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Vimian Group AB Interim / Quarterly Report 2026
8618_10-q_2026-04-29_6526ff77-3b78-4e0d-8500-fdd2db7ee832.pdf
Interim / Quarterly Report
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Q1 2026
Interim report January - March
Interim report January - March 2026
Positive start to the year
First quarter
- Revenue increased by 8 per cent to EUR 116.0m (107.5) with organic growth of 9 per cent. Acquisitions contributed with 4 per cent and negative impact from currency movements of -5 per cent.
- Operating profit (EBIT) of EUR 21.2m (15.6)
- EBITA of EUR 27.4m (21.3), including items affecting comparability of EUR -1.8m (-7.0). Adjusted EBITA increased 3 per cent to EUR 29.2m (28.3) corresponding to a margin of 25.2 per cent (26.3)
- Profit for the period of EUR 10.1m (4.7) and earnings per share before and after dilution EUR 0.02 (0.01)
- Cash flow from operating activities of EUR 23.0m (17.1)
Significant events during the first quarter
- On 12 January, Vimian announced that Magnus Kjellberg, Head of Specialty Pharma, decided to step down during spring and that Carl-Johan Zetterberg Boudrie is appointed interim Head of Specialty Pharma in addition to his position as CFO.
- On 13 March, Vimian announced that Lotta Lundaas is appointed Head of MedTech and member of the group management team effective 13 April.
Significant events after the first quarter
▪ No significant events occurred after the end of the first quarter.
Financial key ratios
| ▪ On 13 March, Vimian announced that Lotta Lundaas is appointedHead of MedTech and member of the group management teameffective 13 April. | |||||
|---|---|---|---|---|---|
| Financial key ratios | |||||
| EURm, | Jan-Mar | Jan-Mar | Apr-Mar | Full-year | |
| unless otherwise stated | 2026 | 2025 | Δ% | 25/26 | 2025 |
| Revenue | 116.0 | 107.5 | 8% | 433.6 | 425.0 |
| Organic revenue growth (%)¹ | 9% | 4% | 6% | ||
| EBITA | 27.4 | 21.3 | 29% | 96.8 | 90.7 |
| EBITA margin (%) | 23.6% | 19.8% | 3.8 pp | 22.3% | 21.3% |
| Adjusted EBITA¹ | 29.2 | 28.3 | 3% | 106.3 | 105.3 |
| Adjusted EBITA margin (%)¹ | 25.2% | 26.3% | -1.2 pp | 24.5% | 24.8% |
| Operating profit (EBIT) | 21.2 | 15.6 | 36% | 72.4 | 66.8 |
| Profit for the period | 10.1 | 4.7 | 37.8 | 32.3 | |
| Items affecting comparability² | -1.8 | -7.0 | -9.5 | -14.7 | |
| Earnings per share before dilution (EUR) | 0.02 | 0.01 | 0.07 | 0.06 | |
| Earnings per share after dilution (EUR) | 0.02 | 0.01 | 0.07 | 0.06 | |
| Cash flow from operating activities | 23.0 | 17.1 | 35% | 111.7 | 105.7 |
Message from our CEO
Positive start to the year
Viman delivered 8 per cent revenue growth to EUR 116 million in the first quarter, with 5 per cent negative impact from currency fluctuations. We report strong organic growth of 9 per cent with three out of four segments delivering double-digit organic growth, ahead of the global animal health market.
Adjusted EBITA grew 3 per cent to EUR 29.2 million at a margin of 25.2 per cent (26.3), impacted by our investments to drive growth in MedTech orthopedics and new market entries within Veterinary Services.
Continued strong cash generation
We continued to deliver strong operational cash generation, reaching EUR 23 million in the quarter.
We completed two acquisitions in the quarter, the diagnostics business I-Vet and the innovative clinic group Favna, adding in total EUR 10 million in annual revenues to the Group. After the end of the quarter, we signed the acquisition of Vetsave, a veterinary services business in Ireland with annual revenues of EUR 1.6 million, marking the entrance into a new geography for our Veterinary Services segment.
Specialty Pharma – a strong quarter
Specialty Pharma delivered a strong quarter with 10 per cent organic growth and double-digit growth in three out of four therapeutic areas. The strongest contribution in the quarter came from Allergy and Specialised Nutrition. We launched 17 new products and four new cross-sales initiatives in the first quarter.
We further strengthened profitability to 30.3 per cent (28.8) adjusted EBITA margin, mainly driven by operating leverage.
MedTech – strong performance in dental
MedTech delivered 6 per cent organic growth in the first quarter, driven by strong performance in our dental business and in orthopedics in Europe and APAC. In US orthopedics, we onboarded our new field sales force and continued to drive sequential sales improvements in a challenging market. As previously communicated, we expect the changes we have implemented to enable US orthopedics to return to organic growth later in spring.
On 13 April, Lotta Lundaas joined us as Head of MedTech. I am confident she is the right person to lead the work to strengthen our commercial performance in orthopedics, while building on the momentum we have in our dental businesses.
The adjusted EBITA margin declined to 27.1 per cent (29.4), impacted by geographic mix effects and our investments in orthopedics to strengthen commercial performance.
Veterinary Services – positive momentum continues
Veterinary Services delivered 11 per cent organic growth in the quarter and we continued our preparations for new market entries to support long-term growth. During the year, we will enter Japan and Portugal organically, as well as Ireland through the acquisition of Vetsave. At the same time, the increased adoption of AI in our development processes is quickly reducing our time to market with new services.
The adjusted EBITA margin reached 27.5 per cent (30.3), impacted by lower margin in the co-owned clinics and our strategic growth investments.
Diagnostics – double-digit organic growth
Diagnostics achieved 12 per cent organic growth in the quarter, positively impacted by disease outbreaks towards the end of the quarter. On 2 March, we consolidated the diagnostics business I-Vet, an important milestone on our journey to strengthen our position in the attractive companion animal diagnostics market.
The adjusted EBITA margin declined slightly to 13.8 per cent (14.2), driven by product mix.
Well-positioned for profitable growth
Vimian is off to a good start to the year with positive momentum in the majority of our business. We continue to advance our M&A pipeline, and I remain optimistic about the opportunities to welcome more successful companies and entrepreneurs throughout the year.
Our business shows resilience and delivers growth despite ongoing global uncertainty, and we expect the recent developments in the Middle East to have limited direct effects on Vimian.
We have a robust strategy in an attractive market and are proud of our entrepreneurial culture, where we stay close to our customers and remain highly adaptive. In February, we completed our bi-annual employee experience survey with further strengthened employee experience scores. The high engagement for animal health and our customer focused culture are key components that we continue to build on as we execute our twin-engine strategy of organic and acquisition driven growth to build a global leader in attractive animal health niches.
Alireza Tajbakhsh
CEO of Vimian Group AB (publ)
Group performance
First quarter 2026
Revenue
Revenue increased by 8 per cent to EUR 116.0m (107.5). Organic revenue growth was 9 per cent driven by Specialty Pharma and Veterinary Services with 10 per cent and 11 per cent organic growth respectively. MedTech organic growth was 6 per cent. Diagnostics delivered organic growth of 12 per cent.
Acquisitions contributed with 4 per cent and negative impact of -5 per cent from currency movements.
Operating profit
Operating profit (EBIT) amounted to EUR 21.2m (15.6) at a margin of 18.3 per cent (14.5). This includes items affecting comparability of EUR -1.8m (-7.0).
Most items affecting comparability relates to MedTech with EUR -0.5m in acquisition costs and EUR -0.7m relating to litigation costs in the US indemnification dispute. Acquisition related costs amounted to EUR -1.1m in total for the Group. For further information on items affecting comparability, refer to Note 3.
EBITA
EBITA increased by 29 per cent to EUR 27.4m (21.3) at a margin of 23.6 per cent (19.8).
Adjusted EBITA
Adjusted EBITA increased by 3 per cent to EUR 29.2m (28.3) at a margin of 25.2 per cent (26.3). The margin decrease is primarily an effect of investments to drive growth in MedTech orthopedics and investments to drive growth in Veterinary Services.
Financial items
Net financial items amounted to EUR -3.3m (-7.5). This consists of three main parts: (1) financing expenses of EUR -3.1m with an average interest rate of 4.1 per cent during the quarter; (2) a quarterly discounting impact of EUR -1.3m and positive impact of EUR 0.2m from probability adjustments related to contingent considerations; (3) a positive impact of EUR 0.9m from exchange rate effects on the revaluation of debt. The quarter was also
burdened by a write-down of shares in associates amounting to EUR -2.5m.
