Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	14954537000	dkk
ifrs-full:Assets	2024-12-31	14405864000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	6243956000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	5716206000	dkk

XML

See the xml submitted here:

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   <mrv:CorporateGovernanceReport contextRef="ctx-1" id="f0__s8__7__29" xml:lang="en">Corporate GovernanceThe Board of DirectorsBavarian Nordic is managed in a two-tier structure composed of the Board of Directors (the Board) and the Executive Management. The Board is respon-sible for the overall strategic management and the financial and managerial supervision of Bavarian Nordic, as well as for regular evaluation of the work of the Executive Management. In addition, the Board supervises the Company in a general sense and ensures that it is managed in an adequate manner and in accordance with applicable law and the Company’s articles of association.The Board discharges its duties in accordance with the rules of procedure of the Board, which are reviewed and updated by all members of the Board.Board committeesTo support the Board in its duties, the Board has established and appointed three subcommittees: a Finance, Risk and Audit Committee, a Nomination and Compensation Committee and a Science and Technology Committee. The committees, which comprise only shareholder-elected members of the Board, are charged with reviewing matters pertaining to their respective fields that are due to be considered at board meetings. More information about the committees, including the terms of refer-ence which specify the tasks and responsibilities for each of the committees, is available on the Compa-ny’s website:Board committees →Composition of the boardThe Board consists of eight non-executive members: five external members and three employee repre-sentatives. The external members are elected by the shareholders at the annual general meeting for terms of one year; retiring members are eligible for re-election. The Board elects a chair from among its members. The employee representatives are elected by the employees for a four-year term; the current four-year term expires in 2029. At year-end 2025, 63% of the board members were considered independent. All shareholder-elected members are considered independent, while employee represent-atives are not considered independent.The composition of the Board should reflect a diversity of backgrounds, experiences and expertise relevant to the Company considering the industry and markets it is operating within, and which collec-tively enables the Board to oversee the strategy and development of the Company at any time.Changes to the Board during 2025At the annual general meeting in April 2025, Anders Gersel Pedersen, member of the Board since 2010 and deputy Chair since 2014, stepped down, and the Board was reduced from seven to six share-holder-elected members. Anne Louise Eberhard was appointed new deputy Chair. Following the departure of the Chair of the Board, Luc Debruyne in November 2025, before the end of his term, Anne Louise Eberhard was appointed new Chair. Subse-quently, in December, Heidi Hunter was appointed new deputy Chair.The composition of employee representatives on the Board changed at the annual general meeting, following a new, planned election amongst employees earlier in 2025 where the number of employee representatives on the Board was reduced from four to three. Anja Gjøl was re-elected for a four-year period, and Mette Boas Schwartzlose and Christina Teichert were elected new employee representatives, replacing Linette M. Andersen, Thomas A. Bennekov and Karen M. Jensen.Meetings in 2025The Board held 17 meetings in 2025 compared to 8-9 meetings held annually in recent years. The higher meeting frequency was due to the increased workload related to the takeover offer published on 28 July 2025 and withdrawn on 6 November 2025. The overall attendance for the Board at meetings in 2025, including meetings in the subcommittees, was 96 %. The attendance for each board member during their term is detailed in the table below.Board of DirectorsFinance, Risk, and Audit CommitteeNomination and Compensation Committee1Science and Technology CommitteeAnne Louise Eberhard● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●● ● ● ● ●● ● ● ● Heidi Hunter● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●● ● ● ●●● ● ●Frank Verwiel● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●● ● ● ● ● ●● ● ●Johan van Hoof● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●● ● ● ● ●● ● ●Montse Montaner2● ● ● ● ● ● ● ● ● ● ● ●●●●●●● ● ● ● ●● ● ●Luc Debruyne3● ● ● ● ● ● ● ● ● ● ● ● ● ●● ● ● ● ●● ● ●Anders Gersel Pedersen4● ● ● ● ●●Anja Gjøl5● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●Mette Boas Schwartzlose6● ● ● ● ● ● ● ● ● ● ● ● ●Christina Teichert6● ● ● ● ● ● ● ● ● ● ● ● ●Linette M. Andersen4● ● ● ● Thomas A. Bennekov4● ● ● ● Karen M. Jensen4● ● ● ● ¹	The composition of the Nomination and Compensation Committee changed during the year, resulting in an increased number of different meeting participants in 2025. Additionally, Anne Louise Eberhard attended two meetings in place of Montse Montaner due to conflict of interest (regarding the proposed takeover offer published 28 July 2025).²	Montse Montaner did not attend six board meetings due to conflict of interest (regarding the proposed takeover offer published 28 July 2025).³	Luc Debruyne retired from the Board on 13 November 2025.⁴	Retired from the Board following the end of their term at the annual general meeting on 9 April 2025.⁵	Reelected as employee-elected board member in 2025 (member of the Board since 2021. ⁶	Elected new employee representative for the period 2025-2029. Joined the Board on 9 April 2025.Meeting attended ●Meeting not attended Evaluation of the Board Each year, the Board and its subcommittees conduct an evaluation of the Board's and subcom-mittee’s work, accomplishments and composition. The chair heads the annual evaluation, which is conducted at least every third year with external assistance. The process, whether it is facilitated internally or by external consultants, evaluates topics such as board dynamics, board agenda, quality of the material that is submitted to the Board, discus-sions at the board meetings, the chair’s leadership of the Board, strategy, board composition and board competencies. Due to a number of other priorities for the Board in the second half of 2025, it was decided to post-pone the board evaluation until the first quarter of 2026. The evaluation was performed in January 2026 through completion of a detailed question-naire with the assistance of an external advisor. The results of the evaluation will be discussed at a board meeting in early 2026.Executive ManagementThe registered Executive Management is appointed by the Board, which lays down their terms and condi-tions of employment and the framework for their duties. The Executive Management is responsible for the day-to-day management of Bavarian Nordic in compliance with the guidelines and directions issued by the Board. The day-to-day operations do not include transactions of an unusual nature or of material importance to the affairs of Bavarian Nordic. As of December 31, 2025, the registered Executive Management consisted of Paul Chaplin, President and CEO and Henrik Juuel, Executive Vice President and CFO, both registered with the Danish Business Authority, assisted by two Executive Vice Presidents who together with the registered Executive Manage-ment are responsible for the day-to-day operations of the Company (collectively the Executive Manage-ment).Board and management gender diversityAs of December 31, 2025, the Board had a representation of three female and two male members elected by the shareholders and three female members elected as employee representa-tives. The Executive Management consisted of four male members. The other management¹ in Bavarian Nordic had a representation of six female and eight male managers. Hence, there was an equal gender distribution among the shareholder-elected Board members and in other management levels as in accordance with the guidelines from the Danish Business Authority and is therefore not required to set a gender target figure². However, there is not an equal gender distribution among the employee representatives on the Board whereto the necessary measures will be implemented regarding the gender balance among the employee representatives prior to the next election of employee representatives, when the current four-year term expires in 2029. We always strive to attract and engage a highly qualified and diverse group of employees and aim to eliminate biases and create an inclusive atmos-phere. In order to achieve these ambitions, Bavarian Nordic outlined the below specified ambitions and objectives for the work with diversity and inclusion.We wish to:Have a balanced gender distribution in all mana-gerial positions and at all levels in the organiza-tion.Seek an age-diverse workforce that brings new perspectives, knowledge and experiences.Develop a workplace that embraces diverse backgrounds and perspectives stemming from an increasingly global and specialized organization.Ensure that the compositions of the Board and Executive Management is diverse in terms of experience, competencies and gender.Remuneration policy and report The remuneration of the Board and the registered Executive Management is governed by the remu-neration policy which is approved by the annual general meeting. In accordance with section 139b in the Danish Companies Act, Bavarian Nordic has prepared a report on the remuneration of the individual members of the Board and the registered Executive Management in 2025.At the annual general meeting in April 2025, the 2024 Remuneration Report was submitted for an advisory vote. As the report did not obtain majority support, the Board has reviewed the concerns that may have contributed to this outcome. These concerns have been addressed by the Board in the 2025 Remuneration Report.Remuneration Policy →Remuneration Report →Board and management gender diversityMembers of the Board, Executive Management and Other Management, total and by under-represented gender.The percentages in the table indicate the ratio of the under-represented gender in each category.202520242023Number Percent Number Percent Number Percent Board of Directors, total825%1145%1145%Board of Directors, shareholder-elected540%743%729%Board of Directors, employee representatives30%425%425%Executive Management40%520%633%Other Management1443%2348%2148%¹	Members of Executive Management employed by Bavarian Nordic A/S along with their direct reports with leadership responsibility, also employed by Bavarian Nordic A/S and direct reports with leadership responsibility that are employed by Bavarian Nordic A/S and are reporting to a member of Executive Management not employed by Bavarian Nordic A/S.²	Cf. the Gender Balance Act, Section 5Business ethicsWe have established the Global Business Ethics Compliance Committee, which is represented by Executive Management and relevant business functions, to meet quarterly and oversee the Global Business Ethics Compliance Program. The Chief Compliance Officer has been appointed responsible for the Global Business Ethics Compliance Program and regularly reports on its status to the Finance, Risk, and Audit Committee. The Company has estab-lished a North America Compliance Committee and appointed a U.S. Compliance Officer. All employees, Executive Management, and the Board of Directors are trained on our Code of Conduct, Anti-Corruption Policy, and Speak-Up Policy. The Code of Conduct and Speak-Up Policy are accessible from our website.Code of Conduct →Ethics Hotline →Data ethics policyOur Data Privacy Policy includes our Data Ethics Policy establishing our eight principles to ensure strong data ethics:Our Executive Management is dedicated to ensuring and maintaining a high standard of data ethicsWe ensure accountability for data processing We require an appropriate level of data ethics for processing activities carried out by third partiesWe ensure that the processing activities carried out provide value to the data subjects, and are transparent and secureWe train our employees and monitor processing activitiesWe maintain an Ethics Hotline, where violations of data protection laws can be reported by internal and external stakeholdersWe identify and monitor the use of new technol-ogies for processing of dataWe carry out internal controlsEmployees are trained annually on our Data Privacy Policy including our Data Ethics Policy.Corporate governance reportWe remain focused on good corporate governance, having implemented the recommendations from the Committee of Corporate Governance (Komitéen for god Selskabsledelse) for companies listed on the Nasdaq Copenhagen exchange. In accordance with Section 107 b of the Danish Financial Statements Act, we have published a statutory report on Corporate Governance for the financial year 2025. The report provides a detailed account of the two-tier management structure of Bavarian Nordic, including an overview of the Board and its committees and a review of their activi-ties over the year. The statement also describes key elements of our internal control and risk management systems related to financial reporting processes.Management intends that Bavarian Nordic shall be operated in compliance with guidelines and recom-mendations that support our business model and can create value for our stakeholders. Regularly and at least once a year, Management monitors adherence to the recommendations on corporate governance to ensure the best possible utilization of and compliance with the recommendations and legislation. However, in 2025 the Company did not comply with two out of the forty recommendations. For further explanation, see the Corporate Govern-ance report, which is available on our website..Corporate Governance →</mrv:CorporateGovernanceReport>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f0__s8__7__35" xml:lang="en">Board and management gender diversityAs of December 31, 2025, the Board had a representation of three female and two male members elected by the shareholders and three female members elected as employee representa-tives. The Executive Management consisted of four male members. The other management¹ in Bavarian Nordic had a representation of six female and eight male managers. Hence, there was an equal gender distribution among the shareholder-elected Board members and in other management levels as in accordance with the guidelines from the Danish Business Authority and is therefore not required to set a gender target figure². However, there is not an equal gender distribution among the employee representatives on the Board whereto the necessary measures will be implemented regarding the gender balance among the employee representatives prior to the next election of employee representatives, when the current four-year term expires in 2029. We always strive to attract and engage a highly qualified and diverse group of employees and aim to eliminate biases and create an inclusive atmos-phere. In order to achieve these ambitions, Bavarian Nordic outlined the below specified ambitions and objectives for the work with diversity and inclusion.We wish to:Have a balanced gender distribution in all mana-gerial positions and at all levels in the organiza-tion.Seek an age-diverse workforce that brings new perspectives, knowledge and experiences.Develop a workplace that embraces diverse backgrounds and perspectives stemming from an increasingly global and specialized organization.Ensure that the compositions of the Board and Executive Management is diverse in terms of experience, competencies and gender.</mrv:StatementOfTheDiversityPolicies>
   <mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-2" id="f0__s8__7__44" xml:lang="en">As of December 31, 2025, the Board had a representation of three female and two male members </mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels contextRef="ctx-2" id="f0__s8__7__45" xml:lang="en">As of December 31, 2025, the Board had a representation of three female and two male members </mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels>
   <mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors contextRef="ctx-2" id="f0__s8__7__46" xml:lang="en">Hence, there was an equal gender distribution among the shareholder-elected Board members and in other management levels as in accordance with the guidelines from the Danish Business Authority and is therefore not required to set a gender target figure². However, there is not an equal gender distribution among the employee representatives on the Board whereto the necessary measures will be implemented regarding the gender balance among the employee representatives prior to the next election of employee representatives, when the current four-year term expires in 2029. </mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors>
   <mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels contextRef="ctx-2" id="f0__s8__7__47" xml:lang="en">Hence, there was an equal gender distribution among the shareholder-elected Board members and in other management levels as in accordance with the guidelines from the Danish Business Authority and is therefore not required to set a gender target figure². However, there is not an equal gender distribution among the employee representatives on the Board whereto the necessary measures will be implemented regarding the gender balance among the employee representatives prior to the next election of employee representatives, when the current four-year term expires in 2029. </mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels>
   <mrv:InformationOnExemptFromProvidingInformationOnTargetFiguresOfUnderrepresentedGenderForOtherManagementLevelsDueToTheNumberOfEmployees contextRef="ctx-2" id="f0__s8__7__48" xml:lang="en">Hence, there was an equal gender distribution among the shareholder-elected Board members and in other management levels as in accordance with the guidelines from the Danish Business Authority and is therefore not required to set a gender target figure². However, there is not an equal gender distribution among the employee representatives on the Board whereto the necessary measures will be implemented regarding the gender balance among the employee representatives prior to the next election of employee representatives, when the current four-year term expires in 2029. </mrv:InformationOnExemptFromProvidingInformationOnTargetFiguresOfUnderrepresentedGenderForOtherManagementLevelsDueToTheNumberOfEmployees>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f0__s8__7__37" xml:lang="en">Data ethics policyOur Data Privacy Policy includes our Data Ethics Policy establishing our eight principles to ensure strong data ethics:Our Executive Management is dedicated to ensuring and maintaining a high standard of data ethicsWe ensure accountability for data processing We require an appropriate level of data ethics for processing activities carried out by third partiesWe ensure that the processing activities carried out provide value to the data subjects, and are transparent and secureWe train our employees and monitor processing activitiesWe maintain an Ethics Hotline, where violations of data protection laws can be reported by internal and external stakeholdersWe identify and monitor the use of new technol-ogies for processing of dataWe carry out internal controlsEmployees are trained annually on our Data Privacy Policy including our Data Ethics Policy.</mrv:StatementOfPolicyForDataEthics>
   <mrv:SustainabilityReport contextRef="ctx-1" id="f0__s8__7__50" xml:lang="en">Sustainability statementsGuide to the sustainability statements2025 marks our second year of reporting in align-ment with the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).Our 2025 double materiality assessment (DMA) forms the foundation of our disclosures and, reflects our investigation of the impacts, risks, and oppor-tunities (IROs) associated with our own operations as well as key areas across our broader value chain. Based on these insights, we report on the sustaina-bility matters that are most essential to our business and strategic aspirations.The general disclosures outline our business model, strategy, and governance, with particular emphasis on sustainability and our material IROs. In the topical ESRS, we present our approach to managing our material IROs through policies, processes, and actions. Where relevant, we further report on our ambitions and performance. Through these disclosures, we aim to ensure trans-parency across all sustainability matters deemed material to our company, including how we impact people, society, and the environment as a vaccine company.In these sustainability statements, we use acro-nyms and terms that have either been introduced by the CSRD and the ESRS or are in other ways not commonly used outside our sector. We have there-fore included an index with key terms and acronyms (see the Appendixof these sustainability state-ments). All disclosures are prepared in accordance with the CSRD and the ESRS, ensuring a consistent and comparable reporting framework across all topics.Our approach At Bavarian Nordic we strive to embed sustaina-bility throughout our business to create long-term value for employees, society, and share-holders by protecting our license to operate, winning market share, and fostering trust. Guided by our vision, we see sustainability as an enabler of our business strategy and a lens through which we consider our impact, respon-sibilities, and opportunities as a global vaccine company.Our sustainability approach is framed around four central pillars, each reflecting an important dimension of our vision, our purpose, and how we understand our role as a global vaccine company. These pillars, which will be devel-oped further in the course of 2026, provide a framework for how sustainability can enable our mission of expanding access to vaccines, improving and protecting lives, and embedding responsible practices into the way we operate.● Access● People●Integrity●EnvironmentESRS 2General disclosuresBasis for preparationOur sustainability statements have been prepared on the same consolidated basis as the 2025 annual financial statements, applying the time horizons advised by the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), unless otherwise stated. Specifically, these refer to short-term as up to one year, medium-term as one to five years, and long-term as more than five years. For the 2025 reporting year, we have decided to apply simplification measures to the EU Taxonomy disclosures, as introduced by the European Commis-sion in the Delegated Regulation from 4 July 2025. No other changes have been made to the prepara-tion or presentation of sustainability information, as we continue to report in alignment with the CSRD and the ESRS.Value chain coverageThe sustainability statements cover our own oper-ations and capture certain elements of our value chain. The instances in which disclosures within the sustainability statements are not limited to our own operations can be found in the following sections: "Climate change", "Biodiversity and ecosystems", "Workers in the value chain", "Consumers and end-users", and "Business conduct". The double materiality assessment (DMA) process provides a description of the scope we use to identify and assess material impacts, risks and opportunities (IROs) in our upstream and downstream value chain, as prescribed by the ESRS. Where relevant, policies, actions and targets to manage material IROs extend to applicable parts of the value chain. Value chain data is also included in relevant environmental, social and governance metrics.Omission of informationWe have not omitted any specific information corresponding to intellectual property, know-how, impending developments or matters in the course of negotiations. Aligned with our DMA, we report only on data points identified as material, mandated under the ESRS. We continue to apply all phase-in provisions set out in Appendix C of ESRS 1, following the recommended one- and three-year implementa-tion periods where relevant. In addition, for disclo-sure requirements covered by the ESRS "quick-fix" delegated act, we apply the extended timelines that remain available to Wave 1 reporters in their subse-quent reporting years.Value chain estimationsScope 3 greenhouse gas emissions disclosed in this report include upstream value chain data esti-mated using a spend-based method, which rely on sector-average emission factors as proxies. As these calculations are based on indirect sources rather than primary data, they are subject to inherent uncertainty. Further details on the methodology and assumptions applied are provided in the accounting policies for Scope 3. Changes in comparative dataComparative data is restated when prior-period reporting error corrections or changes in accounting policies are assessed to improve a fair view of the sustainability statements, ensuring that disclo-sures remain relevant and support informed deci-sion-making.In 2025, we conducted a review of our data as part of our ongoing efforts to improve accuracy and transparency. This review identified reporting errors in prior periods, primarily related to recognition of renewable energy sources and classification of substances of very high concern. These errors have been corrected in these sustainability statements, and comparative information has been restated where applicable. The adjustments reflect our commitment to strengthening data quality and build on lessons learned during our initial year of CSRD-aligned reporting.The corrections refer to: unavailability of informa-tion at the reporting date (see page 65), changes in accounting policies (see page 65), or a classification error (see page 69). Further details, including quan-titative impact of these adjustments, are disclosed in the footnotes to the relevant metrics within the topical ESRS chapters.Incorporation by referenceIn the sustainability statements, ESRS disclosure requirements incorporated by reference to other sections of the Annual Report are as follows:GOV-1: information related to the composition and diversity of administrative, management, and supervisory bodies (21a, b, c, d, e) (see the Management review, Corporate Governance)GOV-4: statement on due diligence (see the Appendixof these sustainability statements)SBM-1: elements of our strategy that relate to or impact sustainability matters, our business model, and our value chain (see the Management review, Our purpose and commitment)IRO-2 (56): list of disclosure requirements complied with in preparing the sustainability statements and list of data points that derive from other EU legislation (see the Appendixof these sustainability statements) Sustainability governanceOur governance framework provides oversight, accountability, and integration of sustainability and ethical business conduct across the organisation. It supports informed decision-making, and enables the identification, management, and monitoring of material impacts, risks, and opportunities (IROs) in line with regulatory requirements and stakeholder expectations.The role of the Board and Executive Management &amp; Sustainability matters addressed by managementManagement and oversight of sustainability mattersOur Executive Management oversees governance processes, controls, and procedures for monitoring and managing IROs through delegated responsibil-ities.The Corporate Sustainability department leads sustainability strategy development and, together with relevant business units, identifies and addresses, at a topical level, the material IROs identified in the double materiality assessment (DMA). Day-to-day management of sustainability is anchored with the Director, Corporate Sustainability, while the reporting process is anchored with both the ESG Finance and Corporate Sustainability depart-ments. Oversight of ESG reporting and sustainability strategy is overseen by our Chief Financial Officer (CFO). Implementation of strategic initiatives is anchored within the line of business, and is over-seen by the relevant Executive Vice President. Our CFO holds the overall strategic responsibility for sustainability matters, and our Executive Manage-ment secures that appropriate skills for managing material IROs are available within their business units and decide on training or need for external support.Oversight of sustainability reporting is anchored under the Finance, Risk and Audit Committee (FRAC), while the Board oversees the sustainability strategy, as outlined in the Board's terms of refer-ence.Informing supervisory bodiesThe Board sets the strategic direction and oversees sustainability matters, while Executive Management handles day-to-day operations. Both the Board and Executive Management consider material IROs in strategy, major transactions, and risk management, including any trade-offs associated with these. Sustainability and ESG reporting are standing items at all FRAC meetings. At these meetings, the Corpo-rate Sustainability and ESG Finance departments each present items for information and/or the need for decision, including:Information on sustainability reporting progress, controls, and risksInformation on sustainability strategy-related topics Request for decision of approval of the method-ology for the DMA Request for decision of recommendation to the Board for signing off on the annual DMA Our CFO represents management at FRAC meetings, and is accompanied with relevant staff to inform members of FRAC on sustainability matters and reporting progress. The Board and FRAC each meet at least four times annually.2025 updateStarted in Q2, 2025, we report internally on key KPIs to our Executive Management and relevant internal stakeholders quarterly, to inform on status and progress of strategic initiatives, public commit-ments, and tracking of general progress.Target setting and tracking effectivenessExecutive Management monitors progress on company goals linked to incentive schemes (see Sustainability-related performance in incentive schemes). Targets disclosed under the topical Euro-pean Sustainability Reporting Standards (ESRS) are set and progress is monitored by Executive Manage-ment, based on input from relevant departments, generally on a quarterly basis. The Board approves the overall strategic company goals proposed by our Executive Management.Departments responsible for the implementation of set targets track the effectiveness of related policies and actions and are responsible for creating and/or updating such documents where relevant and needed. Executive Management holds the overall responsibility for ensuring progress and effective-ness of the sustainability-related targets at the corporate level. Not all identified material IROs have associated targets in alignment with the Minimum Disclosure Requirements.Prioritized actions in 2025Our Executive Management is informed annually about the outcome of the DMA and on a quarterly basis on selected strategic sustainability initiatives.The following key sustainability matters were addressed by our Executive Management during 2025:● AccessAccess to vaccines strategy roadmap in Low-Income Countries (LICs) and Lower-Middle-Income Coun-tries (LMICs)●EnvironmentInitiation of a multi-year phased project to convert our heating and cooling system in our Swiss manu-facturing site to a modular electric heat pump system●IntegrityThe Responsible Value Chain Program, including a new policy that underlines our expectations to our suppliers' and business partners' commitments to sustainability due diligence in line with the UN Guiding Principles and OECD Guide-linesSustainability-related performance in incentive schemesAll members of our Executive Management are enti-tled to an annual remuneration in accordance with the Remuneration Policy, which consist of fixed and variable remuneration components. Our Executive Management has short and long-term incentives that also include sustainability targets. The remuneration principles for the Board and Executive Management are governed by the Remu-neration Policy, which has been approved by the shareholders of Bavarian Nordic.The proportion of remuneration deriving from short-term and long-term incentives dependent on sustainability-related targets in 2025 amount to 10% of the total incentive remuneration of Executive Management. The targets address sustainability areas that are key to Bavarian Nordic. Sustainability targets for 2025 covered the following: Reduction of our environmental footprint Implement energy-saving solutions designed to reduce future CO2e emissionsMaintain a safe and healthy work environment Reduce health hazards in our operating sites through the completion of mitigating actions following site-specific risk assessmentsAnimal welfare Submit a regulatory file to support in-vitro potency testing with the purpose of reducing animal testing of produced batchesAccessFurther expanding access to vaccines in low- and middle-income countries through an additional partnershipWe did not in 2025 assess performance against absolute greenhouse gas (GHG) emission reductions targets (goals). However, climate related consid-erations are factored into the remuneration of our Executive Management in terms of our target to implement energy-saving solutions to reduce future CO2e emissions. With this goal, 2.5% of the total remuneration derives from climate-related consid-erations. Risk management and internal controls over sustainability reportingOur approach to risk management and internal controls for sustainability reporting is based on the principles of the COSO framework - an internation-ally recognized framework that can be used to set up internal controls. Our setup covers all material sustainability data and disclosures.Risks are identified and assessed annually, with quarterly monitoring of key sustainability indi-cators. The process prioritizes risks that could impact reporting accuracy, such as data integrity, complexity, and gaps in competencies. Mitiga-tion measures include enhanced documentation, cross-functional validation, and regular training to ensure data quality and compliance. Control activities are embedded throughout the reporting process. All sustainability data is reviewed by the ESG Finance department, with additional controls applied in high-risk areas. Structured reporting tools support transparent data collection, review, and validation. Analytical procedures are performed quarterly to detect anomalies and ensure consistency.Findings from risk assessments and control reviews are integrated into internal processes, enabling continuous improvement and alignment with evolving regulatory requirements. Any deficiencies or significant changes are reported quarterly to Executive Management and, when relevant, to the FRAC.The main risks identified include human error and completeness of data. Mitigating strategies include a four-eye review process to reduce the likelihood of errors and the involvement of employees from the relevant parts of the business to validate complete-ness and provide subject-matter expertise.Interests