Biotage

Interim / Quarterly Report • Jul 16, 2024

Biotage AB (publ)

Interim Report January - June 2024

Return to Organic Growth with Increased Gross Margin

April – June

• » Net sales amounted to SEK 504 (409) million, an increase of 23.4 percent and an organic* increase of 9.3 percent.
• » EBITDA amounted to SEK 123 (85) million and the EBITDA margin amounted to 24.4 percent (20.7).
• » Adjusted EBITDA amounted to SEK 131 (109) million and adjusted EBITDA margin amounted to 25.9 percent (26.7).
• » Operating profit amounted to SEK 77 (53) million and the operating margin was 15.2 percent (12.9).
• » Profit after tax amounted to SEK 48 (34) million.
• » Earnings per share were SEK 0.60 (0.49) before and after dilution.
• » Cash flow from operating activities increased to SEK 34 (16) million.
• » Adjusted cash flow from operating activities* increased to SEK 74 (50) million.
• » Net cash as of June 30 was SEK 64 million and SEK 335 million as of December 31, 2023, after payment of the KKR earn-out related to the Astrea acquisition (SEK 215 million) and a dividend (SEK 128 million) was paid in the period

January – June

• » Net sales amounted to SEK 984 (769) million, an increase of 27.9 percent and an organic* increase of 4.2 percent.
• » EBITDA amounted to SEK 234 (165) million and the EBITDA margin amounted to 23.8 percent (21.4).
• » Adjusted EBITDA amounted to SEK 256 (207) million and adjusted EBITDA margin amounted to 26.1 percent (26.9).
• » Operating profit amounted to SEK 144 (106) million and the operating margin was 14.6 percent (13.8).
• » Profit after tax amounted to SEK 82 (77) million.
• » Earnings per share were SEK 1.02 (1.13) before and after dilution.
• » Cash flow from operating activities increased to SEK 142 (27) million.
• » Adjusted cash flow from operating activities* increased to SEK 245 (118) million.
• » On January 4, it was announced that Tomas Blomqvist left his position as CEO and Torben Jørgensen has assumed the role of CEO until a new CEO has been recruited. Kieran Murphy has been appointed Chairman of the Board while Torben Jørgensen is CEO.
• » On February 15, the Board decided on new financial targets. The organic revenue goal is focused on double digit growth percent with a profitability aimed toward the upper twenty percent range (Adjusted EBITDA), both averaging over three years.
• » On February 15, Andrew Kellett was appointed as permanent CFO after having an interim position since September 11, 2023.

Financial overview

	Quarter		Six month period		Full year
Amounts in SEK millions	4/1/2024 6/30/2024	4/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2023 12/31/2023
Net sales	504	409	984	769	1,862
Change. %	23.4%	3.4%	27.9%	-1.5%	18.9%
of which:
- Organic growth. %	9.3%	-14.0%	4.2%	-13.4%	-10.2%
- Currency effects. %	0.5%	5.5%	-0.3%	5.9%	4.0%
- Acquisitions/divestments. %	13.6%	11.9%	24.0%	6.0%	25.1%
EBITDA	123	85	234	165	463
EBITDA margin. %	24.4%	20.7%	23.8%	21.4%	24.9%
Adjusted EBITDA	131	109	256	207	518
Adjusted EBITDA margin, %	25.9%	26.7%	26.1%	26.9%	27.8%
Gross profit	324	254	627	473	1 ,149
Gross margin. %	64.2%	62.0%	63.7%	61.5%	61.7%
Operating profit (EBIT)	77	53	144	106	314
Operating margin (EBIT). %	15.2%	12.9%	14.6%	13.8%	16.9%
Profit for the period	48	34	82	77	246
Earnings per share. SEK (before and after dilution) EBIT R12M	0.60	0.49	1.02 271 475	1.13 288 246 318 266	3.33 347 099 327 052
Cashflow from operating activities Justering D & A	34	16	142 -75 189	27 -81 712 -88 354	284 -95 228 -101 101 -104 222 -111 276 -130 393 -149 076 -167 387
Adj. cash flow from operating activities Non-recurring Engångsposter	74	50	245 11 616	118 16 832 21 979	435 24 649 35 392

Adj. EBITDA LTM Just. EBITDA R12M 358 281 386 789 428 599 466 975 463 545 436 717 424 128 413 879 519 370 546 839 EBIT Q EBIT kv 68 208 61 383 96 137 92 538 97 040 41 336 53 562 52 575 65 631 142 474 66 788 D&A Justering D & A -17 133 -17 981 -18 434 -21 642 -23 656 -24 623 -25 307 -27 515 -26 778 -31 676 -44 425 -46 197 -45 088

-

-

50

100

150

200

250

500

1 000

1 500

2 000

2 500

Non-recurring Engångsposter 2 500 9 116 5 216 5 147 5 170 19 860 17 841 25 467 7 213 5 529 13 774

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Nettoomsättning kv Nettoomsättning R12M

Adj. EBITDA Q Just. EBITDA kv 52 274 92 141 125 008 122 308 127 517 88 711 98 181 109 719 117 269 194 201 125 650 Net sales, SEK millions Adjusted EBITDA, SEK millions

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Just. EBITDA kv Just. EBITDA R12M

Distribution of net sales

Kvartal geografisk marknad

37%

43%

44%

Q2 2023

35%

21%

409

27%

• 19%

43%

-8%

Growth

• 19%

37%

Q2 2023

Growth

Q2 2024

Growth

Återkommande intäkter

LTM system och eftermarknad

Q2 2024

984

504

+23%

+28%

984

984

-18%

16%

16%

-15%

28%

27%

+17%

41%

41%

• 19%

Q2 2024

Q2 2024

Growth

Q2 2024

Q2 2024

Growth

Recurring (Consumables & Service)

Recurring (Consumables & Service)

