Consensus

Bavarian Nordic collected consensus estimates prior to Q2 2025 results.

	Consensus
DKK, million	Q2 2025E	2025E
Total revenue	1,462	6,311
Public Preparedness (JYNNEOS/IMVANEX/IMVAMUNE)	675	3,370
Travel Health	742	2,760
Contract work	45	181
EBITDA margin, regular business (excl. net income from sale of Priority Review Voucher)	27%	29%
EBITDA margin, total (incl. net income from sale of Priority Review Voucher)		41%

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Number of participants: 3 analysts.

Due to the current extraordinary situation with the takeover offer process ongoing, the number of participants is limited given restrictions to participate in the consensus.