and views of stakeholdersOur strategy and business model for expanding access to medicine is shaped by and dependent on our stakeholders. To operate effectively, we rely on input and consultation from key partners throughout our value chain, including our own workforce, the workers in our value chain, and our consumers and end-users. We engage with our stakeholders through both structured and ad-hoc processes, including the double materiality assessment (DMA) and ongoing interactions within lines of business, as listed in the stakeholder overview table. Our engagements are integrated into our business model via dialogue directly with stakeholders several times yearly and through their representatives to enable an under-standing of stakeholder concerns, expectations and viewpoints. These interactions have informed our DMA processes. In addition, as part of our DMA process, we have implemented formalized sessions to engage with stakeholders, both directly and through proxy repre-sentatives. These sessions are aimed at identifying and assessing relevant topics as well as capturing the interests and views of our stakeholders (see The double materiality assessment process).Amendments to strategy and/or business modelThrough the engagement mechanisms described above, we engage with stakeholders on a recur-ring basis and incorporate their perspectives into our decision-making processes. This allows us to continuously review and strengthen our strategy and business model to remain aligned with stake-holder expectations. Our current commitment is to drive sustainable growth and deliver innovative, life-saving vaccine solutions, and we are therefore focused on executing our existing strategy.Informing administrative and supervisory bodiesStakeholder views and interests are communicated to the Board and Executive Management through several formal channels. Each year, stakeholder priorities are incorporated into our corporate goal-setting process, where individual and depart-mental objectives are aligned with overall strategic targets and presented to the Board and Executive Management for approval.Insights from the DMA, informed directly through stakeholder engagement, are formally presented to the Board and Executive Management as part of the DMA process. The DMA serves as a recurring and structured annual process that ensures our governing bodies remain informed about stake-holder priorities, concerns, and expectations.In 2025, we introduced internal quarterly sustain-ability reporting which provides relevant stake-holders and Executive Management with updates on sustainability-related impacts, risks, opportunities (IROs), and developments across key sustainability topics.In addition to these formal structures, we main-tain ad hoc dialogue with the Board and Executive Management on emerging stakeholder-related issues, particularly those linked to potential nega-tive impacts or risks that require timely assessment or decision-making.Interests and views of our own workforceWe strive to continuously integrate the rights, interests, and perspectives of our workforce into our strategy and business model, including respecting human rights. Our approach is designed to identify, address, and manage material impacts related to our operations, including those affecting workforce health, safety, and well-being. By embedding these consider-ations into our decision-making processes, we aim to foster a positive and sustainable impact on our employees while proac-tively mitigating any adverse effects, ensuring that the workforce remains a key contributor to sustainable value chain creation. We recognize that our strategy and business model, including the intensive nature of certain operational activities, might create health and safety concerns and negatively impact our own work-force. To mitigate the negative impact that may come to exist, our established Global Environment, Health, and Safety (EHS) organization supports regular monitoring, reporting, and imple-mentation of preventative measures (see Own workforce).Interests and views of workers in the value chainThrough the further development of our Responsible Value Chain Program, our aim is to collaborate with suppliers and business partners to respect human rights and labor practices throughout the value chain. Through supplier and business partner engage-ment, directly via the responsible lines of business or indirectly via credible proxies, we monitor and identify impacts in relation to respecting the rights of affected workers in our value chain. The insights gained through engagements and ongoing sustain-ability due diligence inform our decision-making when selecting new suppliers and setting forth strategic initiatives, including the further development of our Responsible Value Chain Program (see Workers in the value chain).Interests and views of consumers and end-usersAs a provider of critical healthcare solutions, our strategy and business model are designed to deliver a positive impact on our consumers and end-users. As a pioneering force in vaccines, our core purpose is to expand access to life-changing solutions. This aligns directly with our commitment to prevent the spread of infectious diseases and provide vaccines to endemic countries, contributing to improved public health outcomes globally and mitigating the risks associated with infectious disease outbreaks.To ensure these impacts are meaningful and sustainable, we actively engage with stakeholders directly or through credible proxies in various initiatives, including advisory boards, Medical Science Liaison (MSL) visits to healthcare professionals (HCPs), participation in congresses, and medical events. These ongoing engagement initiatives allow us to understand the needs, expec-tations, and concerns of our stakeholders. This insight is critical in enabling us to adapt our strategy and business model to better address these needs, ensuring our solutions remain relevant and impactful. By maintaining close dialogue with our stakeholders, we remain informed and equipped to refine our approach, supporting positive outcomes for consumers and end-users while advancing our mission to address global health challenges.Our quality and safety processes and procedures support the collection, evaluation, and management of safety data and quality control. These systems are supported by procedures for reporting adverse events, reactions, and product quality complaints, enabling us to respond promptly and transparently (see Consumers and end-users).Stakeholder engagement overview How we engageWhy we engageOutcomes of engagementEmployeesInclusion of employee perspectives through representation by employee-elected board members Employee relations and occupational health and safety Dialogue with worker councils in relevant countries several times yearlyEmployee engagement surveys at least annuallyDevelopment dialogues between employee &amp; manager at least twice yearlyDialogue forums with employees, e.g. 1 to 1, team meetings, and town hallsHealth and safety committeeTo encourage employees to actively participate in shaping and influencing an inclusive workplace and working environmentTo foster a culture where employees feel valued, heard, and motivated to contribute To gather EHS (Environment, Health, Safety) feedback to ensure continuous improvement of workplaceIncreased engagement and employee influenceLocal agreements on changes and improvementsIncluding engagement as a regular topic on team meetings Actions that support individual development Reduced employee turnover Safe and inclusive workplace for both off-site and on-site workersWorkers in thevalue chainIndustry collaborations membership in the Pharmaceutical Supply Chain Initiative (PSCI) Engagement with own workforce as proxy advisors for the workers in the value chainTo gather an understanding of the working conditions providedTo collect knowledge about the needs of these stakeholdersDesired long-term outcome: safe workplace for both off-site and on-site workers in our value chainSupport the development of our Responsible Value Chain ProgramConsumers and end-usersAdvisory boards MSL visits to HCPs, and reporting of insights Participation congresses, and reporting of insightsTo collect insights and feedback to inform our research agenda and communication needssResearch developed in function of needs of the public health community and HCPs Communication adapted towards the needs of HCPsSuppliers and business partnersSupplier &amp; business partner due diligenceIncorporation of sustainability criteria into contracts with suppliers and CMOs (Contract Manufacturing Organization)Member of the PSCI Industry collaboratorsRegular supplier relationship managementTo meet the demands of the market To alleviate internal production capacity To assess and manage business ethics risks of third-party inter-mediariesContinuously implement sustainability clauses into contracts at relevant suppliers &amp; business partnersAlignment on mutual sustainability actions and ambitions Business continuation plansAlignment on business ethics requirements with third-party intermediariesHow we engageWhy we engageOutcomes of engagementInvestors, analysts &amp; mediaInvestor/sell-side meetingsInvestor roadshows &amp; conferences Stock exchange announcements Conference calls Capital Market Days Annual General Meetings ESG questionnaires and ratingsTo provide relevant, timely, and accurate information about strategic, economic, financial, operational, and scientific affairs of the companySupport of fair valuation of Bavarian Nordic shares Improved transparency and disclosure of information Maintenance of existing shareholder relations Continued attraction of potential shareholders Identified improvements in ESG targetsIndustry bodies &amp; regulatorsDirect dialogue with policymakersRegulatory advice on manufacturing development plans, non-clinical and clinical studiesExternal ethical committees for clinical and animal studiesSubmission of marketing approval of a product with regulatorsSubmission of new product information or changes to product information for request for dialogue with regulatory agencies on product informationTo share data analysis, reviews, studying dataTo gain the regulators alignment on processes related to nonclin-ical studies, clinical trials, and manufacturing processesTo comply with international ethical standards for human research and animal welfareTo obtain a marketing license for a productTo discuss and align on product information contained within the label to maintain compliance and accuracyProvide information for policy makers to make a decision on product use Implementation of latest regulations, ensuring compliance to good practice guidelines (GxP) in product developmentSafe and ethical practices for patients and animalsCompliance with regulatory Good Practice (GxP) standards so consumer safety and product quality standards are metAligned product information agreed on with the regulatory agencies which is used to inform HCPs about the productAnimals for testing (silent stakeholder)Frequent consultations with Animal Welfare Officer and internal committeeRegular inspections and monitoring by veterinarians and trained staffInternal audits and welfare assessments in line with EU Directive 2010/63/EUStaff training on ethical handling and welfare standardsTo ensure compliance with ethical standards for animal care and use To identify and act on opportunities to apply the 3Rs (reduce, refine, replace) To drive continuous improvement in animal welfare practices and routines To maintain an open forum to discuss welfare measures and alternative methodsContinuous enhancement of housing, enrichment, and handling standards Refined monitoring criteria and pain minimization techniquesEnhanced staff awareness and competence Strengthened alignment of testing procedures with internal policies and regulatory standards Gradual replacement of in-vivo tests The double materiality assessment processOur double materiality assessment (DMA) establishes a structured and consistent process for identifying, assessing, and prioritising our material impacts, risks, and opportunities (IROs), forming the foundation for our sustainability strategy and reporting.The 2025 DMA was conducted in accordance with the European Sustainability Reporting Standards (ESRS) and constitutes the second of its kind. The DMA process was led by the Corporate Sustain-ability department and supported by the ESG Finance department. The assessment identified and evaluated our actual and potential-, positive and negative- IROs as well as the connections between these. This evaluation determined the materiality of sustainability matters, considering the sub-topics and sub-sub-topics presented by the ESRS.The steps performed in the 2025 DMA process includedMobilization and hypothesis:identifying sustainability mattersThe assessment reviewed the sustain-ability matters outlined in the ESRS in the context of our own activities, business relationships, key activities and actors within the value chain, as detailed in ESRS 1 AR16. The process included an evaluation of material IROs among industry peers to provide a sector-specific perspective and to identify potential topics relevant to us, especially those that may give rise to heightened risks of adverse impacts. Stakeholder engagement Subject matter expert insights were used to identify and reassess material IROs through conversations and inter-views as well as a review of relevant internal documentation. Where direct information on value chain impacts was limited, internal stakeholders were engaged as informed proxies based on their operational responsibilities and relationships with external partners.Each interview was prepared using internal documents and the results from the 2024 DMA. They were struc-tured around ESRS sustainability matters and sub-topics relevant to the individual expert’s area of respon-sibility. Sustainability matters were assessed individually, with the subject matter experts asked to evaluate the likelihood, severity, and strategic relevance of potential IROs, including whether they could affect our strategy or business model over time. Validation session Once the initial draft of the 2025 DMA was completed, we carried out a validation round with the subject matter experts responsible for each topical ESRS area. They were asked to review the results and confirm whether the assessment accurately reflected their respective area. Feedback was provided back to the Corporate Sustain-ability department and incorporated into the assessment. This ensured a collaborative validation process with final DMA outcomes being informed by operational expertise.Following this, a second round was conducted with our Executive Manage-ment where they were presented with the final outcome. Here, they had the opportunity to assess and comment on three key elements: (1) whether the applied thresholds were appro-priate, (2) whether the distinction between material and non-material matters reflected a fair and balanced representation, and (3) whether each sustainability matter was accurately reflected.Finalization and documentation Following the validation sessions, IROs were finalized with a presentation summarizing the method, process and results of the DMA. The completed list of IROs was presented to the Danish Bavarian Nordic Workers Council, reviewed and signed off by our Execu-tive Management and approved by the Board based on a recommendation for approval by the Finance, Risk and Audit Committee (FRAC). Methodology &amp; key assumptionsThe 2025 DMA process was based on the method-ology, thresholds, and conclusions from the 2024 DMA, which were prepared on the principles laid out in ESRS 1. Internal subject matter experts were selected to participate in a series of workshops based on their in-depth knowledge of affected stakeholders and users of the sustainability state-ments. The internal subject matter experts repre-sented both internal and external stakeholders such as suppliers, investors and employees.Scoring thresholds and methodology The thresholds and time horizons used for scoring IROs were inspired by our Enterprise Risk Manage-ment (ERM) methods to the greatest extent possible; however, this was adjusted where not suitable. For topics with human rights relevance, lower thresholds were applied to reflect the height-ened severity and sensitivity of potential adverse impacts on people.Internal subject matter experts scored the IROs in collaboration with the ESG Finance and Corporate Sustainability departments, after which the results were reviewed by senior management. Actual impacts were assessed on a gross basis, meaning they were evaluated at full magnitude without considering existing mitigation measures. Potential impacts and risks were also scored on a gross basis for severity, including potential finan-cial effects, while likelihood was assessed based on expected occurrence before the effects of any current response or control measures. The scoring parameters used throughout the process were based on the ESRS: Impact materiality: Scale, scope, irremediability, likelihood (based on if an impact is positive/nega-tive and actual/potential). For potential negative human rights impacts, severity (assessed based on scale, scope and irremediability) took prec-edence over the likelihood of the impact when scoring. For positive impacts, materiality was determined according to scale, scope and (for potential positive impacts) likelihood. These adjustments are made in alignment with ESRS 1, 45. Financial materiality: Financial magnitude of risk/opportunity, likelihood, and the nature of the financial effect. Decision-making and internal control procedures Key decisions during the 2025 DMA process related to identifying relevant internal subject matter experts, defining and scoring IROs, assessing their materiality, and validating and signing off the final outcomes. The DMA process was led by Corporate Sustainability and supported by ESG Finance, while individual topical experts contributed scoring and IRO insights within their specific responsibil-ities. This structure ensured that the assessment was overseen by three different internal parties, providing both methodological control and opera-tional validation.Throughout the process, regular sense checks were conducted to confirm that no material sustainability matters were overlooked or insufficiently consid-ered. Scoring was tracked in a structured IRO work-Key assumptionsPoint-in-time assessment: Sustainability issues evolve over time, influencing their impact, risk, and significance for Bavarian Nordic or affected stakeholders. The DMA conducted provides a snapshot of material IROs at that specific point in time. Anticipated financial effects: The financial effects of sustainability matters were assessed qualitatively. Given the early stage of understanding these IROs, quantifying them was deemed premature at this stage.Best available knowledge:Evaluations of potential impacts, outcomes, and effects were performed by individuals with industry expertise, using the best information available. However, research and comprehension of sustainability matters vary depending on the topic. Use of internal stakeholders as proxies: Internal stakeholders (also referred to as subject matter experts) acted as representatives for external parties such as suppliers, investors, and employees. The subject matter experts were selected for their insights and acted as proxies in the absence of direct external engagement. Identification of relevant stakeholders and impacts: Our subject matter experts identified relevant stakeholders and potential impacts using their expertise and the best available knowledge. While there is a risk of missing certain impacts or stakeholders, this was mitigated by reviewing material IROs against industry peers. book managed jointly by the Corporate Sustain-ability and ESG Finance departments to ensure consistent application of the methodology. Each score was accompanied by a documented rationale, including potential linkages between impacts and financial risks and opportunities. The assessment of the IROs were made based on predetermined criteria, with input from all participants, and were approved during workshops and validation sessions. This internal review and approval procedure ensured accountability, traceability of decisions, and a controlled application of the materiality method-ology.Future steps: integration, monitoring and review Currently, there is no formalized process to inte-grate the DMA results of IROs into our ERM process, although both processes influence and inspire one another. The 2024 DMA has formed the baseline for our 2025 DMA, conducted in alignment with the Corporate Sustainability Reporting Directive (CSRD). We will continue to conduct an annual review of the DMA and its findings to account for evolving trends, shifting assumptions, changing contexts, and new regulatory developments. When deemed necessary, an evaluation of the DMA process will be carried out to ensure it continues to accurately reflect our material IROs. Additional internal documents and data as well as external sources such as scientific articles, reports and regu-latory information were used as proxies to identify and assess material IROs. Climate change DMA process Our DMA is the foundation upon which we assess and determine material IROs. Climate-related IROs are a fundamental part of that assessment. Addi-tionally, our assessments based on the Task Force on Climate-related Financial Disclosures (TCFD) recom-mendations also inform this process to identify and assess material climate-related IROs. To integrate the identification and management of climate hazards and/or the risks posed by the transition to a low-carbon economy into our existing systems and processes, we have integrated climate assessments into our ERM process. The ERM process is coordinated by the Finance department with responsibility for overseeing our ERM program and reports to the FRAC. Each risk has a defined risk mitigation plan directed by relevant members of the senior leadership team. In 2024, we reviewed our 2022 TCFD assessment. The review considered updated information, including the acquisition of two new sites, a refreshed governance structure, as well as new additions to our vaccine portfolio. The 2022 TCFD assessment involved a screening exercise across our facilities in Denmark to identify sources of greenhouse gas (GHG) emissions, primarily focusing on scope 1 and 2 emissions. The updated version in 2024 also captures our Swiss manufacturing site and updated product portfolio. Actual and potential impacts on climate change were assessed with specific emission data reported for heating, elec-tricity generation and transport emissions. We did not update the assessment in 2025 as we believe the conclusions remain the same, and that our resil-ience was captured and assessed in both our annual ERM assessment and in our 2025 DMA. This process evaluated energy efficiency initiatives, such as the implementation of LED lighting and heat pumps to reduce operational emissions. We also explored the purchase of renewable energy certificates. Scenario analysisWe assessed climate-related physical and transition risks and opportunities against two physical and two transition scenarios under different time periods. This analysis covered our own operations and our upstream and downstream value chain. Scenario analysis for physical climate riskFor the purpose of considering the physical risks that climate change may pose to us by mid-century, the Intergovernmental Panel on Climate Change's Shared Socioeconomic Pathway (SSP) 5-8.5 and 2-4.5 were used. Assessing against these scenarios helps us identify climate-related hazards and how our assets and business activities are exposed to such hazards. The former is a ‘worst case-high emissions’ scenario that assumes ‘business-as-usual’, while the latter is considered a ‘middle of the road’ approach to mitigation and adaptation, with a reduction in GHG emissions and lower warming threshold than SSP5-8.5. The timeframes for our physical risk scenario analysis are split into near-term (present-2040), where initial impacts like increasing heatwave frequency and water scarcity are expected to begin affecting operations; Medium-term (2040-2060), where the severity of extreme weather events is anticipated to increase further. These time horizons were selected based on the expected lifetime of our assets, strategic planning horizons, and the evolving capital allocation plans for infrastructure upgrades. Scenario analysis for transition riskFor the transition risk assessment, the Net Zero Emissions by 2050 Scenario and the Stated Policies Scenario from the 2022 World Energy Outlook report, published by the International Energy Agency were selected. These scenarios represent a ‘worst case’ and a ‘favorable case’ respectively, enabling a stress test of our resilience to the transition to a low-carbon economy. These scenarios were considered over three time frames: short-term (time of assessment - 2025), medium-term (2025-2030) and long-term (2030–2040). The key drivers considered in these scenarios include: Policy assumptions: For example, carbon pricing and increasing energy efficiency standards are central in both scenarios Energy usage and technology assumptions: The transition scenarios evaluated the expected shift towards clean energy sources and the adoption of low-carbon technologies like heat pumps and electrification of vehicles. These assumptions were critical in assessing how quickly our facilities and supply chains could adapt to future regula-tions and market changesMacroeconomic trends: The analysis considered trends like rising carbon prices and the introduc-tion of emissions trading schemes, which could increase operational costs and affect our competi-tivenessThe transition risk assessment covered both tran-sition risks and opportunities. For each risk and opportunity, the scenario analysis assessed different points in time and the potential impact on our busi-ness was classified between very low to very high based on predefined materiality criteria, including financial and reputational thresholds. The outcomes of the scenario analysis reflect the anticipated level of risk at those future points in time, rather than aggregated risks over that period. The process to identify transition risks and opportunities included our assets and business activities that may be deemed incompatible with or need significant efforts to be compatible with a transition to a climate-neutral economy in that it included scope 1 and 2 emissions, which allows us to track and identify high-emission assets or activities. The climate scenarios used in our analysis have been evaluated in the context of our financial planning and assumptions to ensure consistency. Specifically, the financial thresholds used in the scenario analysis, as well as the DMA, are consistent with the financial materiality thresholds of our ERM system. We have not conducted a resilience analysis as defined under the ESRS. However, we believe that the core elements of resilience are embedded in our climate-related risk assessment processes and actions, which are informed by the recommenda-tions of the Task Force on Climate-related Financial Disclosures (TCFD).Similar to other areas, climate-related topics are taken into consideration in our ERM. As mentioned previously in this section, we performed a climate scenario analysis in 2022 (and updated in 2024) and it assessed potential impacts across near-, medium-, and long-term horizons and informed mitigation measures such as energy efficiency initiatives, renewable energy sourcing, and supplier engage-ment. The analysis, and ongoing actions provide insight into how our strategy and our business model respond to climate-related risks (See Climate change).DMA process for remaining topics Environmental topics During the DMA process, interviews with internal subject matter experts were used to identify and assess pollution-related, water-related, biodiver-sity-related and resource use-related actual and potential IROs relating to our business activities. In our assessment of biodiversity and ecosystems, we identified dependencies in our upstream value chain, specifically our reliance on horseshoe crab blood for endotoxin testing, but 'systemic risks' were not considered as we have yet to develop the methodology to do this. Additionally, biodiversity assessments were conducted again this year for our Danish and Swiss manufacturing sites, using WWF Biodiversity Risk Filter. The 2025 assessments indi-cated a physical risk score of 3.32 (Medium) for our Danish manufacturing site and 2.95 (Medium) for our Swiss manufacturing site. Compared to 2024, the results show minor variations in overall risk levels, with our Swiss manufacturing site moving from a low to a medium risk category. At our Danish manufacturing site, a lake classified as a protected area under the Danish Protection of Nature Act §3 was identified. The lake serves to capture and retain rainwater for ours and neigh-boring properties. This highlights a dependency on ecosystem services, which we are investigating and investing in, to further increase resilience and enhance nature. In 2025 we concluded our biodiversity monitoring project, which involved continuous data collection on flying insect species at our Danish and Swiss manufacturing sites. Species diversity and abun-dance were used to compare against reference sensors to inform potential mitigation or enhance-ment options. We have begun to engage with communities regarding shared biological resources and ecosystems at our Danish manufacturing site. Our assessments and actions reflect a commitment to understanding and addressing biodiversity and ecosystem-related dependencies, impacts and opportunities. Monitoring and further evaluations will support our decisions on potential mitigation initiatives. We did not conduct consultations with affected communities in E2 and E5 as the material IROs are centred around internal use and waste streams onsite.Business conductThis process looked more specifically at areas relating to the research, development, manufac-turing and commercialization of vaccines, with a pharma and healthcare angle. The identification of IROs in relation to business conduct matters therefore involved a mapping of key activities and locations within our value chain which had elevated potential impacts or risks associated with corruption and bribery risks and non-respect for human rights and other breaches of our Code of Conduct. In the process we also assessed high-risk factors including geographic risks and types of interactions (carried out by us) or on our behalf in our value chain. Similarly, in relation to animal welfare, we focused our attention on our in-house facilities and processes related to housing and handling of mice.Our material impacts, risks and opportunitiesOur value chainThe presented table summarizes the impacts, risks, and opportunities (IROs) deemed material through our 2025 double materiality assessment (DMA). All identified IROs are covered by European Sustainability Reporting Standards (ESRS) disclosure requirements. Most material IROs relate to our own operations and are closely linked to vaccine manu-facturing. Material IROs in our upstream value chain primarily concern carbon emissions and working conditions among workers in our supply chain. In our downstream value chain, material IROs relate mainly to consumers and end-users of our vaccines.Our impacts stem directly from activities central to our business model and affect people and the environment to varying degrees, depending on our ability to manage them effectively. There are no current significant financial effects related to our identified risks and opportunities. Detailed descrip-tions of each material IRO can be found in the respective topical ESRS sections.Resilience of our strategy and business modelOur strategy and business model demonstrate inherent resilience in managing material sustain-ability-related IROs. As a vaccine company, our core purpose of protecting people naturally aligns with key sustainability priorities, including access to vaccines, safeguarding our workforce, and ensuring a responsible value chain. These priorities are embedded in our operations and reinforce our ability to address material IROs proactively through processes and actions disclosed in these state-ments. General resilience considerations related to identified material IROs are captured on a qualita-tive basis through discussions with subject matter experts. This included the application of the same time horizons assessed in the DMA.Changes to material impacts, risks, and opportunitiesIn 2025, all material IROs identified in the 2024 DMA were reassessed. Where applicable, this reassess-ment resulted in updates to wording and definitions, adjustments to time horizons, and refinements to the assessed direction and magnitude of IROs across the value chain. For some IROs, the 2025 DMA has resulted in more significant changes. These are outlined below.Climate change, Pollution, BiodiversityIn E1 Climate change, the actual negative impact “Reliance on energy sources stemming from the use of fossil fuels” has been assessed as not material. The 2025 assessment concluded that this impact is sufficiently covered within other material E1 impacts, and we will maintain the material information (data points) which relate to energy use, and therefore no longer require separate impact disclosure.In E2 Pollution, the risk “Further restriction on the use of substances of very high concern” has been assessed as not material. Based on the 2025 assessment, this risk did not meet the materiality thresholds due to a greater understanding of our use and dependence on the respective substances of very high concern (SVHCs), and as such no longer deemed the topic as material risk.In E4 Biodiversity and ecosystems, the risk "Continued regulation on horseshoe crab reliance" has been assessed as not material. Based on the 2025 assessment, this risk is no longer deemed likely as we have begun planning for transition from LAL to a recombinant alternative in our manufac-turing processes. Additionally, regulatory require-ments to maintain processes reliant on LAL for endotoxin testing are loosening. Therefore, this is no longer deemed a material risk. Own workforceIn S1 Own Workforce, the topic was fully reassessed in 2025 using a more granular assessment approach. This resulted in more detailed scoping and descrip-tions of material impacts and risks and led to an increased number of identified material impacts and risks compared with 2024.In 2025, the potential negative impact "Health &amp; safety of our own workforce" has been replaced by three separate potential negative impacts and one risk, providing a more precise representation of underlying elements. Furthermore, the 2024 risk “Equal treatment and opportunities” has been removed. The underlying elements are now addressed within other material S1 impacts and risks identified through this more granular assessment.Disclosure requirements covered in the sustainability statementsDouble materiality assessment for other topicsThe identified IROs related to ESRS E3 Water and Marine Resources and ESRS S3 Affected communities were not deemed material because they did not meet the materiality thresholds established during the DMA. Our operations, which primarily involve the production of vaccines, are not heavily water-dependent and do not materially affect any communities through our operations, resulting in minimal impact and negligible financial or reputa-tional risk in these areas.Determination of material informationTo determine the material information disclosed in our sustainability statements, we conducted an assessment of our mate-rial IROs. This effort was carried out through collab-oration between the Corporate Sustain-ability and ESG Finance departments, ensuring an integrated approach across functions. The process was designed to align our disclosed information with the outcome of the DMA (see The double materiality assessment process). EnvironmentE1 Climate changeClimate change is a global challenge affecting human health, ecosystems, and societal resilience. We recognize our responsibility to address our emissions and manage climate-related impacts and risks.Time horizonName of IROShort-termMedium-termLong-termGHG emissions contributing to climate changeActual Negative ImpactWe emit greenhouse gasses as a part of activities related to research, develop-ment, manufacturing and distribution of vaccines, processes which are dependent on various energy sources and use of fossil fuels, both in our own operations (Scope 1 and 2) and throughout our value chain (Scope 3).