FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== 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