SECOND QUARTER 2026
Net sales amounted to SEK 440.9 million (404.7), an increase of SEK 36.2 million, an increase excluding currency effects of 12% (9% including currency effects).
Net sales in the Pediatrics segment amounted to SEK 331.7 million (310.1), an increase excluding currency effects of 9% (7% including currency effects).
Net sales in the Adult Health segment amounted to SEK 106.6 million (89.8), an increase excluding currency effects of 23% (19% including currency effects).
Operating expenses amounted to SEK 188.8 million (185.5), an increase of SEK 3.3 million (2%). Operating expenses, excluding items affecting comparability, decreased by 4% to SEK 177.5 million (185.5).
Operating profit increased by 22% to SEK 132.1 million (108.3), which corresponds to an operating margin of 30% (27%).
Adjusted operating profit increased by 32% to SEK 143.4 million (108.3), which corresponds to an adjusted operating margin of 33% (27%).
Profit after tax amounted to SEK 103.2 million (87.9), an increase of 17%.
Earnings per share amounted to SEK 1.02 (0.87) before and after dilution.
Cash flow amounted to SEK -427.7 million (-623.8).
Cash and cash equivalents amounted to SEK 446.3 million (622.3).
Key events in the second quarter of 2026
On April 28 BioGaia announced that it has published new scientific findings demonstrating that BioGaia's exclusive patented LongevityGuard® technology significantly improves the stability and shelf life of probiotics.
On May 7 BioGaia announced that it has launched Protectis Plus®, the proprietary combination of the two L. reuteri strains BG-R46® and L. reuteri Protectis® with additive probiotic effects.
On May 7 the annual general meeting elected Amy Byrick to the board of directors.
On June 18 BioGaia AB's subsidiary, BioGaia New Sciences AB, announced that it is expanding its BioGaia® Skincare portfolio with two new products and an updated design across the full range.
FIRST HALF 2026
Net sales amounted to SEK 813.4 million (771.0), an increase of SEK 42.5 million, an increase excluding currency effects of 13% (6% including currency effects).
Net sales in the Pediatrics segment amounted to SEK 603.9 million (580.0), an increase excluding currency effects of 11% (4% including currency effects).
Net sales in the Adult Health segment amounted to SEK 205.0 million (184.4), an increase excluding currency effects of 21% (11% including currency effects).
Operating expenses amounted to SEK 354.4 million (356.8), a decrease of SEK 2.3 million (-1%). Operating expenses, excluding items affecting comparability, decreased by 4% to SEK 343.1 million (356.8).
Operating profit increased by 14% to SEK 233.2 million (205.5), which corresponds to an operating margin of 29% (27%).
Adjusted operating profit increased by 19% to SEK 244.6 million (205.5), which corresponds to an adjusted operating margin of 30% (27%).
Profit after tax amounted to SEK 182.6 million (168.1), an increase of 9%.
Earnings per share amounted to SEK 1.80 (1.66) before and after dilution.
Cash flow amounted to SEK -360.3 million (-590.5).
Key events after the end of the second quarter 2026
No key events that are not mentioned in this interim report took place after the end of the second quarter.
CEO'S COMMENTS
Solid growth in the quarter
In the second quarter, net sales amounted to SEK 441 million, an increase of 12% excluding currency effects compared to the corresponding quarter last year (an increase of 9% including currency effects). We had an adjusted operating margin of 33% (27%) for the quarter. Growth was driven by both our Pediatric and Adult segments, which grew by 9% and 23% respectively excluding currency effects, compared to previous year. The increases were across the majority of our portfolio being primarily driven by our products BioGaia Protectis Drops, BioGaia Prodentis, BioGaia Protectis chewables and BioGaia Gastrus Pure Action capsules.
During the first half of the year, we had net sales of SEK 813 million, corresponding to growth of 13% excluding currency effects compared to the previous year (growth of 6% including currency effects) and an adjusted operating margin of 30% (27%) year to date. This growth highlights the strength of our business in a challenging foreign exchange environment, particularly in APAC and North America.
