Bavarian Nordic launches next tranche of share buy-back program. COPENHAGEN, Denmark, March 12, 2026 - Bavarian Nordic A/S (OMX: BAVA) today launches the second tranche of the planned buy-back program, under which the Company intends to repurchase own shares for up to DKK 500 million during 2026. The first tranche, completed in early February 2026, comprised buy-back of shares for DKK 150 million. The second tranche will comprise buy-back of shares for DKK 200 million, also to be held as treasury stock for the purpose of adjusting the capital structure. The share buy-back program is initiated pursuant to the authorization granted at the annual general meeting on April 9, 2025, and in accordance with Regulation (EU) No. 596/2014 (as amended) of the European Parliament and of the Council on market abuse and Commission Delegated Regulation (EU) 2016/1052, which together constitute the Safe Harbour Regulation. Bavarian Nordic has appointed Nordea as lead manager to execute the share buy-back in accordance with the terms of the program and with authorization to make trading decisions independently and without influence of Bavarian Nordic. Terms of the program * The share buy-back program will commence on March 12, 2026, and will be completed by May 13, 2026, at the latest. * Shares of up to a maximum aggregate purchase price of DKK 200 million may be repurchased. * A maximum of 2,000,000 shares will be repurchased within the duration of the program. * The maximum number of shares, which can be purchased on any single trading day, may not exceed 25% of the average daily trading volume of Bavarian Nordic shares traded on Nasdaq Copenhagen during the preceding 20 trading days before the trading day. * The shares may not be purchased at a price exceeding the higher of the price of the last independent trade, or the highest independent purchase bid on Nasdaq Copenhagen. Details of transactions under the program will be published weekly after commencement and at completion of the program. Prior to the initiation of this tranche, Bavarian Nordic held 1,731,403 treasury shares, corresponding to 2.19 % of the Company's share capital. 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 Forward-looking statements This announcement 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-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law. 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. 10 / 2026

Bavarian Nordic has announced that CEO Paul Chaplin will step down after 11 years leading the Danish vaccine specialist, marking the latest executive change in pharmaceuticals this year. Chaplin, who joined in 2014, is leaving for personal reasons as his family relocates to Australia. He will remain until year-end or until a successor is found. The move follows recent departures elsewhere. Sarepta's Doug Ingram announced his retirement last month after a decade as CEO, citing family health concerns. Sanofi revealed in February it would not renew Paul Hudson's contract after six years, with share prices falling over 20% since February 2025. Belén Garijo, currently CEO of Merck KGaA, will take over at Sanofi from 29 April.

Bavarian Nordic has a new major shareholder, the American investment bank Morgan Stanley, which now holds 5.2% of the company's shares. This development comes amid a takeover bid by the consortium Innosera, owned by Permira and Nordic Capital, offering 250 DKK per share. However, the bid faces opposition from several investors, including ATP, the largest investor in Bavarian, who argue that the offer is too low.