AI assistant
BICO Group Interim / Quarterly Report 2026
2891_10-q_2026-04-29_74e9e292-f219-47e7-8fe8-84270e4baca3.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Q1 20 26
BICO
Q1 2026 SUMMARY
- Net sales for the first quarter were SEK 329.9m (334.7), a decrease of 1.4 percent compared to the same quarter last year. Organic sales growth were 11.0 percent.
- EBITDA was SEK -42.4m (-21.4) with an adjusted EBITDA of SEK -11.4m (-21.4). The difference mainly relates to restructuring costs of SEK 52.5m, of which SEK 30.2m affected EBITDA.
- Cash flow from operating activities totalled SEK 47.3m (76.6).
- BICO successfully issued EUR 40M senior secured bonds under a EUR 60M framework*. The new capital puts BICO in a position to support further growth and capture a market recovery, while navigating ongoing macroeconomic uncertainty.
- BICO divested a Finnish property to Logistea AB, for a total of EUR 3.5m.
- BICO settled its convertible bonds, with the total outstanding amount of SEK 1,008m, in full on their scheduled maturity date.
CONSOLIDATED KEY DATA AND RATIOS
| Jan-March | Jan-March | Jan-Dec | |
|---|---|---|---|
| SEKm | 2026 | 2025 | 2025 |
| Net sales | 329.9 | 334.7 | 1,497.2 |
| Organic sales growth, % | 11.0% | -21.8% | -7.9% |
| Gross margin | 54.1 | 56.7 | 52.1 |
| Adjusted EBITDA | -11.4 | -21.4 | 1.6 |
| Adjusted EBITDA margin, % | -3.4% | -6.4% | 0.1% |
| Operating profit (EBIT) | -113.5 | -77.9 | -1,292.6 |
| Net profit/loss cont. ops. | -131.3 | -235.4 | -1,583.7 |
| EPS, SEK (diluted) | -1.86 | -3.32 | -21.62 |
| Cash flows from operating activities | 47.3 | 76.6 | 68.4 |
| Net cash(+)/net debt(-) | 329.4 | -398.2 | 277.3 |
In addition to financial measures defined by IFRS, BICO presents some alternative performance measures in this year-end report that are not defined by IFRS. These non IFRS measures, as defined on www.bico.com/investors will not necessarily be comparable to similarly titled measures in other companies' reports. Neither should they be considered as substitutes to financial reporting measures prepared in accordance with IFRS.
All numbers in this report refer to continuing operations if not otherwise stated. MatTek and Visikol have been classified as discontinued operations with retroactive effect.
*The proceeds from the issuance is restricted until the security package is finalized, which is expected to be in Q2, 2026.
CEO COMMENT
Strong organic sales growth in a volatile market
A strong start of the year with organic growth in local currencies of 11 percent in a market still affected by geopolitical uncertainty and a weak academic funding in the US. Due to continued currency headwinds our total growth was negative 1 percent. We successfully raised capital and continued to execute on our strategy with focus on commercial excellence, R&D pipeline execution and financial discipline for profitable growth.
ENABLING LIFE-SCIENCE LABS TO ACCELERATE DISCOVERIES
Our updated vision is to enable life-science labs to accelerate the discoveries that change lives. With a mission where BICO leverages a global portfolio of pioneering brands fusing automation, intelligence, and data to unlock scientific discovery at scale. Ultimately, we support customers to advance science so therapies can reach people faster. When I engage with pharma customers they all share one ambition, to reduce time to market and increase the probability of success.
As from this quarter we are reporting BICO as one single operating segment. Following the divestments of three bioprinting companies, a step towards a more consolidated business, the portfolio is now more focused on lab automation and software intelligence across our business. This reinforces the One BICO approach, where strategic decisions and performance evaluations are made on a consolidated basis. This reporting, which is now focused on the Group as a whole, reflects the integrated operating model, shared resources, and joint strategic initiatives across the Group.
SALES AND PROFITABILITY DEVELOPMENT
After a strong start in January with a positive outlook, the market was again affected by geopolitical uncertainty with tariffs and war. The weak academic funding seen in 2025 has continued during Q1 where academic end markets remain soft, with cautious spending and delayed capital equipment purchases.
Sales in Q1 amounted to SEK 330m, an organic growth of 11 percent mainly deriving from strong desktop instrument sales in the non-academic segments. Our commercial and operational excellence activities are also paying off, decreasing our overall cost, leading to an improvement in adjusted EBITDA.
In a growing yet still emerging and increasingly demanding market, we continued during the quarter to address execution challenges in parts of our lab automation business, primarily related to complex projects. These initiatives are receiving focused management attention, and we are actively implementing targeted measures to strengthen execution, enhance scalability, and reinforce our competitiveness going forward.
We have also launched a program aimed at improving cost efficiency, simplifying the operating model further and improving the R&D pipeline execution in one of the business units. The program includes organizational streamlining as well as a planned closure of one site in Europe. Restructuring costs of SEK 52m were recognized in the quarter of which SEK 30m affected the EBITDA. This program will yield annualized savings of ca SEK 30m.
STRENGTHENED BALANCE SHEET
BICO successfully issued EUR 40M senior secured bonds under a EUR 60M framework during the quarter. The new capital puts us in a position to support further growth and capture a market recovery, while navigating ongoing macroeconomic uncertainty. We also settled our outstanding SEK 1,00Bm convertible bond, originally issued in March 2021. A building in Oulu, Finland, carved out from the divestment of Ginolis was also sold during the quarter for 3.5MEuro.
CONCLUDING REMARKS
I strongly believe in BICO's updated vision which is to enable life-science labs to accelerate the discoveries that change lives. By providing innovative instruments, software, services, and consumables into one continuous operating system, we create labs where data flows seamlessly, every experiment advances the next, and breakthroughs move with efficacy from idea to impact. Together, we enable our customers to deliver what matters most – the discoveries that advance human health.
MARIA FORSS, PRESIDENT AND CEO
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
This is BICO
Purpose
BICO exists so therapies reach humanity sooner
Progress has never moved fast enough for those waiting – for a therapy, for a breakthrough, for hope to turn into healing.
BICO reignites the pace and transformation of scientific advancement.
We serve as the catalyst for a truly connected era of life sciences – where technology, data, and human potential move together in seamless flow, turning every result into the next discovery, and every discovery into a new possibility.
Through our global portfolio of pioneering brands, we unite people, ideas and evidence – transforming the way science advances – from fragmented and reactive to continuous and intelligent.
Because true progress demands it – that therapies reach people faster, for the good of humanity.
BICO in numbers
Vision
To enable life-science labs to accelerate the discoveries that change lives.
