Annual Report 2025
Annual Report 2025
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Table of Contents
Highlights from 2025 5
CEO´s Review 7
Strategy 2026 9
Innovative Products 10
Corporate Governance Statement 2025 11
Information for Shareholders 17
Board of Directors 18
Group Management Team 20
Financial Statements 21
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Biohit in Brief
Biohit Oyj is a globally operating Finnish biotechnology company that develops
diagnostic and other health products. Biohit’s mission is “Innovating for Health”.
Biohit is headquartered in Helsinki and has subsidiaries in Italy and the United Kingdom. Biohit’s
Series B shares (BIOBV) have been listed on NASDAQ OMX Helsinki since 1999, in the Small Cap /
Healthcare segment. The company was established in 1988.
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Biohit is a Finnish health technology
company with profitable growth in inter-
national markets. 98.4% of Biohit’s
business comes from exports.
Clinical trials and pilot projects are
ongoing in the following countries:
Belgium, Chile, Colombia, Ireland, Peru,
Portugal, South Korea, UK and Vietnam.
Biohit was actively involved in healthtech
trade fairs and conferences. Biohit had an
impressive presence at MedLab in Dubai,
UEGW in Berlin, Medica in Düsseldorf and
The 2025 TOGAS Conference in Rome.
Global Operations
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Homerton study published in January
A study conducted by the London-based Homerton University Hospital confirms the accuracy of the Gastro-
Panel
®
test concluding that GastroPanel
®
is a reliable dyspepsia triage test distinguishing patients who can
be safely treated conservatively. The use of GastroPanel
®
can improve the current dyspepsia pathway. Its use
in clinical practice will produce a substantial financial and environmental impact by avoiding unnecessary
upper GI endoscopy procedures and help keep the focus on patients with high-risk precancerous lesions.
Chile shows the way in smarter endoscopy prioritization
Chile became the first country to integrate GastroPanel
®
into a national digestive cancer prevention strategy,
establishing a scalable model for biomarker-based risk assessment. In the public healthcare system, the
program targets individuals aged 40+ awaiting upper endoscopy and has demonstrated strong local vali-
dation, correctly identifying over 80% of premalignant lesions and 100% of gastric cancers. By eliminating
up to two-thirds of unnecessary endoscopies, the approach frees significant capacity for high-risk patients
while enabling earlier detection and more efficient resource allocation. Chile’s example confirms that guide-
line-compatible, cost-effective gastric cancer risk stratification can be successfully implemented at a national
level and replicated across healthcare systems.
Highlights from 2025
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Summary 2025
Key figures
1-12/2025
1-12/2024
Revenue (MEUR)
15.7 14.3
EBITDA (MEUR)
3.5 2.9
Operative EBITDA (MEUR)
3.5 3.0
Operating profit/loss (MEUR)
2.9 2.6
Profit/loss before taxes (MEUR)
2.9 2.9
Profit/loss for the period (MEUR)
2.7 2.6
Average number of personnel
48 46
Number of personnel at the end of the period
46 46
Equity ratio (%)
75.4% 78.6%
Earnings per share (EUR), Undiluted
0.18 0.17
Earnings per share (EUR), Diluted
0.18 0.17
Shareholders' equity per share (EUR)
0.98 0.80
Average number of shares during the period 15,188,131 15,161,374
Number of shares at the end of the period
15,197,593 15,181,593
Operative EBITDA 3.5 meur
Revenue 15.7 meur
Equity ratio 75.4%
Revenue from international
operations 98.4%
Revenue 2021-2025, MEUR
€
€
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
President and CEO Jussi Hahtela
CEO’s review
Growth Driven by Royalties
The year 2025 was a turning point for Biohit
in many respects. Our revenue grew to EUR
15.7 million, representing growth of 10.1%
compared with the previous year. Operating
profit amounted to EUR 2.9 million, resulting
in an operating margin of 18.6%.
During the first half of the year, escalation in
the Middle East kept us on the starting blocks,
and revenue increased by only 0.3% com-
pared with the reference period. In the second
half of the year, the pace accelerated and growth
reached 20.7% year-on-year. Deliveries inter-
rupted in the Middle East were resumed,
although volumes remained at only half of
previous levels.
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Growth was strongest in royalty income. The
multi-year royalty agreement signed with
Hefei in 2022 was extended in the autumn,
and at the same time closer cooperation was
agreed in relation to product development.
Royalty income increased to EUR 5.4 million
from EUR 2.8 million in the previous year.
Among product groups, rapid tests showed
the strongest growth. Sales of rapid tests
increased by 28.7% compared with the previ-
ous year.
GastroPanel
®
is still far from reaching its full
potential, but its importance continues to
grow. The regional focus remained in Asia,
but sales have also developed positively else-
where. Notably, sales exceeding the contrac-
tual minimum purchase volumes increased by
96.8% during the financial year.
At the end of 2025, a strategically significant
decision was made regarding Biohit’s operating
model. It was decided to close the Italian
subsidiary and, going forward, to cover the
Italian market through a more cost-efficient
distributor model. The better-scalable UK
subsidiary will continue to operate unchanged.
Net cash flow from operating activities was
negative, unlike in previous years. The key
factors were the timing of cash flows related
to OEM deliveries across the financial year-
end and an increase in long-term contract
assets.
Growing Momentum for GastroPanel
®
Biohit’s flagship product and most important
growth driver is GastroPanel
®
. Its value pro-
position is clear: GastroPanel
®
enables accu-
rate and reliable diagnosis of upper gastro-
intestinal symptoms in primary healthcare.
The benefits are evident—cost efficiency and
faster access to treatment.
In 2025, there was a clear shift in GastroPanel’s
momentum. The first turning point was seen
as early as January, when a study published
by London’s Homerton University Hospital
confirmed GastroPanel
®
as an accurate triage
test for identifying patients at high risk of
gastric cancer.
Homerton is part of a long continuum of pos-
itive GastroPanel
®
studies, but timing in this
case was particularly significant. Healthcare
systems are visibly under strain. The need
for more efficient allocation of scarce health-
care resources is global. The Homerton study
clearly increased interest in a product that
directly addresses this need.
For Biohit, the most significant event of the
year was the inclusion of GastroPanel
®
in
Chile’s national clinical treatment guidelines.
The results of the Chilean pilot study were
unequivocal. GastroPanel
®
reduced the num-
ber of endoscopies by two thirds, benefiting
both patients and society as a whole.
Entering 2026 with the Lessons
of the Previous Year
The year 2025 provides a solid foundation for
our operations in 2026. We have identified a
functioning business model through which we
systematically roll out GastroPanel
®
stake-
holder by stakeholder, via professional opinion
leaders, to end users.
Inspired by the Chilean example, similar pilots
are under way in other South American coun-
tries. In Europe, two validation studies will be
launched in early 2026, and clinical studies
related to FDA approval in the United States
are also planned to begin during 2026.
Our objective is clear: to have GastroPanel
®
included in the national treatment guidelines
of as many countries as possible. We are
working toward this goal. The greatest unpre-
dictable variable is the timeline. The time
required for change and its translation into
revenue has so far been slower than expected.
GastroPanel’s outlook is better than ever, but
our guidance for 2026 is more cautious than
in previous years. This is due to two factors.
First, GastroPanel
®
validations and implemen-
tations have consistently taken longer than
expected, and it is not realistic to assume that
the process will accelerate significantly.
Second, despite the extension agreement in
2025, the recognition of royalties from the
multi-year distribution agreement signed with
Hefei in 2022 is approaching its end. At the
current growth trajectory, GastroPanel
®
sales
may not be able to compensate for the declining
royalties as quickly as originally anticipated.
Royalties have been recognized in profit in
accordance with the applicable reporting
framework (IFRS) faster than the actual cash
flows.
Guidance for 2026: Financial targets
We expect revenue in 2026 to increase to EUR
16.5–17.3 million (growth of 5–10% compared
with 2025) and the operating margin to be at
least 10%.
In 2025, revenue was EUR 15.7 million, with
revenue growth of 10.1%. The operating margin
was 18.6%.
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Strategy 2026
Global problems - Global solutions
Widening markets
• Presence in all relevant markets
• Europe, Asia, South America, North America
Widening product portfolio
• Sustainable high-quality offering
• Dynamic portfolio management
• Partnerships
Active sales
• Market driven sales
• Need - Solution - Value-add
• Closer to the customer
Attractive for talents and investors
• Profitable growing healthtech
• Active talent acquisition
• Active investor policy
Ageing population
Increasing gastrointestinal problems
Scarce health care resources
Annual growth 15-20%
EBIT min 10%
Vision: Gastrointestinal tract premium expert
• Combining the business and the science
• Innovations and collaborations
• Premium brand
• R&D
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Innovative Products
GastroPanel
®
quick test NT
A unique innovation for monitoring stomach health
The GastroPanel
®
quick test assesses the structure and function of the
stomach lining. The test can be easily taken from a fingertip and results
are available in 15 minutes. The GastroPanel
®
quick test saves costs
and unnecessary visits to the clinic, enabling endoscopic examinations
to be targeted at patients who need them most urgently. Patient safety
is improved as follow-up examinations, treatment, and monitoring are
accelerated.
Acetium
®
Products for protecting the stomach from acidity
and quitting smoking
Acetium
®
capsules are a unique product developed by Biohit that pro-
tects the stomach lining from carcinogenic acetaldehyde, especially in
people with acid-free stomachs. The amino acid L-cysteine, which is
slowly released from the capsule, effectively binds acetaldehyde pro-
duced by alcohol, food, and microbial activity.
Acetium
®
lozenges are an innovation from Biohit that help you quit
smoking by binding acetaldehyde in saliva with L-cysteine. The product
offers a nicotine-free alternative to smoking cessation without the side
effects of medication.
Acetium
®
products are CE-marked medical devices and have extensive
global patent protection.
For more information on the company’s innovations and products, visit www.biohithealthcare.com.
BIOHIT ColonView
®
quick test
An innovative tool for the early
detection of colorectal cancer
ColonView
®
quick test is an innovative immunochemical fecal occult blood
test (FIT) deve-loped by Biohit. The test detects human hemoglobin (Hb)
and the hemoglobin-haptoglobin complex (Hb/Hp). This combination
improves the accuracy of the test, enables reliable detection of bleed-
ing throughout the entire colon, and offers a significant advantage in
the early detection of colorectal cancer and its precursors. The Colon-
View
®
test is a valuable tool for screening and further investigation of
symptomatic patients.
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Introduction
Biohit Oyj has prepared this Corporate Gover-
nance Statement based on the Finnish Corpo-
rate Governance Code for listed companies
issued by the Securities Market Association.
The company will publish a separate remu-
neration report for the financial year 2025
for governing bodies according to the new
shareholders right directive. The existing
remuneration policy and information on the
remuneration for the rest of the management
team are published by Biohit at
https://investors.biohithealthcare.com/en/.
The Report of the Board of Directors, Auditor’s
Report, full Corporate Governance Statement,
remuneration policy and the rest of the mana-
gement team’s remuneration are available at
https://investors.biohithealthcare.com/en/.
Rules observed by Biohit
Biohit Oyj is a Finnish public limited company
whose series B shares are listed on Nasdaq
Helsinki in the Small cap/Healthcare group.
Biohit Group (hereinafter referred to as
“Biohit”) comprises the parent company,
Biohit Oyj and its foreign subsidiaries, which
primarily focus on sales and marketing for
Biohit Oyj’s products. Biohit is headquartered
in Helsinki.
Biohit’s governance complies with the appli-
cable legislation, standards and recommen-
dations concerning public listed companies,
the regulations of Nasdaq Helsinki Ltd and
Biohit Oyj’s Articles of Association. Biohit Oyj
has administered its affairs in compliance
with the corporate governance code 2025
for Finnish listed companies, and this State-
ment has been prepared in accordance with
the code. The Corporate Governance Code is
available at www.cgfinland.fi.
Of the Company’s five-member Board of
Directors, three members are independent
of the Company and its significant sharehold-
ers. Accordingly, the members of the Board of
Directors are independent within the meaning
of Recommendation No.10. The Board of Direc-
tors evaluates its independence annually.
The company strives to comply with high
international standards of corporate gover-
nance and the key principles of corporate
governance among Finnish listed companies.
Biohit´s administrative
bodies in 2025
The highest decision-making power at Biohit Oyj
is exercised by the company’s shareholders at
the Annual General Meeting. The company’s
Board of Directors supervises the administra-
tion and organisation of the company and the
Corporate Governance Statement 2025
Group’s earnings trends. The President & CEO
is responsible for operative management and
is assisted by the Management Team.
Annual General Meeting
Biohit Oyj held its 2025 Annual General Meeting
on 4 June in Helsinki. There were 2,018,310
A shares and 704,860 B shares represented
at the meeting, corresponding to 17.93% of all
the shares in the company and 57.27% of the
votes. A total of 38 shareholders were repre-
sented at the General Meeting. The meeting
was also attended by three of the five mem-
bers of the Board of Directors, the President
& CEO and the principal auditor.
Board of Directors
The Board of Directors, which comprises
5–7 members elected by the Annual General
Meeting, is responsible for the administra-
tion and appropriate organisation of Biohit’s
business operations. Proposals concerning
membership of the Board of Directors are
prepared by the Board of Directors.
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
The recommendation of the Corporate Gover-
nance Code 2020 that both genders shall be
represented on the board of directors has
been replaced by a recommendation that
there shall be balanced representation of
women and men in the board of directors.
Balanced representation of women and men
shall be achieved no later than 30 June 2026.
Until then, Recommendation 8 of Corporate
Governance Code 2020 applies, according to
which both genders shall be represented on
the board of directors.
One Board of Directors member out of five is
woman and four are men. The share of women
is thus 20% and the share of men 80%.
The Board of Directors elects a chairman from
amongst its members.
Board members’ terms of office run from the
date of their election by the AGM until the end
of the next AGM.
The Board’s areas of responsibility are stated
in the written rules of procedure approved by
the Board. They are as follows:
• Increasing shareholder value
• Ensuring the appropriate organisation of
accounting and financial management
• Approving Biohit Oyj’s financial statements,
consolidated financial statements and the
Report of the Board of Directors for the most
recent financial period
• Approving the half year financial report
annually for the period ending at the end of June
• Deciding on Biohit’s business plan, budget
and investment plan
• Deciding on Biohit’s financing and risk
management policies
• Approving the remuneration and incentive
schemes for senior managers
• Appointing the President & CEO
• Deciding on Biohit’s strategy, organisational
structure, investments and other wide-reaching
and significant issues
The Board’s decision-making is based on the
reports prepared by the company’s operative
management on the operational development
of the Group and its business units.
The Chairman is responsible for convening
Board meetings and arranging the work of
the Board. The Board convenes 5–12 times
per year, usually meeting once every month
or once every two months, and the meeting
schedule for the entire term is confirmed in
advance. When necessary, Board meetings
are held more frequently or by teleconference.
