Interim report
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Q3 2026 1 BioGaia AB (publ.) Interim management statement , January – September 2026 Interim Management Statement January – September 2026
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Q3 2026 2 BioGaia AB (publ.) Interim management statement , January – September 2026 Jul – Sep 2026 Jan – Sep 2026 Net sales amounted to SEK 400.4 million ( 326.6), an increase of SEK 73.8 million, an increase excluding currency effects of 23% (23% including currency effects ). Net sales in the Pediatrics segment amounted to SEK 293.3 million (242.6), an increase excluding currency effects of 21% (21% including currency effects ). Net sales in the Adult Health segment amounted to SEK 104.7 million (81.6), an increase excluding currency effects of 29% (28% including currency effects ). Operating expenses amounted to SEK 159.4 million (1 56.5), an increase of SEK 2.8 million ( 2%). Operating profit increased by 54% to SEK 132.6 million ( 86.0), which corresponds to an operating margin of 33% (26%). Profit after tax amounted to SEK 110.2 million ( 65.9), an increase of 67%. Earnings per share amounted to SEK 1.09 (0.65) before and after dilution. Cash flow amounted to SEK 65.9 million ( 107.4). Cash and cash equivalents amounted to SEK 518.3 million ( 728.1). Key events in the third quarter of 202 6 On 31 August B ioGaia announced that it has signed a new long -term exclusive distribution agreement with Recordati for Spain and Portugal . On 9 September BioGaia announced the 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®. On 16 September BioGaia announced that it will host a Capital Markets Day in London on 8 December 2026. The Capital Markets Day will be held as an in -person event in London, and the presentations will also be broadcast live. Net sales amounted to SEK 1,213 .8 million ( 1,097 .6), an increase of SEK 116.3 million, a n increase excluding currency effects of 16% (11% including currency effects) . Net sales in the Pediatrics segment amounted to SEK 897.2 million (822.6), an increase excluding currency effects of 14% (9% including currency effects ). Net sales in the Adult Health segment amounted to SEK 309.6 million (265.9), an increase excluding currency effects of 23% (16% including currency effects ). Operating expenses amounted to SEK 513.8 million ( 513.3), an increase of SEK 0.5 million ( 0%). Operating expenses, excluding items affecting comparability, decreased by 2% to SEK 502.5 million (513.3). Operating profit increased by 26% to SEK 365.9 million ( 291.5), which corresponds to an operating margin of 30% (27%). Adjusted operating profit increased by 29% to SEK 377.2 million (291.5), which corresponds to an adjusted operating margin of 31% (27%). Profit after tax amounted to SEK 292.8 million ( 234.0), an increase of 25%. Earnings per share amounted to SEK 2.89 (2.31) before and after dilution. Cash flow amounted to SEK -294.4 million ( -483.1). Key events after the end of the third quarter of 202 6 No key events that are not mentioned in this interim management statement took place after the end of the third quarter. THIRD QUARTER 2026 JANUARY - SEPTEMBER 2026 Jul – Sep 2026 Jul – Sep 2025 Net sales, SEK thousands 400,435 326,638 Growth in net sales 23% 7% Operating profit, SEK thousands 132,620 85,981 Operating margin 33% 26% Profit after tax, SEK thousands 110,210 65,883 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 1.09 0.65 Earnings per share after dilution, SEK 1.09 0.65 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 2026. Operating margin 33% Change in sales 23% 23% excl. FX Net sales 400 SEK million Operating profit 133 SEK million Operating margin 30% Change in sales 11% 16% excl. FX Operating profit 366 SEK million Net sales 1,214 SEK million
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Q3 2026 3 BioGaia AB (publ.) Interim management statement , January – September 2026 Expanding our offering in adult gut health During the quarter, we announced the launch of BioGaia® Colus® for colon health, further expanding our science -based portfolio within adult gut health. Colus® is certified as FODMAP -friendly and contains our proprietary L. reuteri BG-R59® strain, supported by two independent randomized, double -blind, placebo -controlled clinical studies. It has a unique delayed -release capsule technology that is designed to deliver the probiotic further down the gastrointestinal tract into the colon . This new product launch is another example of how we translate our scientific expertise into targeted, clinically proven solutions that respond to evolving consumer needs. Colus® will initially be introduced in the UK, followed by a phased rollout across s elected markets, supporting our ambition to further strengthen BioGaia's position within adult health. Capital Markets Day in the fourth quarter We look forward to hosting our Capital Markets Day in London on December 8. The event will provide an opportunity to present greater detail on BioGaia's strategy and long -term ambitions. We will provide further perspectives on our strategic progress, science and innovation pipeline, growth opportunities, go -to-market model, operational and manufacturing capabilities, and financial framework, as well as how these areas come together to supp ort long - term value creation for our customers, partners and shareholders. Investors and analysts are welcome to participate either in person in London or via livestream and the invitation can be found on our corporate webpage. Our focus on growth and profitability As we enter the final quarter of the year, we remain focused on executing our strategy and building on the strong development we have seen so far in 2026. We continue to invest in science -based innovation, to strengthen our presence across both established and developing markets, and to expand the reach of our BioGaia brand globally. BioGaia AB (publ.) Interim management statement 2026 The Board of Directors and the CEO of BioGaia AB hereby present the interim management statement for the period 1 January – 30 September 2026. CEO’s comment Strong growth continued in the third