ALK-Abelló — Annual Report (ESEF) 2025

Feb 20, 2026

ALK-Abelló A/S ALK-Abelló A/S Bøge Allé 6-8, DK-2970 Hørsholm, Denmark, CVR no. 63 71 79 16 Pioneers of allergy solutions Annual report 2025 Contents Introduction 5 Letter from the Chair and CEO 7 ALK's global presence 8 Business model 9 Financial highlights 10 Sustainability highlights 11 2026 outlook Business strategy 12 Review of Allergy + implementation 18 Financial ambitions Financial performance 19 Sales and market trends 21 Financial highlights and key ratios for the ALK Group 22 Financial review 24 Q4 review Corporate matters 25 Risk management 29 Corporate governance and ownership 33 Board of Directors 35 Executive Leadership Team Consolidated financial statements 87 Income statement 87 Statement of comprehensive income 88 Cash flow statement 89 Balance sheet 90 Statement of changes in equity 91 Notes 125 Definitions Parent company financial statements 127 Income statement 128 Balance sheet 129 Statement of changes in equity 130 Notes Statements 137 Statement by Management on the annual report 138 Independent Auditor’s Reports 141 Independent auditor’s limited assurance report on the Sustainability Statement Other information 1 143 Financial highlights and key ratios by quarter for the ALK Group (unaudited) Sustainability statement 1 Management's review Financial statements 1 Part of Management's review General information 38 Basis for preparation 39 Sustainability governance 41 Stakeholder engagement 42 Materiality assessment process 43 Material impacts, risks and opportunities Environmental information 44 Climate change 50 Pollution 51 Water 53 Biodiversity and ecosystems 54 Resource use and circular economy 56 EU Taxonomy 57 Accounting policies – Environmental information Social information 59 Own workforce 65 Workers in the value chain 67 Consumers and end-users 70 Accounting policies – Social information Governance information 72 Business conduct 76 Accounting policies – Governance information Appendix 77 Incorporation by reference 78 Core elements of due diligence 78 Content index of ESRS disclosure requirements 81 List of datapoints that derive from other EU legislation 83 EU Taxonomy Management's review Sustainability statement Financial statements Annual Report 2025 2 Find more information www.alk.net LinkedIn X About this report This is ALK Abelló A/S’ (“ALK” or “the company”) integrated annual report for 2025, consisting of the two main sections Management’s review including Sustainability statement and Financial statements. Pioneers of allergy solutions Pioneering in respiratory allergies for more than a century, ALK has embarked on a mission to help more people, with more solutions, more efficiently Other 2025 reports Remuneration report Corporate Governance report ALK markets a diversified portfolio of products, including allergy immunotherapy (AIT) tablets, injections, and drops as well as adrenaline autoinjectors and nasal sprays. ALK’s therapy areas Respiratory allergy Disease-modifying treatment of severe allergy (ALK's core business) Anaphylaxis Emergency treatment of severe allergic reactions Food allergy and new disease areas Novel treatments addressing high unmet medical needs (in development) Management's review Sustainability statement Financial statements Annual Report 2025 3 In 2025, ALK delivered above its original expectations with strong commercial execution. Expanded reach to new patient groups, launch of a broader product portfolio, and new partnerships bolstered progress on ALK’s strategic priorities and mission to help more people, with more solutions, more efficiently. Management's review Management's review IntroductionIntroduction Business Business strategystrategy Financial Financial performanceperformance Corporate Corporate mattersmatters Sustainability statement Financial statements Annual Report 2025 4 2025 marked the seventh consecutive year of revenue and earn- ings growth in ALK. Results clearly exceeded initial expectations with revenue growing by 15% in local currencies and the EBIT margin improving by 6 percentage points to 26%. Delivering on our 25-in-25 EBIT margin target was a significant milestone. We set this target in February 2021 on the back of the 2020 accounts which showed an EBIT margin of merely 4%.This means that we have been growing the EBIT margin by more than 20 percentage points, while still allocating significant resources to ongoing growth investments. This has only been possible through careful prioritisation and resource allocation to high-im- pact growth levers. ALK now has a solid earnings platform and is well-positioned to continue delivering stable, high organic growth while main- taining an EBIT margin of around 25% in the coming years. As we continue to upscale the company, ALK’s strong financial position enables us to increasingly look at inorganic growth opportuni- ties such as in-licensing and acquisitions, while also distributing excess cash to shareholders. Expanding patient bases Progress in 2025 was driven by strong commercial execution of particularly tablet and anaphylaxis sales across Europe and North America. We expanded our prescriber and patient bases, increasing the number of people treated with ALK’s products by 500,000 to an estimated 3.1 million. The recalibration of ALK’s business platform allowed us to pursue priorities in the Allergy + strategy more rigorously. Key actions included strengthening the footprint in high-growth markets and putting more weight behind the launches of paediatric tablets and the nasal adrenaline spray neffy ® , while also improving earnings. Children make a difference The paediatric approvals of ACARIZAX ® and ITULAZAX ® added to the tablets’ strong momentum suggesting that children and adolescents will become important catalysts for ALK’s future growth. As expected, contribution from the adrenaline nasal spray neffy ® was modest, reflecting the early stage of the roll-out, but the feedback from key opinion leaders, healthcare professionals, and patients indicates high interest, supporting the many market introductions in 2026. Our European business continued to deliver solid, double-digit growth, and the US business made a comeback after the soft performance in 2024. US tablet sales continued to grow by double digits, and we are still working to find new ways to overcome long- standing structural barriers among allergists who have a financial incentive to protect their legacy business. Our global partnership with ARS Pharma – the company that developed neffy ® – showed progress in its first year and further enabled ALK to accelerate the build-up of a dedicated paediatric sales force in the USA. While focus initially has been on neffy ® , the extended sales reach is expected to benefit US sales of respiratory tablets and future prescription-based products, including potentially a tablet for peanut allergy currently in development. Partnering for growth Partnerships are a central element in the Allergy + strategy. In 2025, we enjoyed good progress with existing partnerships and entered new ones. In China, we partnered with the biopharmaceutical company GenSci to fast-track sales of ALK’s products in this important, yet complex market. GenSci was an obvious choice given their capacity of expanding product portfolios, their commitment to deploy significant resources to succeed with ALK’s products, and their understanding of the paediatric field. GenSci has already started selling our Alutard SCIT product and diagnostics, and we collaborate closely to bring the ACARIZAX ® tablet to market for both adults and children. ALK and GenSci will also explore possible future collaborations on innovations as there are many innovation efforts targeting new medicines in China, also within GenSci. To stay close to these opportunities, we have maintained Letter from the Chair and CEO ALK delivered on its long-term financial targets in 2025 following strong execution of strategic initiatives across disease areas. Based on the strong momentum and the solid financial position, the Board of Directors recommends resuming dividend payments to reward the shareholders directly. Peter Halling, President & CEO Anders Hedegaard, Chair of the Board Management's review IntroductionIntroduction Letter from Letter from the Chair and CEOthe Chair and CEO ALK's global ALK's global presencepresence Business modelBusiness model Financial highlightsFinancial highlights Sustainability Sustainability highlightshighlights 2026 outlook2026 outlook Business Business strategystrategy Financial Financial performanceperformance Corporate Corporate mattersmatters Sustainability statement Financial statements Annual Report 2025Letter from the Chair and CEO 5 Introduction a local team, while more than 95% of our employees in China were transferred to GenSci. In Japan, a new facility has become fully operational, significantly increasing the production capacity of cedar tablets and we are experiencing a strong commitment towards our products from Shionogi, the new owner of Torii. The performance in Japan and – on a smaller scale – other international markets proves that partnerships are an excellent way to develop markets, seed oppor- tunities, and establish leading positions for ALK’s tablets without investing in resource-intensive local organisations and registration trials. We have the right setup to further progress with partners in selected markets. This approach allows us to allocate ALK’s investments to the strategic levers expected to yield the highest returns for the company – i.e. high-growth markets in Europe and North America, in-house R&D, in-licensing, and M&A – and still maintain a 25% EBIT margin. Strengthening innovation and pipeline In line with ALK’s revenue growth, we continue to increase invest- ments in R&D and activities to develop a balanced pipeline and drive innovations in existing and adjacent disease areas to expand ALK’s addressable markets. The ambition within each therapy area is to push the frontiers of innovation and build product port- folios with the potential to establish ALK as market leader and help more patients. We aim to generate significant revenue streams to complement ALK’s current core business within respiratory allergy. Besides targeting significant unmet needs, new products must be strongly linked to ALK’s current product portfolio and prescribers. To balance investments, risks, and in alignment with our Allergy + strategy, we combine in-house development with partnerships on early-stage product candidates and commercial assets, such as neffy ® . Late 2025, we partnered with the Swiss-based biotech company Allegria, and ALK will continue to explore other partner opportunities. Important data read-outs are expected in 2026 from the two most advanced development programmes – ALK’s phase 2 trial with the tablet for treating peanut allergy and our partner ARS Pharma’s phase 2b trial with neffy ® for treatment of acute flares associated with chronic spontaneous urticaria. We also expect to progress pre-clinical programmes towards clinical development in 2026. Shareholder remuneration ALK enters 2026 with a comfortable net cash position and pros- pects of strong cash flows in the years to come. This leaves ample room for continued, value-creating capital allocation to sustain ALK’s growth, while also remunerating our shareholders. The Board of Directors recommends distributing around 30% of net profit after tax for 2025 as dividends, corresponding to a distribu- tion of DKK 355 million or DKK 1.6 per share. Progress to continue in 2026 Commercial execution also tops the agenda for 2026. The roll-out of paediatric tablets continues to expand prescription breadth and depth in existing markets, while also launching in additional markets. Within anaphylaxis, we are dedicated to making neffy ® a success and working carefully across markets to change habits and automated prescription patterns to build the market position that neffy ® deserves. We will also execute on other strategic priorities in 2026. We continue to invest in expanding European prescriber bases, strengthening the commercial platform in key growth markets, advancing strategic R&D projects, and upscaling tablet produc- tion capacity to facilitate sustained growth. These efforts will be supported by recent changes in the Executive Leadership Team which has been expanded to include ALK’s two most important sales regions, Europe and North America. Scaling ALK for future growth is another priority which entails ongoing investments in digitalisation and AI, upskilling of employees, as well as initiatives to achieve economies of scale, for instance in procurement. We are equally committed to our sustainability goals. ALK decreased its CO 2 emissions from own operations by 11% compared to 2022, despite the significant growth of the business. This is in line with the decarbonisation plans supporting ALK’s science-based target to reduce CO 2 emissions by 42% by 2030. We expect strategic execution to reinforce ALK’s growth trajec- tory in 2026. The outlook sustains the double-digit growth momentum, as revenue is expected to grow by 11-15% with tablet sales as the key driver. The EBIT margin is expected at around 25%, fully aligned with ALK’s long-term targets. Continuing the positive momentum from 2025 into 2026 will support further progress of the Allergy + execution and bring ALK one step closer to our goal of annually helping 5 million people with allergy live better lives by 2030. Strong commitment from employees As Board of Directors and executive management, we are pleased to see that performance and execution have become part of ALK’s culture – of the way we think and act. The annual engage- ment survey among employees highlighted progress across key domains, and the overall engagement score’s increase from 8.3 to 8.6 strengthened ALK’s position in top 5% of the global healthcare industry. We would like to thank our employees and leaders for their ongoing commitment to executing on the Allergy + strategy. We also wish to thank our commercial and scientific partners, whose collaboration is part of our success, as well as the growing number of payers, patients and prescribers who place their trust in our products. Finally, we would like to thank our shareholders. As ALK’s performance continues to improve, we look forward to rewarding our owners through sustained, long- term value creation. Anders Hedegaard Peter Halling Chair of the Board President & CEO Management's review Introduction Letter from the Chair and CEO ALK's global presence Business model Financial highlights Sustainability highlights 2026 outlook Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Letter from the Chair and CEO 6 ALK's global presence ~3.1m Patients in treatment with ALK products (Covering AIT and adrenaline) 6,312m Revenue, DKK Europe: 71% North America: 16% International markets: 13% 2,711 Employees Eu r o p e: 2,161 North America: 533 International markets: 17 Production sites in Europe and USA R&D centres in USA, Denmark, and Spain Own commercial footprint Partnerships and distributors 44 markets covered Strategic partnerships GenSci Mainland China Shionogi Japan Dr. Reddy's India Abbott Selected markets in Southeast Asia ARS Pharma Global rights to neffy ® (excluding USA, China, Japan, Australia, and New Zealand) Management's review Introduction Letter from the Chair and CEO ALK's global presence Business model Financial highlights Sustainability highlights 2026 outlook Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025ALK's global presence 7 IPR and discovery Process innovations and formulations Clinical trials Regulatory processes Resources +10 0 yea r s’ profound under- standing of the biology of the allergic disease 500,000 additional patients treated in 2025, bringing the total number to 3.1 million ~420 million AIT doses produced (excluding ALK's SCIT bulk extracts in the USA) ~48% global market share in AIT ~2,70 0 employees with diverse talents Insights from academia, patients and partners Raw materials, energy, water, etc. Digital engagement platforms Financial resources Safety, quality, and business ethics compliance 2025 results Business model ALK's business model is based on immunology insights, strong research and development skills, commitment to applying modern science to allergies, unique manufacturing and standardisation capabilities, as well as a comprehensive commercial infrastructure, especially in Europe. ALK's activities cover the entire value chain of developing, sourcing, producing, and marketing a diversified portfolio of products for diagnosing and treating allergies, allergic asthma, and acute anaphylactic reactions. Natural aller- genic source materials are the basis for manufacturing active pharmaceutical ingredients in ALK's core allergy immunotherapy (AIT) products. Business and value chain 1 Externally sourced products Distribution and sales ALK present in 44 markets Selected markets served by partners Global distribution Digital patient mobilisation 1 ESRS 2-SBM1-42(a,b,c) Research & development Manufacturing Standardise allergen extracts Production at 9 sites Cultivate allergenic source materials Research expertise in molecular and clinical allergology Proven clinical development competencies Management's review Introduction Letter from the Chair and CEO ALK's global presence Business model Financial highlights Sustainability highlights 2026 outlook Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Business model 8 15% Financial highlights ALK’s full-year revenue grew by 15% in local currencies to DKK 6,312 million (5,537), following double digit growth in all sales regions. Operating profit (EBIT) increased by 53% in local currencies to DKK 1,654 million (1,091). The outlook was adjusted upwards twice during 2025. Revenue, DKK 6,312 million 15% organic growth in local currencies, in line with latest guidance Gross profit, DKK 4,234 million 67% gross margin, driven by higher sales, efficiencies, and favourable product mix Free cash flow, DKK 1,432 million Strong cash flow driven by higher earnings Net interest-bearing debt (NIBD), DKK -822 million Positive net cash position from strong cash flow generation 3,916 292 4,824 666 4, 511 470 5,537 1,091 6,312 1,654 2024 20242021 20212025 20252022 20222023 2023 2,396 202 516 61% 1.0 3,035 292 291 63% 0.3 2,791 65 475 62% 0.7 3,552 -204 598 64% 0.4 4,234 1,432 -822 67% -0.4 2024 2024 20242021 2021 20212025 2025 20252022 2022 20222023 2023 2023 12% 7% 9% 14% 13% 10% 15% 20% 26% Revenue Organic growth EBIT EBIT margin Gross profit Gross profit margin Free cash flow NIBD NIBD/EBITDA Earnings (EBIT), DKK 1,654 million 26% EBIT margin, in line with latest guidance Management's review Introduction Letter from the Chair and CEO ALK's global presence Business model Financial highlights Sustainability highlights 2026 outlook Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Financial highlights 9 Sustainability highlights ALK aspires to annually help 5 million people living with allergy by 2030 1 Scope 1 and 2 emissions, CO 2 e 4,883 tonnes CO 2 e 11% decrease compared to 2022 Patients in treatment ~3.1 million Net increase of 500,000 patients Employee headcount 2,711 employees 12% employee turnover Suppliers with science-based targets, % 50% share of suppliers with science-based targets. Target: 80% by 2028 Gender diversity, % 38% Underrepresented gender in Executive Leadership Team and direct reports in management positions Target: 40% by 2028 Work-related accidents with absence 4 1.0 lost time injury frequency rate Employee headcount Employee turnover Carbon emissions Development compared to 2022 Million patients in treat- ment (estimated) Work-related accidents with absence Lost time injury frequency rate Underrepresented gender (f) Suppliers with science- based targets 2,889 42 3 12% 0.8 2,731 42 6 13% 1.7 2,812 45 6 17% 1.5 2,711 38 4 12% 1.0 2024 2024 2024 35 50 2024 2025 2025 2025 20252022 2 2022 2 2022 2 2023 2 2023 2 2023 2 2.4 5,492 2.6 5,384 2.4 5,7093.1 4,883 5.0 3,18 5 2024 20242028 20282025 20252029 20292030 20302022 2 20222026 20262023 2 2023 2 2027 2027 0% -2% 4% -11% -42% 1 ESRS 2-SBM1-40e 2 2022 and 2023 figures are not covered by the Independent Auditor’s limited assurance report. Management's review Introduction Letter from the Chair and CEO ALK's global presence Business model Financial highlights Sustainability highlights 2026 outlook Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Sustainability highlights 10 (Revenue growth rates are stated as organic growth in local currencies, unless otherwise indicated) Revenue is expected to grow by 11-15% organ- ically in local currencies, based on growth across all sales regions and product groups. The EBIT margin is expected at around 25%, consistent with ALK’s long-term earnings ambi- tions, as additional funds will be allocated to initiatives to bolster long-term growth. The outlook is based on the following main assumptions: Revenue Growth will predominantly be volume-driven, as ALK expects to treat more patients with AIT and anaphylaxis products. The lower end of the revenue range reflects a potential negative impact of price and rebate adjustments, mainly driven by European authorities. The upper end of the range assumes stable price and rebate conditions as well as potential upsides related to tablet and anaphylaxis sales. Tablet sales are expected to grow by double digits across sales regions. Growth will be fuelled by the continued expansion of prescriber and patient bases with children and adolescents projected to account for a higher share of sales. SCIT/SLIT drops sales are projected to grow by single digits, driven by higher SCIT volumes to China, modest volume growth in Europe (SCIT and SLIT drops), and improved SCIT pricing in North America. Sales of Anaphylaxis & other products are projected to grow by double digits, led by the commercialisation of neffy ® . Sales of diag- nostics and life science products are also expected to contribute positively. As usual, the timing of product shipments to China and Japan may lead to quarterly fluctua- tions in revenue. Margins and costs After the extraordinary margin improve- ments in 2025, the gross margin is expected to decrease slightly in 2026, although the gross profit is expected to increase. The underlying margin will benefit from favour- able volume/mix changes, especially higher tablet sales in Europe, but this factor will be offset by growth in partner-related revenue at lower margins, primarily product ship- ments to Japan and China, as well as neffy ® sales. Production efficiencies, reduced scrapping, and procurement savings are expected to largely compensate for infla- tionary pressure on the gross margin. Capacity costs are projected to increase but their ratio to revenue is expected to remain largely unchanged as ALK reinvests the benefits of increased scale into key stra- tegic growth opportunities. R&D expenses are planned to increase in support of pre-clinical and clinical programmes but remain at around 10% of revenue. Sales and marketing expenses are expected to increase in support of market-building activities for particularly neffy ® and tablets for children, while administrative expenses are planned to decrease slightly. 2026 outlook ALK expects to continue its trajectory of double-digit revenue growth in 2026, while the EBIT margin is planned to remain on par with ALK’s long-term earnings ambitions. Forward-looking statements The 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 Risk management section on pages 25-28. Other assumptions • The outlook is based on ALK’s current portfolio and does not include revenue from and/or payments to new partnerships, in-licensing activities, or acquisitions. • Potential changes to international tariff agreements are not expected to materially impact growth or earnings due to ALK’s current geographical footprint. • Free cash flow is expected to be positive at DKK 800-1,000 million representing a decrease compared to last year, partly due to the upfront payment from ALK’s Chinese partner GenSci in 2025. CAPEX is projected at around DKK 500 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. Tax payments are expected to be higher than in 2025 as old tax losses now have been utilised. • No non-recurring costs for optimisation and prioritisation initiatives are planned. • The outlook is based on current exchange rates, resulting in a negative impact of approximately 1 percentage point on reported revenue growth and an immate- rial impact on EBIT. Management's review Introduction Letter from the Chair and CEO ALK's global presence Business model Financial highlights Sustainability highlights 2026 outlook Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 20252026 outlook 11 Respiratory allergy Food allergy New disease areas Anaphylaxis Review of Allergy + implementation Strategic progress in 2025 reflected solid execution across all disease areas with particular focus on paediatric tablet launches, the commercialisation of neffy ® , new partnerships, and strategic R&D projects. ALK’s long-term ambition is to become category leader in each disease area via in-house R&D development, partnerships and in-licensing activities, and thereby build new revenue streams to complement the current core business within respiratory allergy. Respiratory allergy • Launches of house dust mite (HDM) and tree pollen allergy tablets for children and adolescents • Expansion of patient and prescriber bases • Partnership to accelerate Chinese AIT sales • Geographic expansion in selected markets, incl. registration trials in partner markets • ALK’s HDM and tree pollen tablets recommended by NICE for use in the UK health system Food allergy and new disease areas • Phase 2 clinical trial with peanut SLIT-tablet initiated • Fast track designation to peanut SLIT tablet programme by FDA • Pre-clinical development programmes targeting tree nut and other food allergy indications, including the ALK014 programme with a new antibody like-molecule (biologic) for the treatment of allergy and associated co-morbidities. • Phase 2b clinical trial with neffy ® in the treatment of acute flares in patients with chronic spontaneous urticaria (CSU)initiated Anaphylaxis • Initial roll-out of neffy ® nasal adrenaline spray with price premium relative to autoinjectors • EUR neffy ® reached market share of close to 18% in Germany after 6 months • EUR neffy ® approved in UK and launch in progress • Ongoing regulatory review of neffy ® in Canada • EUR neffy ® market access settled in other markets with imminent launches • Co-promotion agreement with ARS Pharma in the USA In 2025, ALK took steps to expand its addressable markets by further unlocking the potential within respiratory allergy, transforming anaphylaxis care, and expanding into new therapy areas with high unmet needs. Strategic focus was particularly on market expansion, partnerships, innovation, scalability, and capacity build-up. The execution of the Allergy + strategy delivered the anticipated results, supported by a re-allocation of resources to initiatives with the highest potential to impact patients and prescribers positively, while also generating the highest returns for ALK. An estimated 3.1 million people, an increase of 500,000, were treated with ALK’s products. The increase was mainly organically driven by more patients treated with ALK's tablets. This is an important step forward towards the ambition of annually helping 5 million people with allergy live better lives by 2030. Key Allergy + progress in 2025 Management's review IntroductionIntroduction Business Business strategystrategy Review of AllergyReview of Allergy ++ implementationimplementation Financial ambitionsFinancial ambitions Financial Financial performanceperformance Corporate Corporate mattersmatters Sustainability statement Financial statements Annual Report 2025Review of Allergy+ implementation 12 Business strategy Roll-out of paediatric tablets The paediatric roll-out of the house dust mite (HDM) tablet ACARIZAX ® /ODACTRA ® began in Europe in January and progressed market by market, following subsequent approvals and market access processes. Year-end, the house dust mite tablet was approved for paediatric use in 30 countries and launched in 21 of them – 10 EU member states, Norway, Switzerland, Canada, the USA, and seven partner markets. The roll-out of the tree pollen allergy tablet ITULAZAX ® /ITULATEK ® for children and adoles- cents started in April, based on regulatory approvals from the EU and Canada. Year-end, the tablet was approved for children and adolescent use in 20 countries and launched in 12 of these markets – 10 EU member states, Switzerland, and Canada. Respiratory allergy In 2025, ALK expanded its leadership in respiratory allergy through targeted expansion of the tablets to new patient groups and geographies, digital mobilisation of patients and prescribers, and investments in high-impact markets. The new paediatric indications for the house dust mite (HDM) allergy tablet and the tree pollen allergy tablet contributed more than expected to sales growth. Children make a difference All key indicators related to the paediatric launches performed well, including endorse- ments from key opinion leaders, patient initiations, caregiver interactions, doctor visits, reimbursement, and prescriber uptake. Year-end, more than 4,000 prescribers in markets served directly by ALK were estimated to have prescribed one of the two tablets to children. Cross-tablet adoption was high, with more than 90% of ITULAZAX ® prescribers in key European markets also prescribing ACARIZAX ® . In the key German market, paediatrician doctors emerged as an important prescriber group. This group included doctors who have previously not been prescribing ALK's tablets, underlining the tablets’ potential to expand ALK’s addressable markets. Positive signs of a Allergy + strategy Launched in June 2024, the Allergy + strategy sets the framework and goals for ALK’s development until 2028. The strategy builds on ALK’s promise to provide life-changing solutions to the millions of people with allergy. The strategy is based on four pillars: Focus – Innovate – Optimise – Cultivate. FOCUS ALK will prioritise and focus the commercial activities to strengthen its global leadership in respiratory allergy. INNOVATE ALK will innovate and expand its R&D pipeline in a balanced way to help more people with allergy. Innovate We will inno- vate to create a balanced pipeline Cultivate We will cultivate our unique capabilities to stay ahead and to grow sustainably Focus We will grow by focusing on new patient groups and high-impact markets Optimise We will optimise to create the right foundation for scaling Life-changing allergy solutions for millions of people OPTIMISE ALK will further optimise oper- ations and scale for growth to reduce complexity and maintain competitiveness. CULTIVATE ALK will cultivate the capa- bilities of its people and organisation to foster a strong performance culture. Management's review Introduction Business strategy Review of Allergy + implementation Financial ambitions Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Review of Allergy+ implementation 13 portfolio effect also emerged, as children and adolescents accounted for an increasing share of new GRAZAX ® patients in e.g. Germany. The paediatric tablet roll-out continues in 2026 to further increase children and adolescents’ share of sales. Besides expanding prescription breadth and depth in current markets, ALK is also planning to launch the tablets in additional markets. Expanding the tablets’ reach Beyond paediatric roll-outs, ALK and its part- ners continued to expand the tablet portfolio’s reach in selected geographies. ALK’s Japanese partner Torii (now a fully owned subsidiary of Shionogi) initiated a phase 3 trial with ALK’s grass tablet. Sched- uled to complete in 2027, the trial is intended to support a regulatory approval in Japan, which is the largest contributor to tablet sales outside Europe. Moreover, Torii expanded API produc- tion capacity for CEDARCURE™, the tablet for Japanese cedar pollen-induced allergy. The new facility has recently become operational, with first shipments anticipated in the first half of 2026, allowing Torii to incrementally meet the high demand for CEDARCURE™ in 2026. In India, ALK’s partner Dr. Reddy’s Laboratories launched the HDM tablet branded Sensimune ® . Expanding footprints in the USA and the UK In the USA, a dedicated paediatric sales force (see ‘Anaphylaxis’ section) is expected to boost ALK’s relevance among paediatric prescribers who historically have not been involved in AIT. The extended sales force is expected to support sales of ALK’s respiratory tablets and a future peanut allergy tablet. ALK is also exploring other steps to grow its prescription-based business in the USA. In the UK, ACARIZAX ® and ITULAZAX ® were the first AIT tablets to be admitted to the public National Health Service (NHS) systems with general reimbursement after endorsements from the National Institute for Health and Care Excellence. This represents a major shift in this historically underpenetrated AIT market. Furthermore, ALK is in the process of extending these approvals to include children while also making GRAZAX ® available in the NHS systems. New partner to expand market in China In China, ALK partnered with Changchun GeneScience Pharmaceutical Co. Ltd. (“GenSci”) to accelerate sales of ALK’s HDM products in the country with the highest number of house dust mite allergy sufferers world-wide. GenSci plans to allocate a signif- icant sales force and conduct a wide range of market building activities to promote ALK’s products and become AIT market leader. GenSci has taken over sales and marketing of ALK’s Alutard ® SCIT product and skin prick tests, and ACARIZAX ® will expectedly be added to the portfolio in 2028, subject to regulatory approval. To facilitate this approval, a phase 3 trial involving around 300 Chinese patients is ongoing with completion scheduled around year-end 2026. Patient recruitment for the trial is currently being completed. ALK received DKK 244 million in upfront payment from GenSci. Until 2039 (the expected lifetime of the partnership), ALK is further eligible for DKK ~300 million in milestone payments related to regulatory progress with ACARIZAX ® and commercial milestone payments of up to DKK ~780 million, subject to future in-market sales in Mainland China. Furthermore, ALK will receive income from supplying GenSci with products. Management's review Introduction Business strategy Review of Allergy + implementation Financial ambitions Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Review of Allergy+ implementation 14 ALK’s roll-out initially focused on Germany and the UK, the markets expected to become the most important contributors to neffy ® sales growth. EUR neffy ® was launched In Germany late June and had gained a market share of close to 18% (by value) by the end of the year. The launch in the UK followed in October and attracted significant interest from healthcare profes- sionals, key opinion leaders, and media. Given the early stage of the UK launch, the commer- cial impact was modest, reflecting the time needed to settle market access locally. neffy ® is currently under regulatory review in Canada and the outcome of this process is expected in the first half of 2026. By the end of the year, EUR neffy ® market access was also settled in Greece, Denmark, and Slovenia and launches are imminent. Ongoing price negotiations In markets, where pricing and reimbursement have been settled, EUR neffy ® has secured a price premium over existing adrenaline auto- Anaphylaxis In 2025, ALK started launching the first-ever nasal adrenaline spray neffy ® (branded EUR neffy ® in Europe) for emergency treatment of potentially life-threatening allergic reactions (anaphylaxis). Under a license agreement with US-based ARS Pharma, ALK holds exclusive rights to the product in all territories outside the USA, Australia, New Zealand, Japan, and China. injectors, reflecting the nasal spray’s benefits with regards to shelf life, temperature stability, user-friendliness, and needle-free adminis- tration. In 2025, the first real-world evidence confirmed that its efficacy during anaphy- laxis is similar to what historically has been observed with injection-based solutions. Co-promotion agreement in the USA In the USA, ALK and ARS Pharma expanded their partnership with a co-promotion agree- ment where ALK is responsible for selling neffy ® to approximately 9,000 named paedi- atricians. This has enabled ALK to accelerate ramp-up of a dedicated paediatric sales force with 65 sales representatives, based on performance-based cost and revenue sharing with ARS Pharma, subject to sales exceeding certain market share thresholds among the paediatricians. Although market access conditions did not meet the targets, customer engagement and other KPIs for ALK’s efforts largely developed as planned, and feedback from paediatricians has been positive. Ongoing roll-out in 2026 Further launches of neffy ® are scheduled for 2026. Subject to regulatory approvals and market access, the current roadmap involves launches in Canada and up to 15 European markets covered by the EU approval as well as countries outside the EU. ALK also intends to make neffy ® available in International markets. Across markets, ALK will work with key opinion leaders and others to challenge long-standing clinical practices favouring needle-based adrenaline products. To accommodate different preferences among prescribers and patients, ALK will address the anaphylaxis market with a portfolio span- ning both needle-free solutions ( neffy ® ) and autoinjectors (the already marketed Jext ® and the second generation ‘Genesis’ autoinjector currently in development). The portfolio will be adapted to evolving market dynamics to secure a strong position in patient-centric anaphylaxis care. EUR neffy ® 2 mg is currently indicated for adults and children ≥30 kg. Recently, ALK received a positive recommendation from the European authorities regarding its application for a 1 mg version for children aged 4 and older weighing 15 to 30 kg with approvals anticipated in the first half of 2026. Management's review Introduction Business strategy Review of Allergy + implementation Financial ambitions Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Review of Allergy+ implementation 15 Ongoing phase 2 clinical trials The phase 2 trial for dose finding and efficacy of the peanut SLIT tablet enrolled 150 North American patients and is on track to deliver topline data in the second quarter of 2026. Subject to these results, ALK plans to progress into phase 3, and preparations are ongoing, including selection of Contract Research Organisations and manufacturing of source material. The US FDA has granted a Fast Track designation to the peanut programme, enabling ALK to benefit from more frequent interactions and additional guidance from the FDA. ALK’s partner ARS Pharma initiated a phase 2b clinical trial with patients in the USA and Europe to evaluate neffy ® in the treatment of acute flares associated with chronic spontaneous urticaria. First read-outs from this trial are expected in 2026. ALK holds exclusive rights to this and any other new indications for neffy ® in the licensed territories. New discovery and innovation Building on ALK’s core capabilities within clinical allergology and immunology, in-house development focusses on allergic inflam- matory conditions and so-called mast cell driven pathologies. Pre-clinical development programmes include a SLIT tablet for tree nut allergy and the biological treatment concept ALK014, which is potentially applicable for both food allergy and other diseases. In late 2025, to complement internal discovery programmes, ALK partnered with Allegria Therapeutics, a Swiss early-stage biotech company focusing on allergy and inflammatory diseases associated with mast cell dysfunc- tion. Against a seed investment, ALK secured the rights to negotiate in-licensing of up to three first-in-class disease targets. ALK and Chinese GenSci also intend to explore innovations of common interest, based on a reciprocal right of first negotiation for R&D projects. Moreover, based on a thorough screening of external pipeline opportunities and commer- cial assets, ALK is exploring other partnership opportunities, including in-licensing, acquisi- tions and/or joint development projects. Food allergy and new therapy areas In the wider allergy space, innovation targets new therapy areas with significant unmet needs as well as strong scientific and commercial links to ALK’s current portfolio and prescribers. In 2025, clinical phase 2 trials were initiated with the two most advanced product candidates. ALK is investing in supply chain expansions and optimisations to support margins and facilitate planned revenue growth. A key initiative in this respect is the ongoing efforts to increase tablet production capacity to 800 million units per year by 2030 within the existing footprint, optimise inventory management, minimise scrap, and reduce delivery times, all while maintaining compliance and quality standards. Legacy production is also being upgraded, while the supply chain for anaphy- laxis is being strengthened through insourcing of certain tasks. Scaling the business for growth ALK’s growth ambitions across therapy areas is supported by efforts to scale the business and realise economies of scale. Strengthening of procurement and IT processes and capabilities to exploit economies of scale and streamline the supplier landscape continue in 2026, and ALK will increasingly invest in digital solutions and AI with multiple projects being initiated across functional areas. ALK also continues to execute initiatives under the Cultivate strategic pillar, including work to deliver on science-based CO 2 targets, strengthening organisational capabilities to support future growth and conducting busi- ness in a responsible manner. 