Operator

Good day, and thank you for standing by. Welcome to the Bavarian Nordic 2025 Annual Report. [Operator Instructions] Please be advised today’s conference is being recorded. I’d now like to hand the conference over to your first speaker today, CEO, Paul Chaplin. Please go ahead.

Paul Chaplin
CEO & President

Thank you, and welcome, everyone, to today’s presentation, which is an update on our results for last year, 2025. Today, you’ll hear from me a few slides from myself, and then I will hand over to Henrik Juuel, the CFO. So if you turn to Slide 4, we reported very strong results last year, DKK 6.2 billion in revenue with a 28% EBITDA margin. And this is the result of very strong performance of both arms of our commercial business on Travel Health, but also on public preparedness. On Travel Health, we saw a 30% growth last year, which is a very strong performance across the whole portfolio, but also related to the launch of our Chikungunya vaccine. On public preparedness, in ’25, we were at the back end of an outbreak of mpox and we saw more than DKK 3.1 billion in revenues, which is approximately DKK 1 billion above the upper end of our normal base business.

So as I said, very strong performance from both parts of our commercial business in ’25. In addition, we sold the Priority Review Voucher valued at DKK 810 million. And if we included this in the EBITDA, this would bring the EBITDA to a 41% margin. Some events that have happened since — in

Abu Dhabi, United Arab Emirates — Zayed International Airport (AUH), the main gateway to Abu Dhabi, continues to operate on March 13, 2026, though under a significantly reduced schedule due to ongoing regional airspace disruptions stemming from the escalating conflict involving Iran, the United States, and Israel.

Airport authorities and Etihad Airways, the primary carrier at AUH, confirm the facility is open and processing a limited number of flights. Passengers are strongly advised not to travel to the airport without a confirmed booking and explicit notification from their airline, as access remains restricted to ticketed travelers only for security and operational reasons.

The partial resumption follows a period of near-total suspension in late February and early March triggered by ballistic missile exchanges and retaliatory strikes that prompted precautionary closures across Gulf airspace. Etihad Airways resumed limited commercial services starting March 6, 2026, after coordination with UAE authorities and the Emergencies, Crises and Disasters Management Center – Abu Dhabi (ADCMC). Operations have gradually expanded, with more flights added through March 13-15 schedules.

As of March 13, Etihad’s confirmed departures from AUH include early morning services such as EY061 to London at 01:55, EY031 to Paris at 02:00, and others to major European, North American, and Asian hubs throughout the night and early hours. Arrivals feature flights from destinations like Doha, Calicut, and others, with baggage delivery reported for several late-night arrivals. Flight tracking sites like FlightStats, FlightAware, and the official Zayed International Airport website show active departures and arrivals, albeit at roughly 40-60% of normal capacity based on industry estimates.

Etihad has emphasized that all flights remain subject to real-time operational approvals and airspace conditions. The airline urges passengers to check etihad.com or the flight status tracker before heading to the airport, as schedules can change rapidly. Rebooking options continue for affected travelers from earlier disruptions, with free changes available for eligible tickets.

The airport’s official site advises: “Passengers are advised not to travel to the airport unless they hold a confirmed ticket and have been explicitly advised by their airline to do so.” This measure helps manage crowds and ensures smooth processing amid reduced staffing and security protocols.

Broader regional impacts persist. Major carriers like British Airways have suspended Abu Dhabi services until year’s end due to “continuing uncertainty” and airspace instability. Other airlines, including Lufthansa, have curtailed flights to UAE destinations through mid-March. Emirates, operating primarily from Dubai, maintains reduced operations through late March, reflecting similar challenges across the UAE.

The disruptions trace back to late February when U.S.-Israeli strikes targeted Iranian facilities, prompting Iranian retaliation including missile and drone attacks on Gulf cities. This led to temporary airspace closures in the UAE, Qatar, Bahrain, Kuwait, and Iran, stranding thousands and forcing airlines to reroute or cancel. Abu Dhabi’s Zayed International Airport — rebranded and expanded in recent years — reopened on a skeleton schedule by early March, prioritizing key routes to Europe, Asia, and select Middle Eastern points.

Airport officials highlight resilience in the recovery. Limited operations allow essential travel, cargo, and repatriation flights while authorities monitor missile activity and diplomatic developments. Analysts project gradual ramp-up to near-normal levels if no further escalations occur, though full restoration depends on stabilized regional security.

