Interim report
Page 1
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 1 H1 2026 Interim report for the six-month period ending June 30, 2026 Bavarian Nordic A/S , Philip Heymans Allé 3, DK-2900 Hellerup, Denmark Company Registration No. 16271187
Page 2
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 2 Key highlights Financial highlights → Revenue in the second quarter (Q2) increased by 23% to DKK 2,034 million. → Travel Health revenue increased by 45% (56% when adjusting for discontinued partnerships) to DKK 1,022 million, primarily driven by continued strong RabAvert/Rabipur sales (DKK 649 million, +55%), as well as strong Encepur sales (DKK 268 million, +58%) and the continued launch of Vimkunya (DKK 37 million, +415%). → Public Preparedness revenue increased by 6% to DKK 975 million driven by a stronger-than-expected contract base in 2026, while also reflecting the normal quarterly phasing of revenue from this business. → EBITDA in the second quarter (Q2) was DKK 925 million, corresponding to an EBITDA margin of 45% . Gross margin reached 61% driven by an advantageous product mix and strong manufacturing performance. First half (H1) total revenue was DKK 3,092 million, an increase of 3%, reflecting the strong growth in Travel Health, offset by lower Public Preparedness revenue in line with expectations (no material impact from mpox outbreaks expected in 2026). EBITDA in the first half was DKK 1,090 million, corresponding to an EBITDA margin of 35%. Business highlights → Additional regulatory approvals were obtained for the Vimkunya chikungunya vaccine in Switzerland and Canada, and Bavarian Nordic’s partner, Eurofarma, submitted a marketing authorization application to the Brazilian Health Regulatory Agency (Anvisa) for the vaccine. → Vimkunya was launched in the Netherlands, Belgium and Switzerland, and is now available in the US and 14 European countries. Additional launches are planned for the second half of 2026. → Regulatory advancements were also made for the mpox and smallpox vaccine as the European Commission in August approved the use of MVA-BN for children 2 to less than 12 years of age following a positive recommendation from the Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency in June. → The Public Preparedness business was strengthened as the US Government exercised additional options valued at USD 97 million under the existing contract to supply a freeze-dried formulation of JYNNEOS ® smallpox vaccine. Furthermore, another contract valued over DKK 700 million with an undisclosed government was received for delivery in 2026 and 2027. A record half-year for Travel Health “We delivered a strong first half of 2026, with record Travel Health revenue, continued robust profitability and solid execution across our manufacturing network. Demand for our rabies vaccines remained exceptionally strong across key markets, while our chikungunya vaccine continued to gain traction in Europe following multiple launches during the period. In Public Preparedness, additional government contracts for our mpox/smallpox vaccine strengthened our revenue base and enhanced visibility beyond 2026, while further regulatory progress broadened the potential use of the vaccine across wider populations. Based on our first-half performance, operational momentum and the business secured for the remainder of the year, we remain confident in delivering our upgraded financial guidance for 2026.” Paul Chaplin, President and CEO. Upgraded full-year guidance → The Company has upgraded its full-year guidance for 2026 and now expects revenue of approximately DKK 5,700 million, corresponding to the upper end of the previous guidance range (DKK 5,500 – 5,700 million). The EBITDA margin is now expected to reach approximately 30% (previously approximately 28%). Share buy-back → The planned share buy-back program of DKK 500 million was completed in July. The Company will initiate another share buy-back program in 2026 of up to DKK 750 million, reflecting the strength of the Company’s balance sheet and cash generation while preserving the ability to pursue value-accretive acquisition opportunities. Q2 conference call The management of Bavarian Nordic will host an investor/analyst call today, August 21, 2026 at 2 pm CEST (8 am EDT) to present the interim results followed by a Q&A session. → Click here for details
Page 3
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 3 Performance snapshot Revenue Revenue (Q2) Revenue (H1) 2,034 mDKK s23% 3,092 mDKK s3% EBITDA margin EBITDA margin (Q2) EBITDA margin (H1) 45% 35% Travel Health Revenue (Q2) Revenue (H1) 1,022 mDKK s45% 1,742 mDKK s26% Travel Health, revenue by quarter DKK million Revenue from discontinued partnerships is excluded in the graph. Public Preparedness Revenue (Q2) Revenue (H1) 975 mDKK s6% 1,269 mDKK t18% Public Preparedness, revenue by quarter DKK million Contents → Key figures and ratios 4 → Performance 5 → Product revenue overview 6 → Financial review 7 → Outlook 9 → Product and pipeline update 10 → Shareholder information 11 → Financial statements 12 0 500 1,000 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 0 500 1,000 1,500 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2
Page 4
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 4 Key figures and ratios DKK thousands Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Income statements Revenue 2,034,403 1,651,503 3,092,248 2,998,093 6,243,956 Production costs 803,149 737,881 1,386,794 1,403,827 3,195,343 Sales and distribution costs 176,147 114,153 321,370 236,487 716,546 Research and development costs 163,428 293,257 338,564 465,369 780,303 Administrative costs 142,907 135,248 303,756 262,560 558,053 Other operating income, net - - - - 810,088 Income before interest and taxes (EBIT) 748,772 370,964 741,764 629,850 1,803,799 Financial items, net 10,857 2,387 41,183 (26,951) (2,844) Income before company tax 759,629 373,351 782,947 602,899 1,800,955 Net profit for the period 731,643 362,569 748,596 581,328 1,375,378 Balance sheet Total non-current assets 8,032,776 8,390,869 8,217,229 Securities, cash and cash equivalents 2,357,585 1,663,093 3,333,502 Other current assets 4,332,401 3,852,535 3,403,806 Total assets 14,722,762 13,906,497 14,954,537 Equity 13,217,319 12,049,400 12,870,078 Non-current liabilities 481,309 208,352 486,935 Current liabilities 1,024,134 1,648,745 1,597,524 Cash flow statements Cash flow from operating activities (400,718) 882,977 2,721,903 Cash flow from investment activities (73,764) (1,081,697) (2,484,867) Cash flow from financing activities (463,694) (172,815) (114,358) DKK thousands Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Financial ratios 1 Gross margin 60.5% 55.3% 55.2% 53.2% 48.8% EBITDA 924,552 541,775 1,090,003 961,323 2,541,925 EBITDA margin 45.4% 32.8% 35.2% 32.1% 40.7% EBITDA excl. other operating income, net 924,552 541,775 1,090,003 961,323 1,731,837 Earnings (basic) per share 9.1 7.4 17.6 Net asset value per share 166.81 152.8 162.4 Share price at period-end 183 169 190 Share price/Net asset value per share 1.1 1.1 1.2 Number of shares, period-end,‘000 79,237 78,855 79,237 Equity share 90% 87% 86% Return on invested capital (ROIC) 2 18.2% 13.3% 18.2% 13.3% 16.9% Number of employees (FTE), period-end 1,906 1,667 1,795 Reconciliation of EBITDA Income before interest and taxes (EBIT) 748,772 370,964 741,764 629,850 1,803,799 Amortization 96,849 96,884 193,696 183,009 392,200 Depreciation + amortization of developed product processes 78,931 73,927 154,543 148,464 345,926 EBITDA 924,552 541,775 1,090,003 961,323 2,541,925 1 Earnings per share (EPS) is calculated in accordance with IAS 33 "Earning per share". Other financial ratios have been calculated in accordance with the guidelines from the Danish Society of Financial Analysts. 2 Return on invested capital (ROIC) is calculated as Earnings Before Interest and Tax (EBIT) divided by average invested capital.
