Bavarian Nordic A/s · OMXCOP:BAVA
Bavarian Nordic A/s — Bavarian Nordic A S — Q2 2026 Earnings Presentation
19 slides from Bavarian Nordic A/s's earnings presentation, Aug 21, 2026
Slide 1: Q2 2026 Results
Bavarian Nordic Q2 2026 Results Conference Call August 21, 2026
Slide 2: Forward-looking statements
Forward-looking statements This presentation 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-lo
Slide 3: Agenda
Agenda • Key highlights • Travel Health Paul Chaplin CEO • Public Preparedness • Pipeline • Commercial performance • Financials Henrik Juuel CFO • Outlook 2026 • Q&A 3
Slide 4: Paul Chaplin, CEO
Paul Chaplin, CEO 4
Slide 5: First half driven by strong commercial performance
First half driven by strong Key highlights H1 2026 commercial performance Travel Health growth of 26% in H1, mainly driven by rabies and TBE, supported by continued chikungunya launch Revenue EBITDA margin Vimkunya approvals and launches further expanded 3,092 mDKK 35% during H1; approvals received
Slide 6: Continued strong momentum in Travel Health
Continued strong momentum in Travel Health, Q2/H1 2026 revenue Travel Health +45% +26% 1,742 1,386 1,022 Rabies TBE 705 mDKK • Continued strong growth in Q2 driven by • Strong performance in Q2 after Q1 that was strong brand performance and market impacted by supply constraints driving Q2 2025 Q2 20
Slide 7: Vimkunya approvals and launches expanded further
Vimkunya approvals and launches expanded further Chikungunya, Chikungunya • Immunogenicity of Vimkunya in Q2/H1 2026 revenue children 2-11 years being evaluated • Q2 revenue driven by strong performance in Germany, while US uptake remained slower due to pending MMWR publication Public recommendation
Slide 8: Public Preparedness exceeding base business
Public Preparedness exceeding Public Preparedness, Q2/H1 2026 revenue base business -18% 1,546 +6% 1,269 917 975 Public Preparedness orders Ongoing studies mDKK • Q2 revenue impacted by stronger than expected • Phase 4: Post-exposure contract base in 2026, and reflecting normal phasing vaccination w
Slide 9: Pipeline progress
Pipeline progress Pipeline Post-approval Phase 1 Phase 2 Phase 3 commitments Increased regulatory obligations and continuous focus on Chikungunya product enhancement to stay competitive, including post-approval commitments for chikungunya vaccine MVA-BN cell line Ongoing MVA-BN cell line being devel
Slide 10: Our vaccine for a growing global Lyme disease burden
Our vaccine for a growing global Lyme disease burden Close to 500k A vaccine people treated annually for Lyme with a novel disease in the US protective mechanism +200k in Europe • Covers six most relevant Borrelia strains • Utilizes our new self-assembling antigen particle (SAP) platform • Endemic a
Slide 11: Vaccine provides robust and durable protection in preclinical models
Vaccine provides robust and durable protection in preclinical models Robust functional response after one dose, further Complete protection against a variety of Borrelia increased after dose two strains Positive control BN vaccine 3500 80 Strain 1 Strain 2 Strain 3 Bacterial killing activity 3000 In
Slide 12: Henrik Juuel, CFO
Henrik Juuel, CFO 12
Slide 13: Commercial performance
• Currency impact on total growth of -2% Commercial performance • in Q2 and -3% in H1 Strong Travel Health performance in both Q2 (+45%) and H1 (+26%) Q2 2026 • Travel Health driven by continued strong rabies sales, strong TBE sales, and continued launch of Vimkunya mDKK Q2 2026 Q2 2025 Growth H1 20
Slide 14: Financials
Financials • Gross margin in Q2 (61%) driven by product mix and strong manufacturing performance leading to high level of cost absorption; TBE manufacturing mDKK Q2 2026 Q2 2025 H1 2026 H1 2025 campaign completed and rabies Revenue 2,034 1,652 3,092 2,998 manufacturing will be in H2 Production costs
Slide 15: Cash flow
Cash flow • Negative cash flow from operating activities in H1 Cash flow following positive net profit being more than offset by Q2 Q2 H1 H1 increased net working capital; negative cash flow from mDKK 2026 2025 2026 2025 changes in working capital following high receivable position and the last mile
Slide 16: Capital allocation
Capital allocation Strong cash generation expands capital allocation flexibility Initiation of new share buy- back in Q3 2026 of up to DKK Invest to grow the current business and Net cash position 750m pipeline 3,321 2,160 2,346 1,850 Increasing cash flow generation from mid- mDKK 2025 onwards leadi
Slide 17: Outlook 2026
Outlook 2026 Key assumptions • Public Preparedness guidance upgraded to DKK ~2,500m (previously DKK 2,300-2,500m) Outlook 2026 upgraded to revenue of DKK ~5,700m and EBITDA margin • 2026: Revenue of DKK ~2,300m secured in Public Preparedness of ~30%, reflecting Public Preparedness order inflow and c
Slide 18: Q&A
Q&A
Slide 19: Contact details
Contact details Contact investors: Anders Hjort, Head of Investor Relations, ahjo@bavarian-nordic.com Disa Tuominen, IR Manager, detu@bavarian-nordic.com Graham Morrell, Gilmartin Group, graham@gilmartinir.com Contact media: Isabel Hagbrink, Head of Media Relations, isha@bavarian-nordic.com