72%

73%

+79%

+52%

43%

43%

73%

+52%

43%

504

+23%

14%

504

Kvartal geografisk marknad

-15%

Återkommande intäkter

Q2 2023

Q2 2024

YTD geografisk marknad

YTD geografisk marknad

Americas EMEA APAC

38%

41%

43%

37%

44%

44%

31%

31%

25%

25%

769

769

Q2 2023

Americas EMEA APAC

Q2 2024

Q2 2024

Americas EMEA APAC

Q2 2023

62%

43%

43%

63%

769

16%

14%

984

504

409

63%

43%

409

14%

504

Kvartal geografisk marknad

Återkommande intäkter

27%

LTM system och eftermarknad

Q2 2023

37%

Q2 2024

Återkommande intäkter

51%

-8%

Q2 2024

LTM system och eftermarknad

LTM system och eftermarknad

27%

37%

Q2 2024

38%

37%

Q2 2024

Q2 2024

Large molecules - Drug development Analytical & Diagnostic testing

Analytical & Diagnostic testing

31%

32%

31%

31%

984

504

Growth

Q2 2023

-14%

56%

10%

34%

769

409

Growth

32%

31%

504

Kvartal produktområde

Återkommande intäkter

+23%

Q2 2023

Growth

LTM produktområde

Kvartal produktområde

Growth

-8%

+42%

Kvartal produktområde

Q2 2024

Small molecules - Drug development Large molecules - Drug development

Small molecules - Drug development Large molecules - Drug development

Large molecules - Drug development Analytical & Diagnostic testing Large molecules - Drug development Analytical & Diagnostic testing Analytical & Diagnostic testing Large molecules - Drug development Analytical & Diagnostic testing

1

1

1

1

1

1

1

Message from the CEO

Return to Organic Growth with Increased Gross Margin

A strong second quarter for the Group as a whole brings Biotage back on the organic growth track for the quarter and the first half of 2024. Solid growth in the crucial regions of Americas and EMEA, while APAC and in particular China, still has some challenging headwinds.

It is with great pleasure that I note Biotage is once again continuing to grow organically with increasing profitability. An important part is that Biotage is increasing the proportion of recurring revenues, which accounted for 73 percent of sales. The gross margin increased by 2.2 percentage points during Q2 compared to the same quarter last year, reaching 64.2 percent, which shows that the ongoing improvement work is starting to bear fruit. At the same time, we increased the adjusted EBITDA to 131 (109) MSEK for the quarter and 256 (207) MSEK for the half-year.

Geographically, our largest markets, Americas and EMEA, continued to grow during the quarter. Sales in APAC, primarily in China, have not recovered, and therefore we are making adjustments to staffing in China to better align operations with current market conditions.

Biotage has decided to simplify the reporting of different product areas to only two from Q2 onwards: Drug Discovery & Development and Analytical & Diagnostic Testing. The ambition is to make the company's operations more understandable in reporting where the revenues originate from our customers. On page 20 of this report, you will find a matrix in relation to previous reporting. Organic growth for the quarter in Drug Discovery & Development was 8.5 percent and -2.9 percent for the half-year. The corresponding figures for Analytical & Diagnostic Testing were 10.8 percent for the quarter and 18.1 percent for the half-year. Overall, the Group's organic growth for the quarter was 9.3 percent and 4.2 percent for the half-year.

Drug Discovery & Development (Small Molecules and Large Molecules) had a good second quarter, particularly positive within EMEA and the product area Large Molecules. We have continued to work with our production partner regarding previously reported production capacity constraints in relation to increased demand for our peptide systems. However, we are not yet at the finish line with this work but we expect a successive 50 percent increase of the production capacity over the coming quarters.

Analytical & Diagnostic Testing saw strong growth especially in Americas and APAC. The development and sales of the automatic sample preparation station Extrahera with expanded application areas have been favorable. The market for applications within PFAS remains large and Biotage plans to launch additional products targeting this highly interesting market segment.

During the quarter, product launches of Biotage® PeptiPEC-96, an advanced peptide purification solution, and Biotage® Selekt ELSD, an advanced detection module integrating with Biotage's software products and the Biotage® Selekt purification system, were carried out. Both of these launches are within the product area Drug Discovery & Development– Small Molecules and are expected to be significant contributions to this product area.

Overall, I feel positive and excited about the coming quarters. We are currently experiencing that momentum in the market is starting to improve and Biotage has a strong team doing fantastic work to make the most of this. Biotage is working hard to facilitate our customers' work with the development of today's and tomorrow's products.

Finally, I want to take the opportunity to wish everyone a great summer.

Uppsala, July 16, 2024

Torben Jørgensen

CEO and President

Sales, earnings, cash flow and financial position

Net sales and earnings

Net sales for the quarter amounted to SEK 504 (409) million, an increase of 23.4 percent and an organic increase of 9.3 percent. EMEA and the Americas were the joint largest markets, each with 43 (previously 35 & 44 respectively) percent of net sales. APAC accounted for 14 (21) percent. Sales were distributed as follows: recurring revenue (consumables and service) 73 (63) percent and non-recurring (system) sales 27 (37) percent.

Net sales for the six-month period amounted to SEK 984 (769) million, an increase of 27.9 percent and an organic increase of 4.2 percent.

The Group's gross margin for the quarter increased by 2.2 percentage points to 64.2 percent (62.0). The gross margin improved thanks to a higher share of recurring revenue and favorable regional mix. The gross margin for the six-month period increased by 2.2 percentage points to 63.7 (61.5) percent.

Operating expenses for the quarter amounted to SEK -247 million (-201), an increase of SEK 46 million. Selling expenses increased by SEK -35 million to SEK -140 million (-105), administration expenses increased by SEK -5 million to SEK -63 million (-58) and research and development expenses increased by SEK -8 million to SEK -45 million (-37). The increased cost levels compared to the previous year are partly explained by the acquisition and consolidation of Astrea. Selling expenses and research and development expenses have been negatively affected by amortisation of acquired intangibles. Other operating items for the quarter amount to SEK 1 (-1) million mainly consisting of currency effects on operating liabilities and receivables.

