Core Viewpoint - Bavarian Nordic A/S has announced a one-time share buy-back program of up to DKK 500 million to be executed over the next 12 months, reflecting a strong cash position and positive cash flow from operations [1][2]. Financial Position - As of September 30, 2025, Bavarian Nordic reported securities, cash, and cash equivalents totaling DKK 2,978 million, with approximately DKK 800 million earmarked for deferred payments to GSK and related royalties and taxes [2]. - The company believes that the cash balance after the buy-back program will be sufficient to maintain operational flexibility in an uncertain environment [2]. Share Buy-back Program Details - The shares bought back will be held as treasury stock to adjust the company's capital structure [3]. - The program will be executed in accordance with the authorization from the general meeting of shareholders and will comply with safe harbour regulations [3]. - Further details regarding the key terms of the program will be provided following the Board of Directors' final decision to launch the program [3]. Treasury Shares - Currently, Bavarian Nordic holds 966,845 shares as treasury shares, which represents 1.22% of the company's share capital [4]. - A portion of these treasury shares will be utilized to meet the company's obligations related to long-term share-based incentive programs for the Board of Directors and Executive Management [4]. Company Overview - Bavarian Nordic is a global vaccine company focused on improving health and saving lives through innovative vaccines, including mpox and smallpox vaccines, and has a strong portfolio of travel vaccines [5].