●●●Systems controlling use of refrigerantsPotential Negative ImpactA potential failure of systems controlling refrigerants which would result in a release of CO2equivalents into the atmosphere.●●●Extreme weather events at production sitesRiskDue to weather related effects of climate change there could be an increased frequency and intensity of extreme weather events, such as storms and floods. Potential flood could disrupt manufacturing operations at our Danish manufac-turing site.●●●Extreme weather events in supply chainRiskCases of extreme weather events, without adequate mitigating actions, could delay production and transportation, specifically in relation to shortages and deliv-eries from Contract Manufacturing Organizations.●Interaction with strategy and business modelOur climate-related impacts and risks are closely linked to the nature of our business model and global value chain. As a pure-play vaccine company, our operations span research and development, manufacturing, commercialization, and distribution of vaccines. These activities are resource-intensive and rely on both internal capabilities and external partners, including contract manufacturing organizations, raw material suppliers, and logistics providers. We recognize the need to address climate change and align with the goals of the Paris Agreement. In response to assessing material impacts, risks and opportunities (IROs), we review our greenhouse gas emissions (GHG) and decarbonization opportu-nities on a quarterly basis, and continue to assess and outline the steps we will take to advance our commitment to reducing our GHG footprint. Bavarian Nordic is not excluded from the EU Paris-aligned benchmarks. Our internal governance documents drive the management of climate change-related impacts and risks. We currently do not have a policy directly addressing climate change mitigation, adaptation, energy efficiency or renewable energy, because our actions to reduce our impact on climate change are captured within our Global Environmental, Health and Safety Policy. Our climate transition plan includes an evaluation of the most efficient decar-bonization levers to reduce GHG emissions, priori-ties, timelines and targets.We have not in 2025 allocated significant monetary amounts, in relation to CapEx and OpEx, to implement actions taken or planned, in neither line items or notes in the financial statements, nor key performance indica-tors required under Commission Delegated Regulation (EU) 2021/2178 (EU Taxonomy).Material impacts, risks and opportunitiesWe identify and assess our material climate-related IROs to understand how climate change may influence our operations, value chain, and long-term business environment. This assessment supports transparency and informed decision-making, and helps ensure that climate considerations are appropriately reflected in our strategy, risk management processes, and ongoing sustainability reporting.Systems controlling use of refrigerants The potential failure of systems controlling refriger-ants could release CO₂ equivalents. Some refrigerants are classified as having a high global warming poten-tial, and failures in containment systems can result in significant GHG releases. This potential impact is a result of our requirement for temperature-controlled operations in the manufacturing, storage, and distri-bution of biopharmaceutical products and is essential to maintain the stability and efficacy of tempera-ture-sensitive products. ActionsTo mitigate the risk of refrigerant leaks, refrigeration units are inspected and serviced annually according to legislation in Denmark and the EU. We have service agreements for inspection and maintenance of all units every year which include leak testing for refrig-erants. Some units are inspected over and above requirements because cold storage of production materials and final products is so critical. Measures to track effectiveness of refrigerant inspections include monitoring the frequency of inspections relative to the identification of issues or leaks.Extreme weather events at production sites and in supply chainOur production sites could face a physical risk from extreme weather events, such as flooding, which could disrupt manufacturing operations. Increased frequency and intensity of storms and floods, accelerated by climate change, may impact facility integrity and production continuity in the medi-um-term. This could lead to repair costs, operational downtime and disruptions to supply of products to market if not taken into consideration and mitigated correctly through adaptive preventative maintenance programs and infrastructure investment. Flooding at production sites could have effects on our business model by causing production delays and increased costs. In the medium-term, we may face the need to allocate additional resources to flood prevention measures or rapid response systems to ensure opera-tional continuity. We could face physical risks associated with extreme weather conditions, which could potentially disrupt our supply chain in the medium-term. Extreme weather events, such as floods, storms, or heat-waves, have the potential to delay or disrupt supplier deliveries. This could have a cascading effect on our business model, leading to increased costs and delays although our current financial position has not been affected. ActionsCurrently we work with minimum inventory levels and have business continuity plans in place to miti-gate and respond to extreme weather events, and we are further assessing what can be done in case of such events. We have a specific project underway to increase the capacity of our Danish manufacturing site to manage surface water and prevent flooding. To mitigate the potential risk of extreme weather events in our supply chain further, we aim to employ dual sourcing and work with minimum inventory levels. Measures to track effectiveness of business continuity plans include testing performance in scenario-based simulations, and strengthening miti-gation based on identified gaps.GHG emissions GHG emissions contributing to climate changeOur current manufacturing processes rely partly on energy sources that originate from fossil fuels. This reliance leads to release of GHG emissions asso-ciated with fossil fuel combustion, contributing to climate change. For example, steam production is a requirement of our manufacturing processes, and we are currently using natural gas and heating fuel to produce steam.Transition plan for climate change mitigationIn 2024, we began to assess the compatibility of our GHG emission reduction targets with a 1.5°C pathway. Recognizing the importance of adhering to the Paris Agreement, we align with the Science-Based Targets initiative (SBTi). We also aim to secure third-party validation for our emissions targets, to reinforce the integrity and transparency of our commitments. The transition plan is our starting point in our commitment to mitigate climate change risks and takes into consideration the identified main decar-bonization levers (electrification, renewable energy sourcing, energy efficiency), resilience actions (preventive maintenance and flood prevention, supplier engagement targets), and business conti-nuity planning across the value chain. With input, involvement and approval by Executive Manage-ment, the analysis and targets show our commit-ment to mitigating material climate change-related impacts and risks and subsequently constitute an alignment with our overall business strategy and financial planning.We have conducted a qualitative assessment of potential GHG emissions from Scope 1 and 2 sources. This assessment focused on assessing locked-in emission sources associated with energy-intensive equipment that requires long-term planning to abate. By focusing efforts on persistent operational dependencies on fossil fuels or legacy systems, we prioritize decarbonization levers that will have the most significant positive impact. While we focus on the most material emission sources, we also take the opportunity to make reductions and transitions wherever we can. Progress on implementation of the transition plan can be found in the sections below.ActionsWe are focused on actions to align with our climate commitments and science-based target ambitions. In 2024, to drive meaningful progress toward our emission reduction goals, we concentrated on opti-mizing energy systems, transitioning to renewable energy and developing a near-term science-based climate target. In 2025, we went deeper into Scope 1 and 2 reductions through equipment electrification, transitioning to biofuels and increasing our invest-ments in renewable energy.Action 1 Scope 1 emissions in manufacturingDuring the reporting year, we implemented two key initiatives to reduce Scope 1 emis-sions. Firstly, at our Swiss manufacturing site, we have started a multi-year phased project to convert our heating and cooling system to a modular electric heat pump system. Once fully implemented, this change will eliminate thousands of tons of CO2. As this is a phased project, the first phase was approved in 2025 and will be initiated in 2026. The third and last phase is expected to be completed, at latest, by 2030. Secondly, at our Danish manufacturing site, we are transitioning from fossil fuel based diesel to hydro-treated vege-table oil to power our emergency generators. Action 2Renewable energy sourcingIn 2024, we signed our first Power Purchase Agreement (PPA) for our Danish manufacturing site, ensuring the use of at minimum 80% renewable electricity. The agreement took effect in November 2024 and covered the final two months of the year, resulting in 750 tonnes of CO₂e savings. In 2025, we strengthened our commitment by sourcing nearly 100% of the site’s electricity from wind and solar assets through the PPA. With the agree-ment active for the full year, our annual Scope 2 (market-based) emissions savings increased to approximately 3,600 tonnes - an improvement of 2,850 tonnes compared with 2024 (see Metrics). From 2026 onward, we do not expect similarly large year-over-year improvements, as the full-year PPA benefit will remain consistent going forward. Gross Scope 2 GHG emissions 2024-2025 (MB)Action 3Supplier engagementIn 2025, we have matured our approach to Scope 3 emissions using a tool to evaluate and track the climate target maturity of our top suppliers. We prioritize suppliers within the categories Purchased goods and services, Capital goods, and Upstream transportation and distribution. This initiative supports our broader climate strategy by ensuring that key partners align with our values and reduction targets, and that we select suppliers considering their actions to mitigate climate change.Significant Scope 3 GHG emissions●1. Purchased goods and services●2. Capital goods●3. Fuel and energy-related activities●4. Upstream transportation &amp; distribution●5. Waste generated in operations●6. Business travel●	7. Employee commutingTargetsIn 2024 we committed to a near-term science-based targets to reduce GHG emissions in line with a 1.5°C global warming pathway. This commitment is grounded in quantitative goals across Scope 1, 2 and 3 emissions, with targets aligned to support near-term (2030) objectives. We also aim to reach net-zero emissions across Scopes 1, 2, and 3 by 2050. We intend to pursue SBTi validation of our near-term targets in 2026. The target setting process involved several key departments, including the following key teams through meetings and workshops: Global EHS, Corporate Sustainability, Global Engineering, and Global Procurement. The current targets for Scope 1 and 2 emissions involve a 42% absolute reduction by 2030, using 2023 as the base year. These are gross targets, with no reliance on GHG removals, carbon credits, or avoided emissions. For Scope 3 emissions, we have committed to working with suppliers to align their practices with our climate goals. The target is for 70% of suppliers, by spend, covering purchased goods and services and capital goods, and 90% of suppliers by spend covering upstream transportation and distribution, to establish science-based targets by 2029. Our targets follow a sectoral decarbonization pathway using a climate scenario model aligned with the Paris Agreement. The SBT feasibility analysis incorporated future factors such as shifts in customer demand, regulatory developments, and technology advancements, which are expected to influence both emissions levels and reduction potential.We also use internal annual CO2reduction targets focusing on energy efficiency and fossil fuel reduc-tion projects. The allocation of our annual bonus pool is linked to achievement of these targets (see Sustainability-related performance in incentive schemes). Scope 1 and 2 reduction targets (from a 2023 baseline):Minimum 4.2% annually (until 2027) of total Scope 1 and 2 GHG emissions42% reduction of total Scope 1 and 2 GHG emissions by 2030Net-zero by latest 2050Key decarbonization leversTo achieve our GHG reduction targets, we have identified key decarbonization levers across our operations: Renewable energy sourcingWe have committed to renewable energy sourcing, including a PPA for our Danish manufacturing site and Renewable Energy Credits for our Martinsried site.Biogenic fuelsWe have committed to a transition from fossil fuel derived diesel to bio-based alternative at our Danish manufacturing site, and will investigate opportunities for other sites, which would reduce approximately 2.5 kg CO2e per liter compared to conventional diesel.Electrification of key systemsElectrifying core operational systems to replace fossil fuel-dependent processes would reduce Scope 1 CO2e emissions by 73% compared to the 2023 baseline.Supplier engagementOur suppliers setting their own science-based targets is a lever for reducing Scope 3 emissions. This initiative focuses on high-emission categories such as purchased goods and services, and upstream transportation. By covering 70-90% of key supplier emissions by 2029, this action will align our supply chain with our climate goals.With 2023 serving as a baseline year, we will monitor the progress of our actions against our climate targets. With the updated baseline, due to restatements, with the reductions we have seen in scopes 1 and 2 in 2025, this will not affect our progress to meet our near-term targets. MetricsScope 1Our Scope 1 emissions are primarily driven by the usage of natural gas and diesel oil for steam production and heating. Their modest decrease in 2025 is primarily associated with the closure of our natural-gas-dependent research site in San Diego early this year.Scope 2We achieved a substantial reduction in our Scope 2 market-based emissions in 2025, which can be primarily attributed to the full-year effect of our Power Purchase Agreement (PPA) for the Kvistgaard site (see Renewable energy sourcing). Additionally, further improvements in 2025 came from a cleaner residual mix in the Danish grid, reflected in a 28% decrease in the market-based emission factor.Our Scope 2 location-based emissions also declined compared to 2024, mainly due to a 31% decrease in the location-based emission factor for electricity production in Denmark and a 7% decrease in Germany. This improvement reflects the growing share of renewable energy in the national grids, where the majority of our Scope 2 emissions are generated. Around 300 tonnes of emissions decrease are also resulting from the closure of the research site in San Diego in 2025.Scope 3Our Scope 3 emissions increased compared to 2024 and this development can be mainly attributed to GHG emissions yearly rise in categories 1, 2 and 5.Increased GHG emissions in category 1 reflect higher operational spending this year, mainly due to launch of our chikungunya vaccine which includes added marketing costs, the establishment of sales entities in new countries and general commercial ramp-up.Growth of our GHG emissions in category 2 was primarily driven by expansion of our Swiss facility and construction of a new production building in 2025.Yearly development of emissions in category 5 is a result of increased wastewater volumes generated at our Danish production site. Wastewater generated at this location accounts for 96% of our emissions in this category (see Resource use and circular economy).In accordance with the GHG Protocol Scope 2 Guidance, we have applied both the loca-tion-based and market-based methods to calculate our Scope 2 GHG emissions. For the market-based method, we utilized the following bundled instruments to cover a portion of our purchased energy consumption: Power Purchase Agreement (PPA) covering 58% of our purchased energy and a green electricity certificate covering 4% of our consumption. We did not use any unbundled instruments during the reporting period.Gross scopes 1, 2, 3 and total GHG emissionsE1- table 1in tonnes of CO2e202520242023 (Base year)2024/2025 % changeScope 1 GHG EmissionsGross Scope 1 GHG emissions3,2183,51923,7292-9%Percentage of Scope 1 GHG emissions from regulated emission trading schemes- %-%- %- %Scope 2 GHG EmissionsGross location-based Scope 2 GHG emissions1,1301,7153,038-34%Gross market-based Scope 2 GHG emissions 3534,71435,2553-93%Significant Scope 3 GHG emissions1) Purchased goods and services33,38526,11140,390128%2) Capital goods6,5805,39937,812122%3) Fuel and energy-related activities (not included in Scope 1 or Scope 2)1,5331,6201,7331-5%4) Upstream transportation and distribution5,1114,5044,139113%5) Waste generated in operations5,2304,430212118%6) Business travel1,2481,2861,1481-3%7) Employee commuting1,5301,6831,5821-9%Total Scope 3 GHG emissions54,61645,03187,024121%Total GHG emissionsTotal GHG emissions (location-based)58,96450,26693,79117 %Total GHG emissions (market-based)58,18753,26496,0089 %Outside of scopes emissionsBiogenic emissions6936042651215 %1	Not subject to assurance. 2	We source gas from a grid-supplied pipeline containing both fossil natural gas and biomethane. Previously, all gas consumption was classified as fossil-based. To better reflect our impact, prior years have been corrected by allocating gas use between fossil and biogenic components based on supplier data - Scope 1 emissions decreased by 635tCO2e in 2023 and by 592tCO2e in 2024.3	In 2025, we received documentation confirming that electricity supplied by our Martinsried site landlord in 2023 and 2024 was covered by renewable energy certificates. Previously reported figures have been restated to reflect renewable energy use - emissions decrease by 1,063tCO2e in 2023 and by 508tCO2e in 2024.GHG intensity based on net revenueE1- table 2in tonnes of CO2e/million DKK2025 2024 Total GHG emissions (location-based) per net revenue9.48.8Total GHG emissions (market-based) per net revenue9.39.3Energy consumption and mix E1 – table 3 in megawatt hours (MWh)20252024Fuel consumption from coal and coal products00Fuel consumption from crude oil and petroleum products8,5418,027Fuel consumption from natural gas5,7976,5341Fuel consumption from other fossil sources00Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources6,02713,9552Total fossil energy consumption20,36528,516Share of fossil sources in total energy consumption (%)60 %82 %Consumption from nuclear sources00Share of consumption from nuclear sources in total energy consumption (%)- %- %Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc,)3,6553,1901Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources10,2012,9062The consumption of self-generated non-fuel renewable energy00Total renewable energy consumption13,8566,096Share of renewable sources in total energy consumption40 %18 %Total energy consumption34,22134,612Energy intensity per net revenue (MWh/mDKK)5.56.11 We source gas from a grid-supplied pipeline containing both fossil natural gas and biomethane. Previously, all gas consumption was classified as fossil-based. To better reflect our impact, prior years have been corrected by allocating gas use between fossil and biogenic components based on supplier data - 3,190MWh of our gas usage reclassified to renewable energy consumption.2	In 2025, we received documentation confirming that electricity supplied by our Martinsried site landlord in 2024 was covered by renewable energy certificates. Previously reported figures have been restated to reflect renewable energy use - change by 705MWh.Accounting policiesScope 1Scope 1 emissions are reported based on the Green-house Gas (GHG) Protocol and cover all direct emissions of greenhouse gases generated by us. They include GHG emissions from fuels combustion and fugitive emissions from refrigerants.In calculating CO2e emis-sions, specific emission factors relevant for the emis-sions type are used. Applied emission factors are based on the most recent data provided by third parties, such as the Department for Environment, Food &amp; Rural Affairs (DEFRA) or refrigerant suppliers.Scope2Scope 2 emissions are reported based on the GHG Protocol and include indirect GHG emissions from the generation of electricity and heat purchased and consumed by us. When calculating emissions in Scope 2, both the location-based method and the market-based method are utilized, as recommended by the GHG Protocol. Location-based emissions are based on national average emission factors for the respective locations. Market-based emissions are based on either supplier specific emission factors (for the electricity associated with contractual instruments such as Power Purchase Agreements or Guarantees of Origin) or on residual mix emission factors.Scope 3Scope 3 emissions are calculated based on activity data and reported in line with the GHG Protocol, where the scope 3 inventory is split into 15 subcategories. In 2025, our scope 3 inventory included the following:Category 1 (Purchased goods and services) based on spend data multiplied by relevant spend-catego-ry-specific emission factors,Category 2 (Capital goods) based on spend data (CapEx) multiplied by relevant spend-category-spe-cific emission factors,Category 3 (Fuel- and energy-related activities) based on actual fuel consumption multiplied by rele-vant emission factors,Category 4 (Upstream transportation and distribu-tion) based on spend data multiplied by relevant spend-category-specific emission factors. It includes fuel for transportation and distribution of both mate-rials sourced from our suppliers and products deliv-ered to our customers, provided the transportation is a service purchased by Bavarian Nordic,Category 5 (Waste generated in operations) based on actual waste data multiplied by relevant emission factors,Category 6 (Business travel) based on emissions data provided by travel management service providers or on spend data multiplied by relevant spend-category-specific emission factors,Category 7 (Employee commuting) based on the employees’ survey used to estimate the distance travelled and travel type (e.g. car or train).The following categories are not included in our Scope 3 inventory:Category 8 (Upstream leased assets) as we do not have any leased assets which are not in our control,Category 9 (Downstream transportation and distri-bution) as our outbound logistics is included in Cate-gory 4 as a purchased service,Category 10 (Processing of sold products) as our vaccines are the final products and they do not undergo any additional processing,Category 11 (Use of sold products) as there are no significant emissions associated with administration of our vaccines to the patients,Category 12 (End-of-life treatment of sold products) as estimated emissions in this category are insignifi-cant (below 1%), Category 13 (Downstream lease assets) as we do not act as a lessor,Category 14 (Franchises) as we do not use franchises in our business model,Category 15 (Investments) as we do not have any significant investments which are not already captured under other categories.We have set operational control as the organiza-tional boundaries which means that areas where the company has the authority to introduce and imple-ment operating policies are captured under Scope 1. In calculating CO2e emissions, specific emission factors based on calculation method and emissions type are used. Applied emission factors are based on the data provided by third parties, such as DEFRA, Exiobase and Ecoinvent. Category 5 emissions for Danish sites were pre-calculated by the external waste handling supplier.Percentage of GHG scope 3 calculated using primary data As of 2025 the majority of Scope 3 emissions calculation is estimated based on spend data. Emissions calculated using primary data from suppliers or other value chain partners account for 17% of our total Scope 3 emissions.Biogenic emissions (outside of scopes)Biogenic emissions refer to carbon dioxide (CO₂) released from the combustion of biomass-based fuels such as biomethane and biodiesel. In accordance with the GHG Protocol, biogenic CO₂ emissions are reported separately and excluded from Scope 1 totals, while non-CO₂ gases (e.g., CH₄, N₂O) from these fuels remain included in Scope 1. We allocate natural gas consump-tion between fossil natural gas and biomethane based on the grid composition and disclose biogenic emissions in the separate line item. Emission factors are sourced from Department for Environment, Food &amp; Rural Affairs (DEFRA).GHG intensityGHG intensity based on net revenue has been calcu-lated as total gross scope 1, scope 2 location-based/market-based, and gross scope 3 emissions divided by total reported net revenue in mDKK. See note 3 in our financial statement for net revenue used for the metric.Energy consumption and mixEnergy volumes data are based on meter readings and suppliers' statements. Energy is considered to be derived from renewable sources if the origin of the purchased energy is clearly defined in the contractual arrangements with its suppliers. This includes renew-able power purchase agreements and market instru-ments such as Guarantees of Origin from renewable sources. Otherwise, it is reported under energy from fossil sources.Energy intensity based on net revenueThis metric is relevant for companies operating in high climate impact sectors only which covers all of our activities (biotechnology and pharmaceuticals – NACE code C21). Energy intensity has been calculated as total energy consumption from all our activities divided by reported total net revenue in mDKK. Since we operate in high climate impact sectors only, we have applied our total net revenue for the intensity calculation. See note 3 in our financial statement for net revenue used for the metric.E2 PollutionCertain substances used in vaccine production require careful attention. We focus on understanding and managing substances of concern and substances of very high concern in ways that enable safe research, development, and manufacturing of vaccines.Time horizonName of IROShort-termMedium-termLong-termUse of substances of concernActual Negative ImpactA part of our processes in manufacturing makes use of substances classified as substances of concern which could be harmful to the environment and/or for people handling the substances.●●●Use of substances of very high concernActual Negative ImpactA part of our processes in manufacturing makes use of substances classified as substances of very high concern which could be harmful to the environment and/or for people handling the substances.●●Interaction with strategy and business modelOur commitment to safeguarding the envi-ronment is integral to our mission to improve public health through research, development, manufacturing, and distribution of vaccines. While the general pollution topic is not material to our operations, we have deemed substances of concern (SoC) and substances of very high concern (SVHC) to be material, as the use of such chemicals is part of our research and vaccine manufacturing process. Material impacts, risks and opportunitiesThe use of certain substances is an inherent part of researching, developing, and manufacturing vaccines. Without appropriate risk mitigation, substances of concern and substances of very high concern can pose risks to the environment and to the people handling them. We have therefore worked to eliminate unnecessary use and limit remaining applications to essential activities, while continuing to evaluate safe handling practices and potential alternatives.Substances of concern and very high concernWithout appropriate risk mitigation, SoC and SVHC can be harmful to the environment and/or to people handling the substances. The processes in which we use these substances are related to our busi-ness model and strategy as they are crucial parts of our ability to research, develop, and manufacture vaccines. We use SoC and SVHC in research and manufacturing in-house as well as through busi-ness relationships with CROs and CMOs. The risk of using these substances is evaluated as part of the daily operations and strategic decision-making performed by the Environmental, Health, and Safety (EHS) department. The current use of SoC and SVHC is crucial to certain parts of our operations. There is some transitional risk related to potentially having to switch out the use of some of these substances as a result of restrictions. Due to the likelihood of restriction and the availability of alternatives as well as the costs of process and procedure changes, there is no material financial impact of this risk. SoCs and SVHCs play a critical role in our manufac-turing processes, ensuring that our vaccines meet the highest standards of quality and safety. We have appropriate authorizations in place for the use of regulated substances. We do not engage in the production, distribution, commercialization, or import/export of these substances. Our focus remains on ensuring safe and compliant use within our facilities, adhering to all relevant regulations and policies.Policies Our commitment to environment, health and safety is reflected in our comprehensive policies designed to manage and mitigate the impacts and risks associated with SoCs and SVHCs. It is primarily our manufacturing sites that use the substances, and they have policies on handling and storage of such substances to minimize the risk of negative impacts from the use of these chemicals. These policies include management's and employees' responsi-bilities in regard to the management of hazardous substances and guidelines on safety measures, both in terms of protective equipment and chem-icals storage and disposal requirements. The poli-cies apply to all employees involved in chemicals storage and handling within our own operations. Heads of the sites are accountable for implementa-tion of those policies.We also have a policy on monitoring changes in environmental, health and safety laws and compli-ance which is described in our EHS Rules and Regulation. The purpose of the policy is to define the responsibilities for tracking changes in the legis-lation and to establish a procedure for evaluation of compliance which takes place every quarter. Appli-cation of this policy secures our compliance with legislation, helping to increase the safety of chem-icals handling and limit the risk of health or envi-ronmental hazards associated with usage of these substances. The policy applies to specifically listed groups of employees at our Danish sites having EHS responsibilities within our own operations. The Head of Site at our Danish manufacturing site is account-able for implementation of this policy.Our EHS Assessment – Chemicals/Products policy addresses the risk associated with the introduction of new SoC and SVHC in relation to environmental, health and safety hazards, risks and regulations. This policy requires us to continuously work on evaluating lower-risk alternatives and to prioritize, where possible, reducing the use of SVHC. The purpose of the policy is to ensure that we seek safer alternatives to reduce our dependency on high-risk substances and prepare us for potential future restrictions. The policy applies to all employees at our Danish sites who introduce, order or buy chemi-cals. Head of Site Kvistgaard (Danish manufacturing site) is accountable for implementation of this policy. All the policies are accessible to affected stake-holders through our Quality Management System, which is available to all employees. Actions and progressSubstances of very high concern (SVHC)In 2025, we discontinued the use of the most significant SVHC by weight in use at Bavarian Nordic, replacing it with safer alternatives. This resulted in a decrease of 91% in the use of SVHC in the produc-tion from 2024 to 2025. The product, containing a reproductive risk, was being used in our utilities system at our Danish manufacturing site. We underwent an analysis of many different products to identify an alternative with no health or envi-ronmental hazards that also met our performance requirements. We also underwent evaluations of all other products reported as SVHC in 2024. These products had SVHC concentrations below thresholds for hazard labelling and we found legacy substances that would be phased out, and products with no alternatives. Going forward, we will continue to evaluate and phase out SVHC wherever possible to maintain this progress.Substances of concern (SoC)In 2025, we also continued a complex multi-year project to better identify all the potential SoC used in our operations through the implementation of a global chemicals register covering all our locations. This solution is needed to streamline and unify our chemicals management and reporting processes linking operations, EHS risks and procurement. Progress toward the implementation of our global chemical register will be reported when relevant as part of the quarterly EHS update report.Compared to 2024, the