quarter In the third quarter, net sales amounted to SEK 400 million, an increase of 23% excluding currency effects compared with the corresponding quarter last year, with an operating margin of 33%. Year-to-date net sales amounted to SEK 1,214 million, an increase of 16% excluding currency effects and a year -to-date adjusted operating margin of 31%. Growth was supported by strong performance across both our Pediatric s and Adult Health segments and continued positive development in several of our key markets. Increased consumer and medical marketing activities contributed to growth in the Americas , while EMEA benefited from continued growth of our direct markets and expansion of distribution. Double -digit growth in both segments Our Adult Health segment continued to perform strongly, with sales increasing by 29% excluding currency effects compared with the corresponding quarter last year, with particularly strong development for our BioGaia® Prodentis® product. The Pediatric s segment also delivered steady growth, increasing by 21% excluding currency effects, supported by strong sales of BioGaia® Protectis® Drops and Protectis® Chewable Tablets. Continued strong development across our regions In the Americas , sales increased by 23% excluding currency effects during the quarter, with the US as a key contributor to growth. In the US oral health market, years of building awareness and recommendations among dental professionals have established a strong foundation for Prodentis®. With Prodentis® Fresh Breath, we are complementing this with increased consumer marketing across digital channels, while continuing to strengthen engagement with dentists and dental hygienists. Latin America continues to perform well, with positive momentum in Guatemala and Peru and a turnaround in Brazil, supported by increased consumer marketing. BioGaia is now the #1 Pediatric Probiotic Food Supplement Company in Latin America 1. In EMEA, sales increased by 38% excluding currency effects during the quarter. We continue to expand distribution in our direct market France, while our UK business also delivered positive sales development, supported by expanded distribution across key retailers. The re gion also benefited this quarter from customers requesting certain orders be moved from Q4 into this quarter. In APAC, sales increased by 8% excluding currency effects, with China and Korea contributing more positively to the quarter than in the first half. As highlighted previously, the region continues to be affected by variations in order timing between quarters. 1Source: Euromonitor International , September 2026. Theresa Agnew President and CEO, BioGaia 22 October 2026 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 2026, at 09 .30 a.m. CEST with CEO Theresa Agnew and CFO Alexander Kotsinas. More information about the teleconference is available here: https://www.biogaiagroup.com/investors/reports -and- presentations/financial -calendar
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Q3 2026 4 BioGaia AB (publ.) Interim management statement , January – September 2026 Consolidated net sales amounted to SEK 400.4 million ( 326.6), which is an increase of SEK 73.8 million, or an increase excluding currency effects of 23% (23% including currency effects ). Sales in EMEA amounted to SEK 122.5 million (90.5), an increase excluding currency effects of 38% (35% includin g currency effects ), which was due to higher sales in both the Pediatrics segment and the Adult Health segment. Sales increased mainly in France, Poland and Germany . Sales for the quarter were positively impacted by quarterly variations for individual orders. Sales in APAC amounted to SEK 97.3 million (90.1), an increase excluding currency effects of 8% (8% includin g currency effects) , which was due to higher sales in the Adult Health segment while the Pediatric s segment decreased . Sales increased mainly in China , South Korea and Japan. Sales in Americas totaled SEK 180.6 million ( 146.1), an increase excluding currency effects of 23% (24% including currency effects ) due to higher sales in both the Pediatric s segment and the Adult Health segment . Sales increased mainly in USA , Canada and Brazil . Consolidated net sales amounted to SEK 1,213.8 million ( 1,097.6), which is a n increase of SEK 116.3 million, or a n increase excluding currency effects of 16% (11% including currency effects ). Over the past 12 -month period, sales increased 13%. Sales in EMEA amounted to SEK 429.6 million (350.8), an increase excluding currency effects of 26% (22% including currency effects ), which was due to higher sales in both the Pediatrics segment and the Adult Health segment. Sales increased mainly in France , the United Kingdom and Germany . Sales in APAC amounted to SEK 263.8 million (270.8), an increase excluding currency effects of 2% (-3% including curre ncy effects) , which was due to lower sales in the Pediatric s segment while the Adult Health segment increased. Sales increased mainly in Japan, Australia and Vietnam . Sales in Americas totaled SEK 520.5 million (475.9), an increase excluding currency effects of 17% (9% including currency effects), up due to increased sales in both the Pediatrics and the Adult Health segment s. Sales increased mainly in USA, Canada and Brazil . SALES THIRD QUARTER SALES JANUARY TO SEPTEMBER Revenue SEKm Jul – Sep Jul – Sep Organic Change Total change Jan – Sep Jan – Sep Organic change Total change 2026 2025 2026 2025 Pediatrics 293.3 242.6 21% 21% 897.2 822.6 14% 9% Adult Health 104.7 81.6 29% 28% 309.6 265.9 23% 16% Other 2.5 2.5 1% 0% 7.0 9.1 -21% -23% Total 400.4 326.6 23% 23% 1,213.8 1,097.6 16% 11% SEKm Jul – Sep Jul – Sep Organic Total Jan – Sep Jan – Sep Organic Total 2026 2025 change change 2026 2025 change change EMEA 122.5 90.5 38% 35% 429.6 350.8 26% 22% APAC 97.3 90.1 8% 8% 263.8 270.8 2% -3% Americas 180.6 146.1 23% 24% 520.5 475.9 17% 9% Total 400.4 326.6 23% 23% 1,213.8 1,097.6 16% 11% Net sales bridge third quarter SEKm Change 2025 326.6 Foreign exchange -1.2 -0.4% Organic growth 75.0 22.9% 2026 400.4 22.6% Net sales bridge January - September SEKm Change 2025 1,097 .6 Foreign exchange -59.6 -5.4% Organic growth 175.8 16.0% 2026 1,213.8 10.6%