Tax
Income tax expense for the quarter was EUR -5.3m (-3.4) at an effective tax rate of 35 per cent. In the quarter the tax expense as percentage of pre-tax profit was negatively affected by the nondeductible write-down of the shares in associates together with other non-deductible expenses.
Profit for the period
Profit for the period amounted to EUR 10.1m (4.7), positively impacted by EUR 0.9m from exchange rates included in financial items and by EUR 0.2m from probability adjustment on contingent liabilities. Earnings per share before and after dilution amounted to EUR 0.02 (0.01).
Cash flow
Cash flow from operating activities reached EUR 23.0m (17.1). Cash flow from investing activities of EUR -33.6m (-12.6) primarily consisting of acquisitions and earn-out payments. Cash flow from financing activities amounts to EUR 5.1m (-9.2).
Net working capital
Net working capital amounted to EUR 92.8m (94.3) per the end of March at 21 (23) per cent of revenue, a decrease from EUR 96.6m at the end of December 2025 (23 per cent of revenue). Compared to end of December 2025, net working capital decreased by EUR 3.8m.
Capital expenditure
Capital expenditure amounted to EUR -6.8m (-3.2). This is split between EUR -3.4m investments in intangible assets (internal R&D, software development and R&D partnerships) and EUR -3.4m investments in property, plant and equipment (the larger investments include leasehold improvements and expansion of premises in MedTech and Speciality Pharma).
The capex of EUR -6.8m accounts for 5.9 per cent of sales, compared to 3.0 per cent for the same period in the previous year.
The higher capex as a percentage of sales is due to higher investments in capitalized R&D as well as investments in premises.
Net debt and cash and cash equivalents
At the end of the period, net debt amounted to EUR 258.4m (208.7), up from EUR 245.4m per 31 December 2025. Cash and cash equivalents amounted to EUR 50.4m (60.1) a decrease compared to EUR 55.0m at the end of December. External lending of EUR 230.2m (206.9).
Per 31 March, net debt in relation to pro-forma adjusted EBITDA over the past 12-month period was 2.1x, an increase from 2.0x compared to 31 December 2025.
Central Costs
Central costs amounted to EUR -2.9m (-2.3). Central costs include EUR -0.6m expenses related to the 2024 and 2025 long term incentive programmes (employee stock options and investment shares). These are non-cash IFRS expenses that will recur at for the duration of the three-year programs.
Segment performance
First quarter 2026
Revenue
| First quarter 2026 | |||||
|---|---|---|---|---|---|
| Vimian operates through four reporting segments: Specialty Pharma, MedTech, Veterinary Servicesand Diagnostics | |||||
| Revenue | |||||
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
| EURm | 2026 | 2025 | Δ | 25/26 | 2025 |
| Specialty Pharma | 47.6 | 44.9 | 6% | 185.0 | 182.4 |
| MedTech | 43.9 | 41.1 | 7% | 158.2 | 155.5 |
| Veterinary Services | 17.5 | 15.5 | 13% | 66.3 | 64.3 |
| Diagnostics | 7.1 | 6.0 | 19% | 24.0 | 22.9 |
| Group | 116.0 | 107.5 | 8% | 433.6 | 425.0 |
| Adjusted EBITA | |||||
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
| EURm | 2026 | 2025 | Δ | 25/26 | 2025 |
| Specialty Pharma | 14.4 | 12.9 | 11% | 55.4 | 53.9 |
| MedTech | 11.9 | 12.1 | -2% | 39.4 | 39.6 |
Adjusted EBITA
| Adjusted EBITA | |||||
|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
| EURm | 2026 | 2025 | Δ | 25/26 | 2025 |
| 14.4 | 12.9 | 11% | 55.4 | 53.9 | |
| Specialty Pharma | |||||
| MedTech | 11.9 | 12.1 | -2% | 39.4 | 39.6 |
| Veterinary Services | 4.8 | 4.7 | 3% | 18.5 | 18.4 |
| Diagnostics | 1.0 | 0.9 | 16% | 2.3 | 2.2 |
| Group Functions | -2.9 | -2.3 | -28% | -9.4 | -8.8 |
1
Adjusted EBITA before central costs.
Segment – Specialty Pharma
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
|---|---|---|---|---|---|
| EURm | 2026 | 2025 | Δ | 25/26 | 2025 |
| Revenue | 47.6 | 44.9 | 6% | 185.0 | 182.4 |
| Organic revenue growth (%) | 10% | 10% | 1 pp | 8% | |
| EBITA | 14.4 | 12.4 | 16% | 55.2 | 53.3 |
| 29.9% | 29.2% | ||||
| EBITA margin (%)Adjusted EBITA | 30.2%14.4 | 27.7%12.9 | 2.5 pp11% | 55.4 | 53.9 |
Revenue
Revenue in the first quarter grew 6 per cent to EUR 47.6 million (44.9). Organic growth was 10 per cent, with no contribution from acquisitions and -4 per cent negative impact from currency movements.
Continued organic growth in all therapeutic areas, with double digit organic growth in three out of four therapeutic areas. Strong contribution from Allergy and Specialised Nutrition in the quarter.
Adjusted EBITA
Adjusted EBITA for the first quarter increased by 11 per cent to EUR 14.4 million (12.9) at a margin of 30.3 per cent (28.8). The year-overyear margin improvement was driven by operational leverage from continued revenue growth.
Quarterly revenue Specialty Pharma Quarterly adjusted EBITA Specialty Pharma
Segment – MedTech
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
|---|---|---|---|---|---|
| EURmRevenue | 202643.9 | 202541.1 | Δ7% | 25/26158.2 | 2025155.5 |
| - 7% | 13 pp | - 1% | |||
| Organic revenue growth (%) | 6% | ||||
| EBITA | 10.8 | 6.2 | 75% | 34.5 | 29.9 |
| EBITA margin (%)Adjusted EBITA | 24.5%11.9 | 15.0%12.1 | 9.6 pp-2% | 21.8%39.4 | 19.2%39.6 |
Revenue
Revenue in the first quarter increased 7 per cent to EUR 43.9 million (41.1). Organic growth of 6 per cent, with 7 per cent contribution from acquisitions in veterinary dental and -7 per cent negative impact from currency movements.
Organic growth was driven by double digit growth in the dental business as well as in orthopedics in Europe and Asia-Pacific. Orthopedic sales in North America continued to improve sequentially while year-over-year organic growth was slightly negative in a continued soft US surgery market.
Adjusted EBITA
Adjusted EBITA in the first quarter decreased to EUR 11.9 million (12.1) at a margin of 27.1 per cent (29.4). The margin decline was primarily driven by the investments in US orthopedics to strengthen commercial performance and geographic mix effects.
Segment – Veterinary Services
| Jan-Mar | Jan-Mar | Apr-Mar | Full-year | ||
|---|---|---|---|---|---|
| EURm | 2026 | 2025 | Δ | 25/26 | 2025 |
| Revenue | 17.5 | 15.5 | 13% | 66.3 | 64.3 |
| -1 pp | 11% | ||||
| Organic revenue growth (%) | 11% | 12% | |||
| EBITA | 4.3 | 4.5 | -5% | 17.8 | 18.0 |
| EBITA margin (%)Adjusted EBITA | 24.6%4.8 | 29.3%4.7 | -4.7 pp3% | 26.8%18.5 | 28.1%18.4 |
Revenue
Revenue for the first quarter grew 13 per cent to EUR 17.5 million (15.5). Organic growth of 11 per cent, with 4 per cent contribution from acquisitions and -1 per cent from currency movements.
The member base continued to increase reaching 11,400 members by the end of the quarter. The combination of continued growth in new members, development of the service offering and an increased share of wallet continued to support the double-digit organic growth.
Co-owned clinics accounted for approximately a third of segment revenue and delivered low single-digit growth in the quarter.
Adjusted EBITA
Adjusted EBITA for the first quarter increased 3 per cent to EUR 4.8 million (4.7) at a margin of 27.5 per cent (30.3).
The year-over-year margin was impacted by lower margin in the coowned clinics and investments in new markets and services.
