Smallpox and Monkeypox Vaccine, Live, Nonreplicating(Bavarian Nordic A/S)

COPENHAGEN, Denmark, November 14, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today its interim financial results for the first nine months of 2025 and business progress for the third quarter of 2025. Revenue for the first nine months increased by 32% to DKK 4,793 million, reflecting a strong performance in both Travel Health and Public Preparedness. Travel Health revenue increased by 23% to DKK 2,327 million compared to the first nine months of 2024, primarily driven by increased demand for rabies and tick-borne encephalitis (TBE) vaccines, and supported by the gradual launch of the chikungunya vaccine, Vimkunya®.Public Preparedness revenue was DKK 2,334 million, exceeding the expected annual base business (DKK 1,500-2,000 million) within the first nine months of the year. Other revenue was DKK 132 million. Other operating income of DKK 810 million has been recognized (net income) from the sale of the Priority Review Voucher. EBITDA before special items was DKK 1,477 million, corresponding to an EBITDA margin of 31%. The full year financial guidance is further refined and remains within the previously guided revenue and EBITDA intervals. In Travel Health, revenue is maintained at approximately DKK 2,750 million, including approximately DKK 75 million from first-year sales of Vimkunya. For Public Preparedness, revenue is narrowed to reflect the low end of the guidance of approximately DKK 3,100 million, all of which has been secured. Other income is maintained at approximately DKK 150 million. Hence, total revenue of approximately DKK 6,000 million and an EBITDA margin before special items of approximately 26% are expected for the full year. This is lower than the margin of 31% realized during the first nine months due to the uneven allocation of revenue across the quarters and back-end-loaded research and development costs as well as sales and distribution costs. When including the net income of DKK 810 million from the sale of the Priority Review Voucher, the total EBITDA margin is expected to be approximately 40%. DKK millionQ3 2025Q3 20249M 20259M 20242025 GuidanceRevenue1,7951,3634,7933,622~6,000EBITDA margin before special items129%18%31%19%~26% 1 Other operating income of DKK 810 million from the sale of the Priority Review Voucher was recognized in Q3 2025, contributing to an expected total EBITDA margin of approximately 40% for the full year. Paul Chaplin, President & Chief Executive Officer of Bavarian Nordic said: “Our travel health portfolio has showed continued strength, contributing to our best quarter for this business to date. Driven by higher demand and strong performance by our rabies and TBE vaccines in key markets, but also by our recent launch of Vimkunya chikungunya vaccine and the commercial expansion across markets, we delivered 23% growth over the first nine months. We are on track to meet our financial expectations for 2025, which we are now refining to reflect that we now have full clarity of our Public Preparedness business for the remainder of the year. For next year, we have secured additional orders for this business through our recent framework agreement with HERA, demonstrating a continued and sustainable business. Following the withdrawal of the offer from the consortium of Nordic Capital and Permira after not reaching the threshold required for completion, we acknowledge the decision by the shareholders to continue as an independent company in support of our existing strategy, which we remain fully committed to.” Highlights from the third quarter Following the launch of Vimkunya® chikungunya vaccine in the US, Germany and France during the first half of 2025, the global launch has continued throughout the third quarter where the vaccine also became available in the United Kingdom and Denmark in September. Vimkunya has since also been launched in Sweden, Norway and Finland, Italy and Spain during October.Additional regulatory advances for Vimkunya were made during the third quarter. In July, Health Canada accepted for review the application for licensure of the vaccine, potentially supporting approval in the first half of 2026, and an application was also submitted to the Swiss regulatory authority, Swissmedic, potentially supporting approval in mid-2026.In July, Bavarian Nordic entered a contract valued at over DKK 200 million for the supply of smallpox/mpox vaccines to a European country. The sale of the Priority Review Voucher, granted in connection with the US approval of Vimkunya, was completed in July with net proceeds amounting to DKK 810 million. Events after the reporting date In October, positive topline results were reported from a clinical study of the mpox/smallpox vaccine in a pediatric population. The study met its primary endpoint, demonstrating a comparable safety profile and a non-inferior immune response for MVA-BN in children aged 2-11 years compared to adults. The results will support a filing for label extension with the European Medicines Agency in 2026.In October, Bavarian Nordic donated 110,000 doses of the mpox vaccine to Africa CDC to support the response to the ongoing mpox outbreak in Africa. In October, Bavarian Nordic was awarded a new joint procurement contract by the European Commission through the