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Q3 2026 5 BioGaia AB (publ.) Interim management statement , January – September 2026 Sales in the Pediatrics segment amounted to SEK 293.3 million (242.6), an increase excluding currency effects of 21% (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 . Sales of BioGaia Protectis tablets within the Pediatrics segment increased compared to the corresponding period last year. Sales increased in all regions, mainly in the Philippines, Guatemala and Brazil. Sales in the Pediatrics segment amounted to SEK 897.2 million (822.6), an increase excluding currency effects of 14% (9% 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, Brazil and France . Sales of BioGaia Protectis tablets within the Pediatrics segment increased compared to the corresponding period last year. Sales increased in EMEA and Americas, mainly in Canada and Guatemala. SALES THIRD QUARTER SALES JANUARY TO SEPTEMBER SEKm Jul – Sep 2026 Jul – Sep 2025 Change Pediatrics 293.3 242.6 21% Jan – Sep 2026 Jan – Sep 2025 Change 897.2 822.6 9% The Pediatrics segment accounts for approximately 74% 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 Pediatrics net sales bridge third quarter SEKm Change 2025 242.6 Foreign exchange -0.4 -0.2% Organic growth 51.1 21.1% 2026 293.3 20.9% Pediatrics net sales bridge January - September SEKm Change 2025 822.6 Foreign exchange -41.1 -5.0% Organic growth 115.7 14.1% 2026 897.2 9.1%
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Q3 2026 6 BioGaia AB (publ.) Interim management statement , January – September 2026 Adult Health net sales bridge third quarter SEKm Change 2025 81.6 Foreign exchange -0.7 -0.9% Organic growth 23.8 29.2% 2026 104.7 28.3% Adult Health net sales bridge January - September SEKm Change 2025 265.9 Foreign exchange -18.3 -6.9% Organic growth 62.0 23.3% 2026 309.6 16.4% Sales in the Adult Health segment amounted to SEK 104.7 million (81.6), an increase excluding currency effects of 29% (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 . Sales of BioGaia Gastrus increased compared to the corresponding period last year. Sales increased mainly in Hong Kong and the United Kingdom . Sales of BioGaia Prodentis increased compared to the corresponding period last year. Sales increased mainly in USA and Canada . Sales in the Adult Health segment amounted to SEK 309.6 million (265.9), an increase excluding currency effects of 23% (16% 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, Indonesia and Japan. Sales of BioGaia Gastrus increased compared to the corresponding period last year. Sales increased mainly in Australia, France and Canada. Sales of BioGaia Prodentis increased compared to the corresponding period last year. Sales increased mainly in USA , Japan and Canada . SALES THIRD QUARTER SALES JANUARY TO SEPTEMBER SEKm Jul – Sep 2026 Jul – Sep 2025 Change Adult Health 104.7 81.6 28% Jan – Sep 2026 Jan – Sep 2025 Change 309.6 265.9 16% The Adult Health segment accounts for approximately 25% of BioGaia’s total sales. Sales mainly comprise BioGaia Protectis, BioGaia Gastrus, BioGaia Prodentis, BioGaia Osfortis, as well as cultures as an ingredient in a licensee’s dairy products . Adult Health
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Q3 2026 7 BioGaia AB (publ.) Interim management statement , January – September 2026 Gross margin The total gross margin amounted to 73% (7 4%). The gross margin includes SEK 3.2 million in US IEEPA (International Emergency Economic Powers Act) tariff refu nds. The gross margin for the Pediatrics segment amounted to 74% (76%) and for the Adult Health segment to 69% (69%). Operating expenses and operating profit Operating expenses amounted to SEK 1 59.4 million (1 56.5), an increase of SEK 2.8 million ( 2%) mainly due to increased selling expenses. Selling expenses amounted to SEK 136.0 million ( 115.8), an increase of 17%, mainly due to higher costs for sales and marketing activities mainly in subsidiaries. R&D expenses amounted to SEK 26.0 million ( 25.9), an increase of 0%. Administrative expenses amounted to SEK 11.0 million ( 10.9), an increase of 1%. Other operating expenses refer to exchange gains on receivables and liabilities of an operating nature and amounted to SEK -13.6 million ( 4.0). Operating profit amounted to SEK 132.6 million ( 86.0), an increase of 54%. The operating margin was 33% (26%). Net financial items amounted to SEK 1.7 million ( -0.7). Profit after tax and earnings per share Profit after tax amounted to SEK 110.2 million ( 65.9), an increase of 67%. The effective tax rate was 18% (23%). Earnings per share amounted to SEK 1.09 (0.65) before dilution and SEK 1.09 (0.65) after dilution. Gross margin The total gross margin amounted to 72% (73%). The gross margin for the Pediatrics segment amounted to 75% (75%) and for the Adult Health segment to 66% (67%). Operating expenses and operating profit Operating expenses amounted to SEK 513.8 million ( 513.3), an increase of SEK 0.5 million ( 0%). Operating expenses, excluding items affecting comparability, decreased by 2% to SEK 502.5 million (513.3). Items affecting comparability in the period includ e a one - time selling expense of SEK 11.3 million . Selling expenses amounted to SEK 422.1 million ( 367.3), an increase of 15%, due to higher costs for sales and marketing activities mainly in subsidiaries . R&D expenses amounted to SEK 79.7 million ( 78.9), an increase of 1%. Administrative expenses amounted to SEK 38.2 million ( 33.9), an increase of 13%. Other operating expenses refer to exchange gains on receivables and liabilities of an operating nature and amounted to SEK -26.3 million ( 33.1). Operating profit amounted to SEK 365.9 million ( 291.5), an increase of 26%. The operating margin was 30% (27%). Adjusted operating profit amounted to SEK 377.2 million ( 291.5), an increase of 29%. The adjusted operating margin was 31% (27%). Net financial items amounted to SEK 4.0 million ( 6.2). Net financial items were impacted by the adjustment of the value of the earn -out in relation to Nutraceutics in the amount of SEK –2.3 (-3.5) million. Profit after tax and earnings per share Profit after tax amounted to SEK 292.8 million ( 234.0), an increase of 25%. The effective tax rate was 2 1% (21%). Earnings per share amounted to SEK 2.89 (2.31). There are no significant dilutive effects. THIRD QUARTER JANUARY - SEPTEMBER Earnings