Quarterly revenue Veterinary Services Quarterly adjusted EBITA Veterinary Services
Segment – Diagnostics
| EURm | Jan-Mar2026 | Jan-Mar2025 | Δ | Apr-Mar25/26 | Full-year2025 |
|---|---|---|---|---|---|
| Revenue | 7.1 | 6.0 | 19% | 24.0 | 22.9 |
| 12% | 16% | -5 pp | 10% | ||
| 7% | 1.5 | 1.4 | |||
| 0.9 | 0.8 | ||||
| Organic revenue growth (%)EBITAEBITA margin (%)Adjusted EBITA | 12.0%1.0 | 13.4%0.9 | -1.4 pp16% | 6.2%2.3 | 6.3%2.2 |
Revenue
Revenue in the first quarter increased by 19 per cent to EUR 7.1 million (6.0). Organic growth of 12 per cent, with 9 per cent contribution from acquisitions and -1 per cent negative impact from currency movements.
Organic growth supported by positive development across the business with high level of disease outbreaks.
Adjusted EBITA
Adjusted EBITA for the first quarter amounted to EUR 1.0 million (0.9) at a margin of 13.8 per cent (14.2).
The lower margin reflects product mix with higher levels of extraction sales.
Declaration of the Board of Directors and Chief Executive Officer
The Board of Directors and Chief Executive Officer declare that the interim report provides a true and fair view of the development of the Group's and parent company's business, its financial position and results, and describes significant risks and uncertainties faced by the parent company and the companies included in the Group.
Stockholm, 29 April 2026
Magnus Welander Chairman
Gabriel Fitzgerald
Pia Marions Petra Rumpf
Theodor Bonnier
Alireza Tajbakhsh Group CEO
This report has not been reviewed by the company's auditors.
Prior to publication this information constituted inside information that Vimian Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the above contact persons, at 07:45 am CEST on 29 April 2026.
Webcast conference call on 29 April 2026: In connection with the interim report, Vimian will hold a webcast conference call in English at 09:00 am CEST. Vimian will be represented by CEO Alireza Tajbakhsh and CFO Carl-Johan Zetterberg Boudrie, who will present the interim report and answer questions. Information regarding telephone numbers is available at www.vimian.com/investors. The presentation will be available at www.vimian.com/investors after publication of the interim report. The webcast will be available at the same address after the live broadcast.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
| Jan-Mar | Jan-Mar | Full-year | ||
|---|---|---|---|---|
| EURm unless otherwise stated | Note | 2026 | 2025 | 2025 |
| Revenue from contracts with customers | 3, 4 | 116.0 | 107.5 | 425.0 |
| Revenue | 116.0 | 107.5 | 425.0 | |
| Other operating income | 10 | 1.1 | 0.7 | 3.3 |
| Raw material and merchandise | -34.9 | -32.7 | -132.2 | |
| Other external expenses | 10 | -21.3 | -23.9 | -81.4 |
| Personnel expenses | -29.1 | -26.6 | -108.2 | |
| Depreciation and amortisation | -10.2 | -9.0 | -37.9 | |
| Other operating expenses | -0.5 | -0.4 | -1.8 | |
| Operating profit | 21.2 | 15.6 | 66.8 | |
| Net financial items | -3.3 | -7.5 | -20.6 | |
| Share of profit of an associate | -2.5 | - | -0.3 | |
| Profit before tax | 15.5 | 8.1 | 45.9 | |
| Income tax expense | -5.3 | -3.4 | -13.5 | |
| Profit for the period | 10.1 | 4.7 | 32.3 | |
| Profit for the period attributable to: | ||||
| Equity holders of the parent | 9.8 | 4.3 | 31.3 | |
| Non-controlling interests | 0.3 | 0.4 | 1.1 | |
| Earnings per share, before dilution (EUR) | 0.02 | 0.01 | 0.06 | |
| Earnings per share, after dilution (EUR) | 0.02 | 0.01 | 0.06 | |
| Average number of shares, before dilution (Thousands) | 529,263 | 523,891 | 525,701 | |
| Average number of shares, after dilution (Thousands) | 529,263 | 524,334 | 525,701 | |
| Number of shares at the end of the period (Thousands) | 529,263 | 523,891 | 529,263 |
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| INTERIM CONSOLIDATED STATEMENT OF | ||||
|---|---|---|---|---|
| COMPREHENSIVE INCOME | ||||
| Jan-Mar | Jan-Mar | Full-year | ||
| EURm | Note | 2026 | 2025 | 2025 |
| Profit for the period | 10.1 | 4.7 | 32.3 | |
| Other comprehensive income | ||||
| Items that may be reclassified to profit or loss: | ||||
| Exchange differences on translation of foreign operations | 9.8 | -11.4 | -41.5 | |
| Remeasurement of interest derivatives to fair value | 0.7 | - | - | |
| Items that will not be reclassified to profit or loss: | ||||
| Remeasurement of defined benefit plansOther comprehensive income for the period, net of tax | 0.110.6 | 0.0-11.4 | -0.0-41.5 | |
| Total comprehensive income for the period, net of tax | 20.8 | -6.7 | -9.2 | |
| Total comprehensive income attributable to: | ||||
| 20.1 | -6.4 | -8.7 | ||
| Equity holders of the parent |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF | |||
|---|---|---|---|
| FINANCIAL POSITION | |||
| EURmNote | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| Non-current assets | |||
| Goodwill | 620.8 | 572.9 | 590.1 |
| Intangible assets | 238.2 | 217.4 | 238.9 |
| Property, plant and equipment | 36.6 | 28.3 | 31.6 |
| Right-of-use assets | 17.1 | 16.6 | 14.8 |
| Investment in associates | 13.1 | 9.1 | 14.1 |
| Non-current financial assets | 0.7 | 26.9 | 1.5 |
| Deferred tax assets | 5.8 | 3.5 | 5.2 |
| Total non-current assets | 932.2 | 874.8 | 896.3 |
| Current assets | |||
| Inventories | 87.8 | 78.1 | 80.1 |
| Trade receivables | 65.2 | 63.1 | 57.3 |
| Current tax receivables | 2.8 | 0.7 | 1.2 |
| Other receivables | 5.7 | 10.2 | 6.7 |
| Prepaid expenses and accrued income | 12.7 | 11.8 | 13.2 |
| Cash and cash equivalents | 50.4 | 60.1 | 55.0 |
| Total current assets | 224.5 | 224.2 | 213.5 |
| TOTAL ASSETS | 1,156.8 | 1,098.9 | 1,109.8 |
| EURmNote | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
| Equity | |||
| Share capital | 0.1 | 0.1 | 0.1 |
| EURm | Note | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|---|
| Equity | ||||
| Share capital | 0.1 | 0.1 | 0.1 | |
| Other contributed capital | 626.7 | 614.8 | 626.3 | |
| Reserves | -26.3 | -7.3 | -36.5 | |
| Retained earnings including this period's profit | 118.8 | 82.1 | 109.0 | |
| Total equity attributable to equity holders of the parent | 719.4 | 689.8 | 698.9 | |
| Non-controlling interests | 10.6 | 10.0 | 9.9 | |
| Total equity | 730.1 | 699.8 | 708.8 | |
| Non-current liabilities | ||||
| Bonds | 150.0 | - | 150.0 | |
| Liabilities to credit institutions | 80.2 | 206.9 | 73.3 | |
| Lease liabilities | 12.0 | 12.2 | 10.3 | |
| Deferred tax liabilities | 34.4 | 28.1 | 35.5 | |
| Other non-current liabilities | 5 | 17.4 | 30.3 | 20.9 |
| Non-current provisions | 1.5 | 1.6 | 1.6 | |
| Total non-current liabilities | 295.6 | 279.3 | 291.6 | |
| Current liabilities | ||||
| Lease liabilities | 5.6 | 4.7 | 5.1 | |
| Trade payables | 24.1 | 27.5 | 20.1 | |
| Current tax liabilities | 15.2 | 9.6 | 10.3 | |
| Other current liabilities | 57.4 | 58.5 | 53.9 | |
| Accrued expenses and prepaid income | 27.3 | 19.3 | 19.2 | |
| Provisions | 1.4 | 0.20.8 | ||
| Total current liabilities | 131.1 | 119.9 | 109.4 | |
| TOTAL EQUITY AND LIABILITIES | 1,156.8 | 1,098.9 | 1,109.8 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Equity attributable to equity holders of the parent | |||||||
|---|---|---|---|---|---|---|---|
| EURm | Sharecapital | Othercontributedcapital | Translationreserve | Retainedearningsincluding thisperiod's profit | Total equityattributable toequity holders ofthe parent | Noncontrollinginterests | Totalequity |
| Opening balance 1 January 2025 | 0.1 | 614.9 | 3.5 | 81.5 | 699.9 | 6.6 | 706.5 |
