Kvartalsrapport Q1 2025

===== SIDA 1 =====

Q1 2025
1BioGaia AB(publ.) Interim management statement, January March 2025
                                                                          
Interim Management StatementJanuary March 2025

===== SIDA 2 =====

Q1 2025   
2 BioGaia AB (publ.) Interim management statement, January  March 2025 
                                  Jan  Mar 2025                       
Net sales amounted to SEK 366.3 million (369.8), a decrease of SEK 3.5 million, or a decrease of 1% (excluding foreign exchange effects a decrease of 3.6%). Net sales in the Pediatrics segment amounted to SEK 269.9 million (292.3), a decrease of 8% (excluding foreign exchange effects a decrease of 10%). Net sales in the Adult Health segment amounted to SEK 94.6 million (74.8), an increase of 26% (excluding foreign exchange effects an increase of 23%).  Operating expenses amounted to SEK 171.2 million (122.6), an increase of SEK 48.6 million (40%). Operating expenses, excluding items affecting comparability, increased by 46% to SEK 171.2 million (117.6). Operating profit decreased by 32% to SEK 97.1 million (143.2), which corresponds to an operating margin of 27% (39%).  Adjusted operating profit decreased by 34% to SEK 97.1 million (148.2), which corresponds to an adjusted operating margin of 27% (40%). Profit after tax amounted to SEK 80.2 million (121.8), a decrease of 34%.  Earnings per share amounted to SEK 0.79 (1.21) before and after dilution. Cash flow amounted to SEK 33.2 million (40.9). Cash and cash equivalents amounted to SEK 1,249.3 million (1,591.4).  Key events in the first quarter of 2025 On January 16 BioGaia announced that in line with its long-term successful strategy to market and sell its products through own subsidiaries in certain prioritized markets, BioGaia terminated the contract with its current partner in France.  On March 20 BioGaia announced that Annwall & Rothschild Rothschild), another member of the Rothschild family and David whereby Annwall & Rothschild Investments AB will sell all of its BioGaia shares, and David Dangoor and the other Rothschild family member will sell half of their shares in BioGaia, to existing BioGaia shareholders Anatom Holding AG and other separate entities, all owned by different members of the Kahane family.     
Key events after the end of the first quarter No key events that are not mentioned in this interim management statement took place after the end of the first quarter.   FIRST QUARTER 2025 
 Jan  Mar 2025 Jan  Mar 2024 Net sales, SEK thousands 366,265 369,796 Growth in net sales -1% 1% Operating profit, SEK thousands 97,137 143,183 Operating margin 27% 39% Profit after tax, SEK thousands 80,197 121,847 Number of shares before dilution, thousands 101,162 100,982 Number of shares after dilution, thousands 101,162 100,992 Earnings per share before dilution, SEK  0.79 1.21 Earnings per share after dilution, SEK  0.79 1.21    This information is information that BioGaia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The inf ormation was submitted for publication, through the agency of the CEO, at 08.00 a.m. CET on 7 May 2025. 
Operating margin 27% 
Change in sales -1% -4% excl.  FX 
Net sales 366 SEK million 
Operating profit 97 SEK million

===== SIDA 3 =====

Q1 2025
3BioGaia AB(publ.) Interim management statement, January March 2025
Q1 2025Following a year of strong growth and continued global expansion, BioGaia enters 2025 with sales relatively flat versus last year, howeverwe anticipate getting back to growth next quarter. Americas is performing well with strong double-digit growth seen in the quarter. France has been added as a new direct market, and our percentage of direct distribution sales will continue to grow.  We recently announced a shift in ownership that will represent the next chapter in our while maintaining our successful long-term strategy. Sales for the first quarter were in line with the same period last year. Our net sales reached SEK 366 million, representing a decline of 1% compared to Q1 2024 (a decline of 4% adjusted for currency effects). This has mainly to do with order variability for Asia Pacific and EMEA. In the quarter we have successfully increased our marketing and distribution investments. The operating margin was 27% compared to 39% in the same quarter last year.This quarter, the pediatric segment experienced a decline of 8%, while our adult segment continues to demonstrate impressive growth, increasing by 26% compared to the same period last year. In particular, our gut health and oral health range, led by BioGaia Gastrus and BioGaia Prodentis, continue to perform strongly across a growing number of markets.Mixed results in our market areasIn EMEA, sales decreased by 23% during the quarter, with a decline in sales in France mainly due to our decision to terminate the distribution agreement with our local partner. We also experienced a dip in sales in Romania, Poland, and South Africa, while Italy, Finland, and Belgium have delivered strong results.  Asia Pacific decreased in sales by 19%, due to weaker sales toour key markets, China and Japan, and this is mainly due to order variability. It is also worth noting that the same quarter last year was an exceptionally strong quarter, making the comparison more challenging. In Australia, Hong Kong, and Indonesia, we had significantly strong results. In the Americas, we achieved excellent results in the quarter with a growth of 42%, thanks to increased marketing activities and broader distribution channels in the USA, along with continued strong development on Amazon. Both BioGaia USA and BioGaia Canada demonstrated robust growth in sales of our adult products: BioGaia Prodentis and BioGaia Gastrus. In Latin America, we had a double-digit increase with especially positive developments in Brazil, Chile, Guatemala, and Colombia, supported by regional training and marketing initiatives.Direct market expansion in FranceIn line with our long-term strategy to establish direct presence in key markets, we made the strategic decision to terminate our distribution agreement in France. This move allows us to take the business direct through our newly formed subsidiary, enabling closer customer relationships, greater agility, and stronger brand presence.
markets, with nearly half the population having used probiotics within the past two years. With growing consumer awareness around the benefits of scientifically footprint and product offering in this important market. While this transition may result in temporary sales fluctuations, it positions us for long-term growth and brand building in a high-opportunity market.Change in ownership a new chapter for BioGaiaThis quarter also marked a historic milestone for BioGaia. In March, a shareholder transition was announced in which Anatom Holding AG, a Switzerland-based, long-term investment firm with deep experience in the health and ingredients marketsshareholder. The transaction reflects a shared long-term belief in After more than three decades of dedicated ownership and a long-term successful strategyAnnwall, who have been with the company since its founding in 1990, have chosen to pass the torch to a new generation of long-term investors. Our current Chairman of the Board, Peter Rothschild, will step down in August of this year. On behalf of the entire team at BioGaia, I want to thank Peter and Jan for their vision and unwavering commitment in building BioGaia from the ground up into the global brand it is today. We are pleased that Peter will remain engaged as an advisor during the transition.We look forward to working with Anatom as we continue our mission to bring scientifically proven, probiotic-based health solutions to people around the world.Looking ahead to 2025We remain confident in our long-term focus: leveraging science-backed innovation, investing in key markets, and strengthening our brand visibility and engagement among consumers and healthcare professionals globally. 2025 is shaping up to be an exciting year, fueled by ambitious plans and a growing team of dedicated and experienced colleagues.
BioGaia AB (publ.) Interim management statement 2025The Board of Directors and the CEO of BioGaia AB hereby present the interim management statement for the period 1 January 31 March 2025.
Theresa AgnewPresident and CEO, BioGaia7 May 2025
Teleconference: Investors, analysts, and the media are invited to take part in a teleconference on the interim management statement to be held today, 7 May 2025, at 09:30 a.m. CEST with CEO Theresa Agnew and CFO Alexander Kotsinas. More information about the teleconference is available here https://financialhearings.com/event/51892.