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Q3 2026 8 BioGaia AB (publ.) Interim management statement , January – September 2026 Balance sheet 3 0 September 2026 Total assets amounted to SEK 1,451.4 million ( 1,487.0). Goodwill from the acquisition of Nutraceutics was adjusted for currency translation. Compared with the preceding year, receivables , inventory and payables increased . Cash and cash equivalents on 30 September 2026 amounted to SEK 518.3 million ( 728.1). Cash flow third quarter Cash flow amounted to SEK 65.9 million ( 107.4). Cash flow from operating activities amounted to SEK 79.8 million (110.2). The decrease in cash flow from operati ng activities compared 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 SEK 12.6 million , higher inventory SEK 2.9 million and lower payables SEK 10.6 million. Cash flow from i nvesting activities amounted to SEK -12.0 million (-1.0) and include s investments in BioGaia Production of SEK 11. 9 million. Cash flow from financing activities amounted to SEK -2.0 million (-1.7). Cash flow January - September Cash flow amounted to SEK -294.4 million ( -483.1). The cash flow includes a dividend payment of SEK 404.6 million ( 698.0). Cash flow from operating activities amounted to SEK 200.9 million (223.0). The decrease in cash flow was mainly due to a negative change in working capital. Cash flow from investing activities amounted to SEK -25.8 million (-2.9) and include s investments in BioGaia Production of SEK 24.6 million. Cash flow from financing activities amounted to SEK -469.6 million (-703.3). Cash flow from financing activities includes the additional purchase payment for Nutraceutics, SEK 59.5 million, and dividends of SEK 404.6 million (6 98.0). Employees The number of employees in the Group on 3 0 September 2026 totaled 251 (238 on 30 September 2025). Future outlook BioGaia’s goal is to create strong value growth and a good return for its shareholders. This will be achieved through a greater emphasis on the BioGaia brand, online sales, increased sales to both existing and new customers and a controlled cost level. The long -term financial target is an operating margin of at least 34% with continued strong growth and increased investments in research, product development, brand building and in the sales organization. BioGaia’s dividend policy is to pay a shareholder dividend equal to 50% of profit after tax in the Group excluding non - recurring items. For the coming years BioGaia intends to give extra dividends of 50% to 100% of profit after tax in the Group excluding non-recurring items, provided that the future cash f lows are in line with BioGaia’s projections. In view of the company’s strong portfolio consisting of an increased number of innovative products that are sold predominantly under the BioGaia brand, successful clinical trials and a strong distribution network that covers a large share of key markets fo r BioGaia, BioGaia’s future outlook remains bright. Significant risks and uncertainties – Group and Parent Company Significant risks and uncertainties are described in the administration report of the annual report for 2025 on pages 153 and 154 and in Notes 27 and 28. No significant changes in these risks and uncertainties are assessed to have taken place on 3 0 September 2026 except for increased geopolitical and trade uncertainties, including challenging global economic conditions, market trends, conflicts and the imposition of tariffs and sanctions. Related party transactions No transactions between BioGaia and related parties that significantly affected the company's position and results took place. Balance sheet and cash flow Other disclosures
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Q3 2026 9 BioGaia AB (publ.) Interim management statement , January – September 2026 BioGaia and Recordati strengthen their partnership in Spain and Portugal On 31 August BioGaia announced that it has signed a new long -term exclusive distribution agreement with Recordati for Spain and Portugal, building on the companies’ existing collaboration in the Iberian market and partnership in Italy. BioGaia launch a new clinically proven probiotic to support colon health On 9 September BioGaia announce d the launch of BioGaia® Colus ®, a probiotic formulation designed to promote colon health through a strain -specific and targeted delivery approach. The product expands BioGaia’s science -based probiotic portfolio for adult gut health with a supplement developed for the lower gastrointes tinal tract. The product contains the proprietary probiotic strain L. reuteri BG -R59®. BioGaia to host Capital Markets Day in London on December 8, 2026 On 16 September BioGaia announced that it will host a Capital Markets Day in London on 8 December 2026. The Capital Markets Day will be held as an in -person event in London, and the presentations will also be broadcast live. During the event, members of BioGaia's leadership team, including Theresa Agnew, President and Chief Executive Officer; Alexander Kotsinas, Executive Vice President and Chief Financial Officer; and Gianfranco Grompone, Chief Scientific Officer, will provid e insights into the company's strategy. Key events after the end of the third quarter of 202 6 No key events that are not mentioned in this interim management statement took place after the end of the third quarter. Key events in the third quarter of 202 6 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
