Interim report
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FINANCIAL STATEMENTS – NOTES 1 ALM. BRAND GROUP – Q3 2026 ALM. BRAND GROUP Interim report Q3 2026 Alm. Brand A/S | Midtermolen 7 | DK-2100 Copenhagen Ø CVR no. 77 33 35 17
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2 ALM. BRAND GROUP – Q3 2026CONTENTS Contents Management’s review Interim financial statements 1203 26 Company information 12 Income statement 13 Statement of comprehensive income 14 Balance sheet 16 Statement of changes in equity 17 Cash flow statement 18 Segment reporting 20 Notes 03 Financial highlights and key ratios 04 Alm. Brand Group 07 Insurance service result Statement by the Board of Directors and the Executive Board 11
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3 ALM. BRAND GROUP – Q3 2026FINANCIAL HIGHLIGHTS AND KEY RATIOS – NON-LIFE INSURANCE DKKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Insurance revenue 3,054 3,006 8,982 8,814 11,790 Claims expenses 1,715 1,880 -6,003 -5,940 -7,691 Insurance operating expenses -492 -475 -1,526 -1,499 -2,009 Profit/loss on reinsurance -92 -116 -254 17 -177 Insurance service result 755 535 1,199 1,392 1,913 Investment return -76 66 96 264 337 Other income and expenses -135 -149 -388 -511 -665 Profit/loss before tax, continuing operations 544 452 907 1,145 1,585 Tax, continuing activities -147 -125 -254 -310 -413 Profit/loss after tax, continuing activities 397 327 653 835 1,172 Profit/loss after tax, discontinued operations 0 0 0 181 181 Profit after tax 397 327 653 1,016 1,353 Run-off gains/losses, net of reinsurance 124 38 -323 128 114 Gross claims ratio 56.2 62.6 66.8 67,4 65.2 Net reinsurance ratio 3.0 3.8 2.8 -0.2 1.5 Claims ratio 59.2 66.4 69.6 67.2 66.7 Gross expense ratio 16.1 15.8 17.0 17.0 17.0 Combined ratio 75.3 82.2 86.6 84.2 83.7 Combined ratio excluding run-off result 79.4 83.5 83.1 85.7 84.7 DKKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Technical provisions 17,233 16,861 17,233 16,861 16,084 Insurance assets 507 591 507 591 485 Total consolidated equity 11,215 12,204 11,215 12,204 12,368 Total assets 32,168 32,774 32,168 32,774 32,022 Return on equity before tax, continuing activities (% p.a.) *) 24.4 18.5 10.7 12.4 12.9 Return on equity before tax (% p.a.) **) 24.4 18.5 13.7 21.1 20.5 Return on equity after tax (% p.a. ) **) 18.0 13.6 10.0 14.4 14.4 Earnings per share 0.29 0.23 0.47 0.70 0.94 Diluted earnings per share 0.29 0.23 0.47 0.70 0.93 Earnings per share, basis for distribution 0.34 0.28 0.98 0.89 1.00 Net asset value per share 8.5 8.9 8.5 8.9 9.0 Share price, end of period 16.2 17.7 16.2 17.7 18.9 Price/NAV 1.90 2.00 1.90 2.00 2.10 Average no. of shares (in millions) 1,363 1,427 1,383 1,449 1,441 Average no. of shares, diluted (in millions) 1,367 1,429 1,385 1,465 1,460 No. of shares, end of period, diluted (in millions) 1,361 1,424 1,361 1,424 1,414 No. of shares bought back (in thousands) 9,785 10,193 63,391 85,027 95,355 Avg. price of shares bought back 16.9 18.1 15.8 16.1 16.3 Dividend per share - - - - 0.66 Payout ratio (%) - - - - 98 INCOME STATEMENT BALANCE SHEET FINANCIAL RATIOS Alm. Brand Group *) The calculation of return on equity is based on the profit before tax on continuing activities. In addition, adjustments are made for amortisation of intangible assets presented in “Other income and ex- penses”. For FY 2025 and prior years, adjustments have also been made for integration costs. **) The return on equity is calculated for the group’s consolidated profit adjusted for amortisation of intangible assets presented in “Other income and expenses”. For FY 2025 and prior years, adjustments have also been made for integration costs.
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4 ALM. BRAND GROUP – Q3 2026ALM. BRAND GROUP Alm. Brand Group Q3 PERFORMANCE In Q3 2026, Alm. Brand Group reported an insurance service result of DKK 755 million, against DKK 535 million in Q3 2025. The insurance service result was the highest to date and reflected an improved claims ratio, partly offset by a slightly higher expense ratio relative to Q3 2025. Insurance revenue was DKK 3,054 million (Q3 2025: DKK 3,006 million1), reflecting a premium growth of 1.6% driv- en by growth of 4.7% in Personal Lines. Commercial Lines reported a decline of 1.8%, reflecting continued underwrit- ing discipline and focus on profitability in a continued soft market for workers’ compensation, alongside measures to reduce volatility among larger commercial clients. Excluding workers’ compensation and industrial customers, the Com- mercial portfolio reported growth of 2.7%. Major claims expenses improved to 2.4% in Q3 2026 from 6.3% in the same period last year, corresponding to an im- provement of 3.9 percentage points. Weather-related claims expenses improved by 1.8 percentage points to 2.0% in Q3 2026. The run-off result was 4.0% in Q3 2026, up 2.7 per- centage point year-on-year. The change in the risk adjustment resulted in a small loss of 0.3% in Q3 2026, reflecting a year-on-year deterioration of 1.9 percentage points against Q3 2025. The development was almost entirely driven by a one-off effect in Q3 2025 related to the expansion of the partial internal model to include Codan’s insurance activities. The undiscounted underlying claims ratio improved by 0.5 percentage points compared to Q3 2025, driven by profit- ability measures and strategic initiatives beginning to take effect, partly offset by the workers’ compensation ruling and a stochastically benign Q3 last year. The expense ratio increased modestly to 16.1% in Q3 2026 from 15.8% in the prior-year period. The movement reflects normal quarterly fluctuations. Alm. Brand Group continues to maintain a strong focus on disciplined cost control. Alm. Brand Group reported a combined ratio of 75.3, which was 6.9 percentage points lower than in Q3 2025. The strong performance was driven by a low level of major and weather claims as well as run-off gains. The investment result amounted to a loss of DKK 76 million in Q3 2026, against a profit of DKK 66 million in Q3 2025, mainly due to a rise in interest rates. The Group’s investment portfolio remains well diversified with a low risk profile. Other income and expenses amounted to a net loss of DKK 135 million, including DKK 51 million in Group costs and DKK 84 million related to the amortisation of intangible assets. This compares with a net loss of DKK 149 million in Q3 2025, where the higher cost level was mainly driven by the inte- gration of Codan. As a result, Alm. Brand Group reported a consolidated pre- tax profit of DKK 544 million in Q3 2026, against DKK 452 million in Q3 2025. Q1-Q3 PERFORMANCE Alm. Brand Group reported an insurance service result of DKK 1,199 million for Q1-Q3 2026, or DKK 1,899 million ex- cluding the one-off charge relating to the workers’ compen- sation ruling recorded in Q2 2026, against DKK 1,392 million in the year-earlier period. The development reflected an improved underlying claims ratio in both Personal and Com- mercial lines, lower weather claims and major claims as well as higher run-off gains adjusted for the ruling. Insurance revenue increased to DKK 8,982 million for the first nine months of 2026 from DKK 8,814 million for Q1-Q3 2025, corresponding to growth of 1.9%. The increase was driven by satisfactory premium growth in Personal Lines of 5.4%, while Commercial Lines experienced a decrease of 2.0%, primarily due to the continued focus on improv- ing profitability in an increasingly soft market for workers’ compensation and efforts to reduce volatility among larger Commercial clients. Excluding workers’ compensation and industrial customers, the Commercial portfolio reported premium growth of 1.9% for Q1-Q3 2026. The undiscounted underlying claims ratio was 61.6 for Q1-Q3 2026, down by 1.3 percentage points from 62.9 for Q1-Q3 2025. The positive movement was driven in particular by favourable developments in Commercial lines, but also Per- sonal Lines. The improvement was especially driven by the implemented profitability initiatives and lower reinsurance costs, as well as a stochastically lower level of property claims in H1 2026. Highest insurance service result to date, driven by a low level of weather and major claims as well as run-off gains 1) Figures in brackets represent historical comparisons with Q3 2025.