Page 5
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 5 Performance Travel Health Rabipur/RabAvert Rabipur/RabAvert revenue grew by 40% in the first half, driven by a combination of continued market growth and strong brand performance. The overall US market grew by 20% in the first half versus the prior year. RabAvert market share was 78%, 1pp lower than the prior year level. The overall German market grew by 22% in the first half versus the prior year, reflecting underlying solid demand. Rabipur market share was 96%, 1pp lower than the prior year level. Revenue from other European markets contributed with a 51% revenue growth versus prior year for the first half and 91% for the second quarter in isolation. Encepur Encepur revenue increased by 17% in the first half compared to the prior year, following a strong performance in the second quarter after the first quarter that was somewhat impacted by supply constraints that drove wholesaler stock levels down. The overall German market grew by 3% in the first half versus the prior year and Encepur market share was 31%, 1pp higher than the prior year level. During the second quarter, regulatory authorities in several countries approved an extension of Encepur shelf-life to 24 months, leading to a partial reversal of write-down provisions in the first half as further explained under Production costs . Vimkunya Vimkunya revenue was DKK 78 million in the first half, driven by strong performance in Germany, while uptake in the US has been slower as the CDC’s ACIP recommendation, issued in April 2025, has not been published in the Morbidity and Mortality Weekly Report (MMWR) combined with a conservative interpretation of the recommendation. This is regarded as a temporary challenge in the US market, and the long-term market opportunity remains intact. During the first half, Vimkunya was launched in the Netherlands, Belgium and Switzerland, and is now available in the US and 14 European countries. Vivotif Vivotif revenue in the first half grew by 19% compared to the prior year. The US market for typhoid vaccines increased by 3% in the first half and the Vivotif market share was 18%, 2pp below the prior year level. Revenue for the period was positively impacted by improved gross-to-net deductions following reduced return rates. Vaxchora Vaxchora revenue decreased by 30% in the first half, reflecting the niche and order-driven nature of the cholera market. Rabipur/RabAvert, revenue by quarter DKK million Encepur, revenue by quarter DKK million Vimkunya, revenue by quarter DKK million Vivotif/Vaxchora, revenue by quarter DKK million 359 419 646 393 441 649 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 205 169 143 82 171 268 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 5 7 30 42 41 37 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 59 58 48 72 62 66 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2
Page 6
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 6 Public Preparedness JYNNEOS/IMVANEX/IMVAMUNE Revenue from JYNNEOS/IMVANEX/IMVAMUNE was DKK 1,269 million in the first half, a decrease of 18% compared to prior year. This is in line with expectations, as 2026 revenue is not expected to be materially impacted by mpox outbreaks. For 2026, revenue of approximately DKK 2,500 million is expected from this business, of which DKK 2,300 million has been secured to-date. This is an improvement over the original expectations (DKK 1,800 – 2,000 million) resulting from additional contracts awarded during the year, including the US Government’s exercise of additional options under the contract for freeze- dried JYNNEOS valued at USD 97 million to be delivered over 2026 and 2027. Additionally, approximately DKK 800 million has been secured in revenue for delivery in 2027. See Outlook for 2026 for additional information. Other revenue Other revenue increased by 22% in the first half. The revenue mainly stems from ongoing contracts with the US government, including the contract to develop an MVA-BN-based vaccine against equine encephalitis viruses. Product revenue overview DKK million Q2 2026 Q2 2025 Growth H1 2026 H1 2025 Growth Travel Health Rabipur/RabAvert 649 419 55% s 1,090 778 40% s Encepur 268 169 58% s 439 374 17% s Vimkunya 37 7 415% s 78 13 522% s Vivotif 58 46 26% s 113 96 19% s Vaxchora 8 12 -32% t 15 21 -30% t Third-party products 1 2 52 -96% t 7 105 -93% t 1,022 705 45% s 1,742 1,386 26% s Public Preparedness JYNNEOS/IMVANEX/IMVAMUNE 975 917 6% s 1,269 1,546 -18% t 975 917 6% s 1,269 1,546 -18% t Other revenue 37 29 27% s 81 66 22% s Total 2,034 1,652 23% s 3,092 2,998 3% s 1 Third-party revenue in 2025 included revenue from marketing and distribution agreements with Valneva and Dynavax. The agreement with Valneva expired by year-end 2025 and the agreement with Dynavax expired by end of April 2026. Our products Travel Health Rabipur/RabAvert is indicated for both pre- and post-exposure vaccination against rabies. The vaccine is market-leading in Western markets. Encepur is a vaccine against tick-borne- encephalitis (TBE), a virus prevalent in Central, Eastern and Northern Europe. Vimkunya is a chikungunya vaccine approved in the US, Canada, the EU, Switzerland and the UK for persons aged 12 years and older. Vivotif is an oral vaccine for immunization against typhoid fever, a potentially life-threatening disease, commonly found in Southeast Asia, Africa, the Caribbean, and Central and South America. Vaxchora is an oral vaccine for immunization against cholera, a potentially life-threatening disease, regularly found in South and Southeast Asia and Africa. Public Preparedness JYNNEOS/IMVANEX/IMVAMUNE is a vaccine against both mpox and smallpox. The vaccine is primarily sold to governments and organizations but has also been launched in the private market in the US and Germany.
