Vistin Pharma (VISTN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was NOK 100.2 million, down from NOK 117.7 million in Q2 2025, mainly due to currency effects and lower average selling prices, despite an 8% increase in sales volume to 1,580 MT.

• EBITDA for Q2 2026 was NOK 22.1 million (22% margin), down from NOK 30.3 million in Q2 2025, impacted by currency headwinds and lower global spot prices.

• Gross margin remained strong at 66% in Q2 2026, above the long-term ambition, despite significant negative currency impacts.

• Ordinary cash dividend of NOK 1 per share (NOK 44 million total) paid in Q2 2026.

• Planned four-week maintenance stop in Q4 2026 to replace the main distillation vessel will impact production and sales volume.

Financial highlights

• Year-to-date 2026 revenue was NOK 212 million, down 9% from NOK 233 million YTD 2025; EBITDA YTD was NOK 49 million, down from NOK 60 million.

• Net profit for Q2 2026 was NOK 14.1 million, down from NOK 18.5 million in Q2 2025; YTD net profit was NOK 35.6 million vs. NOK 40.2 million.

• Earnings per share for H1 2026 was NOK 0.80, compared to NOK 0.91 in H1 2025.

• Equity ratio at end-June 2026 was 74%.

• Net interest-bearing debt decreased to NOK 7.6 million at end-June 2026.

Outlook and guidance

• Global metformin demand expected to grow 4%-6% annually; company aims to maintain 10% global market share.

• Planned Q4 maintenance stop will temporarily reduce production and sales.

• Focus on increasing production capacity, improving unit cost, and onboarding new customers in new regions.

• Long-term renewable energy contract with Statkraft secures stable, green power supply until 2032.