Travelers planning to use AUH should monitor multiple sources: the official Zayed International Airport website (zayedinternationalairport.ae) for live arrivals/departures, Etihad’s flight status page, and third-party trackers like Flightradar24 or Skyscanner. The airport offers complimentary high-speed Wi-Fi, Airport Express shuttles to Dubai (subject to availability), and services like Salam Meet & Assist for premium passengers.

For those affected, Etihad provides rebooking assistance and urges updating contact details in bookings. Safety remains the top priority, with enhanced security screenings and restricted access in place.

As the Middle East conflict enters its critical phase, Zayed International Airport’s limited but functional status underscores the UAE’s efforts to maintain connectivity amid extraordinary challenges. Passengers are encouraged to stay flexible, confirm details directly with airlines, and prepare for potential delays or changes.

The situation evolves hourly; check official channels for the most current information before any travel to or from Abu Dhabi.

Councils team up on plans to reopen line dismantled during Beeching cuts

Calls for a new rail link between Gloucester and Hereford to help cope with tens of thousands of new homes have been welcomed in Gloucestershire.

The Hereford, Ross and Gloucester Railway was closed to passengers in November 1964 before being dismantled during The Beeching cuts.

But now County Councillors in Herefordshire are calling for a study to be undertaken to explore the possibility of linking Hereford, Ross and Gloucester by rail once again.

Herefordshire Council agreed on March 6 to enter early discussions with Gloucestershire County Council on the possibility of a joint feasibility study and to enquire to transport ministers about funding for it.

The proposal, which also seeks in parallel to test the market for any private finance interest in backing a feasibility study, has been welcomed by council leaders in Gloucester and the Forest of Dean.

And sustainable transport cabinet member Roger Whyborn (LD, Benhall and Up Hatherley) said Gloucestershire County Council would be happy to discuss the issue with Herefordshire Council but they do not currently have a view on the proposals.

He said: “When they write to us we will form a view.

“At the moment we have no view on the subject.”

However, he also said Shire Hall is already currently backing the idea of a new station on the line between Gloucester and Lydney which could be near Churcham.

This is the area where Forest of Dean District Council is developing plans for a new garden town of around 2,500 homes with thousands more potentially being built near Highnam in Tewkesbury Borough over the next 20 years.

The calls for a new rail link come at a time when the Forest of Dean District Council is having redraw its local plan to accommodate 13,200 new homes over the next 20 years. While neighbouring Herefordshire has a housing target of more than 27,200.

Forest of Dean District Council climate emergency cabinet member Chris McFarling (G, Tidenham) said he would welcome a new rail line.

“The whole idea behind putting a new settlement in Churcham was to fix the transport problem and reduce the emissions,” he said.

“First of all by building settlements where people didn’t need to use a car in the first place and have enough footfall that would generate enough developer contributions to help build a new railway station.

“It does make sense because the railway goes through where the housing allocation would be in Churcham.

“A transport hub would be built and it would take cars off the road.

“If everybody is going into Gloucester by train then happy days.”

Cllr McFarling welcomed the benefits a new rail link would bring.

“We are underinvested in the railway network,” he said.

“It would take cars off the road and you could transport goods as well which would take heavy goods vehicles off the motorways.”

Councillor Louis Stark (LD, Ross West), who put forward the motion in Hereford last week, said proper infrastructure planning is needed to accommodate the housing growth expected on both sides of the Herefordshire and Gloucestershire border.

“It’s a big issue for us locally, with plans for 3,600 houses on the A40 by the M50 which would rely on the road network,” he said.

“That is not a sustainable future. People go on about building all these houses but if you don’t have infrastructure improvements these sort of plans creep up on you.

“Ross would have grown by 60 per cent which is a huge change in the dynamic of the town.

“We have to consider now, 20 years in advance, what the options are.

“One option is to think about whether rail could provide a wider set of transport options for people getting around.

“We shouldn’t let change happen to us as a community.

“We need to stand up and shape that change which is coming our way.”

Cllr Stark also said the new line would not necessarily follow the old route as parts of it have been developed.

And he would be open for the new route to be built in phases with the first part being between Gloucester and Ross.

Gloucester City Council Jeremy Hilton (LD, Kingsholm and Wotton) welcomed the possibility of new rail link and spoke of the impact of the Beeching cuts had on the railway network.

“I’m very keen on the railways,” he said. “If it is possible to reconnect Gloucester, Ross and Hereford with a railway that would be something to support.

“The issue is we would need to do a feasibility study and, of course, I don’t think either of the authorities have the resources to build it.

“It would need to be something that is supported by the Government.

“The Churcham area, if they were to build all those houses, would need another stop on the railway.

