===== SIDA 1 ===== Q1 2026 1 BioGaia AB (publ.) Interim management statement , January – March 2026 Interim Management Statement January – March 2026 ===== SIDA 2 ===== Q1 2026 2 BioGaia AB (publ.) Interim management statement , January – March 2026 Jan – Mar 2026 Net sales amounted to SEK 372.6 million (366.3), an increase of SEK 6.3 million, a n increase excluding currency effects of 15% (2% including currency effects ). Net sales in the Pediatrics segment amounted to SEK 272.2 million (269.9), an increase excluding currency effects of 13% (1% including currency effects ). Net sales in the Adult Health segment amounted to SEK 98.3 million (94.6), an increase excluding currency effects of 18% (4% including currency effects ). Operating expenses amounted to SEK 165.6 million ( 171.2), a decrease of SEK 5.6 million ( 3%). There were no Items affecting comparability in the quarter. Operating profit increased by 4% to SEK 101.2 million ( 97.1), which corresponds to an operating margin of 27% (27%). Profit after tax amounted to SEK 79.4 million (80.2), a decrease of 1%. Earnings per share amounted to SEK 0. 78 (0.79) before and after dilution. Cash flow amounted to SEK 67.4 million ( 33.2). Cash and cash equivalents amounted to SEK 871.8 million ( 1,249.3). Key events in the first quarter of 202 6 On Februar y 3 BioGaia announced that results for the fourth quarter would exceed market expectations. On February 26 BioGaia announced that it had signed a renewed distribution agreement with Ewopharma to further accelerate growth across the European region. On March 17 BioGaia announced that it exercises the option to acquire the remaining 20 percent of the shares in Nutraceutics, the parent company to BioGaia’s exclusive distributor of BioGaia’s own products in the USA. On March 20 BioGaia announced the publication of a 10 -year follow - up study of BioGaia’s strain, L. reuteri Protectis in the peer -reviewed journal Nutrients. The study shows that early supplementation with this strain during the first three months of life is associated with a markedly lower prevalence of functional abdominal pain (FAP) at age ten. Key events after the end of the first quarter of 202 6 On April 28 BioGaia announced that researchers at BioGaia have published new scientific findings in the journal Food and Bioprocess Technology, demonstrating that BioGaia’s patented LongevityGuard® technology significantly improves the stability and shelf life of probiotics. FIRST QUARTER 2026 Jan – Mar 2026 Jan – Mar 2025 Net sales, SEK thousands 372,551 366,265 Growth in net sales 2% -1% Operating profit, SEK thousands 101,154 97,137 Operating margin 27% 27% Profit after tax, SEK thousands 79,410 80,197 Number of shares before dilution, thousands 101,162 101,162 Number of shares after dilution, thousands 101,162 101,162 Earnings per share before dilution, SEK 0.78 0.79 Earnings per share after dilution, SEK 0.78 0.79 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. CE ST on 7 May 2026. Operating margin 27% Change in sales 2% 15% excl. FX Net sales 373 SEK million Operating profit 101 SEK million ===== SIDA 3 ===== Q1 2026 3 BioGaia AB (publ.) Interim management statement , January – March 2026 Direct market expansion in Germany and Austria As part of our long -term strategy to strengthen our presence in key markets, we established direct distribution in Germany and Austria during the quarter. These markets offer strong growth potential, driven by high consumer awareness and increasing demand for probiotics. Following the establishment, Germany is already showing promising performance. Strengthening our scientific foundation We had a significant scientific achievement in the quarter with a 10 -year follow -up study of our core strain L. reuteri Protectis® being published. This study showed that early -life supplementation of our BioGaia Protectis drops is associated with a markedly lower prevalence of functional abdominal pain (FAP) in childhood. Another recent study confirms the effectiveness of our LongevityGuard®, a proprietary and patented moisture -control technology specially designed to protect our probiotic’s viability inside the product. The data show that controlling moisture significantly improves stability, ultimately extending shelf life of our products. Without this protection, viability declines rapidly and the bacteria die. For a probiotic to be effective, the bacteria must be alive in the product. LongevityGuard® is exclusive to BioG aia, underscoring our leadership position in science -driven probiotic innovation. Forward looking We remain focused on driving sustainable growth by leveraging our strong scientific foundation, expanding our presence in key markets, and increasing brand visibility. With a clear strategic direction, we are well positioned to capture future opportunities to drive sales and profitability and further increase shareholder value . o BioGaia AB (publ.) Interim management statement 2026 The Board of Directors and the CEO of BioGaia AB hereby