Kvartalsrapport Q3 2025

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

Q3 2025 
1 BioGaia AB  (publ.) Interim management statement , January – September  2025 
            
                                                                              
Interim Management Statement  
January – September 2025

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

Q3 2025 
2 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
Jul – Sep 
2025 
 
   
    
    
Jan – Sep 
2025 
 
 
  
Net sales amounted to SEK 326.6 million ( 304.0), an increase  of SEK 
22.7 million , or a n increase of 7% (excluding foreign exchange effects 
an increase of 14%).  
Net sales in the Pediatrics segment amounted to SEK 242.6 million 
(225.8), an increase of 7% (excluding foreign exchange effects a n 
increase of 14%). 
Net sales in the Adult Health segment amounted to SEK 81.6 million 
(76.6), an increase of 6% (excluding foreign exchange effects an 
increase of 13%).  
Operating expenses amounted to SEK 156.5 million (180.9), a 
decrease  of SEK 24.4 million ( 13%). Operating expenses, excluding 
items affecting comparability, increased by 21% to SEK 156.5 million 
(128.9). 
Operating profit increased  by 108% to SEK 86.0 million ( 41.4), which 
corresponds to an operating margin of 26% (14%).  
Adjusted operating profit decreased by 8% to SEK 86.0 million ( 93.4), 
which corresponds to an adjusted operating margin of 26% (31%). 
Profit after tax amount ed to SEK 65.9 million ( 36.6), an increase of 
80%.  
Earnings per share amounted to SEK 0.65 (0.36) before and after 
dilution. Cash flow amounted to SEK 107.4 million (111.4). Cash and 
cash equivalents amounted to SEK 728.1 million ( 1,114.6).  
Key events in the third quarter of 2025  
On July 16 BioGaia announced that it launched BioGaia New Sciences 
AB – dedicated to advancing microbiome research and innovation.  
 
At an extraordinary general meeting on 22 August, it was resolved to 
elect Mauricio Graber as new chairman of the board . 
 
On August 27 it was announced that Mauricio Graber, chairman of the 
board has entered into an agreement to purchase 735,754 class B 
shares from Anatom Holding, BioGaia’s anchor shareholder.  
 
On September 10 BioGaia announced that it establishes its own 
distribution in Germany and Austria .  
 
On September 30 BioGaia announced that it launches Prodentis® 
Fresh Breath .  
 
Net sales amounted to SEK 1,097.6 million ( 1,057 .9), an increase  of 
SEK 39.7 million, or a n increase of 4% (excluding foreign exchange 
effects a n increase of 8%). 
Net sales in the Pediatrics segment amounted to SEK 822.6 million 
(822.9), a decrease  of 0% (excluding foreign exchange effects a n 
increase of 4%). 
Net sales in the Adult Health segment amounted to SEK 265.9 million 
(229.6), an increase of 16% (excluding foreign exchange effects an 
increase of 2 0%).  
Operating expenses amounted to SEK 513.3 million ( 452.2), an 
increase of SEK 61.1 million ( 14%). Operating expenses, excluding 
items affecting comparability, increased by 29% to SEK 513.3 million 
(398.0). 
Operating profit decreased by 9% to SEK 291.5 million (320.0), which 
corresponds to an operating margin of 27% (3 0%).  
Adjusted operating profit decreased  by 22% to SEK 291.5 million 
(374.2), which corresponds to an adjusted operating margin of 27% 
(35%). 
Profit after tax amounted to SEK 234.0 million (269.5), a decrease of 
13%.  
Earnings per share amounted to SEK 2.31 (2.67) before  and after 
dilution. Cash flow amounted to SEK -483.1 million (-429.9).  
Key events after the end of the third quarter of 2025  
On October  16 BioGaia announced that  the study on BioGaia’s new 
patented strain  L. reuteri  BG-R46® has been published in Beneficial 
Microbes .  
THIRD QUARTER 2025 JANUARY – SEPTEMBER 2025 
 Jul – Sep 2025 Jul – Sep 2024 
Net sales, SEK thousands  326,638 303,971 
Growth in net sales  7% -4% 
Operating profit, SEK thousands  85,981 41,422 
Operating margin  26% 14% 
Profit after tax, SEK thousands  65,883 36,602 
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  0.65 0.36 
Earnings per share after dilution, SEK  0.65 0.36 
 
 
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 22 October  2025. 
Operating  
margin  
26% 
Change in  
sales  
7% 
14% excl.  
FX 
Net sales  
327 
SEK million  
Operating  
profit  
86 
SEK million  
Operating  
margin  
27% 
Change in 
sales  
4% 
8% excl.  
FX 
Operating  
profit  
291 
SEK million  
Net sales  
1,098 
SEK million

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

Q3 2025 
3 BioGaia AB  (publ.) Interim management statement , January – September  2025 
New product rollout  
In the quarter, we launched an important new product. As mentioned, we 
launched BioGaia  Prodentis  FRESH BREATH, our newest probiotic lozenge 
designed to promote both instant and long -lasting fresh breath while 
supporting healthy gums and teeth. Unlike conventional products like 
mouthwash that may disrupt the natural balance of the mouth, BioGaia  
Prodentis  FRESH BREATH works with the oral microbiome to tackle bad 
breath at its source, complementing daily brushing and flossing. The product 
was launched in the US and will continue to be rolled out across other markets. 
With this innovation, we will expa nd our specialized oral care portfolio and 
continue to bring products that combine rigorous scientific research with real 
benefits for everyday life.  
 
Demand for our new product  in capsules,  BioGaia® Gastrus® PURE ACTION , is 
high and is  being rolled out to new markets . It is already  available  in the US, 
Australia, Finland, Poland, Sweden and Hungary. This FODMAP -friendly 
probiotic supports individuals with sensitive stomachs and participants who 
used the product demonstrated significant reduction in IBS symptoms.  
 
New patented strain  
The scientific rationale and identification of our new patented strain, L. reuteri  
BG-R46®, which will be featured in an upcoming next generation baby drops 
product, has been published in the prestigious journal, Beneficial Microbes. 
This new, evolved strain shows increased bile tolerance and potentiated 
adenosine production. Bile is on e of the major stressors of the gastrointestinal 
tract and increased tolerance implies increased bacteria survival. Additionally, 
adenosine is a potent signaling molecule involved in combatting inflammation 
among many other processes. In the publication, g enomic, phenotypic and 
human safety were assessed and L. reuteri BG -R46® was found to be a safe, 
well-characterized strain.  
 
Continuing our journey  
As previously announced, during the quarter, an extraordinary general meeting 
elected a new Chairman. With great respect and gratitude, we acknowledge 
that Peter Rothschild, our co -founder, longstanding CEO and then Chairman, is 
stepping down. This marks a  new chapter in BioGaia’s history as we welcome 
Mauricio Graber as our new Chairman. Mauricio brings extensive experience as 
a CEO in the food ingredients sector, as well as leadership roles within the 
nutrition and health industries. He has previously ser ved as President and CEO 
of Chr. Hansen A/S (today Novonesis), a large global bioscience company. His 
broad expertise and proven leadership will be invaluable to BioGaia as we 
continue to grow and innovate.  
 