Operating expenses for the six-month period amounted to SEK -483 (-367) million, an increase of SEK -116 million. Distribution costs increased by SEK -76 million to SEK -276 (-200) million. Administrative expenses increased by SEK -22 million to SEK -124 (-102) million. Costs related to the transition of the CEO in January had a negative impact on the administration expenses in the first half. Research and development expenses increased by SEK -23 million to SEK -88 (-65) million. Other

operating items for the were SEK 5 (0) million and consist primarily of currency effects on operating liabilities and receivables.

Operating profit for the quarter increased by SEK 24 million to SEK 77 (53) million and the operating margin (EBIT) increased by 2.3 percentage points to 15.2 (12.9) percent. Operating profit for the six-month period increased to SEK 144 (106) million and the operating margin (EBIT) amounted to 14.6 (13.8) percent.

EBITDA for the quarter amounted to SEK 123 (85) million. Adjusted EBITDA amounted to SEK 131 (109) million. For the six-month period, the corresponding values were SEK 234 (165) million and SEK 256 (207) million, respectively. The adjusted EBITDA margin for the quarter decreased to 25.9 (26.7) percent and for the six-month period to 26.1 (26.9) percent. See also Note 2.

Net financial items for the quarter amounted to SEK -9 (-9) million. The six-month financial net was SEK -34 (-6) million, mainly driven by financial costs attributable to the unwinding of discounting on additional consideration liabilities and negative exchange rate differences. The previous year was positively impacted by revaluation of additional consideration to the sellers of PhyNexus Inc

Recognized tax expense increased to SEK -20 (-10) million. Profit after tax for the quarter increased by SEK 14 million to SEK 48 (34) million. Profit after tax for the six-month period increased to SEK 82 (77) million. Recognized tax expense for the six-month period increased to SEK -28 (-23) million.

Cash flow

Cash flow from operating activities for the quarter increased by SEK 18 million (112.5 percent) to SEK 34 (16) million. Adjusted cash flow from operating activities increased to SEK 74 (50) million. Cash flow from operating activities for the six-month period increased by SEK 115 million to SEK 142 (27) million and adjusted cash flow from operating activities increased to SEK 245 (118) million

Cash outflows related to investments for the quarter amounted to SEK 263 (inflows of SEK 106) million, and for the six-month period to SEK 304 (inflows of SEK 87) million. Investments in property, plant and equipment amounted to SEK 22 (4) million for the quarter, and for the six-month period to SEK 41 (9) million, where a large proportion is attributable to the construction of additional production facilities in the Isle of Man. Investments in intangible assets were SEK 21 (14) million for the quarter and SEK 43 (28) million for the six-month period. Capitalized development expenses accounted for SEK 19 (13) million of the investments in intangible assets during the quarter and SEK 6 (7) million of amortization. The corresponding amount for the six-month period was SEK 38 (26) million for investments and SEK 13 (13) million for amortization.

Total depreciation and amortization for the quarter was SEK 46 (32) million, with SEK 8 (5) million directly attributable to property, plant, and equipment; SEK 8 (5) million to amortization on right-of-use assets and SEK 30 (22) million to intangible assets. Total depreciations and amortizations for the six-month period amounted to SEK 90 (59) million, with SEK 16 (10) million directly attributable to property, plant and equipment, SEK 14 (12) million to right-of-use assets. Amortization of intangible fixed assets amounted to SEK 59 million (37).

Balance sheet items

The Group's cash & cash equivalents on June 30 were SEK 318 (594) million. Interest-bearing liabilities relate to borrowings of SEK 150 (150) million under a credit facility, lease liabilities total SEK 104 (109) million and there is an estimated additional consideration of SEK 0 (5) million due for the acquisition of PhyNexus, Inc. and SEK 186 (363) million due for the acquisition of Astrea. The net cash position was SEK 64 (335) million, see note 2. During the quarter the KKR earn-out (SEK 215 million) and dividend (SEK 128 million) were paid.

The Group's total goodwill on June 30 amounted to SEK 2,509 (2,391) million. The change is wholly attributable to exchange rate differences.

Capitalized development costs amounted to SEK 194 (169) million. Other intangible assets, mainly acquired in business combinations,

amounted to SEK 585 (586) million, with the decrease attributable to the amortisation of the acquired intangibles.

Equity amounted to SEK 3,789 (3,657) million on June 30. The change is attributable to the comprehensive income of SEK 82 million, currency effects of SEK 182 million on the translation of foreign subsidiaries, dividends to shareholders of the parent of SEK -128 million, share-based compensation of SEK -2 million and other movements of SEK -2 million.

Human resources

The Group had 667 employees (full-time equivalents) on June 30, compared with 674 one year earlier, and 674 on December 31, 2023.

Parent company

The Group's Parent Company, Biotage AB, has wholly owned subsidiaries in Sweden, the US, the UK, Germany, France, Italy, Switzerland, Japan, China, South Korea, India, and Singapore. The Parent Company is responsible for Group management, strategic business development and administrative functions at the Group and subsidiary levels.

The Parent Company's net sales for the quarter amounted to SEK 4 (1) million. The operating expenses were SEK -8 (-7) million. The operating loss was SEK -4 (-7) million. The six-month revenue was SEK 5 (2) million and operating loss was SEK -20 (-12) million.

The Parent Company's net financial items for the quarter amounted to SEK 254 (-11) million and consisted primarily of dividends from subsidiaries partly offset by exchange losses and financial expenses related to additional consideration. The six-month financial net was SEK 232 (-15) million.

Recognized tax for the quarter amounted to SEK 1 (3) million and SEK 7 (5) million for the six-month period. Profit after tax amounted to SEK 251 (-14) million for the quarter and SEK 219 (-22) million for the six-month period.

Investments in intangible assets amounted to SEK 1 (0) million for the quarter and SEK 1 (0) million for the six-month period.

Cash and bank balances on June 30 were SEK 55 (194) million.

