BioGaia (BIOG) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 reached SEK 1,538.2 million, up 14% organically (8% including FX), with Q4 net sales at SEK 440.6 million, up 32% organically (21% including FX).

• Operating profit for Q4 was SEK 121 million, up 17% year-over-year, with an EBIT margin of 27%.

• Profit after tax for 2025 was SEK 332.8 million, a 5% decrease year-over-year; Q4 profit after tax was SEK 98.8 million, up 21% year-over-year.

• Direct market sales now represent 40% of total sales, up from 30% two years ago.

• The Board proposes a total dividend of SEK 4.00 per share (SEK 1.64 ordinary, SEK 2.36 extra), totaling SEK 404.6 million.

Financial highlights

• Q4 sales grew 21% to SEK 441 million, with gross profit up 25% and gross margin at 74% (vs. 71% last year).

• Full-year sales reached SEK 1.54 billion, up 8%; full-year EPS was SEK 3.29 (vs. 3.48).

• Operating expenses increased 31% in Q4, mainly due to higher sales and marketing investments.

• Free cash flow for Q4 was SEK 77 million; cash at period end was SEK 801 million.

• Negative currency effects impacted results, with -11% in Q4 and SEK 40 million for the year.

Outlook and guidance

• Targeting low double-digit top-line growth and long-term EBIT margin of at least 34%.

• Margin expansion expected in 2026, with cost control and focused marketing spend.

• Continued investment in marketing and sales to drive growth in direct markets.

• Direct markets anticipated to continue outpacing partner markets in growth.

• Dividend policy is to pay 50% of profit after tax, with extra dividends of 50–100% of profit after tax, subject to cash flow.