Mission
BICO leverages a global portfolio of pioneering brands fusing automation, intelligence, and data to unlock scientific discovery at scale.
Core values
TRUST | FOCUS | COLLABORATION | GRIT
BICO's financial ambition is sustainable profitable growth, while reinforcing our role as a long-term innovation partner. Value creation is driven by scalable solutions, recurring revenues, and disciplined capital allocation across the Group.
→ Double-digit organic growth in constant currency
→ EBITDA margin less capitalized development costs > 10 percent
→ Net debt to EBITDA < 3.0x
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
LAUNCH I VCD AND CELL COUNTING | UP.SIGHT | CYTENA
Launch of AI Powered Viable Cell Density (VCD) and Cell Counting on UP.SIGHT GEN 2
During the quarter, CYTENA expanded the UP.SIGHT GEN 2 platform with the launch of AI-powered cell counting and viable cell density (VCD) analysis. The addition broadens the system from single-cell dispensing into a more integrated analytical solution, supporting standardized, auditable and automation-ready cell line development workflows.
Advancing automation and analytics in cell line development
During the quarter, the cell line development (CLD) offering was strengthened with the launch of an AI powered cell counting and viable cell density (VCD) tool for CYTENA's UP.SIGHT GEN 2. The new AI capability expands UP.SIGHT GEN 2 from a single-cell dispensing and monoclonality system into a more comprehensive analytical instrument, enabling customers to consolidate previously fragmented steps in CLD workflows.
From single digits to thousands of cells per well quantified with AI precision
Accurate VCD measurement is a critical parameter in the development of biopharma production cell lines, directly influencing clone selection, assay normalization, and data comparability across campaigns. Traditional counting methods from manual to indirect colorimetric assays are limited by operator variability, narrow dynamic ranges, and significant time requirements.
The newly launched module applies AI-driven image analysis and addresses these constraints, delivering consistent quantification of both total and viable cells from early seeding to high density conditions.
The AI model was trained on thousands of annotated images to ensure robustness against debris, plate artefacts and morphological variation and shows:
- Reliable detection from 2+ cells to around 6,000 cells per well
- Near-perfect linearity the 3-log optimal range of densities
- Automated VCD calculation using either live-or dead-cell staining
Customer impact:
- Reliable VCD results from fewer replicates and dilutions
- Lower reagent and consumable usage
- Standardized, auditable quantification
- Simplified and faster data-driven clone selection
More integrated workflows through C.STUDIO
All VCD and cell count results are automatically processed and stored in C.STUDIO, CYTENA's clone centric workflow software. By bringing dispensing records, monoclonality proofs, colony tracking and VCD metrics into a unified environment, customers can reduce audit risk, maintain full traceability and streamline clone selection decisions.
Read more on www.cytena.com.
Green Button Go® ready
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Financial Performance
JANUARY - MARCH 2026
NET SALES SEK M
ROLLING 12 MONTHS
- Services & Others
- Consumables
- Instruments
THE GROUP
Net sales for the first quarter were SEK 329.9m (334.7), a decrease of 1.4 percent compared to the same quarter last year. Net sales in local currencies increased by 11.0 percent.
The main factor behind the difference between total sales growth and growth in local currency was the weaker US Dollar during this year's Q1 compared to last year.
While instruments and consumables grew compared to the same period last year, services & others experienced a decline. The rise in instrument sales was mostly due to higher demand for desktop instruments. Consumables made up 13.3 percent of total sales for the quarter, up from 11.6 percent last year.
To better reflect market trends and align with industry standards, our reported sales categories have been slightly revised. The updated categories are now instruments, consumables, and service & others. Previously, Lab Automation projects were grouped as a single category; these have now been split: the instruments portion of a project is assigned to Instruments, while software and related installation work are classified under service & others.
This is also aligned with the updated segment reporting for the Group, please see footnote 3 on page 16 for more information.
Earnings
Gross profit in the first quarter amounted to SEK 178.6m (189.7), corresponding to a gross margin of 54.1 percent (56.7).
Adjusted EBITDA for the first quarter amounted to SEK -11.4m (-21.4), corresponding to an adjusted EBITDA margin of -3.4 percent (-6.4). EBITDA for the first quarter amounted to SEK -42.4m (-21.4), corresponding to an EBITDA margin of -12.9 percent (-6.4).
Operating Profit
Operating profit for the first quarter amounted to SEK -113.5m (-77.9), corresponding to an operating margin of -34.4 percent (-23.3). For the period, operating profit includes effects from an initiated restructuring program; see
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
footnote 5 on page 17 for further information. The restructuring program has resulted in an impairment in capitalized development cost amounting to SEK -17.6m and an impairment of tangible assets of SEK -4.5m due to revised leasing contracts and unused spaces. The program has also resulted in additional costs for site closure activities and employee termination benefits amounting to SEK -30.2m. A bridge from operating profit to Adjusted EBITDA is shown to the right.
Other operating income in the quarter was SEK 8.4m (6.0). Other operating income was mainly related to received grants and rental income in the quarter. Other operating expenses amounted to SEK -4.1m (-2.4) was mainly related to a divestment of a fully owned subsidiary in Finland, previously classified as Assets held for sale. The divestments resulted in a negative impact of SEK -3.2m (-) in the first quarter 2026.
Net Loss
Financial items were affected by net positive currency effects, mainly related to unrealized exchange rate effects on non-currency hedged intra-group loans in the Parent Company and the senior secured high yield EUR bonds, of SEK 8.5m (-149.7) in the quarter. Previous year, a nominal amount of SEK 276.0m of the convertible bonds was repurchased, leading to a financial income of SEK 18.5m, with no corresponding effect current year.
Financial items were also charged with costs related to the now settled convertible bonds totaling SEK -16.6m (-17.2) for the quarter.
Net loss from continuing operations for the quarter amounted to SEK -131.3m (-235.4), corresponding to earnings per share from continuing operations after dilution of SEK -1.86 (-3.32)
Cash flow, investments and liquidity
Cash flow from operating activities for the quarter amounted to SEK 47.3m (76.6), of which SEK 78.8m (126.4) consisted of changes in working capital.
The cash flow from changes in inventories amounted to SEK -12.9m (-18.4). Inventory management is continuously being carried out to address inventory levels. The cash flow from changes in operating receivables amounted to SEK 146.5m (164.7), which is primarily related to the timing of start of new projects. The cash flow from changes in operating liabilities amounted to SEK -54.8m (-19.9).
