Bavarian Nordic – Completion of Share Buy-Back Program

Bavarian Nordic A/S has completed the first tranche of its share buy-back program, repurchasing approximately DKK 250 million worth of shares (1,105,446 shares at an average price of DKK 226.15). This represents the first phase of a planned DKK 750 million total buy-back. The company will hold these shares as treasury stock for potential future cancellation. Following the transactions, Bavarian Nordic holds 4,664,037 treasury shares, representing 5.88% of the company's share capital.