| Profit for the periodOther comprehensive income | -10.7 | 4.3 | 4.3-10.7 | 0.4-0.7 | 4.7-11.4 | ||
| Total comprehensive income | - | - | -10.7 | 4.3 | -6.4 | -0.3 | -6.7 |
| Transactions with ownersTransactions with non-controlling | |||||||
| interestsTotal | - | - | - | -3.7-3.7 | -3.7-3.7 | 3.73.7 | -- |
| Closing balance 31 March 2025 | 0.1 | 614.8 | -7.3 | 82.1 | 689.8 | 10.0 | 699.8 |
| Opening balance 1 January 2026 | 0.1 | 626.3 | -36.5 | 109.0 | 698.9 | 9.9 | 708.9 |
| Profit for the periodOther comprehensive income | 10.2 | 9.8 | 9.810.2 | 0.30.4 | 10.110.6 | ||
| Total comprehensive income | - | - | 10.2 | 9.8 | 20.0 | 0.7 | 20.7 |
| Transactions with ownersTransaction costs | -0.0 | -0.0 | -0.0 | ||||
| Warrant program | 0.5 | 0.5 | 0.5 | ||||
| Total | - | 0.5 | - | - | 0.5 | - | 0.5 |
| Closing balance 31 March 2026 | 0.1 | 626.7 | -26.3 | 118.8 | 719.4 | 10.6 | 730.1 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| CASH FLOWS | |||
|---|---|---|---|
| Jan-Mar | Jan-Mar | Full-year | |
| EURm | 2026 | 2025 | 2025 |
| Operating activities | |||
| Operating profit | 21,2 | 15,6 | 66,8 |
| Adjustments for non-cash items | 9,7 | 11,2 | 54,4 |
| Interest received | 0,1 | 0,5 | 1,2 |
| Interest paidPaid income tax | -3,8-3,9 | -3,4-1,4 | -15,7-17,4 |
| Cash flow from operating activities before change in working capital | 23,3 | 22,5 | 89,3 |
| Change in inventories | -6,5 | -1,2 | -6,7 |
| Change in operating receivables | -5,8 | -8,3 | 20,9 |
| Change in operating liabilities | 12,0 | 4,2 | 2,3 |
| Cash flow from operating activities | 23,0 | 17,1 | 105,7 |
| Investing activities | |||
| Acquisition of a subsidiary, net of cash acquired, Note 5 and 6 | -26,9 | -9,9 | -92,2 |
| Investments in associates | - | -0,0 | -5,1 |
| Proceeds from sale of associates | - | - | 0,1 |
| Investments in intangible assets | -3,4 | -1,4 | -6,0 |
| Investments in property, plant and equipment | -3,4 | -1,8 | -9,1 |
| Proceeds from sale of property, plant and equipment | - | 0,0 | 0,1 |
| Investments in financial assets | - | - | -0,5 |
| Proceeds from sale of financial assets | 0,1 | 0,5 | - |
| Cash flow from investing activities | -33,6 | -12,6 | -112,8 |
| Financing activities | |||
| New share issue | - | 0,0 | 10,5 |
| Warrant program | -0,0 | - | -0,0 |
| Share issue - Transaction costs | - | - | -0,1 |
| Proceeds from borrowings | 14,1 | 1,3 | 277,8 |
| Repayment of borrowings | -7,6 | -9,3 | -284,1 |
| Payment of lease liabilities | -1,4 | -1,2 | -4,9 |
| Transactions with non-controlling interests | - | - | -0,4 |
| Cash flow from financing activities | 5,1 | -9,2 | -1,2 |
| Cash flow for the period | -5,5 | -4,6 | -8,3 |
| Cash and cash equivalents at beginning of the period | 55,0 | 64,8 | 64,8 |
| Exchange-rate difference in cash and cash equivalents | 0,8 | -0,1 | -1,5 |
| Cash and cash equivalents at end of the period | 50,4 | 60,1 | 55,0 |
CONDENSED PARENT COMPANY INCOME STATEMENT AND BALANCE SHEET
| Vimian Group | Interim report January - March 2026 | |||
|---|---|---|---|---|
| CONDENSED PARENT COMPANY INCOME STATEMENTAND BALANCE SHEET | ||||
| Jan-Mar | Jan-Mar | Full-year | ||
| SEKm | 2026 | 2025 | 2025 | |
| Revenue | 23.9 | 12.7 | 61.0 | |
| Other operating income | 0.0 | 0.0 | 0.0 | |
| Total operating income | 23.9 | 12.7 | 61.0 | |
| Other external expenses | -12.6 | -12.7 | -48.9 | |
| Personnel expenses | -16.0 | -14.9 | -75.7 | |
| Depreciation and amortisation | -0.7 | -0.7 | -2.9 | |
| Other operating expenses | -1.1 | -1.1 | -2.1 | |
| Operating profit | -6.6 | -16.8 | -68.6 | |
| Group contributions | 0.0 | 0.0 | 285.4 | |
| Net financial items¹ | 125.1 | -224.7 | -212.4 | |
| Profit before tax | 118.5 | -241.5 | 4.5 | |
| Income tax expense | 0.0 | 0.0 | 24.4 | |
| Profit for the period | 118.5 | -241.5 | 28.9 | |
| 1exchange rate differences of SEK 85.9m (-262.2). | Net financial items for the year includes interest income of SEK 73.8m (84.8), interest expenses (including bank fees) of SEK -34.7m (-47.4) and | |||
| SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 | |
| ASSETS | ||||
| Non current assets | ||||
| 1Net financial items for the year includes interest income of SEK 73.8m (84.8), interest expenses (including bank fees) of SEK -34.7m (-47.4) andexchange rate differences of SEK 85.9m (-262.2).9.612.410.30.4--0.10.30.26,581.76,248.36,254.36,875.46,464.66,840.140.6-40.613,507.912,725.513,145.5Current assetsRecievables from group companies294.387.4399.2Other receivables10.59.42.5Prepaid expenses and accrued income4.04.482.9Cash and cash equivalents---Total current assets308.9101.2484.613,816.712,826.813,630.10.90.90.99.613.110.310.5-2.5Share premium8,381.08,264.68,381.1Retained earnings2,113.82,073.32,084.2Profit for the period118.5-241.528.910,634.410,110.310,507.8Non-current liabilitiesBonds1,627.3-1,607.0Liabilities to credit institutions867.62,240.9781.72,494.92,240.92,388.7Current liabilitiesPayables to Group companies639.1443.8680.7Trade payables3.05.96.7Other current liabilities24.10.423.8Current income tax liabilities0.60.30.4Accrued expenses and prepaid income20.725.122.0Total current liabilities687.5475.6733.6 | ||||
|---|---|---|---|---|
| ASSETS | ||||
| Non current assets | ||||
| Own work capitalised | ||||
| Other intangible assets | ||||
| Property, plant and equipment | ||||
| Shares in subsidiaries | ||||
| Recievables from group companies | ||||
| Deferred tax asset | ||||
| Total non-current assets | ||||
| TOTAL ASSETS | ||||
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | ||||
| Development fund | ||||
| Fair value fund | ||||
| Total equity | ||||
| Total non-current liabilities | ||||
| TOTAL EQUITY AND LIABILITIES | 13,816.7 | 12,826.8 | 13,630.1 |
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Significant accounting policies
The interim condensed consolidated financial statements comprise of the Swedish parent company Vimian Group AB (publ), with corporate identity number 559234-8923, and its subsidiaries. The Group's primary operations are offering products and services in animal health for domestic pets and livestock around the world. The Group offers goods and services in medicine, diagnostics and medtech as well as services and advice for veterinary professionals. The Parent Company is a limited liability company with its registered office in Stockholm, Sweden. The address of the head office is Riddargatan 19, 114 57 Stockholm.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) as adopted by the European Union (EU) and RFR1.
The Group's interim report is prepared in accordance with IAS 34 Interim financial reporting and applicable parts of the Swedish Annual Accounts Act (1995:1554). The interim report of the parent company is prepared in accordance with the Swedish Annual Accounts Act chapter 9, Interim financial reporting and Recommendation RFR 2 Accounting for Legal Entities. The Group and Parent Company have applied the same accounting principles, basis of calculation, and assumptions as those applied in the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2025.
For a complete description of the Group's and Parent Company's applied accounting principles, see note 1 of the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2025. Disclosures according to IAS 34 are presented in the financial statements as well as corresponding notes on page 12-22, which are an integrated part of the interim condensed consolidated financial statements. All amounts are presented in millions of Euro ("MEUR"), unless otherwise indicated.