Cash flow from investing activities during the quarter amounted to SEK 28.6m (-5.7), of which SEK 32.3m was driven by the divestment of subsidiary in Finland. The Group invested SEK -3.9m (-2.8) in intangible assets, attributable to development of new products. Net investments in tangible assets amounted to SEK 0.2m (-3.3).
Cash flow from financing activities for the quarter amounted to SEK -622.9m (-299.9) and was mainly driven by the settlement of the convertible bonds amounting to SEK -1,008.0m (-94.6) and the issuing of high yield EUR bonds amounting to SEK 404.3m (-). Financing activities also
Bridge from EBIT to Adjusted EBITDA
| Jan-March 2026 | Jan-March 2025 | |
|---|---|---|
| SEKm | ||
| EBIT | -113.5 | -77.9 |
| Depreciation and amortization in COGS | 4.5 | 3.8 |
| Depreciation and amortization in Sales | 6.7 | 7.4 |
| Depreciation and amortization in Admin | 16.5 | 24.0 |
| Depreciation and amortization in R&D | 21.2 | 21.2 |
| Impairment of tangible fixed assets | 4.5 | - |
| Impairment of intangible fixed assets | 17.6 | - |
| EBITDA | -42.4 | -21.4 |
| Restructuring costs | 30.2 | - |
| Non-recurring expenses related to historical sales | 0.8 | - |
| Adjusted EBITDA | -11.4 | -21.4 |
includes amortization of leasing liabilities of SEK -17.5m (-51.4)
The quarter's total cash flow amounted to SEK -547.0m (-229.0).
At the end of the period, the Group's cash and cash equivalents amounted to SEK 744.3m (709.1). The Group's external financing consisted of interest bearing liabilities of SEK 414.9m (1,082.4).
In addition, the Group has leasing liabilities totaling SEK 275.8m (325.7), where the decrease is mainly due to amortizations and that no new major lease contracts have been signed.
PARENT COMPANY
The Parent Company's net sales during the period amounted to SEK 28.1m (12.7), of which all pertained to intra-group revenues. Sales mainly consisted of invoiced costs from the parent company to the subsidiaries.
Profit before tax amounted to SEK -3.8m (-135.8). Financial items mainly consists of positive unrealized exchange rate differences, intercompany interest income and external interest expenses. Profit for the period amounted to SEK 0.5m (-136.8).
At the end of the period, the parent company's cash and cash equivalents amounted to SEK 684.7m (589.0). The parent company's external financing consisted of senior secured high yield EUR bonds of SEK 413.2m. For more information, see Note 6.
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Other Information
SIGNIFICANT EVENTS DURING Q1 2026
- Biosero launched GoSimpleTM, a standardized automation-ready workcell at SLAS tradeshow
- BICO issued senior secured bonds to a total nominal of EUR 40 million
- BICO divested a Finnish property to Logistea AB for a total of EUR 3.5m
- BICO settled its convertible bonds, with the total outstanding amount of SEK 1,008m, in full on their scheduled maturity date
SIGNIFICANT EVENTS AFTER Q1 2026
- No significant events after the period.
PARENT COMPANY
BICO Group AB (publ) is the parent company for the Group with Group-wide functions and with a focus on delivering on the strategy, BICO 2.0, identifying synergies, developing the offering and technologies, and contributing to the development of the Group's various companies.
RELATIONSHIPS WITH RELATED PARTIES
No transactions that materially affected the company's earnings and financial position were carried out with related parties during the quarter. The type and scope of related party transactions are in general essentially the same as presented in the Annual Report 2025, note 30, page 121. Certain members of the Executive Management and the Board of Directors hold options in BICO; see note 6 in the Annual report.
SIGNIFICANT RISKS AND UNCERTAINTIES
The Group is exposed to various types of risks through its operations. Risks can be divided into external risks, operational risks and financial risks. External risks include changes in economic conditions, and legal and regulatory environment. Operational risks include environmental related risks, IT and IT security, risk related to BICOs operations and that the Group can attract and retain qualified employees. The financial risks are summarized under currency risk, liquidity and financing risk, interest rate risk and credit risk. BICO's risks and uncertainties are described in the Annual Report 2025 on pages 32-35 and 85-87.
SEASONAL VARIATIONS
BICO's sales are affected by seasonal effects. Historically, the Group has gradually increased sales and profit during the calendar year, with a certain decline during the holiday period (July-August). Q1 is normally the weakest quarter, and Q4 the strongest.
EMPLOYEES
During Q1 2026, the average number of employees in continuing operations in the Group was 557 of whom were 374 men and 183 were women. Expressed as percentages, men represented 67 percent of the average number of employees, while women represented 33 percent.
ANNUAL GENERAL MEETING 2026
Information about the Annual General Meeting 2026 which will take place on May 7, 2026 can be found on www.bico.com/investors.
OUTLOOK 2026
The company does not provide any forecasts.
REVIEW
This Interim report has not been subject to review by the company's auditors.
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Condensed Consolidated Income Statements
| SEK m | Note | Jan-March 2026 | Jan-March 2025 | Jan-Dec 2025 |
|---|---|---|---|---|
| Net sales | 3 | 329.9 | 334.7 | 1,497.2 |
| Cost of goods sold | -151.3 | -145.0 | -716.9 | |
| GROSS PROFIT | 178.6 | 189.7 | 780.3 | |
| Sales Expenses | -94.6 | -99.0 | -379.2 | |
| Administration expenses | -130.2 | -120.2 | -448.3 | |
| Research and development expenses | -49.3 | -52.0 | -204.9 | |
| Impairment of tangible fixed assets | 5 | -4.6 | - | - |
| Impairment of Goodwill and other intangible fixed assets | 5 | -17.6 | - | -1,042.9 |
| Other operating income | 8.4 | 6.0 | 28.7 | |
| Other operating expenses | -4.1 | -2.4 | -26.2 | |
| OPERATING PROFIT/LOSS | 4 | -113.5 | -77.9 | -1,292.6 |
| Financial income | 9.1 | 21.4 | 37.6 | |
| Financial expenses | -23.2 | -173.9 | -322.4 | |
| Profit/loss after financial items | -127.6 | -230.3 | -1,577.4 | |
| Tax for the period | -3.8 | -5.1 | -6.4 | |
| Net profit/loss for the period from continuing operations | -131.3 | -235.4 | -1,583.8 | |
| *Net income from discontinued operations | - | 0.3 | 490.7 | |
| NET PROFIT/LOSS FOR THE PERIOD | -131.3 | -235.1 | -1,093.1 | |
| ATTRIBUTABLE TO | ||||
| Parent company shareholders | -131.3 | -233.9 | -1,088.9 | |
| Non-controlling interests | - | -1.2 | -4.2 | |
| Earnings per share before dilution, SEK | -1.86 | -3.31 | -14.90 | |
| Earnings per share after dilution, SEK | -1.86 | -3.31 | -14.90 | |
| Earnings per share from continuing operations before dilution, SEK | -1.86 | -3.32 | -21.62 | |
| Earnings per share from continuing operations after dilution, SEK | -1.86 | -3.32 | -21.62 | |
| Earnings per share from discontinued operations before dilution, SEK | - | - | 6.72 | |
| Earnings per share from discontinued operations after dilution, SEK | - | - | 6.72 | |
| Average number of shares before dilution | 70,574,895 | 70,574,895 | 70,574,895 | |
| Average number of shares after dilution | 70,574,895 | 73,080,645 | 73,059,290 |
*Inclusive of divestment of MatTek and Visikol in Q3 2025.