Diversity Principles
The objective of the Company’s Board diver-
sity principles is to ensure that the Board of
Directors has a sufficiently broad range of
expertise, experience, and perspectives rele-
vant to the Company’s business and strategy.
Diversity is assessed as a whole and includes,
among other factors:
• gender
• age and international experience
• education and professional background
• industry and business expertise
• strategic and financial competence
The Company aims to ensure that both gen-
ders are equally represented on the Board of
Directors in accordance with the recommen-
dations of the Finnish Corporate Governance
Code 2025.
Consideration of Diversity in
the Composition of the Board
and the Nomination Process
When preparing the composition of the Board
of Directors and the selection of its members,
the Board’s overall competence is primarily
assessed in relation to the Company’s stra-
tegic objectives and operating environment.
Diversity principles are also systematically
taken into account in the nomination process
as part of the overall assessment.
In the selection of Board members:
• the competence profile of the current
Board is reviewed and potential gaps in
expertise and perspectives are identified,
• candidates are assessed both on the basis
of their individual qualifications and from the
perspective of the Board’s overall composition,
• diversity is considered as part of the for-
mation and evaluation of the candidate pool.
If the composition of the Board does not meet
the recommendation on balanced gender
representation during the financial year, the
Company will describe in its Corporate Gover-
nance Statement the reasons for the devia-
tion and the measures taken to promote the
objective in future nominations.
The implementation of the diversity prin-
ciples is regularly assessed as part of the
Board’s self-evaluation of its composition and
performance.
Selection Process of
the Board of Directors
Stages of the Selection Process
The process for selecting members of the
Board of Directors is based on the Company’s
Articles of Association, resolutions of the
General Meeting, and principles approved
by the Board of Directors. The objective of
the selection process is to ensure that the
Board possesses the expertise and experi-
ence required by the Company’s strategy and
operating environment.
The selection process consists principally
of the following stages:
1. Evaluation of the current composition of
the Board, assessing the Board’s compe-
tence, experience, and effectiveness in rela-
tion to the Company’s strategic objectives.
2. Definition of competence and profile
requirements, identifying any potential gaps
in expertise or perspectives.
3. Identification and assessment of candi-
dates, either through shareholders, a nomi-
nation body, or preparation by the Board of
Directors.
4. Preparation of a proposal to the General
Meeting, taking into account the overall com-
position of the Board and the recommenda-
tions of the Finnish Corporate Governance
Code 2025.
5. Election of Board members by the
General Meeting.
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BIOHIT Oyj
Annual Report 2025
Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Consideration of Evaluation and
Diversity in the Selection Process
In evaluating candidates for membership of
the Board of Directors, attention is paid to the
candidates’ professional qualifications, expe-
rience, independence, and ability to devote
sufficient time to Board duties.
Diversity is taken into account as part of the
overall assessment such that:
• the composition of the Board is assessed as
a whole rather than on the basis of individual
members,
• the formation of the candidate pool aims to
ensure sufficiently broad-based expertise and
a diversity of perspectives,
• gender balance and other diversity factors
are systematically considered in the selection
of candidates.
The objective of the selection process is to
form a Board that is able to effectively sup-
port the Company’s long-term value creation
and the achievement of its strategic objectives.
The effectiveness of the selection process
and the appropriateness of the Board’s com-
position are regularly assessed as part of the
Board’s self-evaluation.
Board of Directors in 2025
Until the Annual General Meeting held on 4
June 2025, the following five people were on
the Board of Directors: Vesa Silaskivi (chair-
man), Liu Feng, Kalle Härkönen, Lea Palo-
heimo and Osmo Suovaniemi. At the Annual
General Meeting, the members of the Board
of Directors were re-elected to their positions.
No other candidates were proposed. The term
of office of the Board of Directors ends at the
Annual General Meeting in 2026. The Board of
Directors elected Vesa Silaskivi as its chairman.
Biohit Oyj’s Board of Directors convened 10
times in 2025 (10 times in 2024). The average
attendance was 97 per cent (96 per cent).
Gender Distribution of the Board
of Directors and Its Development
During the financial year [2025 / 2024], the
Company’s Board of Directors consisted of
five members, of whom four were men and
one was a woman. Accordingly, men repre-
sented 80% and women 20% of the Board
members.
The Company monitors the development of
the gender distribution of the Board of Direc-
tors as part of the evaluation of the Board’s
composition and the nomination process. The
gender distribution is assessed in relation to
the Board’s overall competence, the Company’s
strategic needs, and the recommendations of
the Finnish Corporate Governance Code 2025.
There have been no changes in the gender
distribution of the Board of Directors in recent
years.
Plans and Timetable Towards
Balanced Gender Representation
The Company aims to ensure balanced rep-
resentation of both genders on the Board of
Directors by 30 June 2026, in accordance with
the recommendations of the Finnish Corporate
Governance Code 2025.
To achieve this objective:
• diversity, including gender distribution,
is systematically taken into account in the
Board nomination process,
• efforts are made to broaden the candidate
search so that the candidate pool includes
representatives of both genders,
• the composition of the Board is assessed
as a whole in connection with each nomina-
tion round.
The Company regularly evaluates the imple-
mentation of gender distribution objectives as
part of the overall assessment of the Board’s
composition and nomination process.
Biohit Oyj’s Board of Directors
on 31 December 2025
Vesa Silaskivi Chairman (b. 1966),
LL.D, Lic (BA)
• Member of the Board since 2023
• Independent of the major shareholders
and the company
• Professional board member since 2016,
several senior management positions,
for example in Valio, Elisa and HPP
Attorneys Ltd
• Attended 10 Board meetings in 2025
• Direct shareholding: No shares
Lea Paloheimo (b. 1951),
PhD (clinical biochemistry), hospital chemist
• Member of the Board since 2019
• Independent of the major shareholders
and the company
• Employed by Biohit Oyj during 2001-2019,
recently working as a Production and
Product Development Director and
Business Development Director
• Attended 10 Board meetings in 2025
• Direct shareholding: series B shares: 7,000
Liu Feng (b. 1972), General Manager of
Hefei Medicine Co., Ltd, Owner of
Biohit Healthcare Hefei
• Member of the Board since 2018
• Non-independent of the major
shareholders and of the company
• Special researcher at the Counsellor’s
Office of Anhui Provincial People’s
Government
• The vice chairman of the Chinese National
Early Gastrointestinal-Cancer Prevention
& Treatment Centre
• Alliance member of the council of the
China Health Promotion Foundation
• Attended 9 Board meetings in 2025
• Indirect shareholding via Biohit Healthcare
(Hefei) Co., Ltd.: series A shares:
650,000, series B shares: 2,795,415
Kalle Härkönen (b. 1968), MSc (Agr. & For.)
• Member of the Board since 2022
• Independent of the major shareholders
and the company
• CEO at Oy Tech Know Ltd
• Attended 10 Board meetings in 2025
• Direct shareholding: series B shares: 4,333
Osmo Suovaniemi (b. 1943), MD, PhD
• Member of the Board since 1988
and Chairman 2011-2021
• Non-independent of major shareholders
and of the company
• Founder of Biohit and its former
President & CEO
• Attended 9 Board meetings in 2025
• Direct shareholding: series A shares:
2,018,310; series B shares: 0
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BIOHIT Oyj
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Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Board committees
The Board of Directors have assessed that the
scope of the Biohit Oyj’s business does not
require the appointment of a separate Audit
Committee, and consequently no separate
committees have been appointed to increase
the efficiency of the Board.
President & CEO
The President & CEO is responsible for the
day-to-day management of the company in
accordance with the instructions and reg-
ulations issued by the Board of Directors.
The President & CEO of the parent company
is elected by the Board and acts as Group
President. He also ensures the appropriate
organisation and legality of the company’s
accounting and asset management. The terms
of employment of the President & CEO are
based on a written contract that is approved
by the Board of Directors. The President &
CEO cannot be elected Chairman of the Board.
During the financial period, Jussi Hahtela MSc
Econ. acted as the CEO.
Jussi Hahtela (b. 1973)
• MSc (Econ.)
• With Biohit Oyj since 2021
(CFO until 1 September 2022)
• Previously: Chief Strategist, Head of FX &
Money Markets Sales Finland,
Nordea Markets
• Direct shareholding: series B shares:
40,000
Group Management Team
The composition and areas of responsibility of
the Group’s Management Team were as follows:
Jussi Hahtela (President & CEO), Jussi Sorvo
(finance, ICT, HR), Suvi Elomaa (production),
Panu Hendolin (R&D) and Daniela Söderström
(quality and registration).
Two Group Management Team members out of
six are women and four are men. The share of
women is thus 33% and the share of men 67%.
Jussi Sorvo (b. 1990)
• MSc (Econ.)
• Finance, HR, ICT
• With Biohit Oyj since 2021
• Previously: Accountant, PwC
• Direct shareholding: series B shares:
16,000
Suvi Elomaa (b. 1985)
• Biotechnology and food engineer
• Production Director
• With Biohit Oyj since 2013
• Previously: Project engineer at the Insti-
tute of Biomedicine, Department of
Physiology at University of Turku
• Direct shareholding: series B shares:
16,000
Graham Johnson (b. 1977)
• BSc (Hons) Biomedical Science
• Head of Global Sales and Marketing,
Managing Director Biohit Healthcare Ltd.
(UK)
• With Biohit Oyj since 2002, e.g. as Sales
and Marketing Director (UK)
• Previously: Virology in Public health
laboratories
• Direct shareholding: No shares
Panu Hendolin (b. 1971)
• Ph.D. (Molecular medicine)
• CTO
• At Biohit as R&D and Production Director
in 2007-2008 as well as 2012-2017, Head
of Technical Product management at Biohit
from February 2022 to December 2022.
• Previously: Production Director at United
Medix Laboratories Oy, Chief Technology
Officer at Sulapac Oy.
• Direct shareholding: series B shares:
19,677
Daniela Söderström (b. 1987)
• MSc (Tech.)
• Quality and Regulatory Affairs Director
• With Biohit Oyj in the field of quality
management since 2014
• Direct shareholding: series B shares:
46,000
Management of subsidiaries
The Managing Directors of the subsidiaries are
responsible for the management of subsidiary
operations and they report to the President &
CEO of the parent company. The subsidiaries
are responsible for the sales and marketing
of Biohit’s products in their market areas. The
managers of subsidiaries operate under the
management and supervision of Biohit’s Pres-
ident & CEO. In 2025, the Managing Directors
of Biohit’s subsidiaries were: Graham Johnson
(United Kingdom) and Franco Aiolfi (Italy).
The personal details and shareholdings of
Biohit Oyj’s Board of Directors and operative
management are available at
https://sijoittajat.biohithealthcare.com/.
Decision-making procedure
concerning remuneration
The remuneration policy and the rest of the
management team’s remuneration are available
at https://sijoittajat.biohithealthcare.com/.
Remuneration of members of
the Board of Directors
The Annual General Meeting approves the
fees of Biohit Oyj’s Board of Directors. The
remuneration paid to the other members of
Biohit Oyj’s Board of Directors is decided by
the company’s Board of Directors in accor-
dance with the company’s rules on related-party
transactions, which are described in the section
“related-party transactions”.
President & CEO and other
company management
The Board approves the President & CEO’s
remuneration and terms of employment. The
severance payment is dependent on the dura-
tion of the CEO’s term.
The Board approves the remuneration and
terms of employment of members of the
Management Team. Biohit Oyj’s Board of
Directors approves the principles of the incen-
tive schemes for Management Team members
and the President & CEO.
The President & CEO approves the salaries and
profit-based incentives of subsidiaries’ Manag-
ing Directors in accordance with the instruc-
tions provided by Biohit’s Board of Directors.
Profit-based incentives are dependent on
sales and profitability trends for each unit.
Pension plans
No other pension arrangements, beyond
those mandated by law, have been made with
the Managing Directors of Group companies.
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Main characteristics of internal control
of the financial reporting process and
risk management
Biohit’s internal control is responsible for
ensuring that the Group carries out its busi-
ness operations within the framework of
the current regulations and legislation and
in accordance with the instructions of the
Board of Directors. Internal control seeks to
ensure that the Group operates with maxi-
mum efficiency and that efforts are made at
various levels of the organisation to achieve
the objectives set in the strategy approved by
the Board of Directors. Risk management is
geared towards supporting the achievement
of these objectives by anticipating and managing
business-related risks.
Control environment
Biohit’s business operations and adminis-
tration aim to realise the company’s values,
of which the most important is to promote
health and well-being through innovation.
According to the strategy for 2024-2028, Biohit
is a global intestinal tract expert, relating to
which it carries out manufacturing, sales and
marketing activities.
Biohit’s control environment is defined by the
Board of Directors, which, as the highest adminis-
trative body, is responsible for organising internal
control. The President & CEO is responsible
for maintaining the efficiency of the control
environment and the functionality of inter-
nal control. Biohit’s financial department is
responsible for the functionality of financial
reporting as well as the interpretation and
application of financial statement standards
in line with the separately approved instruc-
tions.
Risk assessment
In the assessment of the risks related to
financial reporting, Biohit’s objective is to
identify the major risks associated with the
Group’s business operations and environ-
ment. The cost-effective management and
monitoring of these risks will then ensure that
the company’s strategic and operational tar-
gets can be reached as intended.
The Board of Directors carries the main
responsibility for risk assessment and
monitoring the implementation of risk manage-
ment. The President & CEO works with the
parent company’s operative management and
subsidiaries’ managers to ensure that the
Group’s risk management is duly arranged.
The parent company’s operative management
is responsible for identifying and managing
the risks involved within each business area,
while the subsidiaries’ Management Teams
are responsible for those in their own market
areas.
Risk management is one of the areas covered
by Biohit’s internal control processes, which
regularly monitor the risks associated with
the company’s business operations, identify
any changes and, if necessary, take appropriate
action to hedge against them. Risk manage-
ment focuses on ensuring the continuity of
business operations and preventing financial
misconduct.
Control measures
Internal control measures are integrated
into the Group’s general business manage-
ment and reporting process. The subsidiaries
report to Group Management on business
and earnings trends and the most significant
deviations on a monthly and quarterly basis.
The Group’s Management Team reports to the
Board of Directors on the overall develop-
ment of business; these two bodies, together
with the President & CEO, decide on overall
corporate strategies and procedures guiding
the operations of the Group.
The subsidiaries’ Boards follow business
developments and ensure that the parent
company’s approved instructions and guide-
lines are followed. As a rule, the Boards of
Directors of the subsidiaries meet monthly.
Board work in the subsidiaries is based on
financial reports and the written monthly
and annual reports drawn up by subsidiary
management.
Biohit’s business control is carried out in
accordance with the management system
described hereinabove. The company pro-
vides the reporting systems necessary for
business and financial management. The
financial department of the parent company
provides instructions for drawing up annual
and interim financial statements and pre-
pares the consolidated financial statements.
