Vistin Pharma

Investor Presentation • Aug 15, 2025

Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) / 15 August 2025

Agenda

• Highlights

• Market overview
• Financial review
• Summary
• Appendix

Highlights

Another strong quarter with revenue of MNOK 118 and EBITDA of MNOK 30

MNOK 118 in revenue vs. MNOK 106 in Q2 2024, an increase of 11%

• Increased revenue driven by sales volumes +17% compared to same quarter last year
• MNOK 233 in revenue YTD 2025 compared to MNOK 210 YTD last year, an increase of 11%

EBITDA of MNOK 30 vs. MNOK 27 in Q2 2024, an increase of 11%

• EBITDA positively affected by increased sales volume and continued focus on cost improvements
• EBITDA YTD of MNOK 60 compared to MNOK 48 YTD 2024, an increase of 27%

Other

• ~1 500MT produced in the second quarter. The first part of April influenced by gradual start-up after the planned reactor replacement on line 1
• Still volatile freight lead times from Asia to Europe of raw materials and bottlenecks for on/off loading in European harbors. However, no impact on production due to safety stock of critical raw materials
• Currently no changes in demand from customers after the US tariff discussions
• Net debt of MNOK 40 as of end June
• Ordinary cash dividend of total NOK 1.25 per share paid in June (MNOK 55)

Vistin has high focus on reducing local and global emissions, and programs are in place to consume responsibly and recycle where possible

Agenda

• Highlights

• Market overview
• Financial review
• Summary
• Appendix

A pure play metformin company – supporting patients worldwide in a growing market

One of the largest health emergencies in the 21st century

Metformin

The gold standard treatment of type 2 diabetes + = Vistin Pharma

growth opportunity

A leading global producer of premium metformin

• Market demand for Metformin is expected to grow 4-6% annually, according to International Diabetes Federation

• Vistin's global market share will be approx. 10% when new capacity expansion is fully utilized

Diabetes – A global emergency

590 million adults in the world today is living with diabetes, this is expected to increase by 45% within 2050

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Number of people living with diabetes / Source International Diabetes Federation, IDF Diabetes Atlas, eleventh edition, 2025

Vistin Pharma produces about 10% of the world's demand of metformin and has a world-wide sales coverage

Vistin Pharma - world wide sales footprint

Agenda

• Highlights
• Market review
• Financial review
• Summary
• Appendix

Long and successful growth track record

2022 includes a one-time positive liquidated damage compensation (MNOK ~12.5)

Q2 2025 sales volume increased by 17% compared to same quarter last year. YTD sales volume + 15%

Figures in Metric Tons (MT)

Increased production volume has resulted in more volumes available for sale and increased revenue compared to same quarter last year

• Revenue of MNOK 118 in Q2'25 vs 106 in Q2'24 (+11%)
• Sales prices reflecting current raw material and freight costs, which has been rather stable during 2025
• MNOK 233 in revenue YTD 2025 compared to MNOK 210 YTD last year (+11%)

Figures in MNOK

Solid gross margin of 63% in quarter in accordance with long term ambition

• Strong gross margin due to stable production and favorable economies of scale in raw material purchasing
• Less volatile raw material prices in 2025 compared to 2023 and 2024
• Vistin long-term ambition for gross margin >60%

Gross margin (revenue – raw materials & freight costs)

Strong EBITDA of MNOK 30 compared to MNOK 27 in Q2 2024 (+11%)

• EBITDA positively affected by increased sales volume and continued cost focus
• EBITDA margin of 26% in quarter represents good commercial execution
• FX effect on EBITDA versus same quarter last year was unsignificant
• EBITDA YTD of MNOK 60 compared to MNOK 48 YTD 2024 (+17%)

Figures in MNOK

Key figures: income statement

(NOK 1 000)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
Total revenue and other income	117 670	106 081	232 706	209 964	429 503
Total operating expenses	87 395	78 744	172 217	162 187	325 178
EBITDA	30 275	27 337	60 489	47 778	104 325
Depreciation & amortisation	-5 427	-5 009	-10 298	-9 691	-19 029
EBIT	24 847	22 328	50 191	38 087	85 296
Net finance income/(expense)	- 1 165	2 239	1 308	-3 704	- 4 843
Profit/(loss) before tax	23 683	24 567	51 500	34 383	80 453
Profit/(loss) for the period	18 473	19 162	40 170	26 819	62 749

Balance sheet

Assets

	30.06.2025	30.06.2024	31.12.2024
Non-current assets
Fixed assets	227 772	229 973	229 603
Financial Assets	12 154	11 433	12 154
Deferred tax assets	-	7 074	-
Total non-current assets	239 927	248 480	241 757
Current assets
Inventory	82 958	68 787	76 665
Trade receivables	84 979	67 216	44 279
Other receivables	11 629	7 099	9 449
Cash & cash equivalents	2 226	11 389	12 794
Total current assets	181 792	154 490	143 187
Total Assets	421 719	402 970	384 945