===== SIDA 4 =====

Q1 2025   
4 BioGaia AB (publ.) Interim management statement, January  March 2025 
       Consolidated net sales amounted to SEK 366.3 million (369.8), which is a decrease of SEK 3.5 million, or a decrease of 1% (excluding foreign exchange effects a decrease of 3.6%). Over the past 12-month period, sales rose 9%. Sales in EMEA amounted to SEK 123.7 million (161.5), a decrease of 23%, which was due to lower sales in the Pediatrics and the Adult Health segments. Sales decreased mainly in France, South Africa and Eastern Europe. Sales for the quarter were negatively impacted by the decision to start selling direct in France. Sales were positively impacted by an extension of a royalty agreement amounting to SEK 6.7 million.   Sales in APAC amounted to SEK 69.1 (85.8), a decrease of 19%, which was due to lower sales in the Pediatrics segment, while sales increased in the Adult Health segments. Sales decreased mainly in China due to quarterly variations for individual orders. Sales in Americas totaled SEK 173.5 million (122.5), up 42% due to increased sales in the Pediatrics and the Adult Health segments. Sales increased mainly in USA, Brazil and Canada.      SALES FIRST QUARTER Net sales SEKm Jan  Mar Jan  Mar Change  2025 2024  Pediatrics 269.9 292.3 -8% Adult Health 94.6 74.8 26% Other 1.8 2.7 -34% Total 366.3 369.8 -1%  SEKm Jan  Mar Jan  Mar Change  2025 2024  EMEA 123.7 161.5 -23% APAC 69.1 85.8 -19% Americas 173.5 122.5 42% Total 366.3 369.8 -1% 
Net sales bridge first quarter  SEKm  Change 2024 369.8  Foreign exchange 9.7 2.6% Organic growth -13.2 -3.6% 2025 366.3 -1.0%

===== SIDA 5 =====

Q1 2025   
5 BioGaia AB (publ.) Interim management statement, January  March 2025 
       
Sales in the Pediatrics segment amounted to SEK 269.9 million (292.3), a decrease of 8% (excluding foreign exchange effects a decrease of 10%). Over the past 12-month period, sales rose 7%. Sales of BioGaia Protectis drops decreased compared to the corresponding period last year. Sales decreased in EMEA and APAC while sales increased in Americas.  Sales of BioGaia Protectis tablets within Pediatrics decreased compared to the corresponding period last year. Sales decreased in EMEA, mainly in South Africa and Eastern Europe.  Sales were positively impacted by an extension of a royalty agreement amounting to SEK 6.7 million.     PEDIATRIC SALES FIRST QUARTER SEKm Jan  Mar 2025 Jan  Mar 2024 Change Pediatrics 269.9 292.3 -8%  The Pediatrics segment accounts for approximately 74% sold in more than 100 countries. Other key products within the Pediatrics segment include Protectis tablets, oral rehydration  solution as well as cultures to be used as ingredients in licensee products. Pediatrics

===== SIDA 6 =====

Q1 2025   
6 BioGaia AB (publ.) Interim management statement, January  March 2025 
       