Significant events during the reporting period

No significant events have taken place during the reporting period.

Significant events after the end of the reporting period

No significant events have taken place after the end of the reported period.

Risks and uncertainties

As an international Group, Biotage is exposed to various risks that affect its ability to achieve defined targets. These include operational risks, such as the risk of competitive situations affecting price levels and sales volumes, and the risk of economic instability in the markets and areas where the Group operates. There are also financial risks, which include currency risks, interest rate risks and credit risks.

No significant change in material risks and uncertainties has taken place during the period compared to the section on Biotage's risks, uncertainties and risk management in the Company's 2023 annual report.

Related-party transactions

There were no significant transactions during the period other than transactions between subsidiaries and remuneration of senior executives of the Group and Parent Company. The amounts are essentially the same as in the most recent annual report.

Forward-looking information

This report contains forward-looking information based on management's current expectations. Although management believes that the expectations reflected in this forward-looking information are reasonable, no assurance can be given that these expectations will prove to be correct. Actual future outcomes may consequently vary significantly from those contained in this forward-looking information due to factors such as changes to economic, market and competitive conditions, amended legal and regulatory requirements, other policy measures and exchange rate fluctuations.

Audit review

This report has not been reviewed by the Company's auditors.

Biotage's financial targets

• » Average annual double digit organic revenue growth (%) over a three-year period. Outcome: 2.8% on June 30, 2024.
• » Average annual profitability upper 20% range over a three-year period. Outcome: 28.1% on June 30, 2024.

General information

Unless otherwise indicated in this interim report, this refers to the Group.

Figures in parentheses indicate the outcome for the corresponding period in the previous year, apart from balance sheet items where they refer to the value on December 31 of the previous year. Unless otherwise stated, amounts are presented in SEK millions.

Calendar

All financial reports are published on www.biotage.com

Interim Report January-September 2024	October 23, 2024
Year-end Report 2024	February 19, 2025
Interim Report January-March 2025	April 24, 2025
Interim Report January-June 2025	July 16, 2025

The Board of Directors and the CEO certify that the interim report provides a true and fair overview of the parent company´s and the Group´s operations, financial position and result and describes the significant risks and uncertainties faced by the parent company and the companies included in the Group.

Uppsala, July 16, 2024

Torben Jørgensen CEO and President

Kieran Murphy Peter von Ehrenheim Karen Sorensen

Åsa Hedin Mark Bradley Kugan Sathiyanandarajah

Daniel Menasco Philip Lamberstam

For further information

Torben Jørgensen, CEO and President

Andrew Kellett, CFO

e: IR@biotage.com

This information is information that Biotage AB (publ) is required to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act.

The information was submitted for publication, through the agency of the contact persons set out above, on July 16, 2024, at 08.00 CET.

Consolidated financial statements

Consolidated statement of comprehensive income

SEK Millions	4/1/2024 6/30/2024	4/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2023 12/31/2023
Net sales	504	409	984	769	1,862
Cost of sales	-180	-155	-357	-296	-713
Gross profit	324	254	627	473	1,149
Distribution costs	-140	-105	-276	-200	-457
Administrative expenses	-63	-58	-124	-102	-212
Research & development expenses	-45	-37	-88	-65	-159
Other operating items	1	-1	5	-0	-7
Total operating expenses	-247	-201	-483	-367	-835
Operating profit	77	53	144	106	314
Net financial items	-9	-9	-34	-6	-11
Profit before tax	68	44	110	100	303
Income tax	-20	-10	-28	-23	-57
Profit for the period	48	34	82	77	246
OTHER COMPREHENSIVE INCOME Items that may be reclassified to profit or loss for the year:
Exchange differences from translation of
foreign subsidiaries	-19	105	182	111	-155
Total other comprehensive income	-19	105	182	111	-155
Total comprehensive income for the period	29	139	264	188	91
Profit for the period attributable to owners of the Parent	48	34	82	77	246
Total comprehensive income for the period attributable to owners of the Parent	29	139	264	188	91
Average number of shares outstanding	80,008,185	69,434,790	80,008,185	67,709,282	73,852,875
Average number of shares outstanding after dilution due to outstanding share programs	80,049,464	69,592,186	80,056,784	67,886,488	73,994,435
Ordinary shares outstanding at the reporting date	80,008,185	79,937,878	80,008,185	79,937,878	80,008,185
Earnings per share for the period	0.60	0.49	1.02	1.13	3.34
Diluted earnings per share for the period	0.60	0.49	1.02	1.13	3.33

Consolidated statement of financial position

Amounts in SEK millions	6/30/2024	12/31/2023
ASSETS
Non-current assets
Goodwill	2,509	2,391
Capitalized development expenditure	194	169
Other intangible assets	585	586
Right-of-use assets	90	97
Property, plant and equipment	210	187
Financial assets	25	23
Deferred tax asset	29	31
Total non-current assets	3,642	3,484
Current assets
Inventories	475	437
Trade receivables	324	321
Other receivables	85	95
Cash and cash equivalents	318	594
Total current assets	1,202	1,447
TOTAL ASSETS	4,844	4,931

Amounts in SEK millions	6/30/2024	12/31/2023
EQUITY AND LIABILITIES
Capital and reserves attributable to equity holders of the parent company
Share capital	112	112
Reserves and other contributed capital	2,348	2,167
Retained earnings	1,329	1,378
Total equity	3,789	3,657
Non-current liabilities
Liabilities to credit institutions	150	150
Lease liabilities	71	76
Other interest-bearing liabilities	-	147
Deferred tax liability	192	193
Non-current provisions	3	3
Total non-current liabilities	416	569
Current liabilities
Accounts payables	64	98
Lease liabilities	33	33
Other financial liabilities	186	221
Other liabilities	353	349
Current provisions	3	4
Total current liabilities	639	705
TOTAL EQUITY AND LIABILITIES	4,844	4,931