use of SoC in our production processes remained largely unchanged. Diesel oil continues to account for approximately 99% of the total by weight. Its primary function is steam generation, which is critical to the manufacturing process as it enables disinfection and helps main-tain optimal temperature and humidity levels. In addition, diesel oil powers emergency generators to ensure backup energy supply during electricity shortages and provides general heating for build-ings at one of our production sites.In 2026 and going forward, we will continue to eval-uate SVHC and some SoC to ensure safe handling procedures, minimize risk and identify alternatives. The objective of this action is to minimize any risk of SoC and to reduce and eliminate the use of SVHC where possible. The scope of this action encompasses our own activities. This includes all geographical locations where we operate.Substances of concernE2- table 1in tonnes20252024Hazard classHealth hazard281Environmental hazard61Health &amp; Environmental hazard incl. diesel oil588603Health &amp; Environmental hazard excl. diesel oil04Total596612Substances of very high concernE2- table 2in tonnes20252024Hazard classHealth hazard0.00110.01351Environmental hazard0.00020.0004Health &amp; Environmental hazard0.00000.0000Total0.00130.01391	Following an internal review conducted in 2025, we identified an error in chemicals classification in 2024 - some substances classified as SVHC should have been classified as substances of concern - correction of 1,613 kg.Substances of concern Diesel oil is used for steam gener-ation essential to disinfection and process control, and to power emer-gency generators ensuring backup energy supply.Accounting policiesSubstances of concern and substances of very high concernOnly substances of concern and substances of very high concern consumed at the manufacturing sites are considered in the disclosure. Substances used at the research and development facilities are assessed immaterial for sustainability reporting purposes.The following three hazard classes have been defined as the main hazard classes for Bavarian Nordic:Health hazard,which include the substances of at least one of the following characteristics:carcinogenicity categories 1 and 2;germ cell mutagenicity categories 1 and 2;reproductive toxicity categories 1 and 2;endocrine disruption for human health;Persistent, Mobile and Toxic or Very Persistent, Very Mobile properties;Persistent, Bioaccumulative and Toxic or Very Persis-tent, Very Bioaccumulative properties;respiratory sensitization category 1;skin sensitization category 1;specific target organ toxicity, repeated exposure categories 1 and 2;specific target organ toxicity, single exposure catego-ries 1 and 2; orEnvironmental hazard,which include the substances of at least once of the following characteristics:endocrine disruption for the environment;chronic hazard to the aquatic environment categories 1 to 4;hazardous to the ozone layer;Health and environmental hazard,for substances associated with hazards from both hazard classes described above. To avoid duplication, substances captured under this category are not included in the previous categories.Substances classified under any of the hazard classes listed above are considered substances of concern. Substances of very high concern (SVHCs), a sub-group under substances of concern, are disclosed separately.Substances of very high concern include substances meeting the hazard classes described in Article 57 of Regulation (EC) No 1907/2006 (REACH) and the process to identify Candidate List substances in accordance with Article 59(1) of that Regulation.SVHC are disclosed similarly to the substances of concern, using the main hazard classes described above. Relevant substances to be reported by Bavarian Nordic are identified based on the mapping from our internal chemicals’ management systems. Volumes of the substances used in the production are extracted directly from the local ERP systems where consumption of materials is registered upon their transfer from a warehouse to production. The volume units are deter-mined upon the registration of the substance being delivered to our production sites. As liquids are typically measured in liters, their volumes have been converted to kilograms. We performed the conversion with a substance-specific factor where possible, otherwise we assumed a uniform density of one kilogram per liter.We have not identified any substances of concern or very high concern leaving our facilities as emissions, products or part of our products.E4 Biodiversity &amp; ecosystemsThe safety of vaccines depends on reliable testing methods, some of which draw on natural resources. One such method involves the use of Limulus Amebocyte Lysate (LAL), widely used in the pharmaceutical industry for bacterial endotoxin testing and forms part of our quality assurance processes.Time horizonName of IROShort-termMedium-termLong-termReliance on horseshoe crabs for endotoxin testingActual Negative ImpactImpact on horseshoe crabs (a species listed on the IUCN Red List) stems from our dependency on Limulus Amebocyte Lysate, (LAL) which is derived from horseshoe crab blood. The substance is used for endotoxin (safety) testing and is currently a part of our regulatory compliance with quality assurance processes for endotoxin testing.●●Interaction with strategy and business modelBiodiversity plays an important role in maintaining healthy ecosystems. As part of our sustainability reporting, we assess where our operations or value chain may interface with biodiversity and ecosys-tems. Our use of Limulus Amebocyte Lysate (LAL), which is extracted from the blood of horseshoe crabs, has an impact on this vulnerable species. This substance is commonly used in the pharmaceutical industry for bacterial endotoxin testing, which is a part of our regulatory compliance with quality assurance processes for testing and product release, to ensure the safety of our vaccines. No biodiversity offsets, mitigation measures, or incorporation of local knowledge and nature-based solutions have been undertaken at this time. Material impacts, risks and opportunitiesWe assess material impacts, risks, and opportunities related to our use of Limulus Amebocyte Lysate (LAL) to understand how our activities may affect horseshoe crabs and associated ecosystems, and how regulatory, operational, and scientific developments may influence our approach to endotoxin testing and vaccine quality assurance.Reliance on horseshoe crabs for endotoxin testingLAL is isolated from the blood of the North American horseshoe crab, which is currently a species listed as "Vulnerable" on the IUCN Red List. When the blood harvesting process is completed, the horseshoe crabs are released back to the wild. Harvesting results in some mortality and impacts reproduction and marine ecosystems.The LAL that we use is sourced from an external supplier who is committed to the high standards for licensed and regulated collection of horseshoe crabs which include handling practices and limits for duration of time out of water. Our supplier also participates in a multi-stakeholder process guided by state authorities on the best practices for the handling of horseshoe crabs. These state authorities also undertake regular monitoring to ensure horse-shoe crab populations remain healthy. We have not conducted a resilience analysis as defined under the European Sustainability Reporting Standards (ESRS). However, we believe that the core elements of resilience are embedded in our analysis of our current reliance on LAL, where we have considered our own operations and our value chain with regards to the physical, transition and systemic risks and key assumptions related to availability, and regulatory expectations. Based on this assessment and consultation with our supplier, Quality Control and EHS departments, we have assessed that we are resilient to any risk, in the short- and medium-term. This is because of the continued supply of LAL for legacy products licensed with LAL. In addition, the sustainable and regulated management of the horseshoe crab fishery and our initiated actions to transition from our reliance on LAL for endotoxin testing further reduces risk and strengthens resilience. Based on the assessment, we have initiated a transition plan in line with the time horizons applied in the double materiality assessment (DMA) process. To track progress of our transition plan, the EHS department monitors and reports on performance as part of the quarterly EHS update report. PoliciesOur efforts to reduce our environmental impacts are anchored in our Global Environmental, Health and Safety Policy. We have not adopted biodiversity and ecosystem policies specifically related to horseshoe crabs. Our efforts are focused on understanding our material impact and planning an effective transition. ActionsIn 2025, we began a transition plan to explore how we can reduce our reliance on horseshoe crabs for the use of LAL endotoxin testing methods. We use LAL methods at our Danish manufacturing site. We have identified that no major capital expenses are required to transition methods, and we have ordered a new testing equipment and software as a step toward adopting synthetic Recombinant Cascade Reagent (rCR) methods. A synthetic method is currently in use at our Swiss manufacturing site, and we are assessing opportunities to share knowledge between our sites. We have also engaged in a dialogue with our supplier of LAL testing supplies about transition and mitigation for horseshoe crab populations. In 2026, we will identify the documentation and filing requirements from health authorities that would be required to switch testing methodsE5 Resource use and circular economyEfficient use of resources and responsible waste management are important elements of sustainable operations. We seek to understand how materials and resources are used across our activities and improve resource efficiency while maintaining the quality and reliability of our products.Time horizonName of IROShort-termMedium-termLong-termWaste from operationsActual Negative ImpactWe generate waste from our research and manufacturing facilities, and non-recy-clable waste is sent to either incineration and/or landfill, both of which negatively impact the natural environment.●●●Change of certain manufacturing methods can reduce resource useOpportunityWe are exploring opportunities to optimize production process which could potentially decrease resource inflow and at the same time increase productivity, amounts of certain vaccines produced per batch, improve COGS, and other bene-fits.●Interaction with strategy and business modelAs part of our resource outflow, we generate general waste and hazardous waste. We have an impact from the waste generated at our research and manufacturing facilities. The waste is primarily generated from our activities in manufacturing sites located in Denmark and Switzerland, as well as research facilities in Denmark and Germany. This impact is connected to our business model in research and manufacturing of vaccines. The management of this impact is part of our daily oper-ations, conducted by the Environmental, Health and Safety (EHS) functions globally and locally. We have an opportunity to decrease our use of and dependency on certain raw materials by changing production methods for one of our vaccines. The change would also positively affect production volume and lower the risk of contamination in each batch. Material impacts, risks and opportunitiesWe identify and assess material impacts and opportunities related to resource use and waste to better understand how our operations influence resource consumption and waste streams, and to identify opportunities to improve efficiency.Change of certain manufacturing methodsWe are pursuing an opportunity to change parts of our current production methods for one of our vaccines. The update relates to a change of cell substrate, where the updated method is based on a continuous cell line compared to primary cells being used today.The potential outcome of this would result in signifi-cantly less dependence on certain raw materials and agents required today, significant increase in doses per batch, and less potential for contamination in each batch. As such, this opportunity is currently being pursued as part of our strategic roadmap to secure preparedness to meet global demands in case of future outbreaks.Policies With regards to the change of certain manufacturing practices, we do not have a corporate policy, as implementation and governance are captured in several other areas and processes. These relate to several quality and clinical requirements (GxP), all of which are governed by our Quality Department, and Research and Development Department. ActionsTo change production methods, we must take several steps in our own operations which (amongst other things) involve regulatory submissions and approvals. Throughout 2024 and 2025 we have inter-acted with the health authorities, FDA and EMA, and shared information to seek their advice.Additionally, we have initiated a phase-2 clinical trial bridging study in adults, as it is required to ‘prove’comparability of the new versus the old production method. These actions in 2025 serve as important steps in our ability to realize the opportunity in the medium-term. The overall program is anchored with our Strategy Execution Office and is overseen by our Executive Management. We are also working on establishing production capability and capacity at our Swiss manufacturing site, to be able to produce with the new method. This is anchored in our Global Operations and our Swiss Manufacturing site, and is overseen by our Chief Operating Officer.To monitor progress on change of certain manu-facturing methods, the Strategy Execution Office informs, on a weekly basis, members of our Exec-utive Management. Other key stakeholders are informed when key milestones are met.Waste from our operationsGiven the nature of our business and industry, we generate hazardous waste in our manufacturing and research activities, including chemicals and biolog-ical materials. The waste generated from operations includes a variety of materials, with single-use plastics playing a significant role due to their usage in equipment, connections, hoses, and bags for media or buffer solutions. Discarded plastic items and vials may contain product residues, including viruses, which must be incinerated as biosafety waste. Our waste also comprises empty raw material packaging in plastic, glass, and cardboard. Chemical waste emerges from both laboratory and production processes, encompassing residues from analytical processes, expired materials, and substances like ethanol. Non-recyclable waste is sent to either incineration or landfill.Waste streamsCaptured wastewater is our primary waste stream, accounting for over 70% of our overall waste by weight. While the majority of our wastewater is composed of water, it also includes organic matter, inactivated virus, media solutions and antibiotics. It is discarded and captured in a holding tank as hazardous waste which is collected by a specialized waste management service provider. Our wastewater is combined with waste from other companies and incinerated to ensure that hazardous substances are destroyed. In 2025, the volume of captured wastewater increased by 19% compared with 2024 (1,756 tonnes in 2024 vs. 2,093 tonnes in 2025). This increase reflects both higher production volumes and a more precautionary approach to capturing liquid waste, aiming to minimize the risk of antibiotics or other potentially harmful substances being released into the environment.Policies Our commitment to the environment is reflected in our policies designed to manage and mitigate the negative impact associated with waste generated. Each of our production and research facilities has a local policy on the handling of residual waste. These policies are implemented to ensure that the waste is properly classified, segregated, transported, recy-cled and destroyed by proper disposal methods in order to comply with local regulations and protect the environment and human health. The scope of the policies includes all employees involved in the management of production and laboratory waste within our own operations. Heads of sites are account-able for implementation of these policies. All the policies are accessible to affected stakeholders through our Quality Management System, which is available to all employees.Actions In 2025, we expanded our Global EHS department. This has enabled us to allocate more resources to further our understanding and management of our waste streams and the development of initiatives aimed at increasing the rate of recycled waste from our manufacturing and research facilities. In 2026, we will begin piloting waste tracing studies to develop further insights into the flow of waste materials, processes, and treatment. The analysis will include information about companies that receive our waste and their respective treatment processes, offering transparency and traceability throughout the waste management chain. Progress toward the waste tracing studies will be monitored and reported as part of the quarterly EHS update report.MetricsYear-on-year developments in our waste metrics continue to be primarily influenced by our largest waste stream: captured wastewater at the Danish production site. Our non-hazardous waste also increased notably in 2025. This development was driven mainly by increased production volumes and by expansion of the Bern facility, which generated more than 110 tonnes of construction-related waste during the year.Total amount of waste generated E5- table 1in tonnes20252024Type of wasteHazardous waste2,2121,817Non-hazardous waste752612Radioactive waste00Total waste2,9642,429Total waste diverted from disposal breakdown by the recovery operation types E5- table 2in tonnes202520241) Preparation for reuseHazardous waste00Non-hazardous waste752) RecyclingHazardous waste23Non-hazardous waste2761463) Other recovery operationsHazardous waste1131Non-hazardous waste381108Total waste directed to disposal by waste treatment typesE5- table 3in tonnes202520241) Incineration without energy recoveryHazardous waste2,0961,808Non-hazardous waste252812) LandfillHazardous waste00Non-hazardous waste64723) Other disposal operationsHazardous waste15Non-hazardous waste00Total non-recycled waste E5- table 4in tonnes20252024Non-recycled wasteAmount2,6802,166Percentage90 %89 %Accounting policiesWasteAll waste generated across our sites is managed by local waste handling companies, who collect disposals directly from our facilities. For our manufacturing sites and for our research and development facility in Hørsholm (Denmark), we maintain direct contracts with the suppliers, allowing us to obtain precise waste data, including waste type, amounts, and treatment methods. For our research site in Martinsried, Germany, which is located in a shared commercial building, waste manage-ment and contracts with waste collectors are managed by both the landlord and ourselves. This arrangement results in certain data limitations. Consequently, for this site, we have applied estimates based on inter-views with the landlord, who confirmed the capacity of containers and the frequency of waste collection by the external service supplier. Our office facilities are excluded from the metrics as the waste generated there is considered not material for sustainability reporting purposes. Only waste generated at manufacturing sites and research facilities is considered in the disclosure. All waste subcategories are split between hazardous and non-hazardous waste, defined in accordance with the EU’s Waste Framework Directive. We have not identified any radioactive waste in our operations.Non-recycled wasteThe total amount of non-recycled waste is calculated by summing the waste sent for disposal (incineration, landfill, and other disposal operations) and the waste directed to other recovery operations, primarily incin-eration with energy recovery. The percentage rate is calculated as a total amount of non-recycled waste divided by a total amount of waste generated.SocialS1 Own workforceOur people are fundamental to delivering life-saving solutions. From research and manufacturing, to quality, commercial operations, and corporate functions, our employees contribute to driving innovation, securing reliability, and fostering responsible growth across our organisation.Time horizonName of IRO (Title)Short-termMedium-termLong-termDiversity &amp; inclusionPotential Negative ImpactA lack of diversity and an inclusive culture at Bavarian Nordic, whether in hiring, leadership development, team dynamics, or everyday workplace interactions, it can lead to groupthink, reduced innovation, and disengaged employees. Without an environment where individuals feel valued and included, collaboration suffers, talent retention becomes harder, and the company’s ability to operate effectively in diverse global markets is weakened. ●●●Attraction and retention of talent and employeesRiskWe may face financial risks if we fail to attract and retain qualified talent, espe-cially in competitive or specialized areas such as vaccine research, manufacturing, global distribution, and commercial operations. High turnover or prolonged vacan-cies can increase recruitment and training costs, reduce productivity, and delay critical projects. In the commercial organization, talent gaps can directly impact market access, sales performance, and strategic execution. Difficulty in attracting top talent may also limit innovation and growth opportunities, ultimately affecting our profitability and long-term competitiveness.●Training and skills developmentPotential Negative ImpactLack of adequate training and skills development may negatively affect employees’ ability to perform their roles effectively, both during onboarding and throughout their continued professional development. This can hinder individual performance, reduce overall productivity, and limit career progression, ultimately impacting employee engagement and retention.●●●Harassment in the workplacePotential Negative ImpactCases of harassments at any workplace is a possibility. Without proper processes, actions and training Bavarian Nordic could negatively impact people in the company by causing psychological distress and a sense of unsafety at work. ●●●Time horizonName of IRO (Title)Short-termMedium-termLong-termWork-life balancePotential Negative ImpactAs an employer, we play a key role in shaping employees’ work-life balance, which directly influences their overall well-being, engagement, and job satisfaction. If personal needs and preferences, such as flexible scheduling or work-life bound-aries, are not adequately considered, we may create strain for some employees. Due to the nature of operations, certain roles may involve non-standard working hours, including night shifts, rotating schedules, or business travel. These working patterns can increase the risk of fatigue, affect physical and mental health, and place pressure on employees’ ability to maintain a healthy work-life balance. ●●●Breach of personnel dataPotential Negative ImpactWe hold sensitive personal data on its employees. A breach of this data, whether through cyberattack or internal error, could lead to significant privacy concerns such as identity theft and psychological distress for affected individuals.●●●Physical injury impactPotential Negative ImpactIneffective, inefficient or missing health and safety management arrangements could lead to physical injury to employees, non-employees and visitors. ●●●Adverse Health Impact from Management FailuresPotential Negative ImpactIneffective, inefficient or missing health and safety management arrangements could lead to adverse health impact to employees, non-employees and visitors. ●●●Risk of Harm from Ineffective Safety ManagementRiskInadequate or missing health and safety management systems may lead to phys-ical injuries, chronic illnesses, or psychological harm across our workforce. This could result in higher costs from sick leave, insurance premiums, legal claims, and workforce turnover, as well as reputational damage and operational disruption.●●●Time horizonName of IRO (Title)Short-termMedium-termLong-termPsychological Harm from Management FailuresPotential Negative ImpactIneffective, inefficient, or absent health and safety management systems may lead to negative psychological impacts on employees.●●●10.212.41112.112.212.3Our global workforceOur employees are a key group of stakeholders, playing a crucial role in driving our strategic ambitions. They are at the core of our mission of protecting lives by creating access to vaccines. As a knowledge-based company, our success relies on the expertise, skills, and dedication of our people.Attracting and retaining top talent is essential to maintaining our competitive edge and advancing our innovative agenda. As such, our impact on employees remains a key focus for us, ensuring that we continue to foster an environment that supports, develops, and retains the people of Bavarian Nordic. The identified impacts and risks are disclosed thematically, divided into five overall sections, representing how we manage and interpret the respective impacts and risks: •	Our global workforce•	Enabling a resilient workforce•	Employee well-being•	Breach of personnel data•	Health &amp; safetyDiversity &amp; inclusionWe believe that an inclusive culture is essential to ensuring equal opportunities, fair treatment, and access to growth for everyone. As a global vaccine company, we bring together employees from many countries, cultures, and professional backgrounds. This diversity strengthens how we work, enriches our perspectives, and reflects the communities we serve. Our business model of operating in multiple markets and being an end-to-end vaccine company means that we depend on a workforce with varied roles, knowl-edge, and experiences to deliver on our mission.Based on the above, diversity and inclusion there-fore cut across all our workforce impacts and risks, shaping how we develop and collaborate across the organization. Through this framework, we value equal opportunities across the organization as a natural and integral part of how we operate across the business, strengthening belonging, collabora-tion, and long-term organizational resilience.The value of equal opportunities is embedded across our policies, practices, and culture. There-fore, the management of the related impact is not presented as a standalone disclosure. Instead, the topic is integrated into the disclosure of our general approach, reflecting how these considerations inform and influence all other workforce-related impacts and risks. The management of material impacts and risks described throughout this chapter therefore applies equally to diversity and inclusion.Headcount developmentThe number of employees increased from 1,653 to 1,836 during the reporting period, primarily driven by growth in Global Operations and the Commercial department.The increase reflects a ramp-up of production in Denmark and the establishment of additional global roles, as well as expanded activities in Germany. Furthermore, the approval of our chikungunya vaccine has led to increased production activities in Switzerland, requiring additional operational capacity.Growth in the Commercial department is linked to entry into new markets and the commerciali-zation of our chikungunya vaccine, supporting our continued expansion and long-term growth strategy.Affected stakeholdersNon-employees cover individuals working under a contract of employment with a contract end-date. This group can be either self-employed or third-party employed and are compensated through invoice payments and not processed via our payroll system. Non-employees are registered with a Bavarian Nordic email in our HR system. Non-employees are not included in the quantitative metrics in this topic.All impacts and risks generally apply to our entire workforce. However, some may pose greater impacts or risks for specific groups. Where this is the case, the increased rele-vance for these groups is explicitly stated in the individual impact and risk descriptions.None of the identified material impacts individually meet the financial threshold to be considered a standalone material risk. However, when assessed collectively, all material workforce impacts influence our identified risk related to employee attrac-tion and retention. However, our material impacts within Health &amp; Safety specifically influence the identified risk within this sub-topic.The identified impacts and risks related to our own workforce do not require changes to our strategy and business model, as the current mitigating actions described below are deemed sufficient to prevent the associ-ated potential impacts.Our approachThe following information applies to all material impacts and risks related to our own workforce.PoliciesDiversity and inclusion policyTo support our integrated approach to diversity and inclusion, our policy guides our actions across all regions and functions. It outlines our commitment to ensuring equal treatment, fairness, and opportu-nities for all employees, which are core principles in both our culture and our sustainability ambitions.The policy promotes a zero-tolerance approach to discrimination, covering, but not limited to, gender, age, ethnicity, educational background, physical ability, religion, and sexual orientation. Diversity at Bavarian Nordic is understood in a broad sense and seen as a driver of innovation, adaptability, and cultural insight. We believe that an inclusive culture rooted in togetherness and belonging is essential to unlocking the full potential of our diverse workforce.The policy also addresses material risks and impacts by promoting bias-free recruitment, selection, and promotion processes, and by preventing discrimina-tory behavior in any form. It reinforces inclusion as a shared responsibility of all employees and leaders, ensuring that decisions and interactions reflect our values of respect and equity, and that all employees feel a sense of belonging and togetherness across cultures, functions, and backgrounds. Accountability for implementation lies with Execu-tive Management, supported by our VP of People &amp; Organization. Reporting and monitoring of progress are done through our annual sustainability reporting. The policy is aligned with our Code of Conduct, Global Policy on Bullying &amp; Harassment, and our commitment to the UN Sustainable Development Goals (SDGs). The policy is available both on our external website and on our company intranet. Human Rights Policy Our commitment to providing a sustainable impact on society, patients, and employees is reflected through our Human Rights Policy, which ensures that our workplace practices uphold the highest standards of fairness and respect. We follow internationally recognized human rights, as defined by the Universal Declaration of Human Rights, the International Covenant on Civil and Political Rights (ICCPR), the International Covenant on Economic, Social and Cultural Rights (ICESCR), and the ILO Core Labor Standards. Guided by authoritative global frameworks, such as the UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises, we identify and address potential adverse impacts arising from our operations or busi-ness relationships. We have not identified any risks of child labor or forced labor in our operations.We adhere to the principles of freedom of associ-ation, the right to collective bargaining, and the elimination of discrimination, forced labor, and child labor as well as minimizing the adverse impacts from suppliers related to labor. Our policy does not explicitly address trafficking in human beings, however our commitment to this is reflected in our commitment to respect interna-tionally recognized human rights instruments and upholding applicable employment laws. Our commitment extends to the human rights of any individual who may be impacted by our activities, including employees, patients, and business part-ners with a focus on fair employment conditions, data privacy, and responsible sourcing in collabora-tion with suppliers and partners. The Human Rights Policy Statement was adopted by the Board in December 2023, and Executive Management is accountable for the implementation of the policy. The policy is available on our intranet and website.Code of ConductOur Code of Conduct sets out the ethical principles that guide how we act and operate our business. It includes our commitment to provide equal oppor-tunities where possible and to maintain a healthy and safe working environment. These commitments are reflected through the material impacts and risks presented in this section and shape our overall approach to managing these (seeBusiness conduct).Staff handbooksOur country-specific staff handbooks are guides designed to support employees throughout their employment by outlining company policies, proce-dures, benefits, and cultural values. They provide clarity on topics such as employment rules, absence registration, flexible work arrangements, compli-ance requirements, and well-being programs, while reinforcing our core values. Engaging with our workforceWe are committed to maintaining an open and transparent relationship with our workforce. This includes actively engaging employees in matters that affect them and providing clear, accessible channels for raising concerns. We incorporate workforce perspectives into deci-sion-making through continuous dialogue and structured engagement mechanisms, enabling employees to share views, ask questions, and influ-ence how we work. At the same time, we recognize the importance of ensuring that all employees can speak up safely and without retaliation. We therefore maintain formal processes and grievance mechanisms that allow concerns to be raised, investigated, and addressed in a fair and confidential manner. Employee engagement survey Our main employee engagement initiative is our employee engagement survey. This engagement effort aims to facilitate two-way communication and collaboration, while addressing matters essen-tial to topics such as workplace culture, work-life balance, job satisfaction, strategic priorities, overall employee well-being, and transformation &amp; change. All employees across sites, functions, and organ-izational levels are encouraged to participate. Employees are informed about the surveys through email reminders, intranet announcements, Teams notifications, and other internal communication channels. Feedback is collected anonymously, where aggregated results are shared in each team, and presented into actionable insights for managers and leaders, providing a holistic view of organizational health while identifying areas for targeted improve-ment at local level. In 2025, two surveys were conducted, which we aim to implement as the standard process. The survey is conducted by our People &amp; Organization depart-ment, where our VP of People &amp; Organization has the overall operational responsibility for ensuring that this engagement happens. Workers councilsThe workers councils ("Betriebsrat" in