Slides
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Q3 2026 RESULTS Telephone Conference 22 October 2026 Theresa Agnew, CEO Alexander Kotsinas, CFO
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2 Financial Highlights Q3 2026 Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks GROWTH EXCLUDING CURRENCY EFFECTS 23% EBIT MARGIN 33% NET SALES 400 MSEK
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• Net sales reached 400.4 MSEK (326.6), with growth excluding currency effects of 23% (23% including currency effects) • Sales in EMEA increased by 38% excluding currency effects (35% including currency effects), while sales in the Americas increased by 23% excluding currency effects (24% including currency effects) and sales in APAC increased by 8% excluding currency effects (8% including currency effects) • Operating profit in the quarter 132.6 MSEK (an increase of 54%) and EBIT margin 33% (26%) • Net sales year to date reached 1,214 MSEK (1,098), with growth excluding currency effects of 16% (11% including currency effects) Executive Summary Q3 2026 Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks 3
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Grow the Core BioGaia Strategy Expansion through Direct Markets Breakthrough Innovation Gut Health / Colic Oral Health Immune Health F oundations People & Culture Invest for Profitable Growth Digital as Enabler Driven by Science Sustainable Solutions Executive summary Executive summary Sales breakdown Sales breakdown Financials Financials Concluding remarks Concluding remarks 4
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5 Delivering on Our Strategy Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks Grow the Core • Strong growth across both Pediatrics and Adult Health segments, supported by Protectis® Drops, Protectis® Tablets and Prodentis® • Continued investment in consumer and medical marketing to drive growth in key markets • Strengthening our position in oral health, with particularly strong development for Prodentis®, especially in the USA and Canada • Continued strong development in our direct markets, contributing to 38% growth in EMEA • Expanding distribution in France and across key retailers in the UK • Continued focus on strengthening the BioGaia brand and expanding our global reach through our omnichannel approach Expansion through Direct Markets Breakthrough Innovation • Launch of BioGaia® Colus® expands our science-based portfolio within adult gut health • Proprietary L. reuteri BG-R59® strain in Colus® is supported by two independent randomized, double-blind, placebo-controlled clinical studies • Initial launch in the UK, followed by a phased rollout across selected markets
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Launches Distributor Country Product Abbott Turkey Protectis easydropper 5 ml BioGaia UK UK & Ireland Protectis strawberry kids tablets with vitamin D BioGaia UK UK & Ireland Prodentis apple kids lozenges BioGaia UK UK BioGaia Skincare gentle balm -to-milk wash BioGaia UK UK BioGaia Skincare soothing face and body lotion BioGaia UK UK BioGaia Colus BioGaia Finland Finland BioGaia Protectis strawberry kids tablets with vitamin D BioGaia Finland Finland BioGaia Protectis Plus with vitamin D 10 ml BG Distribution Hungary BioGaia Protectis drops 10 ml Ewopharma Czech Republic BioGaia Aldermis Ewopharma Poland BioGaia Aldermis Abbott Dominican Republic BioGaia Protectis lemon tablets 3x10 Biocare Technology Taiwan BioGaia Prodentis lozenges 3x10 Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks 6
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7 Key Events • 31 August: BioGaia signed a new long-term exclusive distribution agreement with Recordati for Spain and Portugal • 9 September: Launch of BioGaia® Colus®, a probiotic formulation designed to promote colon health through a strain-specific and targeted delivery approach. The product contains the proprietary probiotic strain L. reuteri BG-R59® • 16 September: BioGaia announced that it will host a Capital Markets Day in London on December 8, 2026. The Capital Markets Day will be held as an in-person event in London, and the presentations will also be broadcast live Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks
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Sales of BioGaia Protectis drops increased in Americas and EMEA, while sales decreased in APAC, compared to the corresponding period last year. Sales increased mainly in USA, China and France Sales of BioGaia Protectis tablets increased compared to the corresponding period last year. Sales increased in APAC and EMEA, mainly in Hong Kong and Italy 8 Growth Excluding FX by Business Segment Q3 Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks Pediatrics Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -2% 24% -4% 13% 14% 32% Q3 2026 15% 12% 23% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -9% 24% -10% 9% 14% 34% 13% 9% Q3 2026 21% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 33% 21% 23% 23% 13% 27% 18% 23% Q3 2026 29% Total Adult Health +23% +21% +29% 73% share of revenue 26% share of revenue
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• Pediatrics sales increased by 21% excluding currency effects (increased by 21% including currency effects). Sales of BioGaia Protectis drops increased in Americas and EMEA, while sales decreased in APAC, compared to the corresponding period last year. Sales increased mainly in USA, China and France • Continued strong growth in Adult Health as sales increased by 29% excluding currency effects (increased by 28% including currency effects). Sales of BioGaia Protectis tablets increased compared to the corresponding period last year. Sales increased in APAC and EMEA, mainly in Hong Kong and Italy 9 Sales per Segment Q3 2026 Sales per Segment 73% 26% 1% Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks YTD 2026 74% 25% 1% Pediatrics Adult Health Other MSEK Q3 2026 Q3 2025 Change excl FX Total change YTD 2026 YTD 2025 Change excl FX Total change Pediatrics 293 243 21% 21% 897 823 14% 9% Adult Health 105 82 29% 28% 310 266 23% 16% Other 2 2 1% 0% 7 9 -21% -23% Total 400 327 23% 23% 1,214 1,098 16% 11%
