VB5 was the first version with native .exe generation. Although P-code vs native didn't make as much of a difference as one might think because the generated code was really slow; not in the ballpark of Delphi even.

The amusing thing about native VB is that Win32 is still, to this day, carrying a bunch of APIs (Var*) that essentially encode its semantics on Variants, e.g.: https://learn.microsoft.com/en-us/windows/win32/api/oleauto/...