Germany and "Samarbejdsudvalg" in Denmark) function as formal channels to incorporate employee perspectives into organizational decision-making. It addresses the principles governing local working condi-tions, welfare arrangements, and the overarching personnel policies in Denmark and Germany. Serving as a structured platform for dialogue, the council brings together company-appointed repre-sentatives and employee-elected representatives to discuss significant matters. This ensures that both leadership perspectives and employee interests are reflected in key decisions affecting working condi-tions, policies, and workplace practices.BN Asks – Open dialogue and early feedbackOur internal employee inbox, BN Asks, provides an accessible way for employees to share comments, views, or general concerns directly with the organ-ization. Available through our intranet, the channel is managed by our Corporate Communications and Executive Office department. Submissions can cover any topic, from workplace experiences to organi-zational suggestions, and are reviewed to ensure recognition.Formal channels for raising concernsWe aim to address workplace concerns as early and directly as possible through promoting open communication across our organization. As a first step, employees are encouraged to raise any issues including concerns, inappropriate behavior, or potential misconduct with their imme-diate manager and/or the relevant HR Business Partner from our People &amp; Organization department. Additionally, employees have access to formal griev-ance mechanisms and escalation channels, such as our Ethics Hotline to Legal &amp; Compliance. These formal channels ensure that potential nega-tive impacts, such as violations of our Code of Conduct, discrimination, or other inappropriate behavior, can be reported safely and investigated appropriately. We uphold a strict non-retaliation policy to protect employees who report concerns in good faith. Guidance on how to raise concerns and access these mechanisms are communicated through documents such as our Staff Handbooks, Code of Conduct, and Speak Up Policy (see Business conduct).Number of employees by genderS1– table 1 in headcounts20252024Male857766Female979887Total employees1,8361,653Number of employees by countryS1– table 2in headcounts20252024Denmark1,045 979Germany350301Switzerland278215United States of America111123Other*5235Total employees1,836 1,653 *Countries with less than 50 employees are reported aggregated as other.Number of employees by employment characteristicsS1– table 3 in headcounts20252024Head countFemaleFemaleFemaleMaleFemaleMaleFemaleMaleNumber of permanent employees 893799856749Number of temporary employees 86583117Total employees979857887766Gender distribution in Top Management S1– table 4in headcounts20252024Head countFemaleFemaleFemaleMaleNumberShareNumberShareFemale1050 %1146%Male1050 %1354%Total employees20100 %24100%Age distribution in own workforce S1– table 5in headcounts20252024Under 30 years old25422830-50 years old1,074963Over 50 years old508462Total employees1,836 1,653 Remuneration metrics S1– table 620252024Gender pay gap (%)*1.3%1.6%CEO remuneration ratio2829*The gender pay gap reflects a pay gap in favor of malesTotal number of severe human rights impacts S1– table 7 in numbers20252024Severe human rights incidents00Fines, penalties and compensation for damages resulting from severe human rights incidents (in DKK)00Rate and number of employees leaving the company S1– table 8in headcounts20252024Rate of employee turnover13.5%17.4%Number of employees who left the company221255Total number of incidents and complaints S1– table 9in numbers20252024Head countIncidents of discrimination, including harassment60Complaints filed through channels for people to raise concerns, other than incidents of discrimination, including harassment00Fines, penalties, and compensation for damages resulting from discrimination (in DKK)00Accounting policies Number of employees breakdown by gender and country Employees refer to individuals working part-time or full-time under a contractual agreement with Bavarian Nordic. This definition encompasses employees under local terms and conditions of employment, such as enti-tlements, payment of social security contributions, and other applicable obligations. The number of employees (head counts) by gender and country are recognized based on records from the HR system at the end of the reporting period. Please refer to the note 8 staff costs in the consolidated financial statements for the most representative number in the financial statement.Number of employees by employment character-isticsThe number of employees is disaggregated by employ-ment classification, including permanent, temporary, and non-guaranteed hours employees, and is reported in number of headcounts. Permanent employees refers to employees employed on an indefinite contract, either full-time or part-time, subject to local terms and conditions of employment. Temporary employees refer to employees hired for a specific duration, either full-time or part-time, to fulfill short-term needs such as apprenticeships, backfilling, or covering parental leave. Temporary contracts end at a predefined date or upon project completion.Gender diversity at top management levelTop Management is defined as positions at the Vice President level and above. Gender distribution is shown as headcounts and share distributed between male and female. The gender breakdown of employees at the Top Management level is based on records from the HR system at the end of the reporting period.Age distribution The age breakdown of employees is based on records from the HR system at the end of the reporting period.Gender pay gap Gender pay gap is defined as the difference of average pay levels between female and male employees, expressed as percentage of the average pay level of male employees. The metric is calculated based on total annual remuneration which includes both fixed and variable components. CEO remuneration ratio The CEO remuneration ratio reflects the annual ratio between the total remuneration of the CEO (the highest paid individual) and the average remuneration of all employees (measured in FTEs) within the company, excluding executive management. The calculation of the ratio is consistent with the calculation of CEO pay ratio disclosed in our Remuneration Report. Severe human rights incidentsThe metrics represent the number of severe human rights cases reported to the Ethics Hotline or to our Legal &amp; Compliance team in the reporting period. Turnover rateThe employee turnover rate, expressed as a percentage, reflects the proportion of employees who left the organization within a calendar year either voluntarily or due to dismissal, retirement or death in service. The turnover rate is determined by dividing the number of employees (measured by headcount) who left during the reporting period by the average number of employees (headcount) for the same period and multiplying it by one hundred. Incidents and complaintsThe metrics represent the number of discrimination incidents and complaints cases reported to the Ethics Hotline or to our Legal &amp; Compliance team in the reporting period.Material impacts, risks and opportunitiesEnabling a resilient and capable workforceOur ability to attract, develop, and retain skilled employees across the entire organization is essen-tial to delivering on our strategy, sustaining our business model, and driving innovation. Operating in a highly regulated and specialized sector means that specialized competencies in research, development, manufacturing, and commercial functions are critical. At the same time, we depend on specialized capabilities and knowl-edge across all functions to help maintain effective and compliant operations. This creates a responsi-bility to continuously train and develop our whole workforce, so they have the skills needed to operate.PoliciesEnabling a resilient and capable workforce relies on the people who are part of our journey. Being in the vaccine sector, we are highly dependent on being able to attract and retain our critical resources, and the first step in being able to attract and retain the intended employees is by knowing who our strategy and business model relies on and how the current external and internal landscape is shaped. The management of ensuring that our employees receive proper training and that we are able to attract and retain skilled employees is guided by all policies mentioned in the general section. Specifically, our efforts are guided by our staff handbook, outlining our Equal Employment Prac-tices, and guidelines for supplementary training and education. Referring specifically to training our employees, temporary staff, contractors, and external service providers, our Training Policy, owned by our Quality Assurance department, outlines our training framework for both GxP and non-GxP areas.Processes for engagement and channels to raise concernsApart from the mentioned policies, we manage the respective risk and impact through structured annual processes that guide our strategic priorities and actions. These processes help us identify appro-priate measures to address and mitigate the impact and risk effectively.Organizational Review ProcessTo support our delivery on company objectives and strategic goals, we conduct annual Organizational Reviews involving the EVP leadership teams and our Executive Management. This process is designed to support the ongoing alignment of our global organ-ization with evolving business needs and strategic priorities.The review is grounded in our corporate strategy, business model, and annually conducted fore-casting and business assumptions. It applies across all business units globally and includes both company-wide and department-specific evalua-tions. Leaders represent the general workforce and are encouraged to consider local focus areas, and challenges to support relevance and responsiveness at all organizational levels.The objective of the process is to identify and assess risks and opportunities related to our workforce, specifically in terms of capacity, capabilities, and organizational structure. It aims to create a link between our business strategy, headcount, and organizational culture, and to proactively manage potential gaps in staffing or skills.Responsibility for the process lies with the People &amp; Organization department in collaboration with our Executive Management. The outcomes of the review feed directly into our workforce planning activities and talent development strategies. Where relevant, input from employee representatives is considered to ensure that workforce perspectives inform plan-ning decisions.People Review ProcessOur annual People Review process is a key part of our performance management and talent develop-ment framework. Its purpose is to enable leaders to evaluate employees’ performance and growth potential, focusing on individual performance, future potential, and business-critical roles. The process supports the development of employees Professional growth and well-beingWe are committed to fostering an environment that supports professional growth and well-being, ensuring that all employees have the resources and training required to perform effec-tively and advance their careers. Our impacts and risk exposure are also shaped by external market dynamics, including fluctuating vaccine-sector demand and global competition for talent. In this competitive labor market, challenges in attracting or retaining employees, particularly in high-de-mand scientific, technical, and operational roles, represent a material risk to our business perfor-mance and strategic objectives.by ensuring that assessments are balanced, fair, and aligned with organizational needs. It also helps to minimize bias and subjectivity in evaluations, promoting fairness and equal treatment across all employee groups. Assessing people’s performance and potential is inherently sensitive, which is why we place great emphasis on ensuring objectivity. The People Review Process is structured around dedicated People Review Meetings, where each employ-ee’s performance is first assessed by their direct manager and then discussed collectively with other leaders. This two-step approach helps reduce uncon-scious bias by enabling cross-team feedback and peer input. Leaders provide insights on employees from other teams and receive feedback on their own team members.We include succession planning as part of our People Review Process to mitigate the risk of business-critical roles being left without a qualified successor. Through this process, we identify key positions across the organization and assess poten-tial successors to support business continuity and organizational resilience. As part of our structured approach, we evaluate where successors are in place, where development actions are needed to strengthen readiness, and where there are gaps or leaver risks that require targeted mitigation. Succession planning enables us to agree on concrete actions to develop and retain selected talents. Our aim is to minimize productivity loss when key employees leave, to promote that critical roles are filled by qualified and motivated individuals, and to build the leadership and professional capabilities needed to meet both current and future organiza-tional requirements.Actions We believe that a resilient and capable workforce is built through continuous development and ongoing improvement. Our approach is therefore to main-tain strong, scalable processes while gradually enhancing them to support evolving business and workforce needs. Accordingly, our actions comprise a combination of recurring, ongoing initiatives and targeted actions planned specifically for 2025, ensuring both conti-nuity in our core practices and focused improve-ments where gaps or new needs are identified.Action 1RecruitmentIn 2025, we strengthened our global recruit-ment framework through a series of inter-connected initiatives designed to ensure a consistent, compliant, and efficient recruit-ment experience.Action 2Skills &amp; knowledgeIn 2025, we enhanced global onboarding and training platforms to build critical skills, ensure compliance, and strengthen project execution across the organization.Action 3Career paths &amp; opportunitiesIn 2025, we launched a career accelerator pilot to develop employees, strengthen internal expertise, and support long-term capability building.Action 4Developing our peopleIn 2025, we strengthened people and lead-ership development through structured performance dialogues and the roll-out of our LeadPioneers program, supporting continuous growth and future-ready capabilities.We continuously monitor our performance in relation to talent attraction and retention, including training and skills development for our employees. This is done through various processes, including tracking turnover rates, employee engagement surveys, performance and development talks, lead-ership development program, one-on-one dialogue with managers, and exit-interviews. RecruitmentTo support resilience in our internal processes, we have taken a strategic approach to strengthen recruitment capabilities across all business units. During Q4 2024 and 2025, we implemented a series of interconnected initiatives designed to create a consistent, compliant, and efficient recruitment framework globally.We introduced a global recruitment process that standardizes key steps such as requisition approval, advertising, screening, interviewing, and offer management. This process clarifies roles and responsibilities through our new Talent Acquisi-tion (TA) Operating Model, ensuring accountability between HR, TA, and hiring managers.Supporting our ambition to align recruitment efforts globally, we deployed a new Applicant Tracking System (ATS) in Q4 2024, providing an end-to-end digital recruitment platform that enhances compli-ance and data accuracy. The ATS enables stream-lined workflows, improved analytics, and better data security, while supporting data-driven deci-sion-making and monitoring of hiring KPIs.Additionally, we implemented a recruitment module in our HR system, integrating recruitment activities into our centralized system for greater efficiency and transparency.Resources for these actions include human, finan-cial, and technological investments, and effective-ness is monitored through monthly KPI reviews, such as time-to-hire and quality-of-hire, and feed-back loops from business units. These actions were identified through a Talent Acquisition review and feedback from business units.Skills &amp; knowledgeOnboarding In 2025, we updated our internal global onboarding site to enhance on-demand availability of onboarding material, aiming to create an environ-ment of self-paced learning and information search. Our People &amp; Organization department oversees global coordination, while line managers ensure completion of role-specific onboarding locally. Participation and completion are tracked through our learning systems. Our onboarding approach aligns with our general policy objectives of aiming to mitigate the risk of delayed productivity, disen-gagement, or early turnover, while ensuring every employee has a foundational training and under-standing of our business and quality culture.Following the nature of our business model, indus-try-specific onboarding is required. Training in handling fundamental GxP and non-GxP documents, as well as Global Pharmacovigilance training is mandatory for all employees, including tempo-rary staff, contractors, and consultants hired on similar terms performing work on-site or within our systems. Training is offered for all new employees and must be completed within the onboarding period. Periodic refreshers and additional sessions are assigned when regulations, roles, or procedures change. Only qualified trainers deliver GxP courses, and effectiveness is verified through testing or practical assessment (see Responsible marketing practices).We complement our global onboarding with local and department-specific initiatives such as our Boot-camp and FastTrack program, targeted operators and supporters in our production. These programs are structured training programs designed to provide new operators and supporters in our production with the competencies required for their role, and necessary to meet local regulatory requirements and operational standards. The program is hosted multiple times a year depending on hiring waves and production demands.Internal coursesWe offer general training opportunities, on-de-mand self-learning tools, and courses that promote professional growth and continuous learning. These are available to all employees and are promoted through our intranet.In 2024, we launched a company-wide Project Management Training Program and Project Manage-ment toolbox to strengthen project execution capabil-ities across Bavarian Nordic. During 2025, we hosted two foundational project management courses and one advanced project management course. Led by our Strategy Execution Office, the program builds practical skills in planning, stakeholder management, and cross-functional collaboration.Industry specific trainingOur Global Training &amp; Development department is dedicated to standardizing training administration based on best practices, as well as tailoring training support that drives performance and increases compliance. In 2025, our Global Training &amp; Development plat-form was updated, with the aim of gathering our global training standards and resources, to opti-mize training across the organization, and promote everyday training. The training content includes both GxP and non-GxP areas within Bavarian Nordic and is aimed at supporting functions within our Global Operations department. All training is managed and documented in our electronic Learning Management System.Career paths &amp; opportunitiesWe are committed to developing our people and ensuring that existing talent can continue to grow within the organization while contributing their expertise where it matters most. Guided by our general policies, we have implemented glob-ally aligned initiatives that create transparency, strengthen career development, and promotes the professional growth opportunities provided. Career accelerator pilotIn 2025, we launched a Career Accelerator Pilot to nurture internal talent and strengthen the capabili-ties shaping our future. The program is designed to accelerate the growth of high-potential employees and build an internal pipeline of subject-matter experts for critical functions, aiming to reduce our reliance on external recruitment while deepening organizational knowledge.The pilot was introduced in our Global Operations department and our Quality Assurance department, currently engaging five participants. Each partic-ipant follows a structured development journey combining targeted learning, mentoring, and hands-on project experience.Oversight lies with our Head of Global Training and Development, who monitors progress through regular feedback, progress tracking, and capability assessments. A mid-term evaluation was carried out in November and included feedback from partici-pants, their line managers, and mentors. Based on these insights, the continuation of the pilot has been approved through Q2 2027. The potential rollout of additional cohorts will be assessed during 2026.Developing our peopleWe believe that people development is viewed as an ongoing process, not a one-time event. As our company grows and evolves, so must our employees. People developmentTo support the long-term development of our employees, we facilitate a structured Performance Dialogue process that promotes that all employees have regular, two-way conversations with their manager about performance, development needs, and career aspirations. This process enables us to identify and provide relevant training and develop-ment opportunities based on each employee’s role, ambitions, and feedback.Performance Dialogues are held at least twice a year, with additional follow-ups as needed. Each discussion provides an opportunity for reviewing progress, iden-tifying skill gaps, and agreeing on development activi-ties that support both individual growth and business priorities. Employees are, in collaboration with their manager, recommended to discuss and agree on a Personal Development Plan, and to document it in our personnel data management system, to support accountability and promote development opportunity. The process is owned by our People &amp; Organization department, who train and support managers to facil-itate constructive dialogues with employees.By embedding the Performance Dialogue processes in our broader talent and performance management framework, we take a proactive approach to compe-tence building, career development, and long-term employee retention, ensuring that learning and growth remain central to a sustainable and future-ready workforce.Career accelerator pilot programThe program remains in a pilot phase and represents one way of addressing work-force-related development needs while strengthening internal capability and long-term talent retention.Leadership DevelopmentStrong leadership is essential for our success. Leaders at Bavarian Nordic are expected to shape culture, drive results, as well as supporting growth and well-being in their teams. Leadership development is embedded in our people devel-opment approach, ensuring that current leaders are equipped to lead with integrity and impact in alignment with our general policies.In 2025, we strengthened our focus on leadership capabilities by rolling out our leadership devel-opment initiative, LeadPioneers. The program, built on our Leadership Commitments, combines targeted training modules, peer learning, and cross-functional collaboration to enhance strategic leadership, team performance, and personal effectiveness. To support ongoing growth, leaders have access to a suite of leadership tools and resources, including frameworks for goal setting, coaching, employee engagement, and performance management. Owned by our People &amp; Organi-zation department, our dedicated Leadership &amp; Training Partner holds the operational responsi-bility for the program. Employee well-beingEmployee well-being is at the heart of how we support our people, recognizing that a healthy, balanced, and inclusive working environment enables individuals to thrive, feel supported, and perform at their best every day.Mental health in Bavarian NordicThe well-being of our employees, and ensuring that everyone has a safe and supportive place to work, remains one of our highest priorities. Our approach to well-being is rooted in the salutogenic perspective, which highlights how a person’s sense of coherence, which is their ability to understand, manage, and find meaning in everyday life, helps them stay healthy even when facing pressure or stress. This way of thinking shifts the focus from risks to resources, building on strengths, fostering resilience, and enabling people to navigate chal-lenges in a constructive way.With this in mind, our well-being and mental health efforts aim to reduce stressors that can undermine a healthy work environment, including issues such as workplace harassment or an unbalanced relation-ship between work and personal life.To support our employees across all locations, we run a range of global and local initiatives that promote mental health, psychological safety, and Accessible support and professional careBeyond our internal resources, we offer professional external support and resources for our employees aimed at both preventing and addressing work-related and personal health challenges whether physical, mental, or related to crisis situations. Through our insurance schemes, employees in Denmark, Germany, Switzerland, and the US are covered by healthcare and pre-healthcare programs that offer confidential and specialized assis-tance for mental health and well-being.In addition, employees can always turn to a range of internal support channels such as our intranet resources, our EHS department, our People &amp; Organization department, and local management. healthy work-life boundaries. These initiatives include mental health campaigns and internal educational resources, on-demand workshops for teams, facilitated insights sessions, and general employee support measures.A culture of support and mutual careUltimately, our goal is to nurture a workplace culture where people look out for one another. We encourage open conversations to normalize asking for help. Through our actions, our goal is to create an environment where employees feel safe sharing concerns and confident in the support available to them.Our mental health and well-being efforts are a continuous journey, and one we are deeply committed to, because a healthy workforce is essential to a thriving company. Our people are at the heart of our success. We continuously track progress and performance, through our engagement initiatives, to support that our harassment preven-tion and resolution efforts remain effective.Creating awarenessA significant milestone in 2025 was our Global Mental Health Week, hosted by our EHS organ-ization in connection with World Safety Day. Through a mix of global broadcasts and local events, the week created a safe and open space for conversations about well-being, while providing hands-on tools and practical advice for managing stress and balancing work and life. The initiative also aimed to break down stigma by encouraging employees to share experiences and learn together.Harassment in the workplaceA workplace free from harassment is fundamental to achieving our strategic goals and sustaining long-term value. Harassment undermines trust, collaboration, and productivity, which are critical drivers of innovation and success. Our business is powered by engaged and motivated employees working across geographies and functions, where a culture of mutual respect is key to employee well-being. Therefore, our goal is to promote a respectful and inclusive culture where we aim to protect the dignity and rights of every employee. PoliciesWe are committed to maintaining a workplace where everyone is treated with respect and dignity, and where harassment, bullying, and discrimination are never tolerated. To support this commitment, we have implemented global policies that clearly define expected behavior and reinforce our zero-tol-erance stance toward harassment in any form.Our Diversity &amp; Inclusion Policy sets the direction for an inclusive culture that values different back-grounds, perspectives, and experiences. It outlines our commitment to equal opportunity and fair treatment across all aspects of employment.Our Global Policy on Sexual Harassment provides clear definitions of inappropriate behavior and establishes expectations for professional conduct across all sites and regions.Our Policy on Bullying and Harassment at Work makes it clear that any form of bullying, harass-ment, or victimization is unacceptable and subject to disciplinary action. These policies are embedded in our Code of Conduct, reflecting our commitment to responsible business conduct and employee well-being. They are reflected in all local staff handbooks, ensuring consistent implementation and accessibility across our global organization. Our Speak Up Policy is in place to guide both internal and external stake-holders on how to report misconduct and other concerns (see Business conduct). Processes for engagement &amp; channels to raise concernsWe maintain an open dialogue with employees to understand their experiences of workplace culture and respect. Insights from our employee engagement surveys, work-environment assess-ments, engagement with HR Business Partners, and employee representatives help us strengthen psychological safety and identify areas for improve-ment.If specific challenges in teams are identified, we provide targeted workshops to address cultural, behavioral, or situational issues within teams. These sessions provide practical tools for conflict resolution, respectful communication, and reinforce leadership responsibility in sustaining a safe and inclusive workplace.Employees are formally encouraged to speak up through multiple channels outlined in our policies, such as direct conversations with the immediate manager, HR Business Partners, union or Betriebsrat representatives, Health &amp; Safety representatives, or through anonymous reporting using our Ethics Hotline. Feedback from engagement activities and reporting mechanisms is reviewed and monitored by our Global EHS department, our People &amp; Organization department, our Legal &amp; Compliance department, and management teams to identify trends and strengthen prevention. These insights drive contin-uous improvements to our policies, leadership practices, and awareness initiatives. Through these efforts, we sustain a workplace culture built on trust, dignity, and respect, where every employee can feel both safe and valued.ActionsOur mental health initiatives are key factors in preventing harassment. Through these, we build awareness and positive interaction, fostering a culture where all employees feel valued and supported (See Mental health in Bavarian Nordic).We also take direct action to prevent and address harassment. All employees complete mandatory Code of Conduct training, which includes modules on harassment prevention, how to recognize inappropriate conduct, and how to report concerns. This training is regularly reinforced to maintain awareness and accountability across all sites and functions.Work-life balance Operating in the vaccine sector means navi-gating a dynamic environment shaped by shifting market demands and urgent responses to disease outbreaks. These external pressures may require periodic rapid adjustments to production schedules or extended working hours across departments. If not managed effectively, such conditions may impact employees’ work-life balance, causing fatigue, stress, and reduced well-being. We recognize that a healthy work-life balance is vital for employee well-being, motivation, and operational effectiveness. All employees may face periods of non-standard hours, with production and commercial roles facing the greatest exposure to non-standard hours or frequent travel. Therefore, workload management and flexibility remain priori-ties for all employees.PoliciesOur approach is based on global and local policies that provide a framework for employee well-being. These include our Office Areas Working Environ-ment options and guidelines, covering both phys-ical and mental health, our Remote Working Policy and our staff handbook guidelines, which set clear expectations for flexibility, time management, and rest. To help employees recover and attend to personal or family needs, we provide a framework of leave arrangements including statutory, parental, and compassionate leave, which are aligned globally but adapted locally for legal and cultural relevance. As our operations require non-standard working hours, we have established a Policy for Produc-tion Supporters, establishing clear guidelines for employees providing production support during non-standard shifts. The policy objective is to ensure fair compensation, proper scheduling, and compliance with labor regulations while maintaining operational flexibility. This policy applies to all non-unionized employees engaged in production support during second and third shifts, weekends, and public holidays.Processes for engagement &amp; channels to raise concernsWe actively engage with employees to understand their experiences, expectations, and challenges around work-life balance. Insights come from our employee engagement survey, local work-environ-ment assessments, and regular dialogue with HR Business Partners, managers, and employee repre-sentatives. Policies, handbooks, and internal guidance are continuously reviewed and updated to reflect evolving workforce needs, local legislation, and best practices. Insights from this engagement and monitoring drive improvements in flexible work arrangements, time-management guidance, and well-being resources.ActionsOur mental health initiatives are central to our efforts to manage stress and prevent stressors, forming a key part of our work-life balance strategy. In 2025, we placed a particular focus on promoting a healthy remote work environment through dedi-cated intranet campaigns. These included guidance and best practices for working from home, exercises and movement breaks to support physical well-being, and tips for maintaining a realistic boundary between work and non-work tasks. By encouraging mindful remote work habits, we aim to prevent fatigue, reduce stress, and limit physical strain.We continuously monitor our performance to track progress in promoting working conditions supporting work-life balance. Managers monitor registered working hours to handle workload and maintain adherence to internal standards and local regu-lations. Feedback from Mental Health Week and related programs further informs how effectively employees manage workloads and maintain healthy boundaries.Breach of personnel dataWe are committed to life-saving vaccines which involve acting lawfully and with