Condensed consolidated statement of changes in equity

Amounts in SEK millions	Share capital	Other paid-in capital Translation reserve Retained earnings			Total equity
OPENING BALANCE JANUARY 1, 2023	93	281	34	1,229	1 ,637
Changes in equity between January 1 and December 31, 2023
Total comprehensive income for the period	-	-	-155	246	91
Total changes during the period, excluding transactions with owners of the Parent	-	-	-155	246	91
Transactions with owners of the Parent
New share issue	19	2,007	-	-	2,026
Dividend to shareholders of the Parent	-	-	-	-106	-106
Share-based compensation	-	3	-	-	3
Other changes	-	-	-3	5	2
Sales of own shares in the Parent company	-	-	-	3	3
Closing balance December 31, 2023	112	2,291	-124	1,378	3,657
CHANGES IN EQUITY BETWEEN JANUARY 1 AND JUNE 30, 2024
Total comprehensive income for the period	-	-	182	82	264
Total changes during the period excluding transactions with owners of the Parent	-	-	182	82	264
Transactions with owners of the Parent
Dividend to shareholders of the Parent	-	-	-	-128	-128
Share-based compensation	-	-2	-	-	-2
Other changes	-	-	1	-3	-2
Closing balance June 30, 2024	112	2,289	59	1,329	3,789

Condensed consolidated statement of cash flows

Amounts in SEK millions	4/1/2024 6/30/2024	4/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2023 12/31/2023
OPERATING ACTIVITIES
Profit before tax	68	44	110	100	303
Adjustments for non-cash items	50	28	114	51	163
	118	72	224	151	466
Income tax paid	-32	-10	-81	-49	-96
Cash flow from operating activities before changes in working capital	86	62	143	102	370
CASH FLOW FROM CHANGES IN WORKING CAPITAL
Increase (-)/decrease (+) in inventories	-35	-1	-19	3	-20
Increase (-)/decrease (+) in operating receivables	-46	-47	18	-69	-97
Increase(+)/decrease (-) in operating liabilities	29	2	0	-9	31
Cash flow from changes in working capital	-52	-46	-1	-75	-86
CASH FLOW FROM OPERATING ACTIVITIES	34	16	142	27	284
INVESTING ACTIVITIES
Acquisition of intangible assets	-21	-14	-43	-28	-65
Acquisition of property, plant and equipment	-22	-4	-41	-9	-26
Acquisition/disposal of financial assets	0	-2	0	-1	1
Acquisition of subsidiaries, net of cash	-220	125	-220	125	125
Cash flow from investing activities	-263	105	-304	87	35
FINANCING ACTIVITIES
Dividend to shareholders	-128	-106	-128	-106	-106
Sale of own shares	-	-	-	-	2
Repayment of borrowings	-7	-8	-14	-15	-38
Cash flow from financing activities	-135	-114	-142	-121	-142
Cash flow for the reporting period	-364	7	-304	-7	177
Cash and cash equivalents at beginning of period	683	426	594	441	441
Exchange differences	-1	11	28	10	-24
Cash and cash equivalents at end of reporting period	318	444	318	444	594
Adjustments for non-cash items
Depreciation and impairment	46	32	90	59	149
Translation differences	-2	1	10	4	-18
Value adjustment, additional consideration	-	-	-	-6	-9
Other items	6	-5	14	-6	41
Total	50	28	114	51	163

Condensed income statement, Parent Company

Amounts in SEK millions	4/1/2024 6/30/2024	4/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2023 12/31/2023
Net sales	4	1	5	2	5
Administrative expenses	-7	-6	-23	-12	-27
Research & development expenses	-1	-1	-2	-2	-4
Other operating items	-0	-0	-0	-0	-1
Operating expenses, net	-8	-7	-25	-14	-32
Operating profit	-4	-7	-20	-12	-27
Net financial items	254	-11	232	-15	34
Profit/loss after financial items	250	-18	212	-27	7
Appropriations	-	-	-	-	1
Income tax	1	3	7	5	-7
Profit/loss for the reporting period	251	-15	219	-22	1
STATEMENT OF COMPREHENSIVE INCOME, PARENT COMPANY
Profit/loss for the reporting period	251	-15	219	-22	1

Other comprehensive income
Items that may be reclassified to profit or loss for the year	-	-	-	-	-
Comprehensive income for the reporting period	251	-15	219	-22	1

Balance sheet, Parent Company

Amounts in SEK millions	6/30/2024	12/31/2023
ASSETS
Non-current assets
Intangible assets
Patents and licenses	14	13
Total intangible assets	14	13
Financial assets
Investments in Group companies	3,545	3,545
Receivables from Group companies	8	8
Other financial assets	15	15
Total financial assets	3,568	3,568
Total non-current assets	3,582	3,581
Current assets
Current receivables
Receivables from Group companies	6	5
Other receivables	12	1
Prepaid expenses and accrued income	2	2
Total current receivables	20	8
Cash and bank balances	55	194
Total current assets	75	202
Total assets	3,657	3,783

Amounts in SEK millions	6/30/2024	12/31/2023
EQUITY, PROVISIONS AND LIABILITIES
Equity
Restricted equity
Share capital	112	112
Total restricted equity	112	112
Unrestricted equity
Other paid-in capital	2,264	2,264
Retained earnings	509	637
Profit/loss for the reporting period	219	1
Total unrestricted equity	2,992	2,902
Total equity	3,104	3,014
Untaxed reserves	1	1
Non-current liabilities
Liabilities to credit institutions	150	150
Other non-current liabilities	-	131
Total non-current liabilities	150	281
Current liabilities
Trade payables	1	3
Liabilities to Group companies	172	213
Current tax liabilities	0	0
Other financial liabilities	214	259
Other non-current liabilities	0	0
Accruals and deferred income	15	12
Total current liabilitites	402	487
Total equity and liabilities	3,657	3,783