2025 brought broad-based progress for these priorities. Please refer to the Sustainability section on pages 37-84. Management's review Introduction Business strategy Review of Allergy + implementation Financial ambitions Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Review of Allergy+ implementation 16 Status on the R&D pipeline Over the past decades, ALK has pioneered the development of standardised allergen extracts, formulated as rapidly dissolving SLIT tablets. ALK is now expanding its leadership and targeting new geographies and patient groups while also leveraging its technology and capabilities within food allergy and other related disease areas. Global availability of tablets The tablet for grass pollen allergy (GRAZAX ® or GRASTEK ® ) is approved in 34 countries in Europe, North America, and the Asia Pacific region. A clinical trial to support approval in Japan continued in 2025. The tablet for house dust mite allergy (ACARIZAX ® , ODACTRA ® , MITICURE™ or SENSI- MUNE™) is approved in >40 countries in Europe, North America, the Middle East, and the Asia Pacific region. A clinical trial to support approval in China was initiated in 2025. The tablet for tree pollen allergy (ITULAZAX ® or ITULATEK ® ) is approved in >20 countries in Europe and Canada. The tablet for ragweed pollen allergy (RAGWIZAK ® or RAGWITEK ® ) is approved in 15 countries in Europe and North America. The tablet for Japanese cedar pollen allergy (CEDARCURE™) is approved in Japan. The tablets for grass, ragweed, and cedar pollen allergies are approved for all age groups – children, adolescents, and adults. ALK and its partners are in the process of creating similar positions for the tablets for house dust mite allergy and tree pollen allergy. Therapeutic area and project name Target indication Phase Respiratory allergy HDM SLIT-tablet House dust mite allergic rhinitis Tree SLIT-tablet Tree pollen allergic rhinitis Grass SLIT-tablet 1 Grass pollen allergic rhinitis in Japan HDM SLIT-tablet 2 House dust mite allergic rhinitis in China Food allergy Peanut SLIT-tablet Peanut allergy Tree nut SLIT-tablet Tree nut allergy ALK 014 (biologic) Food allergy Anaphylaxis Adrenaline autoinjector Emergency treatment of anaphylaxis Adrenaline nasal spray 3 Emergency treatment of anaphylaxis New therapeutic areas Adrenaline nasal spray 3 Acute flares in chronic spontaneous urticaria (CSU) ALK 014 (biologic) Not disclosed P = Pre-clinical, R = Registration, = Current phase, = Phase in preparation, = Previous phase or phases to come 1 Partnership with Shionogi; 2 Partnership with GenSci; 3 Partnership with ARS Pharma P 1 2 3 R P 1 2 3 R P 1 2 3 R P 1 2 3 R P 1 2 3 R P 1 2 3 R P 1 2 3 R P 1 2 3 R P 1 2 3 R P 1 2 3 R P 1 2 3 R Management's review Introduction Business strategy Review of Allergy + implementation Financial ambitions Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Review of Allergy+ implementation 17 Financial ambitions The Allergy + strategy targets sustained growth in revenue and earnings to 2028 and beyond. ALK is well on its way to delivering on the long-term financial ambitions. ALK will be disciplined about capital allocation to ensure flexibility to deliver on its growth ambitions while also generating attractive shareholder returns. ALK expects to generate increasing free cash flow, and cash will be allocated in the following order of priority: 1) Investments in organic growth, including R&D; 2) Business develop- ment and licensing activities, M&A. and finally 3) cash distribution to shareholders via dividends and/or share buyback programmes. ≥10 % ~2 5% ≤2 Ambition: Average revenue growth of minimum 10% in local currencies (5-year CAGR) 2023-2028. Result: Average growth of 15% in local currencies 2023-25. Outlook: 11-15% growth targeted for 2026. Ambition: An EBIT margin of around 25% in 2025 after which earnings improvements beyond the ~25% margin will be re-invested in initiatives to bolster long-term growth and profitability. Result: EBIT-margin of 26% in 2025. Outlook: ~25% EBIT margin targeted for 2026. Ambition: In line with ALK’s growth strategy and 2028 financial ambitions, ALK will maintain an efficient capital structure with a financial gearing of maximum two (NIBD/EBITDA) (which may temporarily be increased in case of special circum- stances, e.g. M&A and/or significant Business Development & Licensing or similar). Result: The NIBD to EBITDA ratio was reduced to -0.4 in 2025. Revenue growth EBIT margin NIBD/EBITDA Management's review Introduction Business strategy Review of Allergy + implementation Financial ambitions Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Financial ambitions 18 Sales and market trends ALK’s full-year revenue grew by 15% in local currencies to DKK 6,312 million (5,537), following double digit growth in all sales regions. Respiratory tablets and anaphylaxis products (Jext ® and neffy ® ) were key contributors to growth. (Comparative figures for 2024 are shown in brackets. Revenue growth rates are organic and stated in local currencies, unless other- wise indicated) Tablet revenue grew by 17%, underscoring the tablet portfolio’s position as ALK’s primary revenue source. Growth was particularly driven by the continued expansion of patient and prescriber bases in Europe and North America with paediatric tablet launches adding to the sales momentum. The number of new patients initiating treatment with tablets in 2025 is esti- mated to have increased by well-above 10%. Anaphylaxis revenue increased by 58%, mainly driven by Jext ® while neffy ® contributed by approximately 26 percentage points to anaphy- laxis revenue growth. Single-digit growth was seen in the combined SCIT/SLIT drops sales. Europe Revenue in Europe grew by 14% to DKK 4,459 million (3,914) on broad-based growth across the region, including the region’s largest markets Germany and France. Demand was solid and market conditions largely stable. The 19% increase in European tablet sales was mainly driven by higher volumes linked to a strong inflow of new patients on ACARIZAX ® throughout 2025, but also more patients having started treatment on pollen tablets over the past years. The new paediatric indi- cations for ACARIZAX ® and ITULAZAX ® added incrementally to growth. Generally, the highest contribution to growth came from ACARIZAX ® and ITULAZAX ® whereas GRAZAX ® continued to grow steadily. While tablet sales grew across brands and markets, performance was particularly strong in Germany as well as Central and Eastern European markets. Sales also grew by double digits – although from a low level – in the UK, where ACARIZAX ® and ITULAZAX ® were the first AIT products to be admitted to the public National Health Service systems with general reimbursement. In contrast to previous years, the impact of pricing adjustments was limited, and tablet sales continued to be only marginally impacted by pan-European trading patterns at whole- saler levels. Combined sales of injection- and drop-based products (SCIT/SLIT drops) increased by 3%. Sales of SLIT drops, marketed mainly in France, benefitted from growing patient and prescriber bases, while SCIT sales grew modestly due to fewer patient initiations. In the main SCIT markets, Germany and the Nordics, patient initiations were partly impacted by constrained capacity at allergy clinics, partly by patients choosing tablets over SCIT for indi- cations covered by the tablet portfolio. Sales of Anaphylaxis & other products increased by 34%, driven by 40% growth in the anaphylaxis portfolio. Sales of Jext ® adrena- line pens benefited from strong commercial execution and tender wins in Southern Europe as well as competitors’ supply issues. Anaphy- laxis revenue also included a modest contribu- tion from the initial market introductions of EUR neffy ® . North America Revenue in North America increased by 19% in local currencies to DKK 1,037 million (906), fuelled by tablets and Anaphylaxis & other products. The US business recovered from last year’s stagnancy and reported double-digit growth, while growth was higher in Canada, where tablets are the main product line. Tablet sales in North America were up 24%, mainly due to higher volumes. US tablet sales benefited from the paediatric indication for the house dust mite tablet, which led to higher Management's review IntroductionIntroduction Business Business strategystrategy Financial Financial performanceperformance Sales and market Sales and market trendstrends Financial highlights Financial highlights and key ratios for the and key ratios for the ALK GroupALK Group Financial reviewFinancial review Q4 reviewQ4 review Corporate Corporate mattersmatters Sustainability statement Financial statements Annual Report 2025Sales and market trends 19 Financial performance 2021 2022 2023 2024 2025 3,916 4,511 4,824 5,537 6,312 2,809 3,058 3,216 3,914 4,459 683 857 908 906 1,037 424 596 700 717 816 2021 2022 2023 2024 2025 1,774 2,102 2,296 2,851 3,335 1,655 1,748 1,939 2,052 2,145 487 661 589 634 832 3,916 4,511 4,824 5,537 6,312 53% 6% 34% 7% The AIT and anaphylaxis markets The global market for allergy immuno- therapy (AIT) is estimated to be worth around DKK 13 billion, measured in 2025 ex-factory sales. The market is underpenetrated and – despite recent progresses in Asia - still largely clus- tered around Europe, North America, and Japan. Globally, the AIT market is estimated to have grown by high single-digit in 2025, consistent with the average market growth since 2019. During the same period, ALK has strengthened its market leading position with an average growth of 12% per annum (CAGR) in sales of AIT (tablets, SCIT and SLIT drops). In 2025, ALK also strengthened its position in the European anaphylaxis market, estimated to be worth DKK 1.6 billion in ex-factory sales and growing by 17%. In 2026, ALK will continue its roll-out of neffy ® , including in markets such as Canada, estimated to be worth DKK 0.5 billion, as well as high-potential markets in Asia and the Middle East. ALK is global market leader in AIT with a market share approching 50%. In anaphylaxis, ALK currently holds a global market position of less than 5%. adoption among existing allergist prescribers and – to a minor extent – also new paediatric prescribers. The strong sales growth in Canada reflected sustained underlying demand rein- forced by the children indications for the house dust mite and tree tablets. Sales of SCIT bulk allergen extracts to primarily US allergists increased modestly by 2% after pricing optimisations, while volumes were slightly decreasing. Revenue from Anaphylaxis & other products ( neffy ® , diagnostics, PRE-PEN ® , and life science products) grew by 34%. Growth was driven by the cost compensation from ARS Pharma related to the co-promotion of neffy ® to US paediatricians as well as sales of life-science products such as vials and diluents. After the discontinuation of lower margin accounts in 2024, ALK has gradually succeeded in attracting new customers to its higher margin life-science products. International markets Revenue in International markets increased by 16% in local currencies to DKK 816 million (717), reflecting some impact from timing of ship- ments of products to China and Japan. Tablet revenue was up 8%. Although still small in scale, revenue continued to grow in Middle Eastern and Southeast Asian markets as well as in India. Revenue from the primary tablet market Japan (product shipments and sales royalties) was impacted by phasing of ship- ments, particularly in the second half of 2025. Demand in Japan remained strong and ALK’s partner Torii (now part of Shionogi) continued to grow in-market sales by double-digits and consolidate its position as market leader, although capacity constraints prevented Torii from fully meeting demand for CEDARCURE ® tablets. SCIT revenue grew by 44%, driven by resumed product shipments to China, the region’s largest SCIT market, after the renewal of ALK’s import license in late 2024. Chinese in-market sales continued to grow by double digits, facilitated by the ongoing expansion of the prescriber base. In Q4, sales and marketing of ALK’s products were handed over to ALK’s new partner GenSci, positioning it as the second largest player in the Chinese AIT market. Revenue composition in 2025 Tablets, % SCIT/SLIT drops, % Anaphylaxis, % Other products (diagnostics, etc.), % 5-year revenue development by geography Europe, mDKK North America, mDKK Int’l markets, mDKK 5-year revenue development by product line SLIT-tablets, mDKK SCIT/SLIT drops, mDKK Anaphylaxis & other products Revenue by geography 1 Amounts in DKKm 2025 Growth in l.c. 2024 Europe 4,459 14% 3,914 North America 1,037 19% 906 International markets 816 16% 717 Total revenue 6,312 15% 5,537 1 ESRS 2-SBM1-40(a.ii, f) Revenue by product line 2 Amounts in DKKm 2025 Growth in l.c. 2024 Tablets 3,335 17% 2,851 SCIT/SLIT drops 2,14 5 5% 2,052 Anaphylaxis & other products 832 34% 634 Total revenue 6,312 15% 5,537 2 ESRS 2-SBM1-40(a.i, f) Management's review Introduction Business strategy Financial performance Sales and market trends Financial highlights and key ratios for the ALK Group Financial review Q4 review Corporate matters Sustainability statement Financial statements Annual Report 2025Sales and market trends 20 Amounts in DKKm/EURm 2 DKK 2025 DKK 2024 DKK 2023 DKK 2022 DKK 2021 EUR 2025 EUR 2024 Income statement Revenue 6,312 5,537 4,824 4,511 3,916 845 742 EBITDA 1,982 1,363 911 708 534 265 183 Operating profit (EBIT) 1,654 1,091 666 470 292 221 146 Net financial items (19) (34) (19) (23) (13) (3) (5) Profit before tax (EBT) 1,635 1,057 647 447 279 219 142 Net profit 1,197 815 486 335 219 161 109 Average number of employees (FTE) 2,737 2,789 2,752 2,609 2,492 2,737 2,789 Balance sheet Total assets 9,0 57 8,246 6,726 6,308 5,830 1,213 1,10 5 Invested capital 5,245 5,003 3,765 3,400 2,931 702 671 Equity 6,445 5,373 4,447 3,988 3,480 863 720 Net interest-bearing debt (NIBD) (822) 598 291 475 516 (110) 80 Cash flow and investments Cash flow from operating activities 1,817 1,213 667 416 468 243 163 Cash flow from investing activities (385) (1,417) (375) (351) (266) (51) (190) – of which investment in intangible assets (84) (1,043) (69) (55) (45) (11) (140) – of which investment in tangible assetss (276) (260) (310) (298) (218) (37) (35) – of which acquisitions of companies and operations (10) (115) - - - (1) (15) Free cash flow 1,432 (204) 292 65 202 192 (27) 1 Management’s review comprises pages 1-84 as well as ‘Financial highlights and key ratios by quarter for the ALK Group’ on page 143. 2 Financial highlights and key ratios stated in EUR constitute supplementary information to the Management’s review. The exchange rate used in translating from DKK to EUR is the exchange rate prevailing on 31 December 2025 (EUR 100 = DKK 747) (31 December 2024: EUR 100 = DKK 746). For definitions and reconciliation of alternative performance measures, see page 125. Amounts in DKKm/EURm 2 DKK 2025 DKK 2024 DKK 2023 DKK 2022 DKK 2021 EUR 2025 EUR 2024 Information on shares Proposed dividend 355 - - - - 48 - Share capital 111 111 111 111 111 14.9 14.9 Shares in thousands of DKK 0.5 each 222,824 222,824 222,824 222,824 222,824 222,824 222,824 Share price, at year end 229 159 101 96 172 30.6 21,3 Net asset value per share 29 24 20 18 16 3.9 3.2 Key figures Gross margin – % 67.1 64.2 62.9 61.9 61.2 67.1 64.2 EBIT margin – % 26.2 19.7 13.8 10.4 7.5 26.2 19.7 Return on equity (ROE) – % 18.8 16.6 11.5 9.0 6.6 18.8 16.3 NIBD/EBITDA (0.4) 0.4 0.3 0.7 1.0 (0.4) 0.4 ROIC incl. goodwill – % 32.3 24.9 18.6 14.8 10.2 32.3 24.9 Pay-out ratio – % 30.0 - - - - 30.0 - Earnings per share (EPS) 5.4 3.7 2.2 1.5 1.0 0.7 0.5 Earnings per share (DEPS), diluted 5.4 3.7 2.2 1.5 1.0 0.7 0.5 Cash flow per share (CFPS) 8.2 5.5 3.0 1.9 2.1 1.1 0.7 Price earnings ratio (PE) 42 43 46 63 172 42 43 Share price/Net asset value 7.9 6.6 5.1 5.4 11.0 7.9 6.6 Revenue growth – % Organic growth 15 15 9 13 12 15 15 Exchange rate differences (1) - (2) 2 - 1 - Acquisitions/divestments - - - - - - - Total growth revenue 14 15 7 15 12 14 15 Financial highlights and key ratios for the ALK Group 1 Management's review Introduction Business strategy Financial performance Sales and market trends Financial highlights and key ratios for the ALK Group Financial review Q4 review Corporate matters Sustainability statement Financial statements Annual Report 2025Financial highlights and key ratios for the ALK Group 21 2021 2022 2023 2024 2025 3,916 4,511 4,824 5,537 6,312 12% 13% 9% 15% 15% 2021 2022 2023 2024 2025 3,916 4,511 4,824 5,537 6,312 61% 62% 63% 64% 67% 2,396 2,791 3,035 3,552 4,234 1,520 1,720 1,789 1,985 2,078 Financial review ALK’s full-year operating profit (EBIT) increased by 53% in local currencies to DKK 1,654 million (1,091). Overall results were in line with the latest financial outlook announced in November 2025 and exceeded the previous outlooks from February and August 2025. (Comparative figures for 2024 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated) The better-than-expected performance rela- tive to previous outlooks was mainly driven by the momentum for tablets in Europe and sales of adrenaline autoinjectors, as well as opera- tional efficiencies. Revenue increased by 15% in local currencies to DKK 6,312 million (5,537), driven by a strong growth in sales of tablets and anaphylaxis products. Exchange rates impacted reported revenue growth negatively by approximately 1 percentage point. Cost of sales increased by 5% in local curren- cies to DKK 2,078 million (1,985). The gross profit of DKK 4,234 million (3,552) yielded a gross margin of 67% (64%), driven by increased sales volumes, a more favourable sales mix, and production efficiencies. Capacity costs to R&D, Sales & marketing, and Administration increased by 6% in local currencies to DKK 2,581 million (2,464). R&D expenses increased by 15% to DKK 609 million (531), mainly reflecting funding of the peanut tablet clinical trial, pre-clinical development projects, and the bridging trial of ACARIZAX ® in China. Sales and marketing expenses increased by 3% to DKK 1,584 million (1,564), driven by the launches of paediatric tablets and neffy ® . Administrative costs of DKK 388 million (369) increased by 4%. In 2024, capacity costs included one-off costs of DKK 75 million associated with optimisation initiatives in Europe and China which mainly impacted Sales & marketing expenses. No such costs were incurred in 2025. EBIT (operating profit) improved by 53% in local currencies to DKK 1,654 million (1,091), raising the EBIT margin to 26% from 20%. Progress was driven by higher sales, improved 2025 guidance history DKK 2025E 19 February outlook 2025E 12 August outlook 2025E 12 November outlook 2025 Actual Revenue 9-13% ( l.c.) 12-14% (l.c.) 13-15% ( l.c.) 15% (l.c.) EBIT margin ~2 5% ~25% ~26% 26% Revenue Revenue, mDKK Revenue growth, % Gross margin Revenue, mDKK Gross profit, mDKK Cost of sales, mDKK Gross margin, % Management's review Introduction Business strategy Financial performance Sales and market trends Financial highlights and key ratios for the ALK Group Financial review Q4 review Corporate matters Sustainability statement Financial statements Annual Report 2025Financial review 22 2021 2022 2023 2024 2025 631 665 618 531 609 16% 15% 13% 10% 10% 2021 2022 2023 2024 2025 1,474 1,657 1,753 1,933 1,972 38% 37% 36% 35% 31% 240 276 331 369 388 1,234 1,381 1,422 1,564 1,584 2021 2022 2023 2024 2025 292 470 666 1,091 1,654 7% 10% 14% 20% 26% gross margin, and a lower capacity cost-to- revenue ratio of 41% (45%). Exchange rates impacted growth in reported EBIT negatively by approximately 1 percentage point. Net financials showed a loss of DKK 19 million (a loss of 34) related to interest expenses and currency losses. Tax on the profit totalled DKK 438 million (242), and the net profit increased by 43% in local currencies to DKK 1,197 million (815). Cash flow from operating activities was DKK 1,817 million (1,213) mainly driven by higher earnings and the upfront payment of DKK 244 million from GenSci. Cash flow from investing activities was DKK minus 385 million (minus 1,417 which included the DKK 115 million PRE-PEN ® acqui- sition and the upfront payment of DKK 1 billion to ARS Pharma related to the neffy ® license agreement) reflecting the continued build-up of capacity for tablet production, upgrades to legacy production, as well as a milestone payment to ARS Pharma of DKK 32 million related to the first commercial sale of EUR- neffy ® as well as investments in the next gene- ration adrenaline autoinjector. Free cash flow was positive at DKK 1,432 million (negative at 204). Research and development Research and development expenses Percentage of revenue Sales, marketing and administration Administrative expenses Sales and marketing expenses Percentage of revenue EBIT EBIT EBIT margin Cash flow from financing activities amounted to DKK minus 760 million (positive 310), mainly related to repayment of loans. At the end of 2025, ALK held 1,261,283 own shares or 0.6% of the share capital, which is equivalent to year-end 2024. Equity totalled DKK 6,445 million (5,373) at the end of the year, and the equity ratio was 71% (65%). Revenue DKK 6,312 million increased by 15% in local currencies EBIT margin 26% from 20% in 2024 EBIT (operating profit) DKK 1,654 million improved by 53% in local currencies Gross margin 67% from 64% in 2024 Gross profit DKK 4,234 million an increase from 3,552 in 2024 Management's review Introduction Business strategy Financial performance Sales and market trends Financial highlights and key ratios for the ALK Group Financial review Q4 review Corporate matters Sustainability statement Financial statements Annual Report 2025Financial review 23 Q4 review ALK’s Q4 revenue increased by 17% to DKK 1,733 million (1,499), following double-digit growth in all sales regions. In Q4, respiratory tablets and anaphylaxis products (Jext ® and neffy ® ) remained key drivers, and growth was further supported by shipments of SCIT products to China. Operating profit (EBIT) increased by 88% to DKK 387 million (205), equivalent to an EBIT margin of 22% (14%). (Comparative figures for Q4 2024 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated) ALK delivered 2025 full-year results in line with the most recent financial outlook, following a Q4 where revenue increased by 17%, driven by strong performance across the sales regions. Exchange rates impacted reported revenue growth negatively by approximately 1 percentage point. Global tablet revenue grew by 15%, driven by the expanding patient and prescriber bases in Europe and North America. Anaphylaxis revenue increased by 112%, due to the neffy ® co-promotion deal in the USA, the launch in Europe, as well as the contribution from Jext ® . Revenue in Europe increased by 14%, fuelled by a 20% growth in tablet sales which was driven by higher volumes linked to the inflow of new patients starting treatment across the tablet brands. Combined sales of injection- and drop-based AIT (SCIT/SLIT drops) increased by only 2% partly linked to patients choosing tablets over SCIT for indi- cations covered by the tablet portfolio, while sales of Anaphylaxis & other products (Jext ® , neffy ® and diagnostics) increased by 40%, mainly driven by the Jext ® sales. Revenue in North America increased by 24%, reflecting continued growth in tablet sales in both the USA and Canada, improved performance in sales of life-science prod- ucts in addition to the cost compensation from ARS Pharma related to the co-pro- motion of neffy ® to US paediatricians. SCIT bulk allergen extracts to US allergists grew modestly. Revenue in International markets increased by 36%, reflecting higher ship- ments of SCIT products to China, where last year's sales were absent due to the renewal of ALK’s import license. Tablet sales declined slightly due to the timing of shipments of tablets to Torii (now fully owned subsidiary of Shionogi) in Japan. In-market sales in both countries continued to show double-digit growth. The gross margin improved to 68% (64%), mainly reflecting increased sales volumes, a more favourable sales mix, and production efficiencies. The temporary lower growth in product shipments to international markets also enhanced the gross margin. Capacity costs increased by 8% to DKK 794 million (749) as ALK advanced its stra- tegic growth investments. R&D expenses increased by 14% in local currencies and included increasing costs to the peanut tablet development programme and the ongoing trial with ACARIZAX ® in China. Sales and marketing expenses increased, reflecting continued high investments in the ongoing paediatric and neffy ® launches, as well as generally high activity levels in key markets. Last year, capacity costs included one-off costs of DKK 26 million whereas no such costs were recognised this year. The capacity costs to revenue ratio was 46% (50%). Operating profit (EBIT) increased by 88% in local currencies to DKK 387 million (205), yielding an operating margin of 22%. As expected, increasing strategic growth investments led to a lower operating margin compared to the first nine months of the year. Exchange rates impacted growth in reported EBIT negatively by approximately 1 percentage points. Revenue by geography DKKm Q4 2025 Growth (l.c.) Q4 2024 Europe 1,296 14% 1,13 8 North America 270 24% 235 Int’l markets 167 36% 126 Overall revenue 1,733 17% 1,499 Revenue by product line DKKm Q4 2025 Growth (l.c.) Q4 2024 SLIT tablets 910 15% 795 SCIT/SLIT drops 607 11% 552 Anaphylaxis & other products 216 50% 152 Overall revenue 1,733 17% 1,499 Income statement DKKm Q4 2025 Q4 2024 Revenue 1,733 1,499 Cost of sales 553 545 Gross profit 1,180 954 Gross margin 68% 64% Research and development expenses 189 167 Sales and marketing expenses 473 474 Administrative expenses 132 108 Other operating items, net 1 - Operating profit (EBIT) 387 205 Net financials 6 (7) Profit before tax (EBT) 393 198 Net profit 266 170 Operating profit before depreciation and amortisation (EBITDA) 482 281 Management's review Introduction Business strategy Financial performance Sales and market trends Financial highlights and key ratios for the ALK Group Financial review Q4 review Corporate matters Sustainability statement Financial statements Annual Report 2025Q4 review 24 Risk management ALK’s Executive Leadership Team is responsible for the ongoing management of risks throughout the value chain, including risk identification, the assessment of probabilities and potential consequences, and the introduction of risk-reducing measures. The Executive Leadership Team has a Risk Committee to assist in meeting its overall responsibility for risk management. The Risk Committee comprises representatives from each functional area relevant to ALK’s risk profile. The Risk Committee meets twice a year or more, as and when required, to perform its tasks. Risks are systematically assessed according to a two-dimensional matrix, rating the potential impact and probability of each risk. A risk management report with key enter- prise risks and recommended mitigation plans is presented to the Executive Leadership Team before it is submitted to the Board of Directors each year for their review and approval. The following is a description of ALK’s key enterprise risks and the main initiatives taken to mitigate these risks. The risk movements compared to the previous year are indicated. Risk impact The impact of the risk has increased compared to the year before The impact of the risk has not changed compared to the year before The impact of the risk has decreased compared to the year before Management's review IntroductionIntroduction Business Business strategystrategy Financial Financial performanceperformance Corporate Corporate mattersmatters Risk managementRisk management Corporate Corporate governance and governance and ownershipownership Board of DirectorsBoard of Directors Executive Executive Leadership TeamLeadership Team Sustainability statement Financial statements Annual Report 2025Risk management 25 Corporate matters Description The threat of cyber attacks continues to intensify globally and ALK is no exception. Disruption to IT systems, such as severe breaches of data secu- rity, may occur across the global value chain, where well-functioning IT systems and infra- structure are critical for the company’s ability to operate effectively. Risk mitigation ALK has an IT and cybersecurity strategy in place to prevent intruders from causing damage to systems or gaining access to critical data and systems. ALK continuously invests in upgrading IT security. Awareness campaigns, access controls, intrusion detection, prevention systems, and IT disaster recovery plans have all been implemented. Further initiatives are planned, and systems are regularly upgraded to increase network security. 2025 movement The impact of the risk has not changed compared to the year before Severe IT security breaches Description The degree of market approval and accept- ance for a new product, or a new indication for an existing product, depends on several factors, including the demonstration of clinical efficacy and safety, cost-effectiveness, reim- bursement/market access, convenience and ease of administration, potential advantages over alternative treatment methods, competi- tion, and marketing and distribution support. If ALK’s products, primarily tablets and anaphy- laxis products, fail to achieve acceptance in major markets, this could have a significant impact on the company’s ability to generate revenue. ALK’s strategic commercial partnerships and collaboration agreements expose the company to risks related to partner perfor- mance, alignment of strategic objectives and execution capabilities. Partnerships for co-promotion, development, or regional commercialisation may fail to deliver expected results due to operational challenges, insuf- ficient market performance or collaboration issues. Failure of key partners to meet contrac- tual obligations could adversely affect reve- nues, market presence, and strategic growth plans. Price pressures mandated by authorities can have a significant impact on the company’s earning capacity. In most of the countries in which ALK operates, prescription drugs are subject to reimbursement from, and price controls by national authorities and health- care providers. This often results in significant price differences between individual markets. Exceptionally, governments and national authorities may introduce permanent or temporary economic measures that also affect the pricing and reimbursement of medicines, for example, because of a major economic downturn. Fluctuations in geo-political stability, trade relations, or regulatory environments in key regions may disrupt business operations, and market access, leading to potential financial losses and reputational damage for ALK. Risk mitigation ALK closely monitors economic, market and regulatory developments as they relate to product pricing, along with the competi- tive situation and initiatives in all important markets. ALK regularly conducts surveys of market conditions and commits significant resources to providing information on allergy treatment to doctors and patients. ALK continues its focus on market access strate- gies, especially in the USA, Spain, Canada, and UK. ALK mitigates commercial partnership risks through structured governance frameworks, including Joint Steering Committees, regular performance and milestone reviews, and escalation mechanisms to address under- performance. Additional mitigating actions include proactive monitoring of sales trends, implementation of corrective commercial measures, enhanced clinical execution and regulatory engagement. ALK actively engages in dialogue with author- ities with the aim of securing fair pricing and reimbursement agreements and maintains a strong focus on its market access strategy. ALK is strongly committed to evidence-based medicine, based on strong clinical and health economic evidence as the basis for pricing and reimbursement. ALK consistently monitors the geo-political land- scape and proactively implements mitigating measures in pertinent regions as needed. 2025 movement The impact of the risk has increased compared to the year before Commercial risks impacting revenue growth Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Risk management 26 Description ALK’s products are subject to many statutory and regulatory requirements with respect to issues such as safety, efficacy, and quality. The products may be associated with side-effects such as allergic reactions of varying extent, duration, and severity. Meeting pharmaceu- tical quality standards is a prerequisite for the company’s ability to supply products and hence its competitive strength, and for the company’s earnings and sales. As ALK continues to rationalise its product portfolio, there may be risks associated with the discontinuation of its products. Among others, these may include potential production interruptions at manufacturing sites during decommissioning and change-over work, loss of sales from products for which no suitable ALK substitute product exists, or inability to meet sudden spikes in demand for other prod- ucts due to patients switching from discon- tinued products. As part of its supply chain, ALK is dependent on selected key third parties for key production processes and supplies, which poses a risk for ALK’s ability to deliver products, especially tablets, to the markets. Risk mitigation ALK stringently monitors product and manufac- turing quality compliance and safety via quality assurance, pharmacovigilance and sales and marketing activities. If, despite the high levels of quality and safety, a situation should occur in which it is necessary to recall a product, ALK has procedures in place to ensure that this can be managed swiftly and effectively and in accordance with regulatory requirements. Production and manufacturing processes are subject to periodic and routine inspections by regulatory authorities as a regular part of their monitoring to ensure that ALK observes the prescribed requirements and standards. ALK has invested significantly in recent years to increase the robustness and compliance of the legacy business by reducing manufac- turing complexity, and all possible steps are taken during portfolio rationalisation work to mitigate any potential impact on other areas of manufacturing or the wider business. ALK conducts risk planning including the prevention of unwanted events, and preventive inventory management. ALK manages key third-party dependency risks through long-term contracts, diligent production forecasting, monitoring, and joint steering committees. ALK continuously moni- tors its dependencies on key third parties and considers relevant risk mitigation measures including alternative supply setups. 2025 movement The impact of the risk has not changed compared to the year before Production and quality issues impacting product supply and patient safety Description ALK is dependent on being able to attract and retain employees across all key functions and markets to deliver on its strategy. Failure to attract, develop and retain the right talents may have a material impact on the company’s market and research efforts. Risk mitigation Among other things, ALK manages this risk by fostering an inclusive culture, continuously moni- toring and improving employee engagement, offering its staff opportunities to develop their professional competencies, and by continuously monitoring the total reward packages against the market. ALK is also focusing increasingly on how to position itself as an attractive employer, and how best to identify, attract and recruit future global and local talents with the skills and capabilities that will be required in the future. 2025 movement The impact of the risk is decreasing compared to the year before Talent retention and attraction Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Risk management 27 Description The future success of ALK depends on the compa- ny’s ability to maintain current products and to successfully identify, develop and market new, innovative drugs. A pharmaceutical product must be subjected to extensive and lengthy clinical trials to document qualities such as safety and efficacy before it can be approved for marketing. During the develop- ment process, the outcomes of these trials are subject to significant risks. Even though substan- tial resources are invested in the development process, the trials may produce negative results. The risk fluctuates over time in line with the extent and nature of ALK’s product development activ- ities. Failures or delays in the development process, or in obtaining regulatory approvals, may have a major impact on patients who are not able to benefit from the products, and on ALK’s ability to achieve its long-term goals. Risk mitigation ALK and its collaboration partners carry out thorough risk assessments of their research and development programmes throughout the devel- opment and registration processes, in the inter- ests of risk mitigation to maximise the likelihood of the products reaching the market. ALK’s Scientific Committee is responsible for other patient/product-related innovation activities. The committee provides instrumental strategic sparring on matters relating to R&D activities and other patient/product-related innovation, including reviewing R&D programmes and the overall R&D pipeline. 2025 movement The impact of the risk has increased compared to the year before Description Compliance requirements are generally increasing in many areas, and as ALK expands into more markets, the company is exposed to more complex compliance requirements. Non-compliance with applicable regulations and legislation, or ALK’s Code of Conduct, could negatively impact the company’s good reputation which is essential to operating within the pharma- ceutical industry. Patents and other intellectual property rights are important for developing and retaining ALK’s competitive strength. Risk mitigation ALK strives to act professionally and with high integrity throughout the company in its deal- ings with stakeholders. ALK’s Code of Conduct defines the company’s high standards of ethical behaviour in relation to customers, employees, shareholders, society, suppliers, and partners. A few years ago, ALK established a Compliance Committee to oversee this work and development. Each year, all employees are asked to sign and confirm their knowledge of the Code of Conduct and to take an online test. ALK has established a whistleblower scheme which allows for confi- dential and anonymous internal and external reporting of potential or suspected wrongdoing. Immediate action is taken on substantiated non-compliance. Internal controls and policies are in place to safeguard ALK’s intellectual property rights. The risk that ALK might infringe patents or trademark rights held by other companies, along with the risk that other companies might attempt to infringe ALK’s own patents and/or trademark rights, are monitored and, if necessary, suitable measures are taken. 2025 movement The impact of the risk has not changed compared to the year before Breaches of legal or ethical standards Failures or delays in product development Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Risk management 28 Corporate governance and ownership Meeting attendance and competency matrix Name (male/female) Board meetings Audit Committee meetings Remuneration & Nomination Committee meetings Scientific Committee meetings Core Competencies Anders Hedegaard (m) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Lene Skole (f) 2 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Gitte Aabo (f) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Lars Holmqvist (m) 2 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Jesper Høiland (m) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Bertil Lindmark (m) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Alan Main (m) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Katja Barnkob (f) 1 ● ● ● ● ● ● ● ● ● ● Nanna Rassov Carlson (f) 1 ● ● ● ● ● ● ● ● ● ● Lise Lund Mærkedal (f) 1 ● ● ● ● ● ● ● ● ● ● Johan Smedsrud (m) 1 ● ● ● ● ● ● ● ● ● ● 1 employee-elected 2 Non-independent Corporate governance ALK’s Corporate Governance report, available at https://ir.alk.net/corporate-governance and prepared pursuant to section 107b of the Danish Financial Statements Act, forms part of Management’s review in the Annual Report 2025. It describes ALK’s two-tier governance structure—covering the Board’s composition, competences, activities, self-assessment, and remuneration—and key elements of internal control and risk management related to finan- cial reporting. The report also outlines ALK’s compliance status with the Recommenda- tions for Corporate Governance issued by the Danish Committee on Corporate Governance in December 2020 and implemented by Nasdaq Copenhagen. Board and management composition The Board of Directors consists of 11 non-ex- ecutive members: seven shareholder-elected at the Annual General Meeting (AGM) for one-year terms, and four employee-elected for four-year terms (last elected in 2023). No member of the Board of Management serves on the Board of Directors. At the 2025 AGM, all shareholder-elected board members were re-elected. The Board has a preponderance of independent share- holder-elected members; five of seven in 2025 are considered independent under the Danish Committee on Corporate Governance defini- tions. By 30 June 2026, ALK is to target gender balance among its shareholder-elected and employee-elected board members, respec- tively. Among the four employee-elected members, three are female (75%) and one is male (25%). Among the seven shareholder- elected members, two are women (29%) and Meeting attendance ● Attended ● Absent Competencies Core competencies ● Executive experience in a global company ● Life science industry ● Consumer healthcare / OTC ● Financial / Risk ● Commercial ● Digitalisation ● Experience with US market ● Research & Development Role competencies: Chair & Vice Chair ● Experience at CEO level ● Board experience from other companies Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Corporate governance and ownership 29 five are men (71%). The current composition of the shareholder-elected board members is not considered an equal gender representation as defined by the Gender Balance Act. ALK’s Board of Management registered with the Danish Business Authority has equal gender representation, as defined by the Gender Balance Act, with a composition of three members, of which one (33%) is female. For the Executive Leadership Team ("ELT") members and their direct reports in manage- ment positions employed in the Danish parent company, the underrepresented gender represents 38% (21 males and 13 females). ALK has a target of reaching a gender balance with at least 40% of the underrepresented gender by 2028. The members of the Board of Directors are presented on pages 33–34 and ALK’s Executive Leadership Team is introduced on pages 35-36 of this annual report. Competency matrix for the Board of Directors The Board of Directors represents interna- tional business experience from management positions in a variety of industries - particular regard is given to the members’ insight into the management and globalisation of R&D-driven companies. The Board also has overall exper- tise in sustainability matters that are material Composition of the Board of Directors 2 2025 2024 Shareholder- elected Employee- elected Total Shareholder- elected Employee- elected Total Number of non-executive members 7 4 11 7 4 11 Number of executive members - - - - - - 7 4 11 7 4 11 Percentage of independent members 71% 0% 45% 71% 0% 45% Board gender diversity Male 5 1 6 5 1 6 Female 2 3 5 2 3 5 7 4 11 7 4 11 Ratio of female to male 45% 45% Percentage of underrepresented gender 29% (f) 25% (m) 29% (f) 25% (m) to ALK and sustainability knowledge is inte- grated into board committees and the Board itself. External advice on specific sustainability topics is obtained, if needed. 1 To assess whether all core competencies required are adequately represented, each shareholder-elected member of the Board has been asked to identify the primary compe- tences they bring to the Board, in the context of ALK’s long-term strategy. Employee-elected members are not part of the competency assessment. For the Chair and Vice Chair, two additional role-specific competences have been identified. Remuneration Remuneration of the Board of Directors and the Board of Management is determined in accordance with ALK’s remuneration policy as adopted by the AGM in March 2024. The policy is prepared in accordance with sections 139 and 139a of the Danish Companies Act as well as items 4.1.1 - 4.1.6 of the latest Danish Corpo- rate Governance Recommendations. Highlights of the remuneration report 2025 3 ALK’s remuneration report details the compo- sition and development of remuneration for the Board of Directors and the Board of Management in 2025, including individual shareholdings. All remuneration for the Board 1 ESRS 2-GOV1-23(a, b); G1-GOV1-5(a, b) 2 ESRS 2-GOV1-21(a, b, d, e) 3 ESRS 2–GOV3; E1-GOV3-13 ALK-Abelló A/S Bøge Allé 6-8, DK-2970 Hørshol m, Denmark, CVR no. 63 71 79 16 Pioneers of allergy solutions Remuneration report 2025 Read the full Remuneration report 2025 ALK-Abelló A/S Bøge Allé 6-8, DK-2970 Hørshol m, Denmark, CVR no. 63 71 79 16 cf. art. 107b of the Danish Financial Statement Act Corporate Governance report 2025 Read the full Corporate Governance report 2025 Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Corporate governance and ownership 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Index 70 90 110 130 150 170 of Directors and Board of Management follows ALK’s remuneration policy, which is submitted for advisory approval at the Annual General Meeting (AGM) at least every four years. Remuneration Amounts in DKKt 2025 2024 Board of Directors Base fee 5,600 4,90 0 Committee fees 1,190 1,138 Total 6,790 6,038 Board of Management Base salary 17,916 17,593 Short-term incentives (cash bonus) 14,737 13,320 Pension and benefits 3,357 3,364 Long-term incentives (grant value) 7,372 6,877 Total remuneration excluding extraordinary elements 43,382 41,154 Termination payment 6,864 - Total remuneration including extraordinary elements 50,246 41,154 Data ethics ALK processes data from clinical trials, R&D, employees, customer interactions, and pharmacovigilance. It adheres to its publicly communicated data ethics policy, ensuring compliance with privacy regulations and best practices to protect confidentiality, integ- rity, and availability. ALK is transparent about data collection, processing, and use, which is limited to advancing scientific and medical understanding, ensuring patient safety, improving products and services, and delivering appropriate treatments. The Board of Directors reviews the policy regularly; it applies to all employees and is implemented daily by relevant business units. This report complies with section 99d of the Danish Financial Statements Act. The report is prepared in accordance with section 139b of the Danish Companies Act and will be presented for an advisory vote at the AGM on 16 March 2026. Members of the Board of Directors received a fixed annual base fee, which increased in 2025, with the Vice Chair and Chair receiving double and triple the annual fee, respectively. Members also received an additional fee for serving as member or chair on Board commit- tees. The base fee for serving on the Audit Committee increased in 2025. Fees for other committees remained unchanged. The remuneration for the Board of Manage- ment consisted of both fixed pay elements (base salary and benefits) and variable pay elements in the form of short-term incentive (STI) and long-term incentive (LTI) plans. The programmes reward the attainment of pre-de- fined financial and non-financial targets linked to the company’s strategy, as approved annu- ally by the Board of Directors. In 2025, the KPIs for the STI included a sustain- ability target on CO 2 emission reduction, aligned with ALK’s science-based target on The ALK share in 2025 ALK OMXC25 (indexed) Pharma, biotech and life sciences (NBI-NAS, indexed) own emissions, which accounts for 10% of pay to the CEO and 5% for the remainder of the Board of Management. The base salary for members of the Board of Management increased by 3.5% in 2025, in line with the general increase for ALK employees in Denmark. The CEO’s and CFO’s base salaries were further adjusted to align more closely to market benchmarks. Shareholder base ALK aims for a diversified shareholder base by geography, investment profile, and time horizon, aligned with its long term strategy. To support fair valuation and liquidity, ALK regularly discloses relevant information on strategy, performance, market developments, and R&D. At 31 December 2025, ALK had 34,777 regis- tered shareholders (37,215) owning 98.4% of the share capital (97.8%). Most large, Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Corporate governance and ownership 31 registered shareholders were institutional investors, mainly in Denmark, other European countries, and North America. Excluding the Lundbeck Foundation’s holding and treasury shares, 59.2% of the B shares are free float. Return to shareholders ALK is listed on Nasdaq Copenhagen (ticker symbol ALK B). The year-end, closing price was DKK 229 versus DKK 159 in 2024 (+ 44%). The market value of the B shares (excluding treasury shares) was DKK 46.0 billion (32.0). Dividend and capital structure Considering ALK’s financial situation with a comfortable net cash position and expected strong cash flows, the Board of Directors recommends resuming dividend payments to reward shareholders directly. At the upcoming Annual General Meeting in March 2026, the Board of Directors proposes distribution of approximately 30% of net profit after tax for 2025 as dividends. The Board of Direc- tors continuously assesses ALK’s financial resources to ensure sufficient funds for Financial calendar 2026 Annual General Meeting 16 March Three-month interim report (Q1) 5 May Six-month interim report (Q2) 20 August Nine-month interim report (Q3) 18 November executing ALK’s strategy, including emerging business development, in-licensing, M&A, and other investment needs. At end 2025, net interest bearing debt (NIBD) was DKK -822 million and NIBD/EBITDA -0.4 (0.4), well below the long term target of maximum two. The Board of Directors is authorised to increase the share capital by up to DKK 11,141,196, with or without pre emption rights for existing shareholders, until 15 March 2027, and to let the company acquire B shares with a nominal value up to DKK 11,141,196 until 22 March 2028, at up to ±10% of the official quoted price. Investor Relations In 2025, ALK participated in numerous meet- ings, calls, conferences, and seminars with analysts and investors. Regulated announce- ments and investor news, reports, pres- entations, call recordings, share price data, analysts’ estimates, and related information are available on ALK’s website. Registered shareholders are encouraged to sign up via the InvestorPortal. Share information Number A shares AA shares B shares Total Share capital (DKK) 9,2 07,6 0 0 920,760 101,283,60 0 111,411,96 0 No. of shares 18,415,200 1,841,520 202,567,200 222,823,920 Voting rights Each share carries 10 votes Each share carries 10 votes Each share carries 1 vote Shareholder overview as at 31 December 2025 A shares (Number) AA shares (Number) B shares (Number) Total (Number) Ownership interest (%) Votes (%) Lundbeck Foundation 1 (Copenhagen, Denmark) 18,414,400 1,841,440 69,496,540 89,752,380 40.3% 67.2% ALK (treasury shares) 2 1,261,283 1,261,283 0.6% Board of Directors and Board of Management 65,930 65,930 < 0.1% <0.1% Other 800 80 131,743,447 131,744,327 59.0% 32.7% 1 This shareholder has reported to ALK that they held 5% or more of the shares on 31 December 2025. 2 To meet obligations to deliver shares under the management incentive programmes, ALK holds a number of its own shares. The holding was reduced in 2024 following the settlement of share option and performance share programmes. Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Corporate governance and ownership 32 Anders Hedegaard (1960, Danish, male) Lene Skole (1959, Danish, female) Gitte Aabo (1967, Danish, female) Lars Holmqvist (1959, Swedish, male) Jesper Høiland (1960, Danish, male) Professional board member Chair Independent Board member since 2020 1 Chair of the Remuneration & Nomination Committee Member of the Scientific Committee The Lundbeck Foundation, CEO and direc- torships at two other subsidiaries Vice Chair Not independent Board member since 2014 1 Member of the Remuneration & Nomination Committee Member of the Scientific Committee Professional board member Independent Board member since 2021 1 Chair of the Audit Committee Professional board member Not independent Board member since 2015 1 Member of the Audit Committee Strategic adviser, PharmaCo Consult ApS Independent Board member since 2023 1 Member of the Audit Committee Competences 2 Specific expertise within management and sales & marketing in international life science companies. Competences 2 Experience in management, financial and economic expertise, experience in strategy and communication in international companies. Competences 2 Global leadership experience and compre- hensive understanding of international management, finance, IT, and sales & marketing, as well as insights into building digital communities. Competences 2 Experience in management, finance, and sales & marketing in international life- science companies, including medtech and pharmaceutical businesses. Competences 2 Management and commercial experience from 35 years with global pharmaceutical companies, including roles at Ascendis Pharma,Inc.,Radius Health, Inc., and Novo Nordisk Inc., USA. Unique expertise in establishing and expanding commer- cial activities in North America, including product launches. Directorships 2,3 Ellab; Chair and chair of the Remuneration Committee Rodenstock Group, Germany: Member of the Advisory Board Candela Medical, USA: Board adviser Directorships 2,3 Ørsted A/S: Chair and chair of the Nomina- tion & Remuneration Committee Falck A/S 4 : Vice Chair and member of the Remuneration and Nomination Committee H. Lundbeck A/S 4 : Vice Chair and member of the Remuneration & Nomination and Scientific Committees Nordea Bank Abp, Finland: Vice Chair and member of the Audit Committee Directorships 2,3 Rockwool Foundation: Vice chair Dynavox Group: Chair and chair of the Compensation Committee and member of the Audit and Nomination Committees. GN Foundation: Chair Directorships 2,3 H. Lundbeck A/S: Board member and member of the Audit Committee The Lundbeck Foundation: Board member and Chair of the Investment Committee Vitrolife AB, Sweden: Board member and member of the Audit Committee Directorships 2,3 SciBase AB, Stockholm: Chair Flen Health SA, Luxemburg: Board member Allarity Therapeutics, USA: Board member Alva Therapeutics, USA: Board member 1 All members elected by the Annual General Meeting are up for re-election each year. 2 ESRS 2-GOV1-21(c) 3 Directorships do not include those for companies that are personally owned, fully or partly, by members of the Board of Directors. 4 Board positions included in the position as CEO of the Lundbeck Foundation. Board of Directors Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Board of Directors 33 Bertil Lindmark (1955, Swedish, male) Alan Main (1963, British, male) Katja Barnkob (1969, Danish, female) Nanna Rassov Carlson (1976, Danish, female) Johan Smedsrud (1972, Danish, male) Lise Lund Mærkedahl (1967, Danish, female) Chief Medical Officer, Vicore Pharma Holding AB Independent Board member since 2021 1 Chair of the Scientific Committee Senior Adviser, Canson Capital Partners Independent Board member since 2022 1 Member of the Remuneration & Nomination Committee Senior Project Director, Global Cli- nical Development, ALK-Abello A/S Board member since 2011 Employee-elected Senior Manager, QA Release, ALK-Abelló A/S Board member since 2019 Employee-elected Senior Maintenance Supporter, Process & Production Support, ALK-Abelló A/S Board member since 2019 Employee-elected Project Director, Global Clinical Development, ALK-Abelló A/S Board member since 2023 Employee-elected Competences 2 More than 30 years' experience of global executive R&D leadership in pharmaceuticals (Astra, Astra- Zeneca, Almirall) and biotech (ASLAN Pharmaceuticals, eTheRNA Immunotherapies, Galecto Inc.). Experience in multi therapy area and bringing blockbuster thera- peutics to market globally. Served on the Research Board of Astra- Zeneca. Participated in a range of IPOs, acquisitions, and debt- financing activities. Competences 2 More than 30 years of experience from the consumer healthcare industry, including roles in Sanofi, Bayer, and Roche. Competences 2 Experience in project manage- ment of global drug development projects in the pharmaceutical industr y. Competences 2 Expertise in production and release of ALK’s active pharmaceutical ingredients for sublingual immuno- therapy products. Competences 2 Experience in HVAC systems, clean- room testing, utensil washing and sterilisation for the pharmaceutical industr y. Competences 2 Experience in the development of new vaccines, project management of drug discovery projects, and most recently governance of data digitalisation and AI projects. Directorships 2,3 Aqilion AB, Sweden: Chair of the Board and member of the Remuner- ation Committee Cellevate, Sweden: Board member Directorships 2,3 The Lundbeck Foundation: Board member, employee-elected 1 All members elected by the Annual General Meeting are up for re-election each year. 2 ESRS 2-GOV1-21(c) 3 Directorships do not include those for companies that are personally owned, fully or partly, by members of the Board of Directors. Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Board of Directors 34 Peter Halling (1977, Danish) Claus Steensen Sølje (1972, Danish) Henriette Mersebach (1971, Danish) Flora Beiche-Scholz (1970, German) Edward Jordan (1967, American) Registered with the Danish Business authority as member of t he Board of Management. President & CEO Registered with the Danish Business authority as member of t he Board of Management. Executive Vice President & CFO Registered with the Danish Business authority as member of t he Board of Management. Executive Vice President, Research & Development Executive Leadership Team Executive Vice President, Commer- cial Operations Europe Executive Leadership Team Executive Vice President Commer- cial Operations North America Competences Executive management experience with a strong commercial, interna- tional , and strategic background from life-sciences, pharmaceutical and healthcare industries. Peter Halling holds a master's degree in International Marketing & Management from Copenhagen Business School from 2003. Competences International experience in management, finance, and other CFO-related areas in the pharma- ceutical/med tech industry. Claus Steensen Sølje holds a master's degree in Economics from the University of Copenhagen from 1999. Competences Experience in management, innova- tion, and research & development in the pharmaceutical industry. Henriette Mersebach holds a master's degree in Medicine from 1998 and a PhD in Medicine from 2004. Competences International experience in leading transformations and delivering strong commercial execution and growth. Dr. Flora Beiche-Scholz holds a degree and a Ph.D. in biology from the University of Erlangen, Germany. Competences Experience with US commercial strategy and execution, product launches, establishing biopharma- ceutical companies in the US, and therapeutic market development in the industry. Edward Jordan holds an MBA from Southern New Hampshire Univer- sity and dual bachelor’s degrees in finance and insurance from the University of Rhode Island. Directorships 1 The Danish Chamber of Commerce: Board member Directorships 1 Sonion A/S: Board member and member of the Remuneration & Nomination Committee UV Medico A/S: Board member Directorships 1 Versatope Therapeutics: Baard member 1 Directorships do not include those for companies that are personally owned, fully or partly, by members of the Executive Leadership Team. Executive Leadership Team Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Executive Leadership Team 35 Christian G. Houghton (1964, Danish) Lika Thiesen (1975, Danish) Jacob Glenting (1974, Danish) Jan Engel Jensen (1966, Danish) Executive Leadership Team Executive Vice President, Product Supply Executive Leadership Team Executive Vice President, Global People & Organisation Executive Leadership Team Senior Vice President, Corporate, Portfolio & Product Strategy Executive Leadership Team Senior Vice President, Global Quality Competences Experience within development of biopharmaceutical products and specialised in CMC development and supply operations. Christian G. Houghton holds a master's degree in chemical engineering from DTU – Technical University of Denmark. Competences Experience in organisational change, people strategy and HR programme implementation from different stock-listed and equity- owned companies. Lika Thiesen holds a master's degree and a PhD in Public Adminis- tration from Northern Illinois Univer- sity, USA. Competences Experience in pharmaceutical commercialisation, research & development, marketing, business development, strategy, and general management. Jacob Glenting holds a master's degree in biochemistry, and a PhD in vaccine development. Competences Experience within quality assurance from the medical and pharmaceu- tical industry. Jan Engel Jensen holds bachelor’s degrees in Production Manage- ment, Business Administration, and a master's degree in Quality Management in Scientific R&D. Directorships 1 Appointed Chair of the Danish Phar- macopoeia Commission, Danish Medicines Agency Directorships 1 Qlife, Sweden: Board member 1 Directorships do not include those for companies that are personally owned, fully or partly, by members of the Executive Leadership Team. Expansion of the Executive Leadership Team In 2025, ALK included the two key commercial regions, Europe and North America, in the Executive Leadership Team (ELT) to further strengthen the execution of ALK’s strategy, Allergy + . Effective 1 October 2025, Flora Beiche-Scholz, former Senior Vice President for ALK’s region Europe, joined the ELT in a new position as Exec- utive Vice President (EVP) and head of ALK’s Commercial Operations in Europe. Effective 5 January 2026, Edward Jordan was appointed as new Executive Vice President (EVP) and head of Commercial Operations in North America. Following the decision to elevate the two key commercial regions into ELT, Søren Niegel, former Executive Vice president, Commercial Operations, was deregistered from the Danish company register as per 1 October 2025 and he left ALK at the end of December 2025. Søren Niegel had been with ALK since 2012 contrib- uting considerably to ALK’s overall leadership and success. Management's review Introduction Business strategy Financial performance Corporate matters Risk management Corporate governance and ownership Board of Directors Executive Leadership Team Sustainability statement Financial statements Annual Report 2025Executive Leadership Team 36 Sustainability statement Through its mission to improve the lives of people with allergy, ALK is committed to conducting business in a responsible and sustainable manner. The sustainability statement, a core part of ALK’s Annual report, is prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). Based on a double materiality assessment, the statement covers ALK’s material environmental, social, and governance (ESG) topics. Management's review Sustainability statement General General informationinformation Environmental Environmental informationinformation Social Social informationinformation Governance Governance informationinformation AppendixAppendix Financial statements Annual Report 2025 37 General disclosures ESRS 2 Basis for preparation BP1, 2 ALK continues to pursue its sustainability ambitions while aiming to help 5 million patients by 2030. This sustainability statement outlines ALK’s progress towards its environ- mental, social and governance targets, and details ongoing initiatives to further improve data quality and reporting. It is prepared in accordance with the EU Corporate Sustain- ability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), applicable to ALK since 1 January 2024. The statement is prepared on a consol- idated basis for the ALK group and subsidi- aries, in line with the financial statements. The sustainability topics reported in the state- ment are identified based on a double mate- riality assessment (DMA), which covers ALK’s operations and its upstream and downstream value chain. For impacts, risks and opportuni- ties extending beyond ALK’s own operations, the statement addresses ALK’s value chain in its policies, actions, targets and metrics. No information on intellectual property or know-how has been omitted. Sources of estimation and outcome uncertainty Some metrics are derived from estimates. The basis for these estimates, including assump- tions and judgments, are described in the relevant accounting policies. The following estimates are deemed significant: • “Purchased goods and services” (scope 3, category 1) greenhouse gas (GHG) emis- sions ( see GHG emissions on page 48 and Accounting policies – Environmental infor- mation on page 57) • “Irrigation” (water consumption), including "Water reused and recycled" ( see Water consumption on page 52 and Accounting policies – Environmental infor- mation on page 58) • “Unadjusted gender pay gap” and “Adjusted gender pay gap” ( see Diversity and remu- neration on page 62 and Accounting policies – Social information on page 70) • “Patients in treatment” ( see Patients in treatment on page 69 and Accounting policies – Social information on page 71). Changes in preparation or presentation Comparative figures are presented for all metrics with at least one year of historical data, except when not available for newly disclosed datapoints. Following data quality enhancements, 2024 metrics on scope 3 ( see GHG emissions on page 48) and unadjusted gender pay gap ( see Diversity and remuneration on page 62) have been restated, to ensure consistency and comparability. In addition, the metric on Code of Conduct training completion ( see Metrics on page 74) has been revised to include all ALK employees. The 2024 figure has been restated to reflect this updated definition of functions- at-risk. Disclosures stemming from other legislation Information in compliance with Section 107d of the Danish Financial Statements Act has been included in Inclusive culture on pages 61-62. EU Taxonomy information is disclosed in accordance with the EU Taxonomy Regulation (ar ticle 8). Incorporation by reference Some ESRS disclosures are addressed in the appendices and other sections of the Manage- ment’s review, by exercising the option of incor- poration by reference. The disclosures placed outside the sustainability statement are clearly identified with a footnote, referring to the applicable disclosure requirement of the ESRS. An overview of all incorporations by reference used in the sustainability statement is listed in the Appendix on page 77. Management's review Sustainability statement General General informationinformation Basis for Basis for preparationpreparation Sustainability Sustainability governancegovernance Stakeholder Stakeholder engagementengagement Materiality Materiality assessment processassessment process Material impacts, Material impacts, risks and risks and opportunitiesopportunities Environmental Environmental informationinformation Social Social informationinformation Governance Governance informationinformation AppendixAppendix Financial statements Annual Report 2025 38General information General information Sustainability governance The role of the Board of Directors and Executive Leadership Team GOV1,2,3 ALK’s governance model ensures that sustainability is system- atically managed and integrated into decision-making and business strategy, promoting long-term value creation while addressing societal and environmental challenges. Material impacts, risks and opportunities (IROs) are managed by the relevant corporate functions and overseen by the Sustainability Committee. The Sustainability department submits quarterly reports to the Committee, which oversees the setting of targets and monitors progress and effectiveness of due diligence, policies, actions, metrics and targets. The Sustainability Committee Chair regularly updates the Exec- utive Leadership Team, while the Audit Committee oversees progress on sustainability reporting on a quarterly basis. The Board of Directors is informed on material IROs as a part of the strategy updates. See Material impacts, risks and opportunities on page 43. Material risks are embedded in ALK’s strategy via the Enter- prise Risk Management process. The Risk Committee, chaired by the CFO, reports ERM risks to the Board of Directors. For further details on the composition, competences and remuneration of the Board of Directors and ELT, see Corporate matters on pages 30-34 (refer to the incorporation by reference table on page 77 for exact refer- ences). Sustainability Committee Oversee legal reporting requirements within sustainability. Make recommendations to Executive Leadership Team on matters with strategic impact on the global organisation Executive Leadership Team Approve all sustainability related policies and strategy Board of Directors Overall responsible for ALK’s sustainability strategy and targets Corporate functions Responsible for daily execution of strategic activities as well as collection of sustainability data Corporate Finance department Responsible for accounting policies, internal controls, framework and guidelines for data processes and controls Sustainability department Responsible for the sustainability strategy implementation. Ensure compliance with legal reporting requirements as well as reporting to internal and external stakeholders Audit Committee Oversee sustainability disclosures, processes, controls and assurance Remuneration Committee Oversee sustainability related remuneration ALK's sustainability governance model Management's review Sustainability statement General information Basis for preparation Sustainability governance Stakeholder engagement Materiality assessment process Material impacts, risks and opportunities Environmental information Social information Governance information Appendix Financial statements Annual Report 2025General information 39 Risk management and internal controls GOV4,5 The Sustainability department is responsible for overseeing the DMA process, advising on data collection and preparing the sustain- ability statement. The Corporate Finance department collaborates closely on numeric data collection and gathers data quarterly for ongoing progress tracking and verification. All data complies with the principles outlined by the ESRS. The Sustainability Committee and the Audit Committee receive an annual update on poten- tial critical issues related to risk management and internal controls through the management letter from the Independent Auditor. Key challenges in providing unified sustain- ability disclosures across different business units and locations include human error and data misalignment. To minimise human error and data misalignment, automated data transfers and data reporting processes are being introduced. Internal controls and standard operating procedures have also been established for critical metrics, and a four-eye principle is systematically applied. As an integral part of its core processes, ALK performs due diligence activities relating to people and the environment. See Core elements of due diligence on page 78. Management's review Sustainability statement General information Basis for preparation Sustainability governance Stakeholder engagement Materiality assessment process Material impacts, risks and opportunities Environmental information Social information Governance information Appendix Financial statements Annual Report 2025General information 40 Stakeholder engagement Strategy, business model and value chain SBM1 For details on the strategy, business model and value chain, see Introduction on pages 8-10 and Financial performance page 20 (refer to the incor- poration by reference table on page 77 for exact references). For employee headcount, see Employee charac- teristics on page 64. Interests and views of stakeholders SBM2 Active engagement with stakeholders is a fundamental aspect of ALK’s Allergy + strategy. The interactions shape the under- standing of material issues and support the sustainability initiatives. Internal engage- ment occurs across a broad range of func- tions including, but not limited to, finance, legal, environment, health and safety, procurement, people and organisation, research and development, commercial operations and the ELT. The Board of Direc- tors and ELT are informed about the views and interests of affected stakeholders through the sustainability strategy updates. Stakeholder engagement during the materiality assessment process is described on page 42. An overview of the key stakeholder groups and how they inform Allergy + is provided in the table. Key stakeholders How engagement is organised Purpose of engagement Examples of outcomes Inform Allergy + strategy Employees • Engagement survey • Employee-elected Board members • Workers’ councils • Employee development dialogues • Employee meetings • Sounding board • Strategic alignment • Understanding employees' perceptions and experiences • Defining training needs • Human resources strategy • Improvement action plans • Training programmes • Employee information Cultivate pillar Consumers and general public • Various digital media platforms • Consumer websites, apps, email flows, etc. • Creating awareness around allergies, symptoms, impact on quality of life and treatment options, etc. • Improved awareness among consumers relating to allergies including symptoms, impact on quality of life, treatment options, etc. Innovate and Focus pillars Healthcare professionals • Scientific webinars and symposia, scientific publica- tions, clinical trial data sharing, etc. • Awareness of allergy, including burden of disease and bene- fit-risk of available allergy treatment strategies • Increased adoption and usage of evidence-based disease modifying allergy treatments • Correct identification and diag- nosis of people with allergy • Clinical practice optimisation Innovate and Focus pillars Suppliers and contract manufacturers • Contract negotiations • Third-party code of conduct implementation • Supplier meetings and corre- spondence • Compliance with ALK's Third- party Code of Conduct • Commitment to Science-Based Targets initiative • Reliable long-term partner- ships • Adherence to ALK’s busi- ness conduct standards and collaborative decarbonisation progression Optimise pillar Investors and shareholders • Interim and annual reports, company announcements, websites, presentations, meet- ings and events • ESG ratings • Enhancing transparency • Understanding expectations to sustainability • Attracting responsible inves- tors • Strong reputation • Access to capital • Fair valuation Authorities • Continuous interaction • Compliance with regulations, safety and efficacy of medi- cines • Environmental approvals • Compliance and market access • Environmental permits Innovate, Focus and Optimise pillars Management's review Sustainability statement General information Basis for preparation Sustainability governance Stakeholder engagement Materiality assessment process Material impacts, risks and opportunities Environmental information Social information Governance information Appendix Financial statements Annual Report 2025General information 41 Materiality assessment process IRO1; E1-SBM3 Double materiality assessment In 2025, ALK reviewed its double materiality assessment (DMA), conducted in accordance with the double materiality criteria outlined in ESRS 1 and the implementation guidance from EFRAG. This review followed the same process as in 2024. The purpose of the DMA is to identify and assess impacts on the environment and society, as well as the sustainability-related risks that ALK is exposed to and the opportunities it leverages. ALK is in the process of conducting an in-depth climate-related scenario analysis for all sites to support the identification and assessment of physical and transition risks and opportunities across the short, medium, and long term. As the in-depth climate risk assessment is still underway, current material impacts, risks and opportunities (IROs) related to climate change are based solely on the risk assessment using the World Wildlife Fund (WWF) risk filters, which did not identify any material climate-re- lated physical or transition risks. The WWF water risk filter was also used to identify and assess IROs related to water and marine resources at ALK's production sites and source material collection points. ALK’s site in Madrid (Spain) is located in a water scarce region, identified using the baseline water stress indicator from the World Resources Institute. Water-related financial and opera- tional risks were deemed immaterial as basin regulatory and reputational risks are low in regions where ALK operates. Materiality scoring approach The scoring approach for the DMA is inspired by ALK’s Enterprise Risk Management (ERM) framework. ALK defines the medium-term as 1–3 years and the long-term as beyond 3 years, consistent with the ERM framework. While the ERM accounts for risk mitigation in its scoring, all IROs in the DMA are evaluated at a gross level. To ensure consistency, some members of the Sustainability Committee also serve on the Risk Committee, ensuring that relevant sustainability risks are incorporated into the ERM overview. Impact materiality: assessed on severity (composed of scale and scope, and, for nega- tive impacts, irremediability) and likelihood of impacts. For potential negative human rights impacts, severity takes precedence over the likelihood of the impact in the scoring. Financial materiality: assessed on the finan- cial magnitude of the risk/opportunity, its like- lihood, and the nature of the financial effect. Thresholds align with the ERM framework. Identifying sustainability matters The Sustainability department reviewed 2024 sustainability matters and conducted a peer analysis to identify gaps. Sustainability matters cover ALK’s activities, business relationships, affected stake- holders and key parts of the value chain with significant impact and relevance to ALK’s business model. ALK's activi- ties are screened at site level. Stakeholder engagement ALK engaged with relevant internal subject matter experts through DMA workshops, to review, assess, refine and consolidate the IROs. The views and perspectives of affected stakeholders are represented by proxy through the knowledge of ALK’s internal subject matter experts. Approval of the DMA Workshop results were captured using a scoring tool to assess the materiality of each IRO, ensuring consistent and harmonised outcomes. Each score included detailed justifications for the rationale behind the assessment. The final results were reviewed and validated by all subject matter experts. The DMA result was presented and approved by the ELT, the Audit Committee and the Board of Directors. Future steps: integration, monitoring, and review The DMA is reviewed on an annual basis, considering trends, business context, key supplier changes, and regu- lations. In cases where signif- icant changes occur in ALK’s business model, value chain, or methodology, a more in-depth review will be conducted to reassess the materiality and priorities. Management's review Sustainability statement General information Basis for preparation Sustainability governance Stakeholder engagement Materiality assessment process Material impacts, risks and opportunities Environmental information Social information Governance information Appendix Financial statements Annual Report 2025General information 42 Financial Materiality Non material Impact material Pollution (E2) Business conduct (G1) Climate change (E1) Affected Communities (S3) Consumers and end-users (S4) Biodiversity & ecosystems (E4) Water & marine resources (E3) Own workforce (S1) Financial material Workers in the value chain (S2) Double material Impact Materiality Circular economy (E5) Material impacts, risks and opportunities SBM3; IRO2 ALK’s 2025 DMA revealed no changes in materiality at the topic level compared to the previous reporting year. However, Own work- force was moved from double material to being impact material, due to the fact that the risk related to "employee attraction and retention" has decreased in 2025. Of 122 identified IROs, 21 were deemed mate- rial, comprising 17 negative impacts, 1 positive impact, 1 risk and 2 opportunities. The 2025 DMA added new material IROs (S1: “Inclusive culture”; S4: “Affordability” and “Innovation”) to align with industry standards. Compared to 2024, some IROs were consoli- dated: • “Emissions from own operations” now includes refrigerants in E1 • The impact of pharmaceutical standards on circularity is included in “Use of non-recycled paper, single-use aluminium and single-use plastic” in E5. For Biodiversity, Workers in the value chain, "Patients safety" (S4) and "Potential bribery of healthcare professionals" (G1), the description of the IROs was broadened. All material IROs from ALK’s own operations cover all production sites, with the exception of water use in water-scarce regions that applies only to ALK’s production site in Madrid (Spain). The list of material disclosure requirements and datapoints was based on the ESRS issued by the European Commission July 2023 and the revised Appendix C to ESRS 1. A content index of disclosure requirements and a list of data- points derived from other EU legislation can be found in Appendix on pages 78-82. The phase-in provisions have been applied for Biodiversity E4 as well as the numeric data for Own Workforce S1. The material IROs identified during the DMA are described and presented alongside the topical standards: E1 - Climate change, on pages 44-49 E2 - Pollution, on page 50 E3 - Water and marine resources, on pages 51-52 E4 - Biodiversity and ecosystems, on page 53 E5 - Resource use and circular economy, on pages 54-55 S1 - Own workforce, on pages 59-64 S2 - Workers in the value chain, on pages 65-66 S4 - Consumers and end-users, on pages 67-69 G1 - Business conduct, on pages 72-75. Double materiality assessment Environmental Social Governance Management's review Sustainability statement General information Basis for preparation Sustainability governance Stakeholder engagement Materiality assessment process Material impacts, risks and opportunities Environmental information Social information Governance information Appendix Financial statements Annual Report 2025General information 43 Environmental information Climate change E1 gas emission reduction targets, approved by the Science Based Targets initiative (SBTi) and consistent with a 1.5˚ pathway. To meet these targets, ALK has developed a transition plan outlining decarbonisation levers through 2030 ( see Actions on pages 45-46). The plan factors in projected company growth and locked-in emissions linked to long-term energy-intensive assets. CO 2 e emissions across ALK’s value chain (market-based) Upstream activities Downstream activitiesALK – Own operations Upstream transpor- tation & distribution 1,457 t CO 2 e Purchased goods & services 47,16 4 t CO 2 e Fuel & energy related activities 3,306 tCO 2 e Direct energy consumption 3,058 tCO 2 e Refrigerants 509 tCO 2 e Company fleet 1,219 tCO 2 e Capital goods 3,530 tCO 2 e Employee commuting 5,491 tCO 2 e Waste generated in operations 80 tCO 2 e Business travel 1,861 tCO 2 e Downstream transportation and distribution 3,593 tCO 2 e End of life treatment of sold products 29 tCO 2 e Electricity & district heating 365 tCO 2 e Transition plan E1-1; E1-GOV3 ALK recognises the need to address climate change in alignment with the goals of the Paris Agreement and has established greenhouse Scope 1 Scope 2 Scope 3 Management's review Sustainability statement General General informationinformation Environmental Environmental informationinformation Climate changeClimate change PollutionPollution WaterWater Biodiversity and Biodiversity and ecosystemsecosystems Resource use and Resource use and circular economycircular economy EU TaxonomyEU Taxonomy Accounting policies Accounting policies – Environmental – Environmental informationinformation Social Social informationinformation Governance Governance informationinformation AppendixAppendix Financial statements Annual Report 2025 44Environmental information Environmental information Focusing on emissions from ALK’s own oper- ations, the transition plan is embedded within the company’s overall strategy, supported by annual business and financial planning processes and approved annually by the Investment Portfolio and Sustainability Committees. Key actions require investments, such as decarbonising boilers across production sites, a taxonomy-eligible activity. As these meas- ures will be implemented over time, the reduc- tion pathway is not expected to be linear, but will deliver stepwise reduction. ALK continues its efforts to align its activities with the EU Taxonomy for climate adaptation and mitigation where possible ( see EU Taxonomy on page 56) and is not excluded from the EU Paris-aligned benchmarks. ALK’s commitment to emission reduction is further reinforced by sustainability-related incentives included in the remuneration schemes for the Executive Leadership Team, ensuring that priority is given to decarboni- sation ( see Incorporation by reference on page 77). Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Emissions from own operations ALK generates greenhouse gas (GHG) emissions through its direct operations, company fleet, use of refrigerants (scope 1) and purchased energy (scope 2). These emissions contribute to climate change. Actual negative impact ● ● ● ● Value chain emissions ALK's value chain generates GHG emissions from purchased goods and services, capital goods, upstream and downstream transportation & distri- bution, and business travel. These Scope 3 emissions contribute to climate change. Actual negative impact ● ● ● ● ● Climate change and respiratory health Climate change threatens respiratory health by extending pollen seasons, increasing airborne aller- gens and promoting mould growth. This represents a market opportunity for ALK. 1 Opportunity ● ● 1 see Consumers and end-users on page 67 Policies E1-2 ALK’s transition plan is supported by a frame- work of policies focusing on company fleet (part of scope 1) and business travels (scope 3, cate- gory 6). In 2025, an update of local company car policies was initiated across European countries, introducing requirements for either electric-only or electric and hybrid vehicles. Regarding scope 3 emissions, the global travel policy was also updated. The purpose of the policy is to ensure that all employees have a clear and consistent understanding of general rules and procedures for business travel. It applies to all employees as well as any external party travelling at ALK’s expense, requiring alternatives to business travel to be consid- ered first. Oversight rests with the Executive Leadership Team (ELT). Actions E1-3 Own operations While immediate activities such as installing LED lighting and sensor-controlled lighting systems to reduce overall energy consump- tion have already been implemented, ALK is reducing GHG emissions from own operations further through the following decarbonisation levers and actions: 1. Decarbonising boilers ALK is in the process of decarbonising production boilers powered by natural gas or gas oil. In 2025, the gas boiler at the French production site was replaced with heat pumps, with full operational impact in 2026. The remaining boiler decarbonisation initiatives are currently planned for full imple- mentation by 2030. The related CapEx investments are accounted for in ALK's annual budget processes and are approved by the Invest- ment Portfolio Committee. In 2025, ALK allocated DKK 5 million in CapEx to support the implementation of the decarbonisa- tion project for the boiler in France ( see Incorporation by reference on page 77). The ability to implement the action does not depend on specific preconditions. 2. Electrifying the company fleet In 2025, ALK also continued the transition of the company fleet to electric vehicles, with an initial focus on European countries, where the infrastructure is well developed. Some -11% in 2025 in carbon emissions from scope 1 and 2, compared to 2022 Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 45Environmental information countries now only allow electrical vehicles, while others are waiting for infrastructure improvements before fully electrifying their car fleets. 3. Substituting refrigerant chemicals in coolers ALK has mapped all cooling systems and refrigerants and developed a substitution timeline based on legal requirements, equipment lifecycle and costs. Refrigerant replacements will prioritise those with lower global warming potential. A cross-depart- mental programme has been launched to improve management of cooling systems and refrigerants, focusing on better moni- toring, reporting, preventive maintenance and substitution while maintaining opera- tional efficiency. 4. Transitioning towards renewable energy ALK has purchased third-party audited Renewable Energy Certificates for electricity since 2019. These certificates cover 100% of ALK’s electricity consumption at produc- tion sites where direct renewable energy sourcing is not possible. Operating expenditure (OpEx) is allocated on an ongoing basis to purchase the certif- icates. In 2025, this amounted to DKK 0.8 million ( see Incorporation by reference on page 77). Value chain In 2025, ALK strengthened the quality of data underpinning value chain emissions. As part of a comprehensive vendor remediation exer- cise, ALK undertook a reclassification of its supplier portfolio, enabling a more accurate scope 3 emission calculation. ALK also imple- mented a global travel management platform to ensure compliance with the travel policy and to provide a clearer, consolidated view of business travel emissions. In parallel, ALK expanded supplier screening and engagement on carbon-reduction targets and initiatives to cover a broader share of its supply base. Targets E1-4 ALK has set two targets related to climate change mitigation: • reduce its absolute carbon emissions by 42% between 2022 and 2030 in its own oper- ations (market-based scope 1 and scope 2) • have 80% of its emissions from suppliers with science-based targets by 2028 (scope 3). The targets were approved by the Science Based Targets initiative in January 2024 and align with the global 1.5°C trajectory. In 2022, ALK's scope 1 and 2 (market-based) baseline accounted for 5,492 tCO 2 e, with scope 1 representing 90%. The boundaries for this target exclude ALK's sales offices, which account for less than 5% of its total emissions. The rest of the assumptions and methodolo- gies align with the GHG emissions reporting disclosed under GHG emissions on pages 47-49. CO 2 reduction roadmap – Scope 1 and 2 Increase Decrease 2022 baseline Business growth 1. Decarbonising boilers 2. Electrifying the company fleet 3. Substituting refrigerant chemicals in coolers 4. Transitioning towards renewable energy 2030 target 5,492 tCO 2 e Scope 1 and 2 3,185 t CO 2 e Scope 1 and 2 42% reduction Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 46Environmental information 2022 2023 2 2024 2025 2026 2027 2028 2029 2030 - 42% (validated SBTi target) 3,185 4,883 5,384 5,709 5,492 80% (validated SBTi target) 80% 2024 2025 2026 2027 2028 50% 35% GHG emissions E1-3,5,6 Retrospective Target years Science-based targets Unit % 2025 / 2024 2025 2024 Base year 2022 2028 2030 Annual % target / Base year Scope 1+2 (production sites) Total scope 1+2 (market-based) Tonnes CO 2 e -9% 4,883 5,384 5,492 3,18 5 -5% Change in scope 1 & 2 from a 2022 baseline % -11% -2% - -42% Scope 3 Suppliers with science-based targets % Scope 3 emissions 15pp 50% 35% 1 N/A 80% 13pp 1 Related to the reclassification of the supplier portfolio, 2024 scope 3 figures have been restated to reflect the revised spend categorisation and ensure comparability (previously 37%). Driven by its decarbonisation actions, ALK decreased its scope 1 and 2 emissions to 4,883 tCO 2 e, leading to an 11% reduction compared to the 2022 science-based target baseline (2022: 5,492 tCO 2 e). The electrifica- tion of the boiler in France was the main driver of the reduction in direct energy emissions to Total scope 1+2 (market-based) Tonnes CO 2 eq Suppliers with science-based targets % scope 3 emissions decreased to 97 tCO 2 e (2024: 459) following an updated emission factor. In 2025, the share of suppliers with science- based targets increased to 50% (2024: 35%). 3,058 tCO 2 e (2024: 3,325). In addition, the tran- sition to electrical company fleet lowered to 1,219 tCO 2 e (2024: 1,383). The decommission of refrigerant equipment caused an unfore- seen leak, increasing refrigerants emissions to 509 tCO 2 e (2024: 217). ALK’s market-based scope 2 emissions from the production sites 2 2023 figure are not covered by the Independent Auditor’s limited assurance report. Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 47Environmental information 25% 11% 64% 0,0 1,5 2022 2023 2 2024 2025 1.2 1.2 1.0 0.8 Scopes Unit 2025 2024 Base year 2022 Scope 1 Direct energy consumption Tonnes CO 2 e 3,058 3,325 3,368 Company fleet Tonnes CO 2 e 1,219 1,383 1,355 Refrigerants Tonnes CO 2 e 509 217 235 Tonnes CO 2 e 4,786 4,925 4,958 Scope 2 Location-based Production sites Tonnes CO 2 e 5,456 6,423 5,856 Sales offices Tonnes CO 2 e 268 297 N/A Tonnes CO 2 e 5,724 6,720 5,856 Market-based Production sites Tonnes CO 2 e 97 459 534 Sales offices Tonnes CO 2 e 268 297 N/A Tonnes CO 2 e 365 756 534 Scope 3 Cat. 1. Purchased goods & services Tonnes CO 2 e 47,16 4 48,694 1 49,0 96 1 Cat. 2. Capital goods Tonnes CO 2 e 3,530 3,397 1 3,974 1 Cat. 3. Fuel & energy related activities Tonnes CO 2 e 3,306 3,365 1 2,483 1 Cat. 4. Upstream transportation & distribution Tonnes CO 2 e 1,457 1,393 1 4,748 1 Cat. 5. Waste generated in operations Tonnes CO 2 e 80 89 105 Cat. 6. Business travel Tonnes CO 2 e 1,861 2,626 3,995 Cat. 7. Employee commuting Tonnes CO 2 e 5,491 5,696 5,724 Cat. 9. Downstream transportation & distribution Tonnes CO 2 e 3,593 3,14 8 1 313 1 Cat. 12. End of life treatment of sold products Tonnes CO 2 e 29 28 37 Tonnes CO 2 e 66,511 68,436 1 70,475 1 Total emissions (location-based) Tonnes CO 2 e 77,021 80,081 81,289 Total emissions (market-based) Tonnes CO 2 e 71,662 74,117 75,967 GHG intensity (scope 1 and 2 market-based) Tonnes CO 2 e/DKKm 0.8 1.0 1.2 GHG intensity (location-based) Tonnes CO 2 e/DKKm 12.2 14.5 18.0 GHG intensity (market-based) Tonnes CO 2 e/DKKm 11.4 13.4 16.8 Net revenue DKKm 6,312 5,537 4,511 Bundled energy attribute claims % - - N/A Unbundled energy attribute claims % 88% 88% N/A GHG scope 3 calculated using primary data % 16% 17% N/A 1 ALK is continuously improving data quality related to scope 3 emissions. 2024 figures for scope 3 categories 1-4 and 9 have been restated due to the reclassification of the supplier portfolio and other minor data improvements (total previously 74,506 tCO 2 e). It has not been practicable to restate scope 3 for 2022, and therefore 2022 figures for scope 3 categories 1-4 and 9 are not fully comparable. Scope 1 Direct energy consumption Company fleet Refrigerants GHG intensity (scope 1 and 2 market-based) Tonnes CO 2 eq/DKK 2 2023 figures are not covered by the Independent Auditor’s limited assurance report. Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 48Environmental information Energy consumption and mix Unit 2025 2024 Energy consumption from fossil sources Fuel consumption from crude oil and petroleum products MWh 2,077 2,420 Fuel consumption from natural gas MWh 13,816 14,524 Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources MWh 9,0 94 10,14 8 MWh 24,987 27,092 Energy consumption from nuclear sources Energy consumption from nuclear sources MWh 5,353 4,505 MWh 5,353 4,505 Energy consumption from renewable sources Fuel consumption from renewable sources MWh - - Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources MWh 20,315 19,810 MWh 20,315 19,810 Total energy consumption MWh 50,655 51,407 Share of renewable sources in total energy consumption % 40% 39% Energy intensity associated with activities in high climate impact sectors MWh/DKKm 8.0 9.3 ALK's activities are in a high climate impact sector. Energy intensity is therefore calculated on the total revenue. In 2025, ALK reduced its total energy consump- tion, while delivering significant business growth, reducing energy intensity to 8.0 MWh/ DKKm (2024: 9.3). Natural gas consumption decreased to 13,816 MWh (2024: 14,524) following the electrification of the boiler in France. Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 49Environmental information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Use of substances of concern All chemicals used by ALK are regulated under the Registration, Evaluation, Authorisation, and Restric- tion of Chemicals (REACH) Regulation. Some chemicals are classified as Substances of Concern (SoCs) or Substances of Very High Concern (SVHCs) due to their potential environmental and human health impacts. Improper handling, application, transport, or disposal can have adverse environmental effects. Actual negative impact ● ● ● ● Pollution E2 Policies E2-1 ALK ensures compliance with REACH and local regulations for responsible use and handling of chemicals in production. Relevant actions and resources are continuously evaluated and allocated at the operational level to maintain high environmental and safety standards. Given the local compliance framework and established operational controls, ALK has not identified a need for a centralised global policy on management of substances of concern. Actions E2-2 ALK continuously evaluates opportunities to reduce or substitute SoCs or SVHCs. Substitu- tion is sometimes limited by pharmaceutical regulatory requirements, as specific chemical properties are necessary to ensure product quality and compliance with pharmaceutical standards. Initiatives are also directed at ensuring safe handling, storage and use of regulated chemi- cals on all production sites, regularly updating procedures to reflect evolving regulations. In 2025, ALK successfully met all requirements and inspections from local environmental authorities. Building on efforts started in 2024, ALK further enhanced its mapping and reporting of SoCs and SVHCs. As a result of ALK’s continued focus on SoCs and SVHCs, the amount of SoCs procured decreased to 3.0 tonnes (2024: 5.0), with SVHCs accounting for 0.6 tonnes (2024: 0.9). Targets E2-3 ALK remains flexible and responsive to changes in regulatory requirements, ensuring continued compliance and a commitment to reducing environmental impact as new phase- outs and restrictions are adopted. Due to this, ALK has not had the need to set specific reduc- tion targets. Substances of concern and substances of very high concern E2-5 Unit 2025 2024 Substances of concern procured Tonnes 3.0 5.0 Substances of very high concern procured Tonnes 0.6 0.9 Substances of concern procured 3.0 tonnes Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 50Environmental information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Water consumption in production facilities The consumption of water in production facilities can contribute to local water scarcity, impacting avail- ability and increasing water costs for surrounding communities. Reduced water availability may also impact local ecosystems and agriculture and increase wildfire risks. Actual negative impact ● ● ● ● Use of water in water-scarce regions ALK’s Madrid (Spain) production site operates in a high-water stress area. Climate change and periodic droughts could further constrain water resources, potentially affecting the local population. Potential negative impact ● ● ● ● Water E3 Policies E3-1 ALK monitors water use across its produc- tion facilities to ensure compliance with local regulations and has therefore not had the need for a formal water management policy, neither globally nor for water-scarce areas like Madrid (Spain). Actions E3-2 Water management is an integral part of the role of the Environmental, Health and Safety department and water meters have been installed at all production sites to monitor usage. In 2025, the purified water system was upgraded at one production site, reducing water consumption. Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 51Environmental information 45% 7% 38% 55% Water consumption E3-4 Unit 2025 2024 Water consumption Irrigation m 3 100,477 312,773 Domestic water use m 3 80,625 92,533 m 3 181,102 405,306 Water consumption in areas of high-water stress m 3 11,716 11,495 Water reused and recycled m 3 11,886 18,624 Water intensity m 3 /DKKm 28.7 73.2 At ALK’s Madrid production site, located in the water-scarce Tagus river basin, ALK has devel- oped a 4-year water management plan, which focuses on employee training, promoting best practice via the Good Practice Manual, improving leak reporting, and continuing the rollout of water saving devices. Strict pharmaceutical regulations on product quality and manufacturing equipment clean- liness limit the potential for water reuse and recycling, as this would require advanced water treatment and regeneration systems. Going forward, ALK plans to explore opportu- nities such as new technologies and process optimisations to further enhance sustainable water management. ALK practices crop rotations at its farmland, to maintain soil health, manage nutrient balances, and support long-term yield stability. As a results, the water used for irriga- tion can fluctuate year on year, depending on the number of irrigated fields. In 2025, irrigation of allergenic source mate- rials on ALK leased and owned farmland accounted for 55% of total water use (2024: 77%). The crop rotations meant that fewer fields required irrigation, reducing water used for irrigation to 100,477 m 3 (2024: 312,773 m 3 ). The remaining water consumption covers water for domestic use (production, drinking, sanitary) and decreased to 80,625 m 3 (2024: 92,533), due to the upgrade of a purified water system. 15% of the domestic water use (2024: 12%) originates from the Madrid production site. Targets E3-3 ALK has not set global targets for reducing water consumption beyond local legal require- ments. Water consumption 181,10 2 m 3 Water consumption Irrigation Domestic water use Outside areas of high-water stress In areas of high water stress Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 52Environmental information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Reliance on natural resources for production of active pharmaceutical ingredients The majority of ALK’s allergenic source materials – pollens, mites, moulds and insect venom – are sourced from nature on ALK’s own and leased land in North America. These agricultural activities are not regener- ative or organic, and can negatively affect biodiversity and ecosystems. Actual negative impact ● ● ● ● Biodiversity and ecosystems E4 ALK is committed to sustainable agricultural practices and complies with all relevant national legislation. On its main farmland in Idaho (USA), ALK has implemented several initiatives to support biodiversity, such as: • Diversifying crops to provide varied pollina- tion periods for pollinators such as bees. • Practising crop rotations to maintain soil health, manage nutrient balances, and support long-term yield stability. • Minimising pesticide and fertiliser use through integrated pest management. • Protecting native flora and fauna by estab- lishing large buffer zones. • Minimising soil disturbance and erosion through targeted lime application and no-till practices. • Reusing mite process waste as fertiliser to increase soil organic matter in the fields. To further strengthen this approach, ALK plans to conduct a comprehensive biodiversity resil- ience analysis in the coming years, evaluating its dependencies on natural ecosystems and identifying additional opportunities to promote ecological resilience across its operations. Therefore, ALK does not currently have policies or targets related to biodiversity in place. Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 53Environmental information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Use of non-recycled paper, aluminium and single-use plastic The pharmaceutical industry is highly regulated, requiring high standards for quality and sterility, which results in limited possibilities for circularity. The use of single-use plastic, aluminium containers and non-recy- cled paper in production have environmental impacts during manufacturing and disposal. Actual negative impact ● ● ● ● Operational waste partly disposed in landfills Some of ALK’s operational waste goes to landfills due to limited recycling facilities in certain regions. The extent varies depending on local waste management infrastructure and regional regulations. Actual negative impact ● ● ● End of life of products End-of-life management of ALK products also differs by region, with recycling infrastructure for medical products remaining limited in some countries. This hinders the recovery of the recyclable components in ALK products. Actual negative impact ● ● ● ● Resource use and circular economy E5 Policies E5-1 To address operational waste, ALK introduced a global waste policy in 2025 with the aim of reducing environmental impact, promoting resource efficiency and ensuring alignment with regulatory, technological and stra- tegic developments. The policy establishes a common framework for waste handling across all ALK production sites and sets out a commitment to reduce landfill disposal. ALK will actively seek and implement environmen- tally responsible and compliant alternatives following the European waste hierarchy. Waste requirements will be integrated into supplier evaluation, contracting, and performance management. Manufacturing processes for new products will be designed to minimise waste and incorporate materials that are non-hazardous and easy to manage at end of life. The overall responsibility rests with ALK’s Board of Directors, who have delegated this responsibility to the Executive Leadership Team. Day-to-day management is carried out by Global Product Supply Business Support and EHS in coordination with local EHS site managers. Actions E5-2 Waste management is embedded in site- level operations, ensuring compliance with local legal requirements and continuously assessing opportunities for recycling and reuse throughout the product lifecycle. In 2025, efforts focused on operational waste, by developing the global waste policy and preparing site-level action plans for 2026. Over the coming years, ALK plans to implement waste management requirements in supplier selection. Targets E5-3 To support the global waste policy objective, ALK's focus in 2025 has been on improving its mapping of waste types and fractions in line with the EU waste hierarchy and the ESRS, and so the company has not yet established a target. Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 54Environmental information 29% 18% 7% 46% Waste E5-4,5 Total waste generated in 2025 was 2,096 tonnes (2024: 2,882). 75% (2024: 81%) of total waste was either recycled or prepared for reuse. Waste reused or recycled decreased to 1,575 tonnes (2024: 2,337), largely due to a reduction in organic material such as hay (non-hazardous waste prepared for reuse). The waste incinerated or landfilled remained stable. 2025 2024 Unit Hazardous Non- hazardous Total Hazardous Non- hazardous Total Waste reused or recycled Preparation for reuse Tonnes 32 932 964 24 1,384 1,408 Recycling Tonnes 162 450 612 221 708 929 Tonnes 194 1,382 1,576 245 2,092 2,337 Waste incinerated or landfilled Incineration Tonnes 162 222 384 158 245 403 Landfill Tonnes - 136 136 1 141 142 Tonnes 162 358 520 159 386 545 Non-recycled waste % 46% 21% 25% 39% 16% 19% Total waste generated Tonnes 356 1,740 2,096 404 2,478 2,882 Waste Preparation for reuse Recycling Incineration Landfill Operational waste can be separated into: 1. Pharmaceutical waste streams, which include • chemical waste and medical waste (residues from APIs, solvents, and reagents used in production processes) • product-related material (plastics, metals, glass, and transportation boxes). 2. Agricultural waste streams, which come from ALK's source materials used in the allergen production, and include • mite media (residual materials from the cultivation and extraction of allergenic source materials) • organic materials (plant-based or biological substances such as hay and wood trimmings). ALK does not currently gather global data on material resource inflows, or on the rate of recyclable content, and does not at this stage have data in place to provide a reliable estimate. Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 55Environmental information EU Taxonomy Under Article 8(1) of the Taxonomy regulation (EU) 2020/852 and further detailed in Annex I of the Disclosure Delegated Act (EU) 2021/2178, ALK is obligated to report on the sustainability profile of its Turnover, Capital Expenditure (CapEx) and Operating Expenditure (OpEx). This process involves evaluating ALK's economic activities against those enumerated in the delegated legislation of the EU Taxonomy (i.e. eligibility assessment), identifying ALK's eligible Turnover, CapEx and OpEx, and finally assessing compliance with the Substantial Contribution Criteria (i.e. alignment assessment). The findings from both the eligibility and alignment assess- ments are encapsulated in key performance indicators (KPIs) for Turnover, OpEx and CapEx. ALK had adopted the simplified templates for EU Taxonomy reporting, but has not imple- mented the 10% materiality threshold. For a full overview of ALK's taxonomy eligible activities, see the tables in the appendix EU Taxonomy on pages 83-84. Eligibility and alignment In 2025, ALK has identified 97.4% turnover (2024: 98.0%), 71.4% CapEx (2024: 18.7%), and 53.1 % OpEx (2024: 57.9 %) eligibility. CapEx eligibility returned to previous years' level, after the Neffy ® investment prepayment, which temporarily decreased the share of eligible activities in 2024. ALK has not claimed EU taxonomy alignment for any eligible activities as it cannot be docu- mented. A climate risk assessment has been initiated in 2025. Turnover ALK has identified the following eligible turn- over activities: • PPC 1.1, manufacture of active pharmaceu- tical ingredients (API) or active substances: Turnover related to manufacture of allergen extracts for use in the diagnosis of specific allergies, for instance in skin prick tests (0.3% of turnover). • PPC 1.2, manufacture of medicinal products: Turnover stemming from the production of allergy immunotherapy treatments and adrenaline pens (97.1% of turnover). CapEx ALK has identified the following eligible CapEx activities: • PPC 1.2, manufacture of medicinal products: Capital expenditures related to the manufac- turing of allergy immunotherapy treatments and adrenaline pens (41.0% of CapEx). • CMM 7.3, installation, maintenance and repair of energy efficiency equipment: In 2025 ALK initiated Phase 2 of Decarbonisation project in France that involves the upgrade of the Purified Water System and reduction of energy consumption (1.1% of CapEx). • CCM 7.5 Installation, maintenance and repair of instruments and devices for meas- uring, regulation and controlling energy performance of buildings: In 2025, a minor portion of ALK’s CapEx was related to the ongoing installation of metering equipment in Denmark to monitor water and electricity consumption (0.0% of CapEx). • CCM 7.6, installation, maintenance, and repair of renewable energy technologies: In 2025 ALK continued Phase 1 of Decarboni- sation project related to the installation of an electrified boiler in France replacing a boiler running on natural gas (1.3% of CapEx). • CCM 7.7, acquisition and ownership of build- ings: Projects related to investments and main- tenance of ALK’s buildings (27.9% of CapEx). OpEx ALK has identified the following eligible OpEx activities: • PPC 1.2, manufacture of medicinal products: OpEx related to the manufacturing of allergy immunotherapy treatments and adrenaline pens (45.1% of OpEx). • CCM 6.5, transport by motorbikes, passenger cars and light commercial vehicles: Leased vehicles (8% of OpEx). Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering year 2025 Financial year 2025 Breakdown by environmental objectives of Taxonomy aligned activities KPI (1) Total (2) Propotion of Taxonomy eligible activities (3) Taxonomy aligned activities (4) Proportion of Taxonomy aligned activities (5) Mitigation Climate Change (6) Adaptation Climate Change (7) Water (8) Economy Circular (9) Pollution (10) Biodiversity (11) Proportion of enabling activities (12) Proportion of transitional activities (13) Not assessed activities considered non-material (14) Taxonomy aligned activi- ties in previous financial year 2024 Proportion of Taxonomy aligned activi- ties in previous financial year 2024 DKKm % DKKm % % % % % % % % % % DKKm % Turnover 6.312 97.4% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0 0.0% CapEx 360 71.4% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0 0.0% OpEx 368 53.1% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0 0.0% Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 56Environmental information Accounting policies – Environmental information The numeric datapoints reported are verified through internal controls, analysis, benchmarks, and regular business meetings. External auditors provide limited assurance on 2024 and 2025 metrics. The metrics are not validated by another external body, with the exception of the science-based target metrics which are approved by the Science Based Targets initiative (SBTi). N/A is used when data was not available at the time of the reporting and could not be retrieved. Coverage Environmental data covers ALK’s production sites in the USA (Post Falls and related farms, Port Wash- ington, Oklahoma City, Luther and Plainville), Denmark (Hørsholm), Spain (Madrid), and France (Vandeuil and Varennes). Sales offices located across the globe are excluded from reporting on energy, pollution, water, substance of concerns and waste data due to the low materiality of their environmental footprint. From 2024 onwards, in accordance with ESRS requirements, data from sales offices are included in greenhouse gas (GHG) emission reporting ( see GHG emissions on pages 48-49). However, the reduction target for scope 1 and 2 remains focused primarily on production sites, as validated by SBTi. Climate Change (incl. significant estimate for scope 3 category 1 Purchased goods and services) Energy consumption and mix Energy consumption for operations is measured as consumption of electricity, heat and fuel. Energy consumption from fossil sources includes fuel consumption from crude oil, petroleum products, natural gas, and the use of purchased or acquired electricity, heat, steam, or cooling. No other fuel sources are used. “Fuel consumption from crude oil and petroleum products” consists of diesel, gas oil and propane. Energy consumption is based on meter readings and/or invoices at individual production sites. While the majority of the data is derived from actual data, some estimations are applied to a minor portion of the fuel consumption data: • Fuel consumption from diesel backup generators is primarily based on estimates. • For some collecting vehicles (leased or owned company vehicles used to collect source mate- rials) at USA production sites, fuel consumption is estimated where odometers are aged or damaged and mileage data cannot be documented. Heat consumption comes from district heating in Denmark, and the supplier provides the breakdown between fossil and renewable sources. Electricity production is sourced 100% from renewable power, primarily through Renewable Electricity Certif- icates (RECs). The share of renewable energy used at production sites is reported according to the market- based method of the GHG Protocol scope 2 Guideline. Conversion factors for measuring units are sourced from well-established and authoritative references, and are consistent across sites and contexts, ensuring reliability and uniformity in reporting and calculations. GHG emissions GHG emissions are prepared in accordance with the GHG Protocol. All greenhouse gases are included and GHG emissions are reported in metric tonnes of carbon dioxide equivalent. When available and recent, source and supplier-spe- cific emission factors or local grid emission factors are used, reflecting local energy mixes and regional characteristics. When such data are unavailable or outdated, general emission factors are utilised. The specific databases used in these instances are disclosed below. Scope 1 Direct energy consumption GHG emissions from direct energy consumption are based on fuel consumption reported in Energy consumption and mix on page 49 and cover diesel, gas oil, natural gas and propane. When local emission factors are unavailable, general CO 2 emission factors from UK Government GHG Conversions Factors and Environmental Protection Agency (EPA) are applied. These authoritative sources provide comprehensive data covering a wide range of activities and energy sources. Emissions from collecting vehicles (leased or owned company vehicles used to collect source materials) are based on mileage and apply EPA annual emis- sions factors. Company fleet Company fleet emissions are calculated from actual or contracted annual mileage. Average passenger vehicle emission factors are taken from UK Depart- ment for Environment, Food & Rural Affairs (DEFRA). December data is estimated using the reporting year monthly average. Refrigerants For refrigerants listed in the GHG Protocol, leakage from cooling systems is included in Scope 1, based on refrigerant quantities using emissions factors from UK Government Conversion Factors. Scope 2 Production sites Scope 2 emissions comprise CO 2 e emissions from purchased electricity and heat (district heating), as disclosed in Energy consumption and mix on page 49. Scope 2 location-based emissions are calculated based on average energy generation emission factors for defined locations, while scope 2 market-based emissions are calculated based on emissions calcu- lated from specific energy purchase contracts and therefore consider renewable energy purchase certifi- cates. When local emission factors are unavailable, general CO 2 emission factors from UK Government GHG Conver- sions Factors and EPA GHG Emissions Factors are used. ALK does not have bundled certificates. All electricity consumption is covered by 100% unbundled renewable energy certificates, while none of its district heating consumption is covered by unbundled certificates. Sales offices GHG emissions from sales offices are estimated based on office area (square meters) multiplied by a world-average office energy use factor and coun- try-specific emission factors. Scope 3 All scope 3 emissions are calculated based on data covering January-December 2025, except category 3, 4 and 12 where November and December are estimated based on average consumption in the reporting year. Scope 3 categories 8, 10, 11, 13, 14, and 15 from the GHG Protocol are excluded as ALK has no emissions associated with those categories. Purchased goods and services (significant estimate) based on spend, using emission factors from the Comprehensive Environmental Data Archive (CEDA). Capital goods based on spend data for industrial machinery owned and operated by ALK, multiplied by emission factors from CEDA. Fuel and energy related activities of upstream transmission & distribution losses of fuels, electricity and district heating consumed by ALK which are not included in scope 1 and scope 2, using emission factors from DEFRA. Upstream transportation and distribution based on a mix of spend-based emission factors from CEDA Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 57Environmental information and primary emissions from certain distribution providers. Well-to-tank emission factors are provided by DEFRA. Waste generated in operations based on DEFRA, dependent on material type, treatment type, mate- rial location and material weight. Business travel based primary activity data from service providers using well-to-wheel flight emissions from DEFRA. Employee commuting using Quantis emission factors based on the average number of full-time equivalent employees in the reporting year, with well-to-tank emission factors from DEFRA. Downstream transportation and distribution based on spend-based emission factors from CEDA on truck transportation. End-of-life treatment of sold products based on esti- mates for materials used in products, using DEFRA emission factors for material type, country of distri- bution, assumed treatment type and weight. SBTi targets Scope 1+2 target GHG emission reduction targets follow SBTi guidelines, covering all production sites. Emissions from sales offices are excluded, as they account for less than 5% of scope 1 and 2 GHG emissions. The achieved reduc- tion is calculated against a 2022 baseline for scope 1 and 2 emissions from production sites, ensuring consistency in the scope over the years. Suppliers with science-based targets The metric measures scope 3 emissions associated with suppliers that have SBTi targets. The scope 3 categories included in this metric are purchased goods and services, capital goods, upstream trans- portation and distribution, business travel and down- stream transportation and distribution. The denom- inator is calculated as the total scope 3 emissions from those categories. To determine the numerator, suppliers with validated targets or active commit- ments are identified through the SBTi dashboard at the end of the financial year. The Supplier Tracker List is used to document suppliers with validated targets. Annual percentage target The metric “Annual % target / Base year” is calculated by dividing the SBTi target (i.e, -42% and 80%) by the number of years between the target year and the base year (respectively, 8 and 6). Pollution SoCs and SVHCs are reported as purchased quan- tities by all production sites, covering both product supply and research and development activities, based on invoices or delivery notes from vendors. Quantities of SoCs and SVHCs that leave ALK’s facili- ties are not reported, as the estimate would be equal to amounts procured. At each site, comprehensive lists of SoC chemicals are created by using the internal chemical manage- ment system. SoC chemicals are labelled with one or more Hazard-statements (H-statements), according to the Classification, Labelling and Packaging of chemicals (CLP Regulation) in EU. For production sites in the USA, where H-statements are not avail- able, GHS hazard statements (defined by OSHA) are translated into H-statements to determine which chemicals are SoCs or SVHCs. Water (incl. significant estimate for irrigation as well as water reused and recycled) Water consumption Water is categorised into water for domestic use (drinking water, sanitary water, and water for production) and water for irrigation, which is used for cultivating source materials. For irrigation, the use of estimates is considered significant. Water consumption is reported in m 3 based on meter readings and/or invoices at individual production sites. When meter readings or invoices are unavail- able, estimation-based water consumption is used to calculate water consumption: • Water irrigation for leased land at Post Falls (USA) farmland is estimated by multiplying the leased area by the water consumption intensity factor (m³/ acre) derived from measured data on company owned land. • Water usage at leased facilities in Plainville and Port Washington (USA) production sites is esti- mated based on square footage occupied by ALK, as stated in the leasing contract, relative to the total square footage of the building. Water storage ALK does not store water. Water consumption in areas of high-water stress This corresponds to water consumption at ALK’s Madrid (Spain) production site. Water reused and recycled Only one leased site in the USA currently reuses water, as part of a water reclamation program overseen by the DEQ (Department of Environmental Quality). Resource use and circular economy Waste is reported and categorised between treat- ment methods at site level, based on invoices received from waste vendor recipients. Operational waste was either reused, recycled, incinerated, or sent to landfill, with no other recovery or disposal methods used. Some estimates are used to calculate waste: • General solid waste at Luther and Plainville (USA) production sites is estimated based on the pickup cycles reported by the waste vendor for each quarter. • For the leased location at 2 Channel at Port Wash- ington (USA) production site, general solid waste is not managed internally. Estimation is therefore based on the average number of garbage bags collected per day. • For some USA production sites and Madrid (Spain) production site, certain types of waste are esti- mated based on the number of pickups reported by the waste vendor. These estimates are either supported by actual waste weight measurements collected over a defined period and applied as fixed standards for the waste type, or, when actual weights are unavailable, derived using conversion factors published by governmental authorities. The actual weights of containers or dumpsters are measured at local production sites over a defined period. By default, waste is reported in accordance with the waste hierarchy of EU waste polices and legislation, which is described in the EU waste framework direc- tive (Directive 2008/98/EC). For production sites in Europe, when there is a difference between EU and national legislation, ALK follows the national legislation. Waste types are categorised by the respective waste vendor according to the national legislation. For production sites in the USA, estimation-based waste is calculated using conversion factors published by the US EPA. Intensity calculations Net revenue amounts are derived from ALK's total group turnover of the consolidated financial state- ments (note 2.1, page 94). Intensity calculations are reported as unit / annual revenue in million DKK. GHG intensity is calculated using total emissions (scope 1, 2 and 3) on loca- tion-based and market-based methods. All revenue falls under NACE Section C: Manufac- turing, Division 21: manufacturing of basic pharma- ceutical products and pharmaceutical preparations according to Commission Delegated Regulation (EU) 2022/1288. Manufacturing is a high climate impact sector. Management's review Sustainability statement General information Environmental information Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Accounting policies – Environmental information Social information Governance information Appendix Financial statements Annual Report 2025 58Environmental information Social information Own workforce S1 ALK is focused on fostering the wellbeing, professional growth and inclusivity of its employees. This helps ALK to attract and retain the key competences needed for its operations worldwide. By prioritising the development and engagement of employees, ALK ensures that staff are empowered, motivated and equipped to contribute to the organisation’s mission to improve the lives of people with allergy all over the world. This section outlines general information on ALK’s workforce, and details ALK’s strategy on competency development, inclusive culture and health and safety. General information Policies S1-1 ALK supports the UN Guiding Principles on Business and Human Rights and is a signatory to the UN Global Compact. Commitments to health, safety, and human rights are integrated into ALK’s Code of Conduct, which applies to all employees. The Code of Conduct explicitly prohibits any involvement in child or forced labour. The Code of Conduct is described in detail in Corporate culture on pages 72-73. Processes for engagement and remediation S1-2, 3 Through engagement with workers’ coun- cils, a global sounding board and the annual engagement survey, ALK fosters a culture of open communication, engagement and collaboration. Workers’ councils are established at all Euro- pean sites where legally required, providing a forum for employees and management to discuss various topics, ranging from compet- itiveness to employee engagement. Council meetings are held several times a year, with engagement tailored to the topic and local legal requirements. In the USA and China, dialogues are facilitated through the People & Organisation departments. The annual global employee engagement survey is a further key tool for direct engage- ment with all employees and for gathering feedback. This year's participation rate remained high at 94% (2024: 95%). The overall engagement score increased to 8.6 (2024: 8.3), positioning ALK in the top 5% against the international healthcare benchmark for the second year in a row. The ELT reviews company-wide results and integrates relevant actions into the People & Organisation roadmap. At function and team levels, the results are analysed to identify specific challenges and opportunities and implement tailored actions. The sounding board, consisting of leaders across the organisation, provides advice and feedback to People and Organisation on their ideas, thoughts and decisions. All employees can raise concerns through the whis- tleblower platform ALK Alertline, which is described in detail in Whistleblowing and anti-corruption system on page 74. Management's review Sustainability statement General General informationinformation Environmental Environmental informationinformation Social Social informationinformation Own workforce Own workforce Workers in the value Workers in the value chainchain Consumers and Consumers and end-usersend-users Accounting policies Accounting policies – Social information– Social information Governance Governance informationinformation AppendixAppendix Financial statements Annual Report 2025 59Social information Social information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Competence development As ALK’s business develops and new competences are required, employees need to continually develop their skills. Individual development plans, linked to job content and performance goals, promote continuous learning and skill building, ensuring employees can meet current and future job expectations. Potential negative impact ● ● ● ● Competence development Processes to remediate S1-3 ALK has a dedicated team within Global People and Organisation responsible for managing global development programmes and related employee development processes, ensuring alignment with future business needs. As part of the global People Performance process, all ALK employees must draw up a personal development agreement with their leader. These plans are tailored to the individu- al’s role, career stage and performance goals, supporting continuous learning and employ- ability. The 70–20–10 learning model is used: 70% on-the-job learning, 20% peer learning, and 10% formal training. Development agree- ments are reviewed and updated annually, and this process applies exclusively to ALK employees. Leaders and employees are jointly responsible for ensuring that skills match current and future job requirements. Actions S1-4 In 2025, ALK updated its People Performance process to reflect results, behaviours and overall performance. Insights from this process will inform development programmes and individual development agreements. Recognising the growing importance of digital competencies, ALK also identified a need to strengthen AI skills across the organisation. A global training programme was launched in 2025, offering both basic and advanced modules for all leaders and employees. The programme was well received, with more than 1,000 participants, and demonstrates ALK’s commitment to equipping employees for future needs. To support ongoing leadership development, ALK continued the rollout of the Leading with Impact programme across the organisation, focusing on critical leadership capabilities as well at its ASPIRE talent initiative. Training and skills development S1-13 Unit 2025 2024 Participation in performance reviews Male % 93% 91% Female % 91% 94% Chooses not to self identify % 67% 100% Number of performance reviews per employee # 1:1 1:1 Total participation % 92% 93% Participation in performance reviews 92% Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 60Social information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Inclusive culture At ALK, fostering an inclusive culture is essential for effectively addressing the diverse needs of patients and partners. A lack of inclusivity may hinder employees' ability to thrive and perform, which in turn can limit ALK’s potential for innovation. Potential negative impact ● ● ● ● Inclusive culture Policies S1-1 In addition to the Code of Conduct, which addresses human rights and harassment, ALK’s Diversity & Inclusion (D&I) policy aims to eliminate discrimination and promote equal treatment and opportunities for all employees. It sets out ALK's ambition to create an inclu- sive work environment that fosters a sense of belonging, in which different perspectives, abilities, talents and experiences are able to contribute equally. The policy applies to all ALK employees. The most senior level accountable for implementing the policy is the ELT, which receives regular reports on the company-wide diversity performance. While ALK’s D&I policy prohibits discrimina- tion on grounds such as age, gender, race, ethnicity, religion, sexual orientation, disability and other characteristics (including work and life perspectives), it does not include specific commitments to include people from particu- larly at-risk or vulnerable groups. ALK tracks employees’ perceptions of D&I and their sense of psychological safety via the annual employee engagement survey. In 2025, the overall perception of diversity in ALK rose to 8.4 (2024: 8.2) and stands 0.3 points above the industry benchmark. Actions S1-4 ALK’s Global People & Organisation function is responsible for the D&I strategy and activities. In 2025, the D&I strategy was updated to further integrate diversity and inclusion into ALK’s business strategy and operations, with a focus on three strategic priorities: fostering inclusive environments, achieving gender balance by ensuring equality and representa- tion across all levels, and cultivating a global workforce by attracting international talent, increasing nationality diversity, and embracing multiple cultural perspectives. Key initiatives include leadership training on inclusivity and unconscious bias, analysis of progression barriers for senior female leaders, and the development of a more equitable, global recruitment process. Targets S1-5 ALK has set a target to have at least 40% of the underrepresented gender in the ELT and their direct reports in managerial positions, by 2028. ALK has not involved its own work- force or workers’ representatives in the target setting. The development is tracked quarterly as a part of the internal reporting. Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 61Social information Diversity and remuneration S1- 9, 16 Executive Leadership Team and their direct reports in managerial positions Unit 2025 2024 Male Headcount 34 26 Female Headcount 21 21 Headcount 55 47 Percentage of underrepresented gender % 38% 45% Diversity metrics Unit 2025 2024 Age distribution Under 30 years old Headcount 301 N/A 30-50 years old Headcount 1,539 N/A Over 50 years old Headcount 871 N/A Headcount 2,711 2,812 Gender distribution Male Headcount 999 1,065 Female Headcount 1,709 1,743 Chooses not to self identify Headcount 3 4 Headcount 2,711 2,812 Percentage of females in total workforce % 63% 62% Remuneration metrics Unit 2025 2024 CEO annual compensation ratio Times 33 33 Unadjusted gender pay gap 1 % 23% 20% Adjusted gender pay gap % 3% 3% 1 In 2025, the unadjusted gender pay gap has been revised to include additional components such as bonuses, sales incentives and LTI grants. The 2024 gender pay gap has been restated to reflect the additional components (previously 17%). In 2025, the percentage of underrepresented gender in the ELT and their direct reports with managerial responsibility decreased to 38% (2024: 45%), falling below the 40% target. This change reflects adjustments at ALK’s top management level, with Europe and North America now elevated to ELT representation. This regional reorganisation is a key step in evolving ALK’s operating model to support the Allergy + strategy and enhance commercial execution. This year, ALK reported the adjusted gender pay gap for the first time, using weighted average pay data that accounts for differ- ences in country and grade. When these factors are considered, most of the unad- justed gap is explained, leaving a residual adjusted gender pay gap of 3% (2024: 3%). Action plans to strengthen equitable rewards for all employees even further are guided by the requirements of the EU Pay Transparency Directive. 38% of underrepresented gender in the Executive Leadership Team and their direct reports in managerial positions Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 62Social information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Workplace accidents Employees - particularly those in farming and produc- tion – may be at risk of workplace accidents that can cause physical injury and harm mental wellbeing. Actual negative impact ● ● ● ● Health and safety Policies S1-1 Health and safety management is a core priority for ALK. The Code of Conduct sets out ALK’s commitment to preventing workplace incidents, fostering a strong safety culture, and promoting both physical and mental well- being across the organisation. ALK adheres to national legislation and regulatory health and safety requirements in all countries in which it operates and complies with OSHA standards in the USA. The Code of Conduct is described in detail in Corporate culture on pages 72-73. Actions and processes for remediation S1-3, 4 ALK promotes a strong safety culture by engaging employees in health and safety prac- tices and fostering shared responsibility. Risk assessments are conducted at all production sites to identify hazards, implement preventive measures, and evaluate their effectiveness, with employee input playing a key role. In the event of an accident or a near miss, a risk eval- uation is conducted and relevant actions are taken accordingly to prevent any recurrence. Workplace injuries are recorded and monitored in line with legal requirements, including OSHA standards in the USA, to ensure compliance and continuous improvement. Employees are encouraged to report unsafe conditions, and regular training supports awareness and safe work practices across all operations. ALK decreased its total work-related accidents to 78 (2024: 112). ALK had 4 accidents with lost time absence ordinated by a medical profes- sional in 2025 (2024: 6). This resulted in an accident rate of 1.0 (2024: 1.5), also commonly referred to as Lost Time Injury Frequency Rate (LTIFR). For S1-17, see Metrics on page 74. Health and safety S1-14 Unit 2025 2024 Employees covered by health & safety management system % 78% 74% Work-related accidents # 78 112 Work-related accidents with absence # 4 6 Work-related accidents with absence rate 1.0 1.5 Fatalities as a result of work-related incident # - - Work-related accident rate 1.0 2024 2025 6 4 1.5 1.0 Work-related accidents with absence Work-related accidents with absence Lost Time Injury Frequency Rate (LTIFR) Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 63Social information General metrics Employee characteristics S1-6 Number of employees per country Unit 2025 2024 Europe Denmark Headcount 969 942 France Headcount 363 357 Germany Headcount 143 137 Poland Headcount 106 96 Spain Headcount 391 364 Other Europe Headcount 189 170 Headcount 2,161 2,066 North America USA Headcount 503 547 Other North America Headcount 30 21 Headcount 533 568 International markets International markets Headcount 17 178 Headcount 17 178 Total number of employees Headcount 2,711 2,812 Employee turnover Unit 2025 2024 Employee turnover Headcount 322 463 Rate of employee turnover % 12% 17% 2025 2024 Employees by contract type and gender Unit Male Female Chooses not to self identify Total Male Female Chooses not to self identify Total Permanent employees Headcount 970 1,640 3 2,613 970 1,601 3 2,574 Temporary employees Headcount 29 69 - 98 95 142 1 238 Total employees Headcount 999 1,709 3 2 ,711 1,065 1,743 4 2,812 Non-guaranteed hours employees Headcount 12 19 - 31 15 20 - 35 ALK employs 2,711 employees (2024: 2,812), of whom 96% (2,613) are permanently employed (2024: 2,574). The employee turnover was 12% in 2025 (2024:17%), of which 172 (2024: 283) employees left voluntarily and 150 (2024: 180) involuntarily. The decrease in number of employees primarily relates to the transfer of ALK’s employees in China to the biopharmaceutical company GenSci as a part of the partnership agreement as well as other organisational adjustments relating to the implementation of the Allergy + strategy. See Incorporation by reference on page 77. Employee turnover 12% Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 64Social information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Human rights and Health and Safety issues in the value chain ALK works with suppliers worldwide, including in regions and sectors where human rights risks and weaker health and safety protections may exist. Value chain workers - particularly those handling hazardous substances, working in transport, or managing hazardous waste - may face elevated health and safety risks. Potential negative impact ● ● ● ● ● Workers in the value chain S2 ALK collaborates with suppliers and partners globally as a core part of its strategy and busi- ness model. ALK recognises that its activities may indirectly affect human rights and health and safety, and is committed to upholding high standards across the value chain. ALK has identified high-level potential material impacts on workers in the value chain, and recognises the need for continuous analysis to pinpoint activities where workers may face greater risk of harm. While most of ALK’s suppliers are EU-based, where robust law enforcement reduces the risk of child labour, ALK remains vigilant in assessing human rights risks across all geographies. The most significant groups of supplier employees at risk of human rights and health and safety violations are: • Workers in upstream production units. They could be exposed to hazardous substances, including chemicals used in the manufacture of pharmaceutical ingredients and consum- ables. Key risks in this area include chemical exposure, operational hazards and ergo- nomic risks. • Workers involved in downstream transporta- tion. They face the risk of vehicle accidents, which can result in serious injuries or fatal- ities. These include risks during loading, unloading and transit. • Workers handling hazardous waste. They can encounter harmful chemicals that pose significant health risks, including chemical burns, respiratory issues and toxic exposure. Policies S2-1 ALK’s Third-Party Code of Conduct outlines the standards of behaviour that ALK expects from all third parties globally when it comes to busi- ness conduct and treatment of employees. The Third-Party Code of Conduct is aligned with the Ten Principles of the United Nations Global Compact and follows the UN Guiding Principles on Business and Human Rights (UNGP), as well as applicable laws, regulations, standards and labour agreements. Key areas covered include health and safety, animal welfare, anti-corruption, environ- mental practices, working conditions, human rights (including child and forced labour, anti-discrimination and fair pay), interaction with healthcare professionals and patient organisations. The policy does not specifically mention human trafficking. The Third-Party Code of Conduct embeds the expectation that ALK and its partners will respect human rights throughout the value chain and extends beyond legal compliance to require continuous improvement and awareness among employees, supporting the UNGP’s emphasis on due diligence. Requirements for training, awareness, and ensuring the standards are implemented and cascaded to further Third Parties reflect the UNGP’s approach to integrating human rights across business relationships. Any breaches of the standards in the ALK Third-Party Code of Conduct can be reported through the whistleblower platform. The Third-Party Code of Conduct is an integral part of ALK's GxP (good practice) supplier agreements. All new suppliers must commit to the Code as a prerequisite for collaboration with ALK. The Chief Financial Officer is the most senior-level executive accountable for the implementation of ALK’s Third-Party Code of Conduct. In addition to the Third-Party Code of Conduct covering human rights impacts, ALK also adheres to the UK Modern Slavery Act and publishes an annual statement of compliance. Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 65Social information Processes for engagement S2-2 While ALK does not have a formal process in place to engage with workers in the value chain on impacts, its sustainable procure- ment programme seeks to ensure that poten- tial negative impacts on these workers are addressed. The Senior Vice President (SVP), Global Procurement bears the overall responsibility for the supplier engagement programme. Processes for remediation S2-3 Value chain workers can raise concerns through ALK’s whistleblowing platform, ALK Alertline, which can be accessed via ALK’s website. No complaints involving workers in the value chain were substantiated in 2025. ALK does not currently have any mechanisms to assess whether these workers are aware of or trust ALK Alertline. Actions S2-4 ALK prioritises reputable suppliers that uphold high standards, reducing the risk of serious breaches of labour or compliance standards. Long term contracts provide financial stability and encourage sustained commitment to responsible working conditions, as stable revenue enables suppliers to invest in infra- structure, training and safety. Through a partnership with an external evalu- ation platform, ALK assesses environmental, labour, and human rights risks. During 2025, ALK assessed over 1,400 of its suppliers, covering 97% of the procurement spend. The suppliers assessed are considered strategic to ALK and consist of both direct suppliers who supply materials included in ALK's products and indirect suppliers who supply products or services to support ALK’s business operations. While no suppliers were identified as very high risk from an ESG perspective, ALK will continue to further its due diligence programme and potentially include additional categories going forward. Potential necessary actions to reme- diate any negative impacts will be discussed at the regular business relationship meetings. No severe human rights issues and incidents connected to ALK’s upstream and downstream value chain were reported in 2025 ( see Metrics on page 74). Targets S2-5 ALK continuously assesses its suppliers for potential human rights and health and safety risks. To date, no suppliers have been identi- fied as very high risk in the ESG assessment. ALK has therefore not identified a need for specific targets related to formal engagement with workers within the value chain. Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 66Social information Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Allergy treatment Helping more people with allergies is at the core of ALK’s Allergy + strategy. ALK’s allergy treatments significantly improve patients' quality of life and personal wellbeing by addressing a wide range of allergies, including potentially life-threatening condi- tions like anaphylaxis and insect venom reactions. Actual positive impact ● ● ● ● Barriers to access Allergy treatment must be prescribed by a healthcare professional (HCP), and is often not prioritised by healthcare systems, creating barriers for patients. Potential negative impact ● ● ● ● Product safety and quality Any disruptions in ALK's processes to manage product safety and quality could lead to patients taking unsuit- able medication or forgoing beneficial treatments. Potential negative impact ● ● ● ● Affordability Inequality in access to health is a systemic problem among and within countries. People living with aller- gies might not be able to afford allergy treatment. This would have long-lasting negative effect on their health and wellbeing. Actual negative impact ● ● ● ● Consumers and end-users S4 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Innovation By introducing new products through ongoing drug discoveries and clinical trial approvals, ALK can further expand market opportunities and support even more patients. Opportunity ● ● ● Climate change and respiratory health Climate change threatens respiratory health by extending pollen seasons, increasing airborne aller- gens and promoting mould growth. The expands the potential market size for ALK, as more individuals have prolonged and intensified allergy symptoms. Opportunity ● ● Allergy is one of the most common types of chronic disease globally and it has a profound impact on people’s lives. For more than 100 years, ALK has been at the forefront of long- term allergy treatment and is dedicated to offering a wide range of treatments, products and services to meet the unique needs of people living with allergy, their families and doctors. Allergy treatment is the core purpose of ALK’s business model, and the activities to further the positive impact and opportunities and to miti- gate the negative impacts are an integral part of ALK’s daily operations and Allergy + strategy. For further details, see pages 12-17. Consumers and end-users for ALK include both healthcare professionals (such as general practitioners, paediatricians, and allergolo- gists), patients and caregivers. As a provider of prescription medicines, ALK is committed to ensuring that patients receive accurate and accessible information leaflets to promote the safe and effective use of their medication. Impacts, risks and opportunities SBM3 Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 67Social information Policies S4-1 Access to Medicines policy The Access to Medicines policy outlines the company’s ambition to reach more patients by focusing on three core principles: improving quality of life through better treatment options and earlier diagnosis, supporting healthcare systems with training and education on allergy care, and forming partnerships to enhance access. The policy addresses the impacts Allergy treatment and Barriers to access and covers both patients and healthcare profes- sionals. In January 2025, the ELT reviewed the policy to ensure continued alignment with the Allergy + strategy. The oversight, accountability and responsibility for the implementation of ALK's Access to Medicines policy rests with the Board of Directors, which has delegated this responsibility to the ELT. Quality policy ALK’s global quality policy formalises the company’s commitment to delivering high- quality, safe and effective products and services for people living with allergy. The policy applies to all ALK operations, with the objective to fulfil requirements while focusing on simplicity and continuous improvement. Oversight of the policy rests with the ELT, with daily management delegated to Global Quality. Quality objectives are reviewed at least annually and are supported by all rele- vant organisational levels within all areas of the company. Accountability for quality is embedded at every level: all employees are expected to communicate transparently, and learn from experience, while managers walk the talk on quality. As the pharmaceutical industry is heavily regulated, human rights topics like the right to health and informed consent in clinical trials are already embedded in legislation. There- fore, ALK does not have specific consumer policies aligned with the UN Guiding Principles on Business and Human Rights. Processes for engagement S4-2 ALK engages with patients through a compre- hensive digital ecosystem of websites, social media and dedicated applications that provide educational content to the general public. These platforms help raise ongoing aware- ness of allergies, symptoms, their impact on quality of life, and, in some markets, available treatment options. ALK’s digital channels offer guidance on recognising symptoms and on seeking appropriate medical advice. The Global Marketing function is responsible for expanding and maintaining ALK’s digital ecosystem. For general information on stakeholder engagement, see Interests and views of stakeholders on page 41. Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 68Social information 2024 2025 2026 2027 2028 2029 2030 5.0 3.1 2.6 Processes to remediate S4-3 ALK ensures patient safety and product quality through a robust, global pharmacovigilance system designed to identify, assess, and address side-effects and safety concerns, covering both clinical trials and marketed products. Global Safety & Pharmacovigilance is respon- sible for monitoring benefit-risk profiles of ALK’s products, handling adverse event reports, ensuring timely submissions to regula- tory authorities worldwide and monitoring the performance and compliance of ALK’s phar- macovigilance system. Patients are informed on how to report poten- tial side effects in the leaflets for all products. External stakeholders with a work-related connection to ALK can raise their concerns through the whistleblower platform ALK Alert- line, which is described in detail in Whistle- blowing and anti-corruption system on page 74. Actions S4-4 2025 marked significant milestones for ALK, advancing the Allergy + strategy with major launches and approvals for children and adolescents. The house dust mite (HDM) tablet is now approved for paediatric use in 30 coun- tries and launched in 21 of them. The roll-out of the tree pollen allergy tablet for children and adolescents also started in 2025, based on regulatory approvals from the EU and Canada. Year-end, the tablet was approved for chil- dren and adolescent use in 20 countries and launched in 12 of these markets. With these launches, ALK now offers four tablets, covering 80% of the most common respiratory allergies, available for children, adolescents, and adults in Europe and Canada. In addition, the approval and launch of EUR- neffy ® , a needle-free nasal adrenaline spray, in the UK and Germany has addressed impor- tant gaps in anaphylaxis treatment for adults and children. Under co-promotion agreement with ARS Pharma, ALK is also responsible for selling neffy ® to approximately 9,000 named paediatricians in the USA. By eliminating the fear, hesitation, and safety concerns associ- ated with needle-based emergency medicine, neffy ® enables more patients to confidently access timely, life-saving treatment during acute allergic reactions. Building on decades of pioneering the devel- opment of standardised allergen extracts, formulated as rapidly dissolving SLIT tablets, ALK is expanding into new geographies and patient groups and diversifying the portfolio into food allergy, anaphylaxis, and adjacent allergic diseases, with the ambition to lead in each disease area. In 2025, the innovation agenda advanced with phase 2 clinical trials for the peanut SLIT tablet, with topline data expected in 2026. To reduce barriers to access, ALK expanded digital education for healthcare professionals Patients in treatment S1-14 Unit 2025 2024 Patients in treatment million 3.1 2.6 Number of patients in treatment Million patients (estimated) through training sessions, targeted newsletters, large multi-market webinars, and enhanced healthcare professional portals offering prac- tical tools and educational resources. Targets S4-5 ALK aims to help 5 million people with allergy annually by 2030 to advance its positive impact and opportunity. This aspiration covers ALK’s downstream activities in the countries where ALK operates ( see ALK's global presence on page 7). In 2025, the number of patients in treatment reached an estimated 3.1 million (2024: 2.6 million), as a result of ALK's commercial activ- ities. Patients in treatment with ALK products ~3.1 million Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 69Social information Accounting policies – Social information The numeric data points reported are verified through internal controls, analysis, benchmarks, and regular business meetings. 2024 and 2025 metrics are limited assured by external auditors, but they are not validated by another external body. N/A is used when data was not available at the time of the reporting, and could not be retrieved. Own workforce Training and skills development A regular performance review is defined as a review based on criteria known to the employee and his or her superior undertaken with the knowl- edge of the employee at least once per year. The review can include an evaluation by the employ- ee’s direct superior, peers, or a wider range of employees. Employee engagement score is collected from a survey conducted by a third party. Diversity and remuneration metrics CEO annual compensation ratio CEO annual compensation is determined by the annual total compensation of the CEO against the median annual total compensation for all full-time active (permanent and temporary) employees, excluding the CEO. Annual total compensation includes salary, bonus, allowances, pension, and all one-time payments over the course of a year. Gender pay gaps (significant estimates) The metrics on gender pay gap are defined as the difference of average pay levels between female and male employees, expressed as a percentage of the average pay level of male employees. The metric includes all full-time active (permanent and temporary) employees, including the CEO. The pay levels are calculated using gross annu- alised base pay, as well as other remuneration components when reliable quality data are available. This covers all one-time payments made during the year (bonuses, sales incentives, anniversary awards, etc.), LTI grants, and, for Denmark, pension contributions and the so-called fritvalgskonto amounts. ALK is continuously improving data coverage and quality to ensure this metric is as accurate as possible. The adjusted gender pay gap is calculated as a weighted average across ALK’s grade levels and across countries, using the same pay data. Health and safety metrics Work-related incidents are reported to Global Environment, Health and Safety. A work-related accident is defined as any unplanned event that result in injury, with or without absence. An accident with absence is a work-related accident that results in time lost from work ordered by a medical professional person. The rate of work-related accidents is calculated as Lost Time Injury Frequency Rate (LTIFR), determined by the number of work-re- lated accidents with absence per one million working hours during a single financial year. Fatalities are the number of employees who lost their lives as a result of a work-related incident. Employee characteristics Workforce is defined as all ALK employees who are on payroll as of 31 st December 2025, both full- time and part-time, as well as active and non-ac- tive. The numbers are reported in headcount as of end of reporting period and are extracted from the HR systems. Regions are broken down into Europe (Denmark, France, Spain, Germany, Poland, Netherlands, Sweden, Slovakia, United Kingdom, Austria, Swit- zerland, Norway, Italy, Belgium, Czech Republic, Finland, Ireland), North America (USA, Canada) and International markets (China, Russia, Jordan). Countries with less than 50 employees are classified as “Other”.For reporting by gender, the following descriptions are used: ’Male’, ‘Female’, and ‘Employee chooses not to self-iden- tify'. Permanent employees are determined as employees whose employment contract is without a specified end-date. Temporary employees are determined as employees whose employment contract is with specified end-date. Non-guar- anteed hours employees are determined as employees employed by ALK without a guarantee of a minimum or fixed number of working hours. The employee may need to make themselves available for work as required, but ALK is not contractually obligated to offer the employee a minimum or fixed number of working hours per day, week, or month. Employee turnover is defined by the number of employees leaving ALK during the period. The turnover is a total of voluntary and involuntary terminations. The employee turnover ratio is calculated by dividing the number of employees who left ALK by the average number of employees in the reporting year. The employees included in the calculation are all permanent employees and inactive employees on garden leave. Due to local regulations, temporary employees located in Poland and China are also included, as a tempo- rary contract is required before transitioning to permanent status. Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 70Social information Consumers and end-users Number of patients in treatment (significant estimate) Due to the absence of comprehensive data sources across all markets, it is not possible to directly and specifically measure the number of patients treated with ALK products. Patient numbers are estimated using various data sources, an in-house Patient Model and in-house model for BULKS, while applying several assump- tions, which leads to a certain level of uncertainty. The use of estimates for this datapoint is consid- ered significant. When a more precise method is not available, units sold ex-factory are converted to treatment years per patient using a treatment years conver- sion factor. This estimation is adjusted based on market and patient research from various coun- tries, applying an adherence rate and a co-ad- ministration rate across products and countries to prevent e.g. double counting patients receiving multiple types of allergy immunotherapy treat- ments (AIT) simultaneously. When available, more precise methods are tailored to specific product groups as follows: For SLIT-drops in most markets, anonymised data and unique patients counted based on prescrip- tion data are used. For SLIT-tablets in most markets, data is based on the in-house Patient Model. The Patient Model uses in-market unit sales data and where possible new patient data to convert to patients in treatment. Actual in-market sales and patient data are used for two-thirds of the year, while the remaining portion is forecasted. A co-administra- tion rate is applied to tablet patients. In North America, ALK sells bulk allergen extracts to healthcare professionals who prepare the allergy shots using various and unspecified dosing schedules. To estimate the number of bulk AIT-treated patients, SAP BI in-house data is used. Sold volumes by allergen into patient-equivalent treatments is converted by applying the average mL used per treatment. The “treatment doses” divided by average number of allergens per treat- ment serves as a proxy for the number of patients in the selected period. For the Auto Adrenaline Injector (AAI), following official recommendations, the number of sold pens is divided by 2 to reflect the assumption that each patient carries two pens at a time. Management's review Sustainability statement General information Environmental information Social information Own workforce Workers in the value chain Consumers and end-users Accounting policies – Social information Governance information Appendix Financial statements Annual Report 2025 71Social information Governance information Business conduct G1 ALK is committed to responsible, ethical busi- ness conduct, guided by the principles set out in its Code of Conduct. ALK upholds high stand- ards of integrity and prioritises animal welfare, in line with applicable laws and regulations. Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Breaches of legal and ethical standards Non-compliance with applicable regulation and legis- lation, or ALK’s Code of Conduct, could lead to severe penalties, fines, legal battles, and damage to ALK’s reputation. Risk ● ● ● ● ● ● Corporate culture Policies G1-1 ALK's approach to business conduct is grounded in a comprehensive framework of policies centred on its Code of Conduct. They apply to all ALK employees and are publicly accessible via ALK’s website. Code of Conduct The Code of Conduct, applicable to all ALK employees, sets the tone for business integrity and ALK’s ethical principles. It affirms ALK's commitment to upholding human rights, safe- guarding confidential business information, and promoting zero-tolerance for corruption and fraud. Oversight of the Code of Conduct rests with the Executive Leadership Team (ELT). ALK’s Compliance Committee assists the ELT in fulfilling its oversight responsibilities as well as approval of compliance programmes in the areas of business ethics conduct. Information about corporate governance can be found on page 29. Management's review Sustainability statement General General informationinformation Environmental Environmental informationinformation Social Social informationinformation Governance Governance informationinformation Business conduct Business conduct Accounting policies Accounting policies – Governance – Governance informationinformation AppendixAppendix Financial statements Annual Report 2025 72Governance information Governance information Training requirements on business conduct are formalised in the newly established Global Business Ethics Compliance Programme policy. See Training and awareness on pages 73-74 for more details. Policy for Anti-Corruption The policy for anti-corruption addresses compliance with general anti-bribery and anti-corruption legislation, as well as indus- try-specific standards covering interactions with healthcare professionals. It is consistent with the United Nations Convention against Corruption. The Board of Directors is responsible for ensuring that the policy complies with appli- cable laws, while managers are responsible for implementing the policy at all levels. Whistleblowing policy The Whistleblowing policy defines the organ- isation and processes in place to ensure that ethical concerns are treated seriously and appropriately; it includes the standards for investigating such cases and protecting whistleblowers. The policy includes a non-re- taliation commitment to protect any employee or stakeholder who raises a concern in good faith. The Audit Committee has the overall respon- sibility for the Whistleblowing policy, and for reviewing the effectiveness of actions taken in response to concerns raised under the policy. The Legal & Compliance department has day-to-day operational responsibility for the policy. Third-Party Code of Conduct In parallel with the policies applicable to ALK’s employees, expectations for business partners are outlined in the Third-Party Code of Conduct, which covers ALK’s upstream and downstream value chain. ALK’s Whistleblowing policy also applies to external stakeholders. Details on the Third-Party Code of Conduct are provided in Policies on page 65. Training and awareness G1-3,4 Training and awareness activities are vital for promoting a culture of integrity and estab- lishing a shared understanding of expecta- tions for ALK’s employees. All new hires must confirm their commitment to act in accordance with the Code of Conduct. Employees are exposed to risks of bribery and corruption, particularly during interactions with health- care professionals (HCPs). For ALK, the prin- cipal risk relates to potential bribery of HCPs, meaning improper influence to increase sales and cash flow. To address this, ALK provides annual online Code of Conduct training for all Code of Conduct training completion 99% Management's review Sustainability statement General information Environmental information Social information Governance information Business conduct Accounting policies – Governance information Appendix Financial statements Annual Report 2025 73Governance information Unit 2025 2024 Training and awareness Code of Conduct training completion 1 % 99% 98% ALK Alertline Work-related discrimination reports registered on Alertline # 2 1 Reports of other work-related complaints # - 3 Amount of fines, penalties and compensation for damages as a result of work-related complaints DKKm - - Severe human rights incidents Severe human rights incidents # - - Amount of fines, penalties, and compensation for damages for severe human rights incidents DKKm - - Anti-corruption and bribery Convictions for violation of anti-corruption and bribery laws # - - Fines for violation of anti-corruption and bribery laws DKKm - - 1 In 2025, the metric has been revised to include all ALK employees The 2024 figure has been restated to reflect this updated definition (previously 99%). employees, including members of the Execu- tive Leadership Team and employee represent- atives on the Board of Directors. The training covers relevant business conduct topics including anti-corruption, ALK Alertline, communications, promotion and social media, competition law, conflicts of interest, political contributions, human rights, interaction with healthcare professionals, IT security, patient safety, and data privacy. ALK has set a global completion rate target of 95%. In 2025, 99% (2024: 98%) of employees across all functions completed the training. Whistleblowing and anti-corruption system G1-1,3 ALK has established a whistleblowing system, ALK Alertline, which is accessible to internal and external stakeholders via ALK’s intranet and public website. The company's own work- force, workers in the value chain and other external stakeholders with a work-related connection to ALK can use the ALK Alertline to raise and report serious and sensitive concerns, including reasonable suspicions of breaches of ALK’s Code of Conduct, anti-cor- ruption laws, and laws within the scope of the EU Whistleblower Protection Directive. Available by phone or online in eight languages, ALK Alertline is confidential and offers the option of anonymous reporting, as a protective measure against retaliation. Reports are entered directly into an inde- pendent company’s secure server. Legal & Compliance manages the access, and the reports are made available only to pre-ap- pointed individuals within ALK who are respon- sible for evaluating reports. Allegations of breaches of legal and ethical standards, including whistleblowing, corrup- tion or bribery, are investigated under ALK’s Compliance Investigations process. Each case is overseen by an investigation super- visor, typically the Vice President, Legal & Compliance or their designee. Where appro- priate due to specific allegations in a report, an external legal counsel or the Chair of the Audit Committee may act as investigation supervisor. The Chair of the Audit Committee is notified of reports concerning corruption and is responsible for approving recommendations on such cases. Legal & Compliance also provides the Audit Committee with quarterly updates on ALK Alertline activity. ALK assesses awareness and trust in the processes for raising concerns by including questions in the annual engagement survey on employees' confidence that ALK will address serious misconduct and the importance managers place on employee well-being. In addition to ALK Alertline, employees are encouraged to speak up and raise any concerns through ordinary management channels. Managers are offered training on handling whistleblower reports and ensuring reporter protection, including against retali- ation. With regard to corruption and bribery, financial control systems also act to prevent and detect any incidents. Metrics G1-4, S1-17 In 2025, ALK was not liable for any fines, penal- ties, or compensation for damages as a result of work-related Alertline reports or severe human rights incidents. ALK had no convictions or related fines for violations of anti-corruption and anti-bribery laws. Management's review Sustainability statement General information Environmental information Social information Governance information Business conduct Accounting policies – Governance information Appendix Financial statements Annual Report 2025 74Governance information Impacts, risks and opportunities SBM3 Location in the value chain Time horizon IRO Upstream Own operations Downstream Short-term Medium-term Long-term Animal welfare ALK conducts animal testing to ensure its medicines are safe and effective, using animals only when alter- native models are insufficient. Experiments using mouse allergy models, in which mice are administered test substances like allergens or new treatments, are conducted at internal R&D facilities or at external partner’s facilities. Negative impacts on the animals include handling, injections, captivity and euthanasia. Actual negative impact ● ● ● ● Animal welfare Animal welfare policy G1-1 In 2025, ALK introduced an animal welfare policy, formalising its commitment to the highest standards of animal welfare within research and developmemt activities. Animal studies are conducted only when no scientif- ically valid alternative exists, and only when justified by the potential benefits to patients and society. ALK is committed to the principles of Replace, Reduce, and Refine. All research complies with relevant national and interna- tional regulations, including the EU Directive on protection of animals used for scientific purposes, and Federation of European Labo- ratory Animal Science Associations (FELASA) guidelines, with equivalent standards upheld globally. The policy applies to all animal research activities overseen by ALK, both within internal facilities and in externally conducted in vivo studies commissioned by ALK. It also covers the collection and use of animal-derived mate- rials for research when ALK is directly involved in design, oversight, or contracting (e.g. sera, tissues), but excludes routine collection of animal by-products (e.g. hair). Oversight of the animal welfare policy rests with the ELT, which has formally approved the policy. Day-to-day management is handled by Global Research & Drug Discovery. Implemen- tation of the policy is monitored through quar- terly inspections by an external veterinarian, as well as ongoing internal efforts to drive continuous improvement. Management's review Sustainability statement General information Environmental information Social information Governance information Business conduct Accounting policies – Governance information Appendix Financial statements Annual Report 2025 75Governance information Accounting policies – Governance information The numeric datapoints reported are verified through internal controls, analysis, benchmarks, and regular business meetings. External auditors provide limited assurance on 2024 and 2025 metrics, but they are not validated by another external body. Code of Conduct training “Code of Conduct training completion” refers to the percentage of ALK employees that completed the Code of Conduct e-learning course. The Code of Conduct e-learning course was rolled out between May and July 2025. Alertline ALK Alertline is the company’s whistleblower system, which can be used to report serious and sensitive concerns – including serious offenses against persons such as discrimination. Work-related complaints and reports refer to alle- gations registered on Alertline which involve ALK’s own workforce. Severe human rights incidents refer to substantiated incidents of human rights violations pertaining to ALK’s own workforce. Fines, penalties and compensation for damages are “as a result” of allegations and complaints only when such allegations and complaints are substantiated and undisputed. They are reported in the reporting year when they are imposed and final (i.e., the amount is no longer under appeal or in dispute). Incidents of corruption or bribery Bribery can take the form of money, gifts, loans, fees, hospitality, services, discounts, the award of a contract or any other advantage or benefit, and it comprises any financial or other inducement or reward for an action which is illegal, unethical, a breach of trust or improper in any way. Corruption is defined as abuse of entrusted power by someone for personal gain. For purposes of the reporting, convictions in scope are final decisions or acts by courts of law, which constitute criminal convictions under applicable local law in the jurisdiction where the decision or act takes place. As required by the ESRS, only convictions where ALK or its employees are directly involved are considered within scope. Fines relating to such convictions are reported in the reporting year when they are imposed and final (i.e., no longer under appeal or in dispute). Management's review Sustainability statement General information Environmental information Social information Governance information Business conduct Accounting policies – Governance information Appendix Financial statements Annual Report 2025 76Governance information Appendix Incorporation by reference BP2 The table below provides an overview of all incorporations by reference as part of other sections of this annual report. ESRS Disclosure requirement Incorporation by reference Disclosed on page ESRS 2-BP2-16 See this table for the list of incorporation by reference and phased-in datapoints. 77 ESRS 2-GOV1-21(a, b, d, e) Composition, diversity and independence of Board of Directors See Corporate matters, section “Corporate governance and owner- ship”, subsection table “Composition of the Board of Directors”. 30 ESRS 2-GOV1-23(a, b) G1-GOV1-5(a, b) Sustainability-related expertise and business conduct-re- lated role of Board of Directors See Corporate matters, section “Corporate governance and owner- ship”, subsection “Competency matrix for the Board of Directors”, first paragraph. 30 ESRS 2-GOV1-21c Experience of Board of Directors' members relevant to ALK's sectors, products and geographic locations See Corporate matters, section “Board of Directors”, subheadings “Competencies” and “Directorships”. 33-34 ESRS 2-GOV3 E1- GOV 3-13 Integration of sustainability-related performance in incentive schemes See Corporate matters, section “Corporate governance and owner- ship”, subsection “Remuneration”, subheading “Highlights of the remuneration report 2025”. 30-31 ESRS 2-GOV4-32 Statement on due diligence See appendix “Core elements of due diligence”. 78 ESRS 2-SBM1-40(a.i, a.ii, f) Current significant products, significant markets and customer groups See Financial performance, section “Sales and market trends”, tables “Revenue by geography” and “Revenue by product line”. 20 ESRS 2-SBM1-40e Sustainability-related goals in terms of significant groups of products, customer categories, geographical areas and relationships with stakeholders See Introduction, section “Sustainability highlights”, lead para- graph. 10 ESRS 2-SBM1-42(a,b,c) Business model and value chain See Introduction, section “Business model”, model “Business and value chain”. 8 ESRS 2-IRO2-56 Content index of ESRS disclosure requirements; List of datapoints that derive from other EU legislation See appendices “Content index of ESRS disclosure requirements” and “List of datapoints that derive from other EU legislation”. 78-82 E1-3-29c.i CapEx and OpEx investment required to implement actions taken or planned Included in Financial statements, section “Consolidated finan- cial statements”, Income statement; and subsection “Notes”, subheading “Section 3 – Operating assets and liability”, note 3.2. 87; 103 S1-6-50f Most representative number corresponding to the total number of employees See in Financial statements, section “Consolidated financial state- ments, subsection “Notes”, subheading “Section 2 – Results for the year”, note 2.4, Number year end (FTE). 96 EU Taxonomy turnover, CapEx and OpEx See appendix “EU Taxonomy” 83-84 Phased-in Disclosure Requirements ESRS 2-SBM1-48b,c Revenue by ESRS Sectors ESRS 2-SBM3-48e Anticipated financial effects E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportu- nities E4 Biodiversity and Ecosystems S1-7 Characteristics of non-em- ployees in the undertaking’s own workforce S1-13-83b Average training time per employee and by gender S1-14-88d Cases of work-related illness S1-14-88e Lost time due to work-related injuries, fatalities, and illness Management's review Sustainability statement General General informationinformation Environmental Environmental informationinformation Social Social informationinformation Governance Governance informationinformation AppendixAppendix Incorporation by Incorporation by referencereference Core elements of due Core elements of due diligencediligence Content index of Content index of ESRS disclosure ESRS disclosure requirementsrequirements List of datapoints List of datapoints that derive from that derive from other EU legislationother EU legislation EU Taxonomy EU Taxonomy Financial statements Annual Report 2025 77Appendix Appendix Core elements of due diligence GOV4 The table below maps the core elements of ALK's due diligence process, cross-referencing the impacts on people and the environment with the relevant disclosures in the sustainability statement. Core elements of due diligence Sections in the sustainability statement Page a) Embedding due diligence in governance, strategy and business model Sustainability governance 39-40 Material impacts, risks and opportunities 43 Environmental information 44-58 Social information 59-71 Governance information 72-76 b) Engaging with affected stakeholders in all key steps of the due diligence Sustainability governance 39-40 Stakeholder engagement 41 Materiality assessment process 42 Environmental information 44-58 Social information 59-71 c) Identifying and assessing adverse impacts Materiality assessment process 42 Material impacts, risks and opportunities 43 Environmental information 44-58 Social information 59-71 Governance information 72-76 d) Taking actions to address those adverse impacts Environmental information 44-58 Social information 59-71 Governance information 72-76 e) Tracking effectiveness of these efforts and commu- nicating Environmental information 44-58 Social information 59-71 Governance information 72-76 Content index of ESRS disclosure requirements The table below presents the disclosure requirements from ESRS 2 and the nine topical standards relevant to ALK and indicates where to find information related to each specific requirement. Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement IRO2 Disclosure Requirement Description Page ESRS 2 General Disclosures BP-1 General basis for preparation of the sustainability statement 38 BP-2 Disclosures in relation to specific circumstances 38; 77 GOV-1 The role of the administrative, management and supervisory bodies 30; 33-34; 39 GOV-2 Information provided to and sustainability matters addressed by the under- taking’s administrative, management and supervisory bodies 39; 43 GOV-3 Integration of sustainability-related performance in incentive schemes 30 -31; 39 GOV-4 Statement on due diligence 40; 78 GOV-5 Risk management and internal controls over sustainability reporting 40 SBM-1 Strategy, business model and value chain 8; 10; 20; 41; 64 SBM-2 Interests and views of stakeholders 41; 42 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 43; 45; 50-51; 53-54; 60-61; 63; 65; 67; 72; 75 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 42 IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustaina- bility statement 43; 78-82 Management's review Sustainability statement General information Environmental information Social information Governance information Appendix Incorporation by reference Core elements of due diligence Content index of ESRS disclosure requirements List of datapoints that derive from other EU legislation EU Taxonomy Financial statements Annual Report 2025 78Appendix Disclosure Requirement Description Page E1 Climate change GOV-3-E1 Integration of sustainability-related performance in incentive schemes 30-31; 39; 44-45 E1-1 Transition plan for climate change mitigation 44-46; 56 SBM-3-E1 Material impacts, risks and opportunities and their interaction with strategy and business model 42; 45 IRO-1-E1 Description of the processes to identify and assess material climate- related impacts, risks and opportunities 42 E1-2 Policies related to climate change mitigation and adaptation 45 E1-3 Actions and resources in relation to climate change policies 45-47; 87; 103 E1-4 Targets related to climate change mitigation and adaptation 46-49 E1-5 Energy consumption and mix 47-49 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 47-49 E2 Pollution IRO-1-E2 Description of the processes to identify and assess material pollution- related impacts, risks and opportunities 42 E2-1 Policies related to pollution 50 E2-2 Actions and resources related to pollution 50 E2-3 Targets related to pollution 50 E2-5 Substances of concern and substances of very high concern 50 E3 Water and Marine Resources IRO-1-E3 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities 42 E3-1 Policies related to water and marine resources 51 E3-2 Actions and resources related to water and marine resources 51-52 E3-3 Targets related to water and marine resources 52 E3-4 Water consumption 52 Disclosure Requirement Description Page E4 Biodiversity and ecosystems E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model Phase-in SBM-3-E4 Material impacts, risks and opportunities and their interaction with strategy and business model Phase-in IRO-1-E4 Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks dependencies and opportunities Phase-in E4-2 Policies related to biodiversity and ecosystems Phase-in E4-3 Actions and resources related to biodiversity and ecosystems Phase-in E4-4 Targets related to biodiversity and ecosystems Phase-in E5 Resource Use and Circular Economy IRO-1-E5 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities 42 E5-1 Policies related to resource use and circular economy 54 E5-2 Actions and resources related to resource use and circular economy 54 E5-3 Targets related to resource use and circular economy 54 E5-4 Resource inflows 55 E5-5 Resource outflows 55 Management's review Sustainability statement General information Environmental information Social information Governance information Appendix Incorporation by reference Core elements of due diligence Content index of ESRS disclosure requirements List of datapoints that derive from other EU legislation EU Taxonomy Financial statements Annual Report 2025 79Appendix Disclosure Requirement Description Page S1 Own workforce SBM-2-S1 Interests and views of stakeholders 41 SBM-3-S1 Material impacts, risks and opportunities and their interaction with strategy and business model 60; 61; 63 S1-1 Policies related to own workforce 59; 61; 63; 72-73 S1-2 Processes for engaging with own workforce and workers' representatives about impacts 59 S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 59; 60; 63 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 60; 61; 63 S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 61 S1-6 Characteristics of the undertaking’s employees 64; 96 S1-9 Diversity metrics 62 S1-13 Training and skills development metrics 60 S1-14 Health and safety metrics 63 S1-16 Remuneration metrics (pay gap and total remuneration) 62 S1-17 Incidents, complaints and severe human rights impacts 63; 74 S2 Workers in the Value Chain SBM-2-S2 Interests and views of stakeholders 41 SBM-3-S2 Material impacts, risks and opportunities and their interaction with strategy and business model 65 S2-1 Policies related to value chain workers 65 S2-2 Processes for engaging with value chain workers about impacts 66 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 66 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions 66; 74 S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 66 Disclosure Requirement Description Page S4 Consumers and End-users SBM-2-S4 Interests and views of stakeholders 41 SBM-3-S4 Material impacts, risks and opportunities and their interaction with strategy and business model 67 S4-1 Policies related to consumers and end-users 68 S4-2 Processes for engaging with consumers and end-users about impacts 68; 41 S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns 69; 74 S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions 69 S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 69 G1 Business Conduct SBM-3-G1 Material impacts, risks and opportunities and their interaction with strategy and business model 72; 75 GOV-1- G1 The role of the administrative, management and supervisory bodies 30 IRO-1-G1 Description of the processes to identify and assess material impacts, risks and opportunities 42 G1-1 Business conduct policies and corporate culture 65; 72-74 G1-3 Prevention and detection of corruption and bribery 73-74 G1-4 Incidents of corruption or bribery 73-74 Management's review Sustainability statement General information Environmental information Social information Governance information Appendix Incorporation by reference Core elements of due diligence Content index of ESRS disclosure requirements List of datapoints that derive from other EU legislation EU Taxonomy Financial statements Annual Report 2025 80Appendix List of datapoints that derive from other EU legislation IRO2 The table below includes all the ESRS datapoints that derive from other EU legislation and indicates where the information can be found if deemed material. Datapoints that derive from other EU legislation Page ESRS 2 General disclosures 21 (d) Board's gender diversity 30 21 (e) Percentage of board members who are independent 30 30 Statement on due diligence 78 40 (d) i Involvement in activities related to fossil fuel activities Not material 40 (d) ii Involvement in activities related to chemical production Not material 40 (d) iii Involvement in activities related to controversial weapons Not material 40 (d) iv Involvement in activities related to cultivation and production of tobacco Not material E1 Climate change 14 Transition plan to reach climate neutrality by 2050 44-45 16 (g) Undertakings excluded from Paris-aligned Benchmarks 45 34 GHG emission reduction targets 46 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) 49 37 Energy consumption and mix 49 40-43 Energy intensity associated with activities in high climate impact sectors 49 44 Gross Scope 1, 2, 3 and Total GHG emissions 48 53-55 Gross GHG emissions intensity 48 56 GHG removals and carbon credits Not material 66 Exposure of the benchmark portfolio to climate-related physical risks Phase-in 66 (a) Disaggregation of monetary amounts by acute and chronic physical risk Phase-in 66 (c) Location of significant assets at material physical risk Phase-in 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes Phase-in 69 Degree of exposure of the portfolio to climate- related opportunities Phase-in Datapoints that derive from other EU legislation Page E2 Pollution 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil Not material E3 Water 9 Water and marine resources 51 13 Dedicated policy 51 14 Sustainable oceans and seas Not material 28 (c) Total water recycled and reused 52 29 Total water consumption in m 3 per net revenue on own operations 52 E4 Biodiversity 16 (a) i Activities negatively affecting biodiversity-sensitive areas Phase-in 16 (b) Impacts related to land degradation, desertification or soil sealing Phase-in 16 (c) Operations affecting threatened species Phase-in 24 (b) Sustainable land / agriculture practices or policies Phase-in 24 (c) Sustainable oceans / seas practices or policies Phase-in 24 (d) Policies to address deforestation Phase-in E5 Resource use and circular economy 37 (d) Non-recycled waste 55 39 Hazardous waste and radioactive waste 55 Management's review Sustainability statement General information Environmental information Social information Governance information Appendix Incorporation by reference Core elements of due diligence Content index of ESRS disclosure requirements List of datapoints that derive from other EU legislation EU Taxonomy Financial statements Annual Report 2025 81Appendix Datapoints that derive from other EU legislation Page S1 Own workforce 14 (f) Risk of incidents of forced labour Not material 14 (g) Risk of incidents of child labour Not material 20 Human rights policy commitments 59 21 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 59 22 Processes and measures for preventing trafficking in human beings 59 23 Workplace accident prevention policy or management system 63 32 (c) Grievance/complaints handling mechanisms 59; 74 88 (b) and (c) Number of fatalities and number and rate of work- related accidents 63 88 (e) Number of days lost to injuries, accidents, fatalities or illness Phase-in 97 (a) Unadjusted gender pay gap 62 97 (b) Excessive CEO pay ratio 62 103 (a) Incidents of discrimination 63; 74 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD 63; 74 S2 Workers in the value chain 11 (b) Significant risk of child labour or forced labour in the value chain 65 17 Human rights policy commitments 65 18 Policies related to value chain workers 65 19 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines 65 19 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 65 36 Human rights issues and incidents connected to its upstream and down- stream value chain 66; 74 Datapoints that derive from other EU legislation Page S3 Affected communities 16 Human rights policy commitments Not material 17 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines Not material 36 Human rights issues and incidents Not material S4 Consumers and end-users 16 Policies related to consumers and end-users 68 17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines 68 35 Human rights issues and incidents Not material G1 Business conduct 10 (b) United Nations Convention against Corruption Not material 10 (d) Protection of whistle-blowers Not material 24 (a) Fines for violation of anti-corruption and anti-bribery laws 74 24 (b) Standards of anti-corruption and anti- bribery 74 Management's review Sustainability statement General information Environmental information Social information Governance information Appendix Incorporation by reference Core elements of due diligence Content index of ESRS disclosure requirements List of datapoints that derive from other EU legislation EU Taxonomy Financial statements Annual Report 2025 82Appendix EU Taxonomy Taxonomy turnover Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering year 2025 Reported KPI Turnover Financial year 2025 Environmental objective of Taxonomy aligned activities Economic Activities (1) Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) (3) Taxonomy aligned KPI (monetary value of Turnover / CapEx / OpEx) (4) Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover. CapEx. OpEx (5) Mitigation Climate Change (6) Adaptation Climate Change (7) Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Enabling activity (12) Transitional activity (13) Proportion of Taxonomy aligned in Taxonomy eligible (14) % DKKm % % % % % % % % Manufacture of active pharmaceutical ingredients (API) or active substance PP C 1.1 0.3% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Manufacturing of Medicinal products PPC 1.2 97.1% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Sum of alignment per objective 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total KPI (Turnover) 97.4% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Taxonomy CapEx Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering year 2025 Reported KPI CapEx Financial year 2025 Environmental objective of Taxonomy aligned activities Economic Activities (1) Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) (3) Taxonomy aligned KPI (monetary value of Turnover / CapEx / OpEx) (4) Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover, CapEx, OpEx (5) Mitigation Climate Change (6) Adaptation Climate Change (7) Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Enabling activity (12) Transitional activity (13) Proportion of Taxonomy aligned in Taxonomy eligible (14) % DKKm % % % % % % % % Manufacturing of Medicinal products PPC 1.2 41.0% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Installation, maintenance and repair of energy efficiency equipment (CapEx C) CC M 7. 