Bavarian Nordic A S (BVNKF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.475 Welcome everyone to today's presentation, 00:00:03.475 -- 00:00:09.319 which is an update on our results for last year, 2025. 00:00:09.321 -- 00:00:15.047 Today you'll hear from me, a few slides from myself, and then I'll hand over 00:00:15.047 -- 00:00:21.252 to Henrik Juul, the CFO. So if you turn to slide four, 00:00:21.674 -- 00:00:26.039 we reported very strong results last year, 6.2 00:00:26.039 -- 00:00:30.727 billion in revenue with a 28% EBITDA margin. 00:00:30.727 -- 00:00:36.033 And this is the result of very strong performance of both arms of our commercial 00:00:36.033 -- 00:00:41.059 business on travel health, but also on public preparedness. 00:00:41.059 -- 00:00:45.081 On travel health, we saw a 30% growth 00:00:45.584 -- 00:00:50.990 last year, which is a very strong performance across the whole portfolio, 00:00:50.990 -- 00:00:56.256 but also related to the launch of our chikungunya vaccine. 00:00:56.256 -- 00:01:01.673 On public preparedness, In 25, we were at the back end of 00:01:01.673 -- 00:01:07.060 an outbreak of MPOCs, and we saw more than 3.1 billion in revenues, 00:01:07.060 -- 00:01:12.127 which is approximately a billion kroner above the upper end of 00:01:12.127 -- 00:01:17.554 our normal base business. So as I said, very strong performance from both parts 00:01:17.554 -- 00:01:21.716 of our commercial business in 25. 00:01:22.580 -- 00:01:27.816 In addition, we sold a product review voucher valued at 810 00:01:27.816 -- 00:01:33.282 million kroner. And if we included this in the EBITDA, this would bring the EBITDA 00:01:33.282 -- 00:01:35.165 to a 41% 00:01:35.165 -- 00:01:37.047 margin. 00:01:37.047 -- 00:01:42.292 Some events that have happened since in this year, which are 00:01:42.292 -- 00:01:47...