Interim report
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Page 1 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Six-month interim report (Q2) 2026 (unaudited) Company release No 12/2026 ALK delivers 18% organic revenue growth with operating profit (EBIT) up 19% in Q2 ALK sustained strong momentum in Q2, with double-digit growth across all regions driven by sales of tablets and anaphylaxis products. Operating profit increased by 19% on sales growth and an improving gross margin, partly offset by increasing investments in R&D and sales and marketing. For the first six months, the EBIT margin was 28%. The full-year revenue outlook has been updated. Performance highlights (Q2) Comparative figures for Q2 2025 are shown in brackets. Growth rates are stated in local currencies (l.c.), unless otherwise indicated. Revenue increased by 18% to DKK 1,795 million (1,527) on double-digit growth across regions, driven by sales of tablets and anaphylaxis products. Tablet sales grew by 22% to DKK 1,013 million (831), well-supported by the paediatric roll-out, with 27% growth in Europe, 17% in North America, and International markets returning to growth at 9%. SCIT/SLIT drop sales were up 7% to DKK 515 million (481), mainly driven by SCIT shipments to China. Sales of Anaphylaxis & other products increased by 26% to DKK 267 million (215), largely boosted by Jext ®. Operating profit (EBIT) increased by 19% to DKK 445 million (375) with an unchanged EBIT margin of 25% (25%), as gross margin improvements were offset by strategic investments, mainly in sales and marketing. Free cash flow was DKK 218 million (216) and was impacted by fluctuations in working capital (timing of payments). CAPEX was DKK 71 million (104). Free cash flow for the first six months increased to DKK 889 million (546), and the net debt to EBITDA ratio was negative at 0.6. Financial highlights Growth Growth In DKKm Q2 2026 l.c. r.c. H1 2026 l.c. r.c. Revenue 1,795 18% 18% 3,566 18% 17% EBIT 445 19% 19% 1,015 20% 20% EBIT margin – % 25% 28% l.c.: local currency; r.c.: reported currency Allergy+ strategy highlights Planning for phase 3 development of the peanut tablet continued with trial initiation still expected in late 2026. Dialogues with regulatory authorities are ongoing. New approvals and launches for neffy® nasal adrenaline spray: now launched by ALK in Canada and 5 additional European markets, bringing the total number of markets launched to 10. In the UK, paediatric use of ACARIZAX® and ITULAZAX® was recently recommended by the National Institute for Health and Care Excellence (NICE) for admittance to the public healthcare system with general reimbursement. 2026 full-year outlook The full-year revenue outlook has been updated reflecting a strong underlying momentum for tablet sales and reduced risks associated with price and rebate adjustments in 2026. Revenue is now expected to grow by 14-16% (previously 13-16%) in local currencies, based on growth across all sales regions and product lines. The EBIT margin is still expected at around 26%. Commenting on the Q2 results, CEO Peter Halling said: “ALK's continued double-digit growth in Q2 reflects the strength of our strategy and our firm commitment to improving the lives of people impacted by allergy worldwide. The paediatric roll-out is increasingly fuelling tablet growth, new launches of neffy® are underway, and the confirmation of our plans to initiate phase 3 development of the peanut tablet underscores ALK's scientific capabilities. We remain well-positioned to continue delivering sustainable value to patients and caregivers."
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Page 2 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Hørsholm, 20 August 2026 ALK-Abelló A/S For further information, contact: Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525 Media: Maiken Riise Andersen, tel. +45 5054 1434 ALK is hosting a conference call for analysts and investors today at 1.30 p.m. (CEST) at which Management will review the financial results and the outlook. The conference call will be audio cast on https://ir.alk.net where the relevant presentation will be available shortly before the call begins. To register for the conference call, please use this link and follow the registration instructions. You will receive an email from diamondpass@choruscall.com with dial-in details, including a passcode and a pin code. Please make sure to whitelist diamondpass@choruscall.com and/or check your spam filter. We advise you to register well in advance and to call in before 1.25 p.m. (CEST).
