Bavarian Nordic (BAVA) investor relations material

Executive summary

• FY 2025 revenue reached DKK 6.2 billion, up 9% year-over-year, driven by strong travel health growth and the successful launch of the chikungunya vaccine.

• Travel health grew 30% year-over-year, led by rabies and TBE vaccines, and the launch of the chikungunya vaccine.

• Public preparedness revenue reached DKK 3.1 billion, exceeding normal base business by over DKK 1 billion due to outbreak-driven demand.

• Sold a priority review voucher for DKK 810 million, boosting full-year EBITDA margin to 41% if included.

• CEO announced intention to step down after 27 years, with new distribution and manufacturing agreements for the chikungunya vaccine in Brazil and India.

Financial highlights

• Full-year revenue: DKK 6.2 billion, up 9% year-over-year.

• Gross margin: 49% for 2025, impacted by Q4 provision on Encepur due to shelf life issues.

• EBITDA: DKK 2.5 billion (including voucher sale); DKK 1.7 billion excluding voucher.

• SG&A: DKK 1.275 billion, increased due to product launches and sales force expansion.

• Cash and equivalents: DKK 3.3 billion at year-end, DKK 2.8 billion after Q1 milestone payment.

Outlook and guidance

• 2026 revenue guidance: DKK 5–5.2 billion, with an EBITDA margin of 25%.

• Travel health expected to deliver DKK 3 billion, public preparedness DKK 1.8–2 billion; DKK 1.4 billion already secured.

• Travel health guidance reflects 10–14% underlying growth after partner business exits.

• R&D costs capped at DKK 750 million; CAPEX planned at DKK 250 million.

• Public preparedness guidance does not include potential spike business from outbreaks.