3
0,56
-0,11
1,03
1,42
1,69
-0,2
0
0,2
0,4
0,6
0,8
1
1,2
1,4
1,6
1,8
2021 2022 2023 2024 2025
EARNINGS PER SHARE 2021-25
Letter to
shareholders
Dear Customer and Stakeholder
I would like to use this opportunity to thank you
for our continued partnership and collaboration.
I hope Vistin Pharma continuously live up to
your expectations. I would like to provide some
insights into our 2025 highlights and operational
focus.
Vistin Pharma is a European manufacturer of
high-quality Metformin API (Active
Pharmaceutical Ingredient) with our fully
automated manufacturing plant in Kragerø,
Norway. Traditionally most API’s are
manufactured out of Asia, however Vistin is
showing that it is both possible and valuable to
manufacture in Norway. Our way of working is
through long-term collaboration with our
customers and stakeholders where
transparency, trust and high quality are the
essence of the partnership in addition to our
dedication towards delivering according to
customer and market expectations.
Today Vistin has around 10% of the global
market share of Metformin API, and the global
market is showing an underlaying stable growth
(CAGR) of 4-6% annually. The growth of
Metformin is driven by the growing number of
people in the world who develop diabetes type
2. There is also a growth in the number of
people in low- and middle-income countries
getting diagnosed and treated with Metformin
– which is an efficient, affordable and safe drug
treatment.
Metformin can be seen as a commodity
pharmaceutical product and has several
competitors in the global landscape. High
volume manufacturing of a commodity API in
Norway and Europe means we need to be
highly focused on unit cost in addition to high
product quality and supply security.
We achieve this by high levels of automation
and a continued focus on reducing operational
expenses by focusing our capital allocation
(CAPEX) towards projects that give permanent
long-term savings. This is necessary to be able
to offer customers and partners competitive
pricing and in addition making sure we have
divided capacity to offer our owners annual
returns on their investment.
We ended 2025 with all-time high sales volume,
growth on top- and bottom line, and all time
high net profit. Earnings per share (EPS)
increased 19% compared to last year, following
a 202% increase in EPS since 2021. In 2025
we paid out 1,25 NOK in dividend to our
investors corresponding to 5-6% annual yield.
4
Our strong results have been achieved by
strong commercial execution over the past
years with high focus on procurement costs,
OPEX initiatives and sales activities maintaining
a healthy gross margin and growing our sales
volume.
The market price for Metformin API fluctuates
with the global raw material- and energy prices.
Our aim is to maintain a long-term gross margin
of 60% and by doing so ensure a healthy
EBITDA margin and dividend for our owners.
This means that the topline may be lower one
year, yet bottom-line showing growth and
increased margins, even though both raw
materials and sales prices are lower than
previous years.
Vistin Pharma is like a miniature global
corporation. We procure and import raw
materials globally into our manufacturing in
Norway, and we export our products globally.
We have all functions to cover end-to-end
supply chain, and we have shown that we have
been able to persevere and maneuver as an
organization through rough global terrain like
the covid period.
We see the reshoring trend where global
pharmaceutical drug producers look for local
European supply of critical API’s due to the
shifting geopolitical situation both from a supply
perspective but also with tailwind from the new
EU Critical Medicines Act established to
incentivize European pharmaceutical
manufacturing. The changing customs tariffs
during 2025 have not influenced our business.
In 2025 both our manufacturing lines operated
with high stability throughout the year in parallel
with our volume ramp-up projects. In the first
quarter of the year, we had a planned change of
one of our two reactors. This change was
completed on time and cost only possible by
excellent planning and dedication from the
whole Vistin engineering team. Even with the
additional downtime the production volume
reached record high 5 900 metric tons in 2025.
We experience that producing at higher speeds
also creates higher wear and tear over time on
our machinery, so proactive maintenance is
important to avoid downtime. At Vistin we have
a very dedicated and professional maintenance
team who we are very proud of. They always
deliver on time and with customers in mind. Our
aim is to have a capacity of 7000 metric tons.
As we get closer to the goal, this requires not
only technical capacity, but also logistical
improvements and improving workflows such as
faster release time, speed of material through
our warehouse and improved internal
handovers.
Our employees are our most important asset
and people feel proud of being part of Team
Vistin. We are happy to have such dedicated
employees with high technical skillset and
dedication towards satisfying our customers. In
2025 we also launched Vistin Academy, a new
leadership development and employee training
program for our employees. Three sessions
have been held so far with enthusiastic
feedback from participants.