Page 7
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 7 Financial review Financial statements for the period January 1 – June 30, 2026 are un-audited. Comparison figures for the same period 2025 are stated in brackets. Revenue Revenue for the period was DKK 3,092 million (DKK 2,998 million). Revenue was composed of DKK 1,742 million (DKK 1,386 million) from the Travel Health business, DKK 1,269 million (DKK 1,546 million) from the Public Preparedness business, and DKK 81 million (DKK 66 million) from contract work. The growth in Travel Health was driven by strong Rabipur/RabAvert sales of DKK 1,090 million (DKK 778 million). In the first six months of 2025, revenue included DKK 105 million from discontinued partner agreements. Revenue reported for the three months ended June 30, 2026, amounted to DKK 2,034 million (DKK 1,652 million). Production costs Production costs totaled DKK 1,387 million (DKK 1,404 million). Costs related directly to revenue amounted to DKK 960 million (DKK 950 million), of which cost of goods sold totaled DKK 905 million (DKK 903 million). Contract costs totaled DKK 55 million (DKK 47 million). Amortization of product rights was recognized as part of the cost of goods sold with a total of DKK 194 million (DKK 183 million). Amortization of product rights relates to Rabipur/RabAvert and Encepur, DKK 142 million (DKK 142 million), and Vivotif, Vaxchora and Vimkunya DKK 51 million (DKK 40 million). Other production costs totaled DKK 233 million (DKK 271 million). Other production costs were positively impacted by good production performance with low scrap rates and a partial reversal of write- down provisions, DKK 29 million, made in 2025 for short Encepur shelf-life. The reversal follows the regulatory approval in May 2026 of a shelf-life extension to 24 months. During the second quarter of 2026, a scrap provision of DKK 46 million for a GSK rabies batch was expensed. In the second quarter of 2026, production costs were DKK 803 million (DKK 738 million). Gross margin for the first half ended at 55%, supported by a strong second quarter, reaching 61%. The high second quarter gross margin was driven by an advantageous product mix and strong manufacturing performance leading to a high level of cost absorption, while also reflecting the first year with full impact from the completed tech transfer for Rabipur/RabAvert. Sales and distribution costs Sales and distribution costs totaled DKK 321 million (DKK 236 million), split between costs for distribution of products of DKK 35 million (DKK 50 million) and costs for running the commercial organization and activities of DKK 286 million (DKK 186 million). The increase in running costs is related to the launch of Vimkunya in more countries and organizational expansion into new markets. Research and development costs Research and development costs totaled DKK 339 million (DKK 465 million) with the main drivers being the Vimkunya post-marketing studies and the comparability study related to the cell line project for MVA-BN. Administrative costs Administrative costs totaled DKK 304 million (DKK 263 million). An accrued amount related to the severance agreement with the CEO is included. EBIT/EBITDA Income before interest and tax (EBIT) amounted to DKK 742 million (DKK 630 million). EBITDA was DKK 1,090 million (DKK 961 million). Amortization of product rights amounted to DKK 194 million (DKK 183 million) whereas depreciation on other fixed assets amounted to DKK 155 million (DKK 148 million). The increase in amortization follows the launch of the Vimkunya vaccine in March 2025. Financial items Financial items totaled a net income of DKK 41 million (net expense of DKK 27 million) and consisted of interest income of DKK 10 million (DKK 13 million), financial net income from securities of DKK 17 million (net income of DKK 4 million), and net foreign exchange rate gain of DKK 23 million (net loss of DKK 14 million) due to an increase in the USD exchange rate during first half of 2026. This is partly offset by interest
Page 8
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 8 expense on debt of DKK 5 million (DKK 3 million) and financial expenses DKK 3 million (DKK 3 million) related to the revolving credit facility. See note 6 and 7. Income before company tax was a gain of DKK 783 million (gain of DKK 603 million). Tax Tax on income was DKK 34 million (DKK 22 million). The effective tax rate was 4.4% (3.6%) for the Group. Tax for the first half year is primarily related to accrual of 50% of expected corporate income tax for 2026 in the parent company (DKK 22 million) and taxes in the German and Swiss subsidiaries. Net profit For the first six months of 2026, Bavarian Nordic reported a net profit of DKK 749 million (net profit of DKK 581 million). Securities, cash and cash equivalents Securities, cash and cash equivalents were DKK 2,358 million as of June 30, 2026 compared to DKK 3,334 million as of December 31, 2025. During the first six months of 2026, DKK 447 million was spent on the share buy-back program, which was completed in July. The final milestone payment to GSK was paid in first quarter (EUR 70 million). Cash flow Cash flow generated by operating activities was negative by DKK 401 million (positive by DKK 883 million) as positive net profit for the period was more than offset by an increase in net working capital. Cash flow from changes in working capital was negative by DKK 1,577 million (negative DKK 162 million), primarily following a very high receivable position as of June 30, 2026 and the payment of the last milestone payment to GSK of EUR 70 million. The high level of receivables was explained by significant Public Preparedness revenue invoiced late in the second quarter and by the strong growth in the Travel Health business. The outstanding milestone payment was recognized as a trade payable as of December 31, 2025. Cash flow from investment activities was negative by DKK 74 million (negative by DKK 1,082 million) and consisted mainly of investment in IT projects, developed production processes and tangible assets. In the first half of 2025, DKK 1,105 million was recognized as investment in products rights. Last operational milestone and the completion milestone to GSK were obtained (EUR 100 million) and the last milestone to Emergent BioSolutions (USD 50 million) became payable following the regulatory approval of Vimkunya. Cash flow from financing activities was negative by DKK 464 million (DKK 173 million negative), following the share buy-back program. The net cash flow for the first six months of 2026 was negative by DKK 938 million (negative by DKK 372 million) with main drivers being payment of the completion milestone to GSK (EUR 70 million) and the share buy-back program (DKK 447 million). Equity The Group’s equity as of June 30, 2026, stood at DKK 13,217 million (DKK 12,870 million as of December 31, 2025). Significant risks and uncertainties Bavarian Nordic faces a number of risks and uncertainties, common for the biotech/pharma industry. These relate to operations, research and development, manufacturing, commercial and financial activities. For further information about risks and uncertainties which Bavarian Nordic faces, refer to page 31-33 “Risk Management” in the 2025 Annual Report →.