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Page 3 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 FINANCIAL HIGHLIGHTS AND KEY RATIOS FOR THE ALK GROUP Amounts in DKKm Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Income statement Revenue 1,795 1,527 3,566 3,049 6,312 Revenue growth (local currencies) 18% 12% 18% 12% 15% Revenue growth (reported) 18% 11% 17% 13% 14% Operating profit (EBIT) 445 375 1,015 844 1,654 EBIT growth (local currencies) 19% 41% 20% 46% 53% EBIT growth (reported) 19% 42% 20% 46% 52% Operating profit before depreciation and amortisation (EBITDA) 531 450 1,185 990 1,982 Net financial items 7 (25) 20 (21) (19) Profit before tax (EBT) 452 350 1,035 823 1,635 Net profit 339 263 776 617 1,197 Average number of employees (FTE) 2,811 2,782 2,773 2,782 2,737 Balance sheet Total assets 9,725 8,272 9,725 8,272 9,057 Invested capital 5,225 5,023 5,225 5,023 5,245 Net interest bearing debt (NIBD) (1,314) 83 (1,314) 83 (822) Equity 6,942 5,847 6,942 5,847 6,445 Cash flow and investments Cash flow from operating activities 289 320 1,050 709 1,817 Cash flow from investing activities (71) (104) (161) (163) (385) - of which investment in intangible assets (20) (48) (67) (57) (84) - of which investment in tangible assets (50) (58) (93) (106) (276) - of which acquisitions of companies and operations - - - - (10) Free cash flow 218 216 889 546 1,432 Information on shares Share capital 111 111 111 111 111 Shares in thousands of DKK 0.5 each 222,824 222,824 222,824 222,824 222,824 Share price, end of period 244 187 244 187 229 Net asset value per share 31 26 31 26 29 Key figures Gross margin – % 67 65 68 66 67 EBIT margin – % 25 25 28 28 26 Equity ratio – % 71 71 71 71 71 Return on invested capital (ROIC) % - rolling four quarters 36 30 36 30 32 Earnings per share (EPS) 1.5 1.2 3.5 2.8 5.4 Earnings per share (DEPS), diluted 1.5 1.2 3.5 2.8 5.4 NIBD/EBITDA - rolling four quarters (0.6) 0.1 (0.6) 0.1 (0.4) Share price/Net asset value 7.8 7.1 7.8 7.1 7.9
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Page 4 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 ALLERGY+ STRATEGIC PRIORITIES ALK continued the efforts to expand addressable markets and help more patients in Q2: further unlocking the potential within respiratory allergy, transforming anaphylaxis care, and expanding into new disease areas, including food allergy. Respiratory allergy The roll-out of the house dust mite (HDM) and tree pollen allergy tablets for children have contributed positively to the inflow of new tablet patients, particularly in Europe and Canada where there is a strong support among existing and new prescribers to initiate children and adolescents on ALK’s tablets. Key performance indicators for the paediatric tablet launches remained strong, including the number of paediatric patients, endorsements from key opinion leaders, caregiver interactions, doctor visits, and prescriber uptake. At the end of Q2, the HDM tablet was approved for paediatric use in 36 countries and launched in 22 of these. The tree pollen allergy tablet was approved for children and adolescent use in 20 countries and launched in 13 of these. ALK and its partners further strengthened their footprints in selected markets, led by Japan, China, and the USA. In Japan, supply from Torii's (part of Shionogi) new manufacturing facility for the CEDARCURE™ active pharmaceutical ingredients has now reached the market, accelerating the growth of particularly the tablet for Japanese cedar pollen-induced allergy. Meanwhile, the phase 3 trial to support the local approval of GRAZAX® continued as planned towards completion in 2027. In China, GenSci's commercialisation of ALK's SCIT products and skin prick tests progressed steadily. The partner transition has temporarily impacted in-market sales, which nevertheless continued to grow in the first half-year, and with the sales organisation now in place, growth is expected to improve in the second half-year. The local phase 3 trial of the HDM tablet, ACARIZAX®, is in its final stage and running according to plan, with results expected in Q4 2026. The tablet will be added to GenSci’s portfolio, subject to approval. Anaphylaxis Within anaphylaxis, focus remains on creating a successful platform for the commercialisation of the nasal adrenaline spray neffy® (EURneffy® in Europe), as well as on capturing