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Condensed Consolidated Statements of Comprehensive Income
| SEK m | Jan-March 2026 | Jan-March 2025 | Jan-Dec 2025 |
|---|---|---|---|
| Net profit/loss for the period | -131.3 | -235.1 | -1,093.1 |
| Translation differences for the period in the translation of foreign operations | -10.4 | -113.7 | -159.9 |
| Other comprehensive income for the period | -10.4 | -113.7 | -160.0 |
| Total comprehensive income | -141.7 | -348.8 | -1,253.0 |
| ATTRIBUTABLE TO | |||
| Parent Company shareholders | -141.7 | -345.6 | -1,245.5 |
| Non-controlling interests | - | -3.2 | -7.5 |
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Condensed Consolidated Statements of Financial Position
| SEK m | Note | March 31, 2026 | March 31, 2025 | Dec 31, 2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 5 | 1,279.9 | 2,544.5 | 1,294.7 |
| Property, plant and equipment | 91.5 | 124.5 | 96.1 | |
| Right-of-use assets | 5 | 228.6 | 276.6 | 238.6 |
| Financial fixed assets | 6 | 42.6 | 45.0 | 42.5 |
| Deferred tax assets | 23.6 | 24.5 | 19.4 | |
| Total non-current assets | 1,666.2 | 3,015.1 | 1,691.3 | |
| Current assets | ||||
| Inventories | 198.0 | 247.3 | 196.4 | |
| Current tax receivable | 18.5 | 17.7 | 17.5 | |
| Contract assets | 47.4 | 52.6 | 35.3 | |
| Accounts receivable | 217.3 | 228.6 | 376.7 | |
| Prepaid expenses | 49.7 | 35.6 | 29.5 | |
| Other current assets | 6 | 29.0 | 42.5 | 30.8 |
| Cash and cash equivalents* | 744.3 | 684.3 | 1,282.2 | |
| Assets held for sale | 8 | - | 416.5 | 36.8 |
| Total current assets | 1,304.2 | 1,725.1 | 2,005.3 | |
| Total assets | 2,970.4 | 4,740.2 | 3,696.6 | |
| EQUITY AND LIABILITIES | ||||
| Equity attributable to parent company shareholders | 1,608.8 | 2,642.6 | 1,748.6 | |
| Non-controlling interests | - | 19.4 | - | |
| Total equity | 1,608.8 | 2,662.0 | 1,748.6 | |
| Non-current liabilities | ||||
| Long-term interest-bearing liabilities | 6 | 413.2 | 2.1 | 0.2 |
| Long-term lease liabilities | 213.5 | 256.4 | 218.1 | |
| Other provisions | 30.1 | 26.8 | 27.6 | |
| Other long-term liabilities | 6 | 0.2 | 7.4 | 2.1 |
| Deferred tax liabilities | 122.3 | 159.6 | 125.2 | |
| Total non-current liabilities | 806.1 | 452.3 | 373.1 | |
| Current liabilities | ||||
| Short -term interest-bearing liabilities | 6 | 1.7 | 1,080.3 | 1,004.8 |
| Short-term lease liabilities | 62.2 | 69.3 | 63.8 | |
| Current provisions | 5 | 44.9 | - | 10.2 |
| Accounts payable | 80.0 | 67.8 | 69.6 | |
| Contract liabilities | 219.3 | 177.5 | 257.3 | |
| Other current liabilities | 6 | 58.1 | 31.5 | 34.6 |
| Accrued expenses | 116.0 | 118.5 | 134.5 | |
| Liabilities held for sale | - | 81.3 | - | |
| Total current liabilities | 555.4 | 1,626.0 | 1,574.8 | |
| Total liabilities | 1,361.5 | 2,078.2 | 1,948.0 | |
| Total equity and liabilities | 2,970.4 | 4,740.2 | 3,696.6 |
*The balance includes restricted funds of SEK 497.2m (87.8).
For more information, please see note 6.
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Condensed Consolidated Cash Flow Statements
| Note | Jan-March | Jan-March | Jan-Dec | |
|---|---|---|---|---|
| SEK m | 2026 | 2025 | 2025 | |
| Operating activities | ||||
| Operating profit | -113.5 | -79.1 | -802.2 | |
| whereof operating profit from discontinued operations | - | -1.2 | 490.7 | |
| Depreciation, amortization and impairments | 71.1 | 65.3 | 1,271.6 | |
| whereof depreciation, amortization and impairments from discontinued operations | - | 8.9 | 17.1 | |
| Adjustments for non-cash items | 37.5 | -1.1 | -452.5 | |
| Financial income received | 0.9 | 0.9 | 14.9 | |
| Financial cost paid | -15.8 | -26.9 | -47.1 | |
| Income tax paid | -11.7 | -8.9 | -29.1 | |
| Cash flows from operating activities before changes in working capital | -31.5 | -49.8 | -44.4 | |
| Increase (-)/Decrease (+) in inventories | -12.9 | -18.4 | 16.0 | |
| Increase (-)/Decrease (+) in operating receivables | 146.5 | 164.7 | -1.9 | |
| Increase (+)/Decrease (-) in operating liabilities | -54.8 | -19.9 | 98.7 | |
| Changes in working capital | 78.8 | 126.4 | 112.8 | |
| Cash flows from operating activities | 47.3 | 76.6 | 68.4 | |
| Acquisition of property, plant and equipment | -1.1 | -3.4 | -13.3 | |
| Disposal of property, plant and equipment | 1.2 | 0.1 | 5.4 | |
| Acquisition of intangible fixed assets | -3.9 | -2.8 | -11.7 | |
| Divestment of subsidiaries/operations, net proceeds | 32.3 | - | 723.4 | |
| Change in financial fixed assets, net | 0.1 | 0.4 | 5.5 | |
| Cash flows from investing activities | 28.6 | -5.7 | 709.3 | |
| Option premium | - | - | 0.3 | |
| Repurchased options | - | - | -0.5 | |
| New external loans | 404.3 | - | - | |
| Repayment of loans | -1,009.7 | -248.6 | -347.8 | |
| Amortization of lease liabilities | -17.5 | -51.4 | -107.1 | |
| Cash flows from financing activities | -622.9 | -299.9 | -455.1 | |
| Cash flows for the period | -547.0 | -229.0 | 322.6 | |
| Opening cash and cash equivalents | 1,282.2 | 946.3 | 946.3 | |
| Exchange difference in cash and cash equivalents | 9.1 | -8.3 | 13.3 | |
| Closing cash and cash equivalents* | 744.3 | 709.1 | 1,282.2 |
- The balance includes restricted funds of SEK 497.2m (87.8).