Sales in the Adult Health segment amounted to SEK 94.6 million (74.8), an increase of 26% (excluding foreign exchange effects an increase of 23%).  Over the past 12-month period, sales rose 16%. Sales of BioGaia Protectis tablets increased compared to the corresponding period last year. Sales increased in APAC, mainly in Hong Kong and South Korea. Sales of BioGaia Gastrus increased compared to the corresponding period last year. Sales increased in Americas and APAC, mainly in USA and Japan. Sales of BioGaia Prodentis increased compared to the corresponding period last year. Sales increased in Americas, mainly in USA. ADULT HEALTH SALES FIRST QUARTER SEKm Jan  Mar 2025 Jan  Mar 2024 Change Adult Health 94.6 74.8 26%  The Adult Health segment accounts for approximately 26% n products. Adult Health

===== SIDA 7 =====

Q1 2025   
7 BioGaia AB (publ.) Interim management statement, January  March 2025 
      Gross margin The total gross margin amounted to 73% (72%).  The gross margin for the Pediatrics segment amounted to 75% (75%) and for the Adult Health segment to 67% (57%). The Adult Health gross margin increased compared to the same quarter last year due to a more favorable geographic sales mix effect and previous price increases.    Operating expenses and operating profit Operating expenses amounted to SEK 171.2 million (122.6), an increase of SEK 48.6 million (40%) mainly due to increased selling expenses and exchange losses on receivables. Operating expenses, excluding items affecting comparability, increased by 46% to SEK 171.2 million (117.6). Items affecting comparability in the same quarter last year included litigation fees in connection with the termination of the distribution agreement in Italy.  Selling expenses amounted to SEK 113.1 million (96.0), an increase of 18%, mainly due to higher costs for sales and marketing activities.  R&D expenses amounted to SEK 22.7 million (25.1), a decrease of 10%, mainly due to decreased clinical study costs in the quarter. Administrative expenses amounted to SEK 11.1 million (13.9), a decrease of 20%. The administrative expenses in the same quarter last year were higher due to the litigation fees in connection with the termination of the distribution agreement in Italy. Other operating income refers to exchange losses on receivables and liabilities of an operating nature and amounted to SEK 24.4 million (-12.4).  Operating profit amounted to SEK 97.1 million (143.2), a decrease of 32%. The operating margin was 27% (39%). Adjusted operating profit amounted to SEK 97.1 million (148.2), a decrease of 34%. The adjusted operating margin was 27% (40%).  Net financial items amounted to SEK 4.8 million (10.4). Net financial items were impacted by the adjustment of the value of the earn-out in relation to Nutraceutics in the amount of SEK -1.8 million (-1.2).  Profit after tax and earnings per share Profit after tax amounted to SEK 80.2 million (121.8), a decrease of 34%. The effective tax rate was 21% (21%).  Earnings per share amounted to SEK 0.79 (1.21) before dilution and SEK 0.79 (1.21) after dilution.  
FIRST QUARTER Earnings

===== SIDA 8 =====

Q1 2025   
8 BioGaia AB (publ.) Interim management statement, January  March 2025 
      Balance sheet 31 March 2025 Total assets amounted to SEK 2,032.2 million (2,480.0).  Goodwill from the acquisition of Nutraceutics was adjusted for currency translation. The financial liability for the additional purchase price was value adjusted. For more information, see Note 3.  Compared with 31 December 2024, receivables and inventories increased whereas payables decreased.  Cash and cash equivalents amounted to SEK 1,249.3 million (1,591.4).  Cash flow first quarter Cash flow amounted to SEK 33.2 million (40.9).  Cash flow from operating activities amounted to SEK 35.7 million (51.9). The decrease in cash flow from operating activities was mainly due to lower operating profit.  Investments amounted to SEK 0.7 million (8.8).   Employees The number of employees in the Group on 31 March 2025 totaled 224 (211 on 31 March 2024).  The company has an incentive program for all employees based targets. The maximum bonus is equal to 12% of annual salary. In addition to this program, BioGaia has also implemented an employee stock option program as resolved by the 2024 Annual General Meeting. The program involves the issue of a maximum of 500,000 employee stock options where each employee stock option shall entitle the holder to, at the achievement of certain goals after a three-year vesting period, acquire one (1) new B-share in the company at an exercise price corresponding to 125 percent of the volume weighted average price o-share according on Nasdaq Stockholm during the ten (10) trading days preceding the general meeting. In addition, it was proposed that a maximum of 91,642 warrants are issued to cover any cash flow effects due to social security costs arising from the program. 490,000 of the stock options were granted on the 16th of March 2025 whereof 305,000 were granted to management. IFRS 2 has been used to calculate the costs associated with the program. The costs are less than SEK 0.1 million in the quarter.  Future outlook its shareholders. This will be achieved through a greater emphasis on the BioGaia brand, online sales, increased sales to both existing and new customers and a controlled cost level. The long-term financial target is an operating margin of at least 34% with continued strong growth and increased investments in research, product development, brand building and in the sales dividend equal to 50% of profit after tax in the Group excluding non-recurring items. For the coming years BioGaia intends to give extra dividends of 50% to 100% of profit after tax in the Group excluding non-recurring items, provided that the future cash flows are in line  number of innovative products that are sold predominantly under the BioGaia brand, successful clinical trials and a strong distribution network that covers a large share of key markets for BioGaia,  Significant risks and uncertainties  Group and Parent Company Significant risks and uncertainties are described in the administration report of the annual report for 2024 on pages 137 and 138 and in Notes 26 and 27. No significant changes in these risks and uncertainties are assessed to have taken place on 31 March 2025 except for increased geopolitical and trade uncertainties, including challenging global economic conditions, market trends and the imposition of tariffs and sanctions.  Related party transactions Annwall & Rothschild Investment AB owns 3,703,340 class A shares and 500,000 class B shares, corresponding to 4.2% of the share capital and 27.9% of the voting rights in BioGaia AB. Annwall & Rothschild Investment AB is owned by Peter Rothschild and Jan Annwall. Peter Rothschild is Chairman of the Board of BioGaia AB quarter, Peter Rothschild received additional remuneration for significant working duties, in addition to his assignment on the Board, of SEK 150,000 in accordance with the decision of the Annual General Meeting and the Board of Directors.  
Balance sheet and cash flow Other disclosures

