Bavarian Nordic A/s · OMXCOP:BAVA
Bavarian Nordic A/s — Bavarian Nordic A S — Q3 2025 Earnings Presentation
15 slides from Bavarian Nordic A/s's earnings presentation, Nov 14, 2025
Slide 1: Bavarian Nordic Q3 2025 Results
Bavarian Nordic Q3 2025 Results Conference Call November 14, 2025
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 President and CEO • Chikungunya: commercial expansion underway • Public Preparedness • Product and pipeline progress • Commercial performance Henrik Juuel CFO • Financials • Outlook 2025 • Q&A 3
Slide 4: Strong nine months of the year
Strong nine months of Key highlights 9M the year • Strong Travel Health driven by increased demand for rabies and TBE vaccines, and supported by chikungunya vaccine, Vimkunya, launch • Vimkunya approved in the US, EU and UK, and launched in the US, Germany, France, UK, Nordic countries, Italy and Sp
Slide 5: Strongest quarter to date in Travel Health
Strongest quarter to date in Travel Health, quarterly/9M revenue Travel Health +23% 2,327 1,892 +22% Rabies TBE 773 941 mDKK • Strong growth in Q3 (23%) driven by • Q3 growth (18%) driven by strong market continued market growth, market share growth and increased market shares Q3 2024 Q3 2025 9M 202
Slide 6: Chikungunya: commercial expansion underway
Chikungunya: commercial expansion underway Regulatory and launch status Public recommendations Chikungunya, YTD revenue ✓ Vimkunya launched in the US, Germany, ✓ Vimkunya recommended by US CDC’s ACIP France, UK, Nordic countries, Italy & Spain when traveling to outbreak/elevated chikungunya risk reg
Slide 7: Public Preparedness
Public Preparedness Public Preparedness, quarterly/9M revenue 2025 - another spike year +51% 2,334 +50% 1,549 Public Preparedness orders Clinical trials 788 525 mDKK • Performance mainly driven by order • Positive topline results from mpox/smallpox timing and supplemental payments for vaccine study
Slide 8: Product and pipeline progress
Product and pipeline progress Pipeline Phase 1 Phase 2 Phase 3 Post-approval commitments • MVA-BN cell line being developed to significantly expand MVA-BN Initiated Cell line capacity; phase 2 comparability study required for approval initiated in October CHIKV-VLP • Expanded commercial portfolio wi
Slide 9: Commercial performance
Commercial performance • • Growth of 32% in Q3 and 9M Public Preparedness performance versus LY driven by order timing Q3 and 9M 2025 • 9M Travel Health growth driven by rabies and TBE mDKK Q3 2025 Q3 2024 Growth 9M 2025 9M 2024 Growth Public preparedness • Continued market growth, market share gain
Slide 10: Financials
Financials • Revenue growth of 32% in Q3 and 9M driven by both Public Preparedness and Travel Health mDKK Q3 2025 Q3 2024 9M 2025 9M 2024 • Gross margin positively impacted Revenue 1,795 1,363 4,793 3,622 by higher volume and lower Other Production costs 902 784 2,306 2,058 production costs, driven
Slide 11: Cash flow and balance sheet
Cash flow and balance sheet Cash flow Balance sheet 9M 9M 9M 9M mDKK mDKK 2025 2024 2025 2024 Cash flow from operating activities 2,177 994 Intangible assets 6,021 6,419 Cash flow from investment activities (1,572) (1,545) Total assets 15,160 13,949 Free cash flow 605 (551) Equity 13,159 10,685 Cash
Slide 12: Outlook 2025
Outlook 2025 Outlook 2025 • Public Preparedness revenue refined to DKK ~3,100m (previously DKK 3,100-3,700m); DKK Outlook 2025 further refined to revenue of DKK ~6,000m and ~3,100m secured for 2025 EBITDA margin before special items of ~26%. • Travel Health revenue maintained at DKK ~2,750m Updated
Slide 13: Takeover offer not completed
Takeover offer not completed Events in the past four months Bavarian Nordic today • The Board received an unsolicited offer from Permira and • We remain an independent, publicly listed company Nordic Capital which was first rejected • We continue executing our growth strategy • Later in the process
Slide 14: Shareholder information meeting
Shareholder information meeting • Date: December 11, 2025 (morning) • Location: to be disclosed closer to the date • Format: in person and online with live streaming, including Q&A • Shareholders will be invited to participate • Agenda: • State of the business • Re-cap of growth strategy • Further d
Slide 15: Q&A
Q&A