Vistin Pharma (VISTN) Q3 2026 earnings summary

Executive summary

• Q3 sales volume rose 13% YoY to 1,610 MT; revenue was NOK 108.4m vs NOK 108.8m, while EBITDA fell to NOK 18.852m from NOK 28.047m amid lower prices and stronger NOK.

• Jan–Sep volume increased 10% to 4,710 MT, while revenue declined 6% to NOK 320.808m and EBITDA to NOK 68.234m.

Financial highlights

• Q3 EBIT was NOK 12.972m vs NOK 21.344m; net profit was NOK 10.946m vs NOK 18.525m, and EPS was NOK 0.25 vs NOK 0.42.

• Jan–Sep EBIT was NOK 50.5m vs NOK 71.5m; net profit was NOK 46.574m vs NOK 58.694m, and EPS was NOK 1.05 vs NOK 1.32.

• Q3 gross margin was 57%; EBITDA margin was 17.4% vs 26% YoY. YTD gross margin was 61%, and EBITDA margin was 21% vs 26%.

• Q3 operating expenses were NOK 89.5m vs NOK 80.8m, reflecting higher volume and raw-material costs; salaries benefited from no bonus accrual vs NOK 2.5m in Q3 2025.

• YTD net finance was positive NOK 8.2m vs NOK 3.7m; Q3 net finance was positive NOK 0.1m vs NOK 2.4m.

Outlook and guidance

• A four-week Q4 maintenance stop will idle both lines to replace the main distillation vessel, reducing production and sales volume.

• Existing annual capacity is up to ~7,000 MT; options include ramping both lines, further capacity and unit-cost improvements, or growth through M&A and a European multiproduct CDMO.

• Metformin demand is expected to grow 4–6% annually; growth, productivity and sustainability require additional CAPEX, while volume growth and safety stock may raise working-capital needs.