Thank you, and hello everyone, and welcome to this fourth quarter and preliminary 2025 results presentation. My name is Magnus Tolleshaug, CEO of the company.

With me today, I have our CFO, Mr. Alexander Karlsen.

I will now go through the highlights. The revenue for the fourth quarter ended at 111 million Norwegian kroner compared to 114 million in the fourth quarter of 2024.

We have had a record high sales volume of 1,520 metric tons in the quarter, which corresponds to a 9% increase compared to the fourth quarter of '24. This was offset by somewhat lower global metformin prices compared to same quarter last year.

The 2025 full-year revenue ended at 452 million Norwegian kroner compared to 430 last year. The annual sales volume for 2025 increased by 12% compared to 2024.

The EBITDA of the quarter ended at 26 million versus 28 million in Q4 2024. The EBITDA was positively affected by higher sales volume and offset by product mix compared to same quarter last year.

We deliver a 2025 full-year, all-time high EBITDA of 115 million Norwegian kroner compared to 104 million last year, a 10% increase year-over-year. The earnings per share for 2025 ended at 1.69 Norwegian kroner compared to 1.42 last year, an increase of 19%.

We have a strong balance sheet with an equity ratio of 75% and a net cash position of 16 million as of year-end. The board of directors will propose for the annual general meeting to pay out an ordinary cash dividend of up to 1.5 Norwegian kroner per share, to be paid partly with 1 Norwegian krone in May and up to 0.5 Norwegian kroner in November.

Vistin Pharma, we are a pure-play metformin company supporting patients worldwide in a growing market. Diabetes is really one of the largest health emergencies in the 21st century.

Metformin is still the gold standard treatment of type 2 diabetes and is used as baseline treatment, alone or together with other combination treatments for diabetes type 2. Vistin Pharma has a growth opportunity being a leading global producer of premium, high-quality metformin.

According to the Global Diabetes Federation, the global market demand for metformin is expected to continue to grow with approximately 4% to 6% annually. Vistin today, we have approximately 10% of the market share of the world, and it will continue to be approximately 10% as the new capacity expansion is fully utilized.

This is because we are growing in a growing market. For those participants who have joined our quarterly presentations before, you have seen this slide before as well.

It shows that about 590 million adults in the world today is living with diabetes, and this is expected to increase by 45% within 2050. If you take the figures, about 10% of the cases are diabetes type 1, which is typically treated with insulin, and then 90% of these cases are type 2 diabetes, which is typically treated with metformin or metformin and combination drugs.

I will take us through some key diabetes facts, which speaks to the magnitude of this disease. An estimated around 589 million adults between 20 and 79 million [laughs] years are living with diabetes.

This represents actually 11% of the world's population in this age group. An estimated 252 million adults are living with diabetes, they are unaware they have the condition.

About 9.3% of the global death in the world are coming from diabetes, about 3.4 million people die every year. Interestingly also, an estimated around 635 million adults in the same age group are living with impaired glucose tolerance, which is a pre-stage of diabetes, where typically also metformin can be used as treatment.

Diabetes is really a global health epidemic. At Vistin, we have a world-wild sales footprints.

We're having direct sales all the way from Japan in the east to US and LatAm in the west. The majority of sales is typically going to Europe, where we sell to reputable pharmaceutical companies.

We export globally, and our API is used, as we know of at least, more than 100 countries today. Our API, which is the active ingredient, is then transformed into drug product by our customers and then distributed around the world to patients.

In Vistin, we've had a long and successful growth track record. In this graph, you see the revenue developments past years.

If you look at 2022, we invested in parallel line. In 2023, we can see the new volume materializing into sales.

With that, I would like to hand over to our CFO, Mr. Alexander Karlsen, who will take us through the more details of the financial figures.

Thank you for that, Magnus. As Magnus already touched in on, we had some strong volume growth, both in the quarter with 1,520 tons sold compared to 1,400 tons same quarter last year, 120-ton increase in a quarter.

Also for the years, we increased the sales volume by around 600 tons from 2024 and to 2025. Having a look at the revenue, the revenue in the quarter landed at 111 million compared to 114 million in Q4 2024, 3% decline.

This is driven that the ASP is lower, both in Q4 and the second half 2025 compared to 2024 due to product mix. We also see that the spot price of metformin fluctuates with the global raw material prices, it has some corresponding revenue and purchasing effects.

