Transcript

Kari Krogstad — President and CEO

Very good morning, everyone, and welcome to Medistim's second quarter and first half 2026 financial results presentation. My name is Kari Krogstad, and together with CFO Thomas Jakobsen, we are here to go through the results. As always, we like to just remind ourselves about Medistim's track record. We are looking back on decades of growth, both in sales and in operating profit. That has been our promise to our shareholders to deliver constant profitable growth also going forward. If you look at just the recent period, from 2021 to 2025, we are looking to a 13% annual annualised growth in sales. Definitely, a strong track record to look back on. With that, we are entering into the second quarter. The second quarter last year was a strong comparable, and we are seeing that we are beating it with high margin and also setting new records for both sales and EBIT. This is definitely strong performance. As we can see, we are delivering another record quarter, with sales reaching NOK 202 million. We can see here also that due to the strong Norwegian currency versus euros and dollars, we have a negative currency effect here. Adjusting for this, we are actually looking at currency neutral sales development for total sales up 27.5%. A very good development. Our own products are growing by 33.6% currency neutral, and we can see that all the sales regions are really contributing nicely to this result. Americas is up 46.3%, EMEA is up 19.4%, and Asia Pacific up 22.4%. The third-party products is down 7%. We are also setting then a new record for quarterly operating profit, delivering NOK 65.3 million in EBIT this quarter. This gives an EBIT margin on the high side at 32.3%, very much driven by the strong sales development of our own products. We will see also that this is the first quarter where we are delivering sales through our direct operations in Japan. Looking back at month of May, we paid out a dividend of NOK 8 per share, totaling NOK 146.3 million. The board will also propose to the general meeting to authorize a distribution of quarterly dividends going forward. Moving on to looking at highlights for the first half. This has continued to be very strong numbers. It is a record first half year, the first time we are surpassing NOK 400 million in sales revenues. Again, we have this negative currency effect and adjusting for this, we are looking at currency