As we enter this new chapter and celebrate BioGaia’s 35th anniversary, I am 
confident that the company is well -positioned to continue its journey of 
innovation, scientific advancement, and strong international growth.  
 
I look forward to the opportunities ahead and to driving BioGaia’s mission 
forward.  
 
 
 
 
 
 
 
  
BioGaia AB (publ.) Interim management statement  2025 
The Board of Directors and the CEO of BioGaia AB hereby present the interim management statement  for the period 1 January – 30 September  
2025. 
CEO’s comment  
As reported, the third quarter showed solid overall growth of 7% (14% 
excluding foreign exchange effects) and an adjusted operating margin of 26%, 
underpinned  by continued double -digit sales growth in the US market.  
We see strong growth following increased media investments in the US and 
our other prioritized direct markets, including Canada, UK and Australia, 
attracting  new consumers and enhancing brand awareness.  
The AMERICAS (+10%) and APAC (+17%) regions delivered double -digit 
growth, while sales in EMEA (-4%) declined for the quarter due to weak 
performance in Eastern Europe.  
We showed continued strong growth in the adult segment with a sales 
increase of +6% (+13% excluding foreign exchange effects ) and year -to-date 
+16% (+20% excluding foreign exchange effects ) with particularly strong 
growth of our BioGaia  Gastrus  product line. The pediatric segment also 
showed good growth of +7% (+14% excluding foreign exchange effects ) with 
strong growth for BioGaia  Protectis  Drops in the Asia Pacific  and Latin 
America regions.  
Quarterly performance across our regions  
In the AMERICAS, overall region sales increased by 10% with the US market 
achieving record breaking sales in the quarter. In the US market, we are 
pleased to report that BioGaia  Protectis  Drops 5 ml was launched in over 
1,000 Walmart stores, the largest retail chain in the world. We successfully 
launched two new products with promising potential – BioGaia  Gastrus  
PURE ACTION in capsules, a new format, on Amazon which was well received, 
and we launched the complet ely new product BioGaia  Prodentis  FRESH 
BREATH with a strong online campaign. Canada is also performing well with 
triple digit growth for BioGaia  Prodentis . The BioGaia  Prodentis  line 
has been well received by consumers and dental professionals in both Canada 
and the US showing potential for continued significant growth.  
Also, in the AMERICAS region our new digital campaign in partnership with 
our Brazilian  distributor Aché, targeting mothers and healthcare 
professionals, has surpassed 10 million views effectively highlighting the 
benefits and scientific evidence for our BioGaia  Protectis  Drops.  
APAC sales increased by 17%. In our direct market, Australia, our expanding 
distribution and marketing activities are yielding  rapidly increasing market 
shares. In Japan, our business development strategy is progressing well with 
online sales growing in both the DTC and Amazon channels. Our partnership 
with Alfresa, Japan’s largest pharmaceutical wholesaler is fully established fo r 
the pediatric channel, as well as the announcement of a collaboration with 
the Japan Midwives Association.  
EMEA sales declined 4% for the quarter due to weak sales in Eastern Europe. 
In our direct market France, we achieved record net sales driven by 
pharmacies and expanded distribution. In the important market of Turkey, we 
are pleased to have signed a long -term distribution agreement with Abbott, a 
longstanding BioGaia partner in the Middle East, Latin A merica and other 
markets. With Abbott’s local expertise and distribution network, we will be 
able to drive a strong position in the market. Finally, we are ple ased to 
announce two additional direct markets Germany and Austria that until now 
have been lagging markets for BioGaia.  
 
 
Theresa Agnew  
President and CEO, BioGaia  
22 October  2025 
Teleconference: Investors, analysts, and the media are invited to take part in a teleconference on the interim management 
statement  to be held today, 22 October  2025, at 09:30 a.m. CEST with CEO Theresa Agnew and CFO Alexander Kotsinas.  
More information about the teleconference is available here https://financialhearings.com/event/51894 .

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

Q3 2025 
4 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
  
Consolidated net sales amounted to SEK 326.6 million ( 304.0), which 
is an increase of SEK 22.7 million, or a n increase of 7% (excluding 
foreign exchange effects a n increase of 14%).  
 
Sales in EMEA amounted to SEK 90.5 million (94.1), a decrease  of 
4%, which was due to lower sales in the Pediatrics segment , while 
sales increased in the  Adult Health segment. Sales decreased mainly 
in Eastern Europe  and Italy . 
 
Sales in APAC amounted to SEK  90.1 (76.8), an increase of 17%, 
which was due to higher  sales in the Pediatrics segment while the 
Adult Health segment  decreased . Sales increased mainly in Vietnam , 
Australia  and Indonesia .  
Sales in Americas totaled SEK 146.1 million (133.1), up 10% due to 
increased sales in the Adult Health and the Pediatric segment s. Sales 
increased mainly in USA  and Mexico . 
Consolidated net sales amounted to SEK 1,097.6 million ( 1,057 .9), 
which is a n increase of SEK 39.7 million, or a n increase of  4% 
(excluding foreign exchange effects a n increase of 7.6%). Over the 
past 12 -month period, sales increased  8%. 
Sales in EMEA amounted to SEK 350.8 million ( 393.0), a decrease  of 
11%, which was due to lower sales in the Pediatrics and the Adult 
Health segments. Sales decreased mainly in France, Eastern Europe  
and Turkey . Sales were negatively impacted by the decision to start 
selling direct in France.  
Sales in APAC amounted to SEK  270.8 (260.0), an increase of 4%, 
which was due to higher  sales in the Pediatrics segment  and the 
Adult Health segment. Sales increased mainly in Australia , Indonesia  
and Vietnam.  
Sales in Americas totaled SEK 475.9 million ( 404.9), up 18% due to 
increased sales in the Pediatrics and the Adult Health segments. 
Sales increased mainly in USA, Peru and Canada . 
SALES THIRD QUARTER  SALES JANUARY TO SEPTEMBER  
Revenue 
SEKm Jul – Sep Jul – Sep Change   Jan – Sep Jan – Sep Change  
 2025 2024   2025 2024  
Pediatrics  242.6 225.8 7%  822.6 822.9 0% 
Adult Health  81.6 76.6 6%  265.9 229.6 16% 
Other 2.5 1.5 63%  9.1 5.3 71% 
Total 326.6 304.0 7%  1,097.6 1,057.9  4% 
 
SEKm Jul – Sep Jul – Sep Change   Jan – Sep Jan – Sep Change  
 2025 2024   2025 2024  
EMEA 90.5 94.1 -4%  350.8 393.0 -11% 
APAC 90.1 76.8 17%  270.8 260.0 4% 
Americas  146.1 133.1 10%  475.9 404.9 18% 
Total 326.6 304.0 7%  1,097.6 1,057.9  4% 
 
Net sales bridge third quarter  
 
SEKm  Change 
2024 304.0  
Foreign exchange  -20.0 -6.6% 
Organic growth  42.7 14.0% 
2025 326.6 7.5% 
 
Net sales bridge January – September  
 
SEKm  Change  
2024 1,057 .9  
Foreign exchange  -40.3 -3.8% 
Organic growth  80.0 7.6% 
2025 1,097.6 3.8%

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

Q3 2025 
5 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
  
Sales in the Pediatrics segment amounted to SEK 242.6 million 
(225.8), an increase of 7% (excluding foreign exchange effects an 
increase of 14%). 
 