Gross margin is a very important measure that I come back to when it comes to how we kind of control our pricing. If you look at the production volume compared to the sales volume in 2025, you can see that we have increased our safety stock by around 100 tons, and this is to secure high service level to our tier 1 customers, which also pay for this increased safety stock.

For the total year, our revenue ended at 452 million, which is a 5% increase from 430 million in '24. Gross margin in the quarter ended at around 64%, approximately 65% total for 2025, which is well above our long-term ambition.

As mentioned in the revenue slide, the gross margins is our key measure on how we succeed on pricing, as this can be looked at as our margin between sales and the raw material costs, which do fluctuate during the year. Going more to the earnings and EBITDA, EBITDA of 26 million in the fourth quarter compared to 28 million in Q4 2024.

We had the higher sales volume effect, as we mentioned, offset by the product mix. It's also that I would like to mention that we booked 800k NOK in cost in the quarter in relation to the weather storm Amy.

I would emphasize that the storm was much heavier in the south of Norway compared to Oslo. We had some shorter power outages that caused some constraints over a few production days in October.

We also had a couple of batch that needed to be scrapped. That's a background for the close to 1 million cost booked in the quarter.

EBITDA margin also around 24%, satisfied with that. Also the net FX effect on the EBITDA versus same quarter last year is insignificant.

A stronger NOK compared to US dollar is positive for our raw material purchases, which is mainly in dollars, but we also had quite some dollar sales in the second half, meaning that those two offset each other. The euro was rather stable in the period.

Looking at the full-year EBITDA of record high 115 million, an increase of around 11 million compared to 2024, and we continue to show some very nice EBITDA growth. A high 25% EBITDA margin, which is a new all-time high for a full year, continue to represent good commercial execution.

Back to the gross margin, how we measure our sales prices compared to raw material prices. Similar for the Q4, the net FX effect on EBITDA is insignificant compared to last year.

Diving some more into the details in the P&L, we touch on some of the numbers. Looking below the EBITDA, depreciations came in at 5.5 million and increase around a million from same quarter last year.

As driven that we have capitalized some more of the huge project, for example, the recycling water project, etc. late 2024, that has an effect in 2025.

For the full-year depreciation number of 22.5 million compared to 19 million last year, there was a one-time effect in the third quarter, where we wrote down an asset of 1.4 million. Earnings before interest ended at close to 21 million compared to 23 million last year, while full year 82.4 compared to 85.3 in 2024.

Looking at the bottom, net profit, 16 million in the Q4 compared to 19 million last year or in 2024. Emphasize on the full year ended at close to 75 million compared to almost 63 million in 2024.

The 19% increase in earnings is a very important enabler for the solid dividend that the board has proposed. Quick look at the balance sheet.

Let's start on the asset side. 235 million 236 million in assets compared to 242 last year.

The long-term assets is mainly the building and machine at the plant in Kragerø. Looking at the current assets, somewhat increase in inventory, as mentioned, while on the receivables, there is a significant increase.

That is mainly driven by the higher volume and sales late in 2025. Also, as we mentioned in a previous quarter, we see that there are still very volatile and longer sailing times to Asia.

Most of the Asian customers will not kind of pay until the goods has been received. On the cash side, 16 million and a net cash position.

That gives us total assets of close to 440 million compared to 385 last year. Looking at the liabilities side, total equity close to 329 million compared to close 310 million in 2024.

Strong balance sheet, 75%. Liabilities, no interest-bearing debt as of end-December and a net cash position.

We do have credit facility available if that is needed. Bringing also the equity and liabilities to close to 440 million.

I think that was all from me, Magnus, and I'll give the word back to you.

Thank you, Alexander. I will now take you through a summary.

We've had a solid quarter with an EBITDA of 26 million. We had a record high quarterly sales volume of 1,520 metric tons, plus 9% compared to same quarter last year.

We had a strong full-year sales volume of 5,800 metric tons, a plus 12% increase compared to last year. We deliver an all-time high full-year EBITDA of 115 million Norwegian kroner, which is 10% increase compared to last year, where our continued focus on costs and good commercial execution is showing positive effect.

The market spot price of metformin fluctuates with the global raw material prices, and with corresponding revenue and purchasing effects, as also Alexander mentioned. The global metformin market is expected to continue to grow by 4% to 6% on an annual basis.