“It’s certainly worth having a serious investigation and consideration to see if a rail link is possible.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Fragrance Group plans to redevelop the old Inn on the Green site

People in Paignton have taken their first look at plans to transform a derelict seafront pub into a new conference and events centre.

Investors the Fragrance Group plan to knock down the old Inn on the Green and replace it with the new Paignton Pavilion – a year-round venue for conferences, exhibitions and various other events.

Given a smooth ride through the planning process, the new centre could be open for business in Spring 2028.

Locals examined the preliminary plans during an open event at the next-door Ibis Styles Hotel, which was also built by Fragrance along with the Mercure Hotel alongside.

Fragrance has also just completed the Hotel Indigo at Corbyn Head. The company originally planned to flatten the Inn on the Green to create a car park, but reconsidered the proposal after a public outcry.

Some people at the exhibition had reservations about the design and wondered if the 65 car park spaces shown on the plans would be enough. Others said the bold design was just what the town needed and other local businesses would benefit from the people coming to town to use the Pavilion.

Architect Chris Kenny of Torquay firm Kay Elliott said the new building was part of a bright future for Paignton.

“It is directly opposite the pier, which is one of the main destinations in this area,” he said. “So providing a flexible, functional event space that can cater for locals and tourists alike really helps the council achieve its dreams of creating a vibrant and prosperous town.

“People have been coming in and saying it would be the perfect place to host weddings, or a jazz festival or rock choirs. All these people are coming out with ideas about how they could use the space.

“That gives us a lot of positive encouragement for its future.”

The design for the new building incorporates parts of the old Inn on the Green, which was once one of the town’s most popular pubs. Sandstone walls and art deco lights will be retained, as will the site’s iconic palm trees.

“People are telling us to tear the building down as soon as possible and get on with it,” said Mr Kenny.

Paignton Pier owners Shaw and Jolene Wallis were among the first people through the doors to look at the plans. “I think it looks good,” said Mr Wallis. “It will definitely benefit Paignton and the wider community.

“It’s not going to please everybody, but they’re going to have to do something with the site. This is something different for Paignton. Give it a go and let’s see what happens.”

Another early visitor said the plans were ‘radical’, but some people had concerns over parking and the likely benefits for other local businesses.

“Rubbish,” said guest house owner Victoria Smith when asked about the plans. “I don’t like them at all. They’re too big, they’re too square and they’re out of place.”

And fellow guest house proprietor Margaret Green said she thought the only businesses to benefit from the Pavilion would be the hotels next door.

“It’s not going to be open to the general public at all, so nobody in Paignton will be able to go in there and use the facilities,” she said. “It would be for the hotels, and that’s it.

“We need something to bring people into the place. There’s nothing here apart from the play park. If it’s raining there’s nothing, nothing here at all.”

Designers say they have been inspired by the heritage of the site and the designs of traditional British seaside ballrooms and pavilions.

Their presentation said: “Paignton from the 1920s leaned into being an accessible, fun, and modern resort town. The evolution of seaside ballrooms and pavilions echoes this development and consequently reflects the cultural and architectural trends of their time.

“Whilst it is not viable to keep the existing building, our ambition is to preserve and enhance the historic boundary treatments and create a building that will lead to future economic and social benefit.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

“I would say unlikely, but we are focused on the military operation and ​solving a problem,” Wright told CNN when asked if prices would reach $200 a ​barrel – a level prices could hit if the war continues to escalate, an Iranian official said on Wednesday.

“Get ready for the oil ​barrel to be at $200 because the oil price ⁠depends on ‌the regional security which you have destabilized,” Ebrahim ​Zolfaqari, the ​spokesperson for Tehran’s Khatam al-Anbiya military command headquarters, ⁠said on Wednesday.

Oil prices jumped 6% to nearly $100 on Thursday ​as two tankers blazed in an Iraqi port ​after a hit by suspected Iranian explosive-laden boats.

The rise came despite more than 30 countries in the International Energy Agency announcing a day earlier the biggest-ever coordinated drawdown of global oil reserves of 400 million barrels, about 40% of which will come from ‌the U.S., the world’s largest oil producer.

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The war has forced Middle East Gulf countries to cut total oil production by at least 10 million ⁠barrels per day, about 10% of world demand. The IEA said on Thursday that is the biggest oil supply disruption in the history of the global market.
Wright also told CNBC on Thursday that the U.S. Navy cannot escort ships through the Strait of Hormuz now but it was “quite likely” that could happen by the end of the month.