present the Interim management statement for the period 1 January – 31 March 2026. CEO’s comment Theresa Agnew President and CEO, BioGaia 7 May 2026 BioGaia enters 2026 with net sales reaching SEK 373 million ( 366) for Q1, representing an increase of 15% excluding currency effects compared to Q1 2025 (+2% including currency effects), with an operating margin of 27% (27%). EMEA achieved double ‑digit growth in the quarter, with strong performance noted in France, South Africa, Spain, and Germany, our latest established subsidiary. The continued expansion of direct distribution has brought the sales mix to an even balance of 50/50 for the quarter between partner distribution and direct operations. Both our pediatric segment (an increase of 13% excluding currency effects) and adult segment (an increase of 18% excluding currency effects) delivered solidly higher sales than in the same quarter previous year. The increase was primarily driven by our products BioGaia Protectis Drops, BioGaia Prodentis and BioGaia Gastrus Pure Action. Development in our market areas EMEA is regaining momentum in key markets following a period of transition from partner distribution -led to direct market operations. Sales increased by 24% excluding currency effects ( 16% including currency effects) compared to the same quarter previous year. France, established as a direct market in 2025, and Germany, in early 2026, contributed to the strong performance. In France, broader distribution and stronger engagement with healthcare profes sionals were key contributors to the positive development. Many additional markets alongside our direct markets in EMEA had strong results primarily in Romania, Czech Republic, Spain, and South Africa. Sales in APAC increased by 6% excluding currency effects (declined by 7% including currency effects). Australia, Japan, and Vietnam delivered strong results, whereas sales in China declined mainly due to order variability. In Australia, the BioGaia Gastrus product line was a key contributor to the positive sales development al ong with BioGaia Protectis drops. In Japan, sales increased through own e ‑commerce channels and improved collaboration with leading local wholesalers. AMERICAS delivered a strong performance during the quarter, with a sales increase of 12% excluding currency effects (declined by 5% including currency effects) . Both Canada and USA demonstrated robust growth in sales of our adult products BioGaia Prodentis and BioGaia Gastrus Pure Action and USA had strong double -digit growth of BioGaia Protectis drops . In Latin America, we had a relatively flat development in terms of organic growth. Mexico had double digit growth, while Chile and Peru declined in sales due to order phasing. 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 2026, at 09:30 a.m. CEST with CEO Theresa Agnew and CFO Alexander Kotsinas. More information about the teleconference is available here: https://www.biogaiagroup.com/investors/reports -and-presentations/financial -calendar . ===== SIDA 4 ===== Q1 2026 4 BioGaia AB (publ.) Interim management statement , January – March 2026 Consolidated net sales amounted to SEK 372.6 million (3 66.3), an increase excluding currency effects of 15% (2% including currency effect s). Over the past 12 -month period, sales rose 9%. Sales in EMEA amounted to SEK 143.4 million ( 123.7), an increase excluding currency effects of 24% (16% including currency effect s), which was due to higher sales in both the Pediatrics segment and the Adult Health segment. Sales increased mainly in France and Germany . Sales in APAC amounted to SEK 64.5 million (69.1), an increase excluding currency effects of 6% (-7% including currency effects) , which was due to higher sales in the Adult Health segment. Sales increased mainly in Japan and Australia . Sales for the quarter were negatively impacted by quarterly variations for individual orders to China. Sales in Americas totaled SEK 164.6 million (173.5), an increase excluding currency effects of 12% (-5% including currency effects) due to increased sales in both the Adult Health and the Pediatric segment s. Sales increased mainly in USA and Canada . SALES FIRST QUARTER Revenue SEKm Jan – Mar Jan - Mar Organic change Total change 2026 2025 Pediatrics 272.2 269.9 13% 1% Adult Health 98.3 94.6 18% 4% Other 2.1 1.8 19% 15% Total 372.6 366.3 15% 2% SEKm Jan – Mar Jan – Mar Organic change Total change 2026 2025 EMEA 143.4 123.7 24% 16% APAC 64.5 69.1 6% -7% Americas 164.6 173.5 12% -5% Total 372.6 366.3 15% 2% Net sales bridge first quarter SEKm Change 2025 366.3 Foreign exchange -47.5 -13.0% Organic growth 53.8 14.7% 2026 372.6 1.7% ===== SIDA 5 ===== Q1 2026 5 BioGaia AB (publ.) Interim management statement , January – March 2026 Sales in the Pediatrics segment amounted to SEK 272.2 million (269.9), an increase excluding currency effects of 13% (1% including currency effects). Over the past 12 -month period, sales rose 8%. Sales of BioGaia Protectis drops increased in EMEA and Americas