===== SIDA 9 =====

Q1 2025   
9 BioGaia AB (publ.) Interim management statement, January  March 2025 
     Key events after the end of the first quarter of 2025 No key events that are not mentioned in this interim management statement took place after the end of the first quarter.  Accounting policies This interim management statement was prepared in all material preparing interim management statements. Disclosures according to IAS 34 Interim Financial Reporting are provided both in notes and elsewhere in the interim management statement. The accounting policies applied in the consolidated income statement and balance sheet are consistent with the accounting policies applied in preparation of the most recent annual report. The financial accounts and segment information correspond to the statements used in interim financial reporting prepared in accordance with IAS 34 to provide comparability in the presentation between quarters. The interim management statement includes a Message from the CEO, even if this is not a The information is nevertheless deemed important in satisfying user needs.  For balance sheet items, figures in parentheses refer to previous year-end figures. For income statement and cash flow items, they refer to the same period previous year.   New accounting standards interpretations that came into force in 2024 have not had a material assessment is that new and amended standards and interpretations that have not yet come into effect will not have a material effect on  
Key events in the first quarter of 2025 Launches Distributor Country Product Medicatrix Morocco BioGaia Protectis drops Medicatrix Morocco BioGaia Protectis tablets Abbott Nicaragua BioGaia Protectis drops Abbott Nicaragua BioGaia Protectis tablets Abbott Kuwait BioGaia Protectis drops BioVagen Vietnam BioGaia Protectis Minipack Everlast China BioGaia Pharax Everlast China BioGaia Protectis drops BioGaia UK United Kingdom BioGaia Protectis tablets with a new flavor (lemon) BG Distribution Hungary BioGaia Prodentis Kids lozenges  BioGaia terminates the distribution contract with its partner in France to take the business direct. On January 16 BioGaia announced that in line with its long-term strategy to market and sell its products through own subsidiaries in certain prioritized markets, BioGaia terminated the contract with its current partner in France.  Anatom Holding, a Switzerland-based long-term investment firm, becomes anchor shareholder in BioGaia. On March 20 BioGaia announced that Annwall & Rothschild Peter Rothschild), another member of the Rothschild family and agreement whereby Annwall & Rothschild Investments AB will sell all of its BioGaia shares, and David Dangoor and the other Rothschild family member will sell half of their shares in BioGaia, to existing BioGaia shareholders Anatom Holding AG and other separate entities, all owned by different members of the Kahane family.

===== SIDA 10 =====

Q1 2025   
10 BioGaia AB (publ.) Interim management statement, January  March 2025 
              (Amounts in SEK 000s) Jan  Mar Jan  Mar Jan  Dec Apr 2024   Apr 2023   2025 2024 2024 Mar 2025 Mar 2024 Net sales (Note 1) 366,265 369,796 1,422,718 1,419,187 1,300,481 Cost of sales -97,901 -103,967 -391,975 -385,909 -346,974 Gross profit 268,364 265,829 1,030,743 1,033,278 953,507 Selling expenses -113,102 -95,982 -422,657 -439,777 -371,124 Administrative expenses -11,088 -13,926 -41,621 -38,783 -43,402 Research and development expenses -22,668 -25,114 -157,104 -154,658 -113,206 Other operating income/expense -24,369 12,376 14,010 -22,735 12,513 Operating profit 97,137  143,183 423,371 377,325 438,288 Financial income 6,880 11,961 39,372 34,291 50,735 Financial expenses -2,105 -1,545 -14,924 -15,484 -17,151 Profit before tax 101,912 153,599 447,819 396,132 471,872 Tax  -21,715 -31,752 -96,431 -86,394 -100,618 Profit for the period 80,197 121,847 351,388 309,738 371,254 Gains/losses arising on translation of the statements of foreign operations -25,055 15,868 22,565 -18,358 7,185 Comprehensive income for the period 55,142 137,715 373,953 291,380 378,439 Profit for the period attributable to:  Owners of the Parent Company80,197 121,847 351,388 309,738 371,254 Non-controlling interests   -   Profit for the period 80,197 121,847 351,388 309,738 371,254 Comprehensive income for the period attributable to:  Owners of the Parent Company55,142 137,715 373,953  291,380  378,439 Non-controlling interests   -   Comprehensive income for the period 55,142 137,715 373,953 291,380 378,439 Earnings per share        Earnings per share before dilution, SEK 0.79 1.21 3.48 3.06 3.68 Earnings per share after dilution, SEK 0.79 1.21 3.48 3.06 3.68 Number of shares, thousands 101,162 100,982 101,162 101,162 100,982 Average number of shares before dilution, thousands 101,162 100,982 101,072 101,117 100,982 Average number of shares after dilution, thousands 101,162 100,992 101,072 101,117 100,985  
Summary of consolidated statements of comprehensive income