In the first half of the year, the Adult segment delivered strong growth, increasing by 21% excluding currency effects compared with the previous year, or 11% including currency effects. Our Pediatrics segment, which represents the majority (74%) of Group sales, continued to demonstrate resilience and grew by 11% excluding currency effects, or 4% including currency effects.
Development in our market areas
EMEA delivered strong growth, with sales increasing by 21% excluding currency effects for the quarter and increasing by 22% year to date excluding currency effects. During the first half, France, Poland, Germany, and the UK were among the strongest contributors to growth. During the quarter, we also gathered our regional partners and direct markets at our annual EMEA summit, where we shared updates on new product launches and scientific advancements. The strong engagement and positive feedback reinforces our confidence in the region's continued development.
In the AMERICAS, sales increased by 16% excluding currency effects in the quarter and by 14% year to date excluding currency effects, driven primarily by continued strong performance in USA and Canada. Our marketing model of the combination of medical marketing and consumer marketing continues to propel our strong growth in North America.
In APAC, sales declined by 6% excluding currency effects for the quarter and declined by 1% excluding currency effects year to date, primarily reflecting lower sales in China and South Korea. The region continues to be affected by variability in order timing, which results in fluctuations during the year.
Launching our next-generation patented probiotic drops
The launch of BioGaia® Protectis® Plus marks an important milestone for BioGaia. It complements our existing Protectis® portfolio, which includes our best-selling probiotic drops for infants. By introducing a next-generation, patented dual-strain formulation, we continue our competitiveness in the infant category.
BioGaia® Protectis® Plus combines our original L. reuteri Protectis® strain with the new patented L. reuteri BG-R46® strain, selected for its enhanced probiotic properties. The additive effects of this dual-strain formulation have been demonstrated in preclinical studies and evaluated in a recent clinical study. We have published numerous papers on the new strain, BG-R46® and a manuscript is currently being prepared for publication of the clinical study results of our new dual-strain combination product.
BioGaia Skincare
During the quarter, our subsidiary BioGaia New Sciences expanded the BioGaia® Skincare portfolio with two new products, creating a complete skincare routine for babies and children with dry, sensitive and atopic-prone skin. Although skincare is still a relatively new area for us, we are encouraged by the strong consumer interest and positive feedback we have received, particularly for our probiotic ointment among users with eczema-prone skin. We look forward to continuing to explore the potential of microbiome-based skincare.
Forward looking
As we look ahead, we remain focused on delivering sustainable growth and profitability through science-based innovation, strong market execution and continued investment in our brands. In December, we will be hosting a Capital Markets Day in London and sharing more about BioGaia's strategy, growth drivers, and long-term ambitions.
Theresa Agnew
President and CEO, BioGaia
July 17, 2026
You find the complete report with tables in the attached PDF or on https://www.biogaiagroup.com/investors/reports-and-presentations/financial-reports.
Teleconference:
Investors, analysts, and the media are invited to take part in a teleconference on the interim report to be held today, July 17, 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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Contacts:
Alexander Kotsinas, CFO
Email: alexander.kotsinas@biogaia.com
Phone: +46 735 00 11 11
Mikaela Idermark Stern, Corporate Communications
Email: mikaela.idermark.stern@biogaia.com
Phone: +46 730 95 61 50
About BioGaia
BioGaia is a Swedish world-leading probiotic company that has been at the forefront of microbiome research for over 35 years. BioGaia develops, markets, and sells probiotic products with documented health benefits. The products are sold through distribution partners or through its own subsidiaries in more than 100 markets. The parent company, BioGaia AB, is listed on Nasdaq Stockholm, in the Mid Cap segment. biogaiagroup.com
This disclosure contains information that BioGaia is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person set out above, at 08:00 a.m. CEST on July 17, 2026.