compared to corresponding period last year . Sales increased mainly in USA and France . Sales of BioGaia Protectis tablets within the Pediatrics segment decreased compared to corresponding period last year. Sales decreased mainly in Brazil and the Philippines. SALES FIRST QUARTER SEKm Jan – Mar 2026 Jan – Mar 2025 Change Pediatrics 272.2 269.9 0.8% The Pediatrics segment accounts for approximately 73% of BioGaia’s total sales. BioGaia Protectis drops remain the most sold product and are 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 a s ingredients in licensee products. Pediatrics Pediatrics n et sales bridge first quarter SEKm Change 2025 269.9 Foreign exchange -33.7 -12.5% Organic growth 35.9 13.3% 2026 272.2 0.8% ===== SIDA 6 ===== Q1 2026 6 BioGaia AB (publ.) Interim management statement , January – March 2026 Sales in the Adult Health segment amounted to SEK 98.3 million (94.6), an increase excluding currency effects of 18% (4% including currency effects). Over the past 12 -month period, sales rose 10%. Sales of BioGaia Protectis tablets increased compared to the corresponding period last year. Sales increased in EMEA and APAC, mainly in South Africa and Japan. Sales of BioGaia Gastrus decreased in Americas and APAC compared to the corresponding period last year , mainly in USA and China . Sales of BioGaia Prodentis increased in all regions compared to the corresponding period last year. Sales increased mainly in USA and Japan . SALES FIRST QUARTER SEKm Jan – Mar 2026 Jan – Mar 2025 Change Adult Health 98.3 94.6 4.0% The Adult Health segment accounts for approximately 2 6% of BioGaia’s total sales. Sales mainly comprise BioGaia Protectis, BioGaia Gastrus, BioGaia Prodentis, BioGaia Osfortis, as well as cultures as an ingredient in a licensee’s dairy products . Adult Health Adult Health n et sales bridge first quarter SEKm Change 2025 94.6 Foreign exchange -13.7 -14.5% Organic growth 17.5 18.5% 2026 98.3 4.0% ===== SIDA 7 ===== Q1 2026 7 BioGaia AB (publ.) Interim management statement , January – March 2026 Gross margin The total gross margin amounted to 72% (73%). The gross margin for the Pediatrics segment amounted to 74% (75%) and for the Adult Health segment to 64% (67%). The lower gross margin was mainly driven by negative currency effect s and product mix. Operating expenses and operating profit Operating expenses amounted to SEK 165.6 million (171.2), a decrease of SEK 5.6 million ( 3%) primarily offset by favorable development in Other operating income/expense des pite increased selling expenses . There were no Items affecting comparability in the quarter . Selling expenses amounted to SEK 1 32.2 million ( 113.1), an increase of 17%, mainly due to higher costs for sales and marketing activities in subsidiaries due to increased direct sales. R&D expenses amounted to SEK 25.5 million ( 22.7), an increase of 13% mainly due to higher costs for clinical studies . Administrative expenses amounted to SEK 13.7 million ( 11.1), an increase of 24%. Other operating income/ expense refers to exchange gains/ losses on receivables and liabilities of an operating nature and amounted to SEK -5.8 million ( 24.4). Operating profit amounted to SEK 101.2 million (97.1), an increase of 4%. The operating margin was 27% ( 27%). Net financial items amounted to SEK 0.4 million ( 4.8). Net financial items were impacted by the adjustment of the value of the earn -out in relation to Nutraceutics in the amount of SEK - 2.3 million ( -1.8). Profit after tax and earnings per share Profit after tax amounted to SEK 79.4 million ( 80.2), a decrease of 1%. The effective tax rate was 22% (21%). Earnings per share amounted to SEK 0. 78 (0.79) before and after dilution. FIRST QUARTER Earnings ===== SIDA 8 ===== Q1 2026 8 BioGaia AB (publ.) Interim management statement , January – March 2026 Balance sheet 3 1 March 2026 Total assets amounted to SEK 1,694.6 million (1,597.8). Goodwill from the acquisition of Nutraceutics was adjusted for currency translation. The financial liability for the additional purchase price will be paid in April 2026 and is recorded within operating liabilities . For more information, see Note 3. Compared with the preceding year, inventory and payables increased whereas receiva bles decreased. Cash and cash equivalents on 31 March 2026 amounted to SEK 871.8 million ( 801.3). Cash flow first quarter Cash flow amounted to SEK 67.4 million ( 33.2). Cash flow from operating activities amounted to SEK 70.4 million (35.7). The increase in cash flow in operations compared with the year-earlier period was due to a positive change in working capital. The positive change in working capital was related to lower receivables SEK 13.0 million and higher payables SEK 51.4 million offset by higher inventory SEK 14.6 million. Cash flow from i nvesting activities amounted to SEK 1.3 million (0.7). Employees The number of employees in the Group on 3 1 March 2026 totaled 243 (224 on 31 March 2025 ). Future outlook BioGaia’s goal is to create strong value