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Q3 2026 10 BioGaia AB (publ.) Interim management statement , January – September 2026 (Amounts in SEK 000s) Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec Oct 2025 – Oct 2024 – 2026 2025 2026 2025 2025 Sep 2026 Sep 2025 Net sales (Note 1) 400,435 326,638 1,213,847 1,097,595 1,538,168 1,654,420 1,462,424 Cost of sales -108,458 -84,133 -334,203 -292,845 -409,587 -450,945 -399,136 Gross profit 291,977 242,505 879,644 804,750 1,128,581 1,203,475 1,063,288 Selling expenses -135,954 -115,817 -422,105 -367,273 -513,234 -568,066 -488,091 Administrative expenses -11,007 -10,851 -38,212 -33,937 -47,654 -51,929 -46,688 Research and development expenses -25,963 -25,876 -79,738 -78,934 -115,722 -116,526 -112,708 Other operating income / expense 13,567 -3,981 26,273 -33,142 -39,505 19,910 -20,948 Operating profit 132,620 85,981 365,862 291,465 412,46 7 486,864 394,854 Financial income 2,037 2,930 6,390 14,389 17,198 9,199 25,095 Financial expenses -383 -3,587 -2,439 -8,216 -8,446 -2,669 -17,824 Profit before tax 134,274 85,324 369,813 297,638 421,220 493,394 402,125 Tax -24,064 -19,441 -77,034 -63,651 -88,455 -101,838 -86,209 Profit for the period 110,210 65,883 292,779 233,987 332,76 4 391,556 315,916 Gains/losses arising on translation of the statements of foreign operations 8,607 -3,509 21,108 -38,184 -41,825 17,467 -15,984 Comprehensive income for the period 118,818 62,373 313,888 195,802 290,940 409,024 299,931 Profit for the period attributable to: Owners of the Parent Company 110,210 65,883 292,779 233,987 332,764 391,556 315,916 Non-controlling interests – – – – – - - Profit for the period 110,210 65,883 292,779 233,987 332,764 391,556 315,916 Comprehensive income for the period attributable to: Owners of the Parent Company 118,818 62,373 313,888 195,802 290,940 409,024 299,931 Non-controlling interests – – – – – - - Comprehensive income for the period 118,818 62,373 313,888 195,802 290,940 409,024 299,931 Earnings per share Earnings per share before dilution, (SEK) 1.09 0.65 2.89 2.31 3.29 3.87 3.12 Earnings per share after dilution, (SEK) 1.09 0.65 2.89 2.31 3.29 3.87 3.12 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) 101,162 101,162 101,162 101,162 101,162 101,162 101,162 Average number of shares after dilution, (thousands) 101,162 101,162 101,162 101,162 101,162 101,162 101,162 Consolidated statements of comprehensive income – condensed
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Q3 2026 11 BioGaia AB (publ.) Interim management statement , January – September 2026 (Amounts in SEK 000s) 30 Sep 30 Sep 31 Dec 2026 2025 2025 Assets R&D projects in progress 491 772 702 Goodwill 158,875 149,929 146,496 Right -of-use assets 24,952 24,327 22,932 Property, plant, and equipment 172,093 162,838 158,218 Financial assets 28,013 28,013 28,013 Deferred tax assets 29,895 21,701 22,328 Deposits 48 45 44 Total non -current assets 414,367 387,625 378,733 Current assets excl. cash and cash equivalents 518,732 371,317 417,764 Cash and cash equivalents 518,275 728,104 801,310 Total current assets 1,037, 007 1,099,421 1,219,074 Total assets 1,451,374 1,487,046 1,597,807 Equity and liabilities Equity attributable to owners of the Parent Company 1,221,696 1,218,018 1,314,219 Non-controlling interests 0 2 2 Total equity 1,221,696 1,218,020 1,314,221 Deferred tax liability 4,950 5,326 4,957 Non-current liabilities 23,033 88,360 79,489 Current liabilities 201,694 175,340 199,139 Total liabilities and equity 1,451,374 1,487,046 1,597,807 Consolidated balance sheet – condensed
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Q3 2026 12 BioGaia AB (publ.) Interim management statement , January – September 2026 (Amounts in SEK 000s) Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec 2026 2025 2026 2025 2025 Operating activities Operating profit 132,620 85,981 365,862 291,466 412,467 Depreciation/amortization 6,284 6,142 18,456 18,537 24,666 Other non -cash items -5,210 2,566 -11,701 4,709 8,826 Taxes -29,420 -28,327 -107,773 -87,778 -112,907 Interest received and paid 1,636 2,750 5,632 14,025 16,435 Cash flow from operating activities before changes in working capital 105,910 69,113 270,476 240,959 349,487 Changes in working capital -26,110 41,040 -69,549 -17,912 -42,921 Cash flow from operating activities 79,800 110,152 200,927 223,047 306,566 Investing activities Acquisition of non-controlling interests - - -400 - - Purchase of property, plant, and equipment -11,966 -1,026 -25,363 -2,816 -3,524 Purchase of intangible assets - - - -75 -75 Sale of equipment - - - - 256 Cash flow from investing activities -11,966 -1,026 -25,763 -2,891 -3,343 Financing activities Dividend - - -404,649 -698,020 -698,020 Repayment of lease liability -1,975 -1,693 -5,449 -5,236 -6,847 Provision to Foundation to Prevent Antibiotic Resistance - - - - -5,000 Payment of liability for additional purchase price - - -59,488 - - Cash flow from financing activities -1,975 -1,693 -469,587 -703,256 -709,867 Cash flow for the period 65,858 107,433 -294,423 -483,100 -406,644 Cash and cash equivalents at the beginning of the period 446,273 622,343 801,310 1,223,984 1,223,984 Exchange difference in cash and cash equivalents 6,144 -1,674 11,388 -12,781 -16,030 Cash and cash equivalents at the end of the period 518,27 5 728,102 518,275 728,104 801,310 Consolidated statement of changes in equity - condensed (Amounts in SEK 000s) Jan – Sep Jan – Sep Jan – Dec 2026 2025 2025 Opening balance 1,314,221 1,723,934 1,723,934 New share issue - - - Dividend -404,649 -698,020 -698,020 Acquisition of non -controlling interests -398 - - Provision for charita ble purposes -5,600 -5,000 -5,000 Share-based payments 4,234 1,303 2,367 Comprehensive income for the period 313,888 195,802 290,940 Closing balance 1,221,696 1,218,020 1,314,221 Consolidated cash flow statements – condensed
