FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== 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