The following “Operating and Financial Review and Prospects” discussion should be read together with the information in our financial statements and related notes included elsewhere in this Annual Report. The following discussion is based on our financial information prepared in accordance with IFRS as issued by the International Accounting Standards Board, or IASB, which may differ in material respects from generally accepted accounting principles in other jurisdictions, including U.S. GAAP. The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those described in “Risk Factors” and elsewhere in this Annual Report. Please also see “Cautionary Statement Regarding Forward-Looking Statements.” A. Operating Results Financial Operations Overview The following table shows our consolidated statements of profit or loss for each period presented: Years ended December 31, (in millions €, except per share data) 2025 2024 2023 Revenues 2,869.9 2,751.1 3,819.0 Cost of sales (641.8) (541.3) (599.8) Research and development expenses (2,104.9) (2,254.2) (1,783.1) Sales and marketing expenses (110.0) (67.9) (62.7) General and administrative expenses (514.4) (531.1) (495.0) Other operating expenses (1,088.3) (811.5) (293.0) Other operating income 184.6 140.6 105.0 Operating profit / (loss) (1,404.9) (1,314.3) 690.4 Finance income 423.9 664.0 519.6 Finance expenses (69.8) (27.4) (23.9) Profit / (Loss) before tax (1,050.8) (677.7) 1,186.1 Income taxes (85.3) 12.4 (255.8) Net profit / (loss) (1,136.1) (665.3) 930.3 Earnings / (Loss) per share Basic earnings / (loss) per share (4.70) (2.77) 3.87 Diluted earnings / (loss) per share (4.70) (2.77) 3.83 Non-IFRS Measures as Defined by BioNTech In addition to our results determined in accordance with IFRS Accounting Standards, or IFRS results, we report certain adjusted, non-IFRS, measures used internally as a supplemental measure of our business performance. We believe that reporting these adjustments, and the non-IFRS measures that result, together with our IFRS results provides helpful complementary information to better understand our business performance and to facilitate comparability of business performance across different periods. These non-IFRS measures are also used by management for financial forecast and internal reporting purposes. Non-IFRS measures are intended to and may also provide useful information in evaluating performance relative to peer companies, many of which use similar non-IFRS measures to supplement their IFRS results. 183 Annual Report on Form 20-F for the year ended December 31, 2025 Table of Contents While non-IFRS measures may offer additional insights, our non-IFRS measures are not, and should not be viewed as, a substitute for their most directly comparable IFRS Accounting Standards measures, and should always be considered alongside our financial statements prepared in accordance with IFRS Accounting Standards. Non-IFRS adjustments include certain items that are associated with discrete events or matters and that management does not consider indicative of our performance for the period, and thus are excluded from the measures based on IFRS Accounting Standards. Non-IFRS measures are also aligned with the financial forecast of our management, which do not include these events or matters given their nature. Our non-IFRS measures exclude the following items in relation to our measures based on IFRS Accounting Standards: –Expenses and income from legal proceedings, defined as: Expenses (net of insurance recoveries) and income arising from certain legal proceedings (e.g., contractual- disputes, litigations, and government investigations), resulting from past events, that would result generally in a provision in accordance with IAS 37, an accrual, or outflow of resources (such as cash) recorded in our other operating result (other operating income or expense) in the period, which management does not consider indicative of the Company’s performance for the period and exceeds a minimum threshold of €10.0 million per matter. These expenses and income do not include expenses from obligations or income from receivables arising from agreements following the settlements or conclusions for future transactions and operations, or expenses for external legal advisory services or internal legal costs. The Company describes the key facts of the matter such as involved parties, dispute, jurisdiction, terms of a settlement or court- ordered judgment in the respective sections in the Notes to the Consolidated Financial Statements. –Impairment and reversal, defined as: Expenses in accordance with IAS 36 impairment of goodwill and impairment and reversals of impairments of intangible assets (IAS 38), property, plant and equipment (IAS 16) and right-of-use assets (IFRS 16) that relate to matters which management