We believe in the importance of being a good
local corporate citizen and ensuring clean
operations. An example of this is our
multimillion CAPEX in our new water recycling
plant. This reduces our consumption of water
from the local municipality pipelines by 80% and
reduces cost.
Another relevant attribute of Vistin Metformin is
the significantly lower carbon footprint the
customers achieve by purchasing Vistin
Metformin compared to Asian produced
Metformin. The difference can be as much as 7-
12kg CO2e/kg Metformin API. Main reason for
this is that Vistin use 100% renewable
hydropower whereas coal power is used in
Asia. With international carbon prices and fees
of 50-100 €/ton and Metformin production being
high energy consuming this becomes a
sustainable competitive advantage.
5
There are advantages to being a dedicated
Metformin supplier because we can allocate all
our focus and flexibility to our customers. We
are in a strategic process looking into options
for further strengthening our business outside of
the Metformin landscape. We have
communicated to the market that we have a
strategic intent to increase the number of
products within our portfolio. Growth may come
from M&A activity, establishing a European
CDMO (Contract Development Manufacturing
Organization) for API or expanding our capacity
even further within Metformin.
In 2025 we developed a new product variant in
our portfolio. 95% Direct Compressible pre-
granulated Metformin delivered in big bags for
customers worldwide to be able to skip the unit
operation step of granulation and just place the
big-bag on top of their tableting machines. We
aim to have the first commercial sales of this
product variant during 2026.
Diabetes is really one of the big health
emergencies in this century and new diabetes
drugs will always enter the market being
effective in various ways. We have seen this
with the DDP4 and SGLT2 combination
products in past years and now also with the
GLP-1 diabetes type 2 treatment with weight
reducing effect, and most recently oral
administration rather than parenteral. However,
Metformin is used as baseline treatment and
the combination drugs are typically added on
top of Metformin, hence the future of Metformin
is solid. When you have a safe, efficacious drug
product with a monthly treatment cost of 4-5
USD, it is an easy treatment choice for the
prescribing doctors, and an affordable treatment
in low-and middle-income countries.
The delivery time of raw materials from Asia
has been less volatile compared to last year,
Vistin will be keeping a larger than normal level
of stock due to the current volatility in freight
lead times. Keeping stock has some financial
cost associated with it, but we have seen the
value of being able to supply even in turbulent
times. Therefore, investors may see inventory
levels being strategically higher than normal
during 2026.
Looking ahead into 2026 we are steadily
ramping up the volume capacity further and
ensuring volumes to our customers growing
demands. We are also increasing our sales
activities into new regions and countries in Asia
and the Middle East, two regions where the
growth of diabetes 2 and the medical need is
high. Here we are looking for strategic customer
partnerships. Our aim is to fill the manufacturing
capacity and become even more competitive in
price as we increase our manufacturing volume
to harvest further economies of scale.
I wish to thank our customers and stakeholders
for our great and open collaboration in 2025.
We take pride in supporting our customers drug
product business knowing that Vistin is always
there to support you as your preferred, flexible
and trusted partner.
Magnus Tolleshaug
CEO
6
MARKET & STRATEGY
During 2025, Vistin Pharma ASA and its
subsidiary (“Vistin Pharma” or the “Company”)
has one business segment: pharmaceuticals.
Vistin Pharma is a major player and a well-
recognized global supplier of Metformin, the
standard baseline treatment of diabetes II.
Market
Diabetes is one of the most serious diseases of
this century. The number of diabetes patients
are expected by WHO to grow from
approximately 590 million patients today to
more than 850 million within 25 years. About
11% of the world’s population in the age group
between 25 – 79 years are living with diabetes.
The global demand for Metformin API is
expected to grow by approximately 31.000MT
to 109.000MT (metric tons) by 2030.
Metformin is the standard first-line treatment of
Type II Diabetes, which represents around
90% of the global diabetes cases. Vistin
Pharma’s key customers are leading
pharmaceutical companies that use our API
into innovative and generic Metformin drug
products to the end market. The product
demand will therefore be dependent on the
performance of these products in the market.
Key drivers for future growth are the number of
diabetes patients diagnosed and treated with
metformin-containing products, continued
growth in sales volume from existing
international customers, as well as adding new
customers to Vistin’ s portfolio. The company is
currently experiencing good demand for its
products.
Strategy
Vistin’ s strategy is to build a >7000 MT
Metformin business through world class
operations and strategic customer partnerships
in order to maintain and over time grow the
global market share. Further, it is our ambition
to make our manufacturing site the most
technologically advanced and environmentally
sustainable state-of-the-art Metformin plant in
the world.
