Bavarian Nordic (BAVA) investor relations material

Executive summary

• H1 2026 revenue reached DKK 3,092 million, with Q2 revenue at DKK 2,034 million, driven by strong Travel Health and Public Preparedness performance.

• EBITDA margin was 45% in Q2 and 35% for H1, reflecting robust profitability and favorable product mix.

• Travel Health grew 26% in H1 and 45% in Q2, led by rabies and TBE vaccines, and supported by the Vimkunya launch.

• Public Preparedness exceeded expectations, securing DKK 2.3 billion in contracts YTD, with major orders from U.S. and EU governments.

• Share buy-back of DKK 500 million completed; new program of up to DKK 750 million initiated for H2 2026.

Financial highlights

• Q2 revenue: DKK 2,034 million (+23% YoY); H1 revenue: DKK 3,092 million (+3% YoY).

• Q2 gross margin: 61%; H1 gross margin: 55%.

• Q2 EBITDA: DKK 925 million (45% margin); H1 EBITDA: DKK 1,090 million (35% margin).

• Net profit for H1: DKK 749 million, up from DKK 581 million in H1 2025.

• Cash position at DKK 2.3 billion at period end; free cash flow for H1: -474 million DKK.

Outlook and guidance

• Full-year 2026 revenue guidance upgraded to DKK 5,700 million, with EBITDA margin expected at 30%.

• Public Preparedness revenue guidance increased to DKK 2,500 million; Travel Health at DKK 3,000 million.

• Vimkunya sales guidance revised down to DKK 200 million due to slower US uptake.

• R&D costs for 2026 projected at DKK 750 million, focusing on pipeline advancement.

• Seasonality and timing of revenue recognition expected to cause variability in results.