Page 9
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 9 Outlook for 2026 Full-year guidance upgraded The financial guidance for 2026 has been upgraded reflecting continued strength in the Public Preparedness business. Total revenue is now expected at approximately DKK 5,700 million, corresponding to the upper end of the previous guidance range (DKK 5,500 – 5,700 million). The upgraded guidance comprises revenue of DKK 3,000 million from Travel Health, approximately DKK 2,500 million (previously DKK 2,300 – 2,500 million) from Public Preparedness and approximately DKK 200 million from other revenue sources. Revenue expectations for Vimkunya have been revised to DKK 200 million (previously 250 million), following lower than originally expected revenue from the US market which is explained by the lacking publication of the ACIP recommendation in the MMWR. The overall revenue expectations for the Travel Health business however remain unchanged, supported by continued strong performance across the core portfolio. The upgraded revenue in Public Preparedness reflects additional contract awards secured during the year with approximately DKK 2,300 million now secured for 2026. As a result of the favorable revenue mix and strong manufacturing performance, the expected EBITDA margin is increased to approximately 30% (previously approximately 28%). All other assumptions underlying the 2026 financial guidance remain unchanged. 2026 revenue and EBITDA margin expectations DKK million Current 21 August 2026 Updated 11 May 2026 Original 12 February 2026 Revenue ~5,700 5,500 – 5,700 5,000 – 5,200 Public Preparedness ~2,500 2,300 – 2,500 1,800 – 2,000 Travel Health ~3,000 ~3,000 ~3,000 Other revenue 200 200 200 EBITDA margin ~30% ~28% ~25% The full-year guidance was upgraded on August 21, 2026. Assumptions The Travel Health revenue guidance includes DKK 200 million from the sale of Vimkunya (previously DKK 250 million). The normal seasonality of the Travel Health business and the timing of revenue recognition of orders from Public Preparedness will cause variability in revenue and EBITDA throughout the year. R&D cost is expected to reach DKK 750 million for 2026 and will prioritize life -cycle management of the commercial portfolio, including required additional studies for the chikungunya vaccine, as well as continued advancement of the early-stage pipeline assets (EBV and Lyme). CAPEX is expected at approximately DKK 250 million whereas inventory levels are anticipated to be relatively unchanged. Approximately DKK 100 million related to process improvement initiatives will be capitalized. The outlook is based on currency exchange rates of DKK 6.30 per 1 USD and DKK 7.45 per 1 EUR. For additional key assumptions, see the 2025 Annual Report →.
Page 10
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 10 Product and pipeline update Travel Health Vimkunya ® Chikungunya vaccine. Regulatory approvals and launch status Territory Approved Launched US Feb 2025 Mar 2025 EU Feb 2025 May 2025 UK May 2025 Sep 2025 Switzerland Apr 2026 Jun 2026 Canada Jun 2026 - Vimkunya has been launched in the US, Germany, Switzerland, France, UK, Denmark, Sweden, Norway, Finland, Italy, Spain, Portugal, Austria, Belgium and the Netherlands. New approvals in 2026 Vimkunya was approved by Swissmedic in April 2026 and was launched in Switzerland in June. In June, Health Canada approved the vaccine. Regulatory process initiated in Brazil Bavarian Nordic’s partner, Eurofarma, has submitted a marketing authorization application to the Brazilian Health Regulatory Agency (Anvisa) for the chikungunya vaccine. Through the agreement entered with Eurofarma in January 2026, Eurofarma has exclusive rights to sell and distribute the vaccine in Brazil and was also granted the right of first refusal for any future opportunity to register and commercialize the chikungunya vaccine in the rest of Latin America. Ongoing clinical development The long-term immunogenicity of Vimkunya is currently being evaluated in a follow-up study (NCT06007183 →) in healthy adults and adolescents enrolled in two previous phase 3 studies ( NCT05072080 → and NCT05349617 →). The study will evaluate both the safety and long-term immunogenicity of a single dose of Vimkunya in up to 5 years after vaccination and antibody responses after a booster vaccination administered 3, 4, or 5 years post-initial vaccination. A pediatric study ( NCT07003984 →) is ongoing to evaluate the safety and immunogenicity of the vaccine in 720 children 2 to 11 years of age for two years. Additionally, in agreement with competent regulatory agencies, an efficacy study (NCT07467707 →) with more than 6,000 individuals is planned in a future outbreak area. Public Preparedness JYNNEOS ®/IMVANEX ®/IMVAMUNE ® (MVA-BN ®) Mpox and smallpox vaccine In June, the Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency recommended approval of MVA-BN for children aged 2 to less than 12 years. The recommendation, supported by results from a phase 2 clinical study ( NCT06549530 →), was referred to the European Commission for final approval, which was granted in August 2026. Ongoing clinical development A phase 2b study ( NCT07199569 →) comparing the safety, immunogenicity and reactogenicity of MVA- BN manufactured using different processes was initiated in 2025. The study is part of the Company’s efforts to scale manufacturing capacity to meet future demand by introducing a proprietary cell line, designed to significantly increase manufacturing efficiency compared to the current egg-based production Other ongoing studies of MVA-BN, all co-funded by CEPI, include two studies in the DRC, both led by the University of Antwerp and the University of Kinshasa: The first study ( NCT06844487 →) is evaluating the safety and immunogenicity of MVA- BN in 344 infants aged 4-24 months and the second study ( NCT06844500 →) is evaluating the safety and immunogenicity of MVA-BN in 359 women (pregnant or breastfeeding). A third clinical study ( NCT05745987 →) in the DRC, Uganda and Nigeria, led by McMaster University in Canada, is evaluating post-exposure vaccination with MVA- BN in more than 3,000 participants including children over 2 years of age. Other pipeline updates EBV An IND for the Epstein-Barr Virus (EBV) vaccine is expected to be filed in 2026, which, if successful, could enable initiation of a phase 1 clinical trial later this year. Lyme disease A novel Lyme vaccine candidate has been developed, and preclinical studies have confirmed the vaccine’s ability to induce a strong and durable immune response against Lyme disease. Activities to support clinical development, including clinical trial manufacturing, will continue in 2027 and the phase 1 study is now anticipated to start in 2028, pending successful IND filing. Equine encephalitis The equine encephalitis vaccine program, funded by the US Department of Defense (DOD), is currently in phase 2 clinical development and progressing according to plan.