does not consider indicative of the Company’s performance for the period and that exceed a minimum threshold of €10.0 million per asset or group of assets. Write-downs of inventories (IAS 2) or impairments of other assets not covered by IAS 16, IAS 38 and IFRS 16 are not adjusted. –Employee-related expenses from restructuring, defined as: Major restructuring costs recognized in accordance with IAS 37 for streamlining operations and improving overall efficiency under specific Board approved programs that are of a significant scale and result in a structural change but do not relate to matters which management considers indicative of the Company’s performance for the period, where the costs of individual or related projects, including employee-related costs such as severance or outplacement, exceed a minimum threshold of €10.0 million. This does not include training or relocating continuing staff, marketing, investment in new systems and distribution networks, or consulting costs related to the restructuring. –Income from bargain purchase and income and expenses from divestiture related items, defined as: Income from a bargain purchase resulting from a business combination according to IFRS 3/IFRS 10 and income and expenses from valuation of non-current assets as held for sale according to IFRS 5, above a minimum threshold of €10.0 million per item are adjusted, where management does not consider such income or expenses to be indicative of the Company’s performance for the period. These non-IFRS adjustments result in the following adjusted measures based on IFRS Accounting Standards: adjusted expenses, adjusted operating profit/loss, adjusted profit/loss before tax, adjusted net profit/loss, and 184 Annual Report on Form 20-F for the year ended December 31, 2025 Table of Contents adjusted earnings/loss per share on both a basic and diluted basis (each referred to with the prefix “Adjusted” or as a whole “Adjusted Results”). The calculation of these and the adjusted results as a whole is based on the concepts of the applicable IFRS Accounting Standards, but includes the above described adjustments. Due to their non-standardized nature, our adjusted results may not be directly comparable to those of other companies, unlike measures based on IFRS Accounting Standards. The following tables provide a reconciliation of our adjusted results to our measures based on IFRS Accounting Standards for the years ended December 31, 2025, 2024 and 2023: Non-IFRS Reconciliation for the year ended December 31, 2025 non-IFRS adjustments (in millions €, except per share data) IFRS Results Expenses and income from legal proceedings Impairment and reversal Employee-related expenses from restructuring Income from bargain purchase and income and expenses from divestiture related items Adjusted Results Cost of sales (641.8) — 30.5 — — (611.3) Research and development expenses (2,104.9) — 85.4 — — (2,019.5) Other operating expenses (1,088.3) 789.5 71.6 57.0 — (170.2) Other operating income 184.6 — — — (15.0) 169.6 Operating loss (1,404.9) 789.5 187.5 57.0 (15.0) (385.9) Loss before tax (1,050.8) 789.5 187.5 57.0 (15.0) (31.8) Net loss(1) (1,136.1) 789.5 187.5 57.0 (15.0) (117.1) Loss per share Basic loss per share (4.70) (0.48) Diluted loss per share (4.70) (0.48) (1)Tax effects are not considered as part of our non-IFRS adjustments. Non-IFRS Reconciliation for the year ended December 31, 2024 non-IFRS adjustments (in millions €, except per share data) IFRS Results Expenses and income from legal proceedings Impairment and reversal Employee-related expenses from restructuring Income from bargain purchase and income and expenses from divestiture related items Adjusted Results Cost of sales (541.3) — 48.1 — — (493.2) Research and development expenses (2,254.2) — 81.5 — — (2,172.7) Other operating expenses (811.5) 657.4 — — — (154.1) Operating loss (1,314.3) 657.4 129.6 — — (527.3) Profit / (Loss) before tax (677.7) 657.4 129.6 — — 109.3 Net profit / (loss)(1) (665.3) 657.4 129.6 — — 121.7 Earnings / (Loss) per share Basic earnings / (loss) per share (2.77) 0.51 Diluted earnings / (loss) per share (2.77) 0.50 185 Annual Report on Form 20-F for the year ended December 31, 2025 Table of Contents (1)Tax effects are not considered as part of our non-IFRS adjustments. For the year ended December 31, 2023, our adjusted results were identical to our results under IFRS Accounting Standards. The following table shows our condensed adjusted results for each period presented: Adjusted Results (non-IFRS measures)(1) Years ended December 31, (in millions €, except per share data) 2025 2024 2023 Adjusted cost of sales (611.3) (493.2) (599.8) Adjusted research and development expenses (2,019.5) (2,172.7) (1,783.1) Adjusted other operating expenses (170.2) (154.1) (293.0) Adjusted other operating