Vistin has positioned itself as a premium
supplier in the highly competitive Metformin
market, and to become a front runner on
sustainability by continuous focus and
innovations on reduction of emissions and
waste production. Vistin is one of two
European Metformin manufacturers, and the
only one with a dedicated facility.
Vistin Pharma believes that the quality of its
Metformin products, its advanced, fully
automated production facility, continuous focus
on and investment in sustainable operations,
and its service and delivery performance, are
competitive advantages and drivers for
increased sales and future growth.
After installation of the new second production
line (MEP) in Q1 2022, the company has been
focusing on ramping up volume from the two
production lines. A significant part of the
company’s resources engages in optimizing
output and building efficient and robust
processes to achieve up to 7000MT of annual
Metformin HCl output, and sales volume
accordingly.
3100
3500
3600
3700
5300 5300
5900
0
1000
2000
3000
4000
5000
6000
7000
2019 2020 2021 2022 2023 2024 2025
Production volume in metric tons
7
Higher manufacturing and sales volumes going
forward are expected to increase working
capital requirements, however this will fluctuate
from quarter to quarter. In addition, Vistin’ s
further growth ambitions will require some
additional CAPEX to support growth, increased
productivity and sustainability. Vistin has a
strategy of keeping additional safety stock of
critical raw materials and finished goods to
secure future supply and support the ramp-up
plan. Such safety stock is planned to mitigate
potential irregularities or delays around delivery
lead times of raw material from Asia and/or any
negative effects from the ongoing war in
Ukraine. Vistin may also hold certain levels of
safety stock for its tier-one customers.
Vistin Pharma’s long-term vision is to have no
negative impact on the environment, people,
and local community by the Company’s
presence. Vistin Pharma is proud of the
sustainability achievements, the track record of
deliverables and ongoing ESG focus and
investments to further reduce the Company’s
carbon footprint. Vistin Pharma’s customers
are, to a growing extent, also requesting and
expecting their suppliers to support the shift
towards a sustainable future. Vistin is
strategically well positioned to fulfil these
needs being situated in Norway with renewable
hydropower and stable environmental focus.
Sales & Marketing
Our strategy is to grow with our existing and
new customers, fulfilling their demands and
gradually utilize all available production
capacity by increasing our market share via
active sales Business to Business (B2B).
Vistin has a global footprint and exports 100%
of our product globally all the way from Far
East to Latin America. Vistin API is registered
and used in more than 100 countries today.
Our main sales model is direct sales, but we
also work with distributors and agents.
Recently we have been increasing our sales
activities into new regions and countries in Asia
and the Middle East, two regions where the
growth of diabetes 2 and the medical need is
high. Here we are looking for strategic
customer partnerships.
Our Metformin distinguishes itself from
competitors by being more easily processable
(saves manufacturing time), contains less
residual DMA and no nitrosamines. In addition,
Vistin has a very low carbon footprint due to
the use of 100% renewable hydropower in the
high energy consuming manufacturing of
Metformin, rather than using coal power which
is used in Asia.
Competitive drugs
New diabetes drugs will always enter the
market being effective in separate ways. This
was the case with the DDP4 and SGLT2
combination products in past years, and now
also with the GLP-1 diabetes type 2 treatment
with weight reducing effect. However,
Metformin is used as baseline treatment, and
the combination drugs are typically added on
top of Metformin. Because Metformin is a safe,
efficacious drug product with a monthly
treatment cost of as low as 4-5 USD, it is an
easy treatment choice for prescribing doctors
and an obvious choice for low-and middle-
income countries where drugs are paid out-of-
pocket.
Research and Development (R&D)
Vistin is positioned as a premium supplier in
the market. To strengthen this position, Vistin is
committed to invest in process and product
quality development and take advantage of
Best Available Techniques (BAT) in its
production environment. Vistin has a separate
department consisting of four highly competent
engineers dedicated to work with process,
productivity, and quality improvements.
8
Strategic intent
There are advantages being a dedicated
Metformin supplier because we can allocate all
our focus and flexibility to our customers.
However, we are in a strategic process looking
into options for further strengthening our
business outside of the Metformin landscape.
We have previously communicated to the
market that we have a strategic intent to grow
further and increase the number of products
within our portfolio. Growth may come from
M&A activity, establishing a European
multiproduct Contract Development and
Manufacturing Organization (CDMO) and/or
expanding our capacity even further within the
Metformin space.