Page 11
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 11 Shareholder information Share capital By June 30, 2026, Bavarian Nordic’s share capital was DKK 792,367,280, comprising 79,236,728 shares of a nominal value of DKK 10 each. There were no changes in the share capital during the first half of 2026. There were 4,707,912 outstanding warrants, which entitle the holders to subscribe for 4,707,912 new shares. Thus, the fully diluted share capital amounted to DKK 839,446,400 by June 30, 2026, comprising 83,944,640 shares. Share buy-back program As planned, a share buy-back program of DKK 500 million has been completed. A total of 2,636,028 shares were repurchased under the program, which was executed in three tranches, starting in January and ending in July. The shares will be held as treasury stock for the purpose of adjusting the capital structure. By June 30, 2026, the Company held 3,276,224 treasury shares, corresponding to 4.13 % of the Company’s share capital. As of the reporting date, August 21, 2026, the Company held 3,558,591 shares, corresponding to 4.49% of the Company’s share capital. Financial calendar 2026 and 2027 The dates for the annual and quarterly reports and the annual general meeting in 2027 have been determined as follows: Nine-month report (Q3) November 13, 2026 Annual Report 2026 March 11, 2027 Annual General Meeting April 13, 2027 1 First quarter report (Q1) May 14, 2027 Half-year report (H1) August 25, 2027 Nine-month report (Q3) November 10, 2027 1 Pursuant to Article 12 of the Articles of Association, shareholders who wish to submit a request for proposals for consideration at the annual general meeting must lodge this with the Company no later than Monday, March 1, 2027. Silent periods During a period of four weeks before the planned release of its full year or interim financial reports, Bavarian Nordic does not comment on matters related to the Group's general financial performance or expectations. For additional shareholder information, visit our investor relations website → Share price development, H1 Indexed 85 95 105 115 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 OMX Copenhagen C25 STOXX Europe 600 Healthcare NASDAQ BIOTECH Bavarian Nordic
Page 12
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 12 Consolidated Condensed Financial Statements Statements Notes Income statement 13 Statement of comprehensive income 13 Cash flow statement 14 Balance sheet 15 Equity statement 15 Note 1 Material accounting policies 19 Note 2 Key accounting estimates, assumptions and uncertainties 19 Note 3 Revenue 19 Note 4 Production costs 20 Note 5 Research and development costs 20 Note 6 Financial income 20 Note 7 Financial expenses 20 Note 8 Inventories 21 Note 9 Trade receivables 21 Note 10 Other receivables 21 Note 11 Other liabilities 21 Note 12 Financial instruments 22 Note 13 Warrants 23 Note 14 Significant changes in contingent liabilities and other contractual obligations 24 Note 15 Significant events after the balance sheet date 24 Note 16 Approval of the unaudited condensed consolidated interim financial statements 24
Page 13
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 13 Consolidated Income Statement DKK thousand Note Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Revenue 3 2,034,403 1,651,503 3,092,248 2,998,093 6,243,956 Production costs 4 803,149 737,881 1,386,794 1,403,827 3,195,343 Gross profit 1,231,254 913,622 1,705,454 1,594,266 3,048,613 Sales and distribution costs 176,147 114,153 321,370 236,487 716,546 Research and development costs 5 163,428 293,257 338,564 465,369 780,303 Administrative costs 142,907 135,248 303,756 262,560 558,053 Total operating costs 482,482 542,658 963,690 964,416 2,054,902 Other operating income - - - - 1,032,896 Other operating expenses - - - - 222,808 Other operating income, net - - - - 810,088 Income before interest and tax (EBIT) 748,772 370,964 741,764 629,850 1,803,799 Financial income 6 16,538 7,415 50,385 18,298 51,043 Financial expenses 7 5,681 5,028 9,202 45,249 53,887 Income before company tax 759,629 373,351 782,947 602,899 1,800,955 Tax on income for the period 27,986 10,782 34,351 21,571 425,577 Net profit for the period 731,643 362,569 748,596 581,328 1,375,378 Earnings per share (EPS) - DKK Basic earnings per share of DKK 10 8.9 3.3 9.1 7.3 17.6 Diluted earnings per share of DKK 10 8.9 3.3 9.1 7.3 17.6 Consolidated Statement of Comprehensive Income DKK thousand Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Net profit for the period 731,643 362,569 748,596 581,328 1,375,378 Other comprehensive income Remeasurements of defined benefit plans - - - - 36,105 Income tax - - - - (6,191) Items that will not be reclassified to the income statement - - - - 29,914 Recycled to financial items - - - - 29,203 Change in fair value of financial instruments entered into to hedge future cash flows (655) 12,686 13,274 2,727 10,260 Exchange rate adjustments on translating foreign operations (8,630) 98,103 (30,370) 158,518 5,893 Items that will be reclassified to the income statement (9,285) 110,789 (17,096) 161,245 45,356 Tax on other comprehensive income 1,877 - 6,675 - (2,124) Other comprehensive income after tax (7,408) 110,789 (10,421) 161,245 73,146 Total comprehensive income 724,235 473,358 738,175 742,573 1,448,524
Page 14
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 14 Consolidated Statement of Cash Flow DKK thousand H1 2026 H1 2025 FY 2025 Net profit for the period 748,596 581,328 1,375,378 Adjustment for non-cash items: Financial income (50,385) (18,298) (51,043) Financial expenses 9,202 45,249 53,887 Tax on income for the period 34,351 21,571 425,577 Depreciation, amortization and impairment losses 348,239 331,473 738,126 Share-based payment 55,954 48,387 84,486 Changes in inventories (167,382) (318,675) (186,610) Changes in receivables (774,608) 206,008 104,679 Changes in provisions 872 837 (707) Changes in current liabilities (636,139) (50,137) 220,156 Cash flow from operations (operating activities) (431,300) 847,743 2,763,929 Received financial income 135,939 61,601 86,392 Paid financial expenses (102,065) (5,514) (16,695) Paid company taxes (3,292) (20,853) (111,723) Cash flow from operating activities (400,718) 882,977 2,721,903 DKK thousand H1 2026 H1 2025 FY 2025 Investments in product rights - (1,104,536) (1,105,244) Investments in other intangible assets (56,314) (6,719) (48,763) Investments in property, plant and equipment (53,612) (59,453) (205,288) Change in financial assets - (18,103) (51,174) Investments in securities (59,923) (300,519) (1,796,300) Disposal of securities 96,085 407,633 721,902 Cash flow from investment activities (73,764) (1,081,697) (2,484,867) Payment on loans (1,075) (1,037) (2,090) Repayment of lease liabilities (15,730) (21,657) (40,813) Proceeds from warrant programs exercised - - 78,666 Purchase of treasury shares (446,889) (150,121) (150,121) Cash flow from financing activities (463,694) (172,815) (114,358) Cash flow of the period (938,176) (371,535) 122,678 Cash as of 1 January 1,714,498 1,623,490 1,623,490 Currency adjustments 1 January 362 (31,304) (31,670) Cash end of period 776,684 1,220,651 1,714,498