Sales of BioGaia  Protectis drops decreased in EMEA, while sales 
increased  in APAC and Americas . Sales increased  mainly in 
Indonesia, Vietnam  and Mexico.   
Sales of BioGaia Protectis tablets within the Pediatrics segment  
decreased compared to the corresponding period last year . Sales 
decreased  in Americas  and EMEA, mainly in Brazil  and Spain. 
Sales in the Pediatrics segment amounted to SEK 822.6 million 
(822.9), a decrease of 0% (excluding foreign exchange effects, an 
increase  of 4%). 
 
Sales of BioGaia Protectis drops decreased  in EMEA, while sales 
increased  in APAC and Americas . Sales increased mainly in USA, 
Peru and Mexico . 
Sales of BioGaia Protectis tablets within the Pediatrics segment 
decreased  compared to the corresponding period last year . Sales 
decreased  mainly  in Brazil  and Eastern Europe . 
 
SALES THIRD QUARTER  
 
 
SALES JANUARY – SEPTEMBER  
SEKm Jul – Sep 2025 Jul – Sep 2024 Change  
Pediatrics  242.6 225.8 7% 
 
Jan – Sep 2025 Jan – Sep 2024 Change  
822.6 822.9 0% 
 
The Pediatrics segment accounts for approximately 75% 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 as ingredients in licensee products.  
Pediatrics

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

Q3 2025 
6 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
 
  
Sales in the Adult Health segment amounted to SEK 81.6 million 
(76.6), an increase  of 6% (excluding foreign exchange effects, an 
increase of  13%). 
 
Sales of BioGaia Protectis tablets decreased  compared to the 
corresponding period last year. Sales decreased  in APAC and EMEA, 
mainly in Hong Kong , Indonesia  and South Africa.  
Sales of BioGaia Gastrus increased compared to the corresponding 
period last year , mainly in USA. 
Sales of BioGaia  Prodentis decreased  compared to the 
corresponding period last year. Sales decreased  in APAC mainly in 
South Korea. Sales increased in Americas , mainly  in USA .  
Sales in the Adult Health segment amounted to SEK 265.9 million 
(229.6), an increase of 16% (excluding foreign exchange effects, an 
increase of 20%). 
Sales of BioGaia Protectis  tablets increased compared to the 
corresponding period last year. Sales increased in APAC, mainly in 
South Korea and Japan . 
Sales of BioGaia Gastrus increased compared to the corresponding 
period last year. Sales increased in all regions, mainly in USA.  
Sales of BioGaia Prodentis increased compared to the 
corresponding period last year. Sales increased in Americas, mainly 
in USA .  
SALES THIRD QUARTER  
 
SALES JANUARY – SEPTEMBER  
 
SEKm Jul – Sep 2025 Jul – Sep 2024 Change  
Adult Health  81.6 76.6 6% 
 
Jan – Sep 2025 Jan – Sep 2024 Change  
265.9 229.6 16% 
 
The Adult Health segment accounts for approximately 24% 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 and Nutraceutics’ ow n products.  
 
Adult Health

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

Q3 2025 
7 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
  
Gross margin  
The total gross margin amounted to 74% (73%).  
The gross margin for the Pediatrics segment amounted to 76% (75%) 
and for the Adult Health segment to 69% (66%). The Adult Health 
gross margin increased compared to the same quarter last year due 
to a more favorable geographic sales mix effect and previous price 
increases.   
 
Operating expenses and operating profit  
Operating expenses amounted to SEK 156.5 million ( 180.9), a 
decrease of SEK 24.4 million ( 13%). Operating expenses, excluding 
items affecting comparability, increased by 21% to SEK 156.5 million 
(128.9). There were no Items affecting comparability in the quarter . 
Items affecting comparability in the same quarter last year include d 
an impairment loss attributed to the MetaboGen acquisition of SEK 
51.2 million.  
Selling expenses amounted to SEK 115.8 million ( 95.6), an increase 
of 21%, mainly due to higher costs for sales and marketing activities  
mainly in subsidiaries.   
R&D expenses amounted to SEK 25.9 million (71.4), a decrease of  
64%, R&D expenses in the sa me quarter last year  included and an 
impairment loss attributed to the MetaboGen acquisition of SEK 51.2 
million .  
Administrative expenses amounted to SEK 10.9 million (9.2), an 
increase of 18%.  
Other operating expenses  refers to exchange losses on receivables 
and liabilities of an operating nature and amounted to SEK 4.0 
million ( 4.8).  
Operating profit amounted to SEK 86.0 million ( 41.4), an increase of 
108%. The operating margin was 26% (14%). 
Adjusted operating profit amounted to SEK 86.0 million ( 93.4), a 
decrease of 8%. The adjusted operating margin was 26% (31%).  
Net financial items amounted to SEK  - 0.7 million ( 5.6). Net financial 
items were impacted by the adjustment of the value of the earn -out 
in relation to Nutraceutics in the amount of SEK -2.2 million ( -1.9). 
 
Profit after tax and earnings per share  
Profit after tax amounted to SEK 65.9 million (36.6), an increase of 
80%. The effective tax rate was 23% (22%).  
Earnings per share amounted to SEK 0.65 (0.36) before dilution and 
SEK 0.65 (0.36) after dilution.   
Gross margin  
The total gross margin amounted to 73% (73%).  
The gross margin for the Pediatrics segment amounted to 75% (76%) 
and for the Adult Health segment to 67% (61%). The Adult Health 
gross margin increased compared to the same quarter last year due 
to a more favorable geographic sales mix effect and previous price 
increases.    
 