For more information, please see note 6.
For Jan-March 2025, the difference between closing balance for cash and cash equivalents and cash and cash equivalents in the consolidated balance sheet is due to assets held for sale. For more information, please see the Annual Report for 2025.
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Consolidated Changes in Equity
| SEK m | Share capital | Other contributed capital | Translation reserve | Balanced profit including profit for the period | Non-controlling interest | Total equity |
|---|---|---|---|---|---|---|
| Opening balance as of January 1, 2025 | 1.8 | 7,591.7 | 253.4 | -4,861.8 | 22.6 | 3,007.6 |
| Net profit/loss for the period | - | - | - | -233.9 | -1.2 | -235.1 |
| Other comprehensive income | - | - | -111.6 | - | -2.0 | -113.7 |
| Effect of repurchased convertible bonds | - | 1.7 | - | - | - | 1.7 |
| Share-based compensation | - | 1.5 | - | - | - | 1.5 |
| Closing balance as of March 31, 2025 | 1.8 | 7,594.9 | 141.7 | -5,095.8 | 19.4 | 2,662.0 |
| SEK m | Share capital | Other contributed capital | Translation reserve | Balanced profit including profit for the period | Non-controlling interest | Total equity |
| --- | --- | --- | --- | --- | --- | --- |
| Opening balance as of January 1, 2026 | 1.8 | 7,601.2 | 97.5 | -5,951.8 | - | 1,748.6 |
| Net profit/loss for the period | - | - | - | -131.3 | - | -131.3 |
| Other comprehensive income | - | - | -10.4 | - | - | -10.4 |
| Share-based compensation | - | 0.5 | - | - | - | 0.5 |
| Divestments | - | - | - | 1.3 | - | 1.3 |
| Closing balance as of March 31, 2026 | 1.8 | 7,601.7 | 87.1 | -6,081.8 | - | 1,608.8 |
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Condensed Income Statements for the Parent Company
| SEK m | Jan-March 2026 | Jan-March 2025 | Jan-Dec 2025 |
|---|---|---|---|
| Net sales | 28.1 | 12.7 | 65.9 |
| Cost of products sold | -1.4 | -0.2 | -0.7 |
| Sales expenses | -3.3 | -0.8 | -11.1 |
| Administration expenses | -33.6 | -27.7 | -120.7 |
| Research and development expenses | -0.1 | 0.0 | -1.0 |
| Other operating income | 0.8 | 0.7 | 3.8 |
| Other operating expenses | -5.0 | -0.1 | -1.6 |
| Operating profit/loss | -14.5 | -15.4 | -65.5 |
| FINANCIAL ITEMS | |||
| Profit/loss from shares in Group companies | - | - | -780.8 |
| Financial income | 28.4 | 49.3 | 130.5 |
| Financial expenses | -17.7 | -169.7 | -310.2 |
| Earnings before tax | -3.8 | -135.8 | -1,025.9 |
| Taxes | 4.3 | -1.0 | 0.6 |
| Net profit/loss for the period* | 0.5 | -136.8 | -1,025.3 |
*Profit for the period and comprehensive income for the period amount to the same amount for all reported periods.
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Condensed Parent Company
Statements of Financial Position
| SEK m | Note | March 31, 2026 | March 31, 2025 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 5.2 | 6.0 | |
| Property, plant and equipment | 0.5 | 0.9 | |
| Shares in Group companies | 1,649.7 | 2,959.6 | |
| Receivables from Group companies | 750.8 | 1,081.9 | |
| Other financial fixed assets | 6 | 11.7 | 7.0 |
| Deferred tax asset | 6.3 | 0.5 | |
| Total non-current assets | 2,424.2 | 4,055.8 | |
| Current assets | |||
| Accounts receivable | 0.3 | 1.1 | |
| Receivables from Group companies | 941.8 | 924.7 | |
| Other current assets | 8.5 | 17.0 | |
| Prepaid expenses and accrued income | 12.3 | 17.1 | |
| Cash and cash equivalents* | 684.7 | 589.0 | |
| Total current assets | 1,647.6 | 1,548.9 | |
| Total assets | 4,071.9 | 5,604.7 | |
| EQUITY AND LIABILITIES | |||
| Equity | 3,317.0 | 4,204.6 | |
| Untaxed reserves | 5.5 | 5.5 | |
| Non-current liabilities | |||
| Deferred tax liability | - | 1.1 | |
| Other provisions | 3.2 | 3.4 | |
| Long-term interest bearing liabilities | 6 | 413.2 | - |
| Total non-current liabilities | 416.4 | 4.5 | |
| Current liabilities | |||
| Short-term interest bearing liabilities | 6 | - | 1,074.3 |
| Liabilities to Group companies | 262.0 | 272.5 | |
| Accounts payable | 12.7 | 10.2 | |
| Other current liabilities | 6 | 28.7 | 14.3 |
| Accrued expenses and deferred income | 29.7 | 18.7 | |
| Total current liabilities | 333.0 | 1,390.1 | |
| Total Equity and liabilities | 4,071.9 | 5,604.7 |
*The balance includes restricted funds of SEK 497.2m (85.4).
For more information, please see note 6.
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
》
Notes to the Financial Reports
NOTE 1.
ACCOUNTING PRINCIPLES
This interim report for the Group has been prepared in accordance with IAS 34 Interim Reporting and the applicable provisions of the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and RFR 2. For the Group and the Parent Company, the same accounting principles and calculation criteria have been applied as in the most recent annual report, except what is mentioned below.
In addition to the financial statements and its accompanying notes, disclosures pursuant to IAS 34.16A are also included in other parts of the interim report.
NOTE 2.
ESTIMATES AND ASSESSMENTS
The preparation of the interim report requires management to make assessments and estimates and make assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual outcome may differ from these estimates and assessments.