Page 15
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 15 Consolidated Statement of Financial Position Assets DKK thousand Note H1 2026 H1 2025 FY 2025 Assets Product rights 5,376,844 5,754,865 5,570,541 Developed production processes 321,912 334,247 306,133 Software 26,201 23,283 24,211 Intangible assets in progress 70,517 16,999 58,765 Intangible assets 5,795,474 6,129,394 5,959,650 Land and buildings 882,527 922,467 906,043 Leasehold improvements 9,927 15,017 12,850 Plant and machinery 320,052 381,883 348,678 Fixtures and fittings, other plant and equipment 562,527 589,567 570,330 Assets under construction 263,241 190,778 232,837 Property, plant and equipment 2,038,274 2,099,712 2,070,738 Right-of-use assets 104,205 98,153 98,423 Other receivables 16,113 14,161 15,150 Prepayments 78,710 49,449 73,268 Financial assets 94,823 63,610 88,418 Total non-current assets 8,032,776 8,390,869 8,217,229 DKK thousand Note H1 2026 H1 2025 FY 2025 Inventories 8 2,681,301 2,645,984 2,513,919 Trade receivables 9 1,514,090 904,221 780,298 Tax receivables 13,406 1,316 13,901 Other receivables 10 40,606 172,624 61,436 Prepayments 82,998 128,390 34,252 Receivables 1,651,100 1,206,551 889,887 Securities 1,580,901 442,442 1,619,004 Cash and cash equivalents 776,684 1,220,651 1,714,498 Securities, cash and cash equivalents 2,357,585 1,663,093 3,333,502 Total current assets 6,689,986 5,515,628 6,737,308 Total assets 14,722,762 13,906,497 14,954,537
Page 16
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 16 Consolidated Statement of Financial Position Equity and liabilities DKK thousand Note H1 2026 H1 2025 FY 2025 Equity and liabilities Share capital 792,367 788,548 792,367 Treasury shares (32,763) (9,669) (9,669) Retained earnings 12,151,916 10,884,604 11,817,397 Other reserves 305,799 385,917 269,983 Equity 13,217,319 12,049,400 12,870,078 Debt to credit institutions 9,807 12,018 10,890 Retirement benefit obligations 83,838 114,424 82,966 Deferred tax liabilities 312,063 - 318,617 Lease liabilities 75,601 81,910 74,462 Non-current liabilities 481,309 208,352 486,935 DKK thousand Note H1 2026 H1 2025 FY 2025 Debt to credit institutions 2,155 2,074 2,147 Lease liabilities 43,776 40,050 43,371 Prepayment from customers 2,516 10,128 9,949 Trade payables 331,671 1,103,359 967,744 Company tax 35,093 - 11,078 Other liabilities 11 608,923 493,134 563,235 Current liabilities 1,024,134 1,648,745 1,597,524 Total liabilities 1,505,443 1,857,097 2,084,459 Total equity and liabilities 14,722,762 13,906,497 14,954,537
Page 17
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 17 Consolidated Statement of Changes in Equity DKK thousand Share capital Treasury shares Retained earnings Reserves for currency adjustment Reserves for fair value of financial instruments Share-based payment Equity Equity as of January 1, 2026 792,367 (9,669) 11,817,397 7,898 8,136 253,949 12,870,078 Comprehensive income for the period Net profit - - 748,596 - - - 748,596 Other comprehensive income Exchange rate adjustments on translating foreign operations - - - 13,274 - - 13,274 Change in fair value of financial instruments entered into to hedge future cash flows - - - - (23,695) - (23,695) Total comprehensive income for the period - - 748,596 13,274 (23,695) - 738,175 Transactions with owners Share-based payment - - - - - 55,955 55,955 Purchase of treasury shares - (23,537) (423,352) - - - (446,889) Transfer regarding restricted stock units - 443 9,275 - - (9,718) - Total transactions with owners - (23,094) (414,077) - - 46,237 (390,934) Equity as of June 30, 2026 792,367 (32,763) 12,151,916 21,172 (15,559) 300,186 13,217,319
Page 18
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 18 Consolidated Statement of Changes in Equity DKK thousand Share capital Treasury shares Retained earnings Reserves for currency adjustment Reserves for fair value of financial instruments Share-based payment Equity Equity as of January 1, 2025 788,548 (2,843) 10,434,197 2,005 (29,203) 215,857 11,408,561 Comprehensive income for the period Net profit - - 581,328 - - - 581,328 Other comprehensive income Exchange rate adjustments on translating foreign operations - - - 2,727 - - 2,727 Change in fair value of financial instruments entered into to hedge future cash flows - - - - 158,518 - 158,518 Total comprehensive income for the period - - 581,328 2,727 158,518 - 742,573 Transactions with owners Share-based payment - - - - - 48,387 48,387 Purchase of treasury shares - (7,603) (142,518) - - - (150,121) Transfer regarding restricted stock units - 777 11,597 - - (12,374) - Total transactions with owners - (6,826) (130,921) - - 36,013 (101,734) Equity as of June 30, 2025 788,548 (9,669) 10,884,604 4,732 129,315 251,870 12,049,400
Page 19
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 19 Notes Note 1 Material accounting policies The interim financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by EU and the additional Danish requirements for submission of interim reports for companies listed on Nasdaq Copenhagen. The interim report has not been audited or reviewed by the Company’s auditors. The interim financial statements are presented in Danish Kroner (DKK), which is considered the primary currency of the Group’s activities and the functional currency of the parent company. The accounting policies used in the interim financial statements are consistent with those used in the consolidated financial statements for 2025 and in accordance with the recognition and measurement policies in the International Financial Reporting Standards (IFRS) as adopted by EU. As of March 31, 2026, the Company has implemented all new or amended accounting standards and interpretations as adopted by the EU and applicable for the 2025 financial year. None of the new or amended standards or interpretations are assessed to have significant impact on the consolidated financial statements. Note 2 Key accounting estimates, assumptions and uncertainties In the preparation of the interim financial statements according to IAS 34, Interim Financial Reporting, as adopted by the EU, Management is required to make certain