Operating expenses and operating profit  
Operating expenses amounted to SEK 513.3 million (452.2), an 
increase of SEK 61.1 million (14%). Operating expenses, excluding 
items affecting comparability, increased by 29% to SEK 513.3 million 
(398.0). There were no Items affecting comparability in the period. 
Items affecting comparability in the same period last year include an 
impairment loss attributed to the MetaboGen acquisition  and the 
reversal of an accrual for litigation fees in connection with the 
termination of the distribution agreement in Italy .  
Selling expenses amounted to SEK 367.3 million (301.8), an increase 
of 22%, due to higher costs for sales and marketing activities  mainly 
in subsidiaries .  
R&D expenses amounted to SEK 78.9 million ( 123.3), a decrease of 
36%. R&D expenses in the same period  last year included an 
impairment loss attributed to the MetaboGen acquisition of SEK 51.2 
million.  
Administrative expenses amounted to SEK 33.9 million ( 28.9), an 
increase  of 18%. Administrative expenses in the same period  last 
year include  the reversal of an accrual for litigation fees in 
connection with the termination of the distribution agreement in 
Italy.  
Other operating expenses refers to exchange losses on receivables 
and liabilities of an operating nature and amounted to SEK 33.1 
million (-1.8).  
Operating profit amounted to SEK 291.5 million (320.0), a decrease 
of 9%. The operating margin was 27% (30%). 
Adjusted operating profit amounted to SEK 291.5 million (374.2), a 
decrease of 22%. The adjusted operating margin was 27% (35%). 
Items affecting comparability in the same period last  year include an 
impairment loss attributed to the MetaboGen acquisition  and the 
reversal of an accrual for litigation fees in connection with the 
termination of the distribution agreement in Italy .  
Net financial items amounted to SEK 6.2 million (23.4). Net financial 
items were impacted by the adjustment of the value of the earn -out 
in relation to Nutraceutics in the amount of SEK –5.6 (-4.1) million.  
 
Profit after tax and earnings per share  
Profit after tax amounted to SEK 234.0 million (269.5), a decrease of 
13%. The effective tax rate was 21% (22%).  
Earnings per share amounted to SEK 2.31 (2.67). There are no 
significant dilutive effects.  
 
 
THIRD QUARTER  JANUARY – SEPTEMBER  
Earnings

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

Q3 2025 
8 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
  
Balance sheet 3 0 September  2025 
Total assets amounted to SEK 1,487.0 million (1,904.9).  
Goodwill from the acquisition of Nutraceutics was adjusted for 
currency translation. The financial liability for the additional 
purchase price was value adjusted. For more information, see Note 
3.  
Compared with the preceding year, receivables and payables  
decreased  whereas  , while inventory  increased .  
Cash and cash equivalents on 30 September  2025 amounted to SEK 
728.1 million ( 1,114.6). 
 
Cash flow third quarter  
Cash flow amounted to SEK 107.4 million  (111.4).  
Cash flow from operating activities amounted to SEK 110.2 million 
(100.0). 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  is related to lower 
receivables SEK 49 .3 million and higher payables SEK 2.0 million  
offset by higher inventory SEK 10.3  million .  
Cashflow from i nvesting activities  amounted to SEK 1.0 million ( 2.8). 
 
Cash flow January – September  
Cash flow amounted to SEK -483.1 million (-429.9). The cash flow 
includes a dividend payment of SEK 698.0 million (696.8). 
Cash flow from operating activities amounted to SEK 223.0 million 
(271.1). The decrease  in cash flow from operati ng activities  
compared with the year -earlier period was mainly due to a lower 
operating profit .   
Cashflow from investing activities  amounted to SEK 2.9 million 
(13.8). 
 
 
 
Other disclosures  
Employees  
The number of employees in the Group on 30 September 2025 
totaled 238 (222 on 30 September 2024).  
 
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 2024 on pages 137 
and 138 and in Notes 26 and 27. No significant changes in these 
risks and uncertainties are assessed to have taken place on 3 0 
September  2025 excep t for increased geopolitical and trade 
uncertainties, including challenging global economic conditions, 
market trends 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

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

Q3 2025 
9 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
  
BioGaia launches subsidiary .  
On July 16 BioGaia announced that it launched a ne w company – 
BioGaia New Sciences AB – dedicated to advancing microbiome 
research and innovation . 
Extraordinary general meeting.   
At an extraordinary general meeting on 22 August, it was resolved to 
elect Mauricio Graber as new board member and chairman of the 
board, following Peter Rothschild’s decision to resign as board 
member and chairman.  
Shares purchased by BioGaia´s Chairman Mauricio Graber.  
On August 27 it was announced that Mauricio Graber, chairman of 
the board has entered into an agreement to purchase 735,754 class 
B shares from Anatom Holding, BioGaia’s anchor shareholder.  
BioGaia´s probiotic can help prevent antibiotic -associated 
diarrhea in children.  
On September 1 BioGaia announced that in a study, published in the 
European Journal of Pediatrics, BioGaia´s patented bacteria 
strain,  Limosilactobacillus reuteri  DSM 17938, was shown to prevent 
antibiotic -associated diarrhea (AAD) in children.  
BioGaia establishes its own distribution in Germany and Austria . 
On September 1 0 BioGaia announced that it establishes its own 
distribution in Germany and Austria through a newly formed 
subsidiary in Germany which will distribute and market BioGaia’s 
products in both Germany and Austria .  
BioGaia launches Prodentis® Fresh Breath .   
On September 30 BioGaia announced that it launches Prodentis® 
Fresh Breath , a probiotic promoting instant and long -lasting fresh 
breath while supporting healthy gums and teeth .  
 
 
 
 
 
Key events after the end of the third quarter of 2025  
The study on BioGaia’s new patented strain L. reuteri BG-R46® 
published in Beneficial Microbes  
On October 16 BioGaia announced that the scientific rationale and 
identification of the newly patented strain, Limosilactobacillus reuteri 
BG-R46®, has been published in the prestigious journal, Beneficial 
Microbes. This next-generation strain will be featured in BioGaia´s 
upcoming baby drops product. 
Key events in the third quarter of 202 5 
Launches  
Distributor  Country  Product  
BioGaia  Sweden  BioGaia Aldermis  
BioGaia  Finland  BioGaia Aldermis  
BioGaia  UK BioGaia Aldermis  
BioGaia  USA BioGaia Prodentis Fresh  Breath 
Ethical Nutrition  Argentin a BioGaia Protectis Easy dropper  
Abbott  Argentin a BioGaia Protectis tablets  
Abbott  Argentin a BioGaia Prodentis lozenges  
Abbott  Argentin a BioGaia Gastrus tablets  
Ewopharma  Slovakia  BioGaia Pharax drops  
BioGaia  USA BioGaia Gastrus Pure Action  
BioGaia  Australia  & New 
Zealand  
BioGaia Gastrus Pure Action