market share with the Jext® adrenaline auto-injector in a growing adrenaline market. The 2 mg version of neffy®, indicated for adults and children weighing ≥30 kg, has now been launched in 10 markets by ALK, most recently in the important Canadian market. Five of the European launches took place at the turn of the quarter. The 1 mg version for children aged ≥4 years weighing between 15 kg and 30 kg was approved in Europe earlier in the year, including in the UK in June, with the first launches expected later in 2026. ALK continues to progress market access country by country to secure availability of neffy® for patients, while in parallel building real-world evidence of the product's efficacy to drive adoption. In the UK, work continues to translate the national approval into regional market access; while progress is seen, these efforts are expected to extend beyond 2026. Revenue contributions from neffy® increased, although still remained modest, reflecting the early stages of the launches, with reimbursement processes still ongoing in several markets. The main contributions came from Germany and the USA, where ALK recognised a cost- compensation service fee from ARS Pharma under the co-promotion agreement established in 2025. INCOME STATEMENT Q2 2026 % of revenue Q2 2025 % of revenue Amounts in DKKm H1 2026 % of revenue H1 2025 % of revenue 1,795 100 1,527 100 Revenue 3,566 100 3,049 100 600 33 532 35 Cost of sales 1,143 32 1,038 34 1,195 67 995 65 Gross profit 2,423 68 2,011 66 168 9 146 9 Research and development expenses 319 9 275 9 582 33 474 31 Sales, marketing and administrative expenses 1,089 31 892 29 445 25 375 25 Operating profit (EBIT) 1,015 28 844 28 7 - (25) (2) Net financial items 20 1 (21) (1) 452 25 350 23 Profit before tax (EBT) 1,035 29 823 27 113 6 87 6 Tax on profit 259 7 206 7 339 19 263 17 Net profit 776 22 617 20 531 30 450 29 Operating profit before depreciation and amortisation (EBITDA) 1,185 33 990 32
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Page 5 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Food allergy and new disease areas Following the successful outcome of the phase 2 trial with its once-daily, investigational peanut allergy tablet announced earlier in the year, ALK continued to progress planning for phase 3 development. Preparations remain on track for phase 3 initiation before the end of 2026, subject to the final outcome of the ongoing dialogue with the regulatory authorities on the trial design. The phase 2 data were presented in detail at the EAACI 2026 Congress in Istanbul, which gathered more than 7,000 healthcare professionals from around the world, and where ALK hosted two well-attended symposia that attracted strong interest from the scientific community. Interim data from a phase 2b trial evaluating neffy® for the treatment of acute flares associated with chronic spontaneous urticaria is expected in the first quarter of 2027. The agreement with ARS Pharma grants ALK exclusive rights to this and other new indications in the licensed territory. ALK continued to progress its ALK014 project towards clinical development in 2027. ALK014 is a biologic therapy candidate based on an antibody-like fusion protein that targets the immune system’s IgE axis with possible applicability to food allergy and other IgE mediated diseases. ALK continues to pursue business development activities aimed at entering other adjacent disease areas also progressed through in-house innovation, licensing, and partnerships. Germany: rebate increase from 2027 Work has been initiated to mitigate the impact of new legislation in Germany, passed in July, which increases the mandatory rebate on prescription drugs from 7% to 15.5%, effective 1 January 2027. As Germany is ALK's largest market, accounting for 25% of global revenue in 2025, the higher rebate is expected to have a negative impact on revenue growth in 2027; however, this does not change ALK's long-term financial ambitions. Not all details of the legislation are yet in place, including potential exemptions linked to investments in Germany. Q2 SALES AND MARKET TRENDS (Comparative figures for Q2 2025 are shown in brackets. Growth rates are stated in local currencies, unless otherwise indicated) Revenue by geography DKKm Q2 2026 Growth* Share of revenue Q2 2025 Europe 1,226 19% 68% 1,024 North America 296 13% 17% 269 