The critical assessments and sources of uncertainty in estimates during 2026 are generally the same as described in the Annual Report for 2025, Note 3, pages 87-88.
NOTE 3.
SEGMENT REPORTING AND BREAKDOWN OF REVENUES
Revenue recognition
BICO's promised performance obligations to customers normally consist of sales of proprietary products, as well as the performance of services. These performance obligations are stated in the agreement with the customer. The Group reports revenue from the transfer of promised products or services to customers, in an amount that reflects the compensation to which the company expects to be entitled in exchange for these products or services.
The Group's products offered on the market consist of lab automation projects, instruments and consumables. BICO also sells services in the form of service contracts linked to products, contract manufacturing and software. See below for a more detailed description of the market offerings in each segment.
BICO Group
Net sales by geographic region
Products have been assessed as separate performance obligations. Sales of products are reported as revenue at the time control of the products was transferred to the customer, which is when the products have been delivered in accordance with agreed shipping terms. However, the Group also recognizes revenue over time on certain major lab automation projects that run over several periods. This is done in cases where the company's performance does not create an asset with an alternative use for the company, and the company is entitled to payment for performance achieved to date.
For these projects, BICO estimates the degree of completion of the projects based on the actual cost incurred compared to the total expected cost of completing the delivery, and reports the project's revenue over time in accordance with this assessment.
Services are to some extent invoiced in advance, and are recognized as revenue over time or at a point in time depending on the nature of the service. Non-recognized service income is reported as prepaid income (contract liabilities) in the balance sheet.
Of the Group's other operating income, the majority consists of different types of government grants that the Group receives to run research and development projects.
Segment reporting
Operating segments are identified in accordance with IFRS 8 Operating Segments, based on the internal reporting reviewed by the Group's chief operating decision maker (CODM) for the purposes of allocating resources and assessing performance. The Group's chief operating decision maker is the Group CEO, who is responsible for evaluating the performance of the Group and making decisions regarding the allocation of resources. Following the divestments of three bioprinting companies and the implementation of the One Bico strategy, the Group reassessed its internal reporting structure and the information reviewed by the chief operating decision maker, which is focusing on the Group as a whole. As a result of this reassessment, the Group concluded that it operates as one operating segment in accordance with IFRS 8, which also constitutes the Group's single reportable segment.
| SEK m | Jan-March 2026 | Jan-March 2025 | Jan-Dec 2025 |
|---|---|---|---|
| Europe | 111.8 | 102.1 | 436.5 |
| North America | 182.8 | 180.2 | 873.6 |
| Asia | 29.5 | 45.5 | 170.7 |
| Rest of the world | 5.8 | 6.9 | 16.4 |
| Total | 329.9 | 334.7 | 1,497.2 |
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Net sales of products broken down by subcategories
| SEK m | Jan-March 2026 | Jan-March 2025 | Jan-Dec 2025 |
|---|---|---|---|
| Instruments | 189.9 | 176.5 | 814.5 |
| Consumables | 43.9 | 39.3 | 174.2 |
| Services & Others | 96.1 | 119.0 | 508.5 |
| Total | 329.9 | 334.7 | 1,497.2 |
Net sales broken down by timing of revenue recognition
| SEK m | Jan-March 2026 | Jan-March 2025 | Jan-Dec 2025 |
|---|---|---|---|
| Over time | 84.3 | 102.2 | 424.5 |
| Point in Time | 245.6 | 232.5 | 1,072.7 |
| Total | 329.9 | 334.7 | 1,497.2 |
NOTE 4.
OPERATING EXPENSES BROKEN DOWN BY NATURE
JAN-MARCH 2026
| SEK m | Administration expenses | Cost of products sold | Research and development expenses | Sales Expenses | Total |
|---|---|---|---|---|---|
| Operating expenses | |||||
| Raw materials and supplies and change in inventories | - | -81.1 | - | - | -81.1 |
| Other external costs | -39.2 | -13.2 | -5.8 | -34.3 | -92.5 |
| Staff costs (adjusted for own work capitalized) | -74.5 | -52.5 | -22.3 | -53.6 | -202.9 |
| Amortization and depreciation | -16.5 | -4.5 | -21.2 | -6.7 | -48.9 |
| Total | -130.2 | -151.3 | -49.3 | -94.6 | -425.4 |
JAN-MARCH 2025
| SEK m | Administration expenses | Cost of products sold | Research and development expenses | Sales Expenses | Total |
|---|---|---|---|---|---|
| Operating expenses | |||||
| Raw materials and supplies and change in inventories | - | -70.4 | - | - | -70.4 |
| Other external costs | -38.2 | -12.9 | -7.1 | -37.0 | -95.2 |
| Staff costs (adjusted for own work capitalized) | -58.0 | -58.0 | -23.7 | -54.6 | -194.3 |
| Amortization and depreciation | -24.0 | -3.8 | -21.2 | -7.4 | -56.4 |
| Total | -120.2 | -145.0 | -52.0 | -99.0 | -416.3 |
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
NOTE 5.
RESTRUCTURING
During Q1 2026, the Group launched a restructuring program aimed at improving cost efficiency, improve R&D pipeline execution and simplifying the operating model. The program includes organizational streamlining across Operations and Group Functions as well as the planned closure of one production site in Europe. Restructuring costs of SEK -30.2m were recognized in the quarter, primarily relating to employee termination benefits, initial contract termination and site closure activities. A corresponding provision was recognized as of March 31, 2026. These restructuring costs are included within items affecting comparability. Cash outflows are expected mainly during the next 12 months.
In addition to the restructuring costs, the program also resulted in an impairment of intangible assets of SEK -17.8m related to capitalized development costs and an impairment of tangible assets of SEK -4.5m related to unused spaces in buildings.
NOTE 6.
FINANCIAL INSTRUMENTS
The Group's financial instruments consist of long-term investments, long-term receivables, accounts receivables, derivatives, receivables and liabilities to Group companies, cash and cash equivalents, interest-bearing liabilities and accounts payable. All instruments except long-term investments and derivatives are valued at amortized cost. With the exception of bonds and convertible bonds, financial instruments that are not reported at fair value have fair values that do not differ significantly from the reported values. For fair value of the bond, see below.
Long-term investments
The Group's long-term investments consist of strategic investments in other companies, which as a result of the ownership interest are not considered subsidiaries or associated companies. These holdings are reported in accordance with IFRS 13 level 3, as they are not traded on an active market.
Derivatives
Outstanding derivatives are intended to minimize financial impact from currency fluctuations. The derivatives are valued at fair value in accordance with IFRS 13 level 2 by comparing the derivative's exchange rate with the Group's exchange rate on the balance sheet date.