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

Q3 2025 
10 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
  
 
(Amounts in SEK 000s)  Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec Oct 202 4– Oct 202 3– 
 2025 2024 2025 2024 2024 Sep 202 5 Sep 202 4 
Net sales (Note 1)  326,638  303,971  1,097,595  1,057,889  1,422,718  1,462,424 1,355,663  
Cost of sales  -84,133  -81,636  -292,845  -285,684  -391,975  -399,136 -358,065 
Gross profit  242,505  222,335  804,750  772,205  1,030,743  1,063,288 997,598  
Selling expenses  -115,817  -95,581  -367,273  -301,839  -422,657  -488,091  -399,236  
Administrative expenses  -10,851 -9,188 -33,937  -28,870  -41,621  -46,688 -39,044  
Research and development expenses  -25,876 -71,390  -78,934  -123,330  -157,104  -112,708  -151,976  
Other operating income / expense  -3,981 -4,754 -33,142  1,816 14,010  -20,948 -6,830 
Operating profit  85,981 41,422  291,465  319,982  423,371  394,854  400,512  
Financial income  2,930 7,849 14,389 28,666  39,372  25,095  49,534  
Financial expenses  -3,587 -2,290 -8,216 -5,316 -14,924  -17,824 -18,523 
Profit before tax  85,324  46,981  297,638  343,332  447,819  402,125  431,523  
Tax  -19,441  -10,379  -63,651  -73,873  -96,431  -86,209  -94,705  
Profit for the period  65,883  36,602  233,987 269,459  351,388  315,916 336,818  
Gains/losses arising on translation of the 
statements of foreign operations  
-3,509 -12,922  -38,184 365 22,565  -15,984  -21,923  
Comprehensive income for the period  62,373  23,680  195,802 269,824  373,953  299,931  314,895  
Profit for the period attributable to:  
Owners of the Parent Company  
65,883  36,602  233,987  269,459  351,388  315,916  336,818  
Non-controlling interests  – – – – - - - 
Profit for the period  65,883 36,602  233,987  269,459  351,388  315,916  336,818  
Comprehensive income for the period 
attributable to:  Owners of the Parent Company  
62,373  23,680  195,802 269,824  373,953  299,931  314,895  
Non-controlling interests  – – – – - - – 
Comprehensive income for the period  62,373  23,680  195,802  269,824  373,953  299,931  314,895  
Earnings per share             
Earnings per share before dilution, (SEK)  0.65 0.36 2.31 2.67 3.48 3.12 3.33 
Earnings per share after dilution, (SEK)  0.65 0.36 2.31 2.67 3.48 3.12 3.33 
Number of shares (thousands)  101,162  101,162  101,162  101,162  101,162  101,162  101,162  
Average number of shares before dilution, 
(thousands)  
101,162  101,072  101,162  101,072  101,072  101,162 101,072  
Average number of shares after dilution, 
(thousands)  
101,162 101,082 101,162 101,081  101,072  101,162 101,073 
 
 
Summary of consolidated statements of comprehensive income

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

Q3 2025 
11 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
  
 
(Amounts in SEK 000s)  30 Sep 30 Sep 31 Dec 
 2025 2024 2024 
Assets     
R&D projects in progress  772 390 767 
Goodwill  149,929  160,690  175,104  
Right -of-use assets  24,327 30,953  30,183  
Property, plant, and equipment  162,838 178,941  175,436  
Financial assets  28,013  28,013  28,013  
Deferred tax assets  21,701 9,385 14,266  
Deposits  45 48 52 
Total non -current assets  387,625 408,420  423,821  
Current assets excl. cash and cash equivalents  371,317  381,896  386,201  
Cash and cash equivalents  728,104  1,114,605  1,223,984  
Total current assets  1,099,421 1,496,501  1,610,185  
Total assets  1,487,046 1,904,921  2,034,006  
      
Equity and liabilities       
Equity attributable to owners of the Parent Company  1,218,018 1,619,802  1,723,932  
Non-controlling interests  2 2 2 
Total equity  1,218,020  1,619,804  1,723,934  
Deferred tax liability  5,326 5,699 5,444 
Non-current liabilities  88,360  87,056  98,425  
Current liabilities  175,340  192,362  206,203  
Total liabilities and equity  1,487,046 1,904,921  2,034,006  
 
 
Consolidated balance sheets

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

Q3 2025 
12 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
  
 
(Amounts in SEK 000s)  Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec 
 2025 2024 2025 2024 2024 
Operating activities       
Operating profit  85,981 41,422  291,466  319,982  423,371  
Depreciation/amortization  6,142 57,549  18,537 69,439  76,695  
Other non -cash items  2,566 2,818 4,709 -318 -3,537 
Taxes -28,327 -5,595 -87,778  -66,590  -111,515  
Interest received and paid  2,750 7,372 14,025 27,398  37,918  
Cash flow from operating activities before  
changes in working capital  
69,113  103,566  240,959  349,911  422,932  
Changes in working capital  41,040  -3,537 -17,912  -78,830  -49,714  
Cash flow from operating activities  110,152  100,029  223,047  271,081  373,218  
Investing activities       
Purchase of property, plant, and equipment  -1,026 -2,804 -2,816 -13,810  -13,756  
Purchase of intangible assets  - -2 -75 -11 -397 
Sale of equipment  - - - - 80 
Cash flow from investing activities  -1,026 -2,806 -2,891 -13,821  -14,073  
Financing activities       
Dividend  - - -698,020 -696,778  -696,778  
Repayment of lease liability  -1,693 -2,189 -5,236 -6,816 -9,355 
Provision to Foundation to Prevent Antibiotic Resistance  - -4,400 - -4,400 -4,400 
New share issue  - 20,815  - 20,815  20,815  
Cash flow from financing activities  -1,693 14,226  -703,256 -687,179  -689,718  
Cash flow for the period  107,433  111,449  -483,100 -429,919  -330,573  
Cash and cash equivalents at the beginning  
of the period 
622,343  1,007,742  1,223,984 1,544,192  1,544,192  
Exchange difference in cash and cash equivalents  -1,674 -4,586 -12,781 332 10,365 
Cash and cash equivalents at the end of the period  728,102  1,114,605  728,104  1,114,605  1,223,984  
 
 
Summary c onsolidated statement  of changes in equity  
 
(Amounts in SEK 000s)  Jan – Sep Jan – Sep Jan – Dec 
 2025 2024 2024 
Opening balance  1,723, 934 2,030,344  2,030,344  
New share issue  - 20 815  20,815  
Dividend  -698,020 -696,77 8 -696,778  
Provision to Foundation to Prevent Antibiotic Resistance       -5,000 -4,400 -4,400 
Share-based payments  1,303 - - 
Comprehensive income for the period  195,802  269,824  373,953  
Closing balance  1,218,020  1,619,804  1,723,934  
 
Consolidated cash flow statements

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

Q3 2025 
13 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
  
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  and capsules , 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)  Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec Oct 2024 – Oct 2023 – 
 2025 2024 2025 2024 2024 Sep 2025 Sep 2024 
Revenue by segment         
Pediatrics  242,587  225,841  822,561  822,929  1,093,278  1,092,909  1,042,967  
Adult Health  81,576  76,611  265,929  229,631  321,288  357,586  306,079  
Other 2,475 1,519 9,106 5,330 8,153 11,929  6,618 
Total 326,638  303,971  1,097,595  1,057,889  
 