The parent company’s finance department
retains central control of funding and adminis-
trative matters within the framework of the
instructions provided by the Board of Direc-
tors and the President & CEO and is also
responsible for the management of interest and
exchange rate risks. The Managing Directors
of the subsidiaries ensure that the subsid-
iaries’ reporting is carried out in accordance
with the instructions given by the Group’s
Management Team.
The parent company’s administration depart-
ment controls and provides instructions on
Group-level personnel policies and any agree-
ments made within the Group.
Disclosure policy
Biohit aims to provide all its stakeholders
with information about the company’s opera-
tions in a proactive, consistent and timely man-
ner. The company seeks to take the special
requirements and interests of all its stake-
holders into account in its communications in
order to increase confidence in the company
and thereby promote its business operations.
Biohit’s Board of Directors has approved an
information release policy with a view to
ensuring the accuracy and reliability of any
information released. The policy also speci-
fies who is responsible for communications in
different situations.
Biohit’s financial department regularly pro-
vides information on processes related
to financial administration reporting. This
ensures the real-time availability of data,
which is a prerequisite for efficient internal
control.
Financial administration guidelines and the
company’s information release policy aim to
ensure the promptness and comprehensive-
ness of communications as well as the release
of the information required for internal control
purposes.
Monitoring
The efficiency of internal controls on financial
reporting is overseen by the Board of Direc-
tors, the President & CEO, Management Team
members and the Managing Directors of sub-
sidiaries. Control focuses on following weekly
and monthly financial reports and forecasts
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and analysing any deviations from business
plans. Monitoring is performed at all Board
and Management Team meetings where
reports are reviewed. It is supported by regular
contact between Group Management and the
company’s auditor, and analysis of any devia-
tions, which occurs at least once per quarter.
The audit frameworks for the Group’s subsid-
iaries and key audit areas are jointly defined
by the Group’s financial management and the
chief auditor. Biohit has not appointed a sepa-
rately organised function for internal auditing
purposes, but Biohit’s financial department
has the responsibility to implement it in practice.
The Group has internal control reporting
systems required for financial management
and monitoring business development. The
reporting systems produce monthly finan-
cial data so that financial management can
ensure compliance with the parent company’s
approved instructions on matters such as
authorisation.
The Group’s auditor and the auditors of each
subsidiary evaluate the effectiveness of the
internal control system in connection with the
external audit.
Audit 2025
The auditor elected by the AGM is responsible
for Biohit’s statutory audit. According to the
Articles of Association, the company must
have one auditing body approved by the
Central Chamber of Commerce. The 2025
Annual General Meeting re-elected auditing
firm PricewaterhouseCoopers Oy as the com-
pany’s auditor for a one-year term, with Tiina
Puukkoniemi, Authorised Public Accountant,
as chief auditor.
Auditor and auditor’s fees
The 2025 Annual General Meeting decided to
pay auditor’s fees in accordance with the audi-
tor’s invoice. The Group’s invoiced auditors’
fees for the 2025 financial period totalled EUR
178 thousand (EUR 166 thousand in 2024). In
addition to this, PricewaterhouseCoopers Oy
was paid a total of EUR 20 thousand for other
services (EUR 30 thousand in 2024).
Related party transactions
The company keeps a list of its related par-
ties, and it regularly engages in transactions
with some of these parties. These transac-
tions are related to the company’s ordinary
business activities, they are appropriate in
terms of the company’s operations and they
are executed on ordinary market terms. The
company’s financial management monitors
and supervises related-party transactions as
part of the company’s normal reporting and
supervision practices. Relevant transactions
between the company and its related parties
are reported annually in the notes to the com-
pany’s consolidated financial statements. The
company’s Board of Directors makes all the
relevant decisions concerning related-party
transactions. Decision-making is based on
particularly thorough preparation and appro-
priate reports, statements and estimates.
Preparation of the related-party transactions,
decision-making and approval have been
arranged to take account of the disqualifica-
tion rules and appropriate decision-making
entities.
Biohit Oyj’s Board of Directors made the
following decision on 2025 related party
transactions:
1. As part of his work as the head of scientific
advisory board, Osmo Suovaniemi’s compen-
sation amounted EUR 85,000
(2024: EUR 111,000).
2. As part of his work as the managing director
of Biohit Healthcare S.r.I, Franco Aiolfi will be
paid a fixed fee of EUR 18,000 in 2025
(2024: EUR 18,000).
3. The members of the scientific advisory
board will be paid EUR 85 per hour for the
work outside the scientific advisory board.
Insiders
Biohit applies the Guidelines for Insiders
approved by Nasdaq Helsinki Ltd as well as
any relevant amendments.
Biohit’s President & CEO is responsible for
insider control. He ensures that those who
handle insider information are aware of the
insider regulations and that they adhere to the
trading restrictions. Insiders are not allowed
to trade Biohit Oyj securities for 30 days before
the publication of the company’s financial state-
ment bulletin and interim reports. Insiders
participating in projects are not allowed to
trade shares in Biohit before an announce-
ment has been made of the continuation or
discontinuation of a project.
Information on the shareholdings of Biohit’s
insiders and their trading activity is available at
https://investors.biohithealthcare.com/en/.
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Information for Shareholders
General meeting of shareholders
Biohit Oyj’s Annual General Meeting has been
planned for Wednesday 3 June 2026 in Helsinki.
The Board of Directors will call the General
Meeting at a later date.
Board´s proposal for distribution
of profit
The parent company’s distributable funds
(unrestricted equity) on 31 December 2025
are EUR 10,821,659.98 of which the period net
profit is EUR 2,782,440.57. The Board of Direc-
tors proposes to the Annual General Meeting
that no dividend be paid for the fiscal year.
Shares
Total number of shares:
15,197,593 (15,181,593 in 2024)
Series A shares (20 votes per share):
2,975,500 (2,975,500 in 2024)
Series B shares (1 vote per share):
12,222,093 (12,206,093 in 2024)
Biohit Oyj’s series B shares are listed in the
Nasdaq Helsinki Ltd Small Cap group. The
shares are traded under the symbol BIOBV.
More detailed information about Biohit Oyj’s
shares is provided in the notes to the consoli-
dated financial statements and on the company’s
website at
https://investors.biohithealthcare.com/en/.
Financial communication
The financial reviews and other stock
exchange releases published by Biohit are
available on the company’s website at
https://investors.biohithealthcare.com/en/.
You can also subscribe to receive financial
communications by email using the subscrip-
tion form on the website.
Next financial report
The half-year financial report for January -
June 2026 (H1) will be published on Wednes-
day 5 August 2026.
Silent period
Biohit observes a silent period of 30 days
before results are published. During this peri-
od, Biohit’s management and other personnel
will not provide information about the compa-
ny’s financial position or market related com-
ments, nor will they meet with representatives
from equity markets or the financial media. How-
ever, if an event that requires immediate pub-
lication takes place during the silent period,
Biohit will publish information without delay
in accordance with disclosure regulations. In
such cases, the company is able to comment
on the event.
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Boards of Directors
Liu Feng born in 1972
General manager of Hefei Medicine Co., Ltd,
Member of the Board of Biohit Oyj since 2018
Non-independent of the major shareholders and of the company
Other relevant experience:
• Special researcher at the Counselor’s Office of Anhui
Provincial People’s Government
• The vice chairman of the Chinese National Early
GastrointestinalCancer Prevention & Treatment Center Alliance
• Member of the council of the China Health Promotion Foundation.
In 2013, Liu Feng and his companies and Biohit Oyj established
a joint venture Biohit Healthcare (Hefei) Co., Ltd.
Vesa Silaskivi born in 1966
LL.D, Lic (BA)
Chairman of Biohit Oyj’s Board of Directors
Member of the Board since 2023
Independent of the major shareholders and the company
Other relevant experience:
• Professional board member since 2016, several senior management
positions, for example in Valio, Elisa and HPP Attorneys Ltd
Lea Paloheimo born in 1951
PhD (clinical biochemistry), hospital chemist
Member of the Board of Biohit Oyj since 2019
Independent of the major shareholders and the company
Other relevant experience:
• With Biohit Oyj during the years 2001-2019. Production
and Product Development Director, Business Development Director
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Osmo Suovaniemi born in 1943
MD, PhD, Professor
Member of the Board of Biohit Oyj since 1988, Chairman 2011-2021
Non-independent of the major shareholders and of the company
Other relevant experience:
• The founder of Biohit Oyj
• The founder, main shareholder, chairman, and CEO of Labsystems Oyj and Eflab Oy
• Received an award in 1992 for having most patents in Finland.
• A board member, vice-chairman, and chairman of the General Industry Group
in Finland in 1978-1986.
• A board member of the Confederation of Finnish Industry in 1986
• A member of the Academy of Technical Sciences from 2003
Boards of Directors
Kalle Härkönen born in 1968
Master of Science (Agriculture and Forestry)
Member of the Board of Biohit Oyj since 2022
Independent of the major shareholders and the company
Other relevant experience:
More than 25 years of experience in international business in various industries, especially in
managing and developing companies and their global supply chains through digitalization and
innovation.
• Teknos Group Oy, Deputy CEO, COO, Head of Group Operation and Logistics, 2016 – 2020
• Fazer Confectionery Ltd, Vice President Supply chain & sourcing, 2013 – 2016
• Sartorius Biohit Liquid Handling Oy, part of Sartorius Lab Holding GmbH, Vice President,
Liquid Handling Operation, 2012 – 2013
• Biohit Oyj, Chief Operational Officer (COO), 2001 – 2012
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Group Management Team
Daniela Söderström born in 1987
MSc (Tech.), Quality and
Regulatory Affairs Director
With Biohit Oyj since 2014.
Jussi Hahtela born in 1973
MSSc, President and CEO
With Biohit Oyj since 2021.
Kati Piironen born in 1991
PhD (pharmaceutical chemistry),
R&D Director
With Biohit Oyj since 2024.
Suvi Elomaa born in 1985
Biotechnology and food engineer,
Production Director
With Biohit Oyj since 2013.
Graham Johnson born in 1977
Head of Global Sales and Marketing,
Managing Director Biohit
Healthcare Ltd. (UK)
With Biohit Oyj since 2002.
Jussi Sorvo born in 1990
MSc (Econ.), CFO
With Biohit Oyj since 2021.
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Financial Statements
1. Report by the Board of Directors 2025 22
2. Consolidated Financial Statements* 27
Consolidated Comprehensive Income Statement 27
Consolidated Balance Sheet 28
Statement of Changes in Consolidated Shareholders´ Equity 29
Consolidated Cash Flow Statement 30
Notes to the Consolidated Financial Statements 31
3. Key Indicators
60
4. Shares and Shareholders
62
5. Formulae for Calculating Key Indicators
65
6. Parent Company’s Financial Statements*
69
7. Board of Director´s Proposal Regarding the Distribution of Profits*
80
8. Auditor´s Report
81
* Part of the financial statements
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1. Report by the Board of Directors 2025
In 2025, Biohit’s revenue increased by 10.1% compared with the previous year. The rate of reve-
nue growth was in line with that of the preceding financial year (9.2%). Revenue growth continued
to be profitable, with the operating margin amounting to 18.6% in the reporting period (17.9%).
Biohit’s strong balance sheet provides a solid basis for the further development of the business
and the continuation of growth. At the end of 2025, the Group’s equity ratio was 75.4% (78.6%).
Cash and other short-term financial assets amounted to EUR 4.8 million at the end of the finan-
cial year (EUR 6.6 million).
Biohit Group key figures
1-12/2025 1-12/2024 1-12/2023
Revenue (MEUR) 15.7 14.3 13.1
EBITDA (MEUR) 3.5 2.9 2.2
Operative EBITDA (MEUR) 3.5 3.0 2.4
Operating profit/loss (MEUR) 2.9 2.6 1.8
Profit/loss before taxes (MEUR) 2.9 2.9 2.2
Profit/loss for the period (MEUR) 2.7 2.6 1.9
Average number of personnel 48 46 44
Number of personnel at the end of the period 46 46 46
Equity ratio (%) 75.4% 78.6% 73.0%
Earnings per share (EUR), Undiluted 0.18 0.17 0.12
Earnings per share (EUR), Diluted 0.18 0.17 0.12
Shareholders' equity per share (EUR) 0.98 0.80 0.62
Average number of shares during the period 15,188,131 15,161,374 15,097,153
Number of shares at the end of the period 15,197,593 15,181,593 15,113,593
The formulae for the key figures are presented in notes 3.2 and 5 of the financial statements
Summary
• Revenue EUR 15.7 million (EUR 14.3 million)
• Revenue grew by 10.1% compared to year 2024
• Operative EBITDA EUR 3.5 million (EUR 3.0 million)
• Cash at the end of the period EUR 3.5 million (EUR 3.7 million)
• ROE 20.2% (23.8%)
• Revenue from international operations 98.4% (98.5%) of total revenue
• Equity ratio 75.4% (78.6%)
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Reporting
Biohit’s product portfolio consists of diagnostic tests, analysis systems, products binding carcinogenic acetaldehyde into
a harmless compound and monoclonal antibodies. The entire product and service portfolio is reported under a single
segment.
Revenue and EBIT
Revenue grew by 10.1% from 2024. Revenue from international operations was 98.4% (98.5%) of total revenue. EBIT was
EUR 2.9 million (EUR 2.6 million).
Balance sheet, financing and operational continuity
On 31 December 2025 the balance sheet totalled EUR 19.8 million (EUR 15.5 million on 31 Dec 2024). At the end of the
reporting period our equity ratio stood at 75.4% (78.6% 31 Dec 2024).
Profitable financial period increased the balance sheet.
Biohit Oyj has a stable financial position. On 31 December 2025, the company’s financial assets totalled EUR 4.8 million
(EUR 6.6 million) which does not include Genetic Analysis AS shares. The Company has measured its financial instruments
at fair value in accordance with Chapter 5, Section 2a of the Finnish Accounting Act. The principles for determining fair
value are presented in the notes to the financial statements. The objective of the Company’s financial risk management is to
ensure liquidity and access to financing and to manage financial risks affecting profit and cash flow. The principal financial
risks relate to foreign exchange, equity price and liquidity risks, as well as credit and counterparty risks. Information on
financial risk management is presented at the Group level.
The company has managed to keep its working capital on a good level and the management believes that working capital
will cover the operations for the next 12 months and the company is not dependent on external financing to be able to
guarantee the continuity of its operations.
Cash flow from operating activities was EUR -0.7 million during the review period and EUR 0.2 million during the second
half of the year. The company’s management assessment is that the company’s ability to continue its operations is good
and there are no indications of events or circumstances that alone or combined might give a significant reason to doubt the
organisation’s ability to continue its operations.