integrity in our global activities. As part of our business model as a vaccine company, we are required to collect and process not only general personnel information, such as contact details, employment history, and payroll data, but also sensitive health data for specific employee groups whose roles necessi-tate vaccination or other health-related require-ments. Despite existing cybersecurity controls and data protection measures, we acknowledge that breaches are an inherent risk.PoliciesTo support our commitment to ethical operations, we have established a Global Compliance Program, including a framework of policies and procedures to safeguard the personal data of our employees, reflecting both regulatory requirements and our commitment to privacy and security. Our data privacy policies and processes are also supported by our Code of Conduct (see Business conduct).All policies and related documents are accessible to employees via our internal platforms and are regularly reviewed and updated to reflect changes in legislation and best practice. Our Privacy Policy outlines the principles and stand-ards for the collection, processing, storage, and retention of employee data. The Policy is designed to ensure compliance with applicable laws and Ways of workingWe believe that flexibility is essential to main-taining a healthy work-life balance and supporting the mental well-being of our employees. Recog-nizing that people thrive under different working conditions and that personal needs evolve over time, we have established a framework that empowers employees to balance professional and personal responsibilities sustainably. Introduced in 2021 and now embedded in our workplace culture, our New Ways of Working initiative continues to guide how we collaborate and use our workspace. It promotes flexibility and well-being by encouraging employees to choose work environments that suit their tasks, whether working remotely, using shared desks, or meeting in open or quiet zones. regulation when processing personal data, including applicable national data privacy law as well as the General Data Protection Regulation (GDPR) and the Danish Data Protection Act. The Policy defines the roles and responsibilities for data handling, mandates the use of secure IT systems, and requires that sensitive information is managed according to formal security protocols. The Policy applies to all our employees, including temporary workers, consultants, and all processing activities carried out by any legal entity within Bavarian Nordic. Processes for engagement &amp; channels to raise concernsWe actively involve employee groups in identifying training needs and providing input on which topics require additional focus. This engagement supports the alignment of training content and resources with the real challenges employees face in their daily work with personal data.We have formal processes for handling personnel data breaches, ensuring both immediate and ongoing responses in line with regulatory require-ments and best practice. If a data breach is suspected or detected, employees are required to act immediately by reporting the incident via the dedicated data breach reporting form on our intranet or directly to our Legal &amp; Compliance department. Detailed guidelines and training are provided to all staff, outlining how to recognize, report, and respond to potential breaches, and emphasizing that swift action is essential regardless of the perceived severity or origin of the incident. Employees are informed of their rights and the types of data collected through communication efforts including our formal document, Privacy Notice to BN Employees. We conduct an annual data privacy awareness campaign communicated through our intranet. The campaign provides employees with targeted information and updates on data privacy. The purpose of the campaign is to strengthen employee awareness of the structures and processes in place for raising concerns, as well as their roles and obligations in safeguarding personal information.ActionsIT security trainingWe require all employees to complete monthly IT security training, which includes dedicated modules on phishing awareness and secure data handling. This training is designed to support employees in recognizing and responding to potential threats, understanding their responsibilities under our data protection policies, and maintaining vigilance in their daily work. The training is updated annually to reflect emerging risks and regulatory changes, and is improved based on lessons learned from inci-dents, audits, and regulatory development. Training in handling personal dataAs we are responsible for processing personal data in accordance with relevant privacy laws, we require all employees to complete our data privacy training. The training provides guidance on what constitutes and how to recognize a personal data breach, and the immediate steps to take if a breach is suspected or detected. Furthermore, the training provides knowledge on data privacy laws, our internal policies and procedures, and covers both internal and third-party (data processor) breaches. New employees are offered training within the first three months of employment through the global onboarding program. For employees with elevated data handling responsibilities, we provide addi-tional and specialized training. These modules offer instruction on secure data handling in compliance with both internal policies and external regulations. The training is updated annually to reflect evolving risks and best practices. Centralized HR systemOur HR system functions as a core organizational measure to maintain controlled and compliant storage, processing, and access to personal data. As an integral part of our data protection actions, the system provides role-based access controls that limit data visibility to authorized personnel only, advanced security features, and audit trails that record data access and modifications. The system is embedded into our people and compliance workflows, enabling standardized and automated processes for onboarding, data updates and offboarding, thereby reducing manual handling and the likelihood of human error. The system is continuously updated to address emerging cyber-security threats and evolving regulatory require-ments, and its performance is reviewed annually as part of our organizational data protection assessment.Monitoring progressOur Legal &amp; Compliance department is respon-sible for assessing and managing reported breaches. This includes determining whether notification to supervisory authorities and affected individuals is required. To support continuous improvement and organizational learning, we systematically monitor and review data breaches. We report on data breaches, including an assessment of their severity, and review these incidents to identify trends, root causes, and opportunities for strengthening our controls. In addition to scheduled reviews, breaches are also monitored and addressed on an ad-hoc basis throughout the year, ensuring that urgent issues receive immediate attention and that our remediation processes remain agile and effective.Health &amp; safetyAs an end-to-end vaccine developer and manu-facturer, our manufacturing and research activities involve processes that inherently carry a higher likelihood of physical health and safety impacts. These activities may expose individuals in certain roles to potential injuries and other adverse physical effects due to the nature of our operations. While employees in mentioned roles face higher likelihood of physical impacts, all employees may be exposed to both physical and psychological health and safety concerns in their daily work. In addition, non-em-ployees and visitors performing activities on our sites may be impacted, though only in relation to physical health and safety risks. If not effectively managed, health and safety impacts may result in psychological harm, opera-tional disruptions, and higher costs. Because these impacts are inherent to our business model, miti-gating any negative health and safety outcomes remains a priority at all sites. The potential impacts and risk described inform both our daily and stra-tegic decision-making. Policies Global Environmental, Health &amp; Safety PolicyOur Global Environmental, Health &amp; Safety (EHS) Policy applies to all business areas and locations. The policy commits us to maintaining high stand-ards of EHS performance, ensuring full compliance with legal requirements, managing EHS risks responsibly, and continuously looking for ways to improve our EHS performance. It emphasizes the importance of building awareness and competence among employees and key stakeholders, internally and externally, so that work is carried out safely and responsibly. Through open communication, we aim to promote constructive engagement and safe practices across our organization. EHS govern-ance structures at all levels within the business ensure that performance is tracked, reviewed, and improved over time to deliver value to our stake-holders. Site Heads hold direct responsibility for implementing the policy and ensuring its effective-ness. The policy content was reviewed in 2024, and the updated version was formally issued in early 2025.Employee vaccination program Our Employee Vaccination Program safeguards employees who work in areas where exposure to infectious agents may occur. It sets clear require-ments for vaccination among personnel operating in high-risk environments involving live viruses.The program’s objectives are to protect employees from occupational health risks, maintain strict access controls to high-risk areas, and align with interna-tional biosafety and public health standards. The policy applies to all employees potentially exposed to infectious agents, including those in production, quality control, environmental monitoring, and related support roles, working in designated high-risk zones.Engaging with our workforceWe place strong emphasis on maintaining the health and safety of our workforce through structured and ongoing engagement with employees and their representatives. Our EHS Committee operates at a strategic level, partnering with Site Heads and EHS representatives to guide and coordinate efforts to protect employees, safeguard the environment, and prevent risks. The committee ensures that our decisions reflect our ongoing commitment to safe and healthy work-places. Engagement occurs both directly and through employee representatives, integrating workforce perspectives into the planning, implementation, and review phases of health and safety initiatives. Regular meetings, surveys, and feedback sessions facilitate open dialogue and continuous improvement.The Global EHS Director holds overall accounta-bility for setting strategic direction and ensuring alignment across all global functions, while main-taining workforce engagement as a central focus. Site Heads carry local responsibility, as mandated under national legislation in most countries. At the operational level, our Global EHS Operations team collaborates closely with site management to conduct and support risk prevention activities. These groups help resolve EHS issues locally or escalate them to the EHS Committee when necessary. The committee also acts as a key communication bridge between employees and the workplace organi-zation, ensuring coordinated action and effective information flow. We take special care to protect pregnant workers. Our internal policy specifies which activities preg-nant employees should avoid to prevent potential health and safety risks. Each pregnant employee must undergo an individual risk assessment. If any hazard cannot be fully eliminated, alternative work arrangements are made to protect both mother and child. These measures help ensure a safe and supportive work environment for expectant and breastfeeding employees.Processes for remediation We have defined procedures to address and reme-diate any negative health and safety impacts affecting our workforce, supported by accessible channels for raising concerns. Employees can report issues through several routes, including our health and safety management system, desig-nated representatives, or their line managers. We encourage all employees to report incidents, near misses, and unsafe conditions to help uphold a safe and compliant workplace. Our management system ensures that such reports are documented, analyzed, and resolved in alignment with legal and regulatory requirements. Our goal is to implement a harmonized global health and safety management system to standardize processes and performance across all sites. Work is ongoing to establish internal global standards that promote continuous improvement in addition to legal compliance. While each site currently operates its own system, sites without a formal manage-ment system follow local manuals, procedures, and documented processes that meet national legal requirements. Dedicated EHS specialists oversee local systems, manage reporting and documentation, and collab-orate with HR on health-related matters and noti-fications to authorities. All processes comply with relevant local regulations, ensuring consistent and lawful management of health and safety matters.Actions In 2024, we launched a new Global EHS Strategy to clarify our roadmap and key focus areas. Imple-mentation of the strategy continued through 2025, and we have expanded our EHS department by recruiting several dedicated full-time specialists to advance our strategic ambitions, particularly in areas linked to identified potential impacts. This effort strengthens our governance, leadership, and technical capability at both global and local levels across all EHS disciplines. By investing in additional expertise, we enhance our ability to identify and mitigate risks, deliver targeted training, and foster a safe and inclusive work environment for all employees. The updated Global EHS Policy forms part of this strategy, addressing health and safety impacts across our own workforce as well as those working on- or off-site on our behalf.TargetsIn 2025, we set a health and safety target appli-cable to all workers at our operational sites, regardless of employment type, in support of our Global EHS Policy and Global EHS Strategy. Developed with input from the EHS department and Executive Management, the target focused on reducing occupational health hazards by expanding site-level risk assessments and closing 90% of identified mitigation actions. We are pleased to confirm that this target was achieved.For 2026, our health and safety target focuses on maintaining a safe and healthy work environ-ment through the implementation of Site and Functional EHS Improvement Plans. The target requires that 100% of identified improvement opportunities are assessed for potential execu-tion, with 90% of associated actions completed by year-end.Health and safety metrics related to own workforce employees S1– table 10in numbers20252024Head countMalePercentage of workforce covered under health &amp; safety management system100%100%Fatalities as a result of work-related injuries &amp; ill health00Recordable work-related accidents176Rate of recordable work-related accidents5.8 2.3Accounting policies The percentage of employees covered health and safety management systemThe metric is determined through information gathered from the health and safety responsible person in each of our locations. The percentage coverage is calculated as the number of employees (headcounts) covered by health and safety management systems divided by all employees (headcounts).The number of fatalities as a result of work-related injuries and work-related ill healthThe number of fatalities is determined based on records from our HR system. It refers to death of employees resulting from work-related accidents and work-related ill health. All types of employees are considered for the metric.The number and rate of recordable work-related accidentsA recordable work-related accident is registered if the accident results in the employee being unable to perform their usual work for one day or more, excluding the day of the injury.The rate of work-related accidents represents the number of cases per one million hours worked. It is calculated by dividing the total number of work-re-lated accidents by the total hours worked by our own employees, and multiplying the result by one million. The number of hours worked by our employees is estimated based on standard full-time equivalent (FTE) hours, taking into account entitlements to leave periods, including vacation and public holidays. The calculation excludes individually registered vacation days.S2 Workers in the value chainPeople in our value chain are fundamental to delivering life-saving solutions, both off-site and on-site.Time horizonName of IRO (Title)Short-termMedium-termLong-termHealth &amp; safety of on-premise workers in the value chainPotential Negative ImpactWe make use of external companies and individuals who carry out various services across our operations, some of whom may be exposed to conditions or processes that can result in negative impacts on their physical health, overall well-being, or psychological safety due to inadequate or ineffective health and safety manage-ment. ●●●Health &amp; safety of off-premise workers in the value chainPotential Negative ImpactIneffective, inefficient, or absent health and safety management systems may lead to negative physiological impacts such as physical injuries or negative health impacts on employees of our suppliers as a result of their operations.●●●Interaction with strategy and business modelWe depend on workers in our value chain to perform services, either as contracted services at our premises (on-premise workers), or as part of services and/or production at supplier or business partner premises (off-premise workers). Due to the nature of our business model, there is an inherent risk related to negative health and safety impacts for people located on-premise and off-premise. Managing these potential impacts remains a priority throughout our value chain, and they inform our decision-making in relation to on-site manage-ment, as well as when we select and engage with suppliers and business partners.On-premise services include repairs, maintenance, construction work, and other similar work performed by people who are not classified as employees or non-employees (see Own workforce) but are performing work or services at our sites. Off-premise tasks involve upstream activities of sourcing of raw materials used in our vaccines and contract research and manufacturing (CROs and CMOs).As a part of the double materiality assessment process, we have gathered an increased under-standing of how people in our value chain are actu-ally and potentially exposed to specific impacts, risks, and opportunities - for both on-site and off-site workers. As such, the scope of the following disclosure includes only people in our value chain who perform services that are subject to the iden-tified material potential health and safety impacts. We have not identified any significant risks of child labor or forced labor among the stakeholders in our value chain.The disclosures related to policies are presented at an aggregate level, followed by disclosures on processes, actions, and targets, which are presented alongside each impact.General policies and processesWorkers in our value chain are covered under several company-wide policies that define expec-tations for health, safety, labor rights, and ethical conduct.Our Global Environmental, Health &amp; Safety (EHS) Policy applies to all operations, including work carried out by both on-premise and off-premise workers. It sets requirements for risk assessment, hazard control, compliance with legislation, and continuous improvement. The policy also estab-lishes expectations for reporting, training, and inci-dent learning applicable to all individuals working within our operational footprint.Our Standards for Responsible Business Conduct outline our expectations to all external collabora-tions regarding human rights, labor rights, health and safety performance, environmental responsi-bility, animal welfare and business ethics. The policy applies globally across the upstream and down-stream value chain and is based on international principles and guidelines. Executive Management is accountable for the implementation of the policy, which is available on our website.Our Code of Conduct applies to employees, contrac-tors, suppliers, and their workers. It mandates ethical conduct, adherence to the law, transparent communication, and responsible behavior, and encourages reporting of concerns, unsafe practices, or violations through formal grievance mechanisms (see Business conduct). Our Human Rights Policy explicitly prohibits forced labor, child labor, discrimination, and unsafe working conditions, and requires suppliers to uphold freedom of association, fair treatment, and decent working conditions (see Own workforce).See Business conduct for information about our Ethics Hotline. To date, no reported cases of adverse human rights impacts involving value-chain workers have been received.Material impacts, risks, and opportunitiesHealth &amp; safety of on-premise workers in the value chainWe make use of external companies and individuals who carry out various services at our manufacturing sites, some of whom may be exposed to processes that could result in a negative impact on their phys-ical health. This impact applies to potential indi-vidual incidents of on-premise workers in the value chain who perform services at our sites. These types of services are related to our business relationships, as the workers performing these do not fall into the categories defined in Own work-force (see Own workforce). As the impact potentially occurs in our site operations, it is a direct impact, which can potentially involve a reputational risk for us, however there are no identified material risks associated with this impact. Processes for remediationWe have established processes to address and remediate negative impacts affecting on-premise value-chain workers. These processes align with those for employees, including incident reporting, root cause analysis, implementation of corrective actions, and tracking through site-level and global systems. Monthly EHS meetings ensure continued oversight. Engaging with on-premise value chain workersOn-premise value chain workers are primarily engaged through mandatory induction programs. Induction covers hazard awareness, site rules, required behaviors, Personal Protective Equip-ment expectations, emergency procedures, and access restrictions. All visitors and external workers must sign documentation confirming their understanding.Depending on access level, some external workers must be escorted or supervised by Bavarian Nordic employees. Site Heads ensure engagement, supported by monthly EHS coordi-nation meetings that address incidents, lessons learned, and contractor safety performance.Workers with particular vulnerabilities are assessed on an individual basis and provided with tailored protective measures where neces-sary.ActionsActions taken and planned to minimize the likeli-hood of negative impacts include implementation of the Global EHS Strategy, expansion of the EHS department, and updating the EHS Policy to cover on-premise workers (see Own workforce). Further-more, we have strengthened contractor and visitor induction processes at our Danish manufacturing site by revising our visitor induction presentation and making it available in a video format, enabling visitors to view it before arrival at our site. Progress is moni-tored jointly by Site Heads and the EHS department.The health and safety target disclosed for our own workforce also applies to on-premise value chain workers (see Own workforce). Health and safety of off-premise workers in the value chainSuppliers and partners in our value chain manage and handle chemicals, which can potentially have a direct impact on the health and safety of workers in the value chain. As an inherent part of our business model, we engage in business relationships with suppliers from whom we source raw materials and CMOs whose workers perform services such as vaccines research and manufacturing. As such, this impact is connected with our business model, as we have dependencies on the workers in the value chain working for suppliers and business partners. This impact applies to potential individual incidents of off-premise workers in the value chain. It is an indirect impact as it originates from our business relationships with suppliers and partners. Though it can potentially involve a reputational risk for us, there are no identi-fied material risks associated with this impact. Engaging with off-premise value chain workers Engagement with off-premise workers occurs primarily through our involvement in the Phar-maceutical Supply Chain Initiative (PSCI). Through monthly and ad hoc meetings, we receive insights into working conditions, health and safety risks, labor practices, and industry benchmarks across pharmaceutical supply chains. The Director, Corpo-rate Sustainability, holds responsibility for PSCI engagement, supported by EHS, Procurement, and Corporate Sustainability. The Global EHS Director leads operational engage-ment with suppliers and CMOs, while Procurement and External Manufacturing maintain day-to-day supplier interactions. Insights from PSCI engagement are evaluated regularly and integrated into supplier management processes.As the PSCI is an organization solely focusing on pharmaceutical supply chains, the insights provided by them are deemed to take into consideration the perspectives of workers that may be particularly vulnerable to impacts.Processes for remediationWe are advancing our Responsible Value Chain Program to better capture, track, and mitigate health and safety impacts across the supply chain. This includes risk-based supplier screenings, targeted engagements, and structured monitoring of supplier performance. Also see Business Conduct for informa-tion about our Ethics Hotline.ActionsOur completed and planned key actions related to the potential negative impact are described below.Furthering the development of our supplier management program continues to be a strategic priority and a part of our Responsible Value Chain Program. The purpose of the program is to further develop our supplier management and engage-ment processes to enable an understanding of our adverse impacts and how to address these in collaboration with suppliers. As a part of our commitment to the PSCI and its Principles for Responsible Supply Chain Manage-ment, we have initiated work to increase the coverage of supplier audits. This action is anchored with our Responsible Value Chain Program.Our Global Environmental, Health &amp; Safety (EHS) Policy addresses health and safety impacts related to our own workforce as well as on- and off-premise workers (see Own workforce).Our actions are tracked and assessed monthly by the key stakeholders involved in driving forward the strategic initiative to ensure that the intended outcomes are met.Further developing our supplier management programBuilding on the introductory steps made in 2024, we initiated the roll-out in 2025 with the imple-mentation of our global Standards for Respon-sible Business Conduct (SRBC). Following this milestone, we launched a pilot program with a selection of suppliers. The aim is to engage with key suppliers on their management of the areas covered in the SRBC, as well as to embed the SRBC contractually within existing agreements.Targets To track the effectiveness of our actions related to our Responsible Value Chain Program, we have set a target to increase the share of scoped suppliers that have undergone an audit in accordance with the PSCI audit standards or similar. Our long-term target is for 70% of all in-scope suppliers and business partners to have undergone an audit in accordance with PSCI audit principles. The long-term target is due in 2027 with annual milestone targets. The target setting process involved internal subject matter experts and the target was approved by Executive Management. The monitoring of progress is performed by the Corporate Sustainability and ESG Finance departments.In 2025, we did not meet our target of 25%, but we still recognize the effort and achieve-ment of 24.2% which serves as an important milestone in expanding our scope of in-scope suppliers and business partners on the journey of further advancing our Responsible Value Chain Program.Vendor audit rateS2– table 1in percentagePeriod TargetActualHead countMale202412.5%12.6%2025, YE25%24.2%2026, YE40%2027, YE70%Accounting policies Vendor audit rateSuppliers and business partners in scope refer to Contract Manufacturing Organizations (CMOs) or other manufacturing organizations or suppliers providing crit-ical production raw materials for commercial products.The metric indicates the proportion of scoped suppliers that have been audited in compliance with PSCI audit standards or equivalent. This proportion reflects the ratio of our total expenditures on audited vendors to all scoped vendor-related expenditures in the reporting period. No individual vendor exceeded 10 percentage points of the metric.S4 Consumers and end-usersConsumers and end-users are central to our purpose of protecting and saving lives. Our activities are guided by a commitment to quality, safety, and responsible engagement, with the aim of supporting public health, strengthening communities, and fostering trust.Time horizonName of IRO (Title)Short-termMedium-termLong-termPrevention of spread of infectious diseasesActual Positive ImpactPeople who have been vaccinated, with a vaccine for which we hold the market authorization, can through increased coverage contribute to the prevention of the spread of infectious diseases.●●●Vaccines can prevent the spread of infectious diseases due to climate changeActual Positive ImpactWe have an opportunity to provide vaccines which can prevent the spread of infec-tious diseases which can be correlated to the effects of climate change. Therefore, through our Public Preparedness and Travel Health portfolio, we can have a posi-tive impact on human adaptation to certain effects of climate change.●●●Opportunity to prevent the spread of infectious diseases related to climate changeOpportunityWith our current portfolio of vaccines, we have a growing opportunity to distribute vaccines that can prevent the spread of certain infectious diseases, whose increasing prevalence can be attributed to the impact of climate change on natural habitats.●●Expanding access to vaccines in endemic countriesPotential Positive ImpactWe have an opportunity to distribute vaccines, in our current portfolio, to endemic low- and lower-middle income countries reaching markets currently not served. This could have a positive impact on underserved communities by reducing the spread of preventable infectious diseases.●●●Potential to further expanding vaccine portfolioOpportunityWe have an opportunity to develop or acquire new vaccines to our portfolio which could serve new disease areas and prevent the spread of infectious diseases.●1615.115.314.615.215.4Time horizonName of IRO (Title)Short-termMedium-termLong-termAccess barriersRiskDistributing vaccines to a global market, we may face situations where access barriers can prevent or slow our ability to deliver vaccines to persons in need. Such barriers may be linked to local regulatory processes, lack of cold-chain transpor-tation, affordability, etc., and could impact our ability to do business, and deliver vaccines, to certain markets.●●●Potential adverse effects on patients enrolled in clinical trialsPotential Negative ImpactDuring clinical trials, participants' health could be adversely affected from unex-pected adverse reactions / events to a vaccine candidate in any stage of clinical trials.●●●Adverse events due to vaccines administration (marketed vaccines)Potential Negative ImpactAdverse events due to vaccine administration can happen and could negatively impact patient health.●●●Potential adverse effects on patients enrolled in clinical trialsRiskDuring clinical trials, adverse events linked to the drug substance represents signif-icant risk as it could stop or pause the development of a vaccine candidate.●Adverse events as a result of vaccine administrationRiskAdverse events as a result of vaccine administration can occur, and if not handled properly, could result in lawsuits and/or regulatory enforcement.●●●Potential to breach responsible marketing standardsRiskFor companies in the pharmaceutical industry, there are strict rules and regulations in place regarding the marketing to customers. These regulations vary across countries; however, violating these regulations or industry codes could lead to misinformation of health care workers, legal &amp; financial penalties, fines, and damage to a company's reputation.