Int’l markets 273 18% 15% 234 Revenue 1,795 18% 100% 1,527 * In local currencies Europe Revenue in Europe increased by 19% in local currencies to DKK 1,226 million (1,024). In the majority of markets, sales grew by double digits led by tablets and anaphylaxis products. The 27% increase in European tablet sales was mainly driven by higher volumes linked to the strong inflow of new patients from the 2025/26 initiation season. ITULAZAX® and ACARIZAX®, including the new indications for children and adolescents, continued to lead the growth contribution whereas the contribution from GRAZAX® was more modest. In Europe’s largest AIT market Germany, tablet sales grew strongly and ALK expanded its position as market leader across the main allergies. Tablet sales in France continued to grow by double digits, from the positive trend created over the past few years. High sales growth was also achieved in several Central and Eastern European countries. The UK, where ACARIZAX® and ITULAZAX® last year gained general reimbursement through the National Health Service (NHS), sustained high growth, although off a low base. Paediatric use of the two tablets was recently recommended by the National Institute for Health and Care Excellence (NICE). Combined sales of injection-based SCIT and drop- based treatments increased by 4%. Growth in SCIT sales was driven by both the venom and non-venom subsegments mainly in Central Europe. Sales of SLIT drops, primarily marketed in France, regained modest growth momentum after a weak beginning to the year. Sales of Anaphylaxis & other products increased by 28%, mainly from the sale of Jext® autoinjectors with an increasing contribution from neffy®. Jext® sales growth benefitted from last year’s tender wins but also from intermittent competitor supply issues in select markets. Sales of EURneffy® remained modest reflecting the relatively early stages of the ongoing launches. Overall, the anaphylaxis portfolio had 30% growth in Europe. North America Revenue in North America increased by 13% in local currencies to DKK 296 million (269), driven by continued double digit growth in both the USA and Canada. Tablet sales grew by 17%, driven by Canada where demand remained strong, particularly for the tree tablet ITULATEK®, fuelled by the paediatric indication. Growth was to some extent negatively impacted by wholesaler stocking in the same period last year. Sales of SCIT bulk allergen extracts to primarily US allergists were flat reflecting modest price increases and volume growth in the USA, partly offset by lower sales volumes in Canada.
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Page 6 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Revenue from Anaphylaxis & other products increased by 22% linked to the cost compensation from ARS Pharma related to the co-promotion of neffy®. Other diagnostic and life science products in the USA also contributed to growth. International markets Revenue in International markets grew by 18% in local currencies to DKK 273 million (234), reflecting increasing product shipments to China and Japan. SCIT shipments to China further increased compared to last year when these were impacted during the renewal of ALK’s import license. Tablet revenue in the region increased by 9% following increasing product shipments to Japan and sales royalties as well as growth in most of the other minor markets in Southeast Asia. Product shipments to Japan increased in Q2 supported by Torii’s expansion of manufacturing capacity of API for the CEDARCURE™ tablet. In- market tablet sales in Japan grew strongly and accelerated compared to previous quarters. ALK remains confident that full-year revenue from Japan will grow by double-digits supported by the in-market development. Global revenue by product line DKKm Q2 2026 Growth* Share of revenue Q2 2025 SLIT tablets 1,013 22% 56% 831 SCIT/ SLIT drops 515 7% 29% 481 Anaphylaxis & other products 267 26% 15% 215 Revenue 1,795 18% 100% 1,527 * In local currencies SIX-MONTH FINANCIAL REVIEW (Comparative figures for H1 2025 are shown in brackets. Growth rates are stated in local currencies, unless otherwise indicated) Revenue increased by 18% in local currencies to DKK 3,566 million (3,049), driven by growth in sales of tablets, anaphylaxis, and SCIT products. Exchange rates impacted reported revenue growth negatively by 1 percentage