Consolidated revenue and operating profit
EUR million
2025 2024
Revenue MEUR 15.7 14.3
Operating income MEUR 2.9 2.6
Bridge calculation of EBITDA
EUR million
1-12/2025 1-12/2024
Operating profit/loss 2.9 2.6
Depreciation and amortisation 0.5 0.3
EBITDA
3.5 2.9
Bridge calculation of operative EBITDA
EUR million
1-12/2025
1-12/2024
Operating profit/loss 2.9 2.6
Depreciation and amortisation 0.5 0.3
IFRS 2 Share based payments 0.0 0.1
Operative EBITDA
3.5 3.0
Alternative performance measures
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Investments
Gross investments during the 1-12/2025
reporting period totalled EUR 0.6 million (EUR
0.4 million).
Personnel
During the review period, the Biohit Group
employed an average of 48 (46 in 2024 and 44
in 2023) people of whom 38 (36 in 2024 and 35
in 2023) were employed by the parent com-
pany and 10 (10 in 2024 and 9 in 2023) by the
subsidiaries.
Short-term risks and uncertainty factors
Biohit’s key risks are related to the success of
product registrations as well as the selection
and development of new market areas and
distribution channels.
The diagnostic industry is heavily regulated,
and this may have an effect on Biohit’s sales.
The duration of the product registration pro-
cess is different in each market area. For this
reason, conquering new markets may be slow.
It is also critical to implement the changes
required by the new IVDR EU regulation so
that sales of the existing products can continue.
When investing liquid assets, the objective
is to gain a return on investment with a low
risk of equity loss. The investment portfolio
consists of deposits, investment funds and
corporate loans. A fundamental aspect in
portfolio management is sufficient diversifi-
cation across different asset classes, invest-
ment instruments and counterparties. The
investment portfolio is subject to equity risk
that is managed by diversification and alloca-
tion decisions. The portfolio is also subject to
interest rate risk, which is managed by adjust-
ing the duration of the portfolio. In addition,
general instability in the financial markets
may have a negative impact on the value of
the investment portfolio.
The Group’s investment in listed Genetic Analy-
sis AS is subject to changes in share price and
the EUR/NOK foreign exchange rate.
Biohit’s customer base is widely diversified,
with the exception of GastroPanel
®
sales in
China, which currently represents a major
single business for Biohit. Biohit HealthCare
(Hefei) Co. Ltd. has, based on a security agree-
ment signed on 8 February 2022, pledged to
Biohit 1,500,000 class B Biohit shares as secu-
rity for its obligations referred to therein. The
pledge significantly decreases the risks that
are related to sales in China.
Single customer or geographical territory
related risk may have a financial impact. How-
ever, Biohit’s customer base is widely diversi-
fied and thus the company is not significantly
dependent on individual customers or project
deliveries.
The balance sheet and sales of Biohit’s UK
subsidiary are in GBP. As a result, Biohit is
exposed to the risk of GBP weakening. Other-
wise, most of the company’s business is con-
ducted in EUR and the indirect effects of the
currency exchange rate fluctuations are con-
sidered insignificant.
Outlook for 2026
Financial targets
We expect revenue in 2026 to increase to EUR
16.5–17.3 million (growth of 5–10% compared
with 2025) and the operating margin to be at
least 10%.
In 2025, revenue was EUR 15.7 million, with
revenue growth of 10.1%. The operating margin
was 18.6%.
Underlying assumptions for the guidance
• GastroPanel
®
validations and implemen-
tations have consistently taken longer than
expected, and it is not realistic to assume that
the process will accelerate significantly.
• Despite the extension agreement in 2025,
Main events in the financial year
Revenue continued to grow profitably
Biohit’s revenue continued to increase in 2025,
amounting to EUR 15.7 million (2024: EUR 14.3
million), representing growth of 10.1%. The Com-
pany’s profitability developed positively. Opera-
tive EBITDA amounted to EUR 3.5 million, an
increase of EUR 0.5 million compared with the
previous year. Operating profit amounted to EUR
2.9 million (2024: EUR 2.6 million). The gross
margin was 64.6% (2024: 62.2%).
Growth was strongest in royalty income. The
multi-year royalty agreement signed with
Hefei in 2022 was extended in the autumn,
and at the same time closer cooperation was
agreed in relation to product development.
Royalty income increased to EUR 5.4 million
from EUR 2.8 million in the previous year.
The implementation of the strategy published
at the end of 2023 progressed as planned. In
2025, the most significant investments were
directed toward market expansion, with par-
the recognition of royalties from the multi-
year distribution agreement signed with Hefei
in 2022 is approaching its end. At the current
growth trajectory, GastroPanel
®
sales may not
be able to compensate for the declining royal-
ties as quickly as originally anticipated.
ticular focus on the Americas. GastroPanel
®
was included in Chile’s national clinical care
guidelines, opening opportunities for similar
breakthroughs in neighboring countries. The
FDA approval process for GastroPanel
®
in the
United States is progressing, and a pre-submis-
sion was submitted to the FDA in November.
In December 2025, the Board of Directors
decided to discontinue the Italian subsidiary
and replace its operations with a distribu-
tor-based model. In Italy, the subsidiary model
proved to be too cost-intensive. The change
may cause some short-term uncertainty; how-
ever, in the long term, the financial impact of
the change is expected to be positive.
In 2022, the Italian subsidiary recognized a
provision of EUR 0.3 million related to a deci-
sion by Italian regional authorities to seek
retroactive reimbursements from medical
device suppliers for regional budget overruns
in the years 2015–2019. Biohit, in line with
other industry participants, has contested
these claims. The provision reduced revenue
in 2022. In 2025, EUR 0.1 million of the provi-
sion was reversed through profit or loss, and
at the end of the year the provision amounted
to EUR 0.0 million
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Financial reporting
In 2026 Biohit will publish the half-year finan-
cial report for period January - June 2026
(H1) at 9:30 am on Wednesday 5 August 2026.
Major events after the close of
the review period
The Company’s Chief Technology Officer and
member of the Management Team, Panu Hen-
dolin, left the Company on 14 January 2026.
He was succeeded on the Management Team
by the Head of Product Development, Kati
Piironen, PhD in Pharmaceutical Chemistry.
The Company’s management is not aware of
any other material events occurring after the
balance sheet date.
Related party loans
The CEO of the group has been granted a long-
term loan of EUR 40 thousand (EUR 40 thou-
sand) and the management team EUR 94 thou-
sand (EUR 98 thousand). The loan interest rate
is 12-month Euribor. Interest is paid annually
in arrears. The loan period is five years. The
borrower is entitled to pay back the loan early.
Government
Annual General Meeting in 2025
AGM decided on 4 June, 2025, as suggested by
the Board of Directors, that no dividend will
be paid for financial year 2024.
The AGM resolved that five (5) members are
elected to the Board of Directors and that
CEO Liu Feng, CEO Kalle Härkönen, PhD Lea
Paloheimo, LL.D, Lic (BA) Vesa Silaskivi and
professor h.c., MD, PhD Osmo Suovaniemi are
elected as members of the Board of Directors
until the end of the next AGM.
AGM decided to choose Pricewaterhouse-
Coopers as the audit firm.
Authorizations granted by
the General Meeting
The Annual General Meeting held on 4 June
2025 authorized the Board of Directors to
resolve on a share issue and on the issu-
ance of option rights and other special rights
entitling to shares as referred to in Chapter
10, Section 1 of the Finnish Limited Liability
Companies Act, in one or more instalments.
Under authorization, a maximum of 500,000
new Series B shares may be issued in total
(including shares issued on the basis of spe-
cial rights), corresponding to approximately
4.09% of all Series B shares outstanding on
the date of the resolution. The Board of Direc-
tors decides on all terms and conditions of
the share issue and the issuance of special
rights entitling to shares, and the authoriza-
tion may be used in derogation of sharehold-
ers’ pre-emptive subscription rights (directed
issue). The authorization is valid for two (2)
years from the date of the AGM resolution.
The authorization was not used during the
financial year.
Biohit Oyj’s Management Team
On December 31, 2025, the members of Biohit’s
Management Team were: CEO Jussi Hahtela,
CFO Jussi Sorvo, Production Director Suvi
Elomaa, Research and Development Director
Panu Hendolin, Head of Global Sales and Mar-
keting Graham Johnson and Quality and Reg-
ulatory Affairs Director Daniela Söderström.
Panu Hendolin left the Company on 14 Janu-
ary 2026, and the Head of Product Develop-
ment, Kati Piironen, was appointed as a mem-
ber of the Management Team in his place.
Research and development as well
as clinical studies
Research and development activities focus on
innovation as well as product development and
improvements in usability. The Company also
utilizes external experts and subcontractors in
its research and development activities.
In 2025, development costs of EUR 0.4 million
were capitalised (2024: EUR 0.3 million; 2023:
EUR 0.2 million). Research and development
expenses, excluding depreciation, amounted
to EUR 1.3 million during the review period
1 January–31 December 2025 (2024: EUR 1.1
million; 2023: EUR 1.2 million), of which EUR
0.6 million related to the second half of the
year (first half: EUR 0.7 million).
As in previous years, ensuring compliance
with IVDR and MDR regulatory requirements
required significant resources, as anticipated.
Several clinical studies were ongoing in 2025.
In January, a study conducted by Homerton
University Hospital in London was published,
concluding that GastroPanel
®
is an accurate tri-
age tool. Pilot studies in Chile led to the inclu-
sion of GastroPanel
®
in national guidelines.
GastroPanel
®
studies are also ongoing in other
South American countries and in Vietnam. In
Europe, preparations for two separate Gastro-
Panel
®
validation studies were initiated in 2025.
Preparatory work was also carried out for the
clinical studies required for FDA approval in the
United States.
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Shares and shareholders
Biohit Oyj’s number of shares is 15,197,593 (15,181,593), of which 2,975,500 (2,975,500) are Series A shares and 12,222,093
(12,206,093) are Series B shares. The Series B shares are quoted on NASDAQ Helsinki in the Small cap/Healthcare group
under the code BIOBV.
BIOBV/NASDAQ OMX Helsinki
1-12/2025
1-12/2024
High (EUR) 4.35 2.65
Low (EUR)
2.31 1.80
Average (EUR)
3.06 2.11
Latest (EUR)
3.69 2.29
Turnover (EUR) 15,789,369 5,837,490
Turnover volume 5,154,435 2,767,265
Shareholders
At the end of the reporting period on 31 December 2025 the company had 8,921 shareholders (8,270 on 31 December 2024).
Private households held 60.7% (60.1%), companies 14.8% (5.5%) and public sector organisations 0.0% (0.0%). Foreign owner-
ship or nominee registrations accounted for 24.5% (34.4%) of shares.
On 31 December 2025, the members of the Board of Directors, President & CEO and other members of senior management
owned a total of 2,868,310 Series A shares and 4,276,748 Series B shares, either directly or through companies under their
control. These correspond to 47.7% of all of the shares in the company and 86.1% of all of the votes. In addition, as at 31
December 2025, the above mentioned group of individuals held a total of 434,000 option rights and other special rights
entitling to shares, on the basis of which a maximum of 704,000 shares may be obtained, corresponding to no more than
2.78% of the company’s total number of shares and 0.60% of the total number of votes.
Shareholders holding at least 5% of the shares or votes (directly or indirectly)
Shareholder
Series A
shares
Series B
shares
Total number of
shares
Shares (%) Votes (%)
Osmo Suovaniemi 2,218,310 1,430,000 3,648,310 24.0% 63.8%
Biohit Healthcare (Hefei) Co., Ltd 650,000 2,795,415 3,445,415 22.7% 22.0%
Information on the ten largest shareholders by voting rights can be found in the notes to the financial statements under
section 4.2. Further information on the shares, major shareholders and management shareholdings is available on the
company’s website https://investors.biohithealthcare.com/en/.
Board´s proposal for distributions of profits
The parent company’s distributable funds (unrestricted equity) on 31 December 2025 are EUR 10,821,659.98 of which the
period net profit is EUR 2,782,440.57. The Board of Directors proposes to the Annual General Meeting that no dividend be
paid for the fiscal year.
AGM in 2026
Biohit Oyj’s Annual General Meeting has been planned for Wednesday 3 June 2026. The Board of Directors will call the
General Meeting later.
Corporate Governance Statement
Biohit Oyj will release a separate Corporate Government Statement at:
https://investors.biohithealthcare.com/en/investors/corporate_governance/remuneration.