1,422,718  1,462,424  1,355,664  
 
Gross profit by segment         
Pediatrics  183,986 170,291  617,846 625,670  820,406  812,583 797,470  
Adult Health  56,067  50,525  177,920  141,206  202,184  238,898  193,509  
Other 2,453 1,519 8,984 5,330 8,153 11,807  6,618 
Total 242,505 222,335  804,750 772,205  1,030,743  1,063, 288 997,597  
Selling, administrative, R&D expenses  -152,544 -176,159  -480,144 -454,039  -621,382  -647,487 -590,256  
Other operating expenses/income  -3,981 -4,754 -33,142 1,816 14,010  -20,948 -6,830 
Operating profit  85,981 41,422  291,465 319,982  423,371  394,854 400,512  
Net financial items    - 658      5,559     6,172      23,350  24,448  7,270 31,011  
Profit before tax  85,324 46,981  297,638 343,332  447,819  402,125 431,523  
Sales by geographical market         
APAC        
Pediatrics  62,154  43,246  183,354  172,780  238,181  248,755  231,897  
Adult Health  25,961  32,389  82,792  82,748  120,852  120,895  118,895  
Other 1,964 1,132 4,701 4,492 6,798 7,007 5,369 
Total APAC  90,079  76,767  
 
270,846  260,020  
 
365,832  376,658  356,160  
 
EMEA          
Pediatrics  73,494  80,242  288,277  330,807  423,687  381,157  404,547  
Adult Health  16,504  13,482  60,574  61,370  82,088  81,292  78,943  
Other 506 379 1,996 820 1,336 2,511 1,205 
Total EMEA  90,505  94,103  
 
350,847  392,997  
 
507,110  464,960  484,695  
 
Americas          
Pediatrics  106,939  102,353  350,930  319,342  431,410  462,997  406,523  
Adult Health  39,111  30,741  122,563  85,513  118,348  155,399  108,241  
Other 5 7 2,410 18 18 2,411 45 
Total Americas  146,054  133,101  
 
475,903  404,872  
 
549,776  620,806  514,809  
 
Total 326,638  303,971  1,097,595  1,057,889  1,422,718  1,462,424  1,355,664

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

Q3 2025 
14 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
  
Note 2. Largest shareholders on 30 September  2025 (source: Vantage by Euroclear)  
 
Date of recognition (Amounts in SEK 000s)  Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec 
Performance obligations met on specific date  
(Product sales)  
2025 2024 2025 2024 2024 
      
Pediatrics  241,897  225,841  815,200  822,929  1,093,278  
Adult Health  79,396  74,642  258,422  222,322  311,003  
Other 2,130 1,306 7,598 4,938 7,335 
Total 323,423  301,789  1,081,221  1,050,189  1,411,616  
Performance obligations met over time (Royalty)       
Pediatrics  690  - 7,360  -  - 
Adult Health  2,180 1,969 7,507 7,309 10,285  
Other 345 213 1,508 392 817 
Total 3,215 2,182 16,375  7,701 11,102  
Total 326,638 303,971  1,097,595  1,057,889  1,422,718  
 
 
 
  Shares  Shares %  Votes  Votes %  
1 Anatom Holding AG  6,621,779  6.55% 22,612,601  18.07%  
2 Fjärde AP -fonden 8,200,000  8.11% 8,200,000  6.55% 
3 Boleo Holding AG  1,848,909  1.83% 5,846,619  4.67% 
4 Schember Holding AG  1,848,909  1.83% 5,846,619  4.67% 
5 Cargill Inc  3,000,000  2.97% 3,000,000  2.40% 
6 Premier Miton Investors  2,904,492  2.87% 2,904,492  2.32% 
7 Tredje AP -fonden 2,008,356  1.99% 2,008,356  1.60% 
8 Handelsbanken Fonder AB  1,833,353  1.81% 1,833,353  1.46% 
9 TIN Fonder  1,635,665  1.62% 1,635,665  1.31% 
10 Nordea Funds AB  1,580,094  1.56% 1,580,094  1.26% 
 Other shareholders  69,680,753  68.88%  69,680,753  55.68%  
 Total 101,162,310  100% 125,148,552  100%

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

Q3 2025 
15 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
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 2025 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 the 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 12% of annual salary. In 
addition to this program, BioGaia has also implemented an 
employe e 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. 
In the quarter 20 000 options forfeited due to termination of 
employment.  
The options may be exercised for the subscription of Class B shares, 
in accordance with the terms for the options, provided that certain 
strategic and operational goals, set out by the board of directors, 
are achieved. The goals will be set by the board of  directors in 
advance and will be linked to important events in the company’s 
development such as the company’s financial performance and 
fulfilment of the company’s strategic goals.  
The determination of whether the vesting conditions have been met 
shall be made by the board of directors, whose decision shall be 
final and binding. Another requirement is also that the option holder 
remains employed until exercise of the options.  
The exercise price amounts to SEK 143.83. The options are valued 
according to the Black -Scholes model with an expected volatility of 
30.0% and an interest rate of 2.3%. This results in a value of SEK 
11.02 per option.  
LTIP 2025  
332,500 Performance Share Awards (“awards”) were allotted on the 
8th of August 2025 whereof 170,000 were allotted to management.  
Each Performance Share Right (“rights”) shall entitle the holder to 
receive Class B shares in the company free of charge upon 
achievement of the specific performance criteria after a performance 
period of approximately three years.  
 
 
 
 
Below is a description on how each goal will be measured.  
The operating margin represents 45% of the weighting in the 
Performance Share Plan (“plan”). The target will be measured 
between a threshold and maximum level over the program period, 
with linear distribution of instruments given outcomes between the 
two l evels. Provided that the result is lower than the threshold level, 
no shares linked to the target will be distributed.  
Sales increase represents 45% of the weighting in the plan. The 
target, like the operating margin target, will be measured between a 
threshold level, and a maximum level. Given an outcome scenario 
between the threshold and the maximum level, a linear assig nment 
will be assigned to the participant. Provided that the threshold level 
is not reached, no shares will be paid to the participant.  
ESG represents 10% of the weighting in the plan. Unlike the other 
targets in the program, the ESG target will be measured as an 
absolute hurdle. Upon fulfilment of the criterion, all shares will be 
allotted. If the hurdle would not be met, no shares will b e allotted to 
the participant.  
The shares are linked to the participant's employment with BioGaia. 
If the employment in BioGaia is terminated before the y have been 
converted to shares, all the participant's unvested shares will be 
cancelled, with certain exceptions for customary “Good Leaver” - 
situations.  
The exercise price amounts to SEK 0.2. The shares are valued 
according to the Black -Scholes model with an expected volatility of 
30.0% and an interest rate of 2.0%. This results in a value of SEK 
80.16 per share.  
 