growth and a good return for 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 organization. BioGaia’s dividend policy is to pay a shareholder 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 f lows are in line with BioGaia’s projections. In view of the company’s strong portfolio consisting of an increased 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 fo r BioGaia, BioGaia’s future outlook remains bright . Significant risks and uncertainties – Group and Parent Company Significant risks and uncertainties are described in the administration report of the annual report for 202 5 on pages 153 and 154 and in Notes 2 7 and 28. No significant changes in these risks and uncertainties are assessed to have taken place on 3 1 March 2026 except for increased geopolitical and trade uncertainties, including challenging global economic conditions, market trends , conflicts and the imposition of tariffs and sanctions. Related party transactions No transactions between BioGaia and related parties that significantly affected the company's position and results took place. Balance sheet and cash flow Other disclosures ===== SIDA 9 ===== Q1 2026 9 BioGaia AB (publ.) Interim management statement , January – March 2026 BioGaia’s results for the fourth quarter to exceed market expectations On February 3 BioGaia announced that results for the fourth quarter would exceed market expectations . BioGaia AB extends long -standing distribution partnership with Ewopharma On February 26 BioGaia announced that it and had signed a renewed distribution agreement with Ewopharma to further accelerate growth across the European region. BioGaia exercises option to acquire remaining shares in Nutraceutics On March 17 BioGaia announced that BioGaia exercises the option to acquire the remaining 20 percent of the shares in Nutraceutics, the parent company to BioGaia’s exclusive distributor of BioGaia’s own products in the USA. 10-year follow -up study shows infant probiotics are positively associated with a reduction of childhood functional abdominal pain On March 20 BioGaia announced the publication of a 10 -year follow - up study of BioGaia’s strain, L. reuteri Protectis in the peer -reviewed journal Nutrients. The study shows that early supplementation with this strain during the first three months of life is associated with a markedly lower prevalence of functional abdominal pain at age ten. Key events after the end of the first quarter of 202 6 BioGaia research confirms effectiveness of patented LongevityGuard® technology in extending probiotic shelf life On April 28 BioGaia announced that researchers at BioGaia have published new scientific findings in the journal Food and Bioprocess Technology, demonstrating that BioGaia’s patented LongevityGuard® technology significantly improves the stability and shelf life of probiotics. Key events in the first quarter of 202 6 Launches Distributor Country Product BioGaia Sweden BioGaia Prodentis FRESH BREATH lozenges BioGaia Germany BioGaia Gastrus chewable tablets BioGaia Germany BioGaia Gastrus PURE ACTION capsules BioGaia Germany BioGaia Prodentis FRESH BREATH lozenge s BioGaia Germany BioGaia Prodentis apple lozenges BioGaia UK BioGaia Prodentis FRESH BREATH lozenges BioGaia Finland BioGaia Prodentis FRESH BREATH lozenges BioGaia Finland BioGaia Gastrus PURE ACTION capsules , new size Pharma Ace Malaysia BioGaia Skincare Probiotic ointmen t Delta Medical CIS BioGaia Protectis drops 10ml Pharma Ace Singapore Singapore BioGaia Prodentis apple lozenges ===== SIDA 10 ===== Q1 2026 10 BioGaia AB (publ.) Interim management statement , January – March 2026 Consolidated statements of comprehensive income – condensed (Amounts in SEK 000s) Jan – Mar Jan – Mar Jan – Dec Apr 202 5 – Apr 202 4 – 2026 2025 2025 Mar 202 6 Mar 202 5 Net sales (Note 1) 372,551 366,265 1,538,168 1,544,454 1,419,187 Cost of sales -105,769 -97,901 -409,587 -417,455 -385,909 Gross profit 266,782 268,364 1,128,581 1,126,999 1,033,278 Selling expenses -132,165 -113,102 -513,234 -532,297 -439,777 Administrative expenses -13,721 -11,088 -47,654 -50,287 -38,783 Research and development expenses -25,532 -22,668 -115,722 -118,586 -154,658 Other operating income/expense 5,790 -24,369 -39,505 -9,346 -22,735 Operating profit 101,154 97,137 412,467 416,483 377,325 Financial income 2,345 6,880 17,198 12,663 34,291 Financial expenses -1,994 -2,105 -8,446 -8,335 -15,484 Profit before tax 101,505 101,912 421,220 420,811 396,132 Tax -22,095 -21,715 -88,455 -88,835 -86,394 Profit for the period 79,410 80,197 332,764 331,976 309,738 Gains/losses arising on translation of the statements of foreign operations 7,844 -25,055 -41,825 -8,926 -18,358 Comprehensive income for the period 87,254 55,142 290,940 323,050 291,380 Profit for the period attributable to: Owners of the Parent Company 79,410 80,197 332,764 331,976 309,738 Non-controlling interests – – – – – Profit for the period 79,410 80,197 332,764 331,976 309,738 Comprehensive income for the period attributable to: Owners of the