Helsinki 10 February 2026
Biohit Oyj
Board of Directors
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€ 1,000 Note 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024
Revenue 2.3
Change in inventories of finished and unfinished products -233 230
Other operating income 2.5 43 79
Materials and services 2.6 -4,750 -5,174
Expenses arising from employment benefits 2.7 -4,243 -4,000
Expected credit losses 2.26 -155 -
Other operating expenses 2.8 -2,928 -2,520
EBITDA 3,468 2,898
Depreciation, amortisation and impairments 2.10 -544 -341
Operating profit/loss
Financial income 2.11 118 633
Financial expenses 2.11 -140 -322
Profit/loss before taxes 2,902 2,868
Income taxes 2.12 -163 -299
Profit/loss for the financial period
Other items of comprehensive income
Items that may later be reclassified through profit and loss
Translation differences -56 47
Items that will not be reclassified through profit and loss
Changes in the fair value of equity instruments measured at fair value through other comprehensive income
-46
Total comprehensive income for the period
Distribution of profit/loss for the financial period
To the owners of the parent company
Total
Distribution of comprehensive income for the financial period
To the owners of the parent company
Total
Earnings per share calculated from earnings attributable to the owners of the parent company
Undiluted earnings per share (EUR)
2.13 0,18 0,17
Diluted earnings per share (EUR)
2.13 0,18 0,17
Consolidated comprehensive income statement
2. Consolidated Financial Statements
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€ 1,000 Note
31 Dec 2025
31 Dec 2024
Assets
Non-current assets
Intangible assets 2.14 710 492
Property, plant and equipment 2.15 355 171
Right-of-use assets 2.15, 2.16 1,501 531
Contract assets 2.17, 2.21 7,491 3,200
Other non-current financial assets 2.17 134 139
Deferred tax assets 2.19 369 18
Total non-current assets
Current assets
Inventories 2.20 799 1,029
Trade and other receivables 2.17, 2.21 3,599 3,213
Other current financial assets 2.17 1,312 2,964
Cash and cash equivalents 2.17, 2.18 3,538 3,745
Total current assets
Total assets 19,807 15,502
Consolidated balance sheet
€ 1,000 Note
31 Dec 2025
31 Dec 2024
Equity and liabilities
Share capital 2.22 2,350 2,350
Fair value reserve 2.22, 2.23 -1,897 -1,919
Invested unrestricted equity fund 2.22, 2.23 5,290 5,274
Translation differences -104 -48
Retained earnings 9,299 6,534
Shareholders' equity attributable to shareholders of the parent company 14,939 12,191
Total shareholders' equity 14,939 12,191
Long-term liabilities
Lease liabilities 2.16, 2.18, 2.24 1,251 284
Deferred tax liabilities 2.19, 2.25 2 2
Other liabilities 2.18, 2.25 2 6
Total long-term liabilities
Short-term liabilities
Trade payables
2.17, 2.25 1,041 679
Tax liabilities
2.17, 2.25 837 424
Lease liabilities
2.16, 2.18, 2.24 337 303
Accruals and other liabilities
2.25 1,399 1,612
Total short-term liabilities 3,613 3,018
Total shareholders' equity and liabilities 19,807 15,502
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Statement of changes in consolidated shareholders´ equity
Shareholders’ equity attributable to shareholders of the parent company
€ 1,000 Share capital
Invested
unrestricted
equity fund
Translation
differences
Fair
value
reserve
Retained
earnings
Total
shareholders'
equity
Shareholders' equity 1 January 2025 2,350 5,274 -48 -1,919 6,534 12,191
Share-based payments
- - - -
Exercise of share options - 16
- -
- 16
Adjustments of translation differences - -
- -
Total comprehensive income for the period - - -56 23 2,738 2,705
Shareholders' equity 31 December 2025 2,350 5,290 -104 -1,897 9,299
Shareholders’ equity attributable to shareholders of the parent company
€ 1,000 Share capital
Invested
unrestricted
equity fund
Translation
differences
Fair
value
reserve
Retained
earnings
Total
shareholders'
equity
Shareholders' equity 1 January 2024 2,350 5,206 -95 -1,873 3,837 9,426
Share-based payments - - - -
Exercise of share options - 68 - - - 68
Adjustments of translation differences - - - - 1 1
Total comprehensive income for the period - -
Shareholders' equity 31 December 2024
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Consolidated cash flow statement
€ 1,000
Note
2025
2024
Cash flow from operating activities
Profit/loss for the financial period 2,738 2,568
Adjustments to profit for the financial period
Business activities with no payment transactions 135 99
Depreciation and impairment 2.10 544 341
Unrealised exchange rate gains and losses 3 -2
Financial income and expenses 22 -311
Income taxes 2.12 163 299
Total adjustments to income for the financial period 868 426
Change in working capital
Increase (-)/ decrease (+) in short-term interest-free trade receivables -4,851 -2,254
Increase (-)/ decrease (+) in inventories 221 -130
Increase (-)/ decrease (+) in short-term interest-free liabilities 180 -150
Total change in working capital -4,450 -2,534
Interest paid -63 -35
Interest received 317 377
Realised exchange rate gains and losses -54 28
Income tax paid -104 -245
Net cash flow from operating activities -748 586
€ 1,000
Note
2025
2024
Cash flow from investments
Investments in tangible and intangible assets -615 -402
Investments in funds and deposits -106 -1,017
Profit from the sale of investments in funds and deposits 1,592 1,520
Granted loans -4 -21
Repayment of loans 8 0
Net cash flow from investments 874 80
Cash flow from financial activities
Repayment of lease liabilities -302 -298
Exercise of share options 16 68
Net cash flow from financial activities -286 -230
Change in financial assets -159 435
Cash and cash equivalents at the beginning of the period
Effects of changes in exchange rates
-48 38
Cash and cash equivalents at the end of the period 3,538 3,745
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2.1 Basic information on the company
company’s domicile is Helsink i, Finland.
A copy of the consolidated financial statements
is available on the website, www.biohit.fi, and at
the headquarters of the Group’s parent company
at Laippatie 1, Helsinki, Finland .
Board of Directors approved the
financial statements for publication on Febru-
ary 11th 2026. In accordance with the Finnish
Limited Liability Companies Act, shareholders
have the opportunity to approve or reject the
financial statements at the Annual General
Meeting, which is to be held after the finan-
cial statements have been published. At the
Annual General Meeting, it is also possible for
a decision to be made to alter the financial
statements.
Notes to the Concolidated Financial Statements
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2.4 Acquired businesses
No new businesses were acquired in the 2025 and 2024 financial periods.
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2.18 Net liabilities
€ 1,000 2025 2024
Cash and cash equivalents 3,538 3,745
Other investments 1,228 2,903
Long-term liabilities -2 -6
Lease liabilities -1,588 -587
Net financial position 3,175 6,054
Liquid assets and other financial assets 4,765 6,648
Gross liabilities - fixed interest -1,591 -594
Net financial position 3,175 6,054
Other investments are short-term money market investments that are traded on active markets and that are measured at
fair value through profit and loss. In addition, other investments include short-term deposits, which are valued at amor-
tised cost.
€ 1,000 Lease liabilities
Long-term
liabilities Total
1 January 2024
702 7 709
New borrowings 0
Repayment of borrowings -298 -298
New leases 168 168
Exchange rate differences 0 0
Revaluations 16 -1 15
Other changes 0
31 December 2024 587 6 594
New borrowings 0
Repayment of borrowings -302 -302
New leases 1,303 1,303
Exchange rate differences 0
Revaluations -4 -4
Other changes 0
31 December 2025 1,588 2 1,591
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Covenants connected to long-term loans
There are no special covenants attached to the company’s long-term financial lease liabilities.
Subordinated loans
The company has no subordinated loans.
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3.1 Indicators of financial trends IFRS IFRS IFRS IFRS IFRS
2021 2022 2023 2024 2025
Revenue EUR 1,000 9,361 10,951 13,076 14,283 15,732
Change in revenue % 31.4% 17.0% 19.4% 9.2% 10.1%
Operating profit/loss EUR 1,000 -1,480 1,129 1,825 2,557 2,924
Proportion of revenue (%) -15.8% 10.3% 14.0% 17.9% 18.6%
Profit/loss before extraordinary items and taxes EUR 1,000 -1,305 865 2,195 2,869 2,901
Proportion of revenue (%) -13.9% 7.9% 16.8% 20.1% 18.4%
Profit/loss before taxes EUR 1,000 -1,305 868 2,195 2,868 2,902
Proportion of revenue (%) -13.9% 7.9% 16.8% 20.1% 18.4%
Return on equity (%) -18.7% 8.1% 21.9% 23.8% 20.2%
Return on investments (%) -15.3% 15.3% 25.4% 22.2% 18.8%
Equity ratio (%) 76.3% 68.3% 73.0% 78.6% 75.4%
Investments in fixed assets EUR 1,000 37 55 248 402 615
Proportion of revenue (%) 0.4% 0.5% 1.9% 2.8% 3.9%
Research and development expenditure EUR 1,000 1,219 1,237 1,173 1,107 1,298
Proportion of revenue (%) 13.0% 11.3% 9.0% 7.8% 8.2%
Balance sheet total EUR 1,000 9,613 11,015 12,920 15,502 19,807
Average number of personnel 44 45 44 46 48
3. Key Indicators
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3.2 Share-specific indicators
IFRS IFRS IFRS IFRS IFRS
2021 2022 2023 2024 2025
Earnings per share, undiluted (EUR) -0.10 0.04 0.12 0.17 0.18
Shareholders' equity attributable to the owners of the parent company (EUR per share) 0.49 0.50 0.62 0.80 0.98
Price-to-earnings ratio (P/E) -18.5 39.3 15.7 13.5 20.5
Series B share price trend (EUR)
- average 2.11 1.71 1.93 2.11 3.06
- low 1.82 1.05 1.57 1.80 2.31
- high 2.54 2.15 2.22 2.65 4.35
- price 31 December 1.84 1.57 1.89 2.29 3.69
Market capitalisation EUR 1,000
(presuming the same market value for Series A shares as for Series B shares) 27,609 23,622 28,489 34,766 56,079
Turnover of Series B shares (thousands) 4,213 3,751 2,681 2,767 5,154
- proportion of the total (%) 34.9% 31.1% 22.1% 22.7% 42.2%
Average ex-rights adjusted number of shares 15,045,593 15,045,593 15,097,153 15,161,374 15,188,131
- taking into consideration the diluting effect of options and convertible bonds 15,045,593 15,065,486 15,127,361 15,215,816 15,382,262
Ex-rights adjusted number of shares at the end of the financial period 15,045,593 15,045,593 15,113,593 15,181,593 15,197,593
- taking into consideration the diluting effect of options and convertible bonds 15,045,593 15,065,486 15,143,800 15,236,036 15,391,723
The company has had options that had a dilutive effect in previous financial years. As the company was loss making, no dilutive effect has been presented.
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Series A shares Number of owners % Number of shares %
1-1,000 0 0.0 0 0.0
1,001-10,000 5 55.6 25,000 0.8
10,001-100,000 1 11.1 57,200 1.9
More than 100,001 3 33.3 2,893,300 97.2
Total number of Series A shares 9 100.0 2,975,500 100.0
Series B shares Number of owners % Number of shares %
1-1,000 7,844 88.0 1,622,835 13.3
1,001-10,000 939 10.5 2,622,389 21.5
10,001-100,000 118 1.3 3,043,395 24.9
More than 100,001 3 0.0 4,740,692 38.8
Nominee registered shares 8 0.1 187,190 1.5
In joint and clearing accounts 0.0 5,592 0.0
Total number of Series B shares 8,912 100.0 12,222,093 100.0
Total number of Series A and Series B 8,921 15,197,593
4.2 Shares and shareholders
Shareholdings by owner group 31 December 2025
Series A shares Number of owners % Number of shares %
1. Households 6 66.7 2,100,510 70.6
2. Companies 2 22.2 224,990 7.6
3. Foreign owners 1 11.1 650,000 21.8
Total number of Series A shares 9 100.0 2,975,500 100.0
Series B shares Number of owners % Number of shares %
1. Households 8,685 97.5 7,119,522 58.3
2. Financial and insurance institutions 5 0.1 13,984 0.1
3. Companies 183 2.1 2,006,954 16.4
4. Non-profit organisations 3 0.0 661 0.0
5. Public corporations 0 0.0 0 0.0
6. Nominees and foreign owners 36 0.4 3,075,380 25.2
In joint and clearing accounts 0 0.0 5,592 0.0
Total number of Series B shares 8,912 100.0 12,222,093 100.0
Total number of Series A and Series B 8,921 15,197,593
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Largest Registered Shareholders 31 December 2025
10 largest owners in terms of the number of shares Series A shares Series B shares Total number of shares %
Biohit Healthcare (Hefei) Co., Ltd. 650,000 2,795,415 3,445,415 22.7
Osmo Suovaniemi 2,018,310 0 2,018,310 13.3
Interlab Oy 200,000 1,430,000 1,630,000 10.7
Härkönen Matti 57,200 267,965 325,165 2.1
Skandinaviska Enskilda Banken AB 0 121,498 121,498 0.8
Virkkala Juho 0 113,000 113,000 0.7
Schengen Investment Oy 0 102,102 102,102 0.7
Rämänen Esu-Pekka 0 90,500 90,500 0.6
Syrjälä Pekka 0 77,650 77,650 0.5
Jaakkola Sami 0 76,600 76,600 0.5
10 largest owners in terms of the number of votes Series A shares Series B shares Total number of votes %
Osmo Suovaniemi 2,018,310 0 40,366,200 56.3
Biohit Healthcare (Hefei) Co., Ltd. 650,000 2,795,415 15,795,415 22.0
Interlab Oy 200,000 1,430,000 5,430,000 7.6
Härkönen Matti 57,200 267,965 1,411,965 2.0
Oy Tech Know Ltd 24,990 43,600 543,400 0.8
The estate of Luostarinen Reijo 10,000 8,010 208,010 0.3
Skandinaviska Enskilda Banken AB 0 121,498 121,498 0.2
Virkkala Juho 0 113,000 113,000 0.2
Schengen Investment Oy 0 102,102 102,102 0.1
Rämänen Esu-Pekka 0 90,500 90,500 0.1
Senior management ownership 31 December 2025
On 31 December 2025, the members of the Board of Directors and President & CEO owned a total of 2,868,310 Series A shares and 4,276,748 Series B shares, either directly or through companies
under their control. These correspond to 47.0% of all of the shares in the company and 85.9% of all of the votes.
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5. Formulae For Calculating Key Indicators
The new instructions issued by the European
Securities and Markets Authority (ESMA) on
Alternative Performance Measures (APMs)
took effect for the 2016 financial period. In
conjunction with the transition to an income
statement model based on expense types,
Biohit will present APMs to describe the finan-
cial development of its business and improve
comparability between different periods.
APMs should not be considered substitutes
for the key indicators specified in the IFRS
norms for financial statements. The opera-
tional key indicators have been adjusted for
certain measurement items that do not con-
stitute part of ordinary business activities or
that do not affect cash flow during the period
but that affect comparability. The items that
affect comparability and the APMs used by
Biohit Oyj are defined as follows:
Items that affect comparability:
Certain business transactions that do not con-
stitute part of ordinary business activities or
measurement items that do not affect cash
flow but that have a significant effect on the
income statement for the period have been
adjusted for items that affect comparability.