3 1.1% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% E 0.0% Installation, maintenance and repair of instru- ments and devices for measuring, regulation and controlling energy performance of buildings CC M 7. 5 0.0% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% E 0.0% Installation, maintenance and repair of renewable energy technologies CC M 7.6 1.3% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% E 0.0% Acquisition and ownership of buildings C C M 7.7 2 7.9% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Sum of alignment per objective 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total KPI (CapEx) 71.4% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Management's review Sustainability statement General information Environmental information Social information Governance information Appendix Incorporation by reference Core elements of due diligence Content index of ESRS disclosure requirements List of datapoints that derive from other EU legislation EU Taxonomy Financial statements Annual Report 2025 83Appendix Taxonomy OpEx Proportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering year 2025 Reported KPI OpEx Financial year 2025 Environmental objective of Taxonomy aligned activities Economic Activities (1) Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) (3) Taxonomy aligned KPI (monetary value of Turnover / CapEx / OpEx) (4) Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover, CapEx, OpEx (5) Mitigation Climate Change (6) Adaptation Climate Change (7) Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Enabling activity (12) Transitional activity (13) Proportion of Taxonomy aligned in Taxonomy eligible (14) % DKKm % % % % % % % % Manufacturing of Medicinal products PPC 1.2 45.1% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transport by motorbikes, passenger cars and light commercial vehicles (OpEx C) CCM 6.5 8.0% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% T 0.0% Sum of alignment per objective 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total KPI (OpEx) 53.1% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Accounting policies The turnover, OpEx and CapEx numerators are determined from ALK’s assessment of the relevant economic activities within all six environmental objectives. The turnover denominator is derived from ALK‘s total group turnover of the consolidated financial statements ( note 2.1, p. 94). The CapEx denominator is derived from the ALK group’s total annual investments in property, plant and equipment as well as intangible assets, excluding leases, as stated in consolidated financial statements ( notes 3.1 - 3.3, p. 101-106). The OpEx denominator covers direct non-capitalised costs that primarily relate to repair and maintenance, costs of materials, car expenses, and any other direct expenditures relating to the servicing of group assets that are necessary to ensure the continued and effective functioning of such assets. Management's review Sustainability statement General information Environmental information Social information Governance information Appendix Incorporation by reference Core elements of due diligence Content index of ESRS disclosure requirements List of datapoints that derive from other EU legislation EU Taxonomy Financial statements Annual Report 2025 84Appendix Financial statements The Financial Statements of ALK form an integral part of the Annual Report and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The accompanying Group and Parent financial statements provide a true and fair view of ALK’s financial position, performance, and cash flows for the year ended 31 December 2025. Management's review Sustainability statement Financial statements Consolidated Consolidated financial financial statementsstatements Parent company Parent company financial financial statementsstatements StatementsStatements Other Other informationinformation Annual Report 2025 85 87 Income statement 87 Statement of comprehensive income 88 Cash flow statement 89 Balance sheet 90 Statement of changes in equity 91 Notes 125 Definitions Section 1 Basis of reporting 1.1 Accounting policy information 91 1.2 Significant accounting estimates and judgements 93 Section 2 Results for the year 2.1 Revenue and segment information 94 2.2 Expenses 95 2.3 Depreciation, amortisation and impairment 96 2.4 Staff costs 96 2.5 Fees to the ALK Group’s auditors 97 2.6 Financial income and expenses 97 Section 3 Operating assets and liabilities 3.1 Intangible assets 101 3.2 Property, plant and equipment 103 3.3 Leases 105 3.4 Inventories 107 3.5 Trade receivables 108 3.6 Prepayments 108 3.7 Pensions and similar liabilities 109 3.8 Provisions 111 3.9 Other payables 111 3.10 Contingent liabilities and commitments 112 Section 4 Capital structure and financing 4.1 Share capital and earnings per share 113 4.2 Financial risks and financial instruments 114 Section 5 Other disclosures 5.1 Share-based payments 118 5.2 Cash flow 121 5.3 Business combinations 122 5.4 Related parties 123 5.5 Events after the reporting period 123 5.6 Approval of financial statements 123 5.7 List of companies in the ALK Group 124 NotesContents Management's review Sustainability statement Financial statements Consolidated Consolidated financial financial statementsstatements Income statementIncome statement Statement of Statement of comprehensive comprehensive incomeincome Cash flow statementCash flow statement Balance sheetBalance sheet Statement of changes Statement of changes in equityin equity NotesNotes DefinitionsDefinitions Parent company Parent company financial financial statementsstatements StatementsStatements Other Other informationinformation Annual Report 2025 86Consolidated financial statements Consolidated financial statements Income statement Statement of comprehensive income Amounts in DKKm Note 2025 2024 Revenue 2.1 6,312 5,537 Cost of sales 2.2-2.4, 3.4, 5.1 2,078 1,985 Gross profit 4,234 3,552 Research and development expenses 2.2-2.4, 5.1 609 531 Sales and marketing expenses 2.2-2.4, 5.1 1,584 1,564 Administrative expenses 2.2-2.4, 5.1 388 369 Other operating income 1 3 Operating profit (EBIT) 1,654 1,091 Financial income 2.6 28 61 Financial expenses 2.6 47 95 Profit before tax (EBT) 1,635 1,057 Tax on profit 2.7 438 242 Net profit 1,197 815 Earnings per share (EPS) 4.1 Earnings per share (EPS) 5,40 3.68 Earnings per share (DEPS), diluted 5,40 3.68 Amounts in DKKm Note 2025 2024 Net profit 1,197 815 Items that will subsequently not be reclassified to the income statement: Actuarial gains/(losses) on pension plans 3.7 13 3 Tax related to actuarial gains/(losses) on pension plans 2.7 (4) (1) 9 2 Items that will subsequently be reclassified to the income statement, when specific conditions are met: Foreign currency translation adjustment of foreign affiliates (168) 83 (168) 83 Other comprehensive income (159) 85 Total comprehensive income 1,038 900 Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 87 Cash flow statement Amounts in DKKm Note 2025 2024 Net profit 1,197 815 Adjustments Adjustments for non-cash items 5.2 830 640 Changes in working capital 5.2 (149) (151) Financial income, received 71 17 Financial expenses, paid (51) (13) Income tax, paid (net) (81) (95) Cash flow from operating activities 1,817 1,213 Acquisitions of companies and operations 5.3 (10) (115) Purchase of intangible assets 3.1 (84) (1,043) Purchase of tangible assets 3.2-3.3 (276) (260) Investments in other financial assets (15) 1 Cash flow from investing activities (385) (1,417) Free cash flow 1,432 (204) Sale of treasury shares - 6 Exercised share options, paid (26) (38) Proceeds from borrowings 5.2 - 671 Repayment of borrowings 5.2 (688) (279) Repayment of lease liabilities 5.2 (46) (50) Cash flow from financing activities (760) 310 Net cash flow 672 106 Cash beginning of year 589 474 Unrealised gain/(loss) on cash held in foreign currency and financial assets carried as cash (21) 9 Net cash flow 672 106 Cash year end 1,240 589 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. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 88 Balance sheet Balance sheet – Assets Balance sheet – Equity and liabilities Amounts in DKKm Note 31 Dec. 2025 31 Dec. 2024 Non-current assets Intangible assets Goodwill 3.1 455 463 Other intangible assets 3.1 1,310 1,329 1,765 1,792 Tangible assets Land and buildings 3.2-3.3 1,005 1,137 Plant and machinery 3.2 663 603 Other fixtures and equipment 3.2-3.3 72 79 Property, plant and equipment in progress 3.2 524 528 2,264 2,347 Other non-current assets Prepayments and securities 48 26 Deferred tax assets 2.7 353 642 Income tax receivables 133 145 534 813 Total non-current assets 4,563 4,952 Current assets Inventories 3.4 1,783 1,716 Trade receivables 3.5 1,093 812 Receivables from group companies 5.4 118 - Income tax receivables 8 10 Other receivables 120 49 Prepayments 3.6 132 118 Cash 1,240 589 Total current assets 4,494 3,294 Total assets 9,057 8,246 Amounts in DKKm Note 31 Dec. 2025 31 Dec. 2024 Equity Share capital 4.1 111 111 Currency translation adjustment (103) 65 Retained earnings 6,082 5,197 Proposed dividends 355 - Total equity 6,445 5,373 Liabilities Non-current liabilities Mortgage debt 4.2 151 166 Pensions and similar liabilities 3.7 244 251 Lease liabilities 4.2 204 285 Deferred income 277 45 Provisions 3.8 1 1 Deferred tax liabilities 2.7 238 3 Income tax payables 168 173 1,283 924 Current liabilities Mortgage debt 4.2 17 19 Bank loans 4.2 - 671 Trade payables 140 165 Lease liabilities 4.2 46 46 Deferred income 11 4 Provisions 3.8 20 38 Income tax payables 39 124 Other payables 3.9 1,056 882 1,329 1,949 Total liabilities 2,612 2,873 Total equity and liabilities 9,057 8,246 Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 89 Statement of changes in equity Amounts in DKKm Share capital Currency translation adjust- ment Retained earnings Proposed dividend Total equity 2025 Equity at 1 January 111 65 5,197 - 5,373 Net profit - - 842 355 1,197 Other comprehensive income/(loss) - (168) 9 - (159) Total comprehensive income - (168) 851 355 1,038 Share-based payments - - 45 - 45 Share options settled - - (26) - (26) Tax related to items recognised directly in equity - - 15 - 15 Other transactions - - 34 - 34 Equity at 31 December 111 (103) 6,082 355 6,445 Amounts in DKKm Share capital Currency translation adjust- ment Retained earnings Total equity 2024 Equity at 1 January 111 (18) 4,354 4,447 Net profit - - 815 815 Other comprehensive income/(loss) - 83 2 85 Total comprehensive income - 83 817 900 Share-based payments - - 51 51 Share options settled - - (38) (38) Sale of treasury shares - - 6 6 Tax related to items recognised directly in equity - - 8 8 Other adjustments - - (1) (1) Other transactions - - 26 26 Equity at 31 December 111 65 5,197 5,373 Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 90 Section 1 – Basis of reporting Notes The consolidated financial statements for the period 1 January to 31 December 2025 have been prepared in accordance with the IFRS accounting standards as adopted by the EU and in accord- ance with Danish disclosure requirements for listed companies. Additional Danish disclosure requirements for annual reports are imposed by the Statutory Order on Adoption of IFRS issued under the Danish Financial Statements Act. The consolidated financial statements are presented in Danish kroner (DKK), which is consid- ered the primary currency of the ALK Group’s activities and the functional currency of the parent company. The consolidated financial statements are presented on a historical cost basis, apart from certain financial instruments, which are measured at fair value. The general accounting policies described below apply to the consolidated financial statements as a whole. To enhance understanding, specific accounting policies are described in the notes to which they relate. The description of accounting policies in the notes form part of the overall description of accounting policies. The accounting policies are unchanged from last year. New standards effective from 1 January 2025 The ALK Group has implemented all new and amended standards and IFRIC interpretations which are effective for the financial year 2025. This have not resulted in any changes to the accounting policies of the ALK Group. New standards effective on or after 1 January 2026 A number of IFRS standards, amended standards and IFRIC interpretations, which are effective on or after 1 January 2026, have not been imple- mented. Based on a preliminary assessment it is estimated that these standards and interpreta- tions will have no material impact on the consoli- dated financial statements apart from IFRS18. IFRS 18 Presentation and Disclosure in Finan- cial Statements was issued by the International Accounting Standards Board (IASB) in April 2024 and is not yet effective. The standard aims to enhance the transparency and comparability of financial performance by introducing new manda- tory income statement presentation requirements and enhanced disclosures for management-de- fined performance measures (MPMs). IFRS 18 will replace IAS 1 and will apply to annual reporting periods beginning on or after 1 January 2027. Key changes introduced by IFRS 18 include: • A revised structure of the income statement with five defined categories: operating, investing, financing, income taxes, and discon- tinued operations • New mandatory subtotals, including operating profit and profit before financing and income tax The ALK Group has provisionally assessed that the impact of the standard and IFRS 18 will not have any impact on profit or loss or equity at the date of initial application. The Group continues to assess the implications for the presentation of the income statement and the disclosure of management-defined performance measures. Basis of consolidation The consolidated financial statements comprise the financial statements of ALK-Abelló A/S (the parent company) and companies (subsidiaries) controlled by the parent company. The consolidated financial statements are prepared as a consolidation of items of a uniform nature. The financial statements used for consol- idation are prepared in accordance with the ALK Group’s accounting policies. On consolidation, intra-group income and expenses, intra-group balances and dividends, and gains and losses arising on intra-group trans- actions are eliminated. Foreign currency translation On initial recognition, transactions denominated in currencies other than DKK are translated at average exchange rates, which are an approxi- mation of the exchange rates at the transaction date. Receivables and debt and other monetary items not settled at the balance sheet date are translated at the closing rate. Exchange rate differences between the exchange rate at the date of the transaction and the exchange rate at the date of payment or the balance sheet date, respectively, are recognised in the income statement under financial items. Tangible assets and intangible assets, inventories and other nonmonetary assets acquired in foreign currency and measured based on historical cost are translated at the exchange rates at the trans- action date. On recognition in the consolidated financial state- ments of subsidiaries whose financial statements are presented in a functional currency other than DKK, the income statements are translated at average exchange rates for the respective months, unless these deviate materially from the actual exchange rates at the transaction 1.1 Accounting policy information Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 91 Section 1 – Basis of reporting 1.1 Accounting policy information – continued dates. In that case, the actual exchange rates are used. Balance sheet items are translated at the exchange rates at the balance sheet date. Goodwill is considered to belong to the acquired company in question and is translated at the exchange rate at the balance sheet date. Exchange rate differences arising on the trans- lation of foreign subsidiaries’ opening balance sheet items to the exchange rates at the balance sheet date and on the translation of the income statements from average exchange rates to exchange rates at the balance sheet date are recognised in other comprehensive income. Foreign exchange rate adjustment of receivables or debt to subsidiaries which are considered part of the parent company’s overall investment in the subsidiary in question are also recognised in other comprehensive income in the consolidated finan- cial statements. Definitions and ratios The key ratios have been calculated in accord- ance with generally accepted financial ratios applied by financial analysts. Definitions are shown on page 125. Reporting under the ESEF regulation The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF) (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The ESEF Regulation sets out the following main requirements: (1) Issuers shall draw up and disclose their annual financial reports using the XHTML format; and (2) issuers that draw-up their primary consolidated financial statements in accordance with IFRS as endorsed by the EU shall tag those consolidated financial statements using inline eXtensible Business Reporting Language (iXBRL) including block-tag of the notes to the consolidated financial statements. The combination of the XHTML format with the iXBRL tags makes the annual financial reports both human-readable and machine-readable, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports. iXBRL tags shall comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. As part of the tagging process financial state- ment line items are marked up to elements in the ESEF taxonomy. If a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy is created. Extensions have to be anchored to elements in the ESEF taxonomy, except for elements corresponding to subtotals. The annual report 2025 for the ALK Group submitted to the Danish Financial Supervisory Authority and Nasdaq consists of the XHTML docu- ment together with some technical files all included in a ZIP file named alk-2025-12-31-en.zip. Key definitions XHTML (eXtensible HyperText Markup Language) is a text-based markup language used to struc- ture and mark up content such as text, images, and hyperlinks in documents that are displayed as Web pages in an updated standard Web browser like Chrome or Edge. iXBRL tags (or Inline XBRL tags) are hidden meta-information embedded in the source code of an XHTML document in accordance with the Inline XBRL 1.1 specification, which enables the conversion of XHTML-formatted information into a machine-readable XBRL data record by appro- priate software. The tagging process is a process where iXBRL tags are applied to financial statement line items, notes, etc. Taxonomy is an electronic dictionary of business reporting elements used to report business data. A taxonomy element is an element defined in a taxonomy that is used for the machine-readable labeling of information in an XBRL data record. ESEF data Name of reporting entity or other means of iden- tification ALK-Abelló A/S Domicile of entity Denmark Legal form of entity A/S Country of incorporation Denmark Address of entity’s registered office Bøge Allé 6-8, DK-2970 Hørsholm Principal place of business Global Description of nature of entity’s operations and principal activities ALK is a global allergy solutions company Name of parent entity Lundbeckfond Invest A/S Name of ultimate parent of group Lundbeck Foundation Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 92 Section 1 – Basis of reporting 1.2 Significant accounting estimates and judgements In the preparation of the consolidated financial statements according to IFRS, Management is required to make certain estimates as many financial statement items cannot be reliably measured, but must be estimated. Such esti- mates comprise judgements made on the basis of the most recent information available at the reporting date. It may be necessary to change previous estimates as a result of changes to the assumptions on which the estimates were based or due to supple- mentary information, additional experience or subsequent events. Similarly, the value of assets and liabilities often depends on future events that are somewhat uncertain. In that connection, it is necessary to set out e.g. a course of events that reflects Management’s assessment of the most probable outcome. Management considers those listed below as the key accounting estimates and related judge- ments used in the preparation of the consolidated financial statements. A description of significant accounting estimates and judgements as well as assumptions applied is included in the relevant notes. Estimate/ Note Key accounting estimates and judgementsjudgementPartnership agreements & sales deductions comprising rebates, discounts, and Estimate/ 2.1 Revenue and segment informationmandated price adjustmentsjudgementEstimate/ 2.7 Income tax and deferred tax Provision for uncertain tax positions and measurement of deferred tax assetsjudgementEstimate/ 3.1 Intangible assets Recoverable amount of goodwill and acquired intangible rightsjudgement3.4 Inventories Valuation of inventories and capitalisation of indirect production costs Estimate Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 93 71% 13% 16% 34% 13% 53% Section 2 – Results for the year § Accounting policies Segment information Based on the internal reporting used by the Board of Management to assess the results of operations and allocation of resources, the ALK Group has identified one operating segment ‘Allergy treatment’, which is in accordance with the way the activities are organised and managed. Even though revenue within the operating segment “Allergy treatment” can be divided by product lines and market, the main part of the activities within production, research and develop- ment, sales and marketing and administration are shared by the ALK Group as a whole. The disclosures in the financial statements include a breakdown of revenue by product line and a geographical breakdown of revenue and non-current assets. The geographical information on markets is based on customer and asset location. Revenue The primary performance obligation of the ALK Group is the sale and delivery of own-manufactured goods and goods for resale for allergy treatment. Revenue from the sale of goods is recognised in the income statement upon the control of the goods being transferred to the customer, i.e. when goods are delivered. Revenue is recognised by the ALK Group at a point in time. The ALK Group’s products are sold primarily to distributors of pharmaceuticals, pharmacies, and hospitals. The payment conditions for the customers vary, and are based on industry practice in the relevant markets. As a result of special trading conditions in specific markets, the credit period may be up to 180 days. Revenue is measured as the fair value of the consideration received or receivable. Revenue is measured exclusive of VAT, taxes, etc. charged on behalf of third parties and less any commissions and discounts in connection with sales. 2.1 Revenue and segment information International Europe North Americamarkets TotalAmounts in DKKm 2025 2024 2025 2024 2025 2024 2025 2024SLIT-tablets 2,485 2,080 247 209 603 562 3,335 2,851SCIT/SLIT-drops 1,619 1,568 356 361 170 123 2,145 2,052Anaphylaxis & other products 355 266 434 336 43 32 832 634Total revenue 4,459 3,914 1,037 906 816 717 6,312 5,537Sale of goods 6,169 5,426Royalties 96 108Services 47 3Total revenue 6,312 5,537 Of total revenue, DKK 136 million (2024: DKK 141 million) is derived from Denmark. The ALK Group had more than 10% of its total revenue from Germany 25% (2024: 25%), France 16% (2024: 17%), and the USA 14% (2024: 14%) based on the location of the customers. The ALK Group’s non-current tangible and intangible assets are distributed among the following geographical markets: International Europe North Americamarkets TotalAmounts in DKKm 2025 2024 2025 2024 2025 2024 2025 2024Non-current tangible and intangible assets 3,10 6 3,066 922 1,069 1 4 4,029 4,139 Of total non-current tangible and intangible assets, DKK 2,616 million relates to assets in Denmark (2024: DKK 2,583 million). The USA accounts for 23% (2024: 26%) of total non-current tangible and intan- gible assets. Revenue by product line 2025 SLIT-tablets SCIT/SLIT-drops Anaphylaxis & other products Revenue by geography 2025 Europe North America International markets Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 94 Section 2 – Results for the year 2.1 Revenue and segment information – continued Furthermore, revenue includes licence income and royalties from outlicensed products as well as up-front payments, milestone payments and services in connection with partnerships. These revenues are recognised in the income state- ment in accordance with the agreements and when the ALK Group obtains the right to the payments, which is when services have been delivered to the customer or at the point in time the subsequent sales occur. When combined contracts are entered, the elements of the contracts are identified and assessed separately for accounting purposes. Significant accounting estimates and judgements Revenue recognition involves significant judgement due to the inherent complexity of the ALK Group’s revenue arrange- ments, which arise from multiple sales channels and partnership agreements. These arrangements may include differing contractual terms relating to pricing, performance obligations, revenue-sharing mechanisms, and the timing of consideration. Management exercises judgement in assessing the appropriate recognition of revenue under IFRS 15, including the identification of performance obligations, the determination of whether the Group acts as principal or agent in certain partnership arrangements, the estimation of variable consideration, and the assessment of the timing of satisfaction of performance obligations. The risk in revenue recognition relates primarily to the complexity of partnership agreements and sales channels, which may impact the measurement and timing of revenue recognised. Management reviews contractual terms and applies consistent accounting policies to ensure revenue is recognised in a manner that reflects the transfer of control of goods or services to customers. Sales deductions comprising rebates, discounts, and mandated price adjustments are estimated and accrued for at the time when the related sales are recorded. Management is required to make significant estimates in the revenue recog- nition relating to the accruals for sales deductions as not all conditions are known at the time of sale and as revenue can only be recognised to the extent that it is probable that a significant reversal of the recognised revenue will not occur. Management’s estimate of accruals for sales deductions is based on a calculation taking into consideration among other factors, existing contractual obligations, the extent of predictability, historical experience with similar transac- tions and whether the consideration is highly susceptible to factors outside ALK’s influence. ALK considers the accruals established for sales deductions to be reasonable and appropriate based on currently avail- able information. The accruals for sales deductions are adjusted regularly as new or more detailed information becomes available and when actual amounts are processed. At 31 December 2025, DKK 314 million is recognised as accrued rebates, discounts, and mandated price adjustments (2024: DKK 208 million), cf. note 3.9. 2.2 Expenses § Accounting policies Cost of sales The item comprises cost of sales and production costs incurred in generating the revenue for the year. Costs for raw materials, consumables, goods for resale, production staff and a proportion of production overheads, including main- tenance and depreciation, amortisation and impairment of tangible assets and intangible assets used in production as well as operation, administration and management of factories, are recognised in cost of sales and production costs. In addition, the costs and write-down to net realisable value of obsolete and slow-moving goods are recognised. Research and development expenses The item comprises research and development expenses, including expenses incurred for wages and salaries, amor- tisation, impairment of capitalised development projects in progress, and other overheads as well as costs relating to research partnerships. Research expenses are recognised in the income statement when incurred. Due to the long development periods and significant uncertainties in relation to the development of new products, including risks regarding clinical trials and regulatory approvals, it is the assessment that most of the ALK Group’s development expenses do not meet the capitalisation criteria in IAS 38, Intangible Assets. Consequently, development expenses are generally recognised in the income statement when incurred. Development expenses relating to individual minor devel- opment projects running for short-term periods and subject to limited risk are capitalised under other intangible assets. Clinical trials, which are outsourced to Clinical Research Organisations (“CROs”), take several years to complete. At 31 December 2025, DKK 50 million is recognised as accrued expenses (2024: DKK 24 million) and DKK 42 million as prepay- ments in the balance sheet (2024: DKK 20 million). In 2025, external expenses for clinical trials of DKK 113 million have been recognised in the income statement (2024: DKK 56 million). Sales and marketing expenses The item comprises selling and marketing expenses, including salaries and expenses relating to sales staff, advertising and exhibitions, depreciation, amortisation and impairment losses on tangible assets and intangible assets used in the sales and marketing process as well as other indirect costs. Administrative expenses The item comprises expenses incurred for management and administration, including expenses for administrative staff and management, office expenses and depreciation, amortisation and impairment losses on tangible assets and intan- gible assets used in administration. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 95 Section 2 – Results for the year 2.3 Depreciation, amortisation and impairment Amounts in DKKm 2025 2024Depreciation, amortisation and impairment allocation:Cost of sales 242 185Research and development expenses 13 11Sales and marketing expenses 17 19Administrative expenses 56 57Total 328 272 Impairment amounts to DKK 10 million (2024: DKK 6 million), of which DKK 10 million relates to impairment of tangible assets (2024: DKK 4 million). No impairment of intangible assets was made in the year (2024: DKK 2 million). The impairment of tangible assets is related to impairment of production equipment of DKK 10 million (2024: DKK 3 million). The recoverable amount was DKK 0 million after impairment. The expense is recog- nised as cost of sales. There were no impairments on administrative equipment during the year (2024: DKK 1 million). The impairment prior year was recognised as cost of sales and administrative expenses. 2.4 Staff costs Amounts in DKKm 2025 2024Wages and salaries 1,874 1,846Pensions, cf. note 3.7 145 151Other social security costs, etc. 250 250Share-based payments, cf. note 5.1 45 48Total 2,314 2,295 Staff costs are allocated as follows:Cost of sales 891 885Research and development expenses 350 331Sales and marketing expenses 767 786Administrative expenses 242 233Included in the cost of assets 64 60Total 2,314 2,295 Remuneration to Management: Remuneration to Board of Management: Salaries and other benefits 18 18Short-term incentive (cash bonus) 15 13Pensions 3 3Termination benefits 7 -Long-term incentives (share-based) based on expensed accounting value, 1cf. note 5.118 13Total remuneration to Board of Management 61 47Remuneration to Board of Directors 7 6Total remuneration to Board of Management and Board of Directors 68 53 Employees Average number (FTE) 2,737 2,789 Number year end (FTE) 2,721 2,753 1 The expensed costs include DKK 6 million (2024: DKK 2 million) related to adjustment in the share options and performance share units expected to vest. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 96 Section 2 – Results for the year 2.5 Fees to the ALK Group’s auditors Amounts in DKKm 2025 2024Fees to the auditors appointed at the annual general meeting:Audit services 4 4Other opinions 2 2Tax advisory services 1 1Other services - -Total 7 7 The fee for non-audit services provided by PricewaterhouseCoopers Statsautoriseret Revisionspartner- selskab (Denmark) of DKK 3 million (2024: DKK 3 million) relates to limited assurance of sustainability statement, tax advisory, and other general financial accounting matters. 2.6 Financial income and expenses Amounts in DKKm 2025 2024Interest income 28 61Financial income from financial assets measured at amortised cost 28 61Total financial income 28 61 1Interest expenses23 62Financial expenses from financial liabilities measured at amortised cost 23 62Interest expenses on uncertain tax positions, net 8 3Currency losses, net 16 30Total financial expenses 47 95 1 Interest expenses include interest related to leasing of DKK 9 million (2024: DKK 9 million). § Accounting policies Financial items comprise interest receivable and interest payable, bank fees, the interest element of lease payments, realised and unrealised gains and losses on securities, cash, liabilities and foreign currency transactions, mortgage amortisation premium/allowance, etc. and provisions for uncertain tax position. Interest expenses and income related to uncertain tax position are recognised on the balance sheet as tax liabilities and tax assets respectively upon the receipt of ruling from the tax authorities and correspondingly reflected in the income statement as financial items net. Interest income and expenses are accrued based on the principal and the effective rate of interest. The effective rate of interest is the discount rate to be used on discounting expected future payments in relation to the financial asset or the financial liability so that their present value corresponds to the carrying amount of the asset or liability, respectively. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 97 Section 2 – Results for the year 2.7 Income tax and deferred tax Amounts in DKKm 2025 2024Tax on profitCurrent income tax 203 215Adjustment of deferred tax 249 25Prior years adjustments (14) 2Tax on profit for the year 438 242Profit before tax 1,635 1,057Income tax, tax rate of 22% (2024: 22%) 360 233Effect of deviation of foreign subsidiaries’ tax rate relative to Danish tax rate 78 (10)Permanent differences (9) 3Other taxes and adjustments 23 14Prior years adjustments (14) 2Tax on profit for the year 438 242 Tax related to equity comprises an income of DKK 15 million (2024: income of DKK 8 million) and other comprehensive income comprises an expense of DKK 4 million (2024: expense of DKK 1 million). Pillar Two The ALK Group falls within the scope of the OECD Pillar Two model rules and is part of the Danish joint taxation scheme with the Lundbeck Foundation (Lundbeckfond Invest A/S). As the Lundbeck Foundation Group has a revenue above EUR 750 million, the ALK Group is eligible for Pillar Two. The ALK group applies the IAS 12 exception when recognising and disclosing information on deferred tax assets and liabilities related to Pillar Two income taxes. Under this legislation, the ALK Group is required to pay a top-up tax for any shortfall between its Global Anti-base Erosion (GloBE) effective tax rate in each jurisdiction and the 15% minimum rate. ALK has applied Safe Harbour provisions and successfully met the Substance Test criteria. These results confirm that ALK’s effective tax rate complies with the minimum requirements without further adjust- ments. Certain estimates are subject to change with additional OECD guidance. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 98 Section 2 – Results for the year 2.7 Income tax and deferred tax – continued Intangible Tangible Current and Tax losses Amounts in DKKmassetsassetsother assets Liabilitiescarried forward Total 2025Deferred taxCarrying amount beginning of year (248) (148) 557 157 321 639Adjustment to prior years’ deferred tax - - - - 2 2Adjustment of receivables from group companies - - - - (288) (288)Currency adjustments 1 5 (1) (3) (2) -Recognised in the income statement, net 11 10 (290) 32 (12) (249)Recognised in other comprehensive income, net - - - (4) - (4)Recognised in equity, net (share-based payments) - - 12 - 3 15Carrying amount year end (236) (133) 278 182 24 1152024Deferred taxCarrying amount beginning of year (27) (120) 279 124 399 655Adjustment to prior years’ deferred tax - (7) 2 7 (2) -Adjustment of receivables from group companies - - - - 2 2Currency adjustments - (2) - 2 - -Adjustment of deferred tax due to coming year change of tax rates - 1 (1) 1 - 1Recognised in the income statement, net (221) (20) 274 24 (83) (26)Recognised in other comprehensive income, net - - - (1) - (1)Recognised in equity, net (share-based payments) - - 3 - 5 8Carrying amount year end (248) (148) 557 157 321 639Deferred tax consists of deferred tax assets of DKK 353 million (2024: DKK 642 million) and deferred tax liabilities of DKK 238 million (2024: DKK 3 million). The ALK Group recognises deferred tax assets including the value of tax losses if it is probable that it can be utilised against future taxable income within a forseeable future. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 99 Section 2 – Results for the year 2.7 Income tax and deferred tax – continued § Accounting policies Tax on the profit for the year comprises the year’s current tax and changes in deferred tax. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to items recognised in other comprehensive income and directly in equity, respectively, is recognised in other comprehensive income or directly in equity. Exchange rate adjustments of deferred tax are recognised as part of the adjustment of deferred tax for the year. Current tax payable and receivable is recognised in the balance sheet as the expected tax on the taxable income for the year, adjusted for tax paid on account. The current tax charge for the year is calculated based on the tax rates and rules enacted at the balance sheet date. Uncertain tax position is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority (and a future inflow of funds from a tax authority). The uncertain tax position is measured at the best estimate of the amount expected to become payable (and receivable). Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to the initial recognition of goodwill or the initial recognition of a transaction, apart from business combinations, and where the temporary difference existing at the date of initial recognition affects neither profit/loss for the year nor taxable income. Deferred tax is calculated based on the planned use of each asset and settlement of each liability, respectively. Deferred tax is measured using the tax rates and tax rules that, based on legislation enacted or in reality enacted at the balance sheet date, are expected to apply in the respective countries when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changed tax rates or rules are recognised in the income statement, in other comprehensive income or in equity, depending on where the deferred tax was originally recognised. Deferred tax related to equity transactions is recognised in equity. Deferred tax assets, including the tax value of tax loss carry-forwards, are recognised in the balance sheet at the value at which the asset is expected to be realised, either through a set-off against deferred tax liabilities or as net assets to be offset against future positive taxable income. Deferred tax assets including the tax value of tax losses are recognised if it is probable that it can be utilised against future taxable income within a foreseeable future. This includes an assessment of the possibilities to utilise tax losses in the joint Danish taxation scheme with the Lundbeck Foundation (Lundbeckfond Invest A /S). At each balance sheet date, it is reassessed whether it is likely that there will be sufficient future taxable income for the deferred tax asset to be utilised. The parent company is included in a joint Danish taxation scheme with the Lundbeck Foundation (Lundbeckfond Invest A/S) and its Danish subsidiaries. The tax charge for the year is allocated among the jointly taxed companies in propor- tion to the taxable incomes of individual companies, taking into account taxes paid. Significant accounting estimates and judgements Management is required to make an estimate in the recognition of deferred tax assets. This assessment includes esti- mates of future taxable income in ALK and other members of the joint Danish taxation scheme with the Lundbeck Founda- tion. At 31 December 2025, the deferred tax asset related to tax losses has been fully absorbed by other members of the joint Danish taxation Scheme with the Lundbeck Foundation. Complying with tax rules, when conducting business globally, can be complex as the interpretation of legislation and case law may change over time or may not always be clear. Management’s judgements are applied to assess the possible effect of exposures and the possible outcome of disputes or interpretational uncertainties when transfer pricing disputes with local tax authorities may occur. Dialogue with local tax authorities, tax advisors, business plans and knowledge of the business are key parameters for Management to estimate the tax assets and liabilities. At 31 December 2025, the ALK Group recognises uncertain tax position as part of non-current tax. The actual outcome may deviate and depends on the result of litigation and settlements with the relevant local tax authorities. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 100 Section 3 – Operating assets and liabilities 3.1 Intangible assets Patents, Other trademarks intangible 1Amounts in DKKm Goodwill Softwareand rightsassetsTotal 2025Cost beginning of year 485 500 300 1,314 2,599Currency adjustments (7) (1) (24) (1) (33)Additions - 10 32 42 84Acquisition of companies and operations, cf. note 5.3 - - - - -Disposals - (4) - - (4)Transfer to/from other groups - 34 994 (1,028) -Cost year end 478 539 1,302 327 2,646Amortisation and impairment beginning of year 22 400 187 198 807Currency adjustments 1 (1) (12) 1 (11)Amortisation for the year - 34 51 4 89Disposals during the year - (4) - - (4)Impairment during the year, cf note 2.3 - - - - -Amortisation and impairment year end 23 429 226 203 881Carrying amount year end 455 110 1,076 124 1,7651 Other intangible assets include intangible assets in progress, and individual development projects running for short-term periods. In 2025, Patent licence of DKK 994 million, capitalised in 2024, was taken into use. Patents, Other trademarks intangible 1Amounts in DKKm Goodwill Softwareand rightsassetsTotal 2024Cost beginning of year 481 479 204 304 1,468Currency adjustments 4 1 11 - 16Additions - 8 - 1,035 1,043Acquisition of companies and operations, cf. note 5.3 - - 118 - 118Disposals - (13) (33) - (46)Transfer to/from other groups - 25 - (25) -Cost year end 485 500 300 1,314 2,599Amortisation and impairment beginning of year 22 378 203 194 797Currency adjustments - 1 5 - 6Amortisation for the year - 32 12 4 48Disposals during the year - (13) (33) - (46)Impairment during the year, cf note 2.3 - 2 - - 2Amortisation and impairment year end 22 400 187 198 807Carrying amount year end 463 100 113 1,116 1,7921 Other intangible assets include intangible assets in progress, and individual development projects running for short-term periods. In 2024, ALK entered a Collaboration, License and Distribution Agreement with ARS Pharmaceuticals Operations Inc. where the asset of DKK 994 million was not ready for use due to pending regulatory and other approvals. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 101 Section 3 – Operating assets and liabilities 26% 2025 6% 61% 7% 3.1 Intangible assets – continued Goodwill Goodwill is related to acquisition of companies in previous years and has been subject to an impairment test, which has been submitted to the Audit Committee for subsequent approval by the Board of Direc- tors. The impairment test performed in 2025 revealed no need for impairment of goodwill. Goodwill has been tested at an aggregated level for ALK as one cash-generating unit. In the calculation of the value in use of the cash-generating unit, future free net cash flow is estimated based on Board of Directors-approved budget (2026) and financial forecasts (2027-2029) in line with the ALK Group’s strategy. The budget and the forecast plans are based on specific future business initiatives for which the risks relating to key parameters have been assessed and recognised in estimated future free cash flows. The key parameters in the calculation of the value in use are revenue, earnings, working capital, capital- expenditure, discount rate and the preconditions for the terminal value. Estimates are based on historical data and expectations on future changes in the markets and products. These expectations are based on a number of assumptions including expected regulatory approvals, product launches and partnership agreements, volume forecasts, price information, development in clinical trials and pipelines and profit- ability of both the ALK Group’s business as well as geographical expansions. For financial years after the four year forecast period (2026-2029), the cash flows in the most recent period have been extrapolated adjusted for a growth factor of 1.5% (2024: 1.5%) during the terminal period. The discount rate used is 10.3% pre-tax and 8.0% after tax (2024: 10.3% pre-tax and 8.0% after ta x). The calculated value in use shows that future earnings and cash flows fully support the carrying amount of total net assets, including goodwill. § Accounting policies Goodwill On initial recognition, goodwill is measured and recognised as the excess of the cost of the acquired company over the fair value of the acquired assets, liabilities and contingent liabilities. On recognition of goodwill, the goodwill amount is allocated to the ALK Group’s cash-generating unit. The ALK Group is considered as one cash-generating unit as the individual companies and business units in the ALK Group cannot be eval- uated separately due to the value-adding processes are generated across corporations and entities. Goodwill is not amortised, but is tested for impairment at least once a year. To the extent that the carrying amount of good- will exceeds the recoverable amount, goodwill is written down to this lower amount. Impairment of goodwill is not reversed. Software, patents, trademarks and rights Acquired intellectual property rights in the form of software, patents, trademarks, licenses, customer base, and similar rights are measured at cost less accumulated amortisation and impairment. The cost of software includes costs of installation and direct salaries. Intangible assets with determinable useful lives are amortised on a straight-line basis over the expected useful lives of the assets, typically not exceeding 15 years. If the actual useful life is shorter than either the remaining life or the contract period, the asset is amortised over this shorter useful life. The carrying amounts are reviewed at the balance sheet date to determine whether there are any indications of impairment. If such indications are identified, the recoverable amount of the asset is calculated to determine any need for an impairment write-down and, if so, the amount of the write-down. Intangible assets with indeterminable useful lives are not amortised, but are tested for impairment at least once a year. To the extent that the carrying amount of the assets exceeds the recoverable amount, the assets are written down to this lower amount. See note 3.2 for more information on assessment, recognition and reversal of impairment. Other intangible assets Other intangible assets include individual minor development projects running for short-term periods, including software development projects, which fulfil the requirements in IFRS. The measurement and impairment follow the same rules as described above for software, patents, trademarks, and rights. Significant accounting estimates and judgements The assessment of whether goodwill and/or acquired intangible rights are impaired requires ALK management to make judgments about the recoverable amount of each cash-generating unit or asset. This involves estimating future economic benefits, including expected developments in revenues, gross profits, conver- sion ratios, as well as the discount rates and long-term growth expectations applied in the terminal period. These estimates are based on historical performance, current business plans, and expectations of future market condi- tions, including long-term average market growth rates. Management uses both internal and external data sources to inform these judgments. The assessment of goodwill is sensitive to changes in these assumptions, which could materially affect the outcome of the impairment test. At 31 December 2025, the carrying amount of goodwill is DKK 455 million (2024: DKK 463 million). Intangible assets 2025 Goodwill Software Patents, trademarks and rights Other intangible assets Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 102 Section 3 – Operating assets and liabilities 3.2 Property, plant and equipment Other Property, fixtures plant and Land and Plant and and equipment 1Amounts in DKKmbuildingsmachineryequipmentin progress Total 2025Cost beginning of year 2,027 1,355 315 528 4,225Currency adjustments (77) (55) (6) (10) (148)Additions 14 45 13 210 282Acquisition of companies and operations, cf. note 5.3 - - - - -Remeasurement of lease obligations (28) - - - (28)Disposals (26) (23) (14) (9) (72)Transfer to/from other groups 50 142 3 (195) -Cost year end 1,960 1,464 311 524 4,259Depreciation and impairment beginning of year 890 752 236 - 1,878Currency adjustments (18) (31) (4) - (53)Depreciation for the year 106 102 21 - 229Disposals during the year (23) (23) (14) (9) (69)Impairment during the year, cf. note 2.3 - 1 - 9 10Depreciation and impairment year end 955 801 239 - 1,995Carrying amount year end 1,005 663 72 524 2,264of which financing costsValue of land and buildings subject to mortgages 2451 Land and buildings include buildings on land leased from Scion DTU A/S, Hørsholm in Denmark. The estimated lease terms are 8 years. See also note 3.3. Other Property, fixtures plant and Land and Plant and and equipment 1Amounts in DKKmbuildingsmachineryequipmentin progress Total 2024Cost beginning of year 1,811 1,18 2 298 596 3,887Currency adjustments 34 23 3 9 69Additions 88 17 13 219 337Acquisition of companies and operations, cf. note 5.3 2 2 - 2 6Remeasurement of lease obligations (1) - - - (1)Disposals (38) (29) (6) - (73)Transfer to/from other groups 131 160 7 (298) -Cost year end 2,027 1,355 315 528 4,225Depreciation and impairment beginning of year 817 671 218 - 1,706Currency adjustments 8 13 2 - 23Depreciation for the year 103 94 21 - 218Disposals during the year (38) (29) (6) - (73)Impairment during the year, cf. note 2.3 - 3 1 - 4Depreciation and impairment year end 890 752 236 - 1,878Carrying amount year end 1,137 603 79 528 2,347of which financing costs -Value of land and buildings subject to mortgages 2281 Land and buildings include buildings on land leased from Scion DTU A/S, Hørsholm in Denmark. The estimated lease terms are 9 years. See also note 3.3. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 103 Section 3 – Operating assets and liabilities 2025 45% 29% 3% 23% 3.2 Property, plant and equipment – continued § Accounting policies Land and buildings, plant and machinery, and other fixtures and equipment are measured at cost less accumulated depreciation and impairment. Land is not depreciated. Cost comprises the purchase price and any costs directly attrib- utable to the acquisition and any preparation costs incurred until the date when the asset is available for use. The depreciation base is cost less the estimated residual value at the end of the useful life. The residual value is deter- mined as the amount the company expects to obtain for the asset less costs of disposal. The cost of an asset is divided into smaller components that are depreciated separately if such components have different useful lives. Tangible assets are depreciated on a straight-line basis over their estimated useful lives as follows:Buildings 25-50 yearsPlant and machinery 5-10 yearsOther fixtures and equipment 5-10 years Depreciation methods, useful lives and residual values are reassessed once a year. Impairment The carrying amounts of tangible assets are reviewed at the balance sheet date to determine whether there are any indi- cations of impairment. If such indications are found, the recoverable amount of the asset is calculated to determine any need for an impairment write-down and, if so, the amount of the write-down. If the asset does not generate any cash flows independently of other assets, the recoverable amount is calculated for the smallest cash-generating unit that includes the asset. The recoverable amount is calculated as the higher of the fair value less costs to sell and the value in use of the asset or the cash-generating unit, respectively. In determining the value in use, the estimated future cash flows are discounted to their present value, using a discount rate reflecting current market assessments of the time value of money as well as risks that are specific to the asset or the cash-generating unit and which have not been taken into account in the esti- mated future cash flows. If the recoverable amount of the asset or the cash-generating unit is lower than the carrying amount, the carrying amount is written down to the recoverable amount. For the cash-generating unit, the write-down is allocated in such a way that goodwill amounts are written down first, and any remaining need for write-down is allocated to other assets in the unit, although no individual assets are written down to a value lower than their fair value less costs to sell. Impairment write-downs are recognised in the income statement. If write-downs are subsequently reversed as a result of changes in the assumptions on which the calculation of the recoverable amount is based, the carrying amount of the asset or the cash-generating unit is increased to the adjusted recoverable amount, not, however, exceeding the carrying amount that the asset or cash-generating unit would have had, had the write-down not been made. Property, plant and equipment 2025 Land and buildings Plant and machinery Other fixtures and equipment Property, plant and equipment in progress Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 104 Section 3 – Operating assets and liabilities 3.3 Leases Specification of right-of-use assets: Other Land and fixtures and 1Amounts in DKKmbuildingsequipment Total 2025Cost beginning of year 518 3 521Currency adjustments (19) - (19)Additions 6 - 6Remeasurement of lease obligations (28) - (28)Disposals (21) - (21)Cost year end 456 3 459Depreciation beginning of year 208 2 210Currency adjustments (10) - (10)Depreciation for the year 48 - 48Disposals (18) - (18)Depreciation year end 228 2 230Carrying amount year end 228 1 2291 Land and buildings include buildings on land leased from Scion DTU A/S, Hørsholm in Denmark. The estimated lease terms are 8 years. Specification of right-of-use assets: Other Land and fixtures and 1Amounts in DKKmbuildingsequipment Total 2024Cost beginning of year 452 3 455Currency adjustments 8 - 8Additions 77 - 77Remeasurement of lease obligations (1) - (1)Disposals (18) - (18)Cost year end 518 3 521Depreciation beginning of year 170 2 172Currency adjustments 5 - 5Depreciation for the year 51 - 51Disposals (18) - (18)Depreciation year end 208 2 210Carrying amount year end 310 1 3111 Land and buildings include buildings on land leased from Scion DTU A/S, Hørsholm in Denmark. The estimated lease terms are 9 years. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 105 Section 3 – Operating assets and liabilities 3.3 Leases – continued Leases in the income statement Amounts in DKKm 2025 2024Expenses from short-term leases 3 1Expenses from low-value assets (including cars) 21 20Depreciation of right-of-use assets 48 51Interest expenses on lease liabilities 9 9Total 81 81 Cash outflow related to lease agreements was DKK 55 million (2024: DKK 59 million). Lease liabilities are disclosed in note 4.2. § Accounting policies Lease liabilities Lease assets are recognised at the commencement date of the contract if it is or contains a lease. Lease assets are recognised at cost less accumulated depreciation and impairment. Cost is defined as the lease liability adjusted for any lease payments made at or before the commencement date. Lease assets are depreciated on a straight-line basis over the lease term. Lease assets are remeasured when the lease liability is impacted by reassessment of lease terms, modifications to lease agreements, and when applying indexation or a rate. On initial recognition, lease liabilities are measured as the present value of future payments. The lease payments contain fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. On subsequent recognition, lease liabilities are measured at amortised cost. The difference between the present value and the nominal value of lease payments is recognised in the income statement over the term of the lease as a finance charge. If the interest rate cannot be determined in the agreement, the lease payments are discounted using the ALK Group’s incremental borrowing rate adjusted for the functional currency and length of the lease term. The lease liability is remeasured if or when the future payment or lease term changes. Short term lease expenses and low value assets are not recognised as part of lease liabilities. They are recognised in the income statement when incurred as an operating expense. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 106 Section 3 – Operating assets and liabilities 38% 38% 24% 3.4 Inventories Amounts in DKKm 2025 2024Amount of write-down of inventories during the year 63 31Raw materials 405 405Work in progress 698 649Manufactured goods and goods for resale 680 662Total 1,783 1,716Total cost of materials included in cost of sales 731 657Net carrying amount of inventory not expected to be sold in following year 1611Amount of reversal of write-down of inventories during the year 51819 161 Reversal of provision for slow moving items, sold in 2025. § Accounting policies Inventories are measured at cost determined under the FIFO method or net realisable value where this is lower. Cost comprises raw materials, goods for resale, and direct payroll costs as well as fixed and variable production overheads. Variable production overheads comprise indirect materials and payroll costs and are allocated based on predetermined costs of the goods actually produced. Fixed production overheads comprise maintenance of and depreciation on the machines, factory buildings and equipment used in the manufacturing process as well as the cost of factory management and administration. Fixed production overheads are allocated based on the normal capacity of the production plant. The net realisable value of inventories is calculated as the expected selling price less completion costs and costs incurred in making the sale. A minor part of ALK’s raw materials inventory contains biological assets from agricultural activities. Due to missing market on which a fair value can be established these products are not valuated. Significant accounting estimates and judgements The valuation of inventories includes Management’s assessment of the saleability of the finished goods, and the quality of raw materials to be used in the production process. If the expected sales price less any completion costs and costs to execute sales (net realisable value) of inventories is lower than the carrying amount, the inventories are written down to net realisable value. When assessing salability and net realisable value, Management uses estimates for future sales and related costs. End of 2025, the write-down of inventories to net realisable value amounted to DKK 152 million (2024: DKK 147 million). Further, work in progress and manufactured goods and goods for resale are measured at cost including indirect production costs. The indirect production costs are measured using a standard cost method. This is reviewed regularly to ensure reliable measurement of employee costs, capacity utilisation, cost drivers and other relevant factors. When including the indirect productions costs for capitalisation, Management makes estimates about cost of production, standard cost variances, cost drivers and capacity utilisation. Changes in these parameters may have a significant impact on the gross margin and the overall valuation of work in progress and manufactured goods and goods for resale. At the end of 2025, the indirect production costs capitalised under inventories amounted to DKK 546 million (2024: DKK 554 million). Inventories 2025 Raw materials Work in progress Manufactured goods and goods forresale Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 107 Section 3 – Operating assets and liabilities 3.5 Trade receivables Days past dueAmounts in DKKm Not due <180 days 180-360 >360 days Total2025Average expected credit loss rate 0% 2% 25% 33%Trade receivables (gross) 989 104 4 2 1,099Loss allowance 2 2 1 1 6Trade receivables (net) 1,093Loss allowance:Balance beginning of year 16Currency adjustments (1)Change in allowances during the year (6)Realised losses during the year (3)Loss allowance, year end 62024Average expected credit loss rate 1% 5% 20% 33%Trade receivables (gross) 739 81 5 3 828Loss allowance 10 4 1 1 16Trade receivables (net) 729 77 4 2 812Loss allowance:Balance beginning of year 7Change in allowances during the year 11Realised losses during the year (2)Loss allowance, year end 16 § Accounting policies On initial recognition, receivables are measured at fair value, subsequently at amortised cost. Expected credit losses are measured based on historical data adjusted by forward-looking information. Forward- looking information includes assessment of the probability of default as well as consideration of various external sources of actual and economic information that is reasonable and supportable without undue cost or effort. ALK recognises expected credit losses that result from default events possible within the whole asset life. Risk related to trade receivables is managed in ALK locally by entities, based on an individual assessment. Loss allowance for doubtful trade receivables is also based on an individual assessment of the receivables. ALK has not implemented a global provi- sion matrix due to different characteristics related to receivables across the ALK Group. Loss allowance are calculated based on variables, e.g. probability-weighted amount (based on historical realised losses), the time value of money, additional supportable information, including an individual assessment of each customer/customer group. An impairment loss or reversal of prior impairment loss is recognised in the income statement. Receivables are written down when information indicates severe financial difficulties and that there is no reasonable expectation of recovery. Financial assets written off may still be subject to enforcement activities. Any recoveries made are recognised in the income statement. 3.6 PrepaymentsAmounts in DKKm 2025 2024Clinical trials, cf. note 2.2 42 20Royalties - 25Other 90 73Total 132 118 § Accounting policies Prepayments are recognised as an asset and comprise incurred costs relating to subsequent financial years. Prepay- ments are measured at cost. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 108 Section 3 – Operating assets and liabilities 3.7 Pensions and similar liabilities The ALK Group has entered into defined contribution plans as well as defined benefit plans. In defined contribution plans, the ALK Group is obliged to pay a certain contribution to a pension fund or the like but bears no risks regarding the future development in interest, inflation, mortality, disability rates ,etc. regarding the amount to be paid to the employee. The ALK Group sponsors defined benefit plans for qualifying employees of its subsidiaries in Germany, France and Switzerland. The defined benefit plans guarantee employees a certain level of pension bene- fits for life. The pension is based on seniority and salary at the time of retirement. The ALK Group bears the risks regarding the future development in interest, inflation, mortality, disability rates, etc. regarding the amount to be paid to the employee. Amounts in DKKm 2025 2024Costs related to defined contribution plans 120 125Costs related to defined benefit plans 25 26Total 145 151Present value of funded pension obligations 27 26Fair value of plan assets (100% insurance contract) (23) (22)Funded pension obligations, net 4 4Present value of unfunded pension obligations 163 172Pension obligations 167 176Anniversary liabilities 12 111Other liabilities65 64Pension obligations and similar liabilities, year end 244 2511 Other liabilities include liability related to the transition period for the Danish Holiday Act of DKK 63 million (2024: DKK 62 million). Plan assets consist of assets placed in pension companies. Assets are placed in investments classified as other assets than shares, bonds and property by the pension companies, and are not measured at quoted prices. The weighted average duration of the pension obligations is 14.94 years (2024: 15.78 years). ) Amounts in DKKm 2025 2024The principal assumptions used for the actuarial valuationsDiscount rate range of 1.1% - 4.05% (weighted average rate) 4.0% 3.4%Expected future rate of salary increase range of 1% - 2.5% (weighted average rate) 2.4% 2.4%Assumed life expectations on retirement age for current pensioners1(years based on weighted average): Males 20.1 2 0.1 Females 23.1 23.1Assumed life expectations on retirement age for current employees 1(future pensioners) (years based on weighted averag: Males 21.2 21.2 Females 24.9 24.8Sensitivity analysis:Significant actuarial assumptions for determining the defined benefit obligation2Discount rate, effect in case of increase in range of 0.25% - 1%(20) (22)2Discount rate, effect in case of decrease in range of 0.25% - 1%24 272Salary, effect in case of 0.25% - 0.5% increase2 32Salary, effect in case of 0.25% - 0.5% decrease(2) (2)1Life expectancy, effect in case of increase by 1 year6 61Life expectancy, effect in case of decrease by 1 year(6) (7)Movements in the present value of the funded defined benefit obligation in the current yearOpening funded defined benefit obligation 26 24Current service costs 2 2Actuarial (gains)/losses arising from changes in financial assumptions - 3Actuarial (gains)/losses arising from experience adjustments (1) (1)Contribution from plan participants 1 -Benefits paid (2) (1)Currency translation adjustment 1 (1)Closing funded defined benefit obligation 27 261 Based on national statistics for mortality. 2 Based on actuarial reports with different rates. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 109 Section 3 – Operating assets and liabilities 3.7 Pensions and similar liabilities – continued Amounts in DKKm 2025 2024Movements in the fair value of the plan assets in the current yearOpening fair value of plan assets 22 22Contribution from plan participants 3 2Benefits paid (2) (1)Currency translation adjustment 1 -Return on plan assets (1) (1)Closing fair value of plan assets (fully invested in insurance contracts) 23 22Movements in present value of unfunded pension obligations in the current yearOpening present value of unfunded pension obligations 172 171Current service costs 4 5Interest costs 6 6Actuarial (gains)/losses from changes in financial assumptions (14) (2)Actuarial (gains)/losses arising from experience adjustments 1 (2)Actuarial (gains)/losses arising from demographic adjustments - (1)Benefits paid (6) (5)Closing present value of unfunded pension obligations 163 172Amount recognised as staff expenses in the income statementCurrent service costs 6 6Net interest expense 6 6Total 12 12Amount recognised in comprehensive income in respect of defined benefit plans Actuarial (gains)/losses (13) (3)Total (13) (3) The expected contribution for 2026 for the defined benefit plans is DKK 13 million (2025: DKK 12 million). The most recent actuarial valuations of the defined benefit liability were carried out by external inde- pendent actuary agents at 31 December 2025. § Accounting policies The ALK Group has entered into pension agreements and similar agreements with some of the ALK Group’s employees. In respect of defined contribution plans, the ALK Group pays in fixed contributions to independent pension funds, etc. The contributions are recognised in the income statement during the period in which the employee renders the related service. Payments due are recognised as a liability in the balance sheet. In respect of defined benefit plans, the ALK Group is required to pay an agreed benefit in connection with the retirement of the employees covered by the plan, e.g. in the form of a fixed amount or a percentage of the salary at retirement. For defined benefit plans, an annual actuarial assessment is made of the net present value of future benefits to which the employees have earned the right through their past service for the ALK Group and which will have to be paid under the plan. The Projected Unit Credit Method is applied to determine net present value. The net present value is calculated based on assumptions of the future development of salary, interest, inflation, mortality and disability rates. The net present value of pension liabilities is recognised in the balance sheet, after deduction of the fair value of any assets attached to the plan, as either plan assets or pension liabilities, depending on whether the net amount is an asset or a liability, as described below. If the assumptions made with respect to discount factor, inflation, mortality and disability are changed, or if there is a discrepancy between the expected and realised return on plan assets, actuarial gains or losses occur. These gains and losses concerning previous financial years are recognised in other comprehensive income. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 110 Section 3 – Operating assets and liabilities 38% 14% 21% 3% 24% 3.8 Provisions Restructuring Other 1provisions2Amounts in DKKmprogramsTotal2025Provisions beginning of year 23 16 39Provisions made during the year - 13 13Used during the year (22) (6) (28)Reversals during the year - (3) (3)Provisions, year end 1 20 21Provisions are recognised as follows: Non-current liabilities - 1 1Current liabilities 1 19 20Provisions, year end 1 20 212024Provisions beginning of year - 3 3Provisions made during the year 63 13 76Used during the year (40) - (40)Provisions, year end 23 16 39Provisions are recognised as follows: Non-current liabilities - 1 1Current liabilities 23 15 38Provisions, year end 23 16 391 The restructuring provision of DKK 1 million in 2025 relates to the implementation of restructuring initiatives recognised in 2024. During 2025, DKK 22 million of the provision was utilised in line with the intended purpose.2 Other provisions in 2025 include a provision for sales in Italy of DKK 10 million (2024: DKK 8 million) and provisions for legal proceedings of DKK 10 million (2024: DKK 8 million). § Accounting policies Provisions are recognised when, as a consequence of a past event during the financial year or previous years, the ALK Group has a legal or constructive obligation, and it is likely that settlement of the obligation will require an outflow of the ALK Group’s financial resources. Provisions are measured as the best estimate of the costs required to settle the obliga- tions at the balance sheet date. Provisions with an expected term of more than a year after the balance sheet date are measured at present value. 3.9 Other payables Amounts in DKKm 2025 2024Rebates and commissions, cf. note 2.1 314 208Salaries, holiday payments, etc. 357 337Clinical trials, cf. note 2.2 50 24VAT and other indirect taxes 165 123Other payables 170 190Total 1,056 882 § Accounting policies Other payables are recognised as a current liability and comprise costs due in the subsequent financial year. Other payables are measured at amortised cost. Other payables 2025 Rebates and commissions Salaries, holiday payments, etc. Clinical trials VAT and other indirect taxes Other payables Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 111 Section 3 – Operating assets and liabilities 3.10 Contingent liabilities and commitments Contingent liabilities In the ordinary course of business, the ALK Group is involved in certain claims, disputes etc. In the opinion of Management, settlement or continuation of pending claims and other disputes will have no material impact on the ALK Group’s financial position. The ALK Group operates in a wide variety of jurisdictions, in some of which the tax law is subject to varying interpretations and potentially inconsistent enforcement. As a result, there can be practical uncertainties in applying tax legislation to the ALK Group’s activities. Whilst the ALK Group considers that it operates in accordance with applicable tax law, there are potential tax exposures in respect of its operations, the impact of which cannot be reliably estimated, but could be material. Joint taxation scheme ALK-Abelló A/S is included in a joint Danish taxation scheme with the Lundbeck Foundation (Lundbeck- fond Invest A/S) and its Danish subsidiaries. The Danish companies are joint and several liable for the joint taxation liability. The joint taxation liability covers income taxes and withholding taxes on dividends, royalties and interest. The joint taxation liability is capped at an amount equal to the share of the capital of the company directly or indirectly owned by the ultimate parent company. The total tax obligation under the joint Danish taxation scheme is shown in the financial statements of the Lundbeck Foundation (Lundbeckfond Invest A/S). Change of control The ALK Group’s credit facilities and drawn loans are subject to standard change of control clauses according to which the lender has the right to cancel the commitment and demand repayment of outstandings. Security in assets Land and buildings provided as security vis-à-vis for mortgage debt amount to DKK 245 million (2024: DKK 228 million). Mortgage debt amounts to DKK 168 million (2024: DKK 185 million). Commitments Amounts in DKKm 2025 20241Bank guarantees80 80Other guarantees 19 16Total 99 961 Bank guarantees include DKK 78 million related to ongoing tax audits (2024: DKK 78 million). Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 112 Section 4 – Capital structure and financing 4.1 Share capital and earnings per share 2025 2024NominalNominalvaluevalueUnits(DKKm) Units(DKKm)Share capitalThe share capital consists of:A shares (nominal value of DKK 0.5) 18,415,200 9 18,415,200 9AA shares (nominal value of DKK 0.5) 1,841,520 1 1,841,520 1B shares (nominal value of DKK 0.5) 202,567,200 101 202,567,200 101Total 222,823,920 111 222,823,920 111 Each A and AA share carries 10 votes, whereas each B share carries 1 vote. AA shares no longer held by individuals or legal entities other than the Lundbeck Foundation or companies which are group affiliated with the Lundbeck Foundation, cf. the definition of groups in section 6 of the Danish Companies Act, or in the event that a company which holds AA shares is no longer group affiliated with the Lundbeck Founda- tion, such AA shares shall be transferred to the B share capital. According to a resolution passed by the parent company at the annual general meeting, the parent company is allowed to purchase treasury shares, up to 10% of the share capital. The parent company has purchased treasury shares in connection with the issuance of share-based incentive plans. All shares are paid in. 2025 2024Treasury sharesTreasury shares beginning of year (B-shares), units 1,423,497 1,634,673Sale of treasury shares, units (162,214) (211,176)Treasury shares year end (B-shares), units 1,261,283 1,423,497Proportion of share capital year end 0.6% 0.6%Nominal value year end (DKKm) 0.6 0.7Market value year end (DKKm) 288 226Earnings per shareThe calculation of earnings per share is based on the following:Net profit (DKKm) 1,197 815Number in units:Average number of issued shares 222,823,920 222,823,920Average number of treasury shares (1,298,717) (1,505,851)Average number of shares used for calculation of earnings per share 221,525,203 221,318,069Average dilutive effect of outstanding share options 285,750 225,765Average number of shares used for calculation of diluted earnings per share 221,810,953 221,543,834Earnings per share (EPS) (DKK) 5.40 3.68Earnings per share, diluted (DEPS) (DKK) 5.40 3.68 § Accounting policies Acquisition and sales sums arising on the purchase and sale of treasury shares and dividends on treasury shares are recognised directly in retained earnings under equity. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 113 Section 4 – Capital structure and financing 4.2 Financial risks and financial instruments Financial risk management policy As a result of operations, investments and financing, the ALK Group is exposed to exchange and interest rate changes. ALK-Abelló A/S manages the ALK Group’s financial risks centrally and coordinates the ALK Group’s cash management, including the raising of capital and investment of excess cash. The ALK Group complies with a policy, approved by the Board of Directors, to maintain a low risk profile, ensuring that the ALK Group is only exposed to foreign exchange rate risk, liquidity risk, interest rate risk, and credit risk in connection with its commercial activities. Capital structure The ALK Group manages its capital to ensure that all entities will be able to continue as going concern while maximising the return to stakeholders through the optimisation of the debt and equity balances. The capital structure of the ALK Group consists of net debt and equity. The ALK Group will maintain an effi- cient capital structure with a financial gearing of maximum 2 x NIBD/EBITDA. The ALK Group will be disci- plined about capital allocation to ensure flexibility to deliver on its growth ambitions while also gener- ating attractive shareholder returns. Cash will be allocated in the following order of priority: Investments in organic growth, including R&D; CAPEX; business development and licensing activities; and finally, cash distribution to shareholders via dividends and/or share buyback programmes. The dividend policy of the ALK Group is to distribute maximum possible dividend to ALK-Abelló A/S. The ALK Group’s Risk Committee reviews the capital structure annually. As a part of this review, the committee considers the cost of capital and the risks associated with each class of capital. Foreign exchange rate risk Foreign exchange rate risk arises due to imbalances between revenue and expenses in each individual currency. Foreign exchange rate exposure relating to future transactions and assets and liabilities is evaluated and hedged through matching of payments received and paid in the same currency. This serves to limit the impact on the financial results of any exchange rate fluctuations. The exchange rate exposure relating to net investments in foreign subsidiaries is not hedged by forward exchange contracts. In case it is evaluated to be relevant, the ALK Group hedges significant exchange rate expo- sures regarding future sales and purchase of goods in the coming six months in accordance with the ALK Group’s policy. The general objective of the ALK Group’s foreign exchange risk management is to limit and delay any adverse impact of exchange rate fluctuations on earnings and cash flows and thus increase the predict- ability of the financial results. The most significant financial risk relates to exchange rate fluctuations. The greatest exposure is to USD and in 2025, 14% (2024: 14%) of the revenue was denominated in USD. The sales are not deemed to be exposed to EUR due to Denmark’s participation in the European Exchange Rate Mechanism. The ALK Group is exposed to exchange rate risks when intercompany balances and net assets of foreign subsidiaries are translated into DKK. In accordance with the ALK Group’s accounting policies, such currency translation adjustments are recognised in the income statement and in other comprehensive income, respectively. No exchange rate hedge contracts were open at 31 December 2025 or 31 December 2024. Sensitivity to a 10% increase in USD exchange rate The table below shows the estimated effect of a 10% increase in the USD exchange rate on revenue, EBIT and equity levels, respectively. A decrease in the exchange rates will have a corresponding adverse effect. In the sensitivity analysis, data for revenue and EBIT are based on current short-term expectations and data for equity are based on actual equity at 31 December 2025. Amounts in DKKm Revenue EBIT Net profit Equity 31 December 2025USD approx. +110 approx. +10 approx. +10 approx. +3531 December 2024USD approx. +95 approx. +10 approx. +10 approx. +25 Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 114 Section 4 – Capital structure and financing 4.2 Financial risks and financial instruments – continued Net positions Amount Net Amounts in DKKm Cash Receivables Liabilitieshedgedposition 31 December 2025DKK 21 137 (962) - (803)USD 168 225 (224) - 169EUR 855 648 (1,14 0) - 363GBP 23 35 (48) - 10SEK 18 52 (22) - 48Other 155 249 (175) - 228Total 1,240 1,346 (2,571) - 1531 December 2024DKK 5 47 (744) - (692)USD 164 152 (283) - 33EUR 279 373 (1,632) - (980)GBP 12 29 (35) - 6SEK 18 32 (21) - 29Other 111 264 (158) - 217Total 589 897 (2,873) - (1,387) Liquidity risk In connection with the ALK Group’s ongoing financing of operations, including refinancing, efforts are made to ensure adequate and flexible liquidity. This is guaranteed by placing free funds in credit-worthy, liquid, interest bearing instruments of relatively short durations in accordance with the ALK Group’s policy. The ALK Group has not entered into any supplier finance arrangements in 2025 or 2024. The liquidity risk is considered to be minimal due to the ALK Group’s current capital structure. Liquidity exposure Revaluation/payment dateCarrying Total Within From After Amounts in DKKmamountcash flow11 year1-5 years5 years 31 December 2025Mortgage debt and bank loans 168 168 17 71 80Trade payables 140 140 140 - -Lease liabilities 250 280 46 204 30Other financial liabilities 1,095 1,095 1,095 - -Financial liabilities 1,653 1,683 1,298 275 11031 December 2024Mortgage debt and bank loans 856 862 696 74 92Trade payables 165 165 165 - -Lease liabilities 331 372 55 163 154Other financial liabilities 1,006 1,006 1,006 - -Financial liabilities 2,358 2,405 1,922 237 2461 Total cash flow includes interest. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 115 Section 4 – Capital structure and financing 4.2 Financial risks and financial instruments – continued Interest rate risk The ALK Group does not hedge its interest rate exposure, as this is not considered to be financially viable. Concerning the ALK Group’s financial assets and financial liabilities, the earlier of the contractual revalu- ation and redemption date is applied. Effective interest rates are stated on the basis of the current level of interest rates on the balance sheet date. Interest rate exposure Carrying Fixed/ Effective Amounts in DKKmamount Currency Expiry datefloatinginterest rate 31 December 2025Cash 1,240 Various Floating (0.55)-3.72Interest-bearing assets 1,240Mortgage debt 168 DKK 2035 Floating 0.2Lease liabilities 250 Various 2026-2038 Fixed 2.0Bank loans - Various N/A Fixed N/AInterest-bearing liabilities 41831 December 2024Cash 589 Various Floating (0.25)-5.15Interest-bearing assets 589Mortgage debt 185 DKK 2035 Floating 0.2Lease liabilities 331 Various 2025-2038 Fixed 2.0Bank loans 671 Various 2025 Fixed 3.6Interest-bearing liabilities 1,187 An increase in the interest rate of 1 percentage point on mortgage debt and bank loans would decrease net profit and equity by approximately DKK 2 million (2024: decrease of DKK 9 million). An increase in the interest rate of 1 percentage point on cash would increase net profit and equity by approximately DKK 12 million (2024: increase of DKK 6 million). Credit risk The ALK Group’s primary credit exposure is related to trade receivables and cash. The ALK Group has no major exposure relating to one single customer or business partner. According to the ALK Group’s policy for assuming credit exposure, all customers and business partners are credit rated regularly. Trade receivables are monitored at the local level and are distributed across a number of markets and customers. Therefore, the credit risk is considered to be low. For more information, see note 3.5. Embedded derivative financial instruments The ALK Group has made a systematic review of contracts that might contain terms that would make the contract or parts thereof a derivative financial instrument. The review did not lead to recognition of deriv- ative financial instruments relating to the contracts. § Accounting policies Financial assets On initial recognition, investments and other financial assets are measured at cost, corresponding to fair value. They are subsequently measured at fair value either through the income statement or through comprehensive income. Financial liabilities Other financial liabilities, including bank loans, lease liabilities, trade payables, and other payables, are on initial recog- nition measured at fair value. The liabilities are subsequently measured at amortised cost. Debt Trade payables, other payables, including sales discounts and rebates as well as debt to public authorities, etc., are measured at amortised cost. Mortgage debt Mortgage debt is recognised on the raising of a loan at cost, equalling fair value of the proceeds received, and net of transaction costs incurred. Subsequently, mortgage debt is measured at amortised cost. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 116 Section 4 – Capital structure and financing 4.2 Financial risks and financial instruments – continued Categories of financial instruments Amounts in DKKm 2025 2024Financial assetsFinancial assets measured at amortised cost Impairment methodPrepayments 12m ECL 48 26Trade receivables Lifetime ECL (simplified approach) 1,093 812Other receivables 12m ECL 120 49Cash 1,240 589Total 2,501 1,476Financial liabilitiesFinancial liabilities measured at amortised costMortgage debt 168 185Bank loans - 671Lease liabilities 250 331Trade payables 140 165Other payables 1,056 882Total 1,614 2,234 Measurement and fair value hierarchy Revaluation/payment dateFair Within From After Amounts in DKKmvalue1 year1-5 years5 years 31 December 2025Mortgage debt 168 17 71 80Total 168 17 71 8031 December 2024Mortgage debt 187 19 74 94Bank loans 671 671 - -Total 858 690 74 94All financial assets and liabilities are measured at cost or amortised cost. The carrying amounts for these approximate fair value. Fair value for mortgage debt is measured by level 1 input (quoted prices in active markets) from the fair value hierarchy and fair value for bank loans is measured by level 2 input (inputs other than quoted markets that are observable) from the fair value hierarchy. No financial derivatives were used in 2025 or 2024. Financial resources The ALK Group has a DKK 1,500 million credit facility which runs until 2026. By the end of 2025, DKK 0 was drawn. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 117 Section 5 – Other disclosures 5.1 Share-based payments The ALK Group has established long-term equity-based incentive plans linked to the creation of share- holder value and the fulfilment of strategic goals. The plans are established for the members of Board of Management and other key employees, reward long-term value creation, and align to interests of the shareholders. The incentive plans consist of share options, performance share units, and restricted stock units that are considered sufficiently covered by treasury shares. The share options entitle the holder to acquire one existing B share of DKK 0.5 nominal value in the company per share option. The performance share units and restricted stock units entitle the holder to receive one existing B share per performance share unit or restricted stock unit free of charge. The vesting period for both share options, performance share units, and restricted stock units is three years after grant. Vesting of share options and performance share units is conditional upon certain targets being met and upon the participant not having resigned. Target achievement is met upon fulfil- ment of strategic key performance indicators. In case performance is below the threshold there will be no units vesting, and if above target, a multiplier is applied that can increase the vesting by up to 100%. Vesting of restricted stock units is conditional upon continued employment. The exercise of share options is possible in the trading windows following the release of annual and interim reports conditional upon the share option holder not having resigned at the time of exercise. For performance share units and restricted stock units, the final transfer of ownership takes place at vesting three years after the grant. From the 2023 plans and onwards, a cap applies to the maximum total value gain from share options, performance shares, and restricted stock units at exercise and/or vesting, respectively, granted in a calendar year. The cap is four times the annual base salary at the time of award of the share options, performance share units, and restricted stock units concerned. Expensed in the income statement: Amounts in DKKm 2025 2024Cost for the year regarding share-based payments is recognised as follows:Cost of sales 9 10Research and development expenses 8 9Sales and marketing expenses 12 13Administrative expenses 16 16Financial expenses - 3Total 45 51 In 2025, the total cost of share-based payments included a financial expense of DKK 0 million due to the exercise and cash settlement of share options (2024: Financial income of DKK 3 million). The total cost included DKK 18 million related to adjustment in the share options and performance share units (2024: DKK 22 million). Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 118 Section 5 – Other disclosures 5.1 Share-based payments – continued Specification of outstanding share options, performance share units, and restricted stock units: Restricted Share options Performance share unitsstock unitsWeighted Board of Other key average Board of Other key Board of Management employees Total exercise price Management employees Total ManagementunitsunitsunitsDKKunitsunitsunitsunits2025Outstanding at 1 January 432,221 294,274 726,495 109 62,030 344,622 406,652 151,997Additions 41,552 61,698 103,250 140 36,857 102,460 139,317 -Exercised/settled - (182,714) (182,714) 139 (4,060) (115,24 0) (119,30 0) -Change in Board of Management (59,23 4) 59,234 - - (12,511) 12,511 - -Cancellations (7,287 ) - (7,287) - (6,479) (4,681) (11,16 0) -Outstanding at 31 December 407, 252 232,492 639,744 105 75,837 339,672 415,509 151,997Total number of vested share options 47,02 2Average remaining life at year end (years) 4,3Exercise prices at year end (DKK) 104-1482024Outstanding at 1 January 487,811 766,268 1,254,079 95 28,263 3 87,116 415,379 151,997Additions 49,94 5 116,28 6 166,231 126 39,983 154,125 194,10 8 -Exercised/settled (105,535) (588,280) (693,815) 92 (6,216) (175,980) (18 2,196) -Cancellations - - - - - (20,639) (20,639) -Outstanding at 31 December 432,221 294,274 726,495 109 62,030 344,622 406,652 151,997Total number of vested share options 103,656Average remaining life at year end (years) 4.3Exercise prices at year end (DKK) 76-148 The Board of Directors decided for three trading windows in 2025 to settle share options by cash and a total of 270,970 share options were exercised and total cash payments amounted to DKK 20 million. In 2025 the Board of Directors decided not to settle share options by shares and no share options were exercised. The Board of Directors decided for two trading windows in 2024 to settle share options by cash and a total of 616,647 share options were exercised and total cash payments amounted to DKK 33 million. For two trading windows in 2024 the Board of Directors decided to settle share options by shares and a total of 77,168 share options were exercised. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 119 Section 5 – Other disclosures 5.1 Share-based payments – continued Outstanding share options, performance share units and restricted stock units have the following char- acteristics: Performance Restricted Share optionsshare unitsstock unitsAverage exercise Exercise price Vested period Vested Vested Plan UnitsDKKas per (years) Unitsas per Unitsas per2021 Plan - 128 1 Mar 2024 2 1 Mar 20242022 Plan 47,02 2 154 1 Mar 2025 2 1 Mar 20252023 Plan 84,433 104 1 Apr 2026 4 148,408 1 Apr 20262023 Plan, special 323,519 82 1 Jun 2026 42023 Plan, special 21,925 1 Mar 20262023 Plan, special 130,072 1 Nov 20262024 Plan 86,273 126 1 Apr 2027 4 133,14 0 1 Apr 20272025 Plan 98,497 140 1 Apr 2028 4 133,961 1 Apr 2028Outstanding at 31 December 639,744 415,509 151,997 Fair value of share options, performance share units, and restricted stock units granted: Share options Fair value at grant date is measured in accordance with the Black & Scholes model for valuation of share options, using the following assumptions: 2025 2024 PlanPlanAverage share price (DKK) 140 126Expected exercise price (DKK) 140 126Expected volatility rate, based on the historical volatility 40 % p.a. 40% p.a.Expected option life 5 years 5 yearsExpected dividend per share - -Risk-free interest rate 2,13% p.a . 2.29% p.a.Calculated fair value of granted share options (DKK) 53 48 Performance share units In 2025, performance share units have been granted at DKK 140 per share (2024: DKK 126 per share). Restricted stock units No restricted stock units were granted in 2025 or 2024. § Accounting policies Share-based incentive plans (equity-settled share-based payments), which comprise share options, performance share units, and restricted stock units are measured at the grant date at fair value and recognised in the income state- ment under the respective functions over the vesting period and offset in equity. The fair value of share options is determined using the Black & Scholes model. The exercise price is equivalent to the average market price of the share for the five trading days immediately preceding the date of grant. For 2023 and later share option plans the exercise price is reduced by dividends paid. For share option plans before 2023 the exercise price is increased by 2.5% p.a. and reduced by dividends paid. The fair value of performance share units and restricted stock units is determined using the average share price (closing) five days after annual general meeting. The ALK Group settles the equity-settled share-based incentive plans in shares. However, the share option agreement entitles the ALK Group to demand cash settlement of the options. The ALK Group recognises share options, in case of cash settlement, as other liabilities and adjusts to fair value as from the time when the ALK Group has an obligation to settle in cash. The ALK Group recognises subsequent adjustment to fair value in the income statement under financial income or financial expenses. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 120 Section 5 – Other disclosures 5.2 Cash flow Adjustment for non-cash items Amounts in DKKm 2025 2024Tax on profit 438 242Financial income and expenses 19 34Share-based payments 45 51Depreciation, amortisation and impairment 328 272Other adjustments - 41Total 830 640 Changes in working capital Amounts in DKKm 2025 2024Change in inventories (126) (272)Change in receivables and prepayments (389) 78Change in short-term payables 366 43Total (149) (151) Reconciliation of liabilities arising from financing activities Amounts in DKKm 2025 2024Liabilities from financing activities at 1 January 1,187 765Proceeds from borrowings - 671Repayment of borrowings (688) (279)Lease additions and modifications (22) 76Instalments of lease liabilities (46) (50)Exchange rate adjustments (13) 4Liabilities from financing activities at 31 December 418 1,187 Financial reserves Amounts in DKKm 2025 2024Cash 1,240 589Undrawn facilities 1,500 829Total 2,740 1,418 ALK has a DKK 1,500 million credit facility which runs until 2026. By the end of 2025, DKK 0 was drawn. § Accounting policies Cash flow The cash flow statement of the ALK Group is presented using the indirect method and shows cash flows from operating, investing and financing activities as well as cash at the beginning and at the end of the financial year. The cash effect of acquisitions and divestments is shown separately under cash flows from investing activities. In the cash flow statement, cash flows concerning acquired companies are recognised from the date of acquisition, while cash flows concerning divested companies are recognised until the date of divestment. Cash flows from operating activities are stated as net profit, adjusted for non-cash operating items and changes in working capital, less the income tax paid and plus net financial items. Cash flows from investing activities comprise payments in connection with acquisition and divestment of companies and financial assets as well as purchase, development, improvement and sale of intangible and tangible assets. Cash flows from financing activities comprise changes to the parent company’s share capital and related costs as well as the raising and repayment of loans, instalments on interest-bearing debt, lease liabilities, purchase of treasury shares, and settlement of share options and payment of dividends. Cash flows in currencies other than the functional currency are recognised in the cash flow statement using average exchange rates for the individual months if these are a reasonable approximation of the actual exchange rates at the transaction dates. If this is not the case, the actual exchange rates for the specific days in questions are used. Cash comprise cash subject to an insignificant risk of changes in value less any overdraft facilities that are an integral part of the ALK Group’s cash management. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 121 Section 5 – Other disclosures 5.3 Business combinations No companies or operations were acquired in 2025. DKK 10 million of contingent considerations, related to 2024 acquisitions, was paid in 2025. On 2 January 2024, the ALK Group acquired the operating assets of AllerQuest for a total cash consider- ation of DKK 125 million. The consideration amount included an escrow amount of DKK 10 million which served as reserve for potential indemnifications over 18 months from acquisition date. AllerQuest was a U.S.-based company dedicated to manufacturing PRE-PEN ® Skin Antigen Test. This acquisition makes ALK the sole manufacturer and distributor of PRE-PEN in the U.S. and Canada, with global ownership rights to all assets of AllerQuest. PRE-PEN is the only FDA-approved diagnostic skin test for the evaluation of penicillin allergy and is indicated for the assessment of sensitisation to penicillin in patients suspected to have clinical penicillin hypersensitivity. AllerQuest was previously a supplier of the ALK Group and integration was completed in 2024. The transaction was on a debt and cash free basis. No liabilities were transferred. Consolidated fair values of acquisitions: Amounts in DKKm 2024Tangible assets and inventory 7 Product rights 118 Acquisition cost 125 Contingent considerations (10)Cash acquisition cost 115 § Accounting policies Newly acquired or newly established companies or operations are recognised in the consolidated financial statements from the date of acquisition or establishment. The date of acquisition is the date when control of the company actually passes to the ALK group. Acquisitions are accounted for using the purchase method, according to which the identifiable assets, liabilities and contingent liabilities of companies acquired are measured at fair value at the date of acquisition. Restructuring costs are only recognised in the takeover balance sheet if they represent a liability to the acquired company. The tax effect of revaluations is taken into account. The cost of a company is the fair value of the consideration paid. If the final determination of the consideration is condi- tional on one or more future events, these are recognised at their fair value as of the acquisition date. Costs that can be attributed directly to the transfer of ownership are recognised in the income statement when they are incurred. As a general rule, adjustments to estimates of conditional consideration are recognised directly to the income statement. If the fair value of the acquired assets or liabilities subsequently proves different from the values calculated at the acqui- sition date, cost is adjusted for up to 12 months after the date of acquisition. Any excess of the cost of an acquired company over the fair value of the acquired assets, liabilities and contingent liabili- ties (goodwill) is recognised as an asset under intangible assets and tested for impairment at least once a year. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 122 Section 5 – Other disclosures 5.5 Events after the reporting period No events have occured after the reporting period, that influence the evaluation of the consolidated financial statements. 5.6 Approval of financial statements The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2026. 5.4 Related parties Related party exercising control ALK-Abelló A/S is controlled by the Lundbeck Foundation (Lundbeckfond Invest A/S) domiciled in Copen- hagen, Denmark, which holds 67.2% of the total number of votes in ALK Abelló A/S. The remaining shares are widely held. ALK-Abelló A/S is parent company, and ultimate parent for the ALK Group is the Lundbeck Foundation (Lundbeckfond Invest A/S, incorporated in Denmark). Other related parties comprise ALK’s Board of Management and Board of Directors, companies in which the majority shareholder exercises control, and such companies’ subsidiaries, in this case e.g, H. Lund- beck A/S and Falck A/S and their subsidiaries. Transactions and balances Transactions with the parent company’s majority shareholder: • ALK-Abelló A/S received DKK 179 million (2024: DKK 3 million) concerning outstanding company tax from the Lundbeck Foundation (Lundbeckfond Invest A/S). The company tax relates to ALK-Abelló A/S and ALK-Abelló Nordic A/S. • Receivables from group companies to ALK-Abelló A/S relate to outstanding company tax of DKK 118 million (2024: DKK 0) covering ALK-Abelló A/S. Transactions with key management personnel consist of remuneration and exercise of share options, see notes 2.4 and 5.1 of the consolidated financial statements. No other transactions have taken place during the year with Board of Directors, Board of Management, major shareholders or other related parties. Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 123 Section 5 – Other disclosures 5.7 List of companies in the ALK Group Activity ● Production ● Sales and distribution ● Research and development ● Services Percentage of Entity Countryshares owned ActivityParent companyALK-Abelló A/S Denmark ● ● ● ●Subsidiaries by geographical areaEuropeALK-Abelló Allergie-Service GmbH Austria 100% ●ALK-Abelló Nordic A/S Denmark 100% ● ALK-Abelló Nordic A/S (branch) Finland 100% ● ALK-Abelló Nordic A/S (branch) Norway 100% ● ALK-Abelló Nordic A/S (branch) Sweden 100% ●ALK S.A.S. France 100% ● ● ●ALK-Abelló Arzneimittel GmbH Germany 100% ●ALK-Abelló B.V.* Netherlands 100% ●ALK-Abelló Sp. z o.o. Poland 100% ●ALK Slovakia s.r.o. Slovakia 100% ● ALK Slovakia s.r.o. – odšt ˇepný závod (branch) Czech Republic 100% ● ALK Slovakia s.r.o. Magyarországi Fióktelepe (branch) Hungary 100% ●ALK-Abelló S.A. Spain 100% ● ● ● ALK-Abelló S.p.A. Italy 100% ●ALK AG (In liquidation) Switzerland 100% ●ALK-Abelló AG Switzerland 100% ●ALK-Abelló Ltd. United Knigdom 100% ●1 Exemption for local audit of the 2025 accounts under the ruling of the Article 2:403 of the Dutch Civil Code is intended – Btw-nr. NL005302766B01 Percentage of Entity Countryshares owned ActivityNorth AmericaALK-Abelló Pharmaceuticals, Inc. Canada 100% ●ALK-Abelló, Inc. USA 100% ● ● ● OKC Allergy Supplies, Inc. USA 100% ●ALK-Abelló Source Materials, Inc. USA 100% ● ● ●International marketsALK-Abelló A/S (branch) China 100% ●ALK (Shanghai) Medical Technology Co., Ltd. China 100% ● ALK (Shanghai) Medical Technology Co., Ltd. Beijing (branch) China 100% ● ALK (Shanghai) Medical Technology Co., Ltd. Guangzhou (branch) China 100% ● ALK (Guangzhou) Medical Technology Co., Ltd. China 100% ●Tasfiye Halinde ALK Ilac ve Alerji Ürünleri Ticaret Anonim Sirketi Turkey 100%●(In liquidation) Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 124 Definitions Term DefinitionsGross margin – % Gross profit x 100 / RevenueEBIT margin – % EBIT x 100 / RevenueReturn on equity (ROE) – % Net profit/(loss) for the period x 100 / Average equity ROIC incl. goodwill – % Operating profit x 100 / Average invested capital incl. goodwillPay-out ratio – % Proposed dividend x 100 / Net profit/(loss) for the yearEarnings/(loss) per share Net profit/(loss) for the period / Average number of (EPS)outstanding sharesEarnings/(loss) per share Net profit/(loss) for the period / Average number of diluted (DEPS)outstanding shares dilutedCash flow per share (CFPS) Cash flow from operating activities / Average number of outstanding sharesPrice earnings ratio (PE) Share price / Earnings per shareNet asset value per share Net asset value / Number of shares end of periodInvested capital Intangible assets, tangible assets, inventories and current receivables reduced by liabilities except for mortgage debt and bank loansInterest-bearing debt Debt on which interest is paid, including bank debt, debt to credit institutions and lease debtNet interest-bearing debt Interest-bearing debt, less cash, and cash equivalents(NIBD)Markets Geographical markets (based on customer location):• Europe comprises the EU, UK, Norway and Switzerland • North America comprises the USA and Canada• International markets comprise Japan, China and all other countries The definitions are aligned with generally accepted financial ratios applied by financial analysts. The definitions are part of the Management’s review. Alternative Performance MeasuresAmounts in DKKm 2025 2024EBITDA reconciliation to net profitNet profit 1,197 815Tax on profit 438 242Financial income (28) (61)Financial expenses 47 95Depreciation, amortisation and impairment 328 272EBITDA 1,982 1,363Net asset valueEquity 6,445 5,373Net asset value 6,445 5,373Invested capital reconciliationIntangible assets 1,765 1,792Tangible assets 2,264 2,347Inventories 1,783 1,716Trade receivables 1,093 812Income tax receivables 126 10Other receivables 120 49Prepayments 132 118Pensions and similar liabilities (244) (251)Lease liabilities (non-current) (204) (285)Deferred income (non-current) (277) (45)Provisions (non-current) (1) (1)Trade payables (140) (165)Lease liabilities (current) (46) (46)Deferred income (current) (11) (4)Provisions (current) (20) (38)Income tax payables (current) (39) (124)Other payables (1,056) (882)Invested capital 5,245 5,003 Management's review Sustainability statement Financial statements Consolidated financial statements Income statement Statement of comprehensive income Cash flow statement Balance sheet Statement of changes in equity Notes Definitions Parent company financial statements Statements Other information Annual Report 2025Consolidated financial statements 125 127 Income statement 128 Balance sheet 129 Statement of changes in equity 130 Notes 1 Accounting policies 130 2 Revenue and segment information 131 3 Staff costs 131 4 Financial income and expenses 131 5 Income tax 131 6 Intangible assets 132 7 Property, plant and equipment 133 8 Deferred tax 134 9 Investments in subsidiaries 135 10 Inventories 135 11 Mortgage debt and bank loans 135 12 Pensions and similar liabilities 135 13 Lease liabilities 136 14 Contingent liabilities and commitments 136 15 Related parties 136 16 Fees to ALK-Abelló A/S’ auditors 136 17 Proposed appropriation of net profit 136 18 Events after the reporting period 136 NotesContents Management's review Sustainability statement Financial statements Consolidated Consolidated financial financial statementsstatements Parent company Parent company financial financial statementsstatements Income statementIncome statement Balance sheetBalance sheet Statement of changes Statement of changes in equityin equity NotesNotes StatementsStatements Other Other informationinformation Annual Report 2025 126Parent company financial statements Parent company financial statements Income statement for the Parent company Amounts in DKKm Note 2025 2024 Revenue 2 4,057 4,114 Cost of sales 3 2,594 1,457 Gross profit 1,463 2,657 Research and development expenses 3 614 514 Sales and marketing expenses 3 433 466 Administrative expenses 3 270 185 Other operating items, net. (52) - Operating profit/(loss) (EBIT) 94 1,492 Income from investments in subsidiaries 9 187 119 Financial income 4 47 86 Financial expenses 4 46 69 Profit before tax (EBT) 282 1,628 Tax on profit/(loss) 5 32 325 Net profit 17 250 1,303 Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 127Parent company financial statements Balance sheet Balance sheet for the Parent company – Assets Balance sheet the Parent company – Equity and liabilities Amounts in DKKm Note 31 Dec. 2025 31 Dec. 2024 Non-current assets Intangible assets Goodwill 6 - - Patents, trademarks and rights 6 986 - development costs 6 81 65 Software 6 105 91 Intangible assets 6 39 1,044 1,211 1,200 Tangible assets Land and buildings 7 336 366 Plant and machinery 7 373 286 Other fixtures and equipment 7 52 52 Property, plant and equipment in progress 7 297 329 1,058 1,033 Other non-current assets Investments in subsidiaries 9 1,058 1,058 Receivables from group companies 963 2,450 Prepayments and securities 43 19 Deferred tax assets 8 - 22 Income tax receivables 108 118 2,172 3,667 Total non-current assets 4,441 5,900 Current assets Inventories 10 1,258 727 Trade receivables 267 60 Receivables from group companies 473 327 Income tax receivables - 1 Other receivables 46 81 Prepayments 89 88 2,133 1,284 Cash 964 361 Total current assets 3,097 1,645 Total assets 7,53 8 7,545 Amounts in DKKm Note 31 Dec. 2025 31 Dec. 2024 Equity Share capital 111 111 Retained earnings 4,885 4,969 Capitalised development costs 63 51 Proposed dividend 355 - Total equity 5,414 5,131 Liabilities Non-current liabilities Mortgage debt 11 151 166 Pensions and similar liabilities 12 63 62 Payables to group companies 134 106 Lease liabilities 13 82 131 Deferred income 277 44 Deferred tax liabilities 247 - 954 509 Current liabilities Mortgage debt 11 17 19 Bank loans 11 - 671 Trade payables 56 72 Payables to group companies 791 885 Lease liabilities 13 15 14 Deferred income 9 3 Other payables 282 241 1,170 1,905 Total liabilities 2,124 2,414 Total equity and liabilities 7, 538 7, 545 Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 128Parent company financial statements Statement of changes in equity Amounts in DKKm Share capital Retained earnings Reserve for capitalised development costs Proposed dividend Total equity 2025 Equity at 1 January 111 4,969 51 - 5,131 Appropriated from net profit - (105) - 355 250 Share-based payments - 45 - - 45 Share options settled - (26) - - (26) Transfer to/(from) legal reserves - (12) 12 - - Tax related to items recognised directly in equity - 15 - - 15 Other adjustments - (1) - - (1) Other transactions - (84) 12 355 283 Equity at 31 December 111 4,885 63 355 5,414 2024 Equity at 1 January 111 3,652 38 - 3,801 Appropriated from net profit - 1,303 - - 1,303 Share-based payments - 51 - - 51 Share options settled - (38) - - (38) Sale of treasury shares - 6 - - 6 Transfer to legal reserves - (13) 13 - - Tax related to items recognised directly in equity - 8 - - 8 Other transactions - 1,317 13 - 1,330 Equity at 31 December 111 4,969 51 - 5,131 See note 4.1 in the consolidated financial statements for information on treasury shares. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 129Parent company financial statements Notes 1 Accounting policies General The financial statements of the parent company ALK-Abelló A/S for the period 1 January to 31 December 2025 have been prepared in accord- ance with the Danish Financial Statements Act for large reporting class D enterprises. The financial statements are presented in Danish kroner (DKK). The accounting policies are unchanged from last year. The parent company’s accounting policies for recognition and measurement are in accordance with the ALK Group’s accounting policies with the following exceptions: Income statement Income from investments in subsidiaries Dividends from investments in subsidiaries are recognised in the parent company’s financial statements when the right to the dividend finally vests, typically at the date of the company’s approval in general meeting of the dividend of the company in question less any write-downs at the investments. Balance sheet Acquisition of activities from subsidiaries Acquisition of activities from subsidiaries is accounted for using the purchase method. On initial recognition, goodwill is measured and recognised as the excess of the consideration transferred exceeding the fair value of the net assets acquired at the acquisition date. Goodwill Goodwill is measured at cost less accumulated amortisation and impairment. Amortisation is calculated using the straight-line method over the expected useful life, estimated at 10 years. This estimate was made based on estimated useful lives of the assets acquired. Investments in subsidiaries Investments in subsidiaries are measured at cost. Where the recoverable amount of the investments is lower than cost, the investments are written down to this lower value. In addition, cost is written down to the extent that dividends distributed exceed the accumulated earnings in the company since the acquisition date. In the event of indications of impairment, an impairment test is performed of investments in subsidiaries. Capitalisation of development costs A reserve for capitalisation of development costs less deferred tax is recognised in the statement of equity. The reserve contains development costs, less amortisation/impairment losses, and less deferred tax, capitalised since 1 January 2016. Leasing liabilities Leases are recognised and measured based on IFRS 16 Leases to align with the accounting poli- cies for the Group, as permitted under the Danish Financial Statements Act. Leases are recognised in the balance sheet as right-of-use assets and corresponding lease liabilities, measured at the present value of future lease payments. Right-of-use assets are depre- ciated over the lease term, and lease liabilities are subsequently measured using the effective interest method, with interest expense recognised in the income statement. Short-term leases and leases of low-value assets are expensed on a straight-line basis over the lease term. Other accounting information Cash flow statement As allowed under section 86 (4) of the Danish Financial Statements Act, no cash flow statement is presented, as this is included in the consoli- dated cash flow statement. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 130Parent company financial statements Notes 2 Revenue information Amounts in DKKm 2025 2024 Sale of goods 3,957 4,003 Royalties 96 108 Services 4 3 Total revenue 4,057 4,114 Europe 3,338 3,579 International markets 719 535 Total revenue 4,057 4,114 3 Staff costs Amounts in DKKm 2025 2024 Wages and salaries 784 742 Pensions 73 71 Other social security costs, etc. 15 18 Share-based payments 31 33 Total 903 864 Staff costs are allocated as follows: Cost of sales 348 344 Research and development expenses 286 283 Sales and marketing expenses 78 65 Administrative expenses 148 126 Included in the cost of assets 43 46 Total 903 864 Remuneration to Board of Management and Board of Directors: See note 2.4 and 5.1 in the consolidated financial statements Employees Average number (FTE) 909 923 Number year end (FTE) 921 896 4 Financial income and expenses Amounts in DKKm 2025 2024 Interest on receivables from group companies 19 18 Other interest income 1 28 68 Total financial income 47 86 Interest on payables to group companies 4 2 Other interest expenses 2 26 40 Currency loss, net 16 27 Total financial expenses 46 69 1 In 2025, other interest income include interest related to uncertain tax positions of DKK 4 million (2024: DKK 4 million) 2 In 2025, other interest expenses include leasing interest expenses of DKK 4 million (2024: DKK 4 million). 5 Income tax Amounts in DKKm 2025 2024 Current income tax 56 52 Adjustment of deferred tax (5) 273 Prior years adjustments, net (19) - Total 32 325 Profit before tax 282 1,628 Income tax, tax rate of 22% 62 358 Permanent differences (49) (42) Prior years adjustments, net (19) - Other taxes and adjustments 38 9 Tax on profit for the year 32 325 Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 131Parent company financial statements Notes 6 Intangible assets Amounts in DKKm Goodwill Patents, trademarks and rights Development cost 1 Software Assets in progress 2025 2024 Cost beginning of year 867 57 77 382 1,044 2,427 1,405 Additions - 32 17 10 24 83 1,043 Disposals - - - (4) - (4) (21) Transfer to/from other groups - 994 - 35 (1,029) - - Cost year end 867 1,083 94 423 39 2,506 2,427 Amortisation and impairment beginning of year 867 57 12 291 - 1,227 1,218 Amortisation for the year - 40 1 31 - 72 29 Disposals during the year - - - (4) - (4) (21) Impairment during the year - - - - - - 1 Amortisation and impairment year end 867 97 13 318 - 1,295 1,227 Carrying amount year end - 986 81 105 39 1,211 1,200 1 The capitalised development cost relates to development of medical device products where the individual minor development projects are running for short-term periods and are subject to limited risk. The development projects are generating economic benefits in the form of sale of goods. At 31 December 2025, the capitalised development cost relates to the development of the adrenaline auto-injectors for the European and US markets. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 132Parent company financial statements Notes 7 Property, plant and equipment Amounts in DKKm Land and buildings Plant and machinery Other fixtures and equipment Property, plant and equipment in progress 2025 2024 Cost beginning of year 730 626 93 329 1,778 1,697 Additions 5 33 11 116 165 121 Remeasurement of lease obligations (34) - - - (34) 4 Disposals (2) (1) (8) (7) (18) (44) Transfer to/from other groups 35 104 2 (141) - - Cost year end 734 762 98 297 1,891 1,778 Depreciation and impairment beginning of year 364 340 41 - 745 701 Depreciation for the year 36 50 13 - 99 87 Disposals during the year (2) (1) (8) (7) (18) (44) Impairment during the year - - - 7 7 1 Depreciation and impairment year end 398 389 46 - 833 745 Carrying amount year end 336 373 52 297 1,058 1,033 of which assets held under leases 1 86 - - - 86 136 Value of land and buildings subject to mortgages 245 228 1 Land and buildings in Denmark include buildings on land leased from Scion DTU A/S, Hørsholm. The estimated lease terms are 8 years. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 133Parent company financial statements Notes 8 Deferred tax Amounts in DKKm Intangible assets Tangible assets Current and other assets Liabilities Tax losses carried forward Total 2025 Carrying amount beginning of year (239) (83) (1) 44 301 22 Adjustment to prior years - 1 - - (2) (1) Adjustment of receivables from group companies - - - - (288) (288) Recognised in the income statement, net 12 5 (40) 42 (14) 5 Recognised in equity, net (share-based payments) - - 12 - 3 15 Carrying amount year end (227) (77) (29) 86 - (247) 2024 Carrying amount beginning of year (19) (73) (31) 44 368 289 Adjustment to prior years (1) (4) 1 1 - (3) Adjustment of receivables from group companies - - - - 1 1 Recognised in the income statement, net (219) (6) 26 (1) (73) (273) Recognised in equity, net (share-based payments) - - 3 - 5 8 Carrying amount year end (239) (83) (1) 44 301 22 ALK-Abelló A/S is included in a joint Danish taxation scheme with the Lundbeck Foundation (Lundbeckfond Invest A/S) and its Danish subsidiaries. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 134Parent company financial statements Notes 9 Investments in subsidiaries Amounts in DKKm 2025 2024 Cost beginning of year 1,470 1,470 Cost year end 1,470 1,470 Write-down beginning of year 412 412 Write-down year end 412 412 Carrying amount year end 1,058 1,058 In the income statement, income from investments in subsidiaries is dividends, which amounts to DKK 187 million (2024: DKK 119 million). For an overview of all subsidiaries see note 5.7 in the consolidated financial statements. 10 Inventories Amounts in DKKm 2025 2024 Raw materials 201 194 Work in progress 518 452 Manufactured goods and goods for resale 539 81 Total 1,258 727 Amount of write-down of inventories during the year 36 10 Amount of reversal of write-down of inventories during the year 13 7 11 Mortgage debt and bank loans Amounts in DKKm 2025 2024 Debt to mortgage credit institutions secured by buildings Mortgage debt is due as follows: Within 1 year 17 19 From 1-5 years 71 74 After 5 years 80 92 Total 168 185 Bank loans Bank loans are due as follows: Within 1 year - 671 From 1-5 years - - After 5 years - - Total - 671 12 Pensions and similar liabilities Amounts in DKKm 2025 2024 Pensions and similar liabilities expire as follows: 1 Within 1 year 1 - From 1-5 years 4 5 After 5 years 59 57 Total 64 62 1 Pensions and similiar liabilities relate to the provision for transition period for the Danish Holiday Act. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 135Parent company financial statements Notes 13 Lease liabilities Amounts in DKKm 2025 2024 Lease liabilities expire as follows: Within 1 year 15 14 From 1-5 years 51 62 After 5 years 31 69 Total 97 145 14 Contingent liabilities and commitments For information on contingent liabilities and commitments, see note 3.10 in the consolidated financial statements. 15 Related parties ALK-Abelló A/S is included in the consolidated financial statements of the Lundbeck Foundation (Lund- beckfond Invest A/S, incorporated in Denmark). ALK-Abelló A/S has had transactions with subsidiaries during 2025. All subsidiaries are owned 100%. The transactions are eliminated in the consolidated financial statements. Transactions with the majority shareholder are disclosed in note 5.4 in the consolidated financial state- ments. Apart from remuneration, no other transactions have taken place during the year with Board of Directors, Board of Management, major shareholders or other related parties. With reference to section 98c (6) of the Danish Financial Statements Act, the company has chosen only to disclose transactions with related parties not carried through on normal market items. Remuneration, etc. to Board of Directors and Board of Management For information on remuneration and exercise of share options for the ALK Group’s Board of Directors and Board of Management, see note 2.4 and 5.1 in the consolidated financial statements. 16 Fees to ALK-Abelló A/S’ auditors Amounts in DKKm 2025 2024 Fees to the auditors appointed at the annual general meeting: Audit services 2 2 Other opinions 2 2 Tax advisory services 1 1 Other services - - Total 5 5 17 Proposed appropriation of net profit Amounts in DKKm 2025 2024 Proposed dividend 355 - Retained earnings (105) 1,303 Net profit 250 1,303 18 Events after the reporting period No events have occured after the reporting period, that influence the evaluation of the parent company financial statements. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Income statement Balance sheet Statement of changes in equity Notes Statements Other information Annual Report 2025 136Parent company financial statements Statement by Management on the annual report The Board of Directors and the Board of Manage- ment have today considered and adopted the annual report of ALK-Abelló A/S for the financial year 1 January to 31 December 2025. The consolidated financial statements have been prepared in accordance with IFRS accounting standards as adopted by the EU and further requirements in the Danish Financial Statements Act. The parent company financial statements have been prepared in accordance with the Danish Financial Statements Act. Management's review has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial state- ments and the parent company financial state- ments give a true and fair view of the financial position at 31 December 2025 of the group and the parent company and of the results of the group and parent company operations and consolidated cash flows for the financial year 1 January to 31 December 2025. In our opinion, Management’s review includes a true and fair account of the development in the operations and financial circumstances of the group and the parent company, of the results for the year, and of the financial position of the group and the parent company, as well as a descrip- tion of the most significant risks and elements of uncertainty which the group and the parent company are facing. Additionally, the Sustainability Statement, which is part of Management’s review, has been prepared, in all material respects, in accordance with paragraph 99 a of the Danish Financial Statements Act. This includes compliance with the European Sustainability Reporting Standards (ESRS) including that the process undertaken by Management to identify the reported information (the “Process”) is in accordance with the descrip- tion set out in section “Description of the process to identify and assess material impacts, risks and opportunities”. Furthermore, disclosures in subsection “EU Taxonomy” in the environmental section of the Sustainability Statement are, in all material respects, in accordance with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regula- tion”). The sustainability statement includes forward- looking statements based on disclosed assump- tions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. In our opinion, the annual report of ALK-Abelló A/S for the financial year 1 January to 31 December 2025 with the file name alk-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the annual report be adopted at the annual general meeting. Hørsholm, 20 February 2026 Board of Management Peter Halling Claus Steensen Sølje President & CEO Executive Vice President & CFO Henriette Mersebach Executive Vice President, Research & Development Board of Directors Anders Hedegaard Lene Skole Chair Vice Chair Gitte Aabo Lars Holmqvist Jesper Høiland Bertil Lindmark Alan Main Katja Barnkob Nanna Rassov Carlson Lise Lund Mærkedahl Johan Smedsrud Management's review Sustainability statement Financial statements Consolidated Consolidated financial financial statementsstatements Parent company Parent company financial financial statementsstatements StatementsStatements Statement by Statement by Management on Management on the annual reportthe annual report Independent Independent Auditor’s ReportsAuditor’s Reports Independent Independent auditor’s limited auditor’s limited assurance report on assurance report on the Sustainability the Sustainability StatementStatement Other Other informationinformation Annual Report 2025Statement by Management on the annual report 137 Statements Independent Auditor’s Reports To the shareholders of ALK-Abelló A/S Report on the audit of the Financial Statements Our opinion In our opinion, the Consolidated Financial State- ments give a true and fair view of the Group’s financial position at 31 December 2025 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Stand- ards as adopted by the EU and further require- ments in the Danish Financial Statements Act. Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company’s financial position at 31 December 2025 and of the results of the Parent Company’s operations for the financial year 1 January to 31 December 2025 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our Auditor’s Long- form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated Financial Statements (pp 85-125) and Parent Company Financial Statements (pp 126-136) of ALK-Abelló A/S for the financial year 1 January to 31 December 2025 comprise income statement, balance sheet, statement of changes in equity and notes, including material accounting policy information for the Group as well as for the Parent Company, and statement of comprehensive income and cash flow statement for the Group. Collectively referred to as the “Financial State- ments”. Basis for opinion We conducted our audit in accordance with Inter- national Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Audi- tor’s responsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accord- ance with these requirements and the IESBA Code. To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. Appointment We were first appointed auditors of ALK-Abelló A/S on 11 March 2020 for the financial year 2020. We have been reappointed annually by share- holder resolution for a total period of uninterrupted engagement of 6 years including the financial year 2025. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most signifi- cance in our audit of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Revenue recognition The Group sells products through different sales channels in various markets and part- nership agreements. The different sales channels and markets are subject to various rebate and discount agreements as well as mandated price adjustments schemes. The partnership agreements are complex in nature, as they include multiple elements and performance obligations. We focused on these areas as accounting for rebates, discounts, mandated price adjustments, and partnership agreements is complex and requires a high degree of estimation and judgement by Management. This includes the estimation uncertainty regarding accruals for estimated sales deductions and judgements and estimates regarding recognition of revenue from part- nership agreements. We refer to note 2.1 in the consolidated financial statements. We discussed the policies for revenue recog- nition, including accounting for rebates, discounts and mandated price adjustments with Management. We performed risk assessment procedures to obtain an understanding of the IT systems, business processes and relevant controls for revenue recognition and related sales deduc- tions. We assessed whether the controls were designed and implemented to effectively address the risk of material misstatement, and tested these, where relevant. We evaluated and challenged the assumptions and estimates, including methods, data and assumptions used for calculating rebates, discounts, mandated price adjustments and accruals for sales deductions. We read partnership agreements, evaluated and challenged the judgements and estimates made regarding recognition of revenue relating to these agreements. We assessed the appropriateness of the related disclosure provided in the consolidated financial statements. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Statements Statement by Management on the annual report Independent Auditor’s Reports Independent auditor’s limited assurance report on the Sustainability Statement Other information Annual Report 2025 138Independent Auditor’s Reports Statement on Management’s Review Management is responsible for Management’s Review (pp 1-84 and 143). Our opinion on the Financial Statements does not cover Management’s Review, and we do not as part of the audit express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Manage- ment’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99 a related to the Sustainability Statement covered by the separate auditor’s limited assurance report hereon. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the require- ments of the Danish Financial Statements Act, except for the requirements in paragraph 99 a related to the Sustainability Statement, cf. above. We did not identify any material misstatement in Management’s Review. Management’s responsibilities for the Financial Statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Manage- ment is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no real- istic alternative but to do so. Auditor’s responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assur- ance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assur- ance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial State- ments. As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffi- cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circum- stances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Manage- ment’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Finan- cial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with rele- vant ethical requirements regarding independ- ence, and to communicate with them all relation- ships and other matters that may reasonably be Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Statements Statement by Management on the annual report Independent Auditor’s Reports Independent auditor’s limited assurance report on the Sustainability Statement Other information Annual Report 2025 139Independent Auditor’s Reports thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclo- sure about the matter. Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of ALK-Abelló A/S for the financial year 1 January to 31 December 2025 with the filename alk-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes require- ments related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regula- tion. This responsibility includes: • Preparing of the annual report in XHTML format; • Selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial infor- mation required to be tagged using judgement where necessary; • Ensuring consistency between iXBRL tagged data and the Consolidated Financial State- ments presented in human-readable format; and • For such internal control as Management deter- mines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assur- ance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: • Testing whether the annual report is prepared in XHTML format; • Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; • Evaluating the completeness of the iXBRL tagging of the Consolidated Financial State- ments including notes; • Evaluating the appropriateness of the compa- ny’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; • Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and • Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of ALK-Abelló A/S for the financial year 1 January to 31 December 2025 with the file name alk-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. Hellerup, 20 February 2026 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR No 33 77 12 31 Lars Baungaard State Authorised Public Accountant mne23331 Kim Tromholt State Authorised Public Accountant mne33251 Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Statements Statement by Management on the annual report Independent Auditor’s Reports Independent auditor’s limited assurance report on the Sustainability Statement Other information Annual Report 2025 140Independent Auditor’s Reports Independent auditor’s limited assurance report on the Sustainability Statement To the stakeholders of ALK-Abelló A/S Limited assurance conclusion We have conducted a limited assurance engagement on the sustainability statement of ALK-Abelló A/S (the “Group”) included in Manage- ment’s Review, page 37 – 84, for the financial year 1 January – 31 December 2025 (the “Sustaina- bility Statement”). Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: • compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by Management to identify the information reported in the Sustainability Statement (the “Process”) is in accordance with the description set out in the section “Descrip- tion of the process to identify and assess mate- rial impacts, risks and opportunities”; and • compliance of the disclosures in the section “EU Taxonomy” of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”). Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”) and the additional requirements applicable in Denmark. The procedures in a limited assurance engage- ment vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assur- ance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagement section of our report. Our independence and quality management We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these require- ments and the IESBA Code. Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Other matter The