Operator

Good day, and thank you for standing by. Welcome to the Bavarian Nordic first quarterly report, Q1, for the 3-month period ended 31st of March 2026 conference call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, CEO, Paul Chaplin. Please go ahead.

Paul Chaplin
CEO & President

Thank you, operator, and welcome, everyone, to Bavarian Nordic's Q1 results for 2026. Together with me is Henrik Juuel, and I will walk through some of the key highlights and activities for the first quarter and then hand over to Henrik, who will go through some of the more detailed financial results.

So if you all turn to Slide 4, we've had a solid start to '26. Revenues just over DKK 1 billion with a 16% EBITDA margin. And as I said, I'll leave it to Henrik to walk through some of the details of the financials.

However, before I go into some of the practicalities, I just need to remind everyone that on Travel Health, it's a very seasonal business. So sometimes our quarterly results don't really reflect the business that we're expecting over the entire year. And typically, for Travel Health, Q1 is more of a light quarter with Q2 being a heavier quarter.

And on Public Preparedness, really quarterly results, it's driven all by government contracts and the delivery schedules according to those contracts. So we can