Note 2. Key estimates and assumptions
In preparing the interim financial statements, corporate management and the Board of Directors must make certain assessments and assumptions that impact the carrying amount of asset and liability items and revenue and expense items, as well as other information provided. The actual outcome may then differ from these assessments if other conditions arise. The key estimates and assumptions correspond to the ones described in the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2025.
Significant estimates during the financial year 2026 concerns the value of the non-current receivable related to the US patent litigation. On 4 April 2023, Vimian's subsidiary Veterinary Orthopedic Implants LLC ("VOI") reached a settlement agreement with DePuy Synthes Products, Inc. and DePuy Synthes Sales, Inc. resolving the patent dispute between the parties. Under the terms of the agreement, Vimian paid USD 70 million during the second quarter of 2023.
In the indemnification dispute with the VOI sellers, VOI entered into settlement agreements with three of the four sellers in 2024. Each of the three sellers agreed to compensate Vimian for their entire pro rata shares of the USD 70 million settlement payment to DePuy Synthes. The total value of the three settlements amounts to approximately USD 32 million of which approximately USD 9 million has been contributed by means of dismissal of the contingent closing note from the acquisition of VOI.
On 29 August 2025, the Superior Court of Delaware awarded Vimian USD 40.2 million in damages in the indemnification dispute with the largest seller of VOI. On 1 October the court confirmed the decision from 29 August and also awarded Vimian prejudgement interest of USD 8.6 million. Together with the previously reached settlements with the other sellers, this means that Vimian is entitled to compensation exceeding the USD 70 million settlement paid by Vimian to DePuy Synthes. The largest seller has appealed the court decision. The trial is set for Q2 in Dover, Delaware. During Q4 2025, the largest seller paid USD 31.9 million. The remaining debt from the largest seller amounts to USD 6.2 million.
The payments received exceed the reported receivables on the seller by EUR 2.9 million. Vimian has not reported a provision for the ongoing litigation and has also considered the remaining receivable on the seller as doubtful and therefore has not recorded any value in the financial statements.
Note 3. Operating segments
| Vimian Group | Interim report January - March 2026 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Note 3. Operating segments | |||||||||
| mEUR | Specialty | Veterinary | Total | Group | Group | ||||
| Jan-Mar 2026 | Pharma | MedTech | Diagnostics | Services | segments | functions | Eliminations | total | |
| Revenue | |||||||||
| Revenue from external customers | 47,6 | 43,9 | 7,1 | 17,5 | 116,0 | - | - | 116,0 | |
| Revenue from internal customers | 0,0 | -0,0 | - | 0,0 | 0,1 | 0,0 | -0,1 | - | |
| Total revenue | 47,6 | 43,9 | 7,1 | 17,5 | 116,1 | 0,0 | -0,1 | 116,0 | |
| Adjusted EBITA | 14,4 | 11,9 | 1,0 | 4,8 | 32,1 | -2,9 | 0,0 | 29,2 | |
| Items affecting comparability | -0,0 | -1,1 | -0,1 | -0,5 | -1,8 | - | - | -1,8 | |
| EBITA | 14,4 | 10,8 | 0,9 | 4,3 | 30,3 | -2,9 | 0,0 | 27,4 | |
| Amortisation of acquisition-related intangible | |||||||||
| assets | -3,1 | -2,2 | -0,2 | -0,7 | -6,2 | - | - | -6,2 | |
| Net financial items | -2,5 | -2,2 | 0,3 | -2,1 | -6,6 | 3,3 | - | -3,3 | |
| Share of profit of an associate and joint venture | - | - | -2,5 | - | -2,5 | - | - | -2,5 | |
| Profit before tax | 8,8 | 6,3 | -1,5 | 1,5 | 15,1 | 0,4 | 0,0 | 15,5 | |
| Specification of items affecting comparability | |||||||||
| Acquisition-related costs | 0,0 | 0,5 | 0,1 | 0,5 | 1,1 | - | - | 1,1 | |
| Systems update | - | - | - | - | - | - | - | - | |
| Restructuring costs | - | 0,0 | - | - | 0,0 | - | - | 0,0 | |
| IPO and financing related costs | - | - | - | - | - | - | - | - | |
| Other¹ | - | 0,7 | - | - | 0,7 | - | - | 0,7 | |
| Total items affecting comparability | 0,0 | 1,1 | 0,1 | 0,5 | 1,8 | - | - | 1,8 | |
| Other disclosures | |||||||||
| Investments | 2,8 | 1,6 | 1,9 | 0,4 | 6,7 | 0,0 | - | 6,8 | |
| Total assets | 531,7 | 464,8 | 84,6 | 181,4 | 1 262,4 | 730,6 | -836,2 | 1 156,8 | |
| Total liabilities | 352,7 | 352,9 | 48,9 | 155,1 | 909,6 | 353,3 | -836,2 | 426,7 |
| 1 Main items in other refers to legal fees in the US indemnification dispute. | ||||||||
|---|---|---|---|---|---|---|---|---|
| mEUR | Specialty | Veterinary | Total | Group | Group | |||
| Jan-Mar 2025 | Pharma MedTech Diagnostics | Services | segments | functions Eliminations | total | |||
| Revenue | ||||||||
| Revenue from external customers | 44.9 | 41.1 | 6.0 | 15.5 | 107.5 | - | - | 107.5 |
| Revenue from internal customers | 0.0 | 0.0 | - | 0.1 | 0.1 | - | -0.1 | - |
| Total revenue | 44.9 | 41.1 | 6.0 | 15.6 | 107.6 | - | -0.1 | 107.5 |
| Adjusted EBITA | 12.9 | 12.1 | 0.9 | 4.7 | 30.6 | -2.3 | - | 28.3 |
| Items affecting comparability | -0.5 | -6.0 | -0.0 | -0.2 | -6.6 | -0.4 | - | -7.0 |
| EBITA | 12.4 | 6.2 | 0.8 | 4.5 | 23.9 | -2.6 | - | 21.3 |
| Amortisation of acquisition-related intangible | ||||||||
| assets | -3.1 | -1.6 | -0.2 | -0.7 | -5.7 | - | - | -5.7 |
| Net financial items | -5.3 | -2.8 | -0.5 | 1.2 | -7.4 | -0.1 | - | -7.5 |
| Share of profit of an associate and joint venture | - | - | - | - | - | - | - | - |
| Profit before tax | 4.0 | 1.7 | 0.1 | 5.1 | 10.8 | -2.7 | - | 8.1 |
| Specification of items affecting comparability | ||||||||
| Acquisition-related costs¹ | 0.2 | 1.2 | 0.0 | 0.1 | 1.6 | - | - | 1.6 |
| Systems update | - | 0.1 | - | 0.0 | 0.1 | - | - | 0.1 |
| Restructuring costs | 0.3 | - | - | - | 0.3 | - | - | 0.3 |
| IPO and financing related costs | - | - | - | - | - | 0.4 | - | 0.4 |
| Other² | - | 4.7 | - | - | 4.7 | - | - | 4.7 |
| Total items affecting comparability | 0.5 | 6.0 | 0.0 | 0.2 | 6.6 | 0.4 | - | 7.0 |
| Other disclosures | ||||||||
| Investments | 1.2 | 0.9 | 0.3 | 0.7 | 3.2 | - | - | 3.2 |
| Total assets | 523.0 | 425.0 | 51.8 | 171.6 | 1,171.4 | 661.7 | -734.2 | 1,098.9 |
| 362.9 | 292.8 | 33.3 | 142.0 | 831.0 | 302.4 | -734.2 | 399.2 |
Note 4. Revenue from contracts with customers
| Vimian Group | Interim report January - March 2026 | |||||
|---|---|---|---|---|---|---|
| Note 4. Revenue from contracts with customers | ||||||
| EURm | Specialty | Veterinary | ||||
| Jan-Mar 2026 | Pharma | MedTech | Diagnostics | Services | Group total | |
| Geographic region | ||||||
| Europe | 27.0 | 13.3 | 4.4 | 13.4 | 58.2 | |
| North America | 17.3 | 23.3 | 1.4 | 3.0 | 45.1 | |
| Rest of the World | 3.2 | 7.2 | 1.2 | 1.1 | 12.8 | |
| Revenue from contracts with customers | 47.6 | 43.9 | 7.1 | 17.5 | 116.0 | |
| Whereof from products | 87% | 99% | 95% | 6% | 80% | |
| Whereof from services | 13% | 1% | 5% | 95% | 20% | |
| EURm | Specialty | Veterinary | ||||
| Jan-Mar 2025 | Pharma | MedTech | Diagnostics | Services | Group total | |
| Geographic region | ||||||
| Europe | 25.1 | 12.6 | 3.6 | 12.5 | 53.7 | |
| North America | 16.7 | 22.7 | 1.0 | 2.3 | 42.7 | |
| Rest of the World | 3.1 | 5.9 | 1.3 | 0.7 | 11.0 | |
| Revenue from contracts with customers | 44.9 | 41.1 | 6.0 | 15.5 | 107.5 | |
| Whereof from products | 87% | 99% | 96% | 5% | 80% | |
| Whereof from services | 13% | 1% | 4% | 95% | 20% |
The group has significant exposure to the US, 37 per cent (38) and the UK, 11 per cent (13) markets. All other markets individually represent less than 10 per cent of net revenue. Net revenue from external customers in Sweden amounted to EUR 4.5m (4.9) during the first quarter 2026. No individual customer accounts for more than 10 per cent of Group net revenue.