Scope and costs of the LTIP 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 0.8 million in the quarter including 
social security costs, and the estimated total cost amounts to SEK 
15.9 million based on the valuation at grant date, review of 
performance criteria and an employee turnover of 10%.  
Further details about the programs are available on 
biogaia group .com under Annual General Meetings 2024 and 2025.  
If all options are exercised for subscription of new shares  in the LTIP 
2024 program  this means a possible dilution of existing 
shareholders by 0. 46%. The options are not in the money and are 
thus not impacting the average number of shares after dilution and 
earnings per share as of September 30, 2025.  
The maximum dilution effect of the L TIP 2025 program  is estimated 
to amount to approximately 0.33 % of the shares . The average 
number of shares after dilution is  not affected as of September 30, 
2025 and earnings per share  is consequently not impacted.

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

Q3 2025 
16 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Fair value  
 
(Amounts in SEK 000s)  Jan – Sep Jan – Sep Jan – Dec 
 2025 2024 2024 
Opening balance  65,053 46,529  46,529  
Value adjustment  5,645 4,104 13,483  
Exchange difference  -9 660 183              5,041 
Closing balance  61,038 50,816  65,053  
 
 
Financial liabilities  
BioGaia has a financial liability relating to the additional purchase 
price in business acquisitions that is measured at fair value through 
profit or loss. The additional purchase price is due to the acquisition 
of Nutraceutics and is based on sales in Nut raceutics in 2026 or 
2027. The amount, which will be settled in April 2027 or 2028, may 
also be adjusted if the agreed budget for marketing costs is 
exceeded.  
Revaluation took place during the third quarter of 2025 and 
BioGaia’s best assessment of fair value of the financial liability 
related to the additional purchase price on 3 0 September  2025 was 
therefore adjusted to SEK 61.0 million.  
 
 
 
 
Estimates of fair value are based on Level 3 of the hierarchy for fair 
value, which means fair value is determined using valuation models 
where significant inputs are based on unobservable data. The 
measurement was based on anticipated future cash flows di scounted 
with a market -based interest rate. The value adjustment is 
recognized as a financial expense of SEK 2.2 million (1. 9) during the 
quarter. The weighted average cost of capital (WACC) amounted to 
12.5% (12.7% on 31 December 2024).   
 
Financial assets  
BioGaia owns shares in the companies Boneprox AB and Skinome 
AB through BioGaia  Invest. These financial assets are measured at 
fair value through profit or loss. Estimates of fair value are based on 
Level 3 of the hierarchy for fair value, which means fair value is 
determined using valuation models where significant inputs are 
based on unobservable data.  
 
(Amounts in SEK 000s)  Jan – Sep Jan – Sep Jan – Dec 
 2025 2024 2024 
Opening balance  28,013  28,013  28,013  
Value adjustment  - - - 
Acquisitions               -              - - 
Closing balance  28,013  28,013  28,013  
 
 
 
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.

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

Q3 2025 
17 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
  
A list of definitions of key ratios reported in the consolidated 
financial statements is provided on page 164 of BioGaia’s annual 
report for 2024. In this report, BioGaia reports information used by 
Executive Management to assess the Group’s development. S ome of 
the key ratios presented are not defined according to IFRS. The 
company is of the opinion that these metrics provide valuable 
complementary 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  
 
(Amounts in SEK 000s)  Jan – Sep Jan – Sep Jan – Dec 
 2025 2024 2024 
Net sales  1,097,595  1,057,889  1,422,718  
Growth of net sales  4% 6% 10% 
Operating profit, SEK 000s  291,465  319,982  423,371  
Adjusted operating profit, SEK 000s  291,465  374,233  477,622  
Profit after tax, SEK 000s  233,987  269,459  351,388  
Return on equity  16% 15% 19% 
Return on capital employed  19% 19% 25% 
Capital employed, SEK 000s  1,233,346  1,625,503  1,729,378  
Number of shares, thousands  101,162  101,162  101,162  
Average number of shares before dilution, thousands 1) 101,162  101,072  101,072  
Average number of shares after dilution, thousands 1) 101,162 101,081  101,072  
Earnings per share before dilution, SEK 1) 2.31 2.67 3.48 
Earnings per share after dilution, SEK 1) 2.31 2.67 3.48 
Equity per share , SEK    12.04 16.03 17.06 
Equity/assets ratio  82% 85% 85% 
Operating margin  27% 30% 30% 
Adjusted operating margin  27% 30% 34% 
Profit before tax margin  27% 32% 31% 
Average number of employees  228 215 217 
 
 
1) Key ratio defined according to IFRS.

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

Q3 2025 
18 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
  
Key ratio  Definition/calculation  Purpose  
Adjusted operating 
margin  
Adjusted operating margin excluding items 
affecting comparability.  
The adjusted measure provides enhanced understanding of the 
performance of operations.  
Adjusted operating 
profit  
Operating profit (earnings before financial 
items and tax) excluding items affecting 
comparability.  
The adjusted measure provides enhanced understanding of the 
performance of operations.  
Average number of 
shares  
Time-weighted number of outstanding shares 
during the year taking bonus issue elements 
into account.  
Used to calculate equity and earnings per share.  
Capital employed  Total assets less interest -free liabilities.  
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 =====

Q3 2025 
19 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
  
Key ratio  
 
(Amounts in SEK 000s)  Jan – Sep Jan – Sep Jan – Dec 
 2025 2024 2024 
Return on equity     
Profit attributable to owners of the Parent Company (A)  233,987  269,459  351,388  
Equity attributable to owners of the Parent Company  1,218,018  1,619,802  1,723,932  
Average equity attributable to owners of the Parent Company (B)  1,470,975  1,825,072  1,877,137  
Return on equity (A/B)  16% 15% 19% 
Return on capital employed     
Operating profit  291,465  319,982  423,371  
Financial income  14,389 28,666  39,372  
Profit before net financial items + financial income (A)  305,854  348,648  462,743  
Total assets  1,487,046  1,904,921  2,034,006  
Interest -free liabilities  -263,700  -279,418  -304,628  
Capital employed  1,223,346  1,625,503  1,729,378  
Average capital employed (B)  1,634,435  1,835,514  1,887,451  
Return on capital employed (A/B)  19% 19% 25% 
 
 
 
(Amounts in SEK 000s)  30 Sep 30 Sep 31 Dec 
 2025 2024 2024 
Equity/assets ratio     
Equity (A)  1,218,020  1,619,804  1,723,934  
Total assets (B)  1,487,046  1,904,921  2,034,006  
Equity/assets ratio (A/B)  82% 85% 85% 
    
Operating margin     
Operating profit (A)  291,465 319,982  423,371  
Net sales (B)  1,097,595  1,057,889  1,422,718  
Operating margin (A/B)  27% 30% 30% 
    