• Deferred tax asset in relation to realized loss for Energy Trading in Q1 2020, fully utilized
• Inventory consisting approximately of 40/60 raw materials and finished goods
• Additional safety stock of raw materials added in Q2 due to the increased line times for raw material transportation from Asia

Balance sheet

Equity and liabilities

	30.06.2025	30.06.2024	31.12.2024
Equity
Share capital	44 345	44 345	44 345
Share premium	73 867	151 470	129 298
Retained earnings	176 057	98 360	135 886
Total equity	294 269	294 175	309 529
Non-current liabilities
Pension liabilities	6 386	8 372	6 602
Deferred tax liabilities	14 849		3 517
Other non-current liabilities	1 067	1 764	1 326
Total long term liabilities	22 302	10 136	11 445
Current liabilities
Trade payables	16 250	13 443	13 054
Short term debt	42 608	45 835	-
Other current liabilities	46 289	39 380	50 914
Total short term liabilities	105 147	98 658	63 969
Total liabilities	127 449	108 795	75 414
Total Equity and Liabilities	421 719	402 970	384 945

• Strong balance sheet with an equity ratio of 70%
• Dividend payment of MNOK ~55 in June 2025 has reduced the share premium
• Net debt of MNOK 40 as of end June.
• Increased working capital requirements in quarter driven by higher volume/sales, longer payment times from Asian customers due to longer transportation and additional increased safety stock
• Additional credit facilities available if needed

Agenda

• Highlights

• Market review
• Financial review
• Summary
• Appendix

Summary

• Another strong quarter with EBITDA of 30 MNOK in Q2'2025
• Sales volume increase of 17% compared to same quarter last year, and 15% increase YTD
• Increased operational performance with higher run-rate (units/time) versus Q2'24
• Continued focus on costs and good commercial execution showing positive effect YTD
• Currently no changes in demand from customers after the US tariff announcements. Continuously monitoring the situation for potential supply chain "knock-on effects"
• Metformin market expected to continue to grow by 4-6% annually
• Attractive growth potential as the remaining manufacturing capacity becomes fully available and optimized
• The long-term renewable energy supply agreement signed with Statkraft until 2032 provides predictable power prices irrespective of market volatility, and secures 100% green renewable hydropower long-term
• Vistin is strategically well positioned as many European clients prefer high quality supplies, near-shore production and an attractive ESGprofile
• Ordinary cash dividend of NOK 1.25 per share was paid out to shareholders in June

Agenda

• Highlights

• Market review
• Financial review
• Summary
• Appendix

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 ESGprofile

Attractive growth potential with new production line installed in 2022

• Decided in April '20 to invest MNOK 100 to increase the annual production capacity up to ~7 000MT
• Sales volume increased by ~50% from 2022 to 2024
• Vistin is experiencing a strong demand for it's Metformin

A premium producer in a competitive market

• Sales to reputable international pharmaceutical companies
• State-of-the-art, fully automated manufacturing plant in Kragerø, Norway
• Certified by all significant international regulatory bodies

Metformin market expected to continue to grow by 4-6% annually

• Diabetes is one of the largest health crises of the 21st century
• Metformin is expected to maintain its position as the Gold Standard baseline treatment for T2D in the foreseeable future
• The additional demand for metformin HCl is by industry experts forecasted to grow by approx. 30.000MT to 105.000MT by 2030

Appendix

Top 20 shareholders as of end June 2025

NAME	SHAREHOLDING	% SHARE
INTERTRADE SHIPPING AS*	14 509 280	32,72 %
HOLMEN SPESIALFOND	4 371 558	9,86 %
PACTUM VEKST AS*	2 991 773	6,75 %
MP PENSJON PK	1 719 848	3,88 %
STORKLEIVEN AS	751 000	1,69 %
AUGUST RINGVOLD AGENTUR AS	750 315	1,69 %
LUCELLUM AS	720 000	1,62 %
HENRIK MIDTTUN HAAVIE	710 683	1,60 %
TIGERSTADEN AS	650 000	1,47 %
IVAR LØGES STIFTELSE	540 000	1,22 %
SURFSIDE HOLDING AS	527 960	1,19 %
CORTEX AS	508 989	1,15 %
SANDEN EQUITY AS	500 000	1,13 %
DNB BANK ASA	493 007	1,11 %
TOM RAGNAR PRESTEGÅRD STAAVI	491 835	1,11 %
DELTA AS	415 000	0,94 %
GINKO AS	400 000	0,90 %
ØYSTEIN STRAY SPETALEN	323 091	0,73 %
MELESIO INVEST AS	309 808	0,70 %
NIELS CATO BECKETT AALL	301 658	0,68 %
Total 20 largest shareholders	31 985 805	72,13 %
Other shareholders	12 358 787	27,87 %
Total number of shareholders	44 344 592	100,00 %

*Board members of Vistin Pharma ASA (direct or indirect ownership)

Thank you for your attention

www.vistin.com

Magnus Tolleshaug (CEO) Alexander Karlsen (CFO) 15 August 2025