Note 5. Financial instruments
The carrying amount of the Group's financial instruments measured at fair value regards contingent considerations (see below). The carrying amount of other financial assets and liabilities is deemed to be a good approximation of the fair value.
Contingent consideration
In some of the Group's business combinations, part of the purchase price has been in the form of contingent consideration. The contingent considerations depend on the future earnings or sales of the acquired companies.
The contingent considerations will be settled in cash. The contingent considerations are included in the following line items in the statement of financial position for 31 March 2026: other non-current liabilities EUR 17.9 million (20.4) and other current liabilities EUR 27.0 million (26.1). The contingent considerations are measured at fair value by discounting the expected cash flows by a risk adjusted discount rate. The contingent considerations are classified as level 3 in the fair value hierarchy.
| The contingent considerations consist of earn-out agreements in business combinations. The earn-out hurdles are typically linked to sales orEBITDA targets for periods ranging 1-5 years after the acquisition date. The earn-outs are discounted and revaluated on an ongoing basis, | |||
|---|---|---|---|
| based on the current performance and forecasted figures for the acquired companies. | |||
| There are currently 32 separate obligations, all with their own targets, capped at a maximum amount. The maximum amount payable if all | |||
| acquisitions would reach their capped amounts is EUR 166.3 million. A 10 per cent increase in the underlying metric (sales or EBITDA) for all | |||
| acquisitions compared to the current assumptions would lead to an increase of the contingent consideration of EUR 8.1 million. | |||
| Contingent consideration, EURmOpening balance | Jan-Mar 202646.4 | Jan-Mar 202563.7 | Jan-Dec 202563.7 |
| Business combinations | 6.7 | - | 8.3 |
| Paid out | -9.6 | -9.9 | -33.6 |
| Change in fair value recognised in P&L | 1.2 | 1.5 | 5.5 |
| Probability adjustments recognised in the P&LExchange differences on translation of foreign operations | -0.40.6 | 2.8-0.9 | 4.1-1.5 |
Note 6. Business combinations
| Note 6. Business combinations | |||||||
|---|---|---|---|---|---|---|---|
| The following acquisitions have been completed during the period January – March 2026: | |||||||
| EURm | Deal | type Acquired % | Based | Segment | Consolidationmonth | Annualsales | |
| I-Vet s.r.l. | Share | 100% | Italy | Diagnostics | Mar | 5.6 | |
| Favna ApS | Share | 70% | Denmark | Veterinaryservices | Mar | 4.3 |
I-Vet s.r.l.
On 2 March 2025, the Group acquired 100% of the shares in I-Vet. I-Vet is one of the leading providers to companion animal diagnostics in Italy with annual revenues of around EUR 5.6 million.
Favna ApS
On 5 March 2025, the Group acquired 70% of the shares in Favna, that operates veterinary clinics in Denmark, with annual revenues of around EUR 4.3 million.
Preliminary purchase price allocations per operating segment during the period January – March 2026
| Acquired net assets on acquisition date based on preliminary | Specialty | Veterinary | |||
|---|---|---|---|---|---|
| PPA, EURm | Pharma | MedTech | Diagnostics | Services | Group total |
| Intangible assets | 1.0 | 0.7 | 1.7 | ||
| Property, plant and equipment | 2.9 | 0.4 | 3.3 | ||
| Right-of-use assets | - | - | - | ||
| Non-current financial assets | 0.5 | 0.1 | 0.6 | ||
| Deferred tax assets | - | - | - | ||
| Inventories | 1.2 | 0.2 | 1.4 | ||
| Trade receivable and other receivables | 1.8 | 0.1 | 1.8 | ||
| Cash and cash equivalents | 0.1 | -0.1 | 0.1 | ||
| Interest-bearing liabilities | -4.1 | - | -4.1 | ||
| Lease liabilities | - | - | - | ||
| Deferred tax liabilities | -0.3 | -0.1 | -0.4 | ||
| Trade payables and other operating liabilities | -2.2 | -0.6 | -2.7 | ||
| Identified net assets | 0.9 | 0.7 | 1.6 | ||
| Non-controlling interest measured at fair value | - | - | - | ||
| Goodwill | 19.4 | 3.1 | 22.5 | ||
| Total purchase consideration | 20.2 | 3.8 | 24.1 | ||
| Purchase consideration comprises: | |||||
| Cash | 14.3 | 2.0 | 16.3 | ||
| Equity instruments | - | - | - | ||
| Contingent consideration and deferred payments | 6.0 | 1.8 | 7.8 | ||
| Total purchase consideration | 20.2 | 3.8 | 24.1 |
| Purchase consideration comprises: | |||||
|---|---|---|---|---|---|
| Specialty | Veterinary | ||||
| Impact of acquisition on Group's cash flow, EURm | Pharma | MedTech | Diagnostics | Services | Group total |
| Cash portion of purchase consideration | 14.3 | 2.0 | 16.3 | ||
| Acquired cash | -0.1 | 0.1 | -0.1 | ||
| Total | 14.2 | 2.0 | 16.2 | ||
| 0.1 | 1.0 | ||||
| Acquisition-related costs | 0.9 |
The purchase price allocations of I-Vet and Favna are deemed preliminary. The group does not expect any material deviations from the current numbers.
Note 7. Related-party transactions
There have been no significant changes in the relationships with related parties for the Group or the Parent Company compared to the information provided in the Annual Financial statements for 2025. All related party transactions are at arm's length.
Year to date an amount of EUR 4.0m in licensing income was invoiced to an entity owned by Nick Bova, manager within the Specialty Pharma segment, that owns Pharmacy licenses as part of regulatory restrictions.
Other related party transactions include rent and fee payments to former owners of acquired businesses. The amounts paid in these transactions are insignificant both individually and as a whole.
Note 8. Events after the balance-sheet date
On 12 January, Vimian announced that Magnus Kjellberg, Head of Specialty Pharma, decided to step down during spring and that Carl-Johan Zetterberg Boudrie is appointed interim Head of Specialty Pharma in addition to his position as CFO.
Note 9. Seasonal effects and risks
Seasonal effects
Vimian assesses that its revenues and EBITA to a limited degree are affected by seasonality. The four segments have varying, but limited, seasonality patterns. The strongest seasonality effect can be seen in MedTech, where the first quarter is typically the strongest quarter due to the AOP programme. During 2024 and 2025 Vimian have reduced the AOP to better align shipments with customer demand for the MedTech segment. As a consequence, the revenue will be more evenly spread throughout the year with limited seasonality for MedTech. For all segments, trading volumes are slightly negatively affected by holiday periods.
Risks and uncertainties
Vimian Group's and the parent company's business risks and risk management, as well as the management of financial risks, are described on pages 64-69 in the 2025 Annual Report published at www.vimian.com.
The group has limited exposure to the current geopolitical environment, mainly being the international supply chain for both finished products and raw materials. In case of tariffs or conflicts this could hurt the groups competitive advantage in certain businesses. To mitigate these risks the group is diversifying its supply chains and implementing contingency plans.
