Vistin Pharma (VISTN) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached NOK/MNOK 109 million, up 3% year-over-year, driven by a 10% increase in sales volume.

• Year-to-date revenue is NOK/MNOK 342 million, an 8% increase from the prior year.

• EBITDA for Q3 was NOK/MNOK 28 million, slightly down from last year, but year-to-date EBITDA rose 16% to NOK/MNOK 89 million.

• Net profit for Q3 was NOK/MNOK 18.5 million, up from NOK/MNOK 16.6 million in Q3 2024.

• Achieved all-time high production volume of 1,600 metric tons of metformin in the quarter.

Financial highlights

• Gross margin in Q3 was 68%, supported by stable production and scale benefits.

• EBITDA margin for Q3 was 26%.

• Net finance income in Q3 was positive, mainly from FX hedging contracts, at MNOK 2.4.

• Total assets at quarter-end were NOK 425 million, up from NOK 388 million a year ago.

• Q3 net income was MNOK 18.5, up from MNOK 16.6 in Q3 2024.

Outlook and guidance

• Metformin market expected to grow 4–6% annually; company aims to ramp up production to over 7,000 metric tons by 2026.

• No current impact from U.S. tariff discussions, but situation is being monitored.

• Long-term renewable energy agreement in place until 2032 ensures predictable, green power supply.

• Focus remains on cost control, commercial execution, and optimizing capacity.

• Attractive long-term growth potential as new capacity is optimized.