estimates as many financial statement items cannot be reliably measured but must be estimated. Such estimates comprise judgments made on the basis of the most recent information available at the reporting date. It may be necessary to change previous estimates as a result of changes to the assumptions on which the estimates were based or due to supplementary information, additional experience or subsequent events. Similarly, the value of assets and liabilities often depends on future events that are somewhat uncertain. In that connection, it is necessary to set out e.g. a course of events that reflects Management’s assessment of the most probable course of events. Further to the key accounting estimates, assumptions and uncertainties, which are stated in the Annual Report 2025, the Management has not changed key estimates and judgments regarding recognition and measurement. Note 3 Revenue DKK thousand Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Travel health Rabipur/RabAvert 648,752 418,863 1,089,647 778,069 1,816,707 Encepur 267,967 169,238 439,006 373,711 598,071 Vimkunya 37,112 7,213 78,428 12,599 84,565 Vivotif 57,937 45,889 113,378 95,538 198,361 Vaxchora 8,290 12,105 14,743 21,146 37,880 Other product sale 1,845 52,055 7,234 104,574 227,883 1,021,903 705,363 1,742,436 1,385,637 2,963,467 Public preparedness JYNNEOS/IMVANEX/IMVAMUNE 975,399 916,884 1,269,052 1,546,065 3,104,974 Sale of goods 1,997,302 1,622,247 3,011,488 2,931,702 6,068,441 Contract work 37,101 29,256 80,760 66,391 175,515 Sale of services 37,101 29,256 80,760 66,391 175,515 Revenue 2,034,403 1,651,503 3,092,248 2,998,093 6,243,956 Total revenue includes: Fair value adjustment concerning financial instruments entered into to hedge revenue 3,691 (1,981) 2,893 (5,811) 5,486
Page 20
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 20 Note 4 Production costs DKK thousand Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Cost of goods sold 522,240 502,493 905,182 902,620 1,869,858 Contract costs 26,969 21,156 54,909 47,143 125,562 Other production costs 157,091 117,384 233,007 271,091 823,255 Amortization product rights 96,849 96,848 193,696 182,973 376,668 Production costs 803,149 737,881 1,386,794 1,403,827 3,195,343 Note 5 Research and development costs DKK thousand Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Research and development costs occurred in the period 190,397 314,413 393,473 512,512 905,865 Of which: Contract costs recognized as production costs (26,969) (21,156) (54,909) (47,143) (125,562) Research and development costs 163,428 293,257 338,564 465,369 780,303 Note 6 Financial income DKK thousand Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Financial income from bank and deposit contracts 1 3,934 5,110 10,075 12,802 36,874 Financial income from securities 9,125 2,305 17,843 5,496 14,169 Net foreign exchange gains 3,479 - 22,467 - - Financial income 16,538 7,415 50,385 18,298 51,043 1 Interest income on financial assets measured at amortized cost Note 7 Financial expenses DKK thousand Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Interest expenses on debt 1 3,564 1,570 4,975 2,628 6,181 Fair value adjustments on securities 379 (1,088) 783 1,982 6,932 Unwinding of the discounting effect related to deferred consideration - - - 5,001 5,001 Adjustment of deferred consideration due to change in estimated timing of payments - 7,282 - 16,453 16,453 Currency adjustment deferred consideration - (181) - 1,617 2,324 Net loss on derivative financial instruments at fair value through the income statement - - - - 6,958 Financial expenses, other 1,738 1,725 3,444 3,469 - Net foreign exchange losses - (4,280) - 14,099 10,038 Financial expenses 5,681 5,028 9,202 45,249 53,887 1 Interest expenses on financial liabilities measured at amortized cost
Page 21
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 21 Note 8 Inventories DKK thousand H1 2026 H1 2025 FY 2025 Raw materials and supply materials 356,200 262,662 262,296 Work in progress 2,109,896 1,750,319 1,990,711 Manufactured goods and commodities 515,662 1,006,250 638,269 Write-down on inventory (300,457) (373,247) (377,357) Inventories 2,681,301 2,645,984 2,513,919 Write-down on inventory 1 January (377,357) (255,928) (255,928) Write-down during the period (78,869) (184,073) (325,037) Use of write-down 80,892 66,754 203,608 Reversal of write-down 74,877 - - Write-down end of period (300,457) (373,247) (377,357) Note 9 Trade receivables DKK thousand H1 2026 H1 2025 FY 2025 Trade receivables from public preparedness business 669,116 344,034 233,351 Trade receivables from travel health business 844,400 559,362 545,701 Trade receivables from contract work 574 825 1,246 Trade receivables 1,514,090 904,221 780,298 Note 10 Other receivables DKK thousand H1 2026 H1 2025 FY 2025 Receivable VAT and duties 30,880 40,527 40,525 Derivative financial instruments at fair value 574 129,315 10,260 Interest receivables 9,028 2,357 8,600 Other receivables 124 425 2,051 Other receivables 40,606 172,624 61,436 Note 11 Other liabilities DKK thousand H1 2026 H1 2025 FY 2025 Financial instruments at fair value 20,683 - - Payable salaries, holiday accrual etc. 248,771 209,924 279,119 Gross to net deduction accrual 279,750 228,968 246,164 Other accrued costs 59,719 54,242 37,952 Other liabilities 608,923 493,134 563,235
Page 22
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 22 Note 12 Financial instruments Fair value hierarchy for financial instruments measured at fair value As of June 30, 2026 As of December 31, 2025 DKK thousand Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Securities 1,580,901 - 1,580,901 1,619,004 - 1,619,004 Financial assets measured at fair value through the income statement 1,580,901 - 1,580,901 1,619,004 - 1,619,004 Derivative financial instruments to hedge future cash flow (currency) - (20,683) (20,683) - 9,658 9,658 Derivative financial instruments to hedge future cash flow (interest) - 574 574 - 602 602 Financial assets/liabilities used as hedging instruments - (20,109) (20,109) - 10,260 10,260
Page 23