●Interaction with strategy and business modelIn 2025, our continued commitment to saving and improving lives, through the power of the immune system, has further strengthened our impact on global health. Expanding access to vaccines across geographies remains central to our business strategy, supported by responsible stakeholder engagement and the delivery of safe, and effica-cious vaccines.The material impacts, risks, and opportunities (IROs)related to consumers and end-users are disclosed on an aggregate level, divided into three overall sections:•	Access to vaccines•	Safety•	Responsible marketing practicesWithin each of these sections, we have disclosed applicable policies, procedures, actions, and targets. All three areas are central to our business model and strategy from research, development, manu-facturing, distribution, and sales, and are as such anchored in a combination of our own operations and in our upstream and downstream value chain. Affected stakeholdersIn our double materiality assessment (DMA), we have IROs related to three groups of consumers and end-users, namely vaccine recipients, clinical trial participants, and healthcare professionals (HCPs). These stakeholder groups are dependent on accurate and accessible information relating to our marketed products and clinical trials. All actual and/or potentially affected end-users are included in the scope of these disclosures, which is detailed in each section. The risks and opportunities described arise from dependencies on all three groups of potentially affected stakeholders.Human rightsOur policies reflect our commitment to human rights throughout our organization and supply chain, as defined by the United Nations Guiding Principles on Business and Human Rights (UNGPs), International Labor Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work, principles of the UN Global Compact, and the Universal Declaration of Human Rights (UDHR) (see Own workforce).In 2025, there are no cases of non-respect of human rights in our downstream value chain.1614.615.115.215.315.4Material impacts, risks and opportunitiesAccess to vaccinesAccess to vaccines saves lives, empowers people, and strengthens communities. We are proud to lead in advancing vaccine development and distribution to protect against infectious diseases. We are committed to the prevention of infectious diseases through innovation in the development, manufacture and supply of life-saving vaccines. We do not have a formal policy related to access to vaccines, because we have assessed that the governance in this area is sufficiently supported by our strategy and actions in which we manage the associated impacts, risks and opportunities. We have ongoing engagement with supranational organizations, NGOs, governments and other partners as described in the Actions section. We consider these business partners as credible proxies for the people potentially in need of one of our vaccines. Our Vice President, Commercial, Rest of World is the most senior position within Bavarian Nordic that has the operational responsibility for this type of engagement. Global health security: Prevention of the spread of infectious diseases, including those due to climate changeThe marketed vaccines in our portfolio protect lives by immunizing against infectious diseases, helping reduce their spread, improving public health, and easing pressure on healthcare systems.Some of these infectious diseases are becoming more prevalent due to a warming and changing climate, and vaccines have a potential to support human adaptation to these climate-related health challenges. This positive impact is immediate and benefits patients, communities, and public health systems where our vaccines are used.Expanding access to vaccines in endemic countriesBy expanding access to vaccines in our current portfolio in both high-income countries as well as to low- and lower-middle-income countries, we can help reduce the spread of preventable infectious diseases in endemic areas and positively impact communities. This affects patients living in endemic regions, both who can afford and those who cannot afford, or face challenges to access our vaccines.Expanding our vaccine portfolioWe have the opportunity to expand our vaccine portfolio by developing or acquiring vaccines that target new disease areas and help prevent infec-tious disease spread.Addressing unmet medical needs through vaccine innovation is central to our strategy. This oppor-tunity, which is dependent on successful clinical development, regulatory approval, or acquisition, is a central part of our strategy to drive revenue growth in the medium and long-term. Access barriers that slow or prevent the delivery of vaccinesDistributing vaccines to a global market, we may face situations where access barriers slow or prevent our ability to deliver vaccines to people in need, particularly in low-income countries (LICs) and lower-middle-income countries (LMICs). These barriers may be linked to local regulatory processes, lack of cold-chain transportation, affordability, acceptability, and several other factors, which could impact our ability to do business, and deliver vaccines, to certain markets. Access barriers that prevent us from delivering vaccines to people in need could have a negative financial effect on us in the medium and long term as well as potentially causing negative reputational consequences for Bavarian Nordic.ActionsThe following actions all contribute to our Access to vaccines strategy and cover the before-mentioned IROs.Our stakeholdersVaccine recepientsIndividuals who rely on our vaccines for prevention of infectious diseases and protection of public health.Clinical trial participantsIndividuals participating in clinical studies to evaluate the safety and effectiveness of our vaccines.Healthcare professionals (HCPs)Healthcare professionals who prescribe, administer, and advise on the appropriate use of our vaccines.Action 1Mpox: Working with partners to reach populations in low- and lower-middle-income countries To strengthen the response in the African region, we collaborate with global health partners, including World Health Organization (WHO), European Commission’s Health Emergency and Response Authority (HERA), United Nations Children's Fund (UNICEF), Gavi, The Vaccine Alliance, Africa Centers for Disease Control and Prevention (Africa CDC), US Government and other partners to provide our mpox vaccine, which served as an important tool to help control the mpox outbreaks since 2022.Since 2024, Africa is experiencing one of the largest known mpox outbreaks to date, with the majority of cases occurring in the Democratic Republic of Congo (the DRC). Although the World Health Organization (WHO) lifted the Public Health Emergency of Inter-national Concern (PHEIC) in September 2025, Africa CDC kept the status of Public Health Emergency of Continental Security (PHECS) for the remainder of 2025 and lifted this in January 2026. As of 2025, mpox vaccination activities have started in 14 African countries with our vaccine, targeting population groups at high risk of exposure. With the continued collaboration of the key global health partners and coordination by the WHO’s Access and Allocation Mechanism (AAM), in total more than 1.2 million vaccine doses have been administered in these 14 countries in 2025, out of which 687,016 doses of our vaccine have been administered in the Democratic Republic of the Congo.12 African countries have received up to 700,000 doses of our vaccine through the Advanced Procure-ment Agreement (APA) with Gavi, the Vaccine Alliance and an agreement with UNICEF, both docu-ments signed in September 2024. Through these contracts, we have worked together with all aforementioned parties to ensure vaccine access with the lowest price for the 77 low- and lower-middle-income countries.With the joint efforts of HERA and EU member states, US Government and the Government of Canada, over 900,000 doses of our vaccine have been delivered to African countries, fulfilling the short-term requirement as expressed by Africa CDC and allowing an immediate response in the affected countries.DonationsAs part of our partnership with African CDC and UNICEF, Bavarian Nordic has donated a total of 130,000 doses of our mpox vaccine to help strengthen outbreak response. Of these, 110,000 doses were donated to Uganda through Africa CDC, and 20,000 doses were donated to UNICEF and deliv-ered to Liberia.WHO PrequalificationIn September 2024, our vaccine became the first mpox vaccine to receive prequalification from WHO, a prerequisite for governments and organizations like Gavi and UNICEF to procure and distribute vaccines in African countries.Action 2 Access to vaccines strategy in low-income (LIC) and lower-middle-income countries (LMIC) During 2025, we took steps to further formalize our access and approach to access to relevant vaccines in our portfolio in LICs and LMICs. While our work in 2024 defined the overall strategy approach, timelines, and governance structures, we progressed in 2025 with settling specific KPIs for our access to vaccines strategy. The strategy focuses on vaccines which have the highest impact on unmet medical needs, where our business model is well suited to manufacture and distribute vaccines. The overall strategy is anchored with Executive Management and runs to 2028. Actions related to our Access to vaccines strategy are managed cross-function-ally and led by the Commercial department.Action 3Increasing access to vaccines with life cycle managementAs a means of increasing access to our existing portfolio of vaccines, we manage their life cycle. Our Product Strategy Team is working with key senior decision makers in our Life Cycle Management (LCM) Steering Committee to explore opportunities in the area. LCM spans across various aspects of the product, and the LCM Steering Committee works to review, prioritize and bring forward recommendations for new LCM projects to increase product value and support public health.Action 4Chikungunya: Expanding our vaccine portfolioOur chikungunya vaccine candidate was approved in February 2025 by the U.S. Food and Drug Administration (FDA) and received a marketing authorization in Europe in February 2025. Chikungunya is a mosquito-borne viral disease caused by the chikungunya virus (CHIKV). CHIKV disease typically presents acute symp-toms, including fever, rash, fatigue, head-ache, and often severe and incapacitating joint pain. While mortality is low, morbidity is high; nearly 50% of individuals with CHIKV disease have debilitating long-term symp-toms that can intensify with age. In the past 20 years, CHIKV has emerged in several previ-ously non-endemic regions in Asia, Africa, southern Europe, and the Americas, often causing large, unpredictable outbreaks.Action 5License and Manufacturing AgreementMpoxWith the signed License and Manufacturing Agreement for our mpox vaccine with Serum Institute of India (SII) in 2024, the company is undertaking a technology transfer of the current manufacturing process. SII has the license to sell and distribute the vaccine in India, enabling supply to a market not previ-ously served. Furthermore, the agreement enables SII, should a need arise, to perform contract manufacturing of the mpox vaccine for Bavarian Nordic which expands the manu-facturing capacity, safeguarding supply to contain mpox outbreaks of any significance. ChikungunyaIn March 2026, we expanded our strategic partnership with SII by signing a contract manufacturing agreement, under which we will conduct a full tech transfer of the manu-facturing process for the chikungunya vaccine to SII to allow for scaling of capacity to enable future supply to endemic low- and middle-in-come countries. This agreement builds on the existing mpox vaccine license and manufac-turing agreement with SII, and replaces the agreement previously entered with Biological E. Limited.Action 6Clinical initiatives to expand access to groups in needTopline results from a clinical study co-funded by the Coalition for Epidemic Preparedness Innovations (CEPI) were positive for vaccina-tion with our mpox vaccine in children aged 2-11 years. Our mpox vaccine is currently approved by the European Commission for individuals aged 12 years and older. The positive results mark another step towards a potential expansion of the age indication, increasing our ability to support the public health response to current and future mpox outbreaks.TargetsAs one of the three KPIs included in our Sustaina-bility Linked Loan (SLL) credit facility, our target for 2025 was to meet the following KPIs:To finalize the technology transfer plan between Bavarian Nordic and a designated partner.To complete the technical runs of the mpox vaccine drug substance at Serum Institute of India. The first KPI was met with a gap analysis and an agreed plan completed in July 2025. The second KPI was also achieved with successful small-scale technical runs of the mpox vaccine drug substance at Serum Institute of India. In 2026, we aim to continue with the next steps as defined in our SLL agreement.The KPI was set in collaboration with key internal functions, including the Corporate Sustainability department, the Strategy Execution Office, Business Development, Finance, and Commercial, as well as the respective banks involved in providing the revolving credit facility. SafetyBeing an integrated part of our business model and the industry we operate in, vaccine development and the administration of marketed vaccines come with inherent risks and impacts. In our DMA, we have identified two potential negative impacts and two risks related to the safety for end-users. Protecting the safety of vaccine recipients and clinical trial participants remains a core priority and an essential part of our business model as well as our business partners. Generally, vaccine develop-ment and delivery operate under rigorous regulatory frameworks, supported by comprehensive inspec-tions and approvals that uphold high standards across every stage, from early research and preclin-ical work to clinical trials, product authorization, commercial manufacturing, and global distribution. Any occurrence would relate to individual incidents.PoliciesOur Quality Management System (QMS) is designed to ensure compliance with applicable legislation, safety requirements, and all Good Practice (GxP) standards across our trials, manufacturing. and testing. It aligns with regulatory expectations and industry best practices to maintain the highest quality standards. The procedures governing our QMS are accessible to all employees and mandatory training is required to ensure full understanding and adherence. The Senior Vice President of Global Quality oversees the implementation of the QMS, ensuring quality objectives are met, roles and responsibilities are clearly defined, and sufficient resources and authority are in place across the organization.Code of ConductOur Code of Conduct acknowledges our respon-sibility to ensure patient safety. We develop and supply innovative, high-quality products, and we require all employees to comply with all relevant laws and regulations governing product quality and safety as well as all requirements for reporting adverse events and product quality complaints. If our employees become aware of an adverse event or other potential safety issue, they are instructed to report it to the company’s pharmacovigilance team. Engaging with consumers and end-usersOur pharmacovigilance system supports the ongoing collection, assessment, and notification of relevant safety data. Procedures are in place for reporting adverse events, reactions, and/or product quality complaints, and our employees are trained in the proper handling of information, should they become aware of an adverse event, reactions, or other potential safety issue related to our products. The Chief Medical Officer position, interim basis held by our CEO, represents the most senior role within Bavarian Nordic with operational responsibility. Following regulatory requirements and industry standard practices, all clinical trials are reviewed and approved by independent review boards (IRB), independent bioethics committee (IBC), or an independent ethics committee (IEC) tasked with protecting the human rights of the individuals involved in clinical trials and ensure that our clinical trials are ethical, follow applicable regular stand-ards, and appropriately protect the rights, safety and well-being of clinical trial participants. In compliance with associated regulations and ethical standards, we require that all clinical trial participants be provided an opportunity for informed consent, including risks associated with participation, and that their informed consent is documented. Our processes require that both adverse safety events and deviations from the approved protocol be documented, investigated, assessed, and reported to the IRB and regulatory authorities, as appropriate. We use a Corrective and Preventive Action (CAPA) system to assign and resolve corrective actions to remedy identified issues and to help prevent future similar problems. In collaboration with regulatory authorities, relevant safety information from clinical trials and post-marketing adverse events reports are included in our product labels to inform HCPs and the general public about both the risks and the benefits of our products.Processes for remediationEfforts to remediate negative impacts for partic-ipants in clinical trials are handled internally or through the Contract Research Organization (CRO), to whom we transfer obligations but maintain oversight and assessment through the standard operating procedure for selection and manage-ment of vendors for services in the Development department. In case of an adverse event happening in connection with a clinical trial, the clinical trial participant is advised by the responsible HCP.Participants in clinical trials can contact the respec-tive investigators or the CRO. All communications via this channel are addressed through channels established by the investigators, the CRO and in agreement with us, and all such engagements are treated in accordance with data privacy laws. Vaccine recipients of marketed products experi-encing adverse effects can report concerns via a public email channel established by Bavarian Nordic, which is managed through established procedures and complies with data privacy laws.Both affected stakeholders can report incidents without the risk of retaliation as per Bavarian Nordic's Code of Conduct (see Business conduct). The effectiveness and perceived trustworthiness of both channels are evaluated through mandated regulatory quality and compliance processes. Actions &amp; targetsWhen needed, we update our framework of quality and safety policies and procedures to align with changes made by national health regulations. Internal and external audits are also undertaken Policies, procedures, and guidelinesOur commitment to end-user safety is supported through our framework of quality and safety policies and procedures (GxP) which include, as applicable: Good Clinical Laboratory Practice (GCLP) Good Manufacturing Practice (GMP) Good Distribution Practice (GDP) Good Pharmacovigilance Practice (GVP) We follow the regulatory guidelines from the International Council for Harmonization (ICH), which provide guidelines on safety, quality, and efficacy topics, the Declaration of Helsinki, Good Clinical Practice (GCP). to ensure the effectiveness of the framework. All employees working in areas that impact product quality, patient safety, or data integrity are required to complete "GxP" refresher trainings every 2 years and when the applicable GxP policies, SOPs or guidance are updated, either as part of regulatory requirements or our own initiatives. All employees in our organization are required to complete training in pharmacovigilance, managed in the Quality Management System. Our Safety Committee works to continuously evaluate our pharmacovigilance program, requires pharmacovigilance training for all employees, and routinely assess the safety of our products to appro-priately inform regulatory authorities, HCPs and the general public about both the risks and benefits of our products.Responsible marketing practicesOperating within a highly regulated pharmaceutical industry, we recognize the potential risks associated with non-compliance in marketing and promotional activities. Regulations governing both marketing of pharmaceutical products and interactions with HCPs and the public vary across jurisdictions, and violations can result in misinformation, legal and financial penalties, fines, and damage to trust. We are committed to ensuring that all promotional and communication activities are conducted ethically, transparently, and in full compliance with applicable laws, regulations, and industry codes. To uphold this commitment, we have established robust policies, procedures, and systems. PoliciesOur approach to responsible marketing to HCPs and the public is anchored in our Code of Conduct, which is supported by documented processes and proce-dures for marketing approval in the countries where we operate.Our documented processes include descriptions of roles and responsibilities for the review and approval of promotional material, disease awareness (lay public educational material), and other relevant communications. We respect all local laws and regulations with regard to our marketing materials. Where appropriate, our processes include Medical Affairs, Commercial, Regulatory Affairs, Legal &amp; Compliance and Clinical Safety &amp; Pharmacovigilance review, participation or approval. Additionally, we utilize a system of record for all advertising and promotional materials to ensure appropriate review and that approvals have been obtained, to document the approvals and uses of materials, to conduct periodic reviews, for version control, and to expire and cease use of material that is no longer relevant. These processes include all products for which Bavarian Nordic is a distributor and are designed to ensure that we are operating ethically and in compliance with all local rules.Code of Conduct  Our Code of Conduct is committed to compliance with all applicable legal and regulatory require-ments, including promotion of our products. We communicate to HCPs about our products to help HCPs make the best treatment choice for their patients. We only promote our products consistent with the regulations of each country, and the product or commercial information that is shared with HCPs and patients is scientifically sound, accu-rate, balanced, fair, objective and substantiated. We have policies, procedures, and systems in place to ensure that our promotion of pharmaceutical prod-ucts and other communication activities, including social media activities, comply with all applicable laws and regulations. The Code of Conduct applies to all employees, from temporary staff and employees employed on fixed-term contracts, to our Executive Management and the Board. Third parties acting on behalf of Bavarian Nordic must also adhere to the standards of the Code of Conduct which is publicly available on our website. The Code of Conduct was most recently approved by the Board in December 2024. Actions &amp; targetsTo ensure understanding of the Code of Conduct, all employees receive annual training and ongoing communication. As part of our onboarding process, new employees are also introduced to Bavarian Nordics marketing activities to ensure awareness of our internal guidelines. We have not developed any formalized targets due to the differences in local promotional regulations and the evolving regulatory landscape. However, Bavarian Nordic requires that the respective materials review committees ad hoc re-review previously approved marketing materials to ensure that they remain truthful and non-mis-leading, and to update or cease use of the materials as appropriate.Processes for raising concernsHCPs and members of the public (in coun-tries where direct-to-consumer advertising is permitted) have a range of options to raise concerns about our marketing and promotion activities. These include:  The Bavarian Nordic Ethics Hotline (see Business conduct).Regulatory authorities such as the US Food and Drug Administration (FDA) and Health Canada, the European Medicines Agency and the national competent authorities in each member state.  National advertising oversight bodies, where applicable.  GovernanceG1 Business conductResponsible and ethical business conduct is fundamental to our operations and long-term value creation. We seek to operate with integrity, transparency, and respect for applicable laws and standards, and to promote a culture of compliance across our organisation and our value chain.Time horizonName of IRO (Title)Short-termMedium-termLong-termMaintaining the corporate culturePotential Negative ImpactOur corporate culture is fundamental to establish and maintain appropriate procedures and governance to ensure ethical business conduct. Employees failing to complete designated trainings and/or adhere to our Code of Conduct could jeopardize the integrity of our company.●●●Breach of bribery and corruption lawsRiskWe operate in an industry where interactions with government officials and health care professionals is a prerequisite of doing business, and breach of our standards for governing these interactions could result in legal and financial penalties.●●●Use of mice in in-vivo studiesActual Negative ImpactTo fulfill regulatory requirements in preclinical studies and as part of the batch-re-lease protocols we perform safety and efficacy tests through in-vivo studies (testing on mice). This negatively impacts the mice as studies can cause various levels of pain and/or distress, and we are required to euthanize the mice at the end of the study.●●●Potential for in-vitro studies in batch-release testingOpportunityWe have an opportunity to move away from in-vivo studies in batch release testing (QC testing in mice) to in vitro studies which would not require the testing on mice in conjunction with batch releases. This would represent a reduction in the number of mice needed for testing, and a financial opportunity to save on costs compared to in-vivo testing.●Increasing regulatory complexity in animal studiesRiskIncreasing regulatory control over animal studies, combined with limited resources and lengthy approval processes, often delays research and development activities. This can negatively impact vaccine development timelines and, in some cases, delay batch releases, potentially risking market supply and patient safety.●Interaction with strategy and business modelAs a means of conducting business ethically and with integrity, we are dependent on maintaining a healthy corporate culture by actively mitigating the risk of corruption and bribery. Our policies and procedures establish the minimum requirements for how we does business and always in compliance with applicable laws. As part of conducting business responsibly, we have an obligation to maintain high standards of animal welfare across our research, development, and quality control activities. The use of animals in our studies is a regulatory requirement, necessary to provide safety and efficacy of our vaccines. All work involving animals is conducted under legal frame-works, ensuring full compliance with national and international legislations. Additionally, our commitment to animal welfare is embedded throughout our clinical study processes, ensuring that all animals under our care are treated with professionalism, following requirements set by relevant regulatory authorities, taking into account recommendations from animal welfare organiza-tions. All testing procedures, including both preclin-ical studies and quality control testing, undergo internal and external review to confirm that they are justified and scientifically necessary.The role of the administrative, management and supervisory bodiesThe administrative, management, and supervisory bodies at Bavarian Nordic play a crucial role in providing oversight and management of business conduct matters. The Board and the Finance, Risk &amp; Audit Committee (FRAC) oversee the Global Business Ethics Compliance Program, ensuring that business conduct aligns with our ethical standards and regulatory requirements. Our Chief Compliance Officer, who reports directly to our Chief Executive Officer and independently to FRAC, is responsible for implementing the compliance program and heads the Legal &amp; Compliance Function.Our Executive Management oversees day-to-day operations and is responsible for the implemen-tation of our business conduct policies. Our Exec-utive Management is responsible for embedding ethical practices into our operational processes and ensuring compliance with regulatory standards.The expertise of these bodies in business conduct matters is extensive. Members of our Executive Management and the Board bring significant experience in governance, compliance, and ethical business practices.Reporting of violationsReported violations of the Code of Conduct and applicable laws and regulations are handled according to the Speak-Up Policy. The Ethics Hotline enables confidential and anonymous reporting of suspected viola-tions of the Code of Conduct and applicable laws and regulations. Claims reported to the Ethics Hotline are subject to an initial assur-ance review by outside counsel and Legal &amp; Compliance which has an independent reporting line to the Board through FRAC.Reports are managed by external counsel or qualified lawyers in Legal &amp; Compliance, data is stored in a secure and restricted system, and quarterly reporting is anonymized to secure the integrity of the process and to protect whistleblowers and those cooperating with investigators.During the reporting period there have been no reported incidents of corruption or bribery, no confirmed incidents, no convictions or fines, and no actions taken as a result. Material impacts, risks and opportunitiesCorporate culture and corruption &amp; briberyOur policies and procedures are key, as we operate in an industry where interactions with government officials and healthcare professionals (HCPs) are a prerequisite for doing business, as breaches of anti-corruption and anti-bribery laws could result in litigation, fines, and charges. To promote and evaluate our corporate culture and risk mitigation efforts relating to corruption and bribery, we regu-larly review and update our policies and training programs, and conduct annual assessments to measure compliance and identify areas for improve-ment.PoliciesThe Code of Conduct, Anti-Corruption Policy, and Speak-Up Policy prohibit corruption and bribery and establish an obligation to report suspected viola-tions, and apply to all employees, our Executive Management, the Board, and third parties acting on our behalf. The Global Business Ethics Compli-ance Program includes annual monitoring activities including third parties and HCPs. All employees, our Executive Management, and the Board receive training on the Code of Conduct, Anti-Corruption Policy, and Speak-Up Policy. All func-tions-at-risk identified in the annual Global Busi-ness Ethics Compliance Risk Assessment and their management are trained on the Anti-Corruption Procedure. Ad-hoc training is provided as necessary. Trainings include read &amp; understand campaigns, and face-to-face or virtual trainings. Animal welfareUse of mice in in-vivo studiesBoth preclinical and quality control testing in mice are carried out at the in-house animal facility, and are governed by a comprehensive framework of external and internal requirements, including our internal policies, and standard operating procedures (SOPs). Each study is conducted under a specific animal welfare permit, reviewed and approved by the relevant authorities. Potential for in-vitro studiesIn-vivo studies, which in quality control involve safety and potency testing in mice, have an impact on well-being of the animals involved. To reduce our reliance on such animal-based methods, we are progressing with the evaluation and implementa-tion of an alternative in-vitro approach. This method replaces the current in-vivo potency testing in our quality control protocols. In-vitro testing offers significant advantages, such as significantly limiting the need for testing in mice, while also reducing lead times in quality control protocols for certain vaccines, and generating cost savings once fully implemented. Increasing regulatory complexity in animal studiesIn addition, as an operational benefit, in-vitro testing is less affected by the increasing regula-tory restrictions associated with animal testing. We are experiencing a growing administrative and operational workload as regulatory frameworks for animal testing become increasingly stringent and complex. To address this, we have implemented targeted training programs designed to improve process efficiency, and to support employees in managing the added complexity of compliance activities. PoliciesTo ensure proper conduct in our animal-related research and testing, we have developed several policies that apply to all employees working with animals at our facility and define their responsibili-ties in safeguarding animal welfare.Our Animal Facility Policy specifies the operational framework for animal care, including facility access, hygiene standards, personnel responsibilities, and procedural guidelines. It also defines staff training and the response to unexpected events or deviations. The Daily Check Policy describes procedures for daily routine checks to ensure proper living conditions for animals in the facility. It covers equipment and animal inspections, documentation requirements, From in-vivo to in-vitroFor one of our marketed vaccines, we have submitted a rationale to relevant authorities on moving from the in-vivo to the in-vitro method. The submitted rationale is a scien-tific justification supported by data packages explaining the proposed change. We are now engaged in an ongoing dialogue with the regulatory authorities to provide additional data to support the approval and smooth transition to the new method, which will be running into 2026.and monitoring of critical systems such as ventila-tion, lighting, and environmental controls. We also maintain a comprehensive set of supporting policies covering facility management, condi-tions, and testing procedures to ensure consistent ethical, regulatory, and quality standards across all activities. All policies are published in our Quality Management System for required review by employees working with animals. Responsibility for internal animal welfare policies rests with the Vice President of Research and the Head of Global Quality Control, ensuring accountability at all levels.Code of ConductThe section for animal welfare in our Code of Conduct reflects our commitment to ethical stand-ards in the care and use of animals in studies. It outlines key practices, including adherence to the 3R principle and compliance with all relevant regulations. It also highlights the responsibilities of employees involved in animal work, covering training requirements, professional competence, and ongoing evaluation to ensure proper care and handling. For external partners, including contract research organizations and laboratories, it empha-sizes expectations for animal welfare, with regular audits and assessments to confirm compliance with these standards. Through these efforts, we continue to advance the highest standards of animal welfare while fulfilling our regulatory responsibilities and supporting the implementation of validated non-animal testing methods where possible.Enhanced standards for responsible animal welfare practices In 2025, we developed an Animal Welfare Policy that provides a comprehensive and structured approach to the ethical use of laboratory animals, emphasizing adherence to the 3R principle (Reduce, Refine, Replace). The policy specifies requirements for breeding, housing, handling, monitoring, and documentation, ensuring that all practices comply with appli-cable legislation and internal requirements. By establishing these standards, the policy ensures that all employees are equipped to safeguard the health of the animals under their care.Sustainability statements appendixAppendix 1 ESRS2 GOV-4 Statement on due diligenceCore elements of due diligencePagea)	Embedding due diligence in governance, strategy and business model45-47, 56-57, 59-61, 67-68, 71-74, 81-83, 88, 93-94, 96, 98-100, 102-104, 106, 108, 110-112b)	Engaging with affected stakeholders in all key steps of the due diligence45-46, 48-55c)	Identifying and assessing adverse impacts52-57d)	Taking actions to address those adverse impacts60-62, 68-69, 72, 74-75, 89-95, 97, 100, 104, 107-108e)	Tracking the effectiveness of these efforts and communicating63-65, 69, 72, 74-76, 86-87, 93-95, 97, 100-101, 106-108,Appendix 2ESRS2 IRO-2 Content index of material disclosure requirementsDisclosure requirementPageESRS2 General DisclosuresBP-1General basis for preparation44BP-2Specific circumstances44GOV-1Governance roles34, 45GOV-2Information on sustainability matters45-46GOV-3Sustainability-related performance47GOV-4Statement on due diligence114GOV-5Risk management and internal controls47SBM-1Strategy, business model and value chain11SBM-2Interests and views of stakeholders48-51SBM-3Interaction with strategy and business model56-57, 59, 67, 71, 73, 81-82, 98, 