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Q3 2026 13 BioGaia AB (publ.) Interim management statement , January – September 2026 Executive Management has analyzed the Group’s internal reporting and determined that the Group’s operations are monitored and evaluated based on the following segments: – Pediatrics segment (drops, gut health tablets, oral rehydration solution (ORS), creams and cultures to be used as ingredients in licensee products (such as infant formula) ). – Adult Health segment (gut health tablets 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 2025 – Oct 2024 – 2026 2025 2026 2025 2025 Sep 2026 Sep 2025 Revenue by segment Pediatrics 293,287 242,587 897,167 822,561 1,154,012 1,228,618 1,092,909 Adult Health 104,672 81,576 309,642 265,929 372,533 416,246 357,586 Other 2,476 2,475 7,038 9,106 11,623 9,556 11,929 Total 400,435 326,638 1,213,847 1,097,595 1,538,168 1,654,420 1,462,424 Gross profit by segment Pediatrics 217,615 183,986 668,603 617,846 871,349 922,106 812,583 Adult Health 71,892 56,067 204,059 177,920 245,760 271,900 238,898 Other 2,470 2,453 6,980 8,984 11,472 9,468 11,807 Total 291,977 242,505 879,64 4 804,750 1,128,581 1,203,47 5 1,063,288 Selling, administrative, R&D expenses -172,924 -152,544 -540,055 -480,144 -676,609 -736,521 -647,487 Other operating expenses/income 13,567 -3,981 26,273 -33,142 -39,505 19,910 -20,948 Operating profit 132,620 85,981 365,862 291,465 412,467 486,864 394,854 Net financial items 1,654 - 658 3,951 6,172 8,753 6,530 7,270 Profit before tax 134,274 85,324 369,813 297,638 421,220 493,394 402,125 Sales by geographical market APAC Pediatrics 60,884 62,154 161,974 183,354 283,593 262,214 248,755 Adult Health 34,961 25,961 98,006 82,792 123,004 138,218 120,895 Other 1,425 1,964 3,773 4,701 5,295 4,368 7,007 Total APAC 97,270 90,079 263,753 270,846 411,892 404,799 376,658 EMEA Pediatrics 103,888 73,494 355,579 288,277 404,304 471,606 381,157 Adult Health 17,611 16,504 70,800 60,574 89,087 99,313 81,292 Other 1,046 506 3,254 1,996 3,915 5,173 2,511 Total EMEA 122,545 90,505 429,633 350,847 497,306 576,092 464,960 Americas Pediatrics 128,516 106,939 379,614 350,930 466,115 494,799 462,997 Adult Health 52,100 39,111 140,836 122,563 160,442 178,716 155,399 Other 4 5 11 2,410 2,413 15 2,411 Total Americas 180,619 146,054 520,461 475,903 628,970 673,529 620,806 Total 400,435 326,638 1,213,847 1,097,595 1,538,168 1,654,420 1,462,424
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Q3 2026 14 BioGaia AB (publ.) Interim management statement , January – September 2026 Note 2. Largest shareholders on 30 September 2026 (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) 2026 2025 2026 2025 2025 Pediatrics 293,287 241,897 897,167 815,200 1,147,342 Adult Health 101,800 79,396 302,296 258,422 359,025 Other 1,786 2,130 5,302 7,598 8,464 Total 396,873 323,423 1,204, 765 1,081,221 1,514,831 Performance obligations met over time (Royalty) Pediatrics - 690 - 7,360 6,670 Adult Health 2,871 2,180 7,346 7,507 13,508 Other 690 345 1,736 1,508 3,160 Total 3,561 3,215 9,082 16,375 23,338 Total 400,435 326,638 1,213,847 1,097,595 1,538,169 Shares Shares % Votes Votes % 1 Anatom Holding AG 6,621,779 6.55% 22,031,579 17.60% 2 Corvatsch Invest AG 3,938,424 3.89% 12,514,866 10.00% 3 Fjärde AP -fonden 7,400 ,000 7.31% 7,400 ,000 5.91% 4 JP Morgan Asset Management 2,860,818 2.83% 2,860,818 2.29% 5 Janus Henderson Investors 2,358,901 2.33% 2,358,901 1.88% 6 Alcur Fonder AB 2,338,565 2.31% 2,338,565 1.87% 7 Handelsbanken Fonder AB 2,182,819 2.16% 2,182,819 1.74% 8 Swedbank Robur Fonder AB 1,990,000 1.97% 1,990,000 1.59% 9 Länsförsäkringar Fondförvaltning AB 1,941,507 1.92% 1,941,507 1.55% 10 Blackrock 1,755,848 1.74% 1,755,848 1.40% Other shareholders 67,773,649 66.99% 67,773,649 54.15% Total 101,162,310 100% 125,148,552 100%
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Q3 2026 15 BioGaia AB (publ.) Interim management statement , January – September 2026 Note 3. Accounting policies This interim management statement was prepared in all material respects in accordance with Nasdaq Stockholm’s guidance for preparing interim management statements. Disclosures according to IAS 34 Interim Financial Reporting are provided both in notes and 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 accounts 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 2026 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 18% of annual salary. In addition to this program, BioGaia has also implemented an employe e stock option program (“LTIP 2024”) and two performance share program s (“LTIP 2025” and “LTIP 2026” ). The programs have been approved by the Annual General Meeting s. LTIP 2024 490,000 Employee Stock Options (“options”) were granted on the 16th of March 2025 whereof 305,000 were granted to management. 85,000 options have been forfeited due to termination of employment whereof 0 in the quarter. LTIP 2025 332,500 Performance Share Awards (“awards”) were allotted on the 8th of August 2025 whereof 170,000 were allotted to management. 16,800 awards have been forfeited due to termination of employment whereof 0 in the quarter. For detailed conditions of LTIP 2024 and LTIP 2025 refer to the annual report 2025. LTIP 2026 172,913 Performance Share Awards (“awards”) were allotted on the 22nd of June 2026 whereof 88,294 were allotted to management. 0 awards have been forfeited due to termination of employment whereof 0 in the quarter. 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, allotment will be determined on a linear basis 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 awards are linked to the participant's employment with BioGaia. If the employment in BioGaia is terminated before the awards have been converted to shares, all the participant's awards 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 29.2% and an interest rate of 2. 4%. This results in a value of SEK 110.50 per share. Scope and costs of the incentive programs The programs are reported in accordance with IFRS 2, which means that the rights are measured on the grant date at the fair value of allotted equity instruments. For LTIP 2024 the costs are SEK 0.4 million in the quarter including social security costs, and the estimated total cost amounts to SEK 4.9 million based on the valuation at grant date, review of performance criteria and an employee turnover of 10%. For LTIP 2025 the costs are SEK 1. 1 million in the quarter including social security costs, and the estimated total cost amounts to SEK 13.8 million based on the valuation at grant date, review of performance criteria and an employee turnover of 10%. For LTIP 2026 the costs are SEK 0.8 million in the quarter including social security costs, and the estimated total cost amounts to SEK 9.2 million based on the valuation at grant date, review of performance criteria and an employee turnover of 10%.