income 169.6 140.6 105.0 Adjusted operating profit / (loss) (385.9) (527.3) 690.4 Adjusted profit / (loss) before tax (31.8) 109.3 1,186.1 Adjusted net profit / (loss)(2) (117.1) 121.7 930.3 Adjusted earnings / (loss) per share Adjusted basic earnings / (loss) per share (0.48) 0.51 3.87 Adjusted diluted earnings / (loss) per share (0.48) 0.50 3.83 (1)Certain adjusted results presented in this table are identical to our results under IFRS Accounting Standards. A reconciliation of the adjusted results to our measures based on IFRS Accounting Standards can be found above in this section. (2)Tax effects are not considered as part of our non-IFRS adjustments. Comparison of the year ended December 31, 2025 and the year ended December 31, 2024 Revenues The following is a summary of revenues recognized for the periods indicated: Years ended December 31, Change (in millions €) 2025 2024 € % COVID-19 vaccine revenues 1,995.3 2,432.1 (436.8) (18) Revenues from out-licensing 613.0 — 613.0 n.m. Other revenues 261.6 319.0 (57.4) (18) Total revenues 2,869.9 2,751.1 118.8 4 COVID-19 Vaccine Revenues Our COVID-19 vaccine revenues were recognized from the supply and sales of our COVID-19 vaccine worldwide during the years ended December 31, 2025 and 2024, mainly comprising our share of the collaboration partner’s gross profit derived from sales in the collaboration partner’s territory. Overall, our COVID-19 vaccine revenues amounted to €1,995.3 million and €2,432.1 million during the years ended December 31, 2025 and 2024, respectively and decreased as compared to the year ended December 31, 2024, in line with a lower COVID-19 vaccine market demand. Our COVID-19 vaccine revenues are subject to seasonal effects in the fall and winter of the northern hemisphere. 186 Annual Report on Form 20-F for the year ended December 31, 2025 Table of Contents Revenues from Out-Licensing On June 2, 2025, we and BMS announced a global strategic partnership to co-develop and co-commercialize our next-generation bispecific antibody candidate, pumitamig (BNT327 / BMS986545), broadly for multiple solid tumor types. Under the terms of the agreement, we granted BMS a worldwide, co-exclusive license to use the licensed intellectual property, or IP, for the development, manufacturing and commercialization of our investigational bispecific antibody pumitamig as monotherapy or in combination with other products. We and BMS will jointly share development and manufacturing costs on a 50:50 basis, subject to certain exceptions. Global profits and losses will be equally shared as well. We received an upfront payment amounting to $1.5 billion during the year ended December 31, 2025, and are eligible to receive $2.0 billion total in non- contingent anniversary payments through 2028 as well as up to $7.6 billion in additional development, regulatory and commercial milestone payments contingent on achievement of certain development, regulatory and commercial milestones. On August 15, 2025, we and BMS entered into an amended and restated agreement that replaced the original agreement. The new agreement governs the collaboration, including in particular the performance-related rights and obligations, without affecting the financial terms agreed in the original agreement. The license granted in respect of our IP was determined to be a separate unit of account from the other promises, which we refer to as development activities, and accounted for under IFRS 15 as the granting of a license to our IP is an output of our ordinary activities. Based on the terms of the contract, we have identified material rights relating to options to cancel the contract. In allocating revenues to the material rights throughout the development period, management determined an expected consideration of $3.5 billion, consisting of the upfront payment and the anniversary payments. The expected consideration is attributed to each option to cancel the contract using the practical alternative under IFRS 15.B43. Each material right is recognized as revenues at the point in time BMS makes use of its option or when such right expires. The upfront payment was recorded as contract liability (€1,313.6 million, converted as of the contract date of the initial agreement, June 2, 2025). We determined that the criteria in IFRS 15.9 were subsequently met with the conclusion of the amended and restated agreement as of August 15, 2025. During the year ended December 31, 2025, revenues in the amount of €613.0 million were recognized on a cumulative catch-up basis as of June 2, 2025, the date the initial agreement was effective, and €700.6 million have been deferred and will be recognized upon BMS makes use of its option or when such right expires. All milestone payments are considered to be constrained, as the achievement of the milestone events