Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

About this update from Bavarian Nordic A/s

COPENHAGEN, Denmark, March 12, 2026 – Bavarian Nordic A/S (OMX: BAVA) has today received information about the following transactions of the Company’s shares/related securities by persons holding managerial responsibilities and/or persons/companies closely associated with such, which are hereby reported in accordance with Article 19 of Regulation No. 596/2014 on Market Abuse and Implementing Regulation 2016/523. The transactions relate to the vesting of restricted stock units (RSUs) under the short-term incentive scheme for the Company’s Executive Management. The scheme is cash-based; however, in accordance with the Company’s remuneration policy, the Board of Directors may decide to defer the bonus, in full or in part, by conversion of the cash bonus into RSUs including matching shares, which have a vesting period of a minimum of three years after grant. The reported transactions are related to RSUs and matching shares awarded in 2023, using the principle as outlined above. About Bavarian Nordic Bavarian 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 Contact investors: Europe: Disa Tuominen, IR Manager, [email protected] US: Graham Morrell, Gilmartin Group, [email protected] , Tel: +1 781 686 9600 Contact media: Nicole Seroff, Vice President Corporate Communications, [email protected] , Tel: +45 53 88 06 03 Company Announcement no. 11 / 2026 Attachment

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