Health Emergency Preparedness and Response Authority (HERA), enabling the EU, its member states and additional European countries to purchase up to 8 million doses of smallpox/mpox vaccine over the next four years. Initially, approximately 1.1 million doses have been committed, of which supply of the first 750,000 doses are expected to occur in 2026. The agreement was formally signed in November, following a statutory 10-day standstill period.After serving nearly 20 years as the Vice President of Investor Relations, Rolf Sass Sørensen has decided to leave Bavarian Nordic to pursue other opportunities. A replacement search will be initiated soon.In November, the takeover offer from the consortium consisting of Nordic Capital and Permira was withdrawn following preliminary results of the offer, which confirmed an acceptance rate of 60%, less than the minimum condition of 66 2/3% required for completion. The offer has irrevocably lapsed, and no shares will be acquired under the offer.In November, Chair of the Board, Luc Debruyne decided to step down from the Board with immediate effect. Vice Chair Anne Louise Eberhard was appointed new Chair of the Board. Conference call and webcastThe management of Bavarian Nordic will host an investor/analyst call today at 2 pm CET (8 am EST) to present the interim results followed by a Q&A session. A listen-only version of the call and presentation slides can be accessed via https://bit.ly/bavaQ32025. To join the Q&A session, please register in advance via https://bit.ly/bavaQ32025reg. Shareholder information meeting in DecemberAs announced following the withdrawal of the takeover offer, Bavarian Nordic is planning an information meeting for its shareholders. The meeting will be held on Thursday, December 11, 2025, in the morning in Copenhagen. The meeting will be streamed live for shareholders not able to attend in person. Further details on time and location will follow soon. Contact investors:Europe: Disa Tuominen, IR Manager, detu@bavarian-nordic.com US: Graham Morrell, Gilmartin Group, graham@gilmartinir.com, Tel: +1 781 686 9600 Contact media:Nicole Seroff, Vice President Corporate Communications, nise@bavarian-nordic.com, Tel: +45 53 88 06 03 Company Announcement no. 44 / 2025 About Bavarian NordicBavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. For more information, visit www.bavarian-nordic.com Forward-looking statements This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law. Attachment Interim Results for the First Nine Months of 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION COPENHAGEN, Denmark, 6 November, 2025 – With reference to company announcements dated 26 August 2025 (no. 24/2025), 29 September 2025 (no. 27/2025), 15 October 2025 (no. 31/2025), and 21 October 2025 (no. 33/2025) regarding the all-cash voluntary board-recommended public takeover offer to acquire all of the issued and outstanding shares (except treasury shares) in Bavarian Nordic A/S ("Bavarian Nordic") by Innosera ApS (the "Offeror"), a company controlled by Nordic Capital Fund XI1 and funds managed and advised by Permira Beteiligungsberatung GmbH (the "Offer"), the Offeror has today announced the preliminary result of the Offer pursuant to section 21(3) of the Danish Executive Order no. 614 of 2 June 2025 on Takeover Offers (the "Danish Takeover Order"). According to the terms and conditions of the Offer, the offer period expired yesterday, 5 November 2025 at 11:59 p.m. (CET). The Offeror has informed Bavarian Nordic that, based on the Offeror's preliminary and non-binding calculation of acceptances, the rate of acceptances under the minimum acceptance condition corresponds to 60% compared to the threshold of 66 2/3%. As the minimum acceptance condition has therefore not been satisfied, the Offeror has informed Bavarian Nordic that it has resolved to withdraw the Offer in accordance with section 5.11 of the offer document. As a result, the Offer has irrevocably lapsed and will not be completed. All acceptances of the Offer are without legal effect. No shares will be acquired under the Offer, and no consideration will be paid to shareholders who have tendered their shares. Luc Debruyne, Chair of the Board of Directors of Bavarian Nordic, said:"60% have accepted the takeover offer from Nordic Capital and Permira. However, this does not meet the acceptance rate threshold of 66.7% and thus the bid will not go through. We acknowledge and respect the decision made by shareholders, which means that Bavarian Nordic will continue as an independent listed company with its current growth strategy. Bavarian Nordic is a profitable and strong company well positioned to continue to grow, and the Board of Directors has the full confidence in the management's continued execution of the strategy, including considerations for ways to accelerate value creation. The Board and management now see an opportunity to re-build a value creating dialog with shareholders and stakeholders of Bavarian Nordic as an independent public company. This includes an invitation to a shareholders’ information meeting to be held early December. Further details will be published soon, but the agenda will include 1) the state of business, 2) recap of the company strategy and financial ambitions and 3) the need to ensure continuity of leadership, while