Key figures and ratios

	2024 2023					2022
Amounts in SEK millions	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Net Sales	504	480	643	449	409	361	384	401	395
Growth in net sales, %	23.4%	33.0%	67.3%	12.1%	3.4%	-6.4%	12.6%	31.2%	30.3%
Organic growth, %	9.3%	-1.4%	-4.4%	-9.5%	-14.0%	-12.8%	-0.8%	12.2%	14.4%
Gross profit	324	303	393	282	254	220	227	241	240
Gross margin, %	64.2%	63.1%	61.1%	62.9%	62.0%	60.9%	59.1%	60.1%	60.6%
Adjusted EBITDA	131	126	194	117	109	98	89	128	122
Adjusted EBITDA margin, %	25.9%	26.2%	30.2%	26.1%	26.7%	27.2%	23.1%	31.8%	30.9%
Operating profit	77	67	143	65	53	54	41	97	93
Operating margin, %	15.2%	13.9%	22.2%	14.6%	12.9%	14.8%	10.8%	24.2%	23.4%
Profit for the period	48	33	131	38	34	43	74	65	57
Profit margin, %	9.5%	6.9%	20.4%	8.5%	8.3%	11.9%	19.2%	16.2%	14.5%
Total Assets	4,844	5,147	4,931	5,001	5,002	2,362	2,339	2,306	2,158
Net cash(+)/net debt(-), SEK millions	64	426	335	250	226	207	224	191	118
Equity/Assets ratio, %	78.2%	75.6%	74.2%	73.8%	74.9%	71.5%	70.0%	69.3%	68.6%
Cash flow from operating activities, SEK/share	0.43	1.35	1.92	1.29	0.28	0.16	1.49	1.47	1.25
Average number of employees	667	669	674	689	674	516	517	510	493
Return on equity, %	6.7%	8.5%	9.3%	7.1%	8.2%	15.2%	17.8%	17.8%	18.2%
Return on capital employed, %	9.4%	11.6%	11.9%	8.9%	10.1%	18.3%	21.1%	25.2%	25.4%
Return on total assets, %	7.6%	9.4%	9.5%	7.0%	8.0%	14.7%	16.7%	19.5%	19.6%
Earnings, SEK/share	0.60	0.42	1.64	0.48	0.49	0.65	1.12	0.99	0.87
Earnings after dilution, SEK/share	0.60	0.42	1.64	0.48	0.49	0.65	1.11	0.98	0.87
Stock market price at end of period, SEK/share	163.1	181.9	133.7	107.4	134.2	132.2	185.5	166.8	181
Equity, SEK/share	47.36	48.61	45.70	46.12	46.85	25.58	24.81	24.23	22.44
Equity after dilution, SEK/share	47.33	48.57	45.65	46.06	53.81	25.51	24.73	24.16	22.39
Weighted average number of shares, thousands	80,008	80,008	80,008	79,985	69,435	65,984	65,984	65,984	65,984
Weighted average number of shares after dilution, thousands	80,049	80,064	80,086	80,118	69,592	66,181	66,200	66,195	66,158
Total number of shares outstanding at end of the period, thousands	80,008	80,008	80,008	80,008	79,938	65,984	65,984	65,984	65,984

See definitions in Note 2 and in the 2023 Annual Report, pp 100-102

Notes

Note 1 Accounting policies

Biotage's consolidated financial statements are based on International Financial Reporting Standards as adopted by the EU. The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. The Group and the Parent Company have applied the same accounting policies and calculation methods in the interim report as in the most recent annual report. Disclosures in accordance with IAS 34 Interim Financial Reporting are provided in the notes and elsewhere in the interim report. Amended and new standards and interpretations from the IASB and IFRS Interpretations Committee that are effective for the 2024 fiscal year have not had any impact on the Group's financial reporting. Amendments to RFR2 that have come into force and are effective on or after January 1, 2024, have not had any material impact on the Parent Company's financial statements.

When preparing the interim reports for the Group and Parent Company, the same accounting policies and calculation methods have been used as in Biotage's 2023 annual report. The accounting policies are described on pages 58-72 of the annual report. For balance sheet items, figures in parentheses refer to the value at the end of the previous fiscal year, December 31, 2023. For income statement and cash flow items, figures in parentheses refer to the corresponding period in the previous year.

The cash flow for the comparison period has been restated, which has resulted in a reclassification of SEK 35 million, which has reduced the line Non-cash items and increased the line Acquisitions of subsidiaries by SEK 35 million compared to how these lines were presented in the interim report for the second quarter of 2023.

Fair value

Additional consideration

Biotage´s financial liabilities relating to additional consideration in connection with business combinations are measured at fair value through profit or loss. At the beginning of June, the final settlement of the additional consideration attributable to the acquisition of PhyNexus, Inc, SEK 5 million, was made. As part of the agreement to acquire Astrea there is potential additional consideration

based on the achievement of financial targets linked to the sales and gross profit performance in the years 2023 to 2025. The financial targets for 2023 were achieved and settlement of the first instalment of the debt was made in the second quarter. The remaining part is expected to be settled in the second quarter of 2025. The Group's total additional consideration also includes additional consideration related to Astrea's acquisition of Delta.

The company's best assessment of fair value on the closing date is shown in the table below. The fair value calculations are based on level 3 of the fair value hierarchy, which means that the fair value was determined based on a valuation model using significant inputs that are unobservable. Valuation was based on expected future cash flows, discounted using a market interest rate.

	6/30/2024	12/31/2023
Additional consideration, non-current portion	-	147
Additional consideration, current portion	186	221
Total	186	368

Opening value, January 1, 2024	368
Settled during the year	-220
Value adjustment	15
Exchange rate differences	23
Closing balance, June 30, 2024	186

Other financial assets

Biotage has a financial asset in the form of shares in Chreto ApS, reported as financial assets at fair value. The holding has been allocated to level 2 of the fair value hierarchy on the basis that issue prices during autumn 2023 are observable market data. As of 30 June 2024, the holding was valued at the last known transaction price, which is the issue price in 2023.