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5 ALM. BRAND GROUP – Q3 2026ALM. BRAND GROUP The expense ratio was 17.0 for the first nine months of 2026 and was unchanged compared with the year-earlier period. The development was in line with the planned trajectory. The combined ratio was 86.7 against 84.2 for Q1-Q3 2025. The result for Q1-Q3 2026 was impacted by the one-off charge relating to the workers’ compensation ruling. Adjust- ing for this one-off impact, the combined ratio was a very satisfactory 78.9. The positive development was driven by a lower underlying claims ratio, lower weather and major claims as well as run off gains when adjusted for the one-off charge relating to the ruling. The investment result was a profit of DKK 96 million for Q1- Q3 2026, against DKK 264 million for the year-earlier period. The result was achieved despite several major events, geo- political turmoil and rising interest rates affecting financial markets. Other income and expenses came to a net loss of DKK 388 million, consisting of DKK 136 million in Group costs and a total of DKK 252 million relating to amortisation of intangi- ble assets. Group costs included termination benefits in the amount of DKK 20 million related to the change in executive management in Q1 2026. This compares to DKK 511 million in Q1-Q3 2025, where the higher cost level was mainly driven by the integration of Codan. Alm. Brand Group thus generated a pre-tax profit of DKK 907 million. Excluding the one-off charge, pre-tax profit was DKK 1,607 million compared with DKK 1,145 million in the same period last year. CAPITALISATION The solvency capital requirement for the group was DKK 1,970 million on 30 September 2026, calculated using the group’s partial internal model, against DKK 1,982 million on 30 June 2026. The own funds were DKK 4,685 million on 30 September 2026. The own funds were favourably affected by Q3 earn- ings but also partly offset by a DKK 94 million reduction of tier 2 capital following the call of Tier 2 capital notes. Immediately following the balance sheet date, the Group issued DKK 100 million of Tier 2 capital through a private placement, restoring the utilisation of the Group’s Tier 2 target range. The excess cover relative to the solvency capital require- ment was DKK 2,715 million. The group’s own funds are assessed to be sufficiently robust to manage the risks asso- ciated with its activities. On 30 September 2026, Alm. Brand Group thus had a sol- vency ratio of 238%. Alm. Brand Group aims to have a solvency ratio of at least 180% going forward and will, with due consideration to this target, be able to distribute a high proportion of future earn- ings to its shareholders. As a result, Alm. Brand Group has specified a payout ratio of at least 80% in its distribution policy and expects the distribution in the coming years to be a combination of dividend payments and share buybacks. Capitalisation DKKm Q3 2026 Q2 2026 Total capital for the group 4,685 4,465 Solvency capital requirement for the group 1,970 1,982 Solvency capital requirement excess 2,715 2,483 Total capital as a percentage of solvency capital requirement 238 225
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6 ALM. BRAND GROUP – Q3 2026ALM. BRAND GROUP OUTLOOK FOR 2026 As stated in company announcement no. 54/2026, Alm. Brand Group increased its full-year guidance for the insur- ance service result by DKK 250 million to DKK 1.5-1.6 billion excluding run-offs for Q4, from previously DKK 1.2-1.4 billion. The increase was driven by low major claims and weather claims as well as run-off gains. The guidance for an expense ratio of about 17% is un- changed, while the combined ratio is expected to be 86.5- 87.5, against the previously guided range of 88-90. The investment result is expected to be DKK 150 million, against previously DKK 250 million. Accordingly, Alm. Brand Group expects to report a pre-tax profit before other income and expenses for 2026 of DKK 1.65-1.75 billion. The guidance for other income and expenses, is increased by DKK 50 million to a total expense of approximately DKK 0.55 billion. The increase is driven by a non-recurring cost of DKK 40 million related to the organisational alignment and reduction in headcount, as also described under ‘Subse- quent events’. The cost will be recognised in Q4 under ‘Other income and expenses’. MAJOR EVENTS Strengthening of top-management and appointment of new CFO To strengthen the link between Group Executive Manage- ment and the day-to-day business, and to further enhance execution capabilities in delivering on the 2028 strategy, Group Executive Management was expanded to include five areas: • Operations – COO, Bo Krag Esbensen • Corporates & Portfolio – CCO Corporates & Portfolio, Camilla Amstrup • Retail – CCO Retail, Kim Bai Wadstrøm (new member of GEM) • Finance & Strategy – CFO, Iason H. Johannessen (new member of GEM) • Group Functions – CEO, Andreas Ruben Madsen As a new element, Group Executive Management will include two commercial areas. Corporates & Portfolio will serve large corporate customers and be responsible for portfolio management, product development and pricing across the Group. Retail will serve personal and SME customers. In connection with the new structure, Alm. Brand Group announced on 25 August 2026 the appointment of Iason H. Johannessen as Chief Financial Officer (CFO) and member of Group Executive Management, effective 1 December 2026. OTHER EVENTS Arbitration proceedings At the beginning of 2026, Gard Marine & Energy Insurance (Europe) AS initiated arbitration proceedings against Alm. Brand concerning the calculation of the purchase price re- lated to the sale of the Energy & Marine business (discontin- ued operations). In Q3 2026, the gross claim was increased to around DKK 800 million. The management of Alm. Brand continues to regard the claim as unfounded and therefore does not expect the proceedings to have a significant financial impact on Alm. Brand. SUBSEQUENT EVENTS Private placement of Tier 2 debt On 1 October 2026, Alm. Brand issued an additional DKK 100 million Tier 2 private placement with a maturity date of 8 October 2056 and a coupon of 3M CIBOR + 1.40%. The issu- ance was undertaken to fully utilise the potential within Alm. Brand Group’s Tier 2 target range. Organisational alignment In order to create a more efficient group, strengthen com- petitiveness and reduce the Group’s cost level, Alm. Brand Group will reduce its workforce by 85 positions in October, consisting of 55 redundancies and 30 discontinued positions.