These items arise through non-recurring
transactions such as:
• Asset impairments
• Asset sales or purchases
• Expense entries for benefits in accordance with IFRS 2
In addition, Biohit Oyj presents the following APMs:
EBITDA, EUR = In addition, Biohit Oyj presents the following APMs:
Operative EBITDA (EUR) = Operating profit + depreciation,
impairment - items affecting comparability
Return on equity, %
profit/loss for the financial period
x 100
shareholders’ equity (average for the year)
Return on investments, %
profit before extraordinary items + interest and other financial expenses
x 100
balance sheet total - interest-free liabilities (average for the year)
Equity ratio, %
shareholders’ equity on the balance sheet
x 100
balance sheet total - advances received
Earnings per share (EUR)
profit/loss for the financial period
average number of ex-rights shares during the period
Shareholders’ equity per share (EUR)
shareholders' equity on the balance sheet
number of shares on the balance sheet date
Dividend per share
dividend distributed for the financial period
number of shares on the balance sheet date
Dividend payout ratio, %
dividend per share
x 100
earnings per share
Effective dividend yield, %
dividend per share
x 100
last transaction rate in the financial period
Price-to-earnings ratio (P/E)
last transaction rate in the financial period
earnings per share
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Parent company´s income statement (FAS)
€ 1,000 Note 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024
Revenue
6.2
11,799 10,202
Change in inventories of finished and unfinished -271 226
Other operating income 6.3 519 689
Materials and services 6.4 -2,944 -3,332
Personnel expenses 6.5 -3,244 -3,048
Other operating expenses 6.6 -2,691 -2,182
EBITDA 3,167 2,555
Depreciation, amortisation and impairments 6.7 -205 -67
Operating profit/loss 2,962 2,488
Financial income and expenses 6.9 -11 183
Profit/loss before appropriations and taxes 2,951 2,671
Withholding tax 6.10 -169 -265
Profit/loss for the financial period 2,782 2,407
6. Parent Company´s Financial Statements
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€ 1,000 Note 31 Dec 2025 31 Dec 2024
Assets
Non-current assets
Intangible assets 6.11 710 492
Tangible assets 6.12 327 161
Investments
Shares in Group companies 6.13 0 31
Other investments 6.13 2 2
Total non-current assets
1,039 685
Current assets
Inventories 6.15 553 813
Long-term receivables 6.16, 6.21 8,075 3,338
Short-term receivables 6.16 3,231 2,849
Financial securities 6.17 1,298 2,950
Cash at bank and in hand
6.18
2,552 2,538
Total current assets 15,709 12,488
Total assets 16,748 13,173
€ 1,000 Note 31 Dec 2025 31 Dec 2024
Liabilities and shareholders’ equity
Shareholders' equity
Share capital 6.19 2,350 2,350
Fair value reserve 6.19 -1,897 -1,919
Invested unrestricted equity found 6.19 4,194 4,178
Retained earnings 6.19 6,443 4,036
Profit/loss for the financial period 6.19 2,782 2,407
Total shareholders’ equity 13,873 11,052
Liabilities
Long-term liabilities 6.20 - -
Short-term liabilities
6.22 2,875 2,121
Total liabilities 2,875 2,121
Total liabilities and shareholders’ equity 16,748 13,173
Parent company´s balance sheet (FAS)
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€ 1,000 Note 2025 2024
Cash flow from operating activities:
Profit/loss before appropriations and taxes
2,951 2,671
Adjustments:
Planned depreciation
6.7 205 67
Unrealised exchange rate gains and losses
3 -2
Other income and expenses unconnected to payment
140 -14
Financial income and expenses
6.9 11 -183
Change in working capital:
Increase (-)/decrease (+) in short-term interest-free trade receivables
-4,966 -2,395
Increase (-)/decrease (+) in inventories 259 -127
Increase (+)/decrease (-) in short-term interest-free liabilities 339 -81
Realised exchange rate gains and losses
-54 28
Interest paid and payments on other operating financial expenses
-25 -12
Income and interest received from business activities
329 377
Paid direct taxes
-95 -95
Cash flow from operating activities -902 235
Parent company´s cash flow statement (FAS)
€ 1,000 Note 2025 2024
Cash flow from investments:
Investments in tangible and intangible assets
-589 -393
Investments in other instruments
-106 -1,015
Revenue from disposal of other investments
1,592 1,520
Granted loans
-4 -21
Repayment of loans
8 -
Cash flow from investments 900 92
Cash flow from financing activities:
Warrants
16 68
Cash flow from financing activities 16 68
Increase (+)/decrease (-) in cash and cash equivalents 14 394
Cash and cash equivalents at the beginning of the period 2,538 2,144
Cash and cash equivalents at the end of the period
6.18
2,552 2,538
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Notes to the parent company´s
financial statement
6.1 Accounting principles
When preparing the financial statements in
accordance with good accounting practices,
the company’s senior managers are called
upon to make estimates and assumptions
that affect the content of the financial state-
ments. The outcomes may differ from these
estimates.
The parent company’s financial statements
have been prepared in accordance with the
Finnish Accounting Act.
The financial statements present figures in
thousands of euros based on the original val-
ues of business transactions, with the excep-
tion of financial securities, a component of
current assets, which are measured at fair
value.
Valuation of property, plant
and equipment
Property, plant and equipment are recognised
on the balance sheet at acquisition cost, less
received contributions, planned depreciation
and impairments. Planned depreciation is cal-
culated using a straight-line model based on
the useful life of the asset.
The planned depreciation periods
are as follows:
Intangible rights 3 -10 v
Other long-term expenses 5 - 10 v
Plant and equipment 3 -10 v
Valuation on inventories
Inventories are measured at the lower of cost
and net realisable value. Cost is determined
using the weighted average cost method. The
cost of finished goods and work-in-progress
comprises the cost of raw materials, direct
labour, other direct costs, and an appropriate
proportion of variable and fixed production
overheads based on normal operating capac-
ity. Net realisable value is the estimated sell-
ing price in the ordinary course of business,
less the estimated costs of completion and
the estimated costs necessary to make the
sale.
Valuation of financial securities
Financial securities, which belong to cur-
rent assets, are measured at fair value in
accordance with section 5.2a§ of the Finnish
Accounting Act. The fair value of investments
is determined based on price quotations on
active markets, i.e., the buy quotation on the
closing date of the financial period. Unreal-
ised profits and losses due to changes in the
fair value of money market investments are
recognised in the income statement under
financial income and expenses in accordance
with the Group’s updated accounting policies.
Investments recognised via the fair value
reserve consist solely of the equity investment
in the unlisted shares in Genetic Analysis AS.
Genetic Analysis AS was listed on the Spot-
light Stock Market in Stockholm on 1 October
2021. Despite being traded in Sweden, the
Genetic Analysis AS shares are listed in Nor-
wegian krone. The valuation is consistent with
the accounting principles of the Group.
Research and development expenditure
Research expenses are recognised as annu-
al expenses in the year in which they were
incurred. Development costs are capitalised
on the balance sheet in accordance with
IAS38 when Biohit can demonstrate that the
development of the product is considered to
meet the following criteria: 1) The product is
considered to bring financial benefit beyond
its useful life, 2) The product has already
been developed, and Biohit intends to sell the
product beyond its useful life, 3) The intangi-
ble asset will produce a probable economic
benefit, 4) Biohit has adequate and available
resources to complete the asset, 5) Biohit is
able to determine the costs incurred during
the development phase of the asset. Develop-
ment expenditure that has previously been
recognized as an expense cannot be capital-
ised at a later date. Depreciation is booked
for an asset from the time it is ready for use.
In 2025, the costs related to the five develop-
ment projects have been capitalised.
Principle for revenue recognition
When calculating net sales, indirect sales
taxes and discounts are deducted from sales
revenues. Sales of work performances are
recognised when they are handed over. Roy-
alty income is recognised as revenue when
control is transferred to the customer and
the performance obligation specified in the
agreement has been fulfilled. Royalty income
includes variable consideration, which is rec-
ognised to the extent that, based on manage-
ment’s judgement, it is highly probable that
no significant reversal of cumulative royalties
will occur.
Trade receivables and contract assets
Contract assets presented separately in the
consolidated financial statements are included
within trade receivables in the parent company’s
financial statements.
Maintenance and repairs
Maintenance and repair expenses are rec-
ognised as expenses for the financial period.
Pensions
The company’s statutory pension cover and
any applicable additional benefits is insured
by a pension insurance company. Pension
expenses are recognised on the basis of work
performed by employees during working hours.
Deferred taxes
In accordance with general guidelines issued
by the Accounting Board on 12 September
2006, the amounts of deferred taxes that must
be entered into the balance sheet are pre-
sented in the notes, along with the amounts
of tax liabilities and assets that should not be
entered into the balance sheet because they
are unlikely to be realised.
Items denominated in
foreign currencies
Receivables and liabilities in foreign curren-
cies have been translated into euros at the
exchange rate quoted by the European Central
Bank on the balance sheet date.
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6.2 Revenue by business sector
€ 1,000 2025 2024
Diagnostics 11,799 10,202
Total 11,799 10,202
Revenue by market area
€ 1,000 2025 2024
Finland 248 207
Europe, other 1,623 1,663
North and South America 351 298
Asia 6,886 5,173
Other countries 2,691 2,860
Total 11,799 10,202
6.3 Other operating income
€ 1,000 2025 2024
From Group companies 476 610
Grants 41 78
Other 2 1
Total 519 689
Revenue increased primarily due to higher royalty income and the extension of the agreement agreed with Hefei.
6.4 Materials and services
€ 1,000 2025 2024
Purchases during the financial period 2,956 3,232
Change in inventories -12 100
Total materials and supplies 2,944 3,332
Total materials and services 2,944 3,332
6.5 Personnel expenses and number of personnel
€ 1,000 2025 2024
Salaries 2,977 2,816
Pension expenses 446 452
Other personnel expenses 67 35
Salaries capitalised to non-current assets -246 -256
Total personnel expenses 3,244 3,048
In the financial period, the parent company employed an average of
2025
2024
Office personnel 38 36
Average number of personnel 38 36
Number of personnel at the end of the financial period 37 36
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6.6 Other operating expenses
€ 1,000 2025 2024
Travel expenses and other personnel expenses 362 275
Rents and maintenance expenses 457 406
Sales and marketing expenses 255 228
Other external services 966 918
Change in value of trade receivables 158 14
Other operating expenses 494 341
Total 2,691 2,182
6.7 Depreciation, amortisation and impairments
€ 1,000 2025 2024
Intangible assets 26 13
Plant and equipment 48 54
Impairment losses on non-current assets 130 -
Total 205 67
6.8 Auditors´ fees
€ 1,000 2025 2024
Companies belonging to the PricewaterhouseCoopers chain
Auditors' fees 91 85
Auditors' statements 20 20
Tax service - -
Other services - 10
Total fees paid to the auditor 111 115
6.10 Income taxes
€ 1,000 2025 2024
Withholding tax -510 -265
Change in deferred taxes 341 -
Total -169 -265
The items above operating profit include foreign exchange losses/gains (net) or EUR 15 thousand (EUR 30 thousand)
6.9 Financial income and expenses
€ 1,000 2025 2024
Dividend income
From others - -
Total dividend income - -
Other interest and financial income
From Group companies 4 4
From others 118 633
Other interest and financial income 122 637
Total financial income
122 637
Interest expenses and other financial expenses
To Group companies -42 -155
To others -91 -299
Total financial expenses -133 -454
Total financial income and expenses -111 183
Financial income and expenses include foreign exchange gains/losses (net) -72 0
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6.11 Intangible assets
2025
1 000€
Capitalised
development cost
Development projects
in progress
Intangible
rights Total
Acquisition cost at the beginning of the financial period 98 397 16 511
Transfers from capitalised development projects in progress 144 - - 144
Transfers to capitalised development costs - -144 - -144
Increases - 375 - 375
Acquisition cost at the end of the financial period 242 628 16 886
Accumulated depreciation and impairment in the financial period -16 - -4 -19
Depreciation and impairment in the financial period -153 - -3 -157
Accumulated depreciation at the end of the financial period
-169 0 -7 -176
Book value at the beginning of the financial period 83 397 12 492
Book value at the end of the financial period
73 628 9 710
2024
1 000€
Capitalised
development cost
Development projects
in progress
Intangible
rights Total
Acquisition cost at the beginning of the financial period 98 88 2 189
Increases - 324 14 338
Decreases
- -16 - -16
Acquisition cost at the end of the financial period
98 397 16 511
Accumulated depreciation and impairment in the financial period -6 - -1 -6
Depreciation and impairment in the financial period -10 - -3 -13
Accumulated depreciation at the end of the financial period -16 - -4 -19
Book value at the beginning of the financial period 93 88 1 183
Book value at the end of the financial period
83 397 12 492
As intangible assets have increased, the classification is presented at a more detailed level to provide more informative disclosure to the reader.
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6.13 Investments
Shares 2025
€ 1,000 Group companies Others Total
Book value at the beginning of the financial 31 2 32
Decreases -31 - -31
Book value at the end of the financial period 0 2 2
Shares 2024
€ 1,000 Group companies Others Total
Book value at the beginning of the financial 31 2 32
Book value at the end of the financial period 31 2 32
6.15 Inventories
€ 1,000 2025 2024
Materials and supplies 313 307
Work in progress 6 36
Finished products/goods 235 470
Total inventories 553 813
6.14 Holdings in subsidiaries
Subsidiaries 31 December 2025
Biohit Healthcare Ltd, United Kingdom 100%
Biohit Healthcare S.r.l., Italy* 100%
6.12 Tangible assets
2025
€ 1,000 Plant and equipment Total
Acquisition cost at the beginning of the financial period 1,309 1,309
Increases 215 215
Acquisition cost at the end of the financial period 1,524 1,524
Accumulated depreciation and impairment in the financial -1,149 -1,149
Depreciation in the financial period
-48 -48
Accumulated depreciation at the end of the financial period -1,197 -1,197
Book value at the beginning of the financial period 161 161
Book value at the end of the financial period 327 327
2024
€ 1,000 Plant and equipment Total
Acquisition cost at the beginning of the financial period 1,239 1,239
Increases 70 70
Acquisition cost at the end of the financial period 1,309 1,309
Accumulated depreciation and impairment in the financial -1,094 -1,094
Depreciation in the financial period -54 -54
Accumulated depreciation at the end of the financial period -1,149 -1,149
Book value at the beginning of the financial period
144 144
Book value at the end of the financial period 161 161
*The Italian subsidiary will be liquidated during 2026.
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6.16 Receivables
€ 1,000 2025 2024
Long-term receivables
Receivables from Group companies
Loan receivables - -
Receivables from others
Trade receivables* 7,600 3,200
Loan receivables 134 138
Deferred tax assets 341 -
Total long-term receivables
8,075 3,338
Short-term receivables
Receivables from Group companies
Trade receivables 279 358
Accrued income - 8
Receivables from others
Trade receivables 2,672 2,043
Other receivables 107 115
Accrued income 173 325
Total short-term receivables 3,231 2,849
*Relates to the revenue recognition of Hefei in note 6.23 (Related Party Transactions)
6.17 Financial securities
Assets measured at fair value 2025
€ 1,000 Total Level 1 Level 2
Traded securities and investment to Genetic Analysis AS * 1,298 92 1,206
* Genetic Analysis AS EUR 84 thousand on level 1
Assets measured at fair value 2024
€ 1,000 Total Level 1 Level 2
Traded securities and investment to Genetic Analysis AS * 2,950 67 2,883
* Genetic Analysis AS EUR 62 thousand on level 1
Financial securities consist of fixed-income investments, corporate loans and money market investments.
The hierarchy levels are described in the Group’s note 2.17
6.18 Cash and cash equivalents
€ 1,000 2025 2024
Cash in hand and at bank 2,552 2,538
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Shares and voting rights
Biohit’s shares are divided into Series A and Series B shares. The series from each other in that each Series A share enti-
tles its holder to twenty (20) votes at general meetings, while each Series B share carries one (1) vote. The dividend paid
for Series B shares is, however, two (2) per cent of the nominal value higher than that paid for Series A shares. When this
regulation is applied, the nominal value of the shares is taken to be EUR 0.17, which was the nominal value of the compa-
ny’s shares when it decided to discontinue using nominal values for shares.
