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

Bavarian Nordic reports insider transactions on September 3-4, 2026. Executive Vice President Russell Thirsk exercised warrants to subscribe for 28,590 shares at DKK 190.11 per share and immediately sold them at DKK 215.47 per share, realizing a profit of approximately DKK 725,277. Board member Anja Gjøl sold 345 shares at prices ranging from DKK 221.80 to DKK 222.00.