Senior Secured Bonds
On February 18, 2026, the company issued a senior secured floating rate bonds with a nominal value of EUR 40m under a framework of up to EUR 60m. The bonds carry interest at three-month EURIBOR plus 5.90% payable quarterly. The bonds mature in February 2030 and are recognized as a financial liability measured at amortized cost in accordance with IFRS 9. The initial carrying amount represented the net proceeds, being 96.81% of nominal value less directly attributable transaction costs, with the resulting discount amortized using the effective interest method.
The bonds are secured by a package of pledged assets, including pledges over shares on the Group's material Group Companies. The terms also include financial and non-financial covenants, including:
a) a minimum liquidity requirement obliging the Group to maintain liquidity of at least SEK 100 million at all times;
b) limitations on financial indebtedness, subject to "permitted indebtedness" categories;
c) a negative pledge, restricting the granting of security to third parties except as permitted;
d) restrictions on distributions, disposals and intragroup lending;
e) an Incurrence Test applicable to further bond issuance (interest bearing debt/EBITDA ≤ 3.00:1); and
f) a Distribution Test relating to dividends and share buybacks (interest bearing debt/EBITDA ≤ 1.00:1).
Management confirms that the company complied with all covenant requirements during the period.
The instrument includes call options permitting early redemption at predetermined premiums between 102.95% and 100%, depending on the timing of redemption. Bondholders are entitled to a 101% put option upon a change of control, listing failure or de-listing.
Subsequent measurement is at amortized cost, with interest expense comprising the contractual coupon and amortization of the initial discount and transaction costs under the effective interest method.
The bond proceeds are recognised as cash inflows from financing activities at issuance. Until completion of the security set-up, the proceeds are held in an escrow account and are not freely available to the Group, and are therefore presented as restricted cash. This is expected to be released in Q2, 2026.
Convertible bonds
On March 19, 2026 the company settled it's outstanding SEK 1,008m convertible bonds, originally issued in March 2021. No conversion rights were exercised by bondholders and the entire principal was repaid in cash at nominal value.
| SEK m | Level | March 31, 2026 | March 31, 2025 | Dec 31, 2025 |
|---|---|---|---|---|
| FINANCIAL INSTRUMENTS VALUED AT FAIR VALUE | ||||
| Long-term investments | 3 | 8.2 | 4.9 | 8.0 |
| Derivatives | 2 | -25.5 | -0.6 | - |
17
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Fair values – level 3
The table below presents a reconciliation between opening and closing balances for financial instruments valued at level 3.
| SEK m | Long-term investments |
|---|---|
| FINANCIAL INSTRUMENTS VALUED AT FAIR VALUE AT LEVEL 3 | |
| Fair value, January 1, 2026 | 8.0 |
| Total reported gains and losses in this year’s net financial items | 0.2 |
| Fair value, March 31, 2026 | 8.2 |
NOTE 7.
INCENTIVE PROGRAMS
During 2026, BICO has had four long-term incentive programmes aimed at employees of the Group and Senior Executive Management. A description of the programmes as well as the valuation and accounting principles applied to the incentive programmes are disclosed in Note 6, in the Annual Report for 2025.
As of March 31, 2026, a total of 2,852,343 options are outstanding, of which 2,229,209 options are accounted for in accordance with IFRS 2. The remaining outstanding options have been issued at market price and do not include any service or performance conditions for the participants. Consequently, these options are not subject to the requirements of IFRS 2. Of the total number of outstanding options, 497,000 options are held by individuals who are members of executive management and the Board of Directors. If all outstanding options were exercised into shares, this would correspond to a total increase in the number of outstanding shares as of March 31, 2026, of approximately 4.0 per cent.
NOTE 8.
ASSET HELD FOR SALE
During Q1, 2026, the sale of the building in Oulo, Finland, previously classified as asset held for sale, was finalized. The sale generated a negative impact in the quarter of SEK -3.2m and a positive cashflow of SEK 32.3m.
SIGNING OF THE REPORT
Gothenburg, April 29, 2026
Maria Forss
President and CEO
BICO Group AB (publ)
18
Reconciliation of Alternative Key Ratios
In this Interim report, alternative key ratios are stated, which supplement the measures defined or specified in the applicable rules for financial reporting. Some of these measures are defined in IFRS, while others are alternative measures and are not recognized in accordance with applicable financial reporting frameworks or other legislation.
The alternative key ratios are derived from the company's consolidated financial statements. The measures are used by BICO to provide clearer or more in-depth information in their context than the measures defined in the applicable rules for financial reporting, and thus to help investors and management alike to analyze its operations.
Calculations of non-IFRS performance measures that are not mentioned elsewhere in the interim report are presented below. For complete information regarding the calculation and reasons for using alternative performance measures, visit: www.bico.com/investors.