===== SIDA 11 =====

Q1 2025   
11 BioGaia AB (publ.) Interim management statement, January  March 2025 
    (Amounts in SEK 000s) 31 Mar 31 Mar 31 Dec  2025 2024 2024 Assets    R&D projects in progress 786 46,231 767 Goodwill 159,712 175,026 175,104 Right-of-use assets 27,786 33,412 30,183 Property, plant, and equipment 170,396 183,191 175,436 Financial assets 28,013 28,013 28,013 Deferred tax assets 16,247 9,983 14,266 Deposits 48 51 52 Total non-current assets 402,988 475,907 423,821 Current assets excl. cash and cash equivalents 379,953 412,684 386,201 Cash and cash equivalents 1,249,297 1,591,393 1,223,984 Total current assets 1,629,250 2,004,077 1,610,185 Total assets 2,032,238 2,479,984 2,034,006       Equity and liabilities      Equity attributable to owners of the Parent Company 1,779,075 2,168,058 1,723,932 Non-controlling interests 2 2 2 Total equity  1,779,077 2,168,060 1,723,934 Deferred tax liability 5,382 15,248 5,444 Non-current liabilities  97,445 92,821 98,425 Current liabilities 150,334 203,855 206,203 Total liabilities and equity 2,032,238 2,479,984 2,034,006   
Consolidated balance sheets

===== SIDA 12 =====

Q1 2025   
12 BioGaia AB (publ.) Interim management statement, January  March 2025 
        (Amounts in SEK 000s) Jan  Mar Jan  Mar  Jan  Dec  2025 2024 2024 Operating activities    Operating profit  97,137 143,183 423,371 Depreciation/amortization           6,198          5,742 76,695 Other non-cash items 2,216 -1,479 -3,537 Taxes -31,570 -36,439 -111,515 Interest received and paid 6,886 11,662 37,918 Cash flow from operating activities before changes in working capital 80,867 122,669 422,932 Changes in working capital -45,146 -70,742 -49,714 Cash flow from operating activities 35,722 51,927 373,218 Investing activities    Purchase of property, plant, and equipment -679 -8,773 -13,756 Purchase of intangible assets -19 -1 -397 Sale of equipment - - 80 Cash flow from investing activities -698 -8,774 -14,073 Financing activities    Dividend - - -696,778 Repayment of lease liability  -1,801 -2,282 -9,355 Provision to the Foundation to Prevent Antibiotic Resistance - - -4,400 New share issue -  20,815 Cash flow from financing activities -1,801 -2,282 -689,718 Cash flow for the period 33,223 40,871 -330,573 Cash and cash equivalents at the beginning of the period 1,223,984 1,544,192 1,544,192 Exchange difference in cash and cash equivalents -7,910 6,330 10,365 Cash and cash equivalents at the end of the period 1,249,297 1,591,393 1,223,984   Summary consolidated statement of changes in equity  (Amounts in SEK 000s) Jan  Mar Jan  Mar Jan  Dec  2025 2024 2024 Opening balance 1,723,934 2,030,344 2,030,344 New share issue - - 20,815 Dividend - - -696,778 Provision to the Foundation to Prevent Antibiotic Resistance       - - -4,400 Comprehensive income for the period 55,142 137,715 373,953 Closing balance 1,779,077 2,168,060 1,723,934   
Consolidated cash flow statements

===== SIDA 13 =====

Q1 2025   
13 BioGaia AB (publ.) Interim management statement, January  March 2025 
         Executive Management has analyzed evaluated based on the following segments:  Pediatrics segment (drops, gut health tablets, oral rehydration solution (ORS), creams and cultures to be used as ingredients in licensee products (such as infant formula).  Adult Health segment (gut health tablets, oral health lozenges Nutraceutics own products as well as royalty revenues for Adult Health products).  Other segment (smaller segments such as royalty from packaging solutions).  For the above segments BioGaia reports net sales and gross profit, which are monitored regularly by the CEO (who is regarded as the chief operating decision maker) together with the Executive d liabilities. Note 1. Reporting by segment  Group  (Amounts in SEK 000s) Jan  Mar Jan  Mar  Jan  Dec Apr 2024  Apr 2023   2025 2024 2024 Mar 2025 Mar 2024 Net sales by segment      Pediatrics 269,894 292,278 1,093,278 1,070,893 999,844 Adult Health 94,591 74,819 321,288 341,060 293,436 Other 1,781 2,700 8,153 7,234 7,202 Total 366,265 369,797 1,422,718 1,419,187 1,300,482 Gross profit by segment      Pediatrics 203,680 220,371 820,406 803,715 756,098 Adult Health 62,953 42,758 202,184 222,379 190,358 Other 1,731 2,700 8,153 7,184 7,050 Total 268,364 265,829 1,030,743 1,033,279 953,507 Selling, administrative, R&D expenses -146,858 -135,022 -621,382 -633,218 -527,732 Other operating expenses/income -24,369 12,376 14,010 -22,735 12,513 Operating profit 97,137 143,183 423,371 377,325 438,288 Net financial items    4,775     10,416 24,448 18,807 33,584 Profit before tax 101,912 153,599 447,819 396,132 471,871 Net sales by geographical market      APAC      Pediatrics 37,989 57,695 238,181 218,475 183,360 Adult Health 29,801 25,521 120,852 125,131 120,183 Other 1,279 2,542 6,798 5,535 5,532 Total APAC 69,068 85,759 365,832 349,142 309,075 EMEA          Pediatrics 105,528 137,763 423,687 391,452 429,941 Adult Health 17,660 23,616 82,088 76,132 78,748 Other 499 158 1,336 1,677 1,299 Total EMEA 123,687 161,536 507,110 469,261 509,988 Americas          Pediatrics 126,377 96,821 431,410 460,966 386,543 Adult Health 47,130 25,681 118,348 139,796 94,505 Other 3 0 18 21 371 Total Americas 173,510 122,502 549,776 600,784 481,419 Total 366,265 369,797 1,422,718 1,419,187 1,300,482