at the same time ensuring a team of board members adapted to set the strategic direction for the company." Contact investors:Europe: Disa Tuominen, IR Manager, detu@bavarian-nordic.com US: Graham Morrell, Gilmartin Group, graham@gilmartinir.com, Tel: +1 781 686 9600 Contact media:Nicole Seroff, Vice President Corporate Communications, nise@bavarian-nordic.com, Tel: +45 53 88 06 03 Company Announcement no. 40 / 2025 Attachments: Innosera ApS announces results of the takeover offer to the shareholders of Bavarian Nordic A/S – minimum acceptance condition not satisfied – the offer is withdrawn and will not be completed About Bavarian NordicBavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. For more information, visit www.bavarian-nordic.com. DISCLAIMERSThis announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell any securities and is neither a tender offer document nor a prospectus for the purposes of EU regulation 2017/1129, and as such does not constitute or form part of an offer or invitation to make a sales offer in any jurisdiction. This announcement is not directed at shareholders of Bavarian Nordic resident in any jurisdiction in which the submission of the Offer, or acceptance thereof, or this announcement would contravene the law of such jurisdiction. Accordingly, neither this announcement nor any other material regarding the Offer may be distributed in any jurisdiction outside of Denmark or United States, if such distribution would require any registration, qualification, or other requirement in respect of any offer to purchase or sell securities or distribute documents or advertisements in respect thereof. Any person acquiring possession of this announcement or any other document referring to the Offer is expected and assumed to obtain on his or her own accord any necessary information on any applicable restrictions and to comply with such restrictions. This announcement does not constitute an offer or invitation to purchase any securities in Bavarian Nordic or a solicitation of an offer to buy any securities, pursuant to the Offer or otherwise. The Offer is made solely by means of the offer document (as amended by the supplements) approved by the Danish Financial Supervisory Authority, which contains the full terms and conditions of the Offer, including details of how the Offer may be accepted. Shareholders in Bavarian Nordic are advised to read the offer document (as amended by the supplements) and the related documents as they contain important information. The Offer is subject to the laws of Denmark. The offer document (as amended by the supplements), the board statements and this announcement have been drawn up in the Danish and English languages. In the event of any discrepancy between the two language versions of the offer document, the supplements, and the board statements, the Danish language version will prevail. The Offer relates to the securities of a Danish company and is subject to the disclosure requirements applicable under Danish law, which may be different in material aspects from those applicable in the United States. For shareholders residing or precedent in the United States, please see notice below. Forward looking statementsThis announcement may contain, in addition to historical information, forward-looking statements related to the proposed tender offer. When used in this announcement, the words “aims,” “anticipates,” “assumes,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “should,” “will,” “would” and similar expressions as they relate to the Offeror and Bavarian Nordic or the Offer identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Such statements are based on the Offeror’s and management’s current expectations and are subject to a number of uncertainties and risks, which could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements included in this announcement are based on information available to Bavarian Nordic as of the date of this announcement, and except to the extent Bavarian Nordic may be required to update such information under any applicable securities laws, Bavarian Nordic assumes no obligation to update such forward-looking statements. Restricted jurisdictionsThe Offer is not made, and the Bavarian Nordic shares will not be accepted by the Offeror for purchase from or on behalf of persons, in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction. Persons obtaining this announcement and/or into whose possession this announcement comes are required to take due note and observe all such restrictions and obtain any necessary authorizations, approvals or consents. Neither Bavarian Nordic nor any of its advisors accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who intends to forward this announcement to any jurisdiction outside Denmark should inform themselves of the laws of the relevant jurisdiction, before taking any action. The distribution of this announcement in jurisdictions other than Denmark may be restricted by law, and, therefore, persons who come into possession of this announcement should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws and regulations of any such jurisdiction. Notice to shareholders in the United StatesThe Offer is subject to the laws of Denmark. The Offer relates to the securities of a Danish company and is subject to the disclosure