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Q3 2026 16 BioGaia AB (publ.) Interim management statement , January – September 2026 Fair value (Amounts in SEK 000s) Jan – Sep Jan – Sep Jan – Dec 2026 2025 2025 Opening balance 56,583 65,053 65,053 Value adjustment 2,279 3,486 2,389 Exchange difference 626 - 8,921 -10,859 Payment -59,488 - - Closing balance - 59,618 56,583 Financial liabilities The financial liability relating to the additional purchase price of Nutraceutics was paid on the 1 st of April 2026. 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 significan t inputs are based on unobservable data. (Amounts in SEK 000s) Jan – Sep Jan – Sep Jan – Dec 2026 2025 2025 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.
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Q3 2026 17 BioGaia AB (publ.) Interim management statement , January – September 2026 A list of definitions of key ratios reported in the consolidated financial statements is provided on page 158 of BioGaia’s annual report for 2025. 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 2026 2025 2025 Net sales 1,213,847 1,097,595 1,538,168 Growth of net sales 11% 4% 8% Operating profit, SEK 000s 365,862 291,465 412,467 Adjusted operating profit, SEK 000s 377,172 291,465 412,467 Profit after tax, SEK 000s 292,779 233,987 332,764 Return on equity 23% 16% 22% Return on capital employed 29% 19% 26% Capital employed, SEK 000s 1,226,646 1,223,346 1,319,179 Number of shares, thousands 101,162 101,162 101,162 Average number of shares before dilution, thousands 1) 101,162 101,162 101,162 Average number of shares after dilution, thousands 1) 101,162 101,162 101,162 Earnings per share before dilution, SEK 1) 2.89 2.31 3.29 Earnings per share after dilution, SEK 1) 2.89 2.31 3.29 Equity per share , SEK 12.08 12.04 12.99 Equity/assets ratio 84% 82% 82% Operating margin 30% 27% 27% Adjusted operating margin 31% 27% 27% Profit before tax margin 30% 27% 27% Average number of employees 250 228 232 1) Key ratio defined according to IFRS.
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Q3 2026 18 BioGaia AB (publ.) Interim management statement , January – September 2026 Key ratio Definition/calculation Purpose Adjusted operating margin Adjusted operating profit as a percentage of net sales . 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 and leasing 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.
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Q3 2026 19 BioGaia AB (publ.) Interim management statement , January – September 2026 Key ratio (Amounts in SEK 000s) Jan – Sep Jan – Sep Jan – Dec 2026 2025 2025 Return on equity Profit attributable to owners of the Parent Company (A) 292,779 233,987 332,764 Equity attributable to owners of the Parent Company 1,221,696 1,218,018 1,314,219 Average equity attributable to owners of the Parent Company (B) 1,267,957 1,470,975 1,519,076 Return on equity (A/B) 23% 16% 22% Return on capital employed Operating profit 365,862 291,465 412,467 Financial income 6,390 14,389 17,198 Profit before net financial items + financial income (A) 372,252 305,854 429,665 Total assets 1,451,374 1,487,046 1,597,807 Interest -free liabilities and leasing liabilities -224,728 -263,700 -278,628 Capital employed 1,226,646 1,223,346 1,319,179 Average capital employed (B) 1,272,913 1,634,435 1,682,351 Return on capital employed (A/B) 29% 19% 26% (Amounts in SEK 000s) 30 Sep 30 Sep 31 Dec 2026 2025 2025 Equity/assets ratio Equity (A) 1,221,696 1,218,020 1,314,221 Total assets (B) 1,451,374 1,487,046 1,597,807 Equity/assets ratio (A/B) 84% 82% 82% Operating margin Operating profit (A) 365,862 291,465 412,467 Net sales (B) 1,213,847 1,097,595 1,538,168 Operating margin (A/B) 30% 27% 27% Profit before tax margin Profit before tax (A) 369,813 297,638 421,220 Net sales (B) 1,213,847 1,097,595 1,538,168 Profit before tax margin (A/B) 30% 27% 27% Equity per share Equity attributable to owners of the Parent Company (A) 1,221,696 1,218,018 1,314,219 Average number of shares (B) 101,162 101,162 101,162 Equity per share (A/B) 12.08 12.04 12.99 Key ratio
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Q3 2026 20 BioGaia AB (publ.) Interim management statement , January – September 2026 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 2026 2026 2026 2026 2026 2026 2026 2026 Description A Previous year’s net sales according to the average rate 242,587 822,561 81,576 265,929 2,475 9,105 326,638 1,097,595 B Net sales for the year according to the average rate 293,287 897,167 104,672 309,642 2,476 7,037 400,435 1,213,847 C Recognized change (B -A) 50,700 74,606 23,096 43,713 1 -2,068 73,797 116,252 Percentage change (C/A) 21% 9% 28% 16% 0% -23% 23% 11% D Net sales for the year according to the previous year’s average rate 293,678 938,281 105,417 327,929 2,496 7,188 401,592 1,273,399 E Foreign exchange effects (B –D) -391 -41,114 -746 -18,287 -20 -151 -1,157 -59,552 Percentage change (E/A) 0% -5% -1% -7% -1% -2% 0% -5% F Organic change (C –E) 51,091 115,720 23,841 62,000 21 -1,917 74,954 175,804 Organic change, % (F/A) 21% 14% 29% 23% 1% -21% 23% 16% Closing date key exchange rates 30 Sep 30 Sep 31 Dec 2026 2025 2025 EUR 11.33 11.06 10.82 USD 9.98 9.42 9.20 JPY 0.0636 0.0636 0.0590 Pledged assets and contingent liabilities – Group 30 Sep 30 Sep 31 Dec (Amounts in SEK 000s) 2026 2025 2025 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) 2026 2025 2026 2025 2025 Operating profit 132,620 85,981 365,862 291,465 412,467 Items affecting comparability - - 11,310 - - Adjusted operating profit 132,620 85,981 377,172 291,465 412,467 Average key exchange rates Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec 2026 2025 2026 2025 2025 EUR 11.09 11.36 10.86 11.18 11.13 USD 9.63 9.57 9.37 10.01 9.85 JPY 0.0610 0.0647 0.0594 0.0670 0.0648