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 23 Note 13 Warrants Outstanding warrants as of June 30, 2026 Outstanding as of January 1 Additions Warrants exercised Annulled Terminated Transferred Outstanding as of June 30 Corporate Management 428,277 - - - - - 428,277 Other Executive Management 238,909 - - - - - 238,909 Other employees 3,488,899 - - (37,852) - (1,118) 3,449,929 Resigned employees 589,679 - - - - 1,118 590,797 Total 4,745,764 - - (37,852) - - 4,707,912 Weighted average exercise price 235 - - 140 - - 235 Weighted average share price at exercise Numbers of warrants which can be exercised as of June 30, 2026 1,451,039 at a weighted average exercise price of DKK 294 The total recognized cost of the warrant programs was DKK 34 million in the first six months of 2026 (DKK 31 million). Specification of parameters for Black-Scholes model Nov 2021 Apr 2022 Dec 2022 3 Dec 2023 3 Dec 2024 3 Dec 2025 Average share price, DKK 307.20 171.35 224.70 172.40 198.90 188.00 Average exercise price at grant, DKK 353.06 190.11 270.91 191.58 223.33 216.50 Average exercise price at grant - Executive Management, DKK - - 224.70 172.40 198.90 - Applied volatility rate 2 41.8% 42.3% 46.6% 53.3% 57.7% 57.1% Expected life (years) 3.0 3.0 3.0 3.0 3.0 3.0 Expected dividend per share - - - - - - Risk-free interest rate p.a. -0.53% 0.39% 2.04% 2.55% 1.65% 2.00% Fair value at grant 1 76 47 64 62 75 70 Fair value at grant - Executive Management 1 78 68 82 1 Fair value of each warrant applying the Black-Scholes model 2 The applied volatility is based on the historical volatility of the Bavarian Nordic share, except for November 2021 and April 2022 programs where the volatility is based on the volatility for a peer group. 3 The December 2022, December 2023 and December 2024 programs have two sets of exercise conditions. Executive Management can subscribe future shares at an exercise price of DKK 224.70, DKK 172.40 or DKK 198.90 respectively per share equivalent to the market price of Bavarian Nordic's shares at the time of grant. Vesting of the warrants is subject to prior fulfilment of KPI's as determined by the Board of Directors. Other employees can subscribe future shares at an exercise price of DKK 270.91, DKK 191.58 or DKK 223.33 respectively per share, determined as the average market price (closing price) of the Company's shares on Nasdaq Copenhagen over a period of 15 business days prior to grant plus 15%.
Page 24
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 24 Note 14 Significant changes in contingent liabilities and other contractual obligations No significant changes in contingent liabilities and other contractual obligations have occurred since December 31, 2025. Note 15 Significant events after the balance sheet date On July 13, 2026, Bavarian Nordic announced the completion of the third and final tranche of the planned share buy-back program for 2026.The third tranche of DKK 150 million was initiated in June 2026, and, combined with the first two tranches, shares of a total aggregate amount of approximately DKK 500 million have now been repurchased. On July 13, 2026, Bavarian Nordic announced that its partner, Eurofarma, had submitted a marketing authorization application to the Brazilian Health Regulatory Agency (Anvisa) for Bavarian Nordic’s chikungunya vaccine, CHIKV VLP , for the prevention of disease caused by chikungunya virus in individuals 12 years of age and older. On August 7, 2026, Bavarian Nordic announced that the European Commission had adopted the recent Committee for Medicinal Products for Human Use (CHMP) positive opinion recommending the approval of a type II variation for IMVANEX ® (MVA-BN) smallpox and mpox vaccine, extending the current marketing authorization to include children 2 to less than 12 years of age. On August 21, 2026, Bavarian Nordic announced an upgrade of its financial guidance for the full year 2026. On August 21, 2026, Bavarian Nordic announced its plans to launch a new share buy-back program of up to DKK 750 million to be initiated during the third quarter of 2026. Note 16 Approval of the unaudited condensed consolidated interim financial statements The unaudited condensed consolidated interim financial statements were approved by the Board of Directors and Corporate Management and authorized for issue on August 21, 2026.
Page 25
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 25 Management’s Statement The Board of Directors and Corporate Management have today reviewed and approved the Bavarian Nordic A/S interim report for the period January 1 to June 30, 2026. The interim report has been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies, including those of Nasdaq Copenhagen. In our opinion, the interim report gives a true and fair view of the group’s assets and liabilities and financial position as of June 30, 2026, and the results of the group’s activities and cash flows for the period January 1 to June 30, 2026. In our opinion, the management’s review provides a true and fair description of the development in the group’s activities and financial affairs, the results for the period and the group’s financial position as a whole as well as a description of the most important risks and uncertainty factors faced by the group. Copenhagen, August 21, 2026 Corporate Management Paul Chaplin Henrik Juuel President & CEO Executive Vice President & CFO Board of Directors Anne Louise Eberhard Heidi Hunter Svend Andersen Chair of the Board Deputy Chair Johan van Hoof Hans Martin Smith Frank Verwiel Charl van Zyl Anja Gjøl Mette Schwartzlose Sylwia Sokolowska Christina Teichert Employee-elected Employee-elected Employee-elected Employee-elected
Page 26
Management’s review Financial statements Notes Bavarian Nordic · H1 Report 2026 26 Bavarian Nordic A/S Philip Heymans Alle 3 DK-2900 Hellerup Denmark CVR no: 16 27 11 87 Phone +45 33 26 83 83 Website: www.bavarian-nordic.com E-mail: info@bavarian-nordic.com Trademarks Encepur ®, IMVAMUNE ®, IMVANEX ®, JYNNEOS ®, MVA-BN ®, RabAvert ®, Rabipur ®, Typhoral ®, Vivotif ®, Vaxchora ® and Vimkunya ® are registered trademarks owned by Bavarian Nordic. Forward-looking statement This interim report contains forward-looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with product discovery and development, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. For a further discussion of these risks, please refer to the section “Risk Management” in the 2025 Annual Report. Bavarian Nordic does not undertake any obligation to update or revise forward-looking statements in this interim report nor to confirm such statements in relation to actual results, unless required by law. About us Bavarian Nordic is a leading global provider of travel vaccines and a preferred partner with governments and international organizations on delivering vaccines for improving public preparedness, such as mpox/smallpox vaccines. The company employs more than 1,900 people across its research and development facilities in Germany and the USA, manufacturing sites in Denmark and Switzerland and with a global commercial organization present in strategic markets across Europe and the USA. Bavarian Nordic is listed on the Nasdaq Copenhagen exchange under the ticker symbol BAVA.