Parent Company 87,254 55,142 290,940 323,050 291,380 Non-controlling interests – – – – Comprehensive income for the period 87,254 55,142 290,940 323,050 291,380 Earnings per share Earnings per share before dilution, SEK 0.78 0.79 3.29 3.28 3.06 Earnings per share after dilution, SEK 0.78 0.79 3.29 3.28 3.06 Number of shares, thousands 101,162 101,162 101,162 101,162 101,162 Average number of shares before dilution, thousands 101,162 101,162 101,162 101,162 101,117 Average number of shares after dilution, thousands 101,162 101,162 101,162 101,162 101,117 ===== SIDA 11 ===== Q1 2026 11 BioGaia AB (publ.) Interim management statement , January – March 2026 Consolidated balance sheet – condensed (Amounts in SEK 000s) 31 Mar 31 Mar 31 Dec 2026 2025 2025 Assets R&D projects in progress 631 786 702 Goodwill 151,526 159,712 146,496 Right -of-use assets 21,188 27,786 22,932 Property, plant, and equipment 155,640 170,396 158,218 Financial assets 28,013 28,013 28,013 Deferred tax assets 21,768 16,247 22,328 Deposits 45 48 44 Total non -current assets 378,813 402,988 378,733 Current assets excl. cash and cash equivalents 444,050 379,953 417,764 Cash and cash equivalents 871,782 1,249,297 801,310 Total current assets 1,315,832 1,629,250 1,219,074 Total assets 1,694,645 2,032,238 1,597,807 Equity and liabilities Equity attributable to owners of the Parent Company 1,402,623 1,779,075 1,314,219 Non-controlling interests 2 2 2 Total equity 1,402,625 1,779,077 1,314,221 Deferred tax liability 4,958 5,382 4,957 Non-current liabilities 20,577 97,445 79,489 Current liabilities 266,485 150,334 199,139 Total liabilities and equity 1,694,645 2,032,238 1,597,807 ===== SIDA 12 ===== Q1 2026 12 BioGaia AB (publ.) Interim management statement , January – March 2026 Consolidated cash flow statements – condensed (Amounts in SEK 000s) Jan – Mar Jan – Mar Jan – Dec 2026 2025 2025 Operating activities Operating profit 101,15 4 97,137 412,467 Depreciation/amortization 6,135 6,198 24,666 Other non -cash items -2,908 2,216 8,826 Taxes -40,892 -31,570 -112,907 Interest received and paid 2,218 6,886 16,435 Cash flow from operating activities before changes in working capital 65,707 80,867 349,487 Changes in working capital 4,651 -45,146 -42,921 Cash flow from operating activities 70,359 35,722 306,566 Investing activities Purchase of property, plant, and equipment -1,267 -679 -3,524 Purchase of intangible assets - -19 -75 Sale of equipment - - 256 Cash flow from investing activities -1,267 -698 -3,343 Financing activities Dividend - - -698,020 Repayment of lease liability -1,711 -1,801 -6,847 Provision to the Foundation to Prevent Antibiotic Resistance - - -5,000 New share issue - - - Cash flow from financing activities -1,711 -1,801 -709,867 Cash flow for the period 67,380 33,223 -406,644 Cash and cash equivalents at the beginning of the period 801,310 1,223,984 1,223,984 Exchange difference in cash and cash equivalents 3,092 -7,910 -16,030 Cash and cash equivalents at the end of the period 871,782 1,249,297 801,310 Consolidated statement of changes in equity - condensed (Amounts in SEK 000s) Jan – Mar Jan – Mar Jan – Dec 2026 2025 2025 Opening balance 1,314,219 1,723,934 1,723,934 New share issue - - - Dividend - - -698,020 Provision to the Foundation to Prevent Antibiotic Resistance - - -5,000 Share-based payments 1,154 - 2,367 Comprehensive income for the period 87,254 55,142 290,940 Closing balance 1,402,626 1,779,077 1,314,221 ===== SIDA 13 ===== Q1 2026 13 BioGaia AB (publ.) Interim management statement , January – March 2026 Executive Management has analyzed the Group’s internal reporting and determined that the Group’s operations are monitored and 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 and cultures as an ingredient in a licensee’s dairy products, 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 Management. There is no monitoring of the company’s total assets and liabilities against the segments’ assets and liabilities. Note 1. Reporting by segment – Group (Amounts in SEK 000s) Jan – Mar Jan – Mar Jan – Dec Apr 202 5 – Apr 202 4 – 2026 2025 2025 Mar 202 6 Mar 202 5 Net sales by segment Pediatrics 272,157 269,894 1,154,012 1,156,275 1,070,893 Adult Health 98,344 94,591 372,533 376,286 341,060 Other 2,051 1,781 11,623 11,895 7,234 Total 372,551 366,265 1,538,168 1,544,455 1,419,187 Gross profit by segment Pediatrics 202,139 203,680 871,349 869,808 803,715 Adult Health 62,639 62,953 245,760 245,447 222,379 Other 2,003 1,731 11,472 11,743 7,184 Total 266,782 268,364 1,128,581 1,126,998 1,033,279 Selling, administrative, R&D expenses -171,418 -146,858 -676,609 -701,170 -633,218 Other operating expenses/income 5,790 -24,369 -39,505 -9,346 -22,735 Operating profit 101,15 4 97,137 412,467 416,482 377,325 Net financial items 351 4,775 8,753 4,328 18,807 Profit before tax 101,505 101,912 421,220 420,810 396,132 Net sales by geographical market APAC Pediatrics 33,637 37,989 283,593 279,241 218,475 Adult Health 29,902 29,801 123,004 123,105 125,131 Other 1,004 