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7 ALM. BRAND GROUP – Q3 2026NON-LIFE INSURANCE Insurance service result Q3 PERFORMANCE Alm. Brand Group reported an insurance service result of DKK 755 million in Q3 2026, compared with DKK 535 million in the same period last year, marking the highest result to date. The insurance service result reflected an improved underlying claims ratio, lower major claims and weather claims as well as higher run-off gains. However, the devel- opment was also adversely affected by the change in risk adjustment, which deteriorated by 1.9 percentage points due to a one-off effect from the expansion of the partial internal model that benefited the risk adjustment in Q3 2025. The combined ratio improved to 75.3 in Q3 2026 from 82.2 in Q3 2025. The development in the undiscounted underlying claims ratio was favourable, improving by 0.5 percentage points relative to Q3 2025. Weather-related claims expenses de- creased by 1.8 of a percentage point and were thus below the guided range for Q3 and the year-earlier period. Major claims expenses developed favourably, improving by 3.9 percentage points year-on-year and remaining well be- low the normalised level of approximately 6% of insurance revenue. The run-off result was a gain of DKK 124 million in Q3 2026, corresponding to 4.0% of the total premiums. In addition, the change in risk adjustment resulted in a loss of 0.3 percentage points in Q3 2026, compared with a gain of 1.6 percentage points in the same period last year. This reflected a one-off effect from the expansion of the partial internal model recognised in Q3 2025. Insurance revenue Insurance revenue in Alm. Brand Group grew by a total of 1.6%, from DKK 3,006 million in Q3 2025 to DKK 3,054 mil- lion in Q3 2026, reflecting a satisfactory growth of 4.7% in Personal Lines, driven by premium adjustments to mitigate claims inflation and customer inflow through bank partner- ships. Commercial Lines reported a decline of 1.8% com- pared with Q3 2025, primarily reflecting customer churn in workers’ compensation and among large commercial customers. Adjusted for the impact from large commercial customers and workers’ compensation, premium growth amounted to a satisfactory 2.7% in Commercial Lines. Claims ratio The claims ratio improved by 7.2 percentage points from 66.4% in Q3 2025 to 59.2% in Q3 2026 especially due to a lower level of weather and major claims as well as higher run-off gains compared to Q3 2025. Underlying business The undiscounted underlying claims ratio was 60.9 in Q3 2026 compared with 61.4 in the prior-year period, represent- ing an improvement of 0.5 percentage points. The positive underlying development was primarily driven by profitabil- ity-enhancing measures including strategic initiatives be- ginning to take effect. However, the improvement was also partly offset by the workers’ compensation ruling, for which we now have greater clarity, resulting in a negative cur- rent-year impact of approximately 0.4 percentage points on the underlying claims ratio. Additionally, underlying develop- ment was negatively impacted by a stochastically benign Q3 last year. Weather-related claims Weather-related claims expenses decreased by 1.8 percent- age points year-on-year and thereby impacted the combined ratio by 2.0 percentage points. The period was characterised by a seasonally low level of weather-related claims, resulting in claims expenses below the expected seasonal level. As a result, weather-related claims expenses amounted to DKK 61 million against DKK 115 million in Q3 2025. Major claims Major claims amounted to DKK 73 million in Q3 2026 com- pared with DKK 189 million in the same quarter last year. This corresponded to an impact on the combined ratio of 2.4%, down from 6.3% in Q3 2025, and thus well below the expected level of 6%. The year-on-year improvement was primarily attributable to a lower level of building-related claims. Claims ratio Q3 2026 Q3 2025 Change Claims ratio 59.2 66.4 -7.2 Run-off gains/losses, net of reinsurance 4.0 1.3 2.7 Weather-related claims, net of reinsurance -2.0 -3.8 1.8 Major claims, net of reinsurance -2.4 -6.3 3.9 Change in risk adjustment -0.3 1.6 -1.9 Reinstatement premium 0.0 0.0 0.0 Underlying claims ratio, net of reinsurance 58.5 59.2 -0.7 Discounting 2.4 2.2 0.2 Undiscounted underlying claims ratio, net of reinsurance 60.9 61.4 -0.5
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8 ALM. BRAND GROUP – Q3 2026NON-LIFE INSURANCE Run-off result The run-off result net of reinsurance amounted to a gain of DKK 124 million in Q3 2026, corresponding to 4.0 percentage points. The run-off result was composed of run-off gains of DKK 20 million in Personal Lines and DKK 104 million in Commercial Lines, mainly attributable to reserve releases in workers’ compensation and property. Risk adjustment The change in the risk adjustment amounted to a loss of 0.3% in Q3 2026, corresponding to a deterioration of 1.9 percentage points compared with Q3 2025. The year-on-year comparison was affected by a one-off effect following the expansion of the partial internal model to include Codan’s insurance activities, which improved the assessment of the Group’s overall risk exposure. Costs Insurance operating expenses totalled DKK 492 million in Q3 2026, bringing the expense ratio to 16.1, against 15.8 in Q3 2025. The movement reflects normal quarterly fluctuations and Alm. Brand Group remains dedicated to strong cost control and realising further efficiencies. PERSONAL LINES Personal Lines reported an improved insurance service result of DKK 360 million in Q3 2026 against DKK 270 million in Q3 2025. Insurance revenue increased to DKK 1,658 million in Q3 2026 from DKK 1,584 million in Q3 2025, corresponding to a satisfactory growth rate of 4.7%, reflecting customer inflow through bank partnerships and price adjustments to miti- gate claims inflation. The underlying claims ratio improved by 0.8 percentage points to 60.5 in Q3 2026 mainly driven by the strategic initi- atives starting to take effect but also adversely impacted by a stochastically benign Q3 last year. The sum of claims expenses and the reinsurance result was an expense of DKK 1,016 million in total, corresponding to a claims ratio of 61.3 against 66.3 in the prior-year period. The claims ratio improved by 5.0 percentage points, reflecting an improved underlying performance and a low level of major and weather-related claims. Weather-related claims, net of