6.19 Shareholders´ equity
€ 1,000 2025 2024
Share capital 1 January 2,350 2,350
Share capital 31 December 2,350 2,350
Fair value reserve 1 January -1,919 -1,873
Increases 23 -
Decreases - -46
Fair value reserve 31 December -1,897 -1,919
Invested unrestricted equity fund 1 January 4,178 4,110
Increases 16 68
Invested unrestricted equity fund 31 December 4,194 4,178
Retained earnings 1 January 6,443 4,036
Retained earnings 31 December 6,443 4,036
Reported profit/loss for the financial period 2,782 2,407
Total shareholders' equity 13,873 11,052
Calculation of distributable equity 31 December
€ 1,000 2025 2024
Retained earnings 6,443 4,036
Profit/loss for the financial period 2,782 2,407
Invested unrestricted equity fund 4,194 4,178
Fair value reserve -1,897 -1,919
Capitalised development expenditure -701 -480
Total 10,822 8,222
Parent company’s share
capital structure 2025 shares % of shares % of votes 2024 shares
Series A shares (20 votes per share) 2,975,500 19.6.% 83.0.% 2,975,500
Series B shares (1 vote per share) 12,222,093 80.4.% 17.0.% 12,206,093
Total 15,197,593 100.% 100.% 15,181,593
The company’s share capital is EUR 2,350,350.81. The company does not hold any of its own shares. Based on a resolution
of the AGM held on 16 September 2020, the Board of the company is authorised to decide on the issue of shares and to
issue the special rights referred to in Chapter 10 of the Limited Liability Companies Act so that the maximum number of
new Series B shares to be issued pursuant to the special rights is 3,000,000, which corresponds to approximately 24.9%
of all of the company’s Series B shares. In 2021 and in 2022, the company issued shares options for 760,000 new shares.
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6.20 Long-term liabilities
€ 1,000 2025 2024
Loans from Group companies - -
Loans from financial institutions - -
From others
- -
Total - -
Deferred tax assets
€ 1,000 2025 2024
Deferred tax assets 341 -
Total 341 -
6.21 Deferred tax assets and liabilities
Deferred tax liabilities
There are no deferred tax liabilities.
Deferred tax assets from confirmed losses have been recorded in the balance sheet for
EUR 341 thousand. There is a total of EUR12.3million loss in Finland. (Year 2015-2021:
EUR12.3million)
6.22 Short-term liabilities
€ 1,000 2025 2024
Loans from financial institutions, current proportion - -
Advances received 3 1
Trade payables 944 555
Accruals and deferred income 923 977
Other liabilities 1,005 587
Total short-term liabilities 2,875 2,121
The significant items of accruals and deferred income are salary-related deferred items valued
at EUR 703 thousand (EUR 749 thousand).
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Management remuneration 2025
€ 1,000
Salaries and other
short-term employ-
ment benefits
Post-employment
and termination
benefits
Share-based
remuneration
Parent company
Management teams 685 128 31
President & CEO
321 56 19
Members of the scientific advisory board 145 - -
6.23 Related party transactions
Parties are considered to be related parties if one of the parties is able to exercise control or considerable influence over
the other’s decision-making related to finances and business. The Group’s related parties include the members of the
Board of Directors and the Group Management Team, as well as the President & CEO. In addition the Group’s related par-
ties include Biohit HealthCare (Hefei) Co. Ltd and subsidiaries.
Management remuneration 2024
€ 1,000
Salaries and other
short-term employ-
ment benefits
Post-employment
and termination
benefits
Share-based
remuneration
Parent company
Management teams 795 149 97
President & CEO
305 57 17
Members of the scientific advisory board 131 - -
Share-based remuneration includes expenses recorded for the share-based incentive option programme.
Osmo Suovaniemi has been employed by the company as a member of the scientific advisory board by the Board of Direc-
tors’ decision. The compensation, including fringe benefits, is EUR85 thousand (EUR111 thousand).
In addition, the members of the scientific advisory board are paid an hourly compensation of 85 euros for work outside the
advisory board.
The CEO of the group has been granted a long-term loan of EUR 40 thousand (EUR 40 thousand) and the management
team EUR 94 thousand (EUR 98 thousand). The loan’s interest rate is 12-month Euribor. Interest is paid annually in
arrears. The loan period is five years. The borrower is entitled to pay back the loan early.
Board of Directors’ remuneration 2025 2024
Parent company
Vesa Silaskivi Chairman 28 21
Lea Paloheimo
Member 22 16
Osmo Suovaniemi Member 20 20
Liu Feng Member 22 11
Kalle Härkönen
Member 22 18
Total board remuneration 114 86
Liu Feng is the owner of Biohit HealthCare (Hefei) Co. Ltd, and he exercises control over the company.
On 31 December 2025, the members of the Board of Directors and President & CEO owned a total of 2,868,310 Series A
shares and 4,276,748 Series B shares, either directly or through companies under their control. These correspond to 47.0%
of all of the shares in the company and 85.9% of all of the votes.
Share ownership of the
management and board of directors
Series A shares Series B shares
Number of shares
2025 2024 2025 2024
CEO 0 0 40,000 40,000
Management group 0 0 97,677 111,293
Board of directors 2,868,310 2,868,310 4,236,748 4,236,748
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Sales of goods, services and licenses to related party companies
€ 1,000 2025 2024
Sales of goods
Biohit HealthCare (Hefei) Co. Ltd
1,037 2,066
License sales
Biohit HealthCare (Hefei) Co. Ltd 5,400 2,800
Total 6,437 4,866
Trade receivables and other receivables from related party companies
€ 1,000 2025 2024
Trade receivables
Biohit HealthCare (Hefei) Co. Ltd
8,792 4,200
Total 8,792 4,200
Purchases of goods and services from related party companies
€ 1,000 2025 2024
Purchase of goods
Biohit HealthCare (Hefei) Co. Ltd
847 323
Purchase of services
Biohit HealthCare (Hefei) Co. Ltd 35 3
Total 882 326
Trade payables to related party companies
€ 1,000 2025 2024
Trade payables
Biohit HealthCare (Hefei) Co. Ltd
125 92
Total 125 92
Biohit HealthCare (Hefei) Co. Ltd owns 22.7 percent of Biohit’s shares. Biohit and Biohit HealthCare (Hefei) Co. Ltd have signed a distribution agreement in 2022. Based on the agreement Hefei has pledged to Biohit 1.5 million Biohit series B shares
(EUR 3.3 million) as security for its obligations under the agreement.
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€ 1,000 2025 2024
Debts for which mortgages have been pledged
The company has not pledged any collateral.
Leasing commitments
Payable in the next financial period 71 78
Payable later 104 65
Total 175 143
Rental commitments
Payable in the next financial period 247 192
Payable later 1,238 192
Total 1,485 384
Other contingent liabilities
Guarantees 4 4
Leasing and rental fees mainly consist of fixed-term leasing and rental agreements lasting longer than one year.
Contingent liabilities on behalf of Group companies
The company has no contingent liabilities on behalf of Group companies.
6.24 Pledges, contingent liabilities and other liabilities
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7. Board of Director’s proposal regarding the distribution of profits
Helsinki, 10 February 2026
Vesa Silaskivi
Chairman of the Board of Directors
Auditor’s statement
A statement has been issued on the date specified by the electronic signature.
Helsinki, 11 February 2026
PricewaterhouseCoopers Oy
Firm of auditors
Liu Feng
Member of the Board of Directors
Kalle Härkönen
Member of the Board of Directors
Lea Paloheimo
Member of the Board of Directors
Osmo Suovaniemi
Member of the Board of Directors
Jussi Hahtela
President & CEO
Tiina Puukkoniemi
Authorised Public Accountant
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8. Auditor’s Report
Opinion
In our opinion
•the consolidated financial statements give a
true and fair view of the group’s financial posi-
tion, financial performance and cash flows in
accordance with IFRS Accounting Standards
as adopted by the EU
• the financial statements give a true and fair
view of the parent company’s financial perfor-
mance and financial position in accordance
with the laws and regulations governing the
preparation of financial statements in Finland
and comply with statutory requirements.
Our opinion is consistent with the additional
report to the Board of Directors.
What we have audited
We have audited the financial statements of
Biohit Oyj (business identity code 0703582-0)
for the year ended 31 December 2025. The
financial statements comprise:
•the consolidated balance sheet, state-
ment of comprehensive income, statement
of changes in equity, statement of cash flows
and notes, which include material account-
ing policy information and other explanatory
information
• the parent company’s balance sheet, income
statement, cash flow statement and notes
Report on the Audit of the
Financial Statements
Basis for Opinion
We conducted our audit in accordance with
good auditing practice in Finland. Our respon-
sibilities under good auditing practice are fur-
ther described in the Auditor’s Responsibili-
ties for the Audit of the Financial Statements
section of our report.
We believe that the audit evidence we have
obtained is sufficient and appropriate to pro-
vide a basis for
our opinion.
Independence
We are independent of the parent company
and of the group companies in accordance
with the ethical requirements that are appli-
cable in Finland and are relevant to our
audit, and we have fulfilled our other ethi-
cal responsibilities in accordance with these
requirements.
To the best of our knowledge and belief, the
non-audit services that we have provided to
the parent company and group companies are
in accordance with the applicable law and reg-
ulations in Finland and we have not provided
non-audit services that are prohibited under
Article 5(1) of Regulation (EU) No 537/2014.
The non-audit services that we have provid-
ed are disclosed in note 2.9 to the Financial
Statements.
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Our Audit Approach
Overview
Materiality
Materiality determined for the consolidated financial statements: EUR145 thousand, which is 5% of profit before taxes.
Audit Scope
Scope of the audit: In addition to the parent company, the group audit included one foreign subsidiary
Key Audit matters
Revenue recognition cut-off
Royalty income from license and contract assets recognition criteria (Biohit HealthCare (Hefei) Co. Ltd)
As part of designing our audit, we determined
materiality and assessed the risks of material
misstatement in the financial statements. In
particular, we considered where management
made subjective judgements; for example, in
respect of significant accounting estimates
that involved making assumptions and con-
sidering future events that are inherently
uncertain.
Materiality
The scope of our audit was influenced by our
Materiality
Audit Scope
Key Audit matters
application of materiality. An audit is designed
to obtain reasonable assurance whether the
financial statements are free from material
misstatement. Misstatements may arise due
to fraud or error. They are considered mate-
rial if individually or in aggregate, they could
reasonably be expected to influence the eco-
nomic decisions of users taken on the basis of
the financial statements.
Based on our professional judgement, we
determined certain quantitative thresholds
for materiality, including the overall group
materiality for the consolidated financial
statements as set out in the table below.
These, together with qualitative consider-
ations, helped us to determine the scope of
our audit and the nature, timing and extent
of our audit procedures and to evaluate the
effect of misstatements on the financial state-
ments as a whole.
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Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Overall group materiality EUR145 thousand (previous year EUR150 thousand)
How we determined it 5% of profit before taxes
Rationale for the materiality benchmark applied
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the structure of the group, the accounting processes and controls,
and the industry in which the group operates. Biohit Oyj is a Finnish biotechnology company operating on global markets,
which has foreign subsidiaries in Great Britain and Italy.
We determined the type of work that needed to be performed at group companies. This work was performed by the group
audit team. Audit was performed for the parent company and for Biohit Healthcare Ltd, UK. In addition, we performed audit
procedures on the group level.
By performing the procedures above, we have obtained sufficient and appropriate evidence regarding the financial infor-
mation of the Group as a whole to provide a basis for our opinion on the consolidated financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
As in all of our audits, we also addressed the risk of management override of internal controls, including among other
matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
We chose profit before tax as the benchmark because, in our view, it is the benchmark against which the performance of the
group is most commonly measured by users, and is a generally accepted benchmark. We chose 5% which is within the range
of acceptable quantitative materiality thresholds in auditing standards.
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Biohit in brief CEO´s review Strategy Corporate governance Financial statements
See the accounting policies and notes to the Financial Statements 2.3 Net sales and segment information,
2.26 Financial risk management, 2.27 Related party transactions and parent company note 6.23 Related
party transactions Biohit Oyj’s shareholder, Biohit HealthCare (Hefei) Co. Ltd (“Hefei”), acts as the exclu-
sive distributor of certain Biohit GastroPanel
®
products in China. In February 2022, Biohit and Hefei signed
a multi-year distribution agreement in China for certain GastroPanel
®
products, which has been extended
during 2025.
As presented in notes 2.27 and 6.23 “Related party transactions”, the recognition of royalty income from the
licence to Hefei in the amount of EUR 5.4 million constitutes a significant share of the company’s revenue
(EUR 2.8 million in 2024). This is based on the extended distribution agreement and management’s estimate
of the probabilities and timing of future cash flows (Note 2.3).
According to Note 2.3, Biohit fulfils the performance obligation of the license agreement at one point in time,
How our audit addressed the key audit matter
We gained an understanding of the revenue recognition process; and we performed substantive audit proce-
dures to ensure revenue is recorded in the correctperiod.
Our substantive audit procedures included:
• testing a sample of selected distribution agreements to ensure the correctness of revenue recognition
criteria applied
• testing revenue transaction that occurred close to th year end
• testing certain revenue related balances recognised in the balance sheet
• testing a sample of revenue transactions occurred during the year
• testing the basis for revenue recognition cut-off for selected general ledger journal entries posted in
revenue accounts
• auditing the notes and accounting principles regarding revenue recognition
We obtained understanding of the impact of the distribution agreement to royalty income from license
and related balance sheet items. Our substantive audit procedures included following procedures:
• we read the distribution agreement signed on 8.2.2022 and the extension agreement signed in 2025.
We obtained evidence that Hefei has pledged 1.5 million Biohit B shares to Biohit as security for payment
obligations under the distribution agreement
• we performed an analysis of royalty income recognition in accordance with IFRS 15
• we audited the management’s estimate of royalty income of EUR 5.4 million and verified its accuracy by
reconciling the calculation with the accounting, financial statements and minutes of the Board of
Directors with regard to revenue recognition
Key audit matter in the audit of the group and of the parent company
Revenue recognition cut-off
Refer to the financial statements accounting principles and the financial statements note 2.3 Net sales and seg-
ment information Biohit Oyj (“Biohit”) is a Finnish Biotechnology company operating on global markets. Biohit’s
product portfolio consists of diagnostic tests, analysis systems, products that bind carcinogen acetaldehyde
in monoclonal antibodies and service laboratory operations. The Group’s revenue is predominately generated
from distribution agreements signed with several distributors who then sell the products further to healthcare
operators.
Revenue from distribution agreement based product sales is recognised at a point of time when the control has
transferred to a distributor in accordance with delivery terms.
We determined cut-off of revenue recognition as an audit focus area,as there is a risk that revenue in the
financial statements is recognized in an incorrect period due to either errors or fraud
Royalty income from license and contract assets recognition criteria
(Bakhit HealthCare (Hefei) Co. Ltd)
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Biohit in brief CEO´s review Strategy Corporate governance Financial statements
in which case the sales revenue is recognized in full when control is transferred to the customer. In this
case, the amount of the consideration includes a variable amount of money up to the extent that it is highly
probable that no significant reversal of the amount of accumulated recognized sales revenue will have to be
made when the uncertainty related to the variable consideration is later resolved. Biohit values the variable
amount as expected value, which corresponds to the sum of the probability-weighted amounts. The variable
amount is based on management’s estimate of the annual payments that Biohit is likely to receive. As a
result, most of the revenue related to the agreement has already been recognized by the reporting date,
even though invoicing and cash flows will be realized in accordance with the terms of the agreement during
several future financial years.
