12 056  |
| Rest of APAC                                           | 6 326   | 7 293   | -13,3 %     | 13 464  | 12 086  | 11.4 %      | 18 654  |
| Total APAC                                             | 22 139  | 17 749  | 24,7 %      | 50 046  | 34 569  | 44.8 %      | 65 283  |
| EMEA                                                   |         |         |             |         |         |             |         |
| Europe                                                 | 41 059  | 41 576  | -1,2 %      | 84 506  | 80 531  | 4.9 %       | 162 457 |
| MEA                                                    | 1 773   | 2 149   | -17,5 %     | 6 264   | 3 005   | 108.5 %     | 7 878   |
| Total EMEA                                             | 42 832  | 43 725  | -2,0 %      | 90 770  | 83 536  | 8.7 %       | 170 335 |
| Third-party products                                   | 25 191  | 24 394  | 3,3 %       | 56 828  | 46 802  | 21.4 %      | 89 821  |
| Total sales                                            | 169 076 | 144 916 | 16,7 %      | 350 622 | 278 704 | 25.8 %      | 562 599 |
|                                                        |         |         |             |         |         |             | MEDIC   |

## Cardiac and Vascular Sales Split

![](_page_26_Picture_1.jpeg)

| SPLIT OF SALES BETWEEN CARDIAC SURGERY, VASCULAR           | Change in |         |        |         | Change in |        |         |  |
|------------------------------------------------------------|-----------|---------|--------|---------|-----------|--------|---------|--|
| SURGERY AND THIRD-PARTY PRODUCTS (All numbers in NOK 1000) | 02 25     | Q2 24   | %      | H1 25   | H1 24     | 0/0    | FY 2024 |  |
|                                                            |           |         |        |         |           |        |         |  |
| Sales within Cardiac surgery                               | 108 827   | 95 647  | 13.8 % | 228 486 | 186 182   | 22.7 % | 379 053 |  |
| Sales within Vascular surgery                              | 35 057    | 24 875  | 40.9 % | 65 308  | 45 720    | 42.8 % | 93 724  |  |
| Sales of third-party products                              | 25 191    | 24 394  | 33.3 % | 56 828  | 46 802    | 21.4 % | 89 821  |  |
|                                                            |           |         |        |         |           |        |         |  |
| Total sales                                                | 169 075   | 144 916 | 3.3 %  | 350 622 | 278 704   | 25.8 % | 562 598 |  |

**Vascular products shows 41% growth** in Q2 and 43% in H1, making up 22% of sales of own products

Cardiac sales also developing well

![](_page_26_Picture_5.jpeg)

## Flow and Imaging Sales Split

| SPLIT OF SALES BETWEEN FLOW PRODUCTS, IMAGING               |         | Change in |          |         | Change in |        |         |
|-------------------------------------------------------------|---------|-----------|----------|---------|-----------|--------|---------|
| PRODUCTS AND THIRD-PARTY PRODUCTS (All numbers in NOK 1000) | Q2 25   | Q2 24     | %        | H1 25   | H1 24     | %      | FY 2024 |
|                                                             |         |           |          |         |           |        |         |
| How products                                                | 101 116 | 89 312    | 13.2 %   | 201 698 | 174 199   | 15.8 % | 348 021 |
| lmaging products                                            | 42 769  | 31 210    | 37.0 %   | 92 096  | 57 703    | 59.6 % | 124 757 |
| Sales of third-party products                               | 25 191  | 24 394    | 3.3 %    | 56 828  | 46 802    | 21.4 % | 89 821  |
|                                                             |         |           |          |         |           |        |         |
| Total sales                                                 | 169 075 | 144 917   | 16.7 % - | 350 622 | 278 704   | 25.8 % | 562 598 |

After a challenging period in 2023 and 2024, **the Imaging portfolio is growing 37% in Q2 and 60% in H1**

## Recurring vs Capital Revenue

#### Split between recurring and capital sales (MNOK)

![](_page_28_Figure_2.jpeg)

![](_page_28_Picture_3.jpeg)

![](_page_29_Picture_0.jpeg)