requirements applicable under Danish law, which may be different in material respects from those applicable in the United States. The Offer is being made in the United States in compliance with Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), and otherwise in accordance with the requirements of Danish law. The Offer is not subject to Section 14(d)(1) of, or Regulation 14D promulgated under, the Exchange Act. The Offer is subject to disclosure and procedural requirements that may be different from those applicable to U.S. domestic tender offers, including with respect to withdrawal rights, the Offer timetable, notices of extensions, announcements of results, settlement procedures (including as regards to the time when payment of the consideration is rendered), and waivers of conditions. In addition, any financial information included in the offer documents may not have been prepared in accordance with generally accepted accounting principles in the United States and thus may not be comparable to financial information relating to U.S. companies. Shareholders whose place of residence, seat, or habitual residence is in the United States (“U.S. Shareholders”) are encouraged to consult with their own advisors regarding the Offer. The Offer is being made to U.S. Shareholders on the same terms and conditions as those made to all other shareholders to whom the Offer is made. Any information documents, including the offer to purchase, are disseminated to U.S. Shareholders on a basis reasonably comparable to the method that such documents are provided to other shareholders. It may be difficult for U.S. Shareholders to enforce certain rights and claims they may have arising in connection with the Offer under U.S. securities laws, since the Offeror and Bavarian Nordic are located in non-U.S. jurisdictions, and some or all of their respective officers and directors are residents of non-U.S. jurisdictions. U.S. Shareholders may not be able to sue the Offeror or Bavarian Nordic and/or their respective officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may not be possible to compel the Offeror or their respective affiliates, as applicable, to subject themselves to the judgment of a U.S. court. The receipt of cash pursuant to the Offer by a U.S. Shareholder may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other, tax laws. Each U.S. Shareholder is urged to consult its independent professional advisor immediately regarding the tax consequences to such U.S. Shareholder of accepting the Offer. In accordance with customary Danish practice and to the extent permitted by applicable law, including Rule 14e-5(b) of the Exchange Act, the Offeror or any affiliates or nominees or brokers of the foregoing (acting as agents or in a similar capacity), may from time to time make certain purchases of, or arrangements to purchase, shares (or any securities that are convertible into, exchangeable for or exercisable for such shares) outside of the U.S., other than pursuant to the Offer, before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. If, prior to completion of the Offer, the Offeror or any affiliates or any nominee or broker of the foregoing acquires Shares at a higher price than the offer price, the Offeror will increase the offer price correspondingly as required by applicable law. In addition, affiliates of the financial advisors to the Offeror may also engage in ordinary course trading activities in securities of Bavarian Nordic, which may include purchases or arrangements to purchase such securities as long as such purchases or arrangements are in compliance with applicable law and regulation. Any information about such purchases will be announced through Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law or regulation. Neither the U.S. Securities and Exchange Commission nor any securities commission or other regulatory authority in any state of the United States has approved or declined to approve the Offer or any offer documents, passed upon the fairness or merits of the Offer, or provided an opinion as to the accuracy or completeness of this announcement or any other documents regarding the Offer. Any declaration to the contrary constitutes a criminal offense in the United States. This announcement is not intended for distribution in any jurisdiction where such distribution would violate applicable law or regulation. The Offer is being made only through the official offer documents and only to such persons and in such jurisdictions as permitted under applicable law. No recommendation is made as to whether holders of securities should tender their securities in connection with the Offer. Holders of securities should consult their own financial, legal, and tax advisors before making any decision regarding the Offer. 1 “Nordic Capital Fund XI” refers to Nordic Capital Epsilon SCA, SICAV-RAIF (acting through its general partner Nordic Capital Epsilon GP SARL) for and on behalf of its compartment Nordic Capital Epsilon SCA, SICAV-RAIF - Compartment 2. “Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”. Attachments Company Announcement no. 40 / 2025 Innosera ApS announces results of the takeover offer to the shareholders of Bavarian Nordic A/S – minimum acceptance condition not satisfied – the offer is withdrawn and will not be completed