As stated in notes 2.27 and 6.23, as part of the agreement, Hefei has pledged 1.5 million Biohit B shares to
Biohit as collateral for its payment obligations under the distribution agreement.
As presented in Note 2.3, the assets based on the licence agreement have increased to EUR 8,4 million
(EUR 4.2 million in 2024). The contract-based assets will be realised as invoicing and cash payments in
accordance with the terms of the agreement in the coming years. Note 2.3 shows that 42% of the projected
cash flows are expected over 5 years, corresponding to approximately EUR 3.5 million.
The company applies a simplified procedure in accordance with IFRS 9 to estimate expected credit losses. Infor-
mation on the deduction of losses, the assumptions used and the sensitivity analysis are presented in Note 2.26
Financial risk management.
The sensitivity analysis shows that expected credit losses can vary significantly. According to management’s
estimates, an expected credit loss of EUR 0.2 million has been recorded in the item.
The recognition of the royalty income from the licence and the fulfilment of the recognition criteria for the
assets based on it requires significant management judgement.
We identified the recognition of royalty income from the licence and the fulfilment of the recognition criteria
for the assets based on it as the focus area of the audit due to their significance and the valuation of the items.
This matter is a significant risk of material misstatement referred to in Article 10(2c) of Regulation (EU)
No 537/2014.
• we audited Hefei’s royalty payments to Biohit in 2025
• we assess the eligibility of royalty revenue and the fulfilment of the conditions for the recognition of con-
tract assets in relation to the probability and timing of cash flows and in relation to pledges and pay-
ments received
• we tested the balance sheet items related to revenue recognition (contract assets in the Group, trade
receivables in the parent company)
• we audited that the receivables related to the recognition of revenue have been correctly presented as
contract assets in the consolidated balance sheet and as trade receivables in the parent company’s
balance sheet
• we audited the company’s calculation of the impairment of the contract asset related to expected
credit losses
• we audited the notes and accounting principles regarding the recognition of royalty income from
the licence
• with regard to the parent company, we assessed the correctness of the accounting treatment of revenue
recognition and trade receivables, as well as the amounts recorded in the financial statements, and their
compliance with the Accounting Act and generally accepted accounting practice
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Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Responsibilities of the Board of
Directors and the Managing Director
for the Financial Statements
The Board of Directors and the Managing
Director are responsible for the preparation
of consolidated financial statements that give
a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU,
and of financial statements that give a true
and fair view in accordance with the laws
and regulations governing the preparation of
financial statements in Finland and comply
with statutory requirements. The Board of
Directors and the Managing Director are also
responsible for such internal control as they
determine is necessary to enable the prepara-
tion of financial statements that are free from
material misstatement, whether due to fraud
or error.
In preparing the financial statements, the
Board of Directors and the Managing Director
are responsible for assessing the parent com-
pany’s and the group’s ability to continue as a
going concern, disclosing, as applicable, mat-
ters relating to going concern and using the
going concern basis of accounting. The finan-
cial statements are prepared using the going
concern basis of accounting unless there is an
intention to liquidate the parent company or
the group or to cease operations, or there is
no realistic alternative but to do so.
Auditor’s Responsibilities for the
Audit of the Financial Statements
Our objectives are to obtain reasonable assur-
ance about whether the financial statements
as a whole are free from material misstate-
ment, whether due to fraud or error, and to
issue an auditor’s report that includes our
opinion. Reasonable assurance is a high lev-
el of assurance, but is not a guarantee that
an audit conducted in accordance with good
auditing practice will always detect a material
misstatement when it exists. Misstatements
can arise from fraud or error and are consid-
ered material if, individually or in the aggre-
gate, they could reasonably be expected to
influence the economic decisions of users taken
on the basis of these financial statements.
As part of an audit in accordance with good
auditing practice, we exercise professional
judgment and maintain professional skepti-
cism throughout the audit.
We also:
• Identify and assess the risks of material mis-
statement of the financial statements, wheth-
er due to fraud or error, design and perform
audit procedures responsive to those risks,
and obtain audit evidence that is sufficient
and appropriate to provide a basis for our
opinion. The risk of not detecting a material
misstatement resulting from fraud is higher
than for one resulting from error, as fraud
may involve collusion, forgery, intentional
omissions, misrepresentations, or the over-
ride of internal control.
• Obtain an understanding of internal con-
trol relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness of
the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of account-
ing policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of the
Board of Directors’ and the Managing Direc-
tor’s use of the going concern basis of
accounting and based on the audit evidence
obtained, whether a material uncertainty
exists related to events or conditions that may
cast significant doubt on the parent compa-
ny’s or the group’s ability to continue as a
going concern. If we conclude that a material
uncertainty exists, we are required to draw
attention in our auditor’s report to the relat-
ed disclosures in the financial statements or,
if such disclosures are inadequate, to modi-
fy our opinion. Our conclusions are based on
the audit evidence obtained up to the date of
our auditor’s report. However, future events
or conditions may cause the parent company
or the group to cease to continue as a going
concern.
• Evaluate the overall presentation, struc-
ture and content of the financial statements,
including the disclosures, and whether the
financial statements represent the underlying
transactions and events so that the financial
statements give a true and fair view.
• Plan and perform the group audit to obtain
sufficient appropriate audit evidence regard-
ing the financial information of the entities
or business units within the group as a basis
for forming an opinion on the group financial
statements. We are responsible for the direc-
tion, supervision and review of the auditwork
performed for purposes of the group audit. We
remain solely responsible for our audit opinion.
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Biohit in brief CEO´s review Strategy Corporate governance Financial statements
Other Reporting Requirements
Appointment
We were first appointed as auditors by the
annual general meeting on 14 April 2014. Our
appointment represents a total period of unin-
terrupted engagement of 12 years.
Other Information
The Board of Directors and the Managing
Director are responsible for the other infor-
mation. The other information comprises the
report of the Board of Directors and the infor-
mation included in the Annual Report but does
not include the financial statements and our
auditor’s report thereon. We have obtained
the report of the Board of Directors prior to
the date of this auditor’s report and the Annu-
al Report is expected to be made available to
us after that date.
Our opinion on the financial statements does
not cover the other information.
In connection with our audit of the financial
statements, our responsibility is to read the
other information identified above and, in
doing so, consider whether the other informa-
tion is materially inconsistent with the finan-
cial statements or our knowledge obtained in
the audit, or otherwise appears to be mate-
rially misstated. With respect to the report
of the Board of Directors, our responsibility
also includes considering whether the report
of the Board of Directors has been prepared
in compliance with the applicable provisions,
excluding the sustainability report informa-
tion on which there are provisions in Chapter
7 of the Accounting Act and in the sustainabil-
ity reporting standards.
In our opinion, the information in the report
of the Board of Directors is consistent with
the information in the financial statements
and the report of the Board of Directors has
been prepared in compliance with the appli-
cable provisions. Our opinion does not cover
the sustainability report information on which
there are provisions in Chapter 7 of the
Accounting Act and in the sustainability
reporting standards.
If, based on the work we have performed on
the other information that we obtained prior
to the date of this auditor’s report, we con-
clude that there is a material misstatement
of this other information, we are required to
report that fact. We have nothing to report in
this regard.
Helsinki 11 February 2026
PricewaterhouseCoopers Oy
Authorised Public Accountants
Tiina Puukkoniemi
Authorised Public Accountant (KHT)
We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit and
significant audit findings, including any sig-
nificant deficiencies in internal control that
we identify during our audit.
We also provide those charged with gover-
nance with a statement that we have complied
with relevant ethical requirements regarding
independence, and communicate with them
all relationships and other matters that may
reasonably be thought to bear on our inde-
pendence, and where applicable, related safe-
guards.
From the matters communicated with those
charged with governance, we determine those
matters that were of most significance in the
audit of the financial statements of the cur-
rent period and are therefore the key audit
matters. We describe these matters in our
auditor’s report unless law or regulation pre-
cludes public disclosure about the matter or
88
BIOHIT Oyj
Annual Report 2025
www.biohithealthcare.com
Biohit Oyj
Laippatie 1
00880 Helsinki, Finland
Tel. +358 9 773 861
info@biohit.fi
PricewaterhouseCoopers Oy, tilintarkastusyhteisö
www.pwc.fi
PL 1015 (Itämerentori 2), 00101 HELSINKI, 020 787 7000
Kotipaikka Helsinki, Y-tunnus 0486406-8
Riippumattoman tilintarkastajan raportti Biohit Oyj:n ESEF-ti-
linpäätöksestä
Biohit Oyj:n hallitukselle
Olemme suorittaneet kohtuullisen varmuuden antavan toimeksiannon, jonka kohteena on Biohit Oyj:n
(Y-tunnus 0703582-0) komission teknisen sääntelystandardin mukaisesti laadittu tilinpäätös
74370089ATTSNBXJVT29-2025-12-31-1-en.zip tilikaudelta 1.1.–31.12.2025.
Hallituksen ja toimitusjohtajan vastuu
Hallitus ja toimitusjohtaja vastaavat yhtiön toimintakertomuksen ja tilinpäätöksen (ESEF-tilinpäätös)
laatimisesta siten, että ne täyttävät komission teknisen sääntelystandardin vaatimukset. Tähän vastuu-
seen kuuluu
• l
aatia ESEF-tilinpäätös XHTML-muodossa komission teknisen sääntelystandardin artiklan 3 mukai-
sesti
• merkitä ESEF-tilinpäätökseen sisältyvän konsernitilinpäätöksen päälaskelmat, liitetiedot ja yhtiön
tu
nnistetiedot iXBRL-merkein komission teknisen sääntelystandardin artiklan 4 mukaisesti sekä
• varmistaa ESEF-tilinpäätöksen ja tilintarkastetun tilinpäätöksen keskinäinen yhdenmukaisuus.
Hallitus ja toimitusjohtaja vastaavat myös sellaisesta sisäisestä valvonnasta, jonka ne katsovat tarpeel-
liseksi voidakseen laatia ESEF-tilinpäätöksen komission teknisen sääntelystandardin vaatimusten mu-
kaisesti.
Tilintarkastajan riippumattomuus ja laadunhallinta
Olemme riippumattomia yhtiöstä niiden Suomessa noudatettavien eettisten vaatimusten mukaisesti,
jotka koskevat suorittamaamme toimeksiantoa ja olemme täyttäneet muut näiden vaatimusten mukaiset
eettiset velvollisuutemme.
Assently: db8a7e7d99028743198ae73e60f62bef144a8057c67b199963536a0f79fdb5d666a53682c61a41f552b3829aeadd93b44e387a345c25f70be0dde696f440c46d
2
Tilintarkastaja soveltaa kansainvälistä laadunhallintastandardia ISQM 1, jonka mukaan tilintarkastusyh-
teisön on suunniteltava, otettava käyttöön ja pidettävä toiminnassa laadunhallintajärjestelmä, mukaan
lukien eettisten vaatimusten, ammatillisten standardien sekä sovellettavien säädöksiin ja määräyksiin
perustuvien vaatimusten noudattamista koskevat toimintaperiaatteet tai menettelytavat.
Tilintarkastajan velvollisuudet
Velvollisuutenamme on arvopaperimarkkinalain 7:8 § mukaisesti varmentaa komission teknisen säänte-
lystandardin mukaisesti laadittu tilinpäätös. Annamme lausunnon siitä, onko ESEF-tilinpäätökseen si-
sältyvä konsernitilinpäätös merkitty olennaisilta osin komission teknisen sääntelystandardin 4 artiklan
vaatimusten mukaisesti.
Velvollisuutenamme on ilmoittaa lausunnossamme, missä laajuudessa varmennus on suoritettu.
Olemme suorittaneet kohtuullisen varmuuden antavan toimeksiannon kansainvälisen varmennustoi-
meksiantostandardin ISAE 3000 (uudistettu) mukaisesti.
Tarkastukseen kuuluu toimenpiteitä evidenssin hankkimiseksi siitä,
• onko ESEF-tilinpäätökseen sisältyvät konsernitilinpäätöksen päälaskelmat olennaisilta osin merkitty
iXBRL-merkein komission teknisen sääntelystandardin 4. artiklan vaatimusten mukaisesti, ja
• onko ESEF-tilinpäätökseen sisältyvät konsernitilinpäätöksen liitetiedot ja yhtiön tunnistetiedot olen-
naisilta osin merkitty iXBRL-merkein komission teknisen sääntelystandardin 4 artiklan vaatimuste
n
mukaisesti, ja
• ovatko ESEF-tilinpäätös ja tilintarkastettu tilinpäätös keskenään yhdenmukaisia
Valittujen tarkastustoimenpiteiden luonne, ajoitus ja laajuus riippuvat tilintarkastajan harkinnasta. Tä-
hän sisältyy sen riskin arvioiminen, onko virheestä tai väärinkäytöksestä johtuvaa olennaista poikkeamaa
komission teknisen sääntelystandardin vaatimuksista.
Käsityksemme mukaan olemme hankkineet lausuntomme perustaksi tarpeellisen määrän tarkoitukseen
soveltuvaa tarkastusevidenssiä.
Lausunto
Arvopaperimarkkinalain 7 luvun 8 §:n mukaisena lausuntona esitämme, että Biohit Oyj:n ESEF-tilinpää-
tökseen 74370089ATTSNBXJVT29-2025-12-31-1-en.zip sisältyvät konsernitilinpäätöksen päälaskelmat
Assently: db8a7e7d99028743198ae73e60f62bef144a8057c67b199963536a0f79fdb5d666a53682c61a41f552b3829aeadd93b44e387a345c25f70be0dde696f440c46d
3
sekä liitetiedot ja yhtiön tunnistetiedot tilikaudelta 1.1.–31.12.2025 on olennaisilta osin merkitty komis-
sion teknisen sääntelystandardin vaatimusten mukaisesti.
Lausuntomme Biohit Oyj:n konsernitilinpäätöksen tilintarkastuksesta tilikaudelta 1.1.–31.12.2025 on an-
nettu tilintarkastuskertomuksellamme päivätty 11.2.2026. Tällä raportilla emme anna konsernitilinpää-
töksen tilintarkastuksesta lausuntoa tai muuta varmennusjohtopäätöstä.
Helsingissä sähköisen allekirjoituksen päivämääränä
PricewaterhouseCoopers Oy
Tilintarkastusyhteisö
Tiina Puukkoniemi
KHT
Assently: db8a7e7d99028743198ae73e60f62bef144a8057c67b199963536a0f79fdb5d666a53682c61a41f552b3829aeadd93b44e387a345c25f70be0dde696f440c46d
The following documents were signed Tuesday, March 17, 2026
Signatures
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Tiina Annika Puukkoniemi, PricewaterhouseCoopers Oy
tiina.puukkoniemi@pwc.com
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