Profit before tax margin     
Profit before tax (A)  297,638  343,332  447,819  
Net sales (B)  1,097,595  1,057,889  1,422,718  
Profit before tax margin (A/B)  27% 32% 31% 
    
Equity per share     
Equity attributable to owners of the Parent Company (A)  1,218,018  1,619,802  1,723,932  
Average number of shares (B)  101,162 101,072  101,072  
Equity per share (A/B)  12.04 16.03 17.06 
 
 
Key ratio

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

Q3 2025 
20 BioGaia AB  (publ.) Interim management statement , January – September  2025 
  
Change in sales by segment ( including and excluding foreign exchange effects)  
  Pediatrics   Adult 
Health 
 Other  Total  
 (Amounts in SEK 000s)  Jul – Sep Jan – Sep Jul – Sep Jan – Sep Jul – Sep Jan – Sep Jul – Sep Jan – Sep 
  2025 2025 2025 2025 2025 2025 2025 2025 
 Description          
A Previous year’s net sales 
according to the average rate  225,841  822,929  76,611  229,631  1,519 5,330 303,971  1,057,889  
B Net sales for the year 
according to the average rate  242,587 822,561 81,576 265,929 2,475 9,105 326,638 1,097 ,595 
C Recognized change (B -A) 16,746 -368 4,965 36,298 956 3,775 22,667 39,705 
 Percentage change (C/A)  7% 0% 6% 16% 63% 71% 7% 4% 
D 
Net sales for the year  
according to the previous 
year’s average rate  
257,592 853,741 86,571 275,079 2,475 9,105 346,638 1,137 ,925 
E Foreign exchange effects (B –D) -15,005 -31,180 -4,995 -9,150 0 0 -20,000 -40,330 
 Percentage change (E/A)  -7% -4% -7% -4% 0% 0% -7% -4% 
F Organic change (C –E) 31,751 30,812 9,960 45,448 956 3,775 42,667 80,035 
 Organic change, % (F/A)  14% 4% 13% 20% 63% 71% 14% 8% 
 
 
 
Average key exchange rates  Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec 
 2025 2024 2025 2024 2024 
EUR 11.36 11.44 11.18 11.39 11.41 
USD 9.57 10.45 10.01 10.48 10.52 
JPY 0.0647 0.0701 0.0670 0.0694 0.0699 
 
 
 
Closing date key exchange rates  30 Sep 30 Sep 31 Dec 
 2025 2024 2024 
EUR 11.06 11.30 11.49 
USD 9.42 10.09 11.00 
JPY 0.0636 0.0707 0.0698 
 
 
 
Pledged assets and contingent liabilities – Group 30 Sep 30 Sep 31 Dec 
(Amounts in SEK 000s)  2025 2024 2024 
Pledged assets  None None None 
Contingent liabilities  None None None 
 
 
 
Adjusted operating profit – Group Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec 
(Amounts in SEK 000s)  2025 2024 2025 2024 2024 
Operating profit  85,981 41,422  291,465 319,982  423,371  
Items affecting comparability  - 51,992  - 54,251  54,251  
Adjusted operating profit  85,981 93,414  291,465 374,233  477,622

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

Q3 2025 
21 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
 
 
 
  
Stockholm, 22 October  2025 
 
Financial calendar  
Mauricio  Graber  
Board Chairman  
David Dangoor  
Board Vice Chairman  
Outi Armstrong  
Member of the Board  
Bénédicte Flambard  
Member of the Board  
Barbro Fridén  
Member of the Board  
Anthon Jahreskog  
Member of the Board  
Vanessa Rothschild   
Member of the Board  
 
Theresa Agnew  
President and CEO 
 
The Board of Directors and the President and CEO declare that the  interim management statement  provides a true and fair 
overview of the Parent Company’s and Group’s operations, their financial position and performance, and describes material ris ks 
and uncertainties facing the Parent Company and other companies in the Group.   
 
This interim management statement has not been audited . 
Annual General Meeting 2025  
 
7 MAY 
2026 
8:00 a.m. CET year -end report  
1 January – 31 December 202 5 
 
12 FEB 
2026 
8:00 a.m. CET interim report  
1 January – 30 June 20 26 
 
17 JUL 
2026 
Annual report 2025  
MAR 
2026 
7 MAY 
2026 
8:00 a.m. CET interim management statement  
1 January – 30 September 2026  
 
22 OCT 
2026 
8:00 a.m. CET Interim management statement  
1 January – 31 March 20 26

===== SIDA 22 =====

Q3 2025 
22 BioGaia AB  (publ.) Interim management statement , January – September  2025 
 
 
 
 
 
 
 
 
 
The company  
BioGaia  is a Swedish world -leading probiotic company that has been 
at the forefront of microbiome research for more than 35 years. Our 
vision is to be the most trusted probiotic brand in the world. We 
develop, manufacture, market, and sell probiotic products for gut, 
oral, and immune health. The products are primarily based on 
different strains of the lactic acid bacterium Limosilactobacillus 
reuteri , L. reuteri  (formerly Lactobacillus).  
The class B shares of the Parent Company BioGaia AB are quoted on 
the Mid Cap List of Nasdaq Stockholm.  
Business model  
BioGaia has two types of distribution – sales through distribution 
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 
nine countries (Sweden, Finland, France, the UK, USA, Canada, 
Australia, New Zealand and Japan).  
BioGaia holds patents for the use of certain strains of L. reuteri  and 
certain packaging solutions in all major markets. At the end of 2024, 
BioGaia  held more than 600 granted patents for various bacteria 
strains and territories.  
 
The BioGaia brand  
BioGaia  launched its own consumer brand in 2006. Today, several 
BioGaia’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 under 
the BioGaia brand. Of products (drops, tablets for gut and oral 
health, oral rehydration, etc.) sold in 2024, 92% (90%) were sold 
under the BioGaia brand including co -branding.  
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 2024, over 270 clinical 
studies with BioGaia’s various strains of L. reuteri  have been 
performed. These studies involved more than 23,000 individuals of 
all ages.  
Over the years, BioGaia has performed studies in the following 
areas:  
• Colic and constipation in infants  
• Immune modulation and infection prevention  
• Acute diarrhea  
• Antibiotic -associated side effects, such as diarrhea  
• Treatment of H. pylori infections  
• Irritable bowel syndrome (IBS)  
• Oral health, such as gingivitis (inflammation of the gums) and 
periodontitis (loosening of the teeth)  
• Osteopenia  
• Autism spectrum condition  
• Urinary tract infections  
BioGaia AB  
BioGaia AB Box 3242 SE -103 64 STOCKHOLM  
Street address: Kungsbroplan 3, Stockholm  
Telephone: +46 8 555 293 00, Corporate identity no. 556380 -8723, www.biogaia group .com