point mainly related to the depreciating USD/DKK exchange rate. Cost of sales increased by 12% in local currencies to DKK 1,143 million (1,038). The gross profit of DKK 2,423 million (2,011) yielded a gross margin of 68% (66%), driven by increased sales volumes, production efficiencies, and a sales mix with a relatively high proportion of ALK-branded products with high margins. Capacity costs to R&D, Sales & Marketing, and Administration increased by 22% in local currencies to DKK 1,408 million (1,167) following significant investments in current and future growth drivers. R&D expenses increased by 17% to DKK 319 million (275), mainly reflecting increasing costs linked to the peanut tablet clinical development and pre-clinical development projects. Sales & Marketing expenses increased by 25% to DKK 889 million (724), driven by the ongoing efforts to support launches of paediatric tablets and neffy®, including additional sales resources and dedicated marketing campaigns. Administrative costs of DKK 200 million (168) increased by 19% reflecting a generally high activity level supporting the development of the business. EBIT (operating profit) improved by 20% in local currencies to DKK 1,015 million (844), corresponding to an EBIT margin of 28% (28%). The development reflected an improved gross margin offset by a slightly higher capacity cost-to-revenue ratio of 39% (38%). Exchange rates had limited impact on EBIT growth. Net financials showed a gain of DKK 20 million (a loss of 21) related to interest income and currency gains. Tax on the profit totalled DKK 259 million (206), and the net profit increased to DKK 776 million (617). Cash flow from operating activities increased to DKK 1,050 million (709) mainly driven by higher earnings and changes in working capital. Cash flow from investing activities was DKK minus 161 million (minus 163) reflecting the continued build-up of capacity for tablet production, upgrades to legacy production, strengthening of the supply chain for anaphylaxis, as well as milestone payments. Free cash flow was positive at DKK 889 million (positive at 546). Cash flow from financing activities amounted to DKK minus 397 million (minus 608), mainly related to dividend payments of DKK 355 million. At the end of June, ALK held 944,828 of its own shares or 0.4% of the share capital. The decrease of 0.2 percentage points compared to year-end and the end of June 2025 is due to the settlement of share option and performance share programmes. Equity totalled DKK 6,942 million (5,847) at the end of June, and the equity ratio was 71% (71%). OUTLOOK FOR 2026 The full-year revenue outlook has been updated reflecting a strong underlying momentum for tablet sales and reduced risks associated with price and rebate adjustments in 2026.
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Page 7 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Revenue is now expected to grow by 14-16% (previously 13-16%) in local currencies, based on growth across all sales regions and product lines. The EBIT margin is still expected at around 26%. ALK’s long-term financial ambitions remain unchanged. The outlook is based on the following assumptions: Revenue Topline growth will predominantly be volume-driven, as ALK expects to treat more patients with AIT and anaphylaxis products. Tablet sales are expected to grow by double digits across regions, fuelled by the continued expansion of prescriber and patient bases with children and adolescents projected to account for a higher share of sales. Combined SCIT/SLIT drop sales are anticipated to grow by single digits, while sales of Anaphylaxis & other products are expected to grow by low double digits with a modest contribution from neffy®. As usual, the timing of product shipments to China and Japan may lead to quarterly fluctuations in revenue. Margins and costs The gross margin is now expected to be slightly higher than last year (67% in 2025). The margin will benefit from favourable volume/mix changes, especially higher tablet sales in Europe. This will partly be offset by growth in partner-related revenue at lower margins in the remainder of the year, primarily product shipments to Japan and China, as well as neffy® sales. Capacity costs are still projected to increase and their ratio to revenue is expected to be slightly higher compared to last year as ALK reinvests