Bavarian Nordic – Completion of Share Buy-Back Program - May 11, 2026

COPENHAGEN, Denmark, May 11, 2026 – Bavarian Nordic A/S (OMX: BAVA) announces that the share buy-back program, which was announced and initiated on March 12, 2026, has now been completed, reaching an aggregate amount of approximately DKK 200 million as planned. This represented the second tranche of a total planned share buy-back of up to DKK 500 million in 2026. Combined with the first tranche, shares of a total aggregate amount of approximately DKK 350 million have now been repurchased. Bavarian Nordic will hold the shares bought back as treasury stock, for the purpose of adjusting the capital structure. The program was executed 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. A total of 1,050,863 shares were purchased under the program. Since the last announcement of transactions on May 4, 2026, the following transactions have been made by Nordea on behalf of Bavarian Nordic: Number of shares Average purchase price, DKK Transaction value, DKK Accumulated until May 4, 2026 900,295 190.54 171,542,112 May 4, 2026 10,624 187.64 1,993,447 May 5, 2026 42,816 189.69 8,121,694 May 6, 2026 47,000 188.32 8,851,167 May 7, 2026 45,000 189.49 8,526,870 May 8, 2026 5,128 188.09 964,540 Accumulated under the program 1,050,863 190.32 199,999,830 The details for each transaction made under the share repurchase program are published on bavarian-nordic.com . Following these transactions, Bavarian Nordic holds a total of 2,748,624 treasury shares, corresponding to 3.47% 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 Contact investors: Europe: Disa Tuominen, IR Manager, detu@bavarian-nordic.com US: Graham Morrell, Gilmartin Group, graham@gilmartinir.com , Tel: +1 781 686 9600 Contact media: Nicole Seroff, Vice President Corporate Affairs, nise@bavarian-nordic.com , Tel: +45 53 88 06 03 Company Announcement no. 22 / 2026 Attachments Bavarian Nordic – Completion of Share Buy-Back Program Appendix with detailed transaction data