A fair value calculation based on discounted future cash flows, for which the most significant input is a discount rate that reflects the counterparty's credit risk, is not expected to differ significantly from the carrying amount of other financial assets and current financial liabilities measured at amortized cost. Consequently, the carrying amounts of these financial assets and liabilities are considered to represent a good approximation of the fair values. Further information about financial assets and liabilities and their classification can be found in Note 20 and 21 of the 2023 Annual Report.

Performance share program

In accordance with a resolution of the AGM, Biotage has adopted long-term incentive programs in the form of performance-based share programs, the remaining programs are "LTIP 2021" and "LTIP 2022". LTIP 2021 ends in the third quarter of 2024. All programs include the former CEO, senior executives, and other key personnel, meaning that a maximum of 18 individuals within the Biotage Group will be eligible to participate. For further information about the programs, see the 2023 Annual Report. Changes in number of performance shares:

Number of performance

shares		LTIP 2021 LTIP 2022
Opening balance January 1, 2024	138,379	150,103
Transferred performance shares	-	-
Cancelled performance shares	-11,882	-23,778
Closing balance June 30, 2024	126,497	126,325

Scope and costs of the LTIP programs

All 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.

Eleven participants, including the former CEO, have been awarded a total of 151,599 rights to performance shares under the LTIP 2021 program. 13 participants, including the former CEO, have been awarded a total of 168,926 rights to performance shares under the LTIP 2022 program.

LTIP 2021 impacted the quarter with a cost of SEK 0.5 million, including social security contributions. The estimated maximum total cost of LTIP 2021 amounts to SEK 12 million. LTIP 2022 impacted the quarter with a cost of SEK 0.1 million, including social security contributions. The estimated maximum total cost of LTIP 2022 amounts to SEK 6 million.

Effects on key figures and dilution

In order to secure the allotment of ordinary shares in Biotage to participants in 2021 and 2022, Further information about the terms and conditions of the Class C shares can be found in the appendix to the minutes of the respective AGM on the Biotage website.

On maximum allotment of performance shares under LTIP 2021, 126,497 ordinary shares will be allotted to participants and 47,130 ordinary shares will be used to cover any social security contributions associated with the program. This will have a dilutive effect of about 0.22 percent of the number of ordinary shares in the Company. On maximum allotment of performance shares under LTIP 2022, 126,324 ordinary shares will be allotted to participants and 47,130 ordinary shares will be used to cover any social security contributions associated with the program. This will have a dilutive effect of about 0.22 percent of the number of ordinary shares in the Company.

The average number of shares after dilution is affected by the estimated allotment of shares as of June 30 2024. However, this does not have any material effect on earnings per share.

Note 2 Key figures and performance measures

A list of definitions of key figures and performance measures reported in the consolidated financial statements can be found in Note 32 of the 2023 Annual Report.

Alternative performance measures

In this report, Biotage presents information used by management to assess the Group's performance. Some of the financial measures presented are not defined under IFRS. The Company believes that these measures provide useful additional information to investors and Company management and contribute to the evaluation of relevant trends and the Company's performance. As not all companies calculate performance measures in the same way, the measures are not always comparable with those used by other companies. These performance measures should therefore not be considered a substitute for measures defined under IFRS. ESMA's guidelines on alternative performance measures are applied and include enhanced disclosure requirements for performance measures not defined under IFRS. Explanations of the financial measures that Biotage considers relevant are provided below.

Net cash/debt

Information on the Group's net cash/debt, defined as cash less liabilities to credit institutions and lease-related liabilities, is reported in order to enable stakeholders and management to monitor and analyze the Group's financial strength.

	6/30/2024	12/31/2023
Cash and cash equivalents	318	594
Liabilities to credit institutions	-150	-150
Lease-related liabilities	-104	-109
Net cash (+) /net liabilities (-)	64	335

Profit measurements and adjusted profit measurements

In this report, Biotage uses the performance measure EBIT (Earnings Before Interest and Taxes) as an alternative term for operating profit and EBITDA, (Earnings Before Interest Depreciations Amortizations and Taxes).

EBIT margin is an alternative term for the operating margin, which is calculated as operating profit divided by net sales. Operating profit is calculated as net sales less cost of sales and operating expenses.

EBITDA is calculated as operating profit with reversal of depreciation and amortization of tangible and intangible assets. The EBITDA margin is EBITDA divided by net sales.

Biotage considers it helpful to present metrics and key ratios excluding non-recurring items, in order to make it easier for the reader to form an opinion about the underlying business. Non-recurring items refer to costs related to acquisition and restructurings and other non-recurring items of significant size.

To facilitate for the reader to form an opinion about the cash flow from the underlying business, Biotage reports Adjusted cash flow from operating activities, where adjustments are made for non-recurring items and for income tax, where the payments are not always related to the reporting period.

The performance measures, how they relate to each other, and the effect of adjustments are shown in the tables below.

EBITDA	4/1/2024 6/30/2024	4/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2023 12/31/2023
EBIT	77	53	144	106	314
Depreciations/amortizations on tangible and intangible assets	46	32	90	59	149
EBITDA	123	85	234	165	463

Adjusted EBITDA	4/1/2024 6/30/2024	4/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2023 12/31/2023
EBITDA	123	85	234	165	463
Non-recurring items	8	24	22	42	55
Adjusted EBITDA	131	109	256	207	518

Adjusted cashflow	4/1/2024 6/30/2024	4/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2023 12/31/2023
Reported cashflow from operating activities	34	16	142	27	284
Income tax	32	10	81	49	96
Non-recurring items	8	24	22	42	55
Adjusted cashflow	74	50	245	118	435

Organic growth and growth at comparable exchange rates

As most of the Group's net sales are settled in currencies other than the reporting currency, SEK, the amount recognized is affected by exchange rate changes between periods to a considerable extent. The Group's revenue is also affected by acquisitions. To enable stakeholders and management to obtain a clear picture of organic growth and analyze the sales trend excluding currency effects and acquisitions, the Company reports sales growth for the current and comparative period at constant exchange rates and adjusted for acquisitions. The current period's sales in each currency are translated at the exchange rates that were used in the financial statements for the comparative period and adjusted for acquisitions. Organic growth as a percentage is the ratio of organic growth and reported net sales for the comparative period.