Note 10. Restatement of Statement of profit and loss
| Note 10. Restatement of Statement of profit and loss | ||||
|---|---|---|---|---|
| As from the fourth quarter 2025, Vimian has changed the accounting of elimination of internal management fees. The elimination waspreviously netting Other operating income and Other external expenses. The change has no other effect on the financial statements.Comparative periods have been restated accordingly. | ||||
| EURm | Other operating income | Other external expenses | ||
| Reported | Restated | Reported | Restated | |
| Jan-mar 2025 | -0.1 | 0.7 | -23.1 | -23.9 |
| Apr-jun 2025 | -0.1 | 1.0 | -20.6 | -21.7 |
| 1.7 | -43.8 | -45.7 | ||
| Jan-jun 2025 | -0.2 | |||
| Jul-sep 2025Jan-sep 2025 | -0.1-0.3 | 0.62.3 | -18.0-61.8 | -18.7-64.4 |
ALTERNATIVE PERFORMANCE MEASURES
Alternative Performance Measures (APMs) are financial measures of historical or future financial performance, financial position or cash flows that are not defined in applicable accounting regulations (IFRS). APMs are used by Vimian when it is relevant to monitor and describe Vimian's financial situation and to provide additional useful information to users of financial statements. These measures are not directly comparable to similar key ratios presented by other companies.
| Key Ratios | Definition | Reason for usage |
|---|---|---|
| Organic RevenueGrowth | Change in Revenue in relation to the comparative periodadjusted for acquisition and divestment effects and anycurrency impacts. Acquired businesses are included inOrganic growth when they have been part of the Group for12 months and divested businesses are excluded fromOrganic growth from the date of divestment in the currentand comparative period. | Organic growth is used by investors, analysts and the company'smanagement to monitor the underlying development of revenue betweendifferent periods at constant currency and excluding the impact of anyacquisitions and/or divestments. |
| The Currency impact is calculated by translating theaccounts for year N-1 of subsidiaries having a functionalcurrency different than the currency of the issuer with Nexchange rate. | ||
| EBIT | Operating profit as reported in the Income statement, i.e.profit for the period excluding finance income, financecosts, share of profit of an associate and income taxexpense. | The measure shows the profitability from the operations of the parentcompany and its subsidiaries. |
| EBITA | Operating profit excluding amortisation of intangible assetsthat were originally recognised in connection with businesscombinations. | The measure reflects the business's operating profitability and enablescomparison of profitability over time, regardless of amortisation ofintangible assets as well as independent of taxes and the Company'sfinancing structure. |
| EBITDA | Operating profit excluding amortisation, depreciation andimpairment of intangible and tangible assets. | The measure reflects the business's operating profitability and enablescomparison of profitability over time, regardless of amortisation anddepreciation of intangible and tangible fixed assets as well asindependent of taxes and the Company's financing structure. |
| Adjusted EBITA | EBITA adjusted for items affecting comparability. | The measure reflects the business's operating profitability and enablescomparison of profitability over time, regardless of amortisation ofintangible assets as well as independent of taxes and the Company'sfinancing structure. The measure is also adjusted for the impact of itemsaffecting comparability to increase comparability over time. |
| Adjusted EBITAmargin | Adjusted EBITA in relation to Revenue. | The measure reflects the business's operating profitability beforeamortisation of intangible assets. The measure is an importantcomponent, together with revenue growth, to follow the Company's valuecreation. The measure is also adjusted for the impact of items affectingcomparability to increase comparability over time. |
| Adjusted EBITDA | EBITDA adjusted for items affecting comparability. | The measure reflects the business's operating profitability and enablescomparison of profitability over time, regardless of amortisation anddepreciation of intangible and tangible fixed assets as well asindependent of taxes and the Company's financing structure. Themeasure is also adjusted for the impact of items affecting comparability toincrease comparability over time. |
| Adjusted EBITDAmargin | Adjusted EBITDA in relation to Revenue. | The measure reflects the business's operating profitability beforeamortisation and depreciation of intangible and tangible fixed assets. Themeasure is an important component, together with revenue growth, tofollow the Company's value creation. The measure is also adjusted for theimpact of items affecting comparability to increase comparability overtime. |
| Items affectingcomparability | Income and expense items that are considered to beimportant to specify to users of the financial informationsince they affect comparability. | A separate disclosure of items affecting comparability is relevant toprovide to users of the financial information to give further understandingof the financial performance when comparing of financial performancebetween periods.Generally accepted NRI's include acquisition and integration related costs,litigation related costs if material, significant restructuring costs (e.g., theconsolidation of production footprint in Diagnostics going from four totwo production sites), costs related to projects such as the initial publicoffering. |
| Key Ratios | Definition | Reason for usage |
|---|---|---|
| Amortisation PPArelated | Amortisation of intangible assets that were originallyrecognised in connection with business combinations. | Specification of amortisation in different categories since managementdifferentiates amortisation when calculating EBITA. |
| Net debt | Cash and cash equivalents less liabilities to creditinstitutions, lease liabilities, other non-current liabilities andspecific items included in other current liabilities(contingent considerations, deferred payments, vendornotes and shareholder loans related to businesscombinations). | Net debt is a measure used to follow the development of debt and thesize of the refinancing need. Since cash and cash equivalents can be usedto pay off debt at short notice, net debt is used instead of gross debt as ameasure of the total loan financing. |
| Net debt /Adjusted EBITDA(pro-forma) | Net debt in relation to a 12-month period of AdjustedEBITDA (pro-forma). | The measure is a debt ratio that shows how many years it would take topay off the Company's debt, provided that its net debt and AdjustedEBITDA are constant and without taking into account the cash flowsregarding interest, taxes and investments. Net Debt / Adjusted EBITDA isreferred to in the report as leverage. |
| Net WorkingCapital | Inventory, Trade receivables, Current tax receivables, Othercurrent receivables, Prepaid expenses and Accrued income,less Trade payables, Current tax liabilities, Accruedexpenses and deferred income, Provisions and Othercurrent liabilities (excluding contingent considerations,deferred payments, vendor notes and shareholder loansrelated to business combinations) | Working capital is a measure of the company's short-term financial status |
| Capex | Total cash flow from investments in tangible and intangibleassets during the period. This includes costs for internallydeveloped assets. | Capex is a measure of the company's historical investments and is usedas input in calculating Free cash flow and Cash conversion. |
| Proformarevenue | Reported revenue for the last twelve months plus revenuefor all acquisitions closed during the last twelve months, asif they had been consolidated the full period. | The measure reflects a fair view of the business's revenue for a full yearperiod. |
| Adjusted EBITA,Proforma | Reported adjusted EBITA for the last twelve months addingthe adjusted EBITA for all acquisitions closed during thelast twelve months, as if they had been consolidated the fullperiod. | The measure reflects the business's operating profitability and enablescomparison of profitability over time, regardless of amortisation anddepreciation of intangible and tangible fixed assets as well asindependent of taxes and the Company's financing structure. Themeasure is adjusted for the impact of items affecting comparability toincrease comparability over time. The measure also reflects all closedacquisitions as if they were consolidated for the full period. |