depends on the success of the underlying research and development activities, which is outside our control. Sales-based milestone payments will be recognized when the underlying sale transactions have occurred. Other revenues Our remaining other revenues were mainly derived from a pandemic preparedness contract with the German government, during the year ended December 31, 2025. The change was mainly due to the catch-up of revenues associated with the pandemic preparedness contract in the amount of €103.1 million in previous year, partly compensated by a one-time effect associated with Pfizer´s opt-out from the further development of our shingles program, BNT167, in the amount of €60.0 million in the year ended December 31, 2025. Cost of Sales Our cost of sales increased by €100.5 million, or 19%, from €541.3 million during the year ended December 31, 2024 to €641.8 million during the year ended December 31, 2025. This increase was mainly driven by higher COVID-19 vaccine sales in our commercialization territory, which included the share of gross profit we owe our collaboration partner Pfizer, higher expenses from inventory scrapping and write-downs to net realizable value and impairments on property, plant and equipment from the analysis on CGU External Product Sales JPT of €30.5 million. Expenses arising from inventory write-downs to net realizable value amounted to €162.8 million during the year ended December 31, 2025 compared to €125.8 million for year ended December 31, 2024 (€94.5 million for year ended December 31, 2023). In addition, our cost of sales during the fiscal year 2024 have been impacted by multiple positive extraordinary effects, including from inventory valuation effects. 187 Annual Report on Form 20-F for the year ended December 31, 2025 Table of Contents Our adjusted cost of sales increased by €118.1 million, or 24%, from €493.2 million during the year ended December 31, 2024 to €611.3 million during the year ended December 31, 2025. During the years ended December 31, 2025 and 2024, our adjusted cost of sales exclude impairments on property, plant and equipment from the analysis on CGU External Product Sales JPT, and impairments on property, plant and equipment in Germany and worldwide, respectively. Research and Development Expenses Our research and development expenses decreased by €149.3 million, or 7%, from €2,254.2 million during the year ended December 31, 2024 to €2,104.9 million during the year ended December 31, 2025. This development was mainly driven by cost savings resulting from active portfolio management and positive effects resulting from our cost share with our collaboration partner BMS, partly offset by the acceleration of late-stage trials for our immuno-oncology, or IO, and antibody-drug conjugate, or ADC, programs. Our adjusted research and development expenses decreased by €153.2 million, or 7%, from €2,172.7 million during the year ended December 31, 2024 to €2,019.5 million during the year ended December 31, 2025. During the years ended December 31, 2025 and 2024, our adjusted research and development expenses exclude impairments related to the product candidates due to revision of our commercial forecast assumptions, and impairments from revised prioritization of product candidates in the overall portfolio, respectively. Sales and Marketing Expenses Our sales and marketing expenses increased by €42.1 million, or 62%, from €67.9 million during the year ended December 31, 2024 to €110.0 million during the year ended December 31, 2025, mainly due to our ongoing commercial build-up. General and Administrative Expenses Our general and administrative expenses decreased by €16.7 million, or 3%, from €531.1 million during the year ended December 31, 2024 to €514.4 million during the year ended December 31, 2025. The decrease was primarily driven by a reduction in external services and our continued cost discipline. Other Operating Result Our total other operating result decreased by €232.8 million, or 35%, from a negative operating result of €670.9 million during the year ended December 31, 2024 to a negative operating result of €903.7 million during the year ended December 31, 2025. The change was mainly related to higher expenses for settlements in the amount of €132.1 million and to expenses in connection with our pipeline prioritization, which included impairments of €71.6 million and employee-related costs of €57.0 million. The impairments comprise €57.8 million on property, plant and equipment (see Note 11 of our consolidated financial statements included elsewhere in this Annual Report) and €13.8 million on right-of-use assets (see Note 20 of our consolidated financial statements included elsewhere in this Annual Report), all located outside of Europe. Our adjusted total other operating result decreased by €12.9 million, or 96%, from a negative adjusted operating result of €13.5 million during the year ended December 31, 2024 to a negative adjusted operating result of €0.6 million during the year ended December 31, 2025. During the years ended December 31, 2025 and 2024, our adjusted other operating result exclude primarily expenses in connection with the settlements of legal proceedings (contractual and non contractual). In addition, our adjusted other operating result during the year ended December 31, 2025 excludes expenses in connection with our pipeline prioritization, comprising impairments of €71.6 million and employee-related costs of €57.0 million and a bargain purchase of €15.0 million. 