	4/1/2024 6/30/2024		4/1/2023 6/30/2023		1/1/2024 6/30/2024		1/1/2023 6/30/2023
	SEK millions		% SEK millions		% SEK millions		% SEK millions	%
Net sales recognized in the comparative period	409		395		769		781
Net sales recognized in the period	504		409		984		769
Recognized change	95	23.4	13	3.4	215	27.9	-11	-1.5
Net sales for the period, excl. acquisitions	449		362		800		722
Change attributable to acquisitions	55	13.6	47	11.9	184	24.0	47	6.0
Net sales for the period at comparative period's exchange rates, excl. acquisitions	446		340		802		676
Change attributable to currency	2	0.5	21	5.5	-2	-0.3	46	5.9
Net sales for the period at comparative period's exchange rates, excl. acquisitions	446		340		802		676
Organic growth	38	9.3	-55	-14.0	33	4.2		-105 -13.4

Graphs of net sales and operating result

Biotage has chosen to report graphs of the net sales and adjusted EBITDA on a last twelve months (LTM) basis (see page 3) as corporate management also follows the development over time on a LTM basis and believes that this provides supplementary information to the calendar-based interim data otherwise given in the report.

		6/30/2024		6/30/2023
	1/1/2024 6/30/2024	7/1/2023 12/31/2023	LTM	1/1/2023 6/30/2023	7/1/2022 12/31/2022	LTM
Net sales	984	1,093	2,077	769	785	1,554
Adjusted EBITDA	256	311	567	207	216	423
Net sales, growth, %			33.6%			8.9%

Note 3 Pledged assets and contingent liabilities

In connection with the acquisition of ATDBio, Ltd., there has been an agreement on additional consideration of GBP 5 million, which may be due provided that certain conditions are met. The terms mean that the additional consideration is expensed over time, and owed to the extent that they are earned. The excess part, SEK 6 (31) million on June 30, is a contingent liability.

Note 4 Composition of income

As a result of changes in customer or product classifications, individual sales information may differ from that disclosed in previous interim reports.

	4/1/2024	4/1/2023	1/1/2024	1/1/2023
Revenue by sales channel	6/30/2024	6/30/2023	6/30/2024	6/30/2023
Direct sales through own sales channels	488	394	948	738
Sales through distributors	16	15	36	31
Total sales revenue	504	409	984	769

Revenue by non recurring and recurring	4/1/2024 6/30/2024	4/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023
Non recurring (Systems)	137	150	272	296
Recurring (Consumables & Service)	367	259	712	473
Total sales revenue	504	409	984	769

Distribution by geographical markets and product areas

	Americas		EMEA		APAC		Total
	4/1/2024 6/30/2024	4/1/2023 6/30/2023	4/1/2024 6/30/2024	4/1/2023 6/30/2023	4/1/2024 6/30/2024	4/1/2023 6/30/2023	4/1/2024 6/30/2024	4/1/2023 6/30/2023
Small Molecules & Synthetic Therapeutics	58	59	43	38	43	60	143	156
Scale Up	14	24	13	11	6	5	33	40
Diagnostics	1	1	7	9	3	2	11	12
Small Molecules	73	84	63	58	52	67	187	208
Biologics & Advanced Therapeutics	42	15	116	45	4	2	162	62
Large Molecules	42	15	116	45	4	2	162	62
Drug Discovery & Development	115	99	179	103	56	69	349	270
Analytical Testing	69	60	31	35	15	13	115	108
Water & Environmental Testing	32	23	6	5	2	2	40	30
Analytical & Diagnostic Testing	101	83	37	40	17	15	155	138
Summary	216	182	216	143	72	84	504	409

	Americas		EMEA		APAC		Total
	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023	1/1/2024 6/30/2024	1/1/2023 6/30/2023
Small Molecules & Synthetic Therapeutics	109	121	84	74	90	132	283	326
Scale up	26	40	27	27	13	10	66	77
Diagnostics	2	2	14	17	5	8	21	27
Small molecules	137	163	125	118	108	150	370	430
Biologics & Advanced Therapeutics	74	28	224	47	7	2	305	77
Large molecules	74	28	224	47	7	2	305	77
Drug Discovery & Development	211	191	349	165	115	152	675	507
Analytical Testing	135	111	65	62	34	29	234	202
Water & Environmental Testing	59	43	12	11	4	5	75	59
Analytical & Diagnostic Testing	194	154	77	73	38	34	309	261
Summary	405	345	426	238	153	186	984	769

The distribution relates to sales per product area to customers located in the above geographical areas.

This is Biotage

Our strategy of being the Global Go-To Separations Company offering high-quality solutions is driving attractive profitable growth. Biotage of today is a better balanced, sharply focused, and profitable business with a strong defendable market position.

Biotage is the Global Go-To Separations Company, supporting customers from drug discovery and development through to diagnostics and analytical testing with intelligent and sustainable workflow solutions. Our expertise and top-tier separation solutions play a key role in streamlining our customers' workflows and improving their outcomes. Headquartered in Sweden, Biotage operates globally with 700 employees, serving over 80 countries. Our company is listed on NASDAQ Stockholm (BIOT). Website: www.biotage.com

Biotage AB (publ)

Box 8 SE-751 03 Uppsala Visiting adress: Vimpelgatan 5 Telephone: +46 18 565900 Org.no.: 556539-3138 www.biotage.com

This is where we're located

Biotage has 17 office locations in nine different countries. Five of these have research and development activities and five have manufacturing. Our own sales organization encompasses over 15 countries in North America, Europe, and Asia while our distribution network reaches countless additional countries in South America, Europe, Africa, the Middle East, and Asia. All in all, our products have a presence in over 80 countries.