1,279 5,295 5,021 5,535 Total APAC 64,543 69,068 411,892 407,368 349,142 EMEA Pediatrics 116,162 105,528 404,304 414,939 391,452 Adult Health 26,159 17,660 89,087 97,585 76,132 Other 1,042 499 3,915 4,458 1,677 Total EMEA 143,364 123,687 497,306 516,983 469,261 Americas Pediatrics 122,357 126,377 466,115 462,095 460,966 Adult Health 42,282 47,130 160,442 155,595 139,796 Other 5 3 2,413 2,415 21 Total Americas 164,644 173,510 628,970 620,105 600,784 Total 372,551 366,265 1,538,168 1,544,455 1,419,187 ===== SIDA 14 ===== Q1 2026 14 BioGaia AB (publ.) Interim management statement , January – March 2026 Note 2. Largest shareholders on 31 March 2026 (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) 2026 2025 2025 Pediatrics 272,157 263,224 1,147,342 Adult Health 96,441 92,618 359,025 Other 1,255 1,450 8,464 Total 369,852 357,292 1,514,831 Performance obligations met over time (Royalty) Pediatrics 0 6,670 6,670 Adult Health 1,903 1,972 13,508 Other 796 331 3,160 Total 2,699 8,973 23,338 Total 372,551 366,265 1,538,169 Shares Shares % Votes Votes % 1 Anatom Holding AG 6,621,779 6,55% 22,031,579 17,60% 2 Corvatsch Invest AG 3,938,424 3,89% 12,514,866 10,00% 3 Fjärde AP -fonden 8,165,000 8,07% 8,165,000 6,52% 4 Alcur Fonder AB 2,627,599 2,60% 2,627,599 2,10% 5 Janus Henderson Investors 2,543,477 2,51% 2,543,477 2,03% 6 Handelsbanken Fonder AB 2,269,146 2,24% 2,269,146 1,81% 7 Premier Miton Investors 2,135,182 2,11% 2,135,182 1,71% 8 JP Morgan Asset Management 1,901,307 1,88% 1,901,307 1,52% 9 AMF Fonder & Pension 1,706,570 1,69% 1,706,570 1,36% 10 Allianz Global Investors 1,641,819 1,62% 1,641,819 1,31% Other Shareholders 67,612,007 66,84% 67,612,007 54,03% Total 101,162,310 100% 125,148,552 100% ===== SIDA 15 ===== Q1 2026 15 BioGaia AB (publ.) Interim management statement , January – March 2026 Note 3. Accounting policies This interim management statement was prepared in all material respects in accordance with Nasdaq OMX Stockholm’s guidance for preparing interim management statements. Disclosures according to IAS 34 Interim Financial Reporting are provided both in notes a nd 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 acco unts 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 requirement of Nasdaq Stockholm’s guidance. 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 Management’s assessment is that new and amended standards and interpretations that came into force in 202 6 have not had a material effect on the Group’s financial statements. Management’s assessment is that new and amended standards and interpretations that have not yet come into effect will not have a material effect on the Group’s financial statements for th e period of initial application. Incentive programs The company has an incentive program for all employees based partly on the company’s sales and profit and partly on individual targets. The maximum bonus is equal to 1 8% of annual salary. In addition to this program, BioGaia has also implemented an employee stock option program (“LTIP 2024”) and a performance share program (“LTIP 2025”). The programs have been approved by the Annual General Meeting. LTIP 2024 490,000 Employee Stock Options (“options”) were granted on the 16th of March 2025 whereof 305,000 were granted to management. 30,000 options have forfeited due to termination of employment s whereof 0 in the quarter . LTIP 2025 332,500 Performance Share Awards (“awards”) were allotted on the 8th of August 2025 whereof 170,000 were allotted to management. 6,300 awards have forfeited due to termination of employment whereof 0 in the quarter. For detailed conditions of both long -term incentive programs refer to the annual report 2025. Scope and costs of the incentive programs The programs are reported in accordance with IFRS 2, which means that the rights are measured on the grant date at the fair value of allotted equity instruments. For LTIP 2024 the costs are SEK 0.4 million in the quarter including social security costs, and the estimated total cost amounts to SEK 5.0 million based on the valuation at grant date, review of performance criteria and an employee turnover of 10%. For LTIP 2025 the costs are SEK 1.1 million in the quarter including social security costs, and the estimated total cost amounts to SEK 12.9 million based on the valuation at grant date, review of performance criteria and an employee turnover of 10%. ===== SIDA 16 ===== Q1 2026 16 BioGaia AB (publ.) Interim management statement , January – March 2026 Fair value Financial liabilities BioGaia has a financial liability relating to the additional purchase price in business acquisitions measured at fair value through profit or loss related to the acquisition of Nutraceutics based on sales in Nutraceutics. In the first quarter of 202 6, BioGaia and the previous other shareholders of Nutraceutics agreed that the additional purchase price should be based on Nutraceutics ’ sales in 2025 and paid in April 2026. The assessment of fair value of the financial liability related to the additional purchase price on 3 1 March 2026 was therefore adjusted to SEK 60.9 million and based on the actual payment. 