the benefits of increased scale into key strategic growth opportunities. R&D expenses are planned to increase in support of pre-clinical and clinical programmes and expected to slightly exceed 10% of revenue. Other assumptions The outlook does not include revenue from and/or payments to new partnerships, in-licensing activities, or acquisitions. Changes to international tariff agreements are not expected to materially impact growth or earnings. The impact from increasing energy prices and transportation costs on gross margin and capacity cost is expected to be modest in 2026. CAPEX is projected at around DKK 400 million, as ALK expands capacity for tablet production, upgrades legacy production, and strengthens the supply chain for anaphylaxis. The build-up of inventories is broadly assumed in line with revenue growth. Free cash flow is expected to be positive and now slightly exceed DKK 1,000 million. No non-recurring costs for optimisation and prioritisation initiatives are planned The outlook is based on current exchange rates, resulting in an immaterial impact on reported revenue growth and EBIT. RISK FACTORS This report contains forward-looking statements, including forecasts of future revenue, operating profit, and cash flows as well as expected business-related events. Such statements are subject to risks and uncertainties, as various factors, some of which are outside ALK's control, may cause actual results and performance to differ materially from the forecasts made. Such factors include, but are not limited to, consequences of pandemics, general economic and business-related conditions including legal issues, uncertainty relating to demand, pricing, reimbursement rules, partners’ plans and forecasts, fluctuations in exchange rates, competitive factors, reliance on suppliers, and tariffs. Additional factors include the risks associated with the sourcing and manufacturing of ALK’s products, as well as the potential for side effects from the use of ALK’s products, as allergy immunotherapy may be associated with allergic reactions of differing extent, duration, and severity. Please refer to the Annual Report’s Risk management section on pages 25-28.
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Page 8 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 R&D PIPELINE ALK maintains focus on broadening its core business within respiratory allergies and gradually expanding into the wider allergy field, including anaphylaxis, food allergy, and new adjacent disease areas. FINANCIAL CALENDAR ALK has updated its financial calendar for 2026 as follows: Silent period 20 October 2026 Nine-month interim report (Q3) 2026 17 November 2026 (previously scheduled for 18 November 2026)
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Page 9 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 STATEMENT BY MANAGEMENT The Board of Directors and Board of Management today considered and approved the interim report of ALK-Abelló A/S for the period 1 January to 30 June 2026. The interim report has not been audited or reviewed by the company's independent auditor. The consolidated interim report has been prepared in accordance with IAS 34 'Interim financial reporting' and additional Danish disclosure requirements for the presentation of quarterly interim reports by listed companies. In our opinion, the interim report gives a true and fair view of the ALK Group's assets, equity and liabilities, financial position, results of operations and cash flow for the period 1 January to 30 June 2026. We further consider that the Management review in the preceding pages gives a true and fair statement of the development in the ALK Group's activities and business, the profit for the period and the ALK Group's financial position as a whole, and a description of the most significant risks and uncertainties to which the ALK Group is subject. Besides what has been disclosed in the interim report, no changes in the ALK Group’s most significant risks and uncertainties have occurred relative to what was disclosed in the consolidated annual report 2025. Hørsholm, 20 August 2026 Board of Management Peter Halling President & CEO Claus Steensen Sølje CFO & Executive Vice President Board of Directors Anders Hedegaard Chair Lene Skole Vice Chair Gitte Aabo Katja Barnkob Nanna Rassov Carlson Lars Holmqvist Jesper Høiland Bertil Lindmark Alan Main Lise Lund Mærkedahl Johan Smedsrud