188 Annual Report on Form 20-F for the year ended December 31, 2025 Table of Contents Finance Result Our finance result during the years ended December 31, 2025 and 2024 was mainly derived from returns, such as interest, resulting from our financial investments as well as fair value adjustments of our money market funds. Our total finance result decreased by €282.5 million, or 44%, from a positive finance result of €636.6 million during the year ended December 31, 2024 to a positive finance result of €354.1 million during the year ended December 31, 2025. This change was mainly due to lower interest income and negative impacts from foreign exchange differences, primarily derived from our security investments disclosed as cash equivalents and bank accounts held in foreign currency. Income Taxes The following table summarizes our income taxes for the periods indicated: Years ended December 31, Change (in millions €) 2025 2024 € % Current income taxes 11.4 (2.3) 13.7 (596) Deferred taxes 73.9 (10.1) 84.0 (832) Income taxes expenses / (income) 85.3 (12.4) 97.7 (788) Our current income taxes for the year ended December 31, 2025 were mainly determined by BioNTech Australia (€7.2 million) and the Biotheus Group (€4.7 million). In addition, there is the current tax income at BioNTech SE resulting from the tax assessment for the year 2024 amounting to €1.1 million. As of December 31, 2025, our accumulated tax losses comprised tax losses of German entities that were incurred within and prior to the establishment of a tax group with BioNTech SE or by entities that are not within the tax group or U.S. tax group. The amount of deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized in the statement of financial position as of December 31, 2025, is €4,220.6 million (December 31, 2024: €2,028.8 million). Thus, as of December 31, 2025, we have not recognized deferred tax assets for unused tax losses and temporary differences in an amount of €609.0 million (December 31, 2024: €332.4 million) as the criteria of the recognition guidance for IAS 12, which requires that no reliance should be placed on future events that cannot be controlled and are uncertain, are not met. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. As of December 31, 2025, all previously recognized deferred tax assets for unused U.S. federal and state tax losses and tax credits, and deductible temporary differences were derecognized, resulting in deferred tax expense of €68.4 million, as there is not sufficient probability in terms of IAS 12 that future taxable income will be available against which these unused deferred tax assets can be utilized. The material unrecognized U.S. federal and state tax losses and tax credits will begin to expire in 2036. The realization of deferred tax assets is dependent upon the generation of future taxable income, the amount and timing of which are subject to uncertainties. The assessments of the recoverability of deferred tax assets and the nature of uncertain tax positions are subject to significant judgment by management and subject to change. We may become subject to income tax audits and adjustments by local tax authorities. The group does not recognize deferred tax liabilities for taxable temporary differences associated with investments in subsidiaries, in cases where the group is able to control the timing of the reversal of the 189 Annual Report on Form 20-F for the year ended December 31, 2025 Table of Contents temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. The aggregate amount of temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized, is €34.3 million (December 31, 2024: €14.5 million). Information about Our Operating Segments Decisions with respect to business operations and resource allocations are made by our Management Board, as the chief operating decision maker based on BioNTech as a whole. Accordingly, we operate and make decisions as a single operating segment, which is also our reporting segment. Related Party Transactions Related party transactions that occurred during the years ended December 31, 2025 and 2024 are explained in