102, 110IRO-1Identification and assessment of material topics52-55IRO-2Disclosure requirements in ESRS covered57E1 – Climate changeGOV-3Sustainability-related performance47E1-1Transition plan61SBM-3Interaction with strategy and business model59-61IRO-1Identification and assessment of material topics54-55E1-2Policies60E1-3Actions60-62E1-4Targets63E1-5Energy consumption and mix65E1-6Scopes 1, 2, 3 and Total GHG emissions64-65Disclosure requirementPageE2 - PollutionIRO-1Identification and assessment of material topics55E2-1Policies68E2-2Actions68-69E2-3Targets69E2-5Substances of concern and substances of very high concern69E4 - Biodiversity and ecosystemsE4-1Transition plan72SBM-3Interaction with strategy and business model71-72IRO-1Identification and assessment of material topics55E4-2Policies72E4-3Actions72E4-4Targets72E5 – Resource use and circular economyIRO-1Identification and assessment of material topics55E5-1Policies74-75E5-2Actions74-75E5-3Targets74-75E5-5Resource outflows74-76S1 – Own workforceSBM-2Interests and views of stakeholders49SBM-3Interaction with strategy and business model81, 83, 88, 93-94, 96 S1-1Policies84, 88, 93-94, 96 S1-2Processes for engagement84, 88, 93-96 S1-3Remediation and channels to raise concerns84, 88, 93-96 S1-4Actions89-95, 97S1-5Targets93-95, 97S1-6Characteristics of employees86Disclosure requirementPageS1-9Diversity metrics86S1-14Health and safety metrics97S1-16Remuneration metrics86S1-17Incidents, complaints and severe human rights impacts87S2 – Workers in the value chainSBM-2Interests and views of stakeholders49SBM-3Interaction with strategy and business model98-100S2-1Policies99S2-2Processes for engagement99-100S2-3Remediation and channels to raise concerns99-100S2-4Actions100S2-5Targets100-101S4 – Consumers and end-usersSBM-2Interests and views of stakeholders49SBM-3Interaction with strategy and business model102-104, 106, 108S4-1Policies103, 107-108S4-2Processes for engagement104, 107-108S4-3Remediation and channels to raise concerns104, 107-108S4-4Actions104, 107-108S4-5Targets106-108G1 – Business conductGOV-1Governance roles111IRO-1Identification and assessment of material topics55G1-1Policies and corporate culture112G1-3Prevention and detection of corruption and bribery112G1-4Incidents of corruption or bribery111Appendix 3ESRS2 IRO-2 Datapoints derived from EU legislationDisclosure requirement and related datapointData pointSFDRreferencePillar 3 reference Benchmark Regulation referenceEU Climate Law referencePage numberESRS2GOV-1Board's gender diversity paragraph21 (d)●●36ESRS2GOV-1Percentage of board members who are independent paragraph21 (e)●34ESRS2GOV-4Statement on due diligence30●114ESRS2SBM-1Involvement in activities related to fossil fuel activities paragraph40 (d) i●●●Not materialESRS2SBM-1Involvement in activities related to chemical production paragraph40 (d) ii●●Not materialESRS2SBM-1Involvement in activities related to controversial weapons paragraph40 (d) iii●●Not materialESRS2SBM-1Involvement in activities related to cultivation and production of tobacco paragraph40 (d) iv●Not materialESRSE1-1Transition plan to reach climate neutrality by 205014●61ESRSE1-1Undertakings excluded from Paris-aligned Benchmarks paragraph16 (g)●●60ESRSE1-4GHG emission reduction targets34●●●63ESRSE1-5Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)38●●65ESRSE1-5Energy consumption and mix37●65ESRSE1-5Energy intensity associated with activities in high climate impact sectors40 - 43●65ESRSE1-6Gross Scope 1, 2, 3 and Total GHG emissions44●●●65ESRSE1-7GHG removals and carbon credits56●Not materialESRSE1-9Exposure of the benchmark portfolio to climate-related physical risks66●Phase-inESRSE1-9Disaggregation of monetary amounts by acute and chronic physical risk;' ESRS E1-9 Location of significant assets at material physical risk66 (a); 66 (c)●Phase-inESRSE1-9Breakdown of the carrying value of its real estate assets by energy-efficiency classes67 (c)●Phase-inESRSE1-9Degree of exposure of the portfolio to climate- related opportunities69●Phase-inESRSE2-4Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil28●Not materialESRSE3-1Water and marine resources9●Not materialESRSE3-1Dedicated policy13●Not materialESRSE3-1Sustainable oceans and seas14●Not materialDisclosure requirement and related datapointData pointSFDRreferencePillar 3 reference Benchmark Regulation referenceEU Climate Law referencePage numberESRSE3-4Total water recycled and reused28 (c)●Not materialESRSE3-4Total water consumption in m3per net revenue on own operations29●Not materialESRS2IRO-1 E4List of material sites in its own operations, including sites under operational control16 (a) i●Not materialESRS2IRO-1 E4Identification of material negative impacts with regards to land degradation, desertification or soil sealing16 (b)●Not materialESRS2IRO-1 E4Operations that affect threatened species16 (c)●71-72ESRSE4-2Sustainable land / agriculture practices or policies24 (b)●Not materialESRSE4-2Sustainable oceans / seas practices or policies24 (c)●Not materialESRSE4-2Policies to address deforestation24 (d)●Not materialESRSE5-5Non-recycled waste37 (d)●76ESRSE5-5Hazardous waste and radioactive waste39●75ESRS2SBM-3 S1Risk of incidents of forced labour14 (f)●84ESRS2SBM-3 S1Risk of incidents of child labour14 (g)●84ESRSS1-1Human rights policy commitments20●84ESRSS1-1Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 821●84ESRSS1-1Processes and measures for preventing trafficking in human beings22●84ESRSS1-1Workplace accident prevention policy or management system23●96ESRSS1-3Grievance/complaints handling mechanisms32 (c)●84-85, 93-96ESRSS1-14Number of fatalities and number and rate of work-related accidents88 (b), 88 (c)●●97ESRSS1-14Number of days lost to injuries, accidents, fatalities or illness88 (e)●Phase-inESRSS1-16Unadjusted gender pay gap97 (a)●●86ESRSS1-16Excessive CEO pay ratio97 (b)●86ESRSS1-17Incidents of discrimination103 (a)●87ESRSS1-17Non-respect of UNGPs on Business and Human Rights and OECD104 (a)●●84ESRS2SBM-3 S2Significant risk of child labour or orced labour in the value chain11 (b)●99Disclosure requirement and related datapointData pointSFDRreferencePillar 3 reference Benchmark Regulation referenceEU Climate Law referencePage numberESRSS2-1Human rights policy commitments17●99ESRSS2-1Policies related to value chain workers18●99ESRSS2-1Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines19●●99ESRSS2-1Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 819●99ESRSS2-4Human rights issues and incidents connected to its upstream and downstream value chain36●99ESRSS3-1Human rights policy commitments16●Not materialESRSS3-1Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines17●●Not materialESRSS3-4Human rights issues and incidents36●Not materialESRSS4-1Policies related to consumers and end-users16●103ESRSS4-1Non-respect of UNGPs on Business and Human Rights and OECD guidelines17●●103ESRSS4-4Human rights issues and incidents35●103ESRSG1-1United Nations Convention against Corruption10 (b)●Not materialESRSG1-1Protection of whistle-blowers paragraph10 (d)●Not materialESRSG1-4Fines for violation of anti-corruption and anti-bribery laws24 (a)●●111ESRSG1-4Standards of anti- corruption and anti- bribery24 (b)●111Appendix 4Key terms and abbreviationsThe abbreviations and respective definitions apply to the sustainability statements. Terms with a single "*" are terms and/or abbrevi-ations which related to our companyTerms with a double "**" relate to industry specific terms or abbreviationsAll others relate to CSRD and ESRS related abbre-viations and termsCSRDCorporate Sustainability Reporting Directiveis an EU regulation that mandates companies to disclose detailed sustainability information, including envi-ronmental, social, and governance impacts, risks, and opportunities.DMADouble materiality assessmentis a process that evaluates both how sustainability issues impact a company’s financial performance and how the company’s activities affect the environment and society.ESRSEuropean Sustainability Reporting Standardsare a set of reporting standards developed under the Corporate Sustainability Reporting Directive. They define the requirements for companies to disclose sustainability-related information, covering environ-mental, social, and governance factors.FRAC*Finance Risk and Audit Committeeis a governance body within an organization responsible for over-seeing financial reporting, risk management, and audits.IROsImpacts, risks, and opportunitiesrefer to the key sustainability-related impacts, risks, and opportuni-ties identified through a double materiality assess-ment.ImpactRefers to the positive or negative effects that a company’s activities, products, operations have on the environment or society.RiskRefers to a potential negative effect that sustainabil-ity-related factors may have on a company's finan-cial performance. OpportunityRefers to a potential positive effect that sustainabili-ty-related factors can have on a company's financial performance.NFRDNon-Financial Reporting Directiveis an EU regu-lation that requires large companies to disclose non-financial information related to environmental, social, and governance factors. Subject matter expert*Is a professional with knowledge and expertise in a specific field or industry.Sustainability matterRefers to any environmental, social, or governance (ESG) issue that is relevant to a company's opera-tions, value chain, or stakeholders. These matters can include topics, sub-topics and sub-sub-topics.TCFDTask Force on Climate-related Financial Disclo-suresis a framework for identifying companies' climate-related financial risks and opportunities.3R principles**Reduce, Reuse, Recycleare key guidelines for sustainable waste management aimed at mini-mizing environmental impact.CMOs**Contract Manufacturing Organizationsare third-party companies that produce products on behalf of another company.CROs**Contract Research Organizationsare companies that provide outsourced research services for another company.EHS*Environmental, Health and Safety.ERM*Enterprise Risk Managementis a structured approach used by organizations to identify, assess, manage, and monitor risks that could impact their operations, strategy, and financial performance.GHG ProtocolThe Greenhouse Gas Protocolis the global standard for measuring, managing, and reporting green-house gas(GHG) emissions. It provides guidelines and frameworks for organizations to track their carbon footprint and develop strategies for reducing emissions.GOGuarantee of Originis an energy certificate that verifies that a specific amount of electricity was produced from renewable sources.GxP**GxP is a general abbreviation for the Good "x" Prac-tice which are quality guidelines and regulations which apply to the pharmaceutical sector (amongst other sectors). The "x" stands for the various fields for example Good Clinical Practice (GCP), Good Manufacturing Practice (GMP), etc.HCPs**Healthcare Professionalsare individuals who provide medical care, treatment, and health-related services to patients.IUCN Red List The International Union for Conservation of Nature Red Listis the global indicator on the conservation status of species, assessing their risk of extinction from Least Concern to Extinct. A species classified as Vulnerable faces a high risk of extinction in the wild due to factors like habitat loss, climate change, pollution, or overexploitation, indicating a signifi-cant population decline that requires conservation efforts to prevent further deterioration.MSL**Medical Science Liaisonis a scientific expert who acts as a bridge between pharmaceutical or biotech companies and healthcare professionals. NACE codeNomenclature of Economic Activitiesis a European industry classification system used to categorize businesses based on their economic activities. It is used for statistical, regulatory, and administrative purposes within the EU. PPA*Power Purchase Agreement is a long-term contract between an energy producer and a buyer. It defines the terms for purchasing electricity.PSCI**Pharmaceutical Supply Chain Initiativeis a non-profit industry organization focused on promoting responsible supply chain management in the pharmaceutical and healthcare industries.SBT*Science-Based Targetis a specific, measurable emissions reduction target set by a company to align with climate science and the goals of the Paris Agreement.SBTiScience Based Targets initiativeis an independent organization that provides guidance, validation, and certification for companies setting Science-Based Targets to ensure they meet credible climate science criteria.SLL*Sustainability-Linked Loanis a type of loan where the interest rate and terms are tied to the borrow-er's sustainability performance.SSPShared Socioeconomic Pathways are scenarios used in climate research to describe possible future global developments based on different economic, social, and environmental trends.UN Global Compact or UNGC *The UN Global Compactis a United Nationsinitia-tive that encourages businesses worldwide to adopt sustainable and socially responsible practices. It is based on ten principles covering human rights, labor, environment, and anti-corruption, helping companies align their strategies with global sustain-ability goals. It also supports the UN Sustainable Development Goals (SDGs), which are 17 global objectives designed to address climate change, poverty, inequality, and environmental protection by 2030. </mrv:SustainabilityReport>
   <mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory contextRef="ctx-1" id="f0__s8__7__51" xml:lang="en">The double materiality assessment processOur double materiality assessment (DMA) establishes a structured and consistent process for identifying, assessing, and prioritising our material impacts, risks, and opportunities (IROs), forming the foundation for our sustainability strategy and reporting.The 2025 DMA was conducted in accordance with the European Sustainability Reporting Standards (ESRS) and constitutes the second of its kind. The DMA process was led by the Corporate Sustain-ability department and supported by the ESG Finance department. The assessment identified and evaluated our actual and potential-, positive and negative- IROs as well as the connections between these. This evaluation determined the materiality of sustainability matters, considering the sub-topics and sub-sub-topics presented by the ESRS.The steps performed in the 2025 DMA process includedMobilization and hypothesis:identifying sustainability mattersThe assessment reviewed the sustain-ability matters outlined in the ESRS in the context of our own activities, business relationships, key activities and actors within the value chain, as detailed in ESRS 1 AR16. The process included an evaluation of material IROs among industry peers to provide a sector-specific perspective and to identify potential topics relevant to us, especially those that may give rise to heightened risks of adverse impacts. Stakeholder engagement Subject matter expert insights were used to identify and reassess material IROs through conversations and inter-views as well as a review of relevant internal documentation. Where direct information on value chain impacts was limited, internal stakeholders were engaged as informed proxies based on their operational responsibilities and relationships with external partners.Each interview was prepared using internal documents and the results from the 2024 DMA. They were struc-tured around ESRS sustainability matters and sub-topics relevant to the individual expert’s area of respon-sibility. Sustainability matters were assessed individually, with the subject matter experts asked to evaluate the likelihood, severity, and strategic relevance of potential IROs, including whether they could affect our strategy or business model over time. Validation session Once the initial draft of the 2025 DMA was completed, we carried out a validation round with the subject matter experts responsible for each topical ESRS area. They were asked to review the results and confirm whether the assessment accurately reflected their respective area. Feedback was provided back to the Corporate Sustain-ability department and incorporated into the assessment. This ensured a collaborative validation process with final DMA outcomes being informed by operational expertise.Following this, a second round was conducted with our Executive Manage-ment where they were presented with the final outcome. Here, they had the opportunity to assess and comment on three key elements: (1) whether the applied thresholds were appro-priate, (2) whether the distinction between material and non-material matters reflected a fair and balanced representation, and (3) whether each sustainability matter was accurately reflected.Finalization and documentation Following the validation sessions, IROs were finalized with a presentation summarizing the method, process and results of the DMA. The completed list of IROs was presented to the Danish Bavarian Nordic Workers Council, reviewed and signed off by our Execu-tive Management and approved by the Board based on a recommendation for approval by the Finance, Risk and Audit Committee (FRAC). Methodology &amp; key assumptionsThe 2025 DMA process was based on the method-ology, thresholds, and conclusions from the 2024 DMA, which were prepared on the principles laid out in ESRS 1. Internal subject matter experts were selected to participate in a series of workshops based on their in-depth knowledge of affected stakeholders and users of the sustainability state-ments. The internal subject matter experts repre-sented both internal and external stakeholders such as suppliers, investors and employees.Scoring thresholds and methodology The thresholds and time horizons used for scoring IROs were inspired by our Enterprise Risk Manage-ment (ERM) methods to the greatest extent possible; however, this was adjusted where not suitable. For topics with human rights relevance, lower thresholds were applied to reflect the height-ened severity and sensitivity of potential adverse impacts on people.Internal subject matter experts scored the IROs in collaboration with the ESG Finance and Corporate Sustainability departments, after which the results were reviewed by senior management. Actual impacts were assessed on a gross basis, meaning they were evaluated at full magnitude without considering existing mitigation measures. Potential impacts and risks were also scored on a gross basis for severity, including potential finan-cial effects, while likelihood was assessed based on expected occurrence before the effects of any current response or control measures. The scoring parameters used throughout the process were based on the ESRS: Impact materiality: Scale, scope, irremediability, likelihood (based on if an impact is positive/nega-tive and actual/potential). For potential negative human rights impacts, severity (assessed based on scale, scope and irremediability) took prec-edence over the likelihood of the impact when scoring. For positive impacts, materiality was determined according to scale, scope and (for potential positive impacts) likelihood. These adjustments are made in alignment with ESRS 1, 45. Financial materiality: Financial magnitude of risk/opportunity, likelihood, and the nature of the financial effect. Decision-making and internal control procedures Key decisions during the 2025 DMA process related to identifying relevant internal subject matter experts, defining and scoring IROs, assessing their materiality, and validating and signing off the final outcomes. The DMA process was led by Corporate Sustainability and supported by ESG Finance, while individual topical experts contributed scoring and IRO insights within their specific responsibil-ities. This structure ensured that the assessment was overseen by three different internal parties, providing both methodological control and opera-tional validation.Throughout the process, regular sense checks were conducted to confirm that no material sustainability matters were overlooked or insufficiently consid-ered. Scoring was tracked in a structured IRO work-Key assumptionsPoint-in-time assessment: Sustainability issues evolve over time, influencing their impact, risk, and significance for Bavarian Nordic or affected stakeholders. The DMA conducted provides a snapshot of material IROs at that specific point in time. Anticipated financial effects: The financial effects of sustainability matters were assessed qualitatively. Given the early stage of understanding these IROs, quantifying them was deemed premature at this stage.Best available knowledge:Evaluations of potential impacts, outcomes, and effects were performed by individuals with industry expertise, using the best information available. However, research and comprehension of sustainability matters vary depending on the topic. Use of internal stakeholders as proxies: Internal stakeholders (also referred to as subject matter experts) acted as representatives for external parties such as suppliers, investors, and employees. The subject matter experts were selected for their insights and acted as proxies in the absence of direct external engagement. Identification of relevant stakeholders and impacts: Our subject matter experts identified relevant stakeholders and potential impacts using their expertise and the best available knowledge. While there is a risk of missing certain impacts or stakeholders, this was mitigated by reviewing material IROs against industry peers. book managed jointly by the Corporate Sustain-ability and ESG Finance departments to ensure consistent application of the methodology. Each score was accompanied by a documented rationale, including potential linkages between impacts and financial risks and opportunities. The assessment of the IROs were made based on predetermined criteria, with input from all participants, and were approved during workshops and validation sessions. This internal review and approval procedure ensured accountability, traceability of decisions, and a controlled application of the materiality method-ology.Future steps: integration, monitoring and review Currently, there is no formalized process to inte-grate the DMA results of IROs into our ERM process, although both processes influence and inspire one another. The 2024 DMA has formed the baseline for our 2025 DMA, conducted in alignment with the Corporate Sustainability Reporting Directive (CSRD). We will continue to conduct an annual review of the DMA and its findings to account for evolving trends, shifting assumptions, changing contexts, and new regulatory developments. When deemed necessary, an evaluation of the DMA process will be carried out to ensure it continues to accurately reflect our material IROs. Additional internal documents and data as well as external sources such as scientific articles, reports and regu-latory information were used as proxies to identify and assess material IROs. Climate change DMA process Our DMA is the foundation upon which we assess and determine material IROs. Climate-related IROs are a fundamental part of that assessment. Addi-tionally, our assessments based on the Task Force on Climate-related Financial Disclosures (TCFD) recom-mendations also inform this process to identify and assess material climate-related IROs. To integrate the identification and management of climate hazards and/or the risks posed by the transition to a low-carbon economy into our existing systems and processes, we have integrated climate assessments into our ERM process. The ERM process is coordinated by the Finance department with responsibility for overseeing our ERM program and reports to the FRAC. Each risk has a defined risk mitigation plan directed by relevant members of the senior leadership team. In 2024, we reviewed our 2022 TCFD assessment. The review considered updated information, including the acquisition of two new sites, a refreshed governance structure, as well as new additions to our vaccine portfolio. The 2022 TCFD assessment involved a screening exercise across our facilities in Denmark to identify sources of greenhouse gas (GHG) emissions, primarily focusing on scope 1 and 2 emissions. The updated version in 2024 also captures our Swiss manufacturing site and updated product portfolio. Actual and potential impacts on climate change were assessed with specific emission data reported for heating, elec-tricity generation and transport emissions. We did not update the assessment in 2025 as we believe the conclusions remain the same, and that our resil-ience was captured and assessed in both our annual ERM assessment and in our 2025 DMA. This process evaluated energy efficiency initiatives, such as the implementation of LED lighting and heat pumps to reduce operational emissions. We also explored the purchase of renewable energy certificates. Scenario analysisWe assessed climate-related physical and transition risks and opportunities against two physical and two transition scenarios under different time periods. This analysis covered our own operations and our upstream and downstream value chain. Scenario analysis for physical climate riskFor the purpose of considering the physical risks that climate change may pose to us by mid-century, the Intergovernmental Panel on Climate Change's Shared Socioeconomic Pathway (SSP) 5-8.5 and 2-4.5 were used. Assessing against these scenarios helps us identify climate-related hazards and how our assets and business activities are exposed to such hazards. The former is a ‘worst case-high emissions’ scenario that assumes ‘business-as-usual’, while the latter is considered a ‘middle of the road’ approach to mitigation and adaptation, with a reduction in GHG emissions and lower warming threshold than SSP5-8.5. The timeframes for our physical risk scenario analysis are split into near-term (present-2040), where initial impacts like increasing heatwave frequency and water scarcity are expected to begin affecting operations; Medium-term (2040-2060), where the severity of extreme weather events is anticipated to increase further. These time horizons were selected based on the expected lifetime of our assets, strategic planning horizons, and the evolving capital allocation plans for infrastructure upgrades. Scenario analysis for transition riskFor the transition risk assessment, the Net Zero Emissions by 2050 Scenario and the Stated Policies Scenario from the 2022 World Energy Outlook report, published by the International Energy Agency were selected. These scenarios represent a ‘worst case’ and a ‘favorable case’ respectively, enabling a stress test of our resilience to the transition to a low-carbon economy. These scenarios were considered over three time frames: short-term (time of assessment - 2025), medium-term (2025-2030) and long-term (2030–2040). The key drivers considered in these scenarios include: Policy assumptions: For example, carbon pricing and increasing energy efficiency standards are central in both scenarios Energy usage and technology assumptions: The transition scenarios evaluated the expected shift towards clean energy sources and the adoption of low-carbon technologies like heat pumps and electrification of vehicles. These assumptions were critical in assessing how quickly our facilities and supply chains could adapt to future regula-tions and market changesMacroeconomic trends: The analysis considered trends like rising carbon prices and the introduc-tion of emissions trading schemes, which could increase operational costs and affect our competi-tivenessThe transition risk assessment covered both tran-sition risks and opportunities. For each risk and opportunity, the scenario analysis assessed different points in time and the potential impact on our busi-ness was classified between very low to very high based on predefined materiality criteria, including financial and reputational thresholds. The outcomes of the scenario analysis reflect the anticipated level of risk at those future points in time, rather than aggregated risks over that period. The process to identify transition risks and opportunities included our assets and business activities that may be deemed incompatible with or need significant efforts to be compatible with a transition to a climate-neutral economy in that it included scope 1 and 2 emissions, which allows us to track and identify high-emission assets or activities. The climate scenarios used in our analysis have been evaluated in the context of our financial planning and assumptions to ensure consistency. Specifically, the financial thresholds used in the scenario analysis, as well as the DMA, are consistent with the financial materiality thresholds of our ERM system. We have not conducted a resilience analysis as defined under the ESRS. However, we believe that the core elements of resilience are embedded in our climate-related risk assessment processes and actions, which are informed by the recommenda-tions of the Task Force on Climate-related Financial Disclosures (TCFD).Similar to other areas, climate-related topics are taken into consideration in our ERM. As mentioned previously in this section, we performed a climate scenario analysis in 2022 (and updated in 2024) and it assessed potential impacts across near-, medium-, and long-term horizons and informed mitigation measures such as energy efficiency initiatives, renewable energy sourcing, and supplier engage-ment. The analysis, and ongoing actions provide insight into how our strategy and our business model respond to climate-related risks (See Climate change).DMA process for remaining topics Environmental topics During the DMA process, interviews with internal subject matter experts were used to identify and assess pollution-related, water-related, biodiver-sity-related and resource use-related actual and potential IROs relating to our business activities. In our assessment of biodiversity and ecosystems, we identified dependencies in our upstream value chain, specifically our reliance on horseshoe crab blood for endotoxin testing, but 'systemic risks' were not considered as we have yet to develop the methodology to do this. Additionally, biodiversity assessments were conducted again this year for our Danish and Swiss manufacturing sites, using WWF Biodiversity Risk Filter. The 2025 assessments indi-cated a physical risk score of 3.32 (Medium) for our Danish manufacturing site and 2.95 (Medium) for our Swiss manufacturing site. Compared to 2024, the results show minor variations in overall risk levels, with our Swiss manufacturing site moving from a low to a medium risk category. At our Danish manufacturing site, a lake classified as a protected area under the Danish Protection of Nature Act §3 was identified. The lake serves to capture and retain rainwater for ours and neigh-boring properties. This highlights a dependency on ecosystem services, which we are investigating and investing in, to further increase resilience and enhance nature. In 2025 we concluded our biodiversity monitoring project, which involved continuous data collection on flying insect species at our Danish and Swiss manufacturing sites. Species diversity and abun-dance were used to compare against reference sensors to inform potential mitigation or enhance-ment options. We have begun to engage with communities regarding shared biological resources and ecosystems at our Danish manufacturing site. Our assessments and actions reflect a commitment to understanding and addressing biodiversity and ecosystem-related dependencies, impacts and opportunities. Monitoring and further evaluations will support our decisions on potential mitigation initiatives. We did not conduct consultations with affected communities in E2 and E5 as the material IROs are centred around internal use and waste streams onsite.Business conductThis process looked more specifically at areas relating to the research, development, manufac-turing and commercialization of vaccines, with a pharma and healthcare angle. The identification of IROs in relation to business conduct matters therefore involved a mapping of key activities and locations within our value chain which had elevated potential impacts or risks associated with corruption and bribery risks and non-respect for human rights and other breaches of our Code of Conduct. In the process we also assessed high-risk factors including geographic risks and types of interactions (carried out by us) or on our behalf in our value chain. Similarly, in relation to animal welfare, we focused our attention on our in-house facilities and processes related to housing and handling of mice.</mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f0__s8__7__52" xml:lang="en">EU Taxonomy The EU Taxonomy is a European sustainability classification framework. It enables corporations to communicate to stakeholders which of their busi-ness activities have the potential to be considered sustainable (i.e. are Taxonomy-eligible) and which activities will be reported as EU Taxonomy-aligned (i.e. fulfil EU requirements to be considered sustain-able). For each relevant business activity, we must disclose how much of its Turnover, Capital Expendi-tures (CapEx) and Operating Expenditures (OpEx) can be considered eligible and aligned, respectively.In 2025, we identified eligible economic activities based on the six published environmental objec-tives. Each of the economic activities was assessed on its percentage of Taxonomy-eligibility. As a result, we report 96%, 100% and 21% Taxonomy-eli-gible Turnover, CapEx and OpEx in 2025, respectively.Eligibility and alignmentWe continuously assess our business and economic activities and the environmental impact hereof. We utilized a two-step approach in formulating our Taxonomy disclosures. Initially, we screened the economic activities outlined in the EU Taxonomy to identify those relevant, considering our busi-ness model. Based on our review, we identified one economic activity to report on in 2025: ‘PPC 1.2 Manufacture of medicinal products’ under the environmental objective of ‘Pollution Prevention and Control’. The screening was performed across revenue generation, costs, and investments, consid-ering materiality. Manufacture of medicinal products is our primary economic activity which drives the high eligibility percentage for turnover.The identified eligible CapEx consists of additions in 2025 related to intangible assets, property plant and equipment and right-of-use assets in note 15, 16 and 17 of the Annual Report 2025. We are still assessing our production process against the technical screening criteria pertaining to the manufacture of medicines to work towards align-ment. For this reporting year, we have decided not to pursue the alignment as we prioritized other initiatives more relevant to our current sustainability objectives.Accounting policiesTurnover: Total Turnover consists of total revenue from sales of goods and services, as defined under IFRS. The Turnover KPI is defined as Taxonomy-eligible Turnover divided by total turnover.CapEx:The denominator consists of additions to tangible assets, intangible assets, and right-of-use assets during the financial year considered before depreciation, amortization, and any re-measurements, including those resulting from revaluations and impair-ments, for the relevant fi