===== SIDA 14 =====

Q1 2025   
14 BioGaia AB (publ.) Interim management statement, January  March 2025 
         Note 2. Largest shareholders on 31 March 2025 (source: Vantage by Euroclear)  Date of recognition (Amounts in SEK 000s) Jan  Mar Jan  Mar  Jan  Dec Performance obligations met on specific date (Product sales) 2025 2024 2024     Pediatrics 263,224 292,278 1,093,278 Adult Health 92,618 72,516 311,003 Other 1,450 2,761 7,335 Total 357,292 367,556 1,411,616 Performance obligations met over time (Royalty)    Pediatrics 6,670 -   - Adult Health 1,972 2,303 10,285 Other 331 -62 817 Total 8,973 2,241 11,102 Total 366,265 369,797 1,422,718      A shares B shares Share capital No. of votes Capital Votes 1 Annwall & Rothschild Investments AB 3,703,340 500,000 840,668 37,533,400 4.16% 27.91% 2 Fjärde AP-fonden   8,200,182 1,640,036 8,200,182 8.11% 6.10% 3 Premier Miton Investors   3,862,900 772,580 3,862,900 3.82% 2.87% 4 Anatom Holding AG   3,307,175 661,435 3,307,175 3.27% 2.46% 5 Cargill Inc   3,000,000 600,000 3,000,000 2.97% 2.23% 6 Handelsbanken Fonder AB   2,985,830 597,166 2,985,830 2.95% 2.22% 7 TIN Ny Teknik   2,000,000 400,000 2,000,000 1.98% 1.49% 8 Allianz Global Investors   1,925,262 385,052 1,925,262 1.90% 1.43% 9 JP Morgan Asset Management   1,781,590 356,318 1,781,590 1.76% 1.32% 10 David Dangoor   1,750,000 350,000 1,750,000 1.73% 1.30%  Other shareholders   68,146,031 13,629,206 68,146,031 67.36% 50.67%  Total 3,703,340 97,458,970 20,232,462 134,492,370 100.00% 100.00%

===== SIDA 15 =====

Q1 2025   
15 BioGaia AB (publ.) Interim management statement, January  March 2025 
                    
Note 3. Fair value  (Amounts in SEK 000s) Jan  Mar Jan  Mar Jan  Dec  2025 2024 2024 Opening balance 65,053 46,529 46,529 Value adjustment 1,839 1,245 13,483 Exchange difference              -5,733              2,899              5,041 Closing balance 61,159 50,673 65,053  Financial liabilities BioGaia has a financial liability relating to the additional purchase price in business acquisitions that is measured at fair value through profit or loss. The additional purchase price is due to the acquisition of Nutraceutics and is based on sales in Nutraceutics in 2026 or 2027. The amount, which will be settled in April 2027 or 2028, may also be adjusted if the agreed budget for marketing costs is exceeded.  Revaluation took place during the first quarter of 2025 best assessment of fair value of the financial liability related to the additional purchase price on 31 March 2025 was therefore adjusted to SEK 61.2 million.  Estimates of fair value are based on Level 3 of the hierarchy for fair value, which means fair value is determined using valuation models where significant inputs are based on unobservable data. The measurement was based on anticipated future cash flows discounted with a market-based interest rate. The value adjustment is recognized as a financial expense of SEK 1.8 million (1.2) during the quarter. The weighted average cost of capital (WACC) amounted to 12.7% (12.7 % on 31 December 2024).  Financial assets BioGaia owns shares in the companies Boneprox AB and Skinome AB through BioGaia Invest. These financial assets are measured at fair value through profit or loss. Estimates of fair value are based on Level 3 of the hierarchy for fair value, which means fair value is determined using valuation models where significant inputs are based on unobservable data.  The fair values of other receivables, cash and cash equivalents, trade payables and other liabilities are estimated to be equal to their carrying amounts (amortized cost) due to the short maturities.   (Amounts in SEK 000s) Jan  Mar Jan  Mar Jan  Dec  2025 2024 2024 Opening balance 28,013 28,013 28,013 Value adjustment - - - Acquisitions              -              -              - Closing balance 28,013 28,013 28,013

===== SIDA 16 =====

Q1 2025   
16 BioGaia AB (publ.) Interim management statement, January  March 2025 
      
