Bavarian Nordic A/S disclosed share transactions by Russell Thirsk, its Executive Vice President and Chief Operating Officer, and Anja Gjøl, a Member of the Board of Directors. On September 4, 2026, Thirsk subscribed for 28,590 new shares through warrant exercise at DKK 190.1128 per share, with an aggregate value of DKK 5,435,244.90, and sold the same number of shares at DKK 215.478 per share for DKK 6,160,521.74. Gjøl sold 345 shares on September 3, 2026, in transactions at DKK 222.00 and DKK 221.80, with an aggregate value of DKK 76,577.20. All transactions took place on Nasdaq Copenhagen A/S. The disclosure was issued as Company Announcement no. 40 / 2026.