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Page 10 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 INCOME STATEMENT FOR THE ALK GROUP Q2 2026 Q2 2025 Amounts in DKKm H1 2026 H1 2025 1,795 1,527 Revenue 3,566 3,049 600 532 Cost of sales 1,143 1,038 1,195 995 Gross profit 2,423 2,011 168 146 Research and development expenses 319 275 473 385 Sales and marketing expenses 889 724 109 89 Administrative expenses 200 168 445 375 Operating profit (EBIT) 1,015 844 7 (25) Net financial items 20 (21) 452 350 Profit before tax (EBT) 1,035 823 113 87 Tax on profit 259 206 339 263 Net profit 776 617 Earnings per share (EPS) 1.5 1.2 Earnings per share (EPS) 3.5 2.8 1.5 1.2 Earnings per share (DEPS), diluted 3.5 2.8 STATEMENT OF COMPREHENSIVE INCOME Q2 2026 Q2 2025 Amounts in DKKm H1 2026 H1 2025 339 263 Net profit 776 617 Other comprehensive income Items that will subsequently be reclassified to the income statement, when specific conditions are met: 16 (114) Foreign currency translation adjustment of foreign affiliates 52 (165) 355 149 Total comprehensive income 828 452
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Page 11 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 CASH FLOW STATEMENT FOR THE ALK GROUP Amounts in DKKm H1 2026 H1 2025 Net profit 776 617 Adjustments for non-cash items (note 3) 440 377 Changes in working capital (57) (200) Financial income, received 15 62 Financial expenses, paid (9) (32) Income taxes, paid (net) (115) (115) Cash flow from operating activities 1.050 709 Investments in intangible assets (67) (57) Investments in tangible assets (93) (106) Investments in other financial assets (1) - Cash flow from investing activities (161) (163) Free cash flow 889 546 Dividend paid to shareholders of the parent (net) (355) - Sale of treasury shares 6 - Exercised share options, paid (19) (7) Repayment of lease liabilities (21) (32) Proceeds from borrowings - 671 Repayment of borrowings (8) (1.240) Cash flow from financing activities (397) (608) Net cash flow 492 (62) Cash beginning of year 1.240 589 Unrealised gains/(losses) on cash held in foreign currency and financial assets carried as cash 4 (18) Net cash flow 492 (62) Cash end of period 1.736 509 The consolidated statement of cash flow is compiled using the indirect method. As a result, the individual figures in the cash flow statement cannot be reconciled directly to the income statement and the balance sheet.
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Page 12 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 BALANCE SHEET - ASSETS FOR THE ALK GROUP Amounts in DKKm 30 Jun 2026 30 Jun 2025 31 Dec 2025 Non-current assets Intangible assets Goodwill 457 455 455 Other intangible assets 1,320 1,342 1,310 1,777 1,797 1,765 Tangible assets Land and buildings 1,003 1,074 1,005 Plant and machinery 643 676 663 Other fixtures and equipment 68 76 72 Property, plant and equipment in progress 587 423 524 2,301 2,249 2,264 Other non-current assets Prepayments and securities 73 30 48 Deferred tax assets 393 626 353 Income tax receivables 106 120 133 572 776 534 Total non-current assets 4,650 4,822 4,563 Current assets Inventories 1,834 1,718 1,783 Trade receivables 1,138 987 1,093 Receivables from group companies - - 118 Income tax receivables 41 12 8 Other receivables 148 103 120 Prepayments 178 121 132 Cash 1,736 509 1,240 Total current assets 5,075 3,450 4,494 Total assets 9,725 8,272 9,057
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Page 13 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 BALANCE SHEET - EQUITY AND LIABILITIES FOR THE ALK GROUP Amounts in DKKm 30 Jun 2026 30 Jun 2025 31 Dec 2025 Equity Share capital 111 111 111 Currency translation adjustment (51) (100) (103) Proposed dividend - - 355 Retained earnings 6,882 5,836 6,082 Total equity 6,942 5,847 6,445 Liabilities Non-current liabilities Mortgage debt 143 159 151 Pensions and similar liabilities 246 255 244 Lease liabilities 219 256 204 Provisions 2 1 1 Deferred tax liabilities 254 - 238 Deferred income 274 42 277 Income tax payables 177 173 168 1,315 886 1,283 Current liabilities Mortgage debt 17 17 17 Bank loans - 112 - Trade payables 189 131 140 Lease liabilities 43 48 46 Deferred income 10 7 11 Provisions 25 17 20 Income tax payables 75 174 39 Other payables 1,109 1,033 1,056 1,468 1,539 1,329 Total liabilities 2,783 2,425 2,612 Total equity and liabilities 9,725 8,272 9,057
