Bavarian Nordic A/s · OMXCOP:BAVA
Bavarian Nordic A/s — Bavarian Nordic A S — Q1 2026 Earnings Presentation
14 slides from Bavarian Nordic A/s's earnings presentation, May 13, 2026
Slide 1: Bavarian Nordic Q1 2026 Results Conference Call
Bavarian Nordic Q1 2026 Results Conference Call May 13, 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 President and CEO • Chikungunya • Public Preparedness • Pipeline • Commercial performance Henrik Juuel CFO • Financials • Outlook 2026 • Q&A 3
Slide 4: Q1 results in line with expectations
Q1 results in line with Key highlights Q1 2026 expectations Travel Health growth of 14%, adjusted for discontinued partnership revenue, mainly driven by rabies, supported by continued chikungunya launch Revenue EBITDA margin Vimkunya approval expanded to Switzerland 1,058 mDKK 16% in April 2026, in
Slide 5: Growth in Travel Health despite discontinued partnership
Growth in Travel Health despite Travel Health, Q1 2026 revenue discontinued partnership +14%* 721 Rabies TBE 627 mDKK • Continued strong growth in Q1 driven by • Q1 revenue (-16%) impacted by wholesaler continued market growth and strong brand stocking in Q1 last year in addition to supply Q1 2025 Q
Slide 6: Continued launch of Vimkunya across new markets
Continued launch of Vimkunya across new markets Chikungunya, Chikungunya Public recommendations Q1 2026 revenue • Q1 revenue driven by strong performance • US CDC’s ACIP: Vimkunya recommended for in Germany, while slower uptake in the US individuals ≥12 years traveling to outbreak due to pending MMW
Slide 7: While global travel demand keeps growing, risks remain
While global travel demand keeps growing, risks remain Travelers impacted by disruptions in international air traffic, driven by the Middle East conflict Potential implications for Increased passenger demand, Mar 2026 Decreased passenger demand, Mar 2026 future travel and vaccinations? +2.1% global
Slide 8: Public Preparedness in line with expectations
Public Preparedness in line with Public Preparedness, Q1 2026 revenue expectations 629 -53% Public Preparedness orders Ongoing studies 294 mDKK • Q1 revenue impacted by phasing of supply and invoicing • Phase 4: Post-exposure vaccination with MVA-BN • No material impact from mpox outbreaks in 2026,
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: Commercial performance
• Strong Travel Health performance with Commercial performance 14% growth in Q1 when adjusted for discontinued partnership revenue • Travel Health driven by increased Q1 2026 demand for rabies vaccine and continued launch of chikungunya vaccine • Continued market growth in both rabies mDKK Q1 2026 Q
Slide 11: Financials
Financials • Q1 2026 gross margin of 45% impacted by lower Public Preparedness revenue, while Other production costs positively impacted by successful manufacturing, mDKK Q1 2026 Q1 2025 and partial release of write-down Revenue 1,058 1,347 provisions made in 2025 for short Encepur shelf-life, expla
Slide 12: Cash flow and balance sheet
Cash flow and balance sheet Cash flow Balance sheet Q1 Q1 Q1 Q1 mDKK mDKK 2026 2025 2026 2025 Cash flow from operating activities (752) (387) Intangible assets 5,877 6,238 Cash flow from investment activities (39) (373) Total assets 14,102 13,553 Free cash flow (791) (760) Equity 12,688 11,556 Cash
Slide 13: Outlook 2026
Outlook 2026 Key assumptions • DKK 250m from sale of Vimkunya included in Travel Health revenue guidance • Revenue of DKK ~2,000m now secured by On May 11, 2026, outlook 2026 upgraded to revenue of DKK contracts for 2026 in Public Preparedness 5,500 - 5,700m and EBITDA margin of approximately 28%. •
Slide 14: Q&A
Q&A