| Jan-March | Jan-March | Jan-Dec | |
|---|---|---|---|
| SEK m | 2026 | 2025 | 2025 |
| ORGANIC SALES GROWTH, % | |||
| Net sales | 329.9 | 334.7 | 1,497.2 |
| Net sales in SEK generated from companies acquired or divested in the last 12 months | - | - | - |
| Currency effect | 41.8 | -6.5 | 93.3 |
| Organic net sales | 371.6 | 328.2 | 1,590.5 |
| Net sales comparison period | 334.7 | 419.6 | 1,727.2 |
| Organic sales growth, % | 11.0% | -21.8% | -7.9% |
| GROSS PROFIT | |||
| Net sales | 329.9 | 334.7 | 1,497.2 |
| Cost of products sold | -151.3 | -145.0 | -716.9 |
| Gross profit | 178.6 | 189.7 | 780.3 |
| GROSS MARGIN, % | |||
| Gross profit | 178.6 | 189.7 | 780.3 |
| Net sales | 329.9 | 334.7 | 1,497.2 |
| Gross margin, % | 54.1% | 56.7% | 52.1% |
| OPERATING MARGIN (EBIT), % | |||
| Operating profit/loss | -113.5 | -77.9 | -1,292.6 |
| Net sales | 329.9 | 334.7 | 1,497.2 |
| EBIT margin, % | -34.4% | -23.3% | -86.3% |
| OPERATING PROFIT BEFORE DEPRECIATION, AMORTIZATION AND IMPAIRMENT (EBITDA) | |||
| Operating profit | -113.5 | -77.9 | -1,292.6 |
| Depreciation, amortization and impairment | 71.1 | 56.4 | 1,260.2 |
| Operating profit before depreciation and amortization (EBITDA) | -42.4 | -21.4 | -32.4 |
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Reconciliation of Alternative Key Ratios
| Jan-March | Jan-March | Jan-Dec | |
|---|---|---|---|
| SEK m | 2026 | 2025 | 2025 |
| ADJUSTED EBITDA | |||
| EBITDA | -42.4 | -21.4 | -32.4 |
| Extraordinary inventory write offs | - | - | 6.6 |
| Restructuring costs | 30.2 | - | 6.5 |
| Non-recurring expenses related to historical sales | 0.8 | - | 10.2 |
| Acquisition and divestment related costs and bonuses | - | - | 10.6 |
| Adjusted EBITDA | -11.4 | -21.4 | 1.6 |
| EBITDA LESS OWN WORK CAPITALIZED | |||
| EBITDA | -42.4 | -21.4 | -32.4 |
| Own work capitalized | 3.8 | 2.1 | 10.7 |
| EBITDA less own work capitalized | -46.2 | -23.5 | -43.0 |
| Net sales | 329.9 | 334.7 | 1,497.2 |
| EBITDA less own work capitalized, % | -14.0% | -7.0% | -2.9% |
| EQUITY RATIO, % | |||
| Equity | 1,608.8 | 2,662.0 | 1,748.6 |
| Total Assets | 2,970.4 | 4,740.3 | 3,696.6 |
| Equity ratio, % | 54.2% | 56.2% | 47.3% |
| NET CASH (+) /NET DEBT (-) EXCL. LEASING | |||
| Short-term investments | - | - | - |
| Cash and cash equivalents* | 744.3 | 684.3 | 1,282.2 |
| Long-term interest-bearing liabilities excl. leasing liabilities | -413.2 | -2.1 | -0.2 |
| Short-term interest-bearing liabilities excl. leasing liabilities | -1.7 | -1,080.3 | -1,004.8 |
| Net Cash (+) /Net debt (-) | 329.4 | -398.2 | 277.3 |
- The balance includes restricted funds of SEK 497.2m (87.8)
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
Consolidated Income Statements by Quarter*
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
|---|---|---|---|---|---|---|---|---|
| SEK m | 2026 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| Net sales | 329.9 | 451.3 | 386.9 | 324.2 | 334.7 | 515.1 | 369.1 | 423.3 |
| Cost of goods sold | -151.3 | -215.9 | -174.2 | -181.8 | -145.0 | -207.2 | -168.8 | -201.7 |
| GROSS PROFIT | 178.6 | 235.4 | 212.7 | 142.4 | 189.7 | 308.0 | 200.3 | 221.6 |
| Sales Expenses | -94.6 | -94.1 | -90.7 | -95.3 | -99.0 | -99.2 | -93.5 | -102.2 |
| Administration expenses | -130.2 | -110.2 | -113.4 | -104.5 | -120.2 | -159.5 | -124.2 | -103.5 |
| Research and development expenses | -49.3 | -48.7 | -50.1 | -54.1 | -52.0 | -66.1 | -49.8 | -74.9 |
| Impairment of tangible fixed assets | -4.6 | - | - | - | - | -0.1 | - | -0.1 |
| Impairment of Goodwill and other intangible fixed assets | -17.6 | -6.5 | -1,036.4 | - | - | - | - | - |
| Other operating income | 8.4 | 9.1 | 5.8 | 7.8 | 6.0 | 13.8 | 3.8 | 10.0 |
| Other operating expenses | -4.1 | -10.8 | -11.2 | -1.8 | -2.4 | -5.3 | -0.8 | -0.6 |
| OPERATING PROFIT/LOSS | -113.5 | -25.9 | -1,083.3 | -105.4 | -77.9 | -8.3 | -64.3 | -49.6 |
| Financial income | 9.1 | 11.2 | 2.7 | 2.3 | 21.4 | 285.5 | 3.4 | 7.8 |
| Financial expenses | -23.2 | -42.2 | -29.1 | -77.2 | -173.9 | -26.9 | -187.5 | -42.4 |
| Profit/loss after financial items | -127.6 | -56.9 | -1,109.8 | -180.3 | -230.3 | 250.3 | -248.4 | -84.2 |
| Tax for the period | -3.8 | -2.2 | 2.2 | -1.3 | -5.1 | 0.2 | -12.3 | 3.1 |
| Net profit/loss for the period from continuing operations | -131.3 | -59.2 | -1,107.5 | -181.7 | -235.4 | 250.5 | -260.8 | -81.2 |
| Net income from discontinued operations | - | - | 494.8 | -4.4 | 0.3 | 95.8 | 13.3 | 2.5 |
| NET PROFIT/LOSS FOR THE PERIOD | -131.3 | -59.2 | -612.7 | -186.1 | -235.1 | 346.3 | -247.5 | -78.6 |
| ATTRIBUTABLE TO | ||||||||
| Parent company shareholders | -131.3 | -59.2 | -611.5 | -184.2 | -233.9 | 346.8 | -246.2 | -77.9 |
| Non-controlling interests | - | - | -1.2 | -1.8 | -1.2 | -0.4 | -1.3 | -0.8 |
- All numbers in this report refers to continuing operations if not otherwise stated. Nanoscibe, MatTek and Visikol have been classified as discontinued operations with retroactive effect.
BICO GROUP AB (PUBL) INTERIM REPORT Q1 2026
FOR FURTHER INFORMATION, PLEASE CONTACT
Maria Forss / President and CEO
Phone: EA Elisabeth Lindell, +46 761 73 40 59
Email: [email protected]
Ewa Linsäter / Group CFO
Phone: +46 766 33 32 33
Email: [email protected]
This information is information that BICO Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on April 29, 2026 at 07:00am CEST.
BICO Investor Relations
Phone: +46 735 46 57 77
Email: [email protected]
PRESENTATION TO INVESTORS AND MEDIA
A telephone conference, with the opportunity to ask questions, will be held on April 29, 2026 at 10:00am CEST, at which President & CEO Maria Forss and Group CFO Ewa Linsäter will present the Interim report. The presentation will be given in English.
The presentation will be available on BICO's website from 09:00am CEST. https://bico.com/investors/
If you wish to participate via webcast, please use the link below:
https://bico.events.inderes.com/q1-report-2026
If you wish to participate via teleconference, please register via the link below:
After registration you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://events.inderes.com/bico/q1-report-2026/dial-in
FINANCIAL CALENDAR
- Annual General Meeting 2026 | May 7, 2026, 4pm CEST
- Q2 report 2026 | August 19, 2026, 7am CEST
- Q3 report 2026 | November 11, 2026, 7am CET
- Year-end report 2026 | February 17, 2027, 7am CET
BICO
BICO GROUP (PUBL) 559050-5052
GRAFISKA VÄGEN 2B
412 63 GOTHENBURG, SWEDEN