reinsurance, amounted to 1.6% of insurance revenue in Q3 2026 against 4.9% in Q3 2025, reflecting a level below seasonal expectations of weather-related claims. Major claims amounted to DKK 3 million, corresponding to 0.2% of insurance revenue in Q3 2026, and hence below Q3 2025 at DKK 29 million, or 1.8% of insurance revenue. Insurance operating expenses amounted to DKK 282 million in Q3 2026 against DKK 264 million in Q3 2025, resulting in a deterioration in the expense ratio of 0.3 percentage point to 17.0 from 16.7 in Q3 2025. The combined ratio was 78.3 against 83.0 in Q3 2025, re- flecting an improved underlying claims ratio as well as a lower level of weather-related and major claims. The run-off result net of reinsurance amounted to a gain of DKK 19 million or 1.2 percentage points, mainly related to personal accident claims reserves. DKKm Q3 2026 Q3 2025 Change Insurance revenue 1,658 1,584 74 Claims expenses -997 -1,020 23 Insurance operating expenses -282 -264 -18 Profit/loss on reinsurance -19 -30 11 Insurance service result 360 270 90 Run-off gains/losses, net of reinsurance 19 15 4 Gross claims ratio 60,2 64.4 -4.2 Net reinsurance ratio 1.1 1.9 -0.8 Claims ratio 61.3 66.3 -5.0 Gross expense ratio 17.0 16.7 0.3 Combined ratio 78.3 83.0 -4.7 Claims ratio 61.3 66.3 -5.0 Run-off gains/losses, net of reinsurance 1.2 1.0 0.2 Weather-related claims, net of reinsurance -1.6 -4.9 3.3 Major claims, net of reinsurance -0.2 -1.8 1.6 Change in risk adjustment -0.2 0.7 -0.9 Underlying claims ratio, net of reinsurance 60.5 61.3 -0.8 Personal Lines
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9 ALM. BRAND GROUP – Q3 2026NON-LIFE INSURANCE COMMERCIAL LINES Commercial Lines reported an insurance service result of DKK 395 million against DKK 265 million in Q3 2025. The im- proved result was especially driven primarily by a favourable development in major claims and run-off gains, as well as continued positive momentum in the underlying business. Insurance revenue amounted to DKK 1,396 million in Q3 2026 against DKK 1,422 million in Q3 2025, a decrease of -1.8% year-on-year. This should be viewed in the context of improving profitability in a continued soft market for workers’ compensation and the ongoing focus on reducing volatility for large commercial clients. Adjusted for workers’ compensation and industrial customers, the Commercial portfolio reported premium growth of 2.7%. The underlying claims ratio improved by 0.5 percentage points to 56.3 in Q3 2026 against 56.8 in the prior-year period. The favourable development was mainly driven by the effects of implemented profitability-enhancing meas- ures including strategic initiatives and lower reinsurance costs. However, the improvement was also partly offset by the workers’ compensation ruling, for which we now have a clearer view of the current-year implications. This had a negative impact of around 0.9 percentage points on the underlying claims ratio in the quarter for Commercial Lines. Additionally, underlying development was negatively impact- ed by a stochastically benign Q3 last year. Claims expenses and the reinsurance result amounted to DKK 791 million in Q3 2026. The claims ratio improved to 56.7%, compared to 66.5% in Q3 2025. The improvement was especially driven by a lower level of major claims as well as higher run-off gains. Weather-related claims, net of reinsurance, amounted to DKK 35 million in Q3 2026, corresponding to 2.5% of insur- ance revenue, compared with 2.6% in Q3 2025. Major claims, net of reinsurance, amounted to DKK 71 mil- lion, corresponding to 5.1% of insurance revenue. This rep- resents a decrease of 6.2 percentage points against Q3 last year and is well below the expected normal quarterly level for Commercial Lines of 10%. The decrease was primarily driven by fewer property-related losses. Insurance operating expenses totalled DKK 210 million against DKK 211 million in Q3 2025. As a result, the expense ratio increased slightly to 15.0 from 14.8 in the year-earlier period. The combined ratio was 71.7 against 81.3 in Q3 2025, reflect- ing an improved underlying claims ratio, a much lower level of major claims as well as higher run-of gains, but also a worsened change in risk adjustment as Q3 2025 benefitted from a one-off positive effect following the expansion of the partial internal model to include Codan’s insurance activities. The run-off result net of reinsurance amounted to a gain of DKK 105 million or 7.5% of insurance revenue, against DKK 23 million in Q3 last year. The positive result was mainly attributable to reserve releases in workers’ compensation and property. Change in the risk adjustment was 0.3% in Q3 2026, reflect- ing a year-on-year deterioration of 2.9 percentage point. This development was almost entirely attributable to beforemen- tioned one-off relating to the expansion of the partial inter- nal model, which had a one-off positive effect in Q3 2025. DKKm Q3 2026 Q3 2025 Change Insurance revenue 1,396 1,422 -26 Claims expenses -718 -860 142 Insurance operating expenses -210 -211 1 Profit/loss on reinsurance -73 -86 13 Insurance service result 395 265 130 Run-off gains/losses, net of reinsurance 105 23 82 Gross claims ratio 51.5 60.5 -9.0 Net reinsurance ratio 5.2 6.0 -0.8 Claims ratio 56.7 66.5 -9.8 Gross expense ratio 15.0 14.8 0.2 Combined ratio 71.7 81.3 -9.6 Claims ratio 56.7 66.5 -9.8 Run-off gains/losses, net of reinsurance 7.5 1.6 5.9 Weather-related claims, net of reinsurance -2.5 -2.6 0.1 Major claims, net of reinsurance -5.1 -11.3 6.2 Change in risk adjustment -0.3 2.6 -2.9 Reinstatement premium 0.0 0.0 0.0 Underlying claims ratio, net of reinsurance 56.3 56.8 -0.5 Commercial Lines