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Q3 2026 21 BioGaia AB (publ.) Interim management statement , January – September 2026 EMEA APAC Americas Total (Amounts in SEK 000s) Jul – Sep Jan – Sep Jul – Sep Jan – Sep Jul – Sep Jan – Sep Jul – Sep Jan – Sep 2026 2026 2026 2026 2026 2026 2026 2026 Description A Previous year’s net sales according to the average rate 90,505 350,847 90,079 270,846 146,054 475,903 326,638 1,097 ,596 B Net sales for the year according to the average rate 122,545 429,633 97,270 263,752 180,619 520,460 400,435 1,213 ,846 C Recognized change (B -A) 32,040 78,786 7,191 -7,094 34,565 44,557 73,797 116,250 Percentage change (C/A) 35% 22% 8% -3% 24% 9% 23% 11% D Net sales for the year according to the previous year’s average rate 124,719 442,572 97,435 275,707 179,437 555,118 401,592 1,273 ,398 E Foreign exchange effects (B –D) -2,175 -12,939 -165 -11,955 1,182 -34,658 -1,157 -59,552 Percentage change (E/A) -2% -4% 0% -4% 1% -7% 0% -5% F Organic change (C –E) 34,214 91,725 7,356 4,861 33,383 79,215 74,954 175,802 Organic change, % (F/A) 38% 26% 8% 2% 23% 17% 23% 16% Change in sales by region (including and excluding foreign exchange effects)
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Q3 2026 22 BioGaia AB (publ.) Interim management statement , January – September 2026 Stockholm, 22 October 2026 Financial calendar Theresa Agnew President and CEO 12 FEB 2027 MAR 2027 4 MAY 2027 16 JUL 2027 4 MAY 2027 22 OCT 2027 This Interim Management Statement has not been audited . Annual report 2026 8:00 a.m. CE ST Interim management statement 1 January – 31 March 2027 8:00 a.m. CE ST Interim management statement 1 January – 30 September 2027 8:00 a.m. CET Year-end report 1 January – 31 December 2026 Annual General Meeting 2026 8:00 a.m. CE ST Interim report 1 January – 30 June 2027
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Q3 2026 23 BioGaia AB (publ.) Interim management statement , January – September 2026 The company BioGaia is a Swedish world -leading probiotic company that has been at the forefront of microbiome research for more than 35 years. Our vision is to be the most trusted probiotic brand in the world. We develop, manufacture, market, and sell probiotic produc ts for gut, oral, and immune health. The products are primarily based on different strains of the lactic acid bacterium Limosilactobacillus reuteri , L. reuteri (formerly Lactobacillus). The class B shares of the Parent Company BioGaia AB are quoted on the Mid Cap List of Nasdaq Stockholm. Business model BioGaia has two types of distribution – sales through distribution partners and direct sales (subsidiaries). Most of BioGaia’s revenue comes from the sale of gut health products, such as colic drops, immune - and oral health products. Revenues also include the sale of bacterial cultures to be used in licensee products, such as infant formula and dairy products, as well as royalties for the use of L. reuteri in licensee products. BioGaia’s products are available in more than 100 countries through partnerships with nutrition and pharmaceutical companies, as well as through our own subsidiaries. BioGaia’s direct distribution, through subsidiaries, extends across twelve countries (Sweden, Finland, France, the Netherlands, Germany, Austria, the UK, USA, Canada, Australia, New Zealand and Japan). BioGaia holds patents for the use of certain strains of L. reuteri and certain packaging solutions in all major markets. At the end of 2025, BioGaia held more than 500 granted patents for various bacteria strains and territories. The BioGaia brand BioGaia launched its own consumer brand in 2006. Today, several of 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 or al health, oral rehydration, etc.) sold in 2025, 95% (92%) were sold under the BioGaia brand including co -branding. Some of BioGaia’s distributors sell finished consumer products under their own brand names. On these products, the BioGaia brand is shown on the consumer package since BioGaia is both the manufacturer and licensor. BioGaia’s licensees add L. reuteri culture to their products and sell these under their own brand names. On these products, the BioGaia brand is most often shown on the package as the licensor/patent holder. Research and clinical studies BioGaia’s strains of L. reuteri are among the most studied in the world, in particular studies in young children, with strong pre -clinical and clinical evidence. As of December 2025, over 290 clinical studies with BioGaia’s various strains of L. reuteri have been performed. These studies involved more than 25,000 individuals of all ages. 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 • Adjunctive treatment of H. pylori infection • Irritable bowel syndrome (IBS) • Oral health, such as gingivitis (inflammation of the gums) and periodontitis (loosening of the teeth) • Osteopenia • Autism spectrum condition • Urinary tract infections BioGaia AB BioGaia AB Box 3242 SE -103 64 STOCKHOLM Street address: Kungsbroplan 3, Stockholm Telephone: +46 8 555 293 00, Corporate identity no. 556380 -8723, www.biogaia group .com