Vistin Pharma (VISTN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was NOK 112 million (MNOK 112.2), slightly down from NOK 115 million year-over-year, mainly due to currency effects and lower global metformin prices, despite a 9% increase in sales volume to 1,520 metric tons.

• EBITDA reached NOK 27 million (MNOK 27.3), compared to NOK 30 million in Q1 2025; currency-adjusted EBITDA was slightly higher year-over-year.

• Gross margin remained strong at 63%, reflecting effective commercial execution despite currency headwinds.

• Net profit was NOK 21.5 million, nearly flat compared to NOK 21.7 million in Q1 2025, with EPS at NOK 0.48.

• Significant safety stock of raw materials built to mitigate supply chain risks from the Middle East/Hormuz conflict.

Financial highlights

• Sales volume increased by 9% year-over-year to 1,520 metric tons, with strong demand from international customers.

• Revenue was NOK 112 million (MNOK 112.2), with currency-adjusted revenue slightly higher than last year.

• EBITDA margin stood at 24%.

• Net finance income benefited from an NOK 8 million unrealized gain on FX hedges.

• Operating expenses remained stable at NOK 85 million despite higher volumes.

Outlook and guidance

• Expectation of increased freight and raw material prices due to the Hormuz conflict, likely raising global metformin prices.

• Planned four-week maintenance stop in Q4 to replace the main distillation vessel will impact production and sales volume.

• No specific guidance on timing for reaching 7,000 metric tons capacity, but ramp-up is ongoing.

• Global metformin demand projected to grow at a 4%-6% CAGR.

• Board proposes ordinary cash dividend of up to NOK 1.5 per share for 2026, split between May and November.