| Adjusted EBITDA,Proforma | Reported adjusted EBITDA for the last twelve monthsadding the adjusted EBITDA for all acquisitions closedduring the last twelve months, as if they had beenconsolidated the full period. | The measure reflects the business's operating profitability and enablescomparison of profitability over time, regardless of amortisation anddepreciation of intangible and tangible fixed assets as well asindependent of taxes and the Company's financing structure. Themeasure is adjusted for the impact of items affecting comparability toincrease comparability over time. The measure also reflects all closedacquisitions as if they were consolidated for the full period. |
| Adjusted EBITAand EBITDAmargin, Proforma | Adjusted proforma EBITA and EBITDA in relation toproforma revenue. | The measure reflects the business's operating profitability and enablescomparison of profitability over time, regardless of amortisation anddepreciation of intangible and tangible fixed assets as well asindependent of taxes and the Company's financing structure. Themeasure is an important component, together with revenue growth, tofollow the Company's value creation. The measure is also adjusted for theimpact of items affecting comparability to increase comparability overtime. The measure also reflects all closed acquisitions as if they wereconsolidated for the full period. |
| Acquisitionrelated expenses | Expenses related to legal and financial due diligence as wellas in some cases stay on bonuses to key personnel. Ifspecific initial integration costs are required, and agreedupon during the acquisition process, this can be consideredas acquisition related expenses. | |
| Restructuringcosts | Costs relating to significant change of business model oroperational structure. Possibly linked to integrationbetween legacy and acquired businesses. The mostsignificant restructuring project to date is the consolidationof production footprint in Diagnostics going from four totwo production sites. |
Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures
| Vimian Group | Interim report January - March 2026 | ||
|---|---|---|---|
| Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures | |||
| 1 Jan-31 Mar | |||
| EURm (unless otherwise stated) | 2026 | 2025 | 2025 |
| Revenue growth (%) | 8% | 27% | 13% |
| Organic revenue growth (%) | 9% | 4% | 6% |
| RevenueEBITDA | 116,031,4 | 107,524,6 | 425,0104,8 |
| EBITDA margin (%) | 27,0% | 22,9% | 24,7% |
| Items affecting comparability | -1,8 | -7,0 | -14,7 |
| Adjusted EBITDA | 33,2 | 31,6 | 119,5 |
| Adjusted EBITDA margin (%) | 28,6% | 29,4% | 28,1% |
| EBITA | 27,4 | 21,3 | 90,7 |
| EBITA margin (%) | 23,6% | 19,8% | 21,3% |
| Adjusted EBITA | 29,2 | 28,3 | 105,3 |
| Adjusted EBITA margin (%) | 25,2% | 26,3% | 24,8% |
| Operating profit | 21,2 | 15,6 | 66,8 |
| Operating margin (%) | 18,3% | 14,5% | 15,7% |
| Capital expenditure | -6,8 | -3,2 | -15,1 |
| Cash flow from operating activities | 23,0 | 17,1 | 105,7 |
Alternative performance measures not defined in accordance with IFRS for the group - Based on proforma figures
| 1 Apr - 31 Mar | |
|---|---|
| EURm (unless otherwise stated) | LTM (2025/2026) |
| Proforma revenue | 444.9 |
| Adjusted EBITDA, Proforma | 123.8 |
| Adjusted EBITDA margin, Proforma | 27.8% |
| Net debt | 258.4 |
| Net debt / Adjusted EBITDA, Proforma (x) | 2.1x |
Reconciliation of alternative performance measures not defined in accordance with IFRS for the group
Certain statements and analyses presented include alternative performance measures (APMs) that are not defined by IFRS. The Company believes that this information, together with comparable defined IFRS metrics, are useful to investors as they provide a basis for measuring operating profit and ability to repay debt and invest in operations. Corporate management uses these financial measurements, along with the most directly comparable financial metrics under IFRS, to evaluate operational results and value added. The APMs should not be assessed in isolation from, or as a substitute for, financial information presented in the financial statements in accordance with IFRS. The APMs reported are not necessarily comparable to similar metrics presented by other companies. The reconciliations are presented in the tables below: EURm (unless otherwise stated) 2026 2025 2025
| operating profit and ability to repay debt and invest in operations. Corporate management uses these financial measurements, along withthe most directly comparable financial metrics under IFRS, to evaluate operational results and value added. The APMs should not beassessed in isolation from, or as a substitute for, financial information presented in the financial statements in accordance with IFRS. TheAPMs reported are not necessarily comparable to similar metrics presented by other companies. The reconciliations are presented in the | |||
|---|---|---|---|
| tables below: | |||
| 1 Jan-31 Mar | 1 Jan-31 Dec | ||
| EURm (unless otherwise stated) | 2026 | 2025 | 2025 |
| EBITA/EBITDA and Adjusted EBITA/EBITDA | |||
| Revenue | 116.0 | 107.5 | 425.0 |
| EBIT | 21.2 | 15.6 | 66.8 |
| Amortisation of acquisition related intangibles | 6.2 | 5.7 | 23.8 |
| EBITA | 27.4 | 21.3 | 90.7 |
| Other depreciation | 4.0 | 3.3 | 14.1 |
| EBITDA | 31.4 | 24.6 | 104.8 |
| Items affecting comparability | 1.8 | 7.0 | 14.7 |
| Adjusted EBITA | 29.2 | 28.3 | 105.3 |
| Adjusted EBITDA | 33.2 | 31.6 | 119.5 |
| EBITA margin (%) | 23.6% | 19.8% | 21.3% |
| EBITDA margin (%) | 27.0% | 22.9% | 24.7% |
| Adjusted EBITA margin (%) | 25.2% | 26.3% | 24.8% |
| Adjusted EBITDA margin (%) | 28.6% | 29.4% | 28.1% |
| EURm (unless otherwise stated)Net debt | 31 Mar2026 | 2025 | 31 Dec2025 |
| Liabilities to credit institutions (long term) | 230.2 | 206.9 | 223.3 |
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| EURm (unless otherwise stated) | 2026 | 2025 | 2025 |
| Net debt | |||
| Liabilities to credit institutions (long term) | 230.2 | 206.9 | 223.3 |
| Lease liabilities (long term) | 12.0 | 12.2 | 10.3 |
| Other non-current liabilities | 17.4 | 30.3 | 20.9 |
| Liabilities to credit institutions (short term) | 0.0 | -0.2 | 0.0 |
| Lease liabilities (short term) | 5.6 | 4.7 | 5.1 |
| Other items¹ | 44.0 | 41.7 | 42.3 |
| Cash & Cash Equivalents | -50.4 | -60.1 | -55.0 |
| Other receivables² | -0.7 | -26.9 | -1.5 |
| Net debt | 258.4 | 208.7 | 245.4 |
| 31 Mar | |||
| EURm (unless otherwise stated) | 2026 | 2025 | 2025 |
| Net working capital | |||
| Inventory | 87.8 | 78.1 | 80.1 |
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| EURm (unless otherwise stated) | 2026 | 2025 | 2025 |
| Net working capital | |||
| Inventory | 87.8 | 78.1 | 80.1 |
| Trade receivables | 65.2 | 63.1 | 57.3 |
| Current tax receivables | 2.8 | 0.7 | 1.2 |
| Other current receivables | 5.7 | 10.2 | 6.7 |
| Prepaid expenses and accrued income | 12.7 | 11.8 | 13.2 |
| Trade payables | -24.1 | -27.5 | -20.1 |
| Current tax liabilities | -15.2 | -9.6 | -10.3 |
| Other current liabilities³ | -13.4 | -13.1 | -11.5 |
| Provisions | -1.4 | -0.2 | -0.8 |
| Accrued expenses and deferred income | -27.3 | -19.3 | -19.2 |
| Net working capital | 92.8 | 94.3 | 96.6 |
2 Other receivables related to the US patent litigation
3 Other current liabilities as reported in the statement of financial position less shareholder loans, deferred payments, vendor notes and contingent considerations related to business combinations
| Vimian Group | Interim report January - March 2026 | 27 | |
|---|---|---|---|
| 1 Apr - 31 Mar | 1 Jan-31 Dec | ||
| EURm (unless otherwise stated) | LTM (2025/2026) | 2025 | |
| Proforma revenue | |||
| Reported revenue | 433.6 | 425.0 | |
| Proforma period, revenue | 11.3 | 5.3 | |
| Proforma revenue | 444.9 | 430.4 | |
| Adjusted EBITA, Proforma | |||
| Reported Adjusted EBITA (12 months) | 106.3 | 105.4 | |
| Proforma period Adjusted EBITA | 2.3 | 3.6 | |
| Adjusted EBITA, Proforma | 108.6 | 109.0 | |
| Adjusted EBITA margin, Proforma | |||
| Proforma Revenue | 444.9 | 430.4 | |
| Adjusted EBITA, Proforma | 108.6 | 109.0 | |
| Adjusted EBITA margin, Proforma | 24.4% | 25.3% | |
| Adjusted EBITDA, Proforma | |||
| Reported Adjusted EBITDA (12 months) | 121.0 | 119.5 | |
| Proforma period Adjusted EBITDA | 2.8 | 3.7 | |
| Adjusted EBITDA, Proforma | 123.8 | 123.1 | |
| Adjusted EBITDA margin, Proforma | |||
| Proforma Revenue | 444.9 | 430.4 | |
| Adjusted EBITDA, Proforma | 123.8 | 123.1 | |
| Adjusted EBITDA margin, Proforma | 27.8% | 28.6% | |
| Net debt/Adjusted EBITDA, Proforma | |||
| Net debt | 258.4 | 245.4 | |
| Adjusted EBITDA, Proforma | 123.8 | 123.1 | |
| Net debt/Adjusted EBITDA, Proforma (x) | 2.1x | 2.0x |
Financial calendar 17 July 2026
Interim report Q2 2026 22 October 2026 Interim report Q3 2026 11 February 2027 Year-end report 2026
For further information, please contact
Carl-Johan Zetterberg Boudrie CFO
[email protected] +46 703 35 84 49
Maria Dahllöf Tullberg
Head of IR, Communications & ESG [email protected] +46 736 26 88 86
Vimian Group AB (publ) Reg. no. 559234-8923
Riddargatan 19 114 57 Stockholm Sweden www.vimian.com