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10 ALM. BRAND GROUP – Q3 2026NON-LIFE INSURANCE INVESTMENT RESULT The net investment result was a loss of DKK 76 million in Q3 2026 after interest on technical provisions, tier 2 capital costs and administrative expenses. The return on the free portfolio (the portfolio not allocated to the hedging of technical provisions) was DKK -34 million before costs, primarily driven by losses on bonds resulting from rising interest rates. This was partly offset by positive return from other fixed income investments. The return on the hedging portfolio and other items amount- ed to a loss of DKK 20 million before costs. The return on the technical provisions is calculated using the EIOPA (European Insurance and Occupational Pensions Authority) discount curve, including a volatility adjustment (VA) pre- mium. The hedging portfolio is structured to broadly match the sensitivities of the technical provisions, although the volatility adjustment cannot be fully hedged. Administrative expenses amounted to DKK 13 million and the Group’s tier 2 capital costs amounted to DKK 9 million. Total investment assets were DKK 20.4 billion as of 30 September 2026 (DKK 20.0 billion). The portfolio is primar- ily invested in Danish mortgage bonds complemented by other assets, including other fixed income, equities and real estate. Investment return DKKm Q3 2026 Q3 2025 Market value Return Market value Return Bonds etc. 4,809 -54 -1.1% 4,925 50 1.0% Other fixed income 950 18 1.9% 745 -11 -1.5% Equity investments 793 1 0.1% 601 36 5.9% Real estate 365 1 0.4% 360 3 1.0% Total (free portfolio) 6,917 -34 -0.5% 6,631 78 1.2% Hedge portfolio 13,509 -20 13,366 13 Interest, tier 2 capital -9 -14 Administrative expenses related to investment activities -13 -11 Total 20,426 -76 19,997 66
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11 ALM. BRAND GROUP – Q3 2026STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT The Board of Directors and the Executive Board have today considered and approved the interim report of Alm. Brand A/S for the period 1 January to 30 September 2026. The consolidated interim financial statements have been prepared in accordance with IAS 34 “Interim Financial Re- porting” as adopted by the EU. In addition, the condensed interim report has been prepared in accordance with ad- ditional Danish disclosure requirements for listed financial enterprises. The management’s review has been prepared in accordance with the Danish Insurance Business Act. In our opinion, the interim report gives a true and fair view of the group’s assets, liabilities and financial position at 30 September 2026 and of the results of the group’s activities and cash flows for the period 1 January to 30 September 2026. In our opinion, the management’s review contains a fair review of developments in the group’s activities and financial position and fairly describes principal risks and uncertainties that may affect the group. Statement by the Board of Directors and the Executive Board Copenhagen, 28 October 2026 Andreas Ruben Madsen CEO Copenhagen, 28 October 2026 Jais Valeur Chairman Jan Skytte Pedersen Deputy Chairman Anette Eberhard Christian Høegh-Andersen Pia Laub Tina Schmidt Madsen Brian Egested Claus Nexø Jensen Lotte Kathrine Sørensen Board of DirectorsExecutive Board
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FINANCIAL STATEMENTS – NOTES 12 ALM. BRAND GROUP – Q3 2026 Income statement Group Q3 Q3 Q1-Q3 Q1-Q3 FY DKKm Note 2026 2025 2026 2025 2025 Insurance revenue 3,109 3,250 9,175 9,535 13,261 Insurance service expenses -2,305 -2,632 -7,815 -8,236 -11,272 Reinsurance result -92 -116 -254 17 -177 Insurance service result 712 502 1,106 1,316 1,812 Interest income and dividens, ect. 34 44 192 144 265 Value adjustments -341 101 -73 321 380 Interest expenses -19 -16 -50 -74 -179 Other income 8 8 22 22 29 Administrative expenses related to investment activities -39 -41 -137 -155 -213 Total investment return -357 96 -46 258 282 Net finance income/expense from insurance contracts 259 -43 72 -56 -21 Net finance income/expense from reinsurance contracts 0 0 0 1 1 Net investment return -98 53 26 203 262 Other income 43 33 93 79 104 Other expenses -113 -136 -318 -453 -593 Profit/loss before tax 544 452 907 1,145 1,585 Tax -147 -125 -254 -310 -413 Profit/loss after tax, continuing operations 397 327 653 835 1,172 Profit/loss after tax, discontinued operations 0 0 0 181 181 Profit/loss after tax 397 327 653 1,016 1,353 Earnings per share, DKK, continuing operations 0.29 0.20 0.47 0.60 0.80 Diluted earnings per share, DKK, continuing operations 0.29 0.20 0.47 0.60 0.80 Earnings per share, DKK 0.29 0.23 0.47 0.70 0.94 Diluted earnings per share, DKK 0.29 0.23 0.47 0.70 0.93
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FINANCIAL STATEMENTS – NOTES 13 ALM. BRAND GROUP – Q3 2026 Statement of comprehensive income Group Q3 Q3 Q1-Q3 Q1-Q3 FY DKKm 2026 2025 2026 2025 2025 Comprehensive income Profit for the period 397 327 653 1,016 1,353 Items that are or may be reclassified to profit or loss 0 0 0 0 0 Items that will not be reclassified to profit or loss 0 0 0 0 0 Total other comprehensive income 0 0 0 0 0 Comprehensive income 397 327 653 1,016 1,353 Proposed allocation of profit/loss: Proposed dividend 0 0 0 0 933 Additional tier 1 capital holders 5 5 16 18 24 Share attributable to Alm. Brand 392 322 637 998 396 Comprehensive income 397 327 653 1,016 1,353
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FINANCIAL STATEMENTS – NOTES 14 ALM. BRAND GROUP – Q3 2026 Balance sheet Group 30 September 30 September 31 December DKKm Note 2026 2025 2025 Assets Intangible assets 8,982 9,256 9,181 Tangible assets 577 659 624 Investments in associates 137 127 150 Equities 283 251 264 Unit trust units 19,192 18,834 18,330 Bonds 994 994 994 Mortage deeds 194 256 235 Other loans and advances 105 167 105 Other 35 259 23 Investments assets 20,803 20,761 19,951 Reinsurers' share of insurance contract provisions 507 591 485 Current tax assets 0 97 69 Other assets 928 831 955 Cash in hand and demand deposits 234 452 607 Total assets 32,168 32,774 32,022
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FINANCIAL STATEMENTS – NOTES 15 ALM. BRAND GROUP – Q3 2026 Balance sheet Group 30 September 30 September 31 December DKKm Note 2026 2025 2025 Liabilities and equity Share capital 1,405 1,453 1,453 Contingency funds and other provisions etc. 1,092 1,092 1,092 Reserves, retained earnings, ect. 8,321 9,262 8,493 Proposed dividend 0 0 933 Consolidated shareholders' equity 10,818 11,807 11,971 Tier 1 capital 397 397 397 Total consolidated equity 11,215 12,204 12,368 Subordinated debt 1,262 897 897 Provisions for insurance contracts 17,233 16,861 16,084 Pension obligations ect. 18 15 13 Deferred tax liabilities 598 695 628 Other provisions 73 72 73 Provisions 689 782 714 Issued bonds 0 150 150 Payables to credit institutions and central banks 12 3 42 Current tax liabilities 133 0 0 Other payables 1,624 1,877 1,767 Payables 1,769 2,030 1,959 Total liabilities 32,168 32,774 32,022 Note 1 Own shares Note 2 Contingent liabilities, guarantees and lease agreements Note 3 Fair value measurement of financial instruments Note 4 Reconciliation Note 5 Accounting policies Note 6 Financial highlights and key ratios