Vistin Pharma owns 15% of CF Pharma. CF
Pharma is an API CDMO located in Budapest,
Hungary and has an extensive production site
in Budapest, with an experienced R&D
department for development of new products
and processes. The company has a proven
track record in developing and commercializing
Active Pharmaceutical Ingredients (APIs).
9
*Plant closed in Q1’22 for installation of new
production line
Presentation of financial results
for the group
Total revenue and other income for Vistin
Pharma in 2025 amounted to MNOK 452.3
(MNOK 429.5). The revenue for both 2025 and
2024 relate exclusively to sales of Metformin.
The operating profit for 2025 was MNOK 92.4
(MNOK 85.3). Net profit in 2025 amounted to
MNOK 74.8 (MNOK 62.8). Record high sales
volume of more than 5 800 metric tons (+12%)
Metformin in 2025 has positively affected the
revenue. Increased volume is also the main
driver behind the all-time high operating result.
Global Metformin prices have been lower in
2025 compared to 2024, as raw material prices
have decreased from high post pandemic
levels which has resulted in lower realized
prices, however at higher margins due to
excellent commercial execution during the
year.
Liquidity, financial position and
investments
Financial items
Net finance ended positive with MNOK 3.5 for
2025, compared to negative with MNOK 4.8 in
2024. Finance income and loss are in general
related to realized and unrealized FX losses
from customers receivables, currency hedging
contracts in EUR and interest expense from
credit overdraft. Net finance income in 2025
was mainly related to realized and unrealized
gain from FX hedging contracts.
Cash flow
Net cash flow for 2025 from operating activities
was positive with MNOK 78. The operational
cash flow was affected by working capital
increase due to higher inventory (increased
safety stock) and receivables (increased sales).
Net cash flow from operating activities in the
same period of 2024 was positive with MNOK
107.9. Longer sailing distance to Asia due to
the Red Sea situation have resulted in
increased payment time from Asian customers.
Net cash flow from investing activities in 2025
was negative with MNOK 16.3. This was
constituted mainly by capital expenditure and
some leasing repayments. Net cash flow from
investing activities in the same period last year
was negative with MNOK 40.3 also
representing capital expenditure and leasing
repayments in addition to the acquisition of a
15% ownership stake in CF Pharma.
Net cash flow from financing activities in 2025
was negative with MNOK 58.1. Net cash flow
from financing activities in 2024 was negative
with MNOK 80.9. For both periods, the cash
decrease was mainly driven by dividend
payments of MNOK 55 in 2025 and MNOK 78
in 2024.
Net change in cash and cash equivalents for
2025 was positive with MNOK 3.6. In the same
period last year, there was a net decrease in
cash equivalents of MNOK 13.4.
27
55
44
6
86
104
115
0
20
40
60
80
100
120
140
2019 2020 2021 2022 2023 2024 2025
EBITDA metformin (MNOK)
10
Balance sheet
Assets
Vistin Pharma had total assets of MNOK 439.4
as of 31 December 2025 (MNOK 385).
Equity
Equity by the end of December was MNOK
328.8 (MNOK 309.5). This equals an equity
ratio of 75%.
Liabilities
The Company had a net cash position of
MNOK 16.4 as of end 2025, compared to net
cash of MNOK 12.8 per year-end 2024. MNOK
1.5 (MNOK 2.2) in obligations related to lease
contracts are recognized in the balance sheet
according to IFRS 16.
Events after the balance sheet date
There have not been events subsequent to the
closing date of 31 December 2025, that affect
the financial situation or the Company’s
operational activities.
The Board of Directors will propose for the
AGM to pay out an ordinary cash dividend of
up to NOK 1.50 per share, to be paid partly
with NOK 1 in May and up to NOK 0.50 in
November
Vistin has built significant safety stock of critical
raw materials over the past quarters which is
mitigating potential supply chain interruptions
due to the Middle East conflict. Increased
freight and raw material prices are expected
going forward, which in turn will increase the
global metformin prices.
Organizational
matters
Organization
At the end of 2025, the Group had 77
employees.
Board of Directors
At year end the board consisted of Øyvin A.
Brøymer (chairman), Bettina Banoun, Kari
Krogstad, Espen Marcussen, Espen Lia
Gregoriussen (employee representative), Stine
Wang Rønningen (employee representative),
and Kjell-Erik Nordby (observer).
11
Long and successful
growth track record
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)
12
13
14
15
16
17
18
19
20
21