A list of definitions of key ratios reported in the consolidated financial statements is provided on page 164 report for 2024. In this report, BioGaia reports information used by the key ratios presented are not defined according to IFRS. The company is of the opinion that these metrics provide valuable complementarmanagement since they contribute to evaluation of relevant trends  key ratios in the same manner, these are not always comparable to metrics used by other companies. These key ratios should therefore not be seen as a replacement for metrics defined according to IFRS. applied, which means extended disclosure requirements regarding key ratios not defined according to IFRS. A reconciliation of key ratios that BioGaia considers relevant according to these guidelines is provided below. 
Consolidated key ratios   Jan  Mar Jan  Mar Jan  Dec  2025 2024 2024 Net sales 366,265 369,796 1,422,718 Growth of net sales -1% 1% 10% Operating profit, SEK 000s  97,137 143,183 423,371 Adjusted operating profit, SEK 000s 97,137 148,183 477,622 Profit after tax, SEK 000s 80,197 121,847 351,388 Return on equity 5% 6% 19% Return on capital employed 5% 7% 25% Capital employed, SEK 000s 1,784,459 2,183,308 1,729,378 Number of shares, thousands  101,162 100,982 101,162 Average number of shares before dilution, thousands 1) 101,162 100,982 101,072 Average number of shares after dilution, thousands 1) 101,162 100,992 101,072 Earnings per share before dilution, SEK 1) 0.79 1.21 3.48 Earnings per share after dilution, SEK 1) 0.79 1.21 3.48 Equity per share, SEK    17.59 21.47 17.06 Equity/assets ratio 88% 87% 85% Operating margin  27% 39% 30% Adjusted operating margin 27% 40% 34% Profit before tax margin  28% 42% 31% Average number of employees  224 208 217  1) Key ratio defined according to IFRS.

===== SIDA 17 =====

Q1 2025   
17 BioGaia AB (publ.) Interim management statement, January  March 2025 
        Key ratio Definition/calculation Purpose Adjusted operating margin Adjusted operating margin excluding items affecting comparability. The adjusted measure provides enhanced understanding of the performance of operations. Adjusted operating profit Operating profit (earnings before financial items and tax) excluding items affecting comparability. The adjusted measure provides enhanced understanding of the performance of operations. Average number of shares Time-weighted number of outstanding shares during the year taking bonus issue elements into account. Used to calculate equity and earnings per share. Capital employed Total assets less interest-free liabilities. cash and liquid assets, to meet the requirements of business operations. Earnings per share Profit for the period attributable to owners of the Parent Company divided by the average number of shares (definition according to IFRS). EPS measures how much of net profit is available for payment to the shareholders as dividends per share. Equity/assets ratio a percentage of total assets. A traditional metric to show financial risk expressed as the share of total assets financed by the stability and ability to withstand losses. Equity per share Equity attributable to the owners of the Parent Company divided by the average number of shares. and wealth over time. Gross margin Gross profit as a percentage of net sales. The gross margin is used to measure profitability. Growth Sales for the period less sales for the year-earlier period divided by sales for the year-earlier period. Breakdown by foreign exchange, organic growth and acquisitions.  Items affecting comparability Expenses in conjunction with restructuring, impairment, changes in provisions for share-based long-term incentive programs and other items of a nature that affect comparability. The separate recognition of items that affect comparability between different periods provides enhanced understanding of  Operating margin (EBIT margin) Operating profit expressed as a percentage of net sales. The operating margin is used to measure operational profitability. Profit before tax margin Profit before tax as a percentage of net sales. This key ratio makes it possible to compare profitability regardless of the corporate income tax. Return on capital employed Profit before net financial items plus financial income as a percentage of average capital employed. Return on capital employed is used to analyze profitability, based on the amount of capital used. Return on equity Profit attributable to the owners of the Parent Company divided by average equity attributable to the owners of the Parent Company. Return on equity is used to measure profit generation, over time, given the resources attributable to the owners of the Parent Company.

===== SIDA 18 =====

Q1 2025   
18 BioGaia AB (publ.) Interim management statement, January  March 2025 
      Key ratio  (Amounts in SEK 000s) Jan  Mar Jan  Mar Jan  Dec  2025 2024 2024 Return on equity    Profit attributable to owners of the Parent Company (A) 80,197 121,847 351,388 Equity attributable to owners of the Parent Company  1,779,075 2,168,058 1,723,932 Average equity attributable to owners of the Parent Company (B) 1,751,504 2,099,200 1,877,137 Return on equity (A/B) 5% 6% 19% Return on capital employed    Operating profit 97,137 143,183 423,371 Financial income 6,880 11,961 39,372 Profit before net financial items + financial income (A) 104,017 155,144 462,743 Total assets 2,032,238 2,479,984 2,034,006 Interest-free liabilities -247,779 -296,676 -304,628 Capital employed  1,784,459 2,183,308 1,729,378 Average capital employed (B) 1,914,992 2,114,416 1,887,451 Return on capital employed (A/B) 5% 7% 25%   (Amounts in SEK 000s) 31 Mar 31 Mar 31 Dec  2025 2024 2024 Equity/assets ratio    Equity (A) 1,779,077 2,168,060 1,723,934 Total assets (B) 2,032,238 2,479,984 2,034,006 Equity/assets ratio (A/B) 88% 87% 85%     Operating margin    Operating profit (A) 97,137 143,183 423,371 Net sales (B) 366,265 369,796 1,422,718 Operating margin (A/B) 27% 39% 30%     Profit before tax margin    Profit before tax (A) 101,912 153,599 447,819 Net sales (B) 366,265 369,796 1,422,718 Profit before tax margin (A/B) 28% 42% 31%     Equity per share    Equity attributable to owners of the Parent Company (A) 1,779,075 2,168,058 1,723,932 Average number of shares (B) 101,162 100,982 101,072 Equity per share (A/B), SEK 17.59 21.47 17.06   
Key ratio