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FINANCIAL STATEMENTS – NOTES 16 ALM. BRAND GROUP – Q3 2026 Statement of changes in equity Contin- Share- Additional Consoli- Share gency Retained Proposed holders tier 1 dated DKKm capital funds earnings dividend equity capital equity Consolidated equity, 1 January 2025 1,541 1,092 9,469 904 13,006 397 13,403 Changes in equity Q1-Q3 2025: Profit/loss for the period 998 998 18 1,016 Comprehensive income 0 0 998 0 998 18 1,016 Dividend distributed 40 -904 -864 0 -864 Cancellation of treasury shares -88 88 0 0 Interest paid on tier 1 capital 0 0 -18 -18 Purchase and sale of treasury shares -1,333 -1,333 -1,333 Changes in equity -88 0 -207 -904 -1,199 0 -1,199 Consolidated equity, 30 September 2025 1,453 1,092 9,262 0 11,807 397 12,204 Consolidated equity, 1 January 2025 1,541 1,092 9,469 904 13,006 397 13,403 Changes in equity FY 2025: Profit/loss for the year 1,329 0 1,329 24 1,353 Comprehensive income 0 0 1,329 0 1,329 24 1,353 Interest paid on tier 1 capital -24 -24 Proposed dividend -933 933 0 0 Dividend distributed 40 -904 -864 -864 Cancellation of treasury shares -88 88 0 0 Purchase and sale of treasury shares -1,500 -1,500 -1,500 Changes in equity -88 0 -976 29 -1,035 0 -1,035 Consolidated equity, 31 December 2025 1,453 1,092 8,493 933 11,971 397 12,368 Consolidated equity, 1 January 2026 1,453 1,092 8,493 933 11,971 397 12,368 Changes in equity Q1-Q3 2026: Profit/loss for the year 637 637 16 653 Comprehensive income 0 0 637 0 637 16 653 Dividend distributed 8 -933 -925 -925 Cancellation of treasury shares -48 48 0 0 Interest paid on tier 1 capital 0 0 -16 -16 Purchase and sale of treasury shares -865 -865 -865 Changes in equity -48 0 -172 -933 -1,153 0 -1,153 Consolidated equity, 30 September 2026 1,405 1,092 8,321 0 10,818 397 11,215
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FINANCIAL STATEMENTS – NOTES 17 ALM. BRAND GROUP – Q3 2026 Cash flow statement Group Q1-Q3 Q1-Q3 FY Q1-Q3 Q1-Q3 FY DKKm 2026 2025 2025 2026 2025 2025 Cash flows from operating activities Change in financing Insurance revenue 9,442 9,486 11,881 Change in tier capital -16 -18 -24 Insurance service expenses -6,958 -6,700 -9,262 Sale/purchase of treasury shares -865 -1,333 -1,500 Payments concerning reinsurance -358 -490 -578 Dividend distributed -925 -864 -864 Cash flows from insurance activities 2,126 2,296 2,040 Repayment of subordinated debt 362 -400 -400 Change in payables to credit institutions -180 -102 -63 Interest receivable, dividends, etc. 211 153 407 Change in other liabilities 0 13 15 Interest expenses -63 -74 -179 Change in financing -1,624 -2,704 -2,836 Other income and expenses 26 -205 -236 Taxes paid/received -81 -731 -873 Net change in cash and cash equivalents, Cash flows from operating activities, continuing operations -373 142 297 continuing operations 2,219 1,438 1,159 Net change in cash and cash equivalents, Cash flows from operating activities, discontinued operations 0 -102 -102 discontinuing operations 0 -102 -102 Cash flows from operating activities 2,219 1,336 1,057 Cash and cash equivalents, beginning of year 607 412 412 Cash and cash equivalents, end of year 234 452 607 Change in investment placement (net) *) The amount of DKK 1,624 million consists only of cash inflows og outflows. Acquisition of intangible assets, furniture, equipment, etc. -102 -32 -48 Sale/aquisition of equity investments -792 2,165 2,771 Divestment of the Energy & Marine business 0 -765 -765 Sale/repayment of mortgage deeds and loans 42 129 211 Sale/aquisition of bonds -116 -89 -195 Change in investment placement, continuing operations -968 1,408 1,974 Change in investment placement, discontinuing operations 0 0 0 Change in investment placement -968 1,408 1,974
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FINANCIAL STATEMENTS – NOTES 18 ALM. BRAND GROUP – Q3 2026 Segment reporting Q1-Q3 2026 Group Elimi- before IFRS 3 DKKm Personal Commercial Non-life Other nation adjustments adjustments Group Insurance revenue 4,840 4,096 8,936 0 0 8,936 239 9,175 Claims paid -2,947 -3,075 -6,022 0 0 -6,022 -239 -6,261 Net operating expenses -895 -659 -1,554 0 0 -1,554 0 -1,554 Insurance service expenses -3,842 -3,734 -7,576 0 0 -7,576 -239 -7,815 Reinsurance result -56 -198 -254 0 0 -254 0 -254 Insurance service result 942 164 1,106 0 0 1,106 0 1,106 Interest income and dividens, ect. 190 31 -29 192 0 192 Value adjustments -82 9 0 -73 0 -73 Interest expenses -48 -31 29 -50 0 -50 Other income 1 21 0 22 0 22 Administrative expenses related to investment activities -37 -100 0 -137 0 -137 Total investment return 24 -70 0 -46 0 -46 Net finance income/expense from insurance contracts 72 0 0 72 0 72 Net finance income/expense from reinsurance contracts 0 0 0 0 0 0 Net investment return 96 -70 0 26 0 26 Other income 93 0 0 93 0 93 Other expenses -68 -250 0 -318 0 -318 Profit/loss before tax 1,227 -320 0 907 0 907 Tax -326 72 0 -254 0 -254 Profit/loss after tax 901 -248 0 653 0 653
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FINANCIAL STATEMENTS – NOTES 19 ALM. BRAND GROUP – Q3 2026 Segment reporting Q1-Q3 2025 Group Elimi- before IFRS 3 DKKm Personal Commercial Non-life Other nation adjustments adjustments Group Insurance revenue 4,631 4,183 8,814 0 0 8,814 721 9,535 Claims paid -2,978 -2,992 -5,970 0 0 -5,970 -721 -6,691 Net operating expenses -856 -689 -1,545 0 0 -1,545 0 -1,545 Insurance service expenses -3,834 -3,681 -7,515 0 0 -7,515 -721 -8,236 Reinsurance result -88 105 17 0 0 17 0 17 Insurance service result 709 607 1,316 0 0 1,316 0 1,316 Interest income and dividens, ect. 120 69 -45 144 0 144 Value adjustments 306 15 0 321 0 321 Interest expenses -74 -45 45 -74 0 -74 Other income 0 22 0 22 0 22 Administrative expenses related to investment activities -33 -122 0 -155 0 -155 Total investment return 319 -61 0 258 0 258 Net finance income/expense from insurance contracts -56 0 0 -56 0 -56 Net finance income/expense from reinsurance contracts 1 0 0 1 0 1 Net investment return 264 -61 0 203 0 203 Other income 76 3 0 79 0 79 Other expenses -203 -250 0 -453 0 -453 Profit/loss before tax 1,453 -308 0 1,145 0 1,145 Tax -391 81 0 -310 0 -310 Profit/loss after tax, continuing operations 1,062 -227 0 835 0 835 Profit/loss after tax, discontinued operations *) 700 -519 0 181 0 181 Profit/loss after tax 1,762 -746 0 1,016 0 1,016 *) Profit from discontinued operations of DKK 181 million after tax includes activities related to Energy & Marine business.