# 04 Implementing the Strategy

Medistim Second Quarter and First Half Financial Results 2025

![](_page_29_Picture_3.jpeg)

## The Growth Strategy

![](_page_30_Figure_1.jpeg)

- **1. Convert high-penetrated Flow-only CABG markets**  to Flow-and-Imaging and the New-Standard-of-Care
	- → Early adopter & KOL support
	- → REQUEST study
	- → Ease conversion with the upgradable MiraQ
- **2. Grow adoption in under-penetrated markets**
	- → Clinical marketing, Guidelines, Education
	- → Product innovation for ease of use
- **3. Flexible pricing and business models**
	- → Entry-level solution in price sensitive markets
	- → Price-per-procedure model & capital sales
- **4. Build position in Vascular surgery**
	- → Dedicated system MiraQ Vascular & probes
	- → Build position with societies and KOLs
- **5. Expand direct market coverage** 
	- → Get closer to the customer

Medistim stands at a pivotal moment as we enter 2025, poised for significant growth driven by the launch of the INTUI software platform, which is advancing innovation in the Cardiac segment, and a focused strategy in the Vascular segment, supported by the PATENT study and our commitment to advancing Peripheral Bypass.This is the perfect time to strengthen our commercial efforts.

![](_page_31_Picture_2.jpeg)

Kari E. Krogstad, 31 January 2025

## Strengthening the Commercial Operations

![](_page_32_Figure_2.jpeg)

*and a focus on fostering collaboration and sharing best practices across all regions,*  Kari E. Krogstad, 31. January 2025

![](_page_33_Picture_1.jpeg)

![](_page_33_Picture_2.jpeg)

![](_page_34_Picture_0.jpeg)

![](_page_34_Picture_2.jpeg)

![](_page_34_Picture_3.jpeg)

## Medistim Shareholders

| 1<br>ACAPITAL MEDI HOLDCO AS<br>1 815 978<br>9.90 %<br>2<br>FLØTEMARKEN AS<br>1 285 000<br>7.01 %<br>3<br>6.67 %<br>1 222 869<br>State Street Bank and Trust Comp<br>4<br>6.16 %<br>VERDIPAPIRFOND ODIN NORDEN<br>1 130 000<br>5<br>FOLLUM INVEST AS<br>970 000<br>5.29 %<br>6<br>5.10 %<br>INTERTRADE SHIPPING AS<br>935 735<br>7<br>Skandinaviska Enskilda Banken AB<br>813 801<br>4 44 %<br>8<br>VERDIPAPIRFONDET HOLBERG NORGE<br>684 414<br>3.73 %<br>9<br>3.27 %<br>ODIN Small Cap<br>600 000<br>10<br>517 566<br>2.82 %<br>J.P. Morgan SE<br>2.34 %<br>11<br>Skandinaviska Enskilda Banken AB<br>430 000<br>12<br>423 146<br>2.31 %<br>J.P. Morgan SE<br>13<br>393 375<br>2.15 %<br>State Street Bank and Trust Comp<br>14<br>381 609<br>2.08 %<br>The Northern Trust Comp, London Br<br>15<br>355 000<br>1.94 %<br>BUANES<br>16<br>Skandinaviska Enskilda Banken AB<br>345 094<br>1.88 %<br>17<br>MUSTAD INDUSTRIER AS<br>337 332<br>1.84 %<br>18<br>Skandinaviska Enskilda Banken AB<br>1.60 %<br>293 301<br>19<br>290 550<br>1.58 %<br>BNP Paribas<br>20<br>The Bank of New York Mellon SA/NV<br>268 000<br>1.46 %<br>Total 20 largest shareholders<br>13 492 770<br>18 337 336<br>Total number of shares outstanding | Rank | Shareholder | Number of shares | In % of total | Country        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|-------------|------------------|---------------|----------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | United States  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Sweden         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Luxembourg     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Luxembourg     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Sweden         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | United Kingdom |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Norway         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | United States  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Sweden         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | France         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Sweden         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               | Belgium        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               |                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |             |                  |               |                |