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Page 14 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Amounts in DKKm Share capital Currency translation adjustment Retained earnings Proposed dividend Total equity Equity at 1 January 2026 111 (103) 6,082 355 6,445 Net profit - - 776 - 776 Other comprehensive income - 52 - - 52 Total comprehensive income - 52 776 - 828 Share-based payments - - 26 - 26 Share options settled - - (19) - (19) Dividend, gross - - - (357) (357) Dividend on treasury shares - - - 2 2 Sale of treasury shares - - 6 - 6 Tax related to items recognised directly in equity - - 11 - 11 Other transactions - - 24 (355) (331) Equity at 30 June 2026 111 (51) 6,882 - 6,942 Equity at 1 January 2025 111 65 5,197 - 5,373 Net profit - - 617 - 617 Other comprehensive income - (165) - - (165) Total comprehensive income - (165) 617 - 452 Share-based payments - - 25 - 25 Share options settled - - (7) - (7) Tax related to items recognised directly in equity - - 4 - 4 Other transactions - - 22 - 22 Equity at 30 June 2025 111 (100) 5,836 - 5,847 EQUITY FOR THE ALK GROUP
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Page 15 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 NOTES 1 ACCOUNTING POLICIES This non-audited interim report for the first six months of 2026 has been prepared in accordance with IAS 34 and the additional Danish regulations for the presentation of quarterly interim reports by listed companies. The Interim report for the first six months of 2026 follows the same accounting policies as the annual report for 2025, except for new, amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the accounting period beginning on 1 January 2026. These IFRSs have not had any impact on the Group’s interim report. 2 REVENUE AND SEGMENT INFORMATION Amounts in DKKm H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 SLIT-tablets 1,516 1,189 163 142 338 357 2,017 1,688 SCIT/SLIT-drops 788 759 167 177 126 45 1,081 981 Anaphylaxis & other products 224 167 224 196 20 17 468 380 Total revenue 2,528 2,115 554 515 484 419 3,566 3,049 Sale of goods 3,482 2,991 Royalties 44 51 Services 40 7 Total revenue 3,566 3,049 Growth, H1 2026 Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) SLIT-tablets 27% 28% 21% 15% -4% -5% 20% 19% SCIT/SLIT-drops 3% 4% 0% -6% 190% 180% 11% 10% Anaphylaxis & other products 35% 34% 22% 14% 24% 18% 28% 23% Total revenue 19% 20% 14% 8% 17% 16% 18% 17% Total Europe America markets Geographical markets (based on customer location): o Europe comprises the EU, the UK, Norway and Switzerland o North America comprises the USA and Canada o International Markets comprise Japan, China and all other countries Total International North International North AmericaEurope markets
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Page 16 of 16 Company release No 12/2026 – 20 August 2026 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 2 REVENUE AND SEGMENT INFORMATION (CONTINUED) Amounts in DKKm Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 SLIT-tablets 728 570 86 76 199 185 1,013 831 SCIT/SLIT-drops 366 350 87 89 62 42 515 481 Anaphylaxis & other products 132 104 123 104 12 7 267 215 Total revenue 1,226 1,024 296 269 273 234 1,795 1,527 Sale of goods 1,756 1,497 Royalties 21 24 Services 18 6 Total revenue 1,795 1,527 Grow th, Q2 2026 Organic grow th local currencies Grow th (reported) Organic grow th local currencies Grow th (reported) Organic grow th local currencies Grow th (reported) Organic growth local currencies Growth (reported) SLIT-tablets 27% 28% 17% 13% 9% 8% 22% 22% SCIT/SLIT-drops 4% 5% 0% -2% 49% 48% 7% 7% Anaphylaxis & other products 28% 27% 22% 18% 65% 71% 26% 24% Total revenue 19% 20% 13% 10% 18% 17% 18% 18% North International Geographical markets (based on customer location): o Europe comprises the EU, the UK, Norway and Switzerland o North America comprises the USA and Canada o International markets comprise Japan, China and all other countries North International Total Total Europe America markets Europe America markets 3 ADJUSTMENTS FOR NON-CASH ITEMS Amounts in DKKm H1 2026 H1 2025 Tax on profit 259 206 Financial income and expenses (20) 21 Share-based payments 26 25 Depreciation, amortisation and impairment 170 146 Other adjustments 5 (21) Total 440 377