===== SIDA 19 =====

Q1 2025   
19 BioGaia AB (publ.) Interim management statement, January  March 2025 
Change in sales by segment (including and excluding foreign exchange effects)    Pediatrics Adult Health Other Total  (Amounts in SEK 000s) Jan  Mar Jan  Mar  Jan  Mar Jan  Mar   2025 2025 2025 2025  Description     A Previous  292,278 74,819 2,700 369,797 B Net sales for the year according to the average rate 269,894 94,591 1,780 366,265 C Recognized change (B-A) -22,384 19,772 -920 -3,532  Percentage change (C/A) -8% 26% -34% -1% D  average rate 262,684 92,080 1,780 356,544 E Foreign exchange effects (BD) 7,210 2,511 0 9,721  Percentage change (E/A) 2% 3% 0% 3% F Organic change (CE) -29,594 17,261 -920 -13,253  Organic change (F/A) -10% 23% -34% -4%    Closing date key exchange rates 31 Mar 31 Mar 31 Dec  2025 2024 2024 EUR 10.85 11.53 11.49 USD 10.03 10.66 11.00 JPY 0.0671 0.0705 0.0698   Pledged assets and contingent liabilities  Group 31 Mar 31 Mar 31 Dec (Amounts in SEK 000s) 2025 2024 2024 Pledged assets None None None Contingent liabilities None None None    Adjusted operating profit  Group Jan  Mar Jan  Mar  Jan  Dec (Amounts in SEK 000s) 2025 2024 2024 Operating profit 97,137 143,183 423,371 Items affecting comparability - 5,000 54,251 Adjusted operating profit 97,137 148,183 477,622  
 Average key exchange rates Jan  Mar Jan  Mar  Jan  Dec  2025 2024 2024 EUR 11.35 11.18 11.41 USD 10.79 10.29 10.52 JPY 0.0698 0.0698 0.0699

===== SIDA 20 =====

Q1 2025
20BioGaia AB(publ.) Interim management statement, January March 2025
Stockholm, 7 May 2025Theresa AgnewPresident and CEOThis interim management statement has not been audited.
Financial calendar
22 OCT2025
8:00 a.m. CET Interim management statement 1 January 30 September 2025
18JUL2025
8:00 a.m. CET Interim report 1 January 30 June 2025

===== SIDA 21 =====

Q1 2025   
21 BioGaia AB (publ.) Interim management statement, January  March 2025 
    
The company BioGaia is a Swedish world-leading probiotic company that has been at the forefront of microbiome research for more than 35 years. Our vision is to be the most trusted probiotic brand in the world. We develop, manufacture, market, and sell probiotic products for gut, oral, and immune health. The products are primarily based on different strains of the lactic acid bacterium Limosilactobacillus reuteri, L. reuteri (formerly Lactobacillus). The class B shares of the Parent Company BioGaia AB are quoted on the Mid Cap List of Nasdaq Stockholm.  Business model BioGaia has two types of distribution  sales through distribution comes from the sale of gut health products, such as colic drops, immune- and oral health products. Revenues also include the sale of bacterial cultures to be used in licensee products, such as infant formula and dairy products, as well as royalties for the use of L. reuteri than 100 countries through partnerships with nutrition and pharmaceutical companies, as well as through our own subsidiaries. nine countries (Sweden, Finland, France, the UK, USA, Canada, Australia, New Zealand and Japan). BioGaia holds patents for the use of certain strains of L. reuteri and certain packaging solutions in all major markets. At the end of 2024, BioGaia held more than 600 granted patents for various bacteria strains and territories. The BioGaia brand BioGaia launched its own consumer brand in 2006. Today, several BioGaia brand in several markets. One important element of the BioGaia brand. Of products (drops, tablets for gut and oral health, oral rehydration, etc.) sold in 2024, 92% (90%) were sold under the BioGaia brand including co-branding.  under their own brand names. On these products, the BioGaia brand is shown on the consumer package since BioGaia is both the manufacturer and licensor. L. reuteri culture to their products and sell these under their own brand names. On these products, the BioGaia brand is most often shown on the package as the licensor/patent holder. Research and clinical studies L. reuteri are among the most studied in the world, in particular studies in young children, with strong pre-clinical and clinical evidence. As of December 2024, over 270 clinical L. reuteri have been performed. These studies involved more than 23,000 individuals of all ages. Over the years, BioGaia has performed studies in the following areas:  Colic and constipation in infants  Immune modulation and infection prevention  Acute diarrhea  Antibiotic-associated side effects, such as diarrhea  Treatment of H. pylori infections  Irritable bowel syndrome (IBS)  Oral health, such as gingivitis (inflammation of the gums) and periodontitis (loosening of the teeth)  Osteopenia  Autism spectrum condition  Urinary tract infections 
BioGaia AB 
BioGaia AB Box 3242 SE-103 64 STOCKHOLM Street address: Kungsbroplan 3, Stockholm Telephone: +46 8 555 293 00, Corporate identity no. 556380-8723, www.biogaiagroup.com