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• EMEA: sales increased by 38% excluding currency effects (35% including currency effects). Sales increased mainly in France, Poland and Germany. Sales for the quarter were positively impacted by quarterly variations for individual orders • APAC: sales increased by 8% excluding currency effects (8% including currency effects), which was due to higher sales in the Adult Health segment while the Pediatrics segment decreased. Sales increased mainly in China, South Korea and Japan • Americas: sales increased by 23% excluding currency effects (24% including currency effects) due to higher sales in both the Pediatrics segment and the Adult Health segment. Sales increased mainly in USA, Canada and Brazil 10 Sales per Region Q3 2026 Sales per Region 31% 24% 45% Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks MSEK Q3 2026 Q3 2025 Change excl FX Total change YTD 2026 YTD 2025 Change excl FX Total change EMEA 123 91 38% 35% 430 351 26% 22% APAC 97 90 8% 8% 264 271 2% -3% Americas 181 146 23% 24% 520 476 17% 9% Total 400 327 23% 23% 1,214 1,098 16% 11% EMEA APAC Americas YTD 2026 35% 22% 43%
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11 Financials Alexander Kotsinas, CFO
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12 Key Financials 327 400 Q3 2025 Q3 2026 +23% Sales (MSEK) Gross profit (MSEK) 243 292 Q3 2025 Q3 2026 +20% EBIT (MSEK) 74% 73% 86 133 Q3 2025 Q3 2026 +54% 26% 33% Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks
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13 75 327 Q3 2025 Growth excluding currency effects -1 Currency effect 400 Q3 2026 +23% Sales Bridge Change 0%23% Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks
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14 Gross Margin per Segment • Total: The gross margin includes SEK 3.2 million in US IEEPA (International Emergency Economic Powers Act) tariff refunds Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks Gross margin Q3 2026 Q3 2025 YTD 2026 YTD 2025 Pediatrics 74% 76% 75% 75% Adult Health 69% 69% 66% 67% Total 73% 74% 72% 73%
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15 OPEX • Sales and Marketing expenses increased due to higher expenses for activities mainly in subsidiaries • Other OPEX refers to exchange gains on receivables and liabilities of an operating nature and amounted to 14 MSEK (-4) Operating Expenses (OPEX) Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks MSEK Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Sales and Marketing -136 -116 17% -422 -367 15% Research and Development -26 -26 0% -80 -79 1% Administration -11 -11 1% -38 -34 13% Other OPEX 14 -4 -441% 26 -33 -179% Total OPEX -159 -157 2% -514 -513 0% Total Adjusted OPEX 1 -159 -157 2% -502 -513 -2% 1 Excluding items affecting comparability of 11.3 MSEK (one-time selling expense)
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16 Profit and Loss Statement Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks MSEK Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Sales 400 327 23% 1,214 1,098 11% Gross profit 292 243 20% 880 805 9% Percentage of revenue 73% 74% 72% 73% OPEX -159 -157 2% -514 -513 0% EBIT 133 86 54% 366 291 26% Percentage of revenue 33% 26% 30% 27% Adjusted EBIT 133 86 54% 377 291 29% Percentage of revenue 33% 26% 31% 27% Profit after tax 110 66 67% 293 234 25% EPS 1.09 0.65 67% 2.89 2.31 25%
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Cash flow for the period 66 MSEK (107) • Cash flow from operating activities amounted to 79.8 MSEK (110.2). The decrease in cash flow from operating activities compar ed with the year- earlier period was due to a negative change in working capital. The negative change in working capital was related to higher receivables 12.6 MSEK, higher inventory 2.9 MSEK and lower payables 10.6 MSEK. • Cash flow from investing activities amounted to -12.0 MSEK (-1.0) and includes investments in BioGaia Production of 11.9 MSEK. • Cash flow for the period at 66 (107) MSEK and cash at the end of the period at 518 (728) MSEK MSEK Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Cash flow from operating activities before changes in net working capital 106 69 +37 270 241 +30 Changes in working capital -26 41 -67 -70 -18 -52 Cash flow from operating activities 80 110 -30 201 223 -22 Cash flow from investing activities -12 -1 -11 -26 -3 -23 Cash flow from financing activities -2 -2 0 -470 -703 +234 Cash flow for the period 66 107 -42 -294 -483 +189 Cash at the end of period 518 728 -210 518 728 -210 Cash Flow Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks 17
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• Strong Q3 performance with 23% growth excluding currency effects and an EBIT margin of 33% • Double-digit growth across both segments, with Pediatrics +21% and Adult Health +29% excluding currency effects • Broad-based regional growth, led by EMEA at +38%, Americas at +23% and APAC at +8% excluding currency effects • Continued strategic execution, including driving growth in direct markets, strengthening our core portfolio and launching BioGaia® Colus® • Strong platform for continued profitable growth, while investing in science-based innovation, key markets and the BioGaia brand • BioGaia to host Capital Markets Day in London on 8 December 2026 • We remain focused on driving sustainable growth by leveraging our strong scientific foundation, expanding our presence in key markets, and increasing brand visibility Concluding Remarks Executive summary Executive summary Financials Financials Sales breakdown Sales breakdown Concluding remarks Concluding remarks 18
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Q&A