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FINANCIAL STATEMENTS – NOTES 20 ALM. BRAND GROUP – Q3 2026 Notes Group 30 September 30 September FY DKKm 2026 2025 2025 Note 1 Treasury shares Nominal value, beginning of year 41 37 37 Acquired during the year 57 85 95 Sold during the year -2 -2 -3 Cancellation of treasury shares -48 -88 -88 Nominal value, end of year 48 32 41 *) Ultimo 2021 er omregnet til stykstørrelse 1 kr. Holding number of shares ('000), beginning of year 40,831 36,977 36,977 Additions, number of shares 57,157 84,820 95,177 Disposals, number of shares -2,372 -2,317 -3,183 Cancellation of treasury shares -48,000 -88,140 -88,140 Holding number of shares ('000), end of year 47,616 31,340 40,831 Percentage of share capital, end of year 3.4% 2.2% 2.8% Note 2 Contingent liabilities, guarantees and lease agreements Contractual obligation 2,204 1,973 2,238 The Alm. Brand Group is contractually obliged to pay rent of DKK 225 million over the next five years. The obligation is recognised in Other liabilities as a lease obligation. The companies of the group have undertaken to participate in investing in unlisted securities at an amount of DKK 1,740 million. At the beginning of 2026, Gard Marine & Energy Insurance (Europe) AS initiated arbitration proceedings against Alm. Brand concerning the calculation of the purchase price related to the sale of the Energy & Marine business (discontinued operations). The management of Alm. Brand continues to regard the claim as unfounded and therefore does not expect the proceedings to have a significant financial impact on Alm. Brand.
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FINANCIAL STATEMENTS – NOTES 21 ALM. BRAND GROUP – Q3 2026 Notes 30 September 2026 31 December 2025 DKKm Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Note 3 Fair value measurement of financial instruments Financial assets Loans and advances 0 0 105 105 0 0 105 105 Bonds 0 994 0 994 0 994 0 994 Shares 269 0 14 283 250 0 14 264 Unit trust units 16,945 0 2,247 19,192 16,196 0 2,134 18,330 Other assets 0 71 0 71 0 48 0 48 Total financial assets 17,214 1,065 2,366 20,645 16,446 1,042 2,253 19,741 Financial liabilities Subordinated debt 0 0 1,262 1,262 0 0 1,294 1,294 Issued bonds 0 0 0 0 0 0 150 150 Other payables 0 347 0 347 0 285 0 285 Total financial liabilities 0 347 1,262 1,609 0 285 1,444 1,729 The fair value is the price obtained in a sale of an asset or paid for transferring a liability in an arm’s length transaction at the time of measurement. The fair value may be identical to the net asset value if the net asset value is calculated on the basis of underlying assets and liabilities measured at fair value. There are three levels of fair value measurement: Level 1 is based on quoted (unadjusted) prices in active markets. Level 2 is used where no quoted price is available but where the use of another official price is deemed to best reflect the fair value. In the case of listed securities for which the closing price does not represent fair value, valuation techniques or other observable data are used to determine fair value. Depending on the nature of the asset or liability, these may be calculations based on underlying parameters such as yields, exchange rates and volatility or with reference to transaction prices for similar instruments. Level 3 is used for financial assets and liabilities the valuation of which cannot be based on observable market prices. These include investments in a number of private equity funds and shares, which are primarily measured at equity value calculated at the fair value of the fund’s assets and liabilities. Private equity funds cover externally managed, unlisted real estate and credit funds. The process for recognising fair values has been structured so that effective segregation of duties has been set up between the departments in the group that report, monitor and effect the trans- actions. Reconciliation procedures have been set up for the purpose of identifying material discrepancies across the various reports and source systems used. Transfer between the categories of the fair value hierarchy is only effected in case of changes to available data for use in measurement. The portfolio is reviewed on an ongoing basis to identify any changes in available data and any other changes which may have prompted recategorisation. There were no transfers between categories in the fair value hierarchy in 2025 or 2026.
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FINANCIAL STATEMENTS – NOTES 22 ALM. BRAND GROUP – Q3 2026 Notes 30 September 2026 Subor- Issued dinated Loans and Unit bonds debt DKKm advances trust units Shares (liability) (liability) Development in level 3 financial instruments Carrying amount, beginning of year 105 2,134 14 150 897 Additions during the year 0 392 0 0 900 Disposals during the year 0 -312 0 -150 -534 Realised value adjustments 0 14 0 0 -1 Unrealised value adjustments 0 19 0 0 0 Carrying amount, year-end 105 2,247 14 0 1,262 Value adjustments recognised in the income statement 0 33 0 0 -1 31 December 2025 Subor- Issued dinated Loans and Unit bonds debt DKKm advances trust units Shares (liability) (liability) Development in level 3 financial instruments Carrying amount, beginning of year 254 1,599 18 150 1,692 Additions during the year 0 744 0 0 0 Disposals during the year -146 -186 -10 0 -400 Realised value adjustments -4 -56 7 0 2 Unrealised value adjustments 1 33 -1 0 0 Carrying amount, year-end 105 2,134 14 150 1,294 Value adjustments recognised in the income statement -3 -23 6 0 2
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FINANCIAL STATEMENTS – NOTES 23 ALM. BRAND GROUP – Q3 2026 Notes Q1-Q3 2026 Q1-Q3 2025 Financial Reclas- IFRS 3 Management's Financial Reclas- IFRS 3 Management's DKKm statement sification adjustments Review statement sification adjustments Review Note 4 Reconciliation Insurance revenue 9,175 46 -239 8,982 9,535 0 -721 8,814 Claims paid -6,261 19 239 -6,003 -6,691 30 721 -5,940 Net operating expenses -1,554 28 0 -1,526 -1,545 46 0 -1,499 Reinsurance result -254 0 0 -254 17 0 0 17 Insurance service result 1,106 93 0 1,199 1,316 76 0 1,392 Investment return 26 70 0 96 203 -61 0 142 Other income and expenses -225 -163 0 -388 -374 -15 0 -389 Profit/loss after tax, continuing operations 907 0 0 907 1,145 0 0 1,145 The result for Q1-Q3 2026 includes income from distributions from Alm. Brand af 1792 fmba. The Q1-Q3 2025 includes income from the Transitional Service Agreement (TSA) related to the divestment of the Energy & Marine business to Gard as well as income from distributions from Alm. Brand af 1792 fmba.