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 di scounted with a market -based interest rate. The value adjustment is recognized as a financial expense of SEK 2.3 million ( SEK 1.8 million ) during the quarter. 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 2026 2025 2025 Opening balance 56,583 65,053 65,053 Value adjustment 2,279 1,839 2,389 Exchange difference 1 993 -5,733 -10,859 Closing balance 60,855 61,159 56,583 (Amounts in SEK 000s) Jan – Mar Jan – Mar Jan – Dec 2026 2025 2025 Opening balance 28,013 28,013 28,013 Value adjustment - - - Acquisitions - - - Closing balance 28,013 28,013 28,013 ===== SIDA 17 ===== Q1 2026 17 BioGaia AB (publ.) Interim management statement , January – March 2026 A list of definitions of key ratios reported in the consolidated financial statements is provided on page 1 58 of BioGaia’s annual report for 202 5. In this report, BioGaia reports information used by Executive Management to assess the Group’s development. Some of the key ratios presented are not defined according to IFRS. The company is of the opinion that these metrics provide valuable complementar y information to stakeholders and the company’s management since they contribute to evaluation of relevant tren ds and the company’s performance. Since not all companies calculate 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. ESMA’s guidelines on alternative performance measures a re 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 1) Key ratio defined according to IFRS. Jan – Mar Jan – Mar Jan – Dec 2026 2025 2025 Net sales 372,551 366,265 1,538,168 Growth of net sales 2% -1% 8% Operating profit, SEK 000s 101,154 97,137 412,467 Adjusted operating profit, SEK 000s 101,154 97,137 412,467 Profit after tax, SEK 000s 79,410 80,197 332,764 Return on equity 6% 5% 22% Return on capital employed 6% 5% 26% Capital employed, SEK 000s 1,407,583 1,784,459 1,319,179 Number of shares, thousands 101,162 101,162 101,162 Average number of shares before dilution, thousands 1) 101,162 101,162 101,162 Average number of shares after dilution, thousands 1) 101,162 101,162 101,162 Earnings per share before dilution, SEK 1) 0.78 0.79 3.29 Earnings per share after dilution, SEK 1) 0.78 0.79 3.29 Equity per share , SEK 13.87 17.59 12.99 Equity/assets ratio 83% 88% 82% Operating margin 27% 27% 27% Adjusted operating margin 27% 27% 27% Profit before tax margin 27% 28% 27% Average number of employees 242 224 232 ===== SIDA 18 ===== Q1 2026 18 BioGaia AB (publ.) Interim management statement , January – March 2026 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. Capital employed measures the company’s ability, in addition to 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 Shareholders’ equity at the end of the period as a percentage of total assets. A traditional metric to show financial risk expressed as the share of total assets financed by the shareholders. Shows the company’s 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. Equity per share measures the company’s net value per share and indicates whether a company will increase the shareholders’ 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. Shows the company’s realized sales growth over time. Items affecting comparability Expenses in conjunction with restructuring, impairment and other items of a nature that affect comparability. The separate recognition of items that affect comparability between different periods provides enhanced understanding of the company’s financial performance. 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 19 ===== Q1 2026 19 BioGaia AB (publ.) Interim management statement , January – March 2026 Key ratio Key ratio (Amounts in SEK 000s) Jan – Mar Jan – Mar Jan – Dec 2026 2025 2025 Return on equity Profit attributable to owners of the Parent Company (A) 79,410 80,197 332,764 Equity attributable to owners of the Parent Company 1,402,623 1,779,075 1,314,219 Average equity attributable to owners of the Parent Company (B) 1,358,421 1,751,504 1,519,076 Return on equity (A/B) 6% 5% 22% Return on capital employed Operating profit 101,154 97,137 412,467 Financial income 2,345 6,880 17,198 Profit before net financial items + financial income (A) 103,499 104,017 429,665 Total assets 1,694,645 2,032,238 1,597,807 Interest -free liabilities -287,062 -247,779 -278,628 Capital employed 1,407,583 1,784,459 1,319,179 Average capital employed (B) 1,726,554 1,914,992 1,682,351 Return on capital employed (A/B) 6% 5% 26% (Amounts in SEK 000s) 31 Mar 31 Mar 31 Dec 2026 2025 2025 Equity/assets ratio Equity (A) 1,402,625 1,779,077 1,314,221 Total assets (B) 1,694,645 2,032,238 1,597,807 Equity/assets ratio (A/B) 83% 88% 82% Operating margin Operating profit (A) 101,154 97,137 412,467 Net sales (B) 372,551 366,265 1,538,168 Operating margin (A/B) 27% 27% 27% Profit before tax margin Profit before tax (A) 101,505 101,912 421,220 Net sales (B) 372,551 