Bioton S.A. – Analitycal Report

Total sales revenue in Q1 2026 amounted to PLN 49.1 million (-25% YoY, vs. our forecast of PLN 50 million); the gross margin on sales was higher than we expected, but selling and general and administrative expenses were slightly higher, resulting in an EBITDA figure slightly higher than our forecast (PLN 5.8 million vs. our expected PLN 3.2 million). Net profit amounted to PLN -5.2 million (vs. our forecast of PLN -6.1 million). Q1 2026 results were marked by lower sales to the Malaysian market (PLN 4.7 million in Q1 2026 vs. PLN 34.7 million in Q1 2025) due to tender postponements. This shortfall was partially offset by other foreign markets (Tunisia, China, Thailand) and the stable Polish market in the insulin segment, as well as growing sales of other products. The key factor that should support the company’s results in the coming periods is the introduction of new products to the portfolio and the allocation decision in the Malaysian tender. The company expects improved margins in the coming quarters. Our forecasts assume improved results in the coming periods. We view the results neutrally.