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FINANCIAL STATEMENTS – NOTES 24 ALM. BRAND GROUP – Q3 2026 Notes NOTE 5 ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” and with the requirements of the Danish Financial Business Act and NASDAQ Copenhagen A/S for interim reports of listed financial enterprises. The application of IAS 34 means that the scope of the report is limited relative to the presentation of a full annual report. The accounting policies are unchanged from the policies applied in Annual Report 2025, to which reference is made. NOTE 6 FINANCIAL HIGHLIGHTS AND KEY RATIOS See the management’s review. DISCLAIMER The forecast is based on the interest rate and price lev- els prevailing at the beginning of October 2026. All other forward-looking statements are based exclusively on the information available when this report was released. This announcement contains forward-looking statements regard- ing the company’s expectations for future financial devel- opments and results and other statements which are not historical facts. Such forward-looking statements are based on various assumptions and expectations which reflect the company’s current views and assumptions, but which are inherently subject to significant risks and uncertainties, including mat- ters beyond the company’s control. Actual and future results and developments may differ materially from those contained or assumed in such state- ments. Matters which may affect the future development and results of the group as well as of the individual business areas include changes in economic conditions in the finan- cial markets, legislative changes, changes in the competitive environment, in the reinsurance market and in the property market, unforeseen events, such as extreme weather con- ditions or terrorist attacks, bad debts, major changes in the claims ratio, unexpected outcomes of legal proceedings, etc. The above-mentioned risk factors are not exhaustive. Inves- tors and others who base their decisions on the information contained in this report should independently consider any uncertainties of significance to their decision.
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25 ALM. BRAND GROUP – Q3 2026DEFINITIONS OF FINANCIAL RATIOS AND APM Definitions of financial ratios and Alternative Performance Measures (APM) Alm. Brand’s management believes that the use of financial highlight and key ratios in the manage- ment’s review in respect of each business area provides the reader with a good basis for com- paring results over time. The financial highlights and key ratios have been prepared on the basis of the statutory requirements for content and are supplemented by individual pieces of relevant information. The information provided in the financial highlights and key ratios contain data regularly provided to management. In the review, income from the TSA and any distributions from Alm. Brand Foreningen 1792 is included in the insurance service result of Non-life Insurance. In the financial statements, such income is included under ‘Other income’. Run-off gains/losses, net of reinsurance The run-off result net of reinsurance reflects the gains and/or losses relating to prior-year technical provisions which affect the result for the current year. Insurance revenue Insurance revenue is calculated as gross premiums adjusted for changes in premium provisions. Gross claims ratio Gross claims expenses x 100 Insurance revenue Gross expense ratio Insurance operating expenses x 100 Insurance revenue Price/NAV Share price Net asset value per share Combined ratio (Gross claims expenses + Insurance operating expenses + Profit/loss on reinsurance) x 100 Insurance revenue Return on equity after tax* Profit for the year x 100 Average shareholders’ equity Return on equity before tax* Profit before tax x 100 Average shareholders’ equity Net asset value per share** Shareholders’ equity in Alm. Brand A/S x 100 No. of shares at year-end Net reinsurance ratio Profit/loss on reinsurance x 100 Insurance revenue Earnings per share** Profit for the year after tax x 100 Average no. of shares Claims ratio Sum of claims ratio and reinsurance ratio Insurance revenue Dividend per share Total amount distributed for the financial year x 100 No. of shares at year-end ALTERNATIVE PERFORMANCE MEAS- URES (APM) Underlying combined ratio This ratio is calculated as the combined ratio less factors which may vary considerably from year to year (major claims net of reinsurance, weather-re- lated claims net of reinsurance and run-off result on claims net of reinsurance). Accordingly, the un- derlying combined ratio reflects the trend in small claims, costs and reinsurance ceded. Underlying claims ratio Underlying combined ratio less expense ratio. Undiscounted underlying claims ratio The underlying claims ratio adjusted to reflect the discounting effect. Major claims, net of reinsurance Major claims, net of reinsurance Insurance revenue Weather-related claims, net of reinsurance Weather-related claims, net of reinsurance Insurance revenue Change in risk adjustment Change in risk adjustment Insurance revenue Earnings per share, basis for distribution*** Profit for the year after tax x 100 Average no. of shares Payout ratio The payout ratio is calculated as proposed divi- dend and share buybacks as a percentage of the profit after tax adjusted for integration costs, amortisation of intangible assets and other special circumstances, if relevant. RoTe (Return on Tangible Equity) Profit after tax adjusted for amortisation and impairment of intangible assets as a percentage of consolidated equity excluding Tier 1 capital and intangible assets. *) In the calculation of return on equity, consideration is made for capital increases in the year and any other equity entries to the effect that such changes are included on a pro rata basis. In addition, adjustments are made for amortisation of intangible assets presented in “Other income and expenses”. For FY 2025 and prior years, adjustments have also been made for integration costs. **) In the determination of the average number of shares, any stock options and warrants are taken into consideration. ***) Profit after tax is adjusted for integration costs, amortisation of intangible assets presented in “Other income and expenses” and other special circumstances, if relevant. The average no. of shares is calculated as a simple average of no. of shares at the beginning and end of the year adjusted for number of shares related to the share buyback programme.
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26 ALM. BRAND GROUP – Q3 2026COMPANY OVERVIEW Company information Andreas Ruben Madsen CEO Jais Valeur Chairman Jan Skytte Pedersen Deputy Chairman Anette Eberhard Christian Høegh-Andersen Pia Laub Tina Schmidt Madsen Brian Egested Employee representative Claus Nexø Jensen Employee representative Lotte Kathrine Sørensen Employee representative EY Godkendt Revisionspartnerselskab Alm. Brand A/S CVR no. 77 33 35 17 Morten Bendtsen Group Chief Auditor Midtermolen 7 DK-2100 Copenhagen Ø Denmark Phone: +45 35 47 47 47 Board of Directors Executive Board Auditors Registration Address Internal auditor