366,265 1,538,168 Profit before tax margin (A/B) 27% 28% 27% Equity per share Equity attributable to owners of the Parent Company (A) 1,402,623 1,779,075 1,314,219 Average number of shares (B) 101,162 101,162 101,162 Equity per share (A/B) , SEK 13.87 17.59 12,99 ===== SIDA 20 ===== Q1 2026 20 BioGaia AB (publ.) Interim management statement , January – March 2026 Change in sales by segment ( including and excluding foreign exchange effects) Average key exchange rates Jan – Mar Jan – Mar Jan – Dec 2026 2025 2025 EUR 10.68 11.35 11.13 USD 9.08 10.79 9.85 JPY 0.0582 0.0698 0.0648 Closing date key exchange rate 31 Mar 31 Mar 31 Dec 2026 2025 2025 EUR 10.94 10.85 10.82 USD 9.52 10.03 9.20 JPY 0.0597 0.0671 0.0590 Pledged assets and contingent liabilities – Group 31 Mar 31 Mar 31 Dec (Amounts in SEK 000s) 2026 2025 2025 Pledged assets None None None Contingent liabilities None None None Adjusted operating profit – Group Jan – Mar Jan – Mar Jan – Dec (Amounts in SEK 000s) 2026 2025 2025 Operating profit 101,154 97,137 412,467 Items affecting comparability - - - Adjusted operating profit 101,154 97,137 412,467 Pediatrics Adult Health Other Total (Amounts in SEK 000s) Jan – Mar Jan – Mar Jan – Mar Jan – Mar 2026 2026 2026 2026 Description A Previous year’s net sales according to the average rate 269,894 94,591 1,780 366,265 B Net sales for the year according to the average rate 272,157 98,344 2,050 372,551 C Recognized change (B -A) 2,263 3,753 270 6,286 Percentage change (C/A) 1% 4% 15% 2% D Net sales for the year according to the previous year’s average rate 305,820 112,072 2,121 420,011 E Foreign exchange effects (B –D) -33,663 -13,728 -69 -47,460 Percentage change (E/A) -12% -14% -4% -13% F Organic change (C –E) 35,926 17,481 340 53,746 Organic change (F/A) 13% 18% 19% 15% ===== SIDA 21 ===== Q1 2026 21 BioGaia AB (publ.) Interim management statement , January – March 2026 EMEA APAC Americas Total (Amounts in SEK 000s) Jan – Mar Jan – Mar Jan – Mar Jan – Mar 2026 2026 2026 2026 Description A Previous year’s net sales according to the average rate 123,687 69,068 173,510 366,265 B Net sales for the year according to the average rate 143,364 64,543 164,644 372,551 C Recognized change (B -A) 19,677 -4,525 -8,866 6,286 Percentage change (C/A) 16% -7% -5% 2% D Net sales for the year according to the previous year’s average rate 152,806 73,341 193,864 420,011 E Foreign exchange effects (B –D) -9,442 -8,798 -29,220 -47,460 Percentage change (E/A) -8% -13% -17% -13% F Organic change (C –E) 29,119 4,273 20,354 53,746 Organic change, % (F/A) 24% 6% 12% 15% Change in sales by Region (including and excluding foreign exchange effects) ===== SIDA 22 ===== Q1 2026 22 BioGaia AB (publ.) Interim management statement , January – March 2026 Stockholm, 7 May 2026 Financial calendar Theresa Agnew President and CEO This interim management statement has not been audited. 22 OCT 2026 8:00 a.m. CET Interim management statement 1 January – 30 September 202 6 17 JUL 2026 8:00 a.m. CET Interim report 1 January – 30 June 202 6 ===== SIDA 23 ===== Q1 2026 23 BioGaia AB (publ.) Interim management statement , January – March 2026 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 produc ts 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 partners and direct sales (subsidiaries). Most of BioGaia’s revenue 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 in licensee products. BioGaia’s products are available in more than 100 countries throu gh partnerships with nutrition and pharmaceutical companies, as well as through our own subsidiaries. BioGaia’s direct distribution, through subsidiaries, extends across twelve countries (Sweden, Finland, France, the Netherlands , Germany , Austria, 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 2025, BioGaia held more than 500 granted patents for various bacteria strains and territories. The BioGaia brand BioGaia launched its own consumer brand in 2006. Today, several BioGaia’s distribution partners sell finished products under the BioGaia brand in several markets. One important element of BioGaia’s brand strategy is to increase the percentage of sales unde r the BioGaia brand. Of products (drops, tablets for gut and oral health, oral rehydration, etc.) sold in 202 5, 95% (92%) were sold under the BioGaia brand including co -branding. Some of BioGaia’s distributors sell finished consumer products 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. BioGaia’s licensees add 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 BioGaia’s strains of 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 2025, over 290 clinical studies with BioGaia’s various strains of L. reuteri have been performed. These studies involved more than 25,000 individuals of all ages. • Colic and constipation in infants • Immune modulation and infection prevention • Acute diarrhea • Antibiotic -associated side effects, such as diarrhea • Adjunctive treatment of H. pylori infection • 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.biogaia group .com