Vistin Pharma (VISTN) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached a record NOK 452 million (MNOK 452), up 5% year-over-year, with sales volume up 12% to 5,800 MT and Q4 revenue at NOK 111 million, down from NOK 140 million in Q4 2024 due to lower metformin prices despite record sales volume of 1,520 MT, a 9% increase year-over-year.

• Full-year EBITDA hit an all-time high of NOK 115 million (MNOK 115), a 10% increase year-over-year; Q4 EBITDA was NOK 26 million, slightly down from Q4 2024.

• Earnings per share for 2025 rose 19% to NOK 1.69.

• The Board proposes an ordinary cash dividend of up to NOK 1.50 per share, to be paid in two tranches.

Financial highlights

• Gross margin for Q4 was 64%, and 65% for the full year, exceeding long-term targets.

• Q4 net profit was NOK 16 million, down from NOK 19 million in Q4 2024; full-year net profit was NOK 75 million, up 19% from NOK 63 million in 2024.

• Depreciation for the year was NOK 22.5 million, up from NOK 19 million, including a NOK 1.4 million asset write-down in Q3.

• Q4 included NOK 800,000 in costs related to storm Amy, which caused production disruptions.

• Net cash position at year-end 2025 was NOK 16 million (MNOK 16.4), with an equity ratio of 75%.

Outlook and guidance

• The global metformin market is expected to grow 4%-6% annually; company aims to reach 7,000 MT in optimized capacity.

• New product, Metformin DC 95% grade, is nearing commercial readiness, with sample shipments expected in 2026.

• Maintenance CapEx is projected at NOK 10-12 million per year, with additional investments for productivity and sustainability projects.

• Higher manufacturing and sales volumes are expected to increase working capital requirements.