The long-term renewable energy supply agreement which we signed with Statkraft lasts until 2032, provides us predictable power prices irrespective of market volatility, and secures 100% green, renewable hydropower long term, and also ensures priority on power. We have an attractive long-term growth potential as the remaining manufacturing capacity becomes fully available and optimized.

Vistin is strategically well-positioned, as many European clients prefer high-quality supplies, nearshore production, and an attractive ESG profile. The board of directors will propose for the annual general meeting to pay out an ordinary cash dividend of up to 1.5 Norwegian kroner per share, to be paid partly with 1 Norwegian krone in May and up to 0.5 Norwegian kroner in November.

With that, I think we're done with the fourth quarter presentation, and can open up for questions.

Yes, thank you. We have some questions coming in here.

There is a question whether "Does competition from Asia represent a threat to the business model of Vistin?" is the question.

To answer that question, not really. I think metformin is a commodity drug.

It's a high-volume, relatively low-margin product which is sold globally. There are global manufacturers, both in Asia and we are in Europe.

We are been competing in this market ever since we started. We're used to competing in this market.

I also think it's fair to say that the pricing segment is also different when it comes to different quality of the metformin in the market. Vistin Pharma, we are positioned as a premium, high-quality supplier where normally the pricing is a bit higher.

Then you have the other side of things, where you have somewhat cheaper metformin with other quality attributes. I think the general competition from Asia to our metformin business is stable.

It is as it's always been, and we're used to operating in this, and I think it's fair to say the figures shows that we're able to operate in a good and healthy manner, I think, with our business. There's another question here, which is about that Vistin Pharma is often described as a pure-play metformin producer, and how this investment in C-Pharma align with this long-term strategy.

I think that's a good question. As we grow the metformin business, our aim is to get to 7,000 metric tons and optimize the manufacturing and sales of the current metformin business.

As management, as we have communicated before, also at the capital markets day some years back, that we also have an ambition to look for other business opportunities and grow the business. We have an ambition also to add more products to the portfolio over time, and that's also why we purchased, let's say, a listening post in C-Pharma in 2024 to give us access to look actively into opportunities to explore other products to the portfolio than only metformin.

I think it aligns well with the long-term strategy and ambition that we have.

I can take the next one, Magnus. There's a question about CapEx, what CapEx do you expect in 2026?

What I can say is that historically, the kind of the maintenance CapEx to keep the building and machine in the current stand is around 10 to 12 million NOK per year. In addition, we do generally have some productivity projects, for example, the recycling of water, which we had in '24 and partly '25.

That was around a 15 million NOK investment. I believe we are looking at similar projects also in the future, the CapEx will vary on what kind of interesting productivity projects we have.

The baseline is around 10 to 12 million NOK per year. Then there's a question about contracts and spot sales versus long-term sales, etc.

Magnus, maybe you can answer that one.

Yeah. There's a question here, what is the typical contract length with our customers?

Typically, we have long-term customers, and also portion of the long-term customers with longer contracts. Typically, the contract length for those tier 1 and tier 2 customers is rolling, it continues after 5 years, and for another 5 years.

Then we have some customers with yearly contracts. Of course, our aim is to have let's say, the majority of contracts are long-term contracts with reputable pharmaceutical companies, and that's our business model, to work long-term with a partnership with our customers.

The pricing, just to speak about that as well, is typically done once a year for most of the contracts. Some very few customers have a half-yearly adjustment, but the majority is every year.

There's another question here about the metformin DC 95% grade. Now, that's a good question.

We have been working the last, I would say, one and a half year to develop a new formulation with the DC grade 95%, which is a let's say, the grade where the majority of DC sales is in the world today. That formulation is relatively close to being commercially ready, I think, during 2026.

At least we will be able to ship samples and test material to potential new customers. Of course, we are working with existing customer base, and we also work a lot with a very high activity on new leads and new customers to also fill the remaining part of the manufacturing capacity to get to the 7,000 metric tons.

DC 95 is an interesting new product for us.

Yeah. I think then the next question about utilization, and what we will be happy with in 2026.

I think, as previously, we will not kind of guide on volume. I think, as always, we are working on to continue to ramp up production and produce and sell as much as possible.

That's also something we will work on in 2026. There's also a question about or the question here, pretty questions, says that the equity markets are not rewarding your strong performance.

If that continues, would you consider initiating a sales process? I think that's not something that the management can comment on.

I think that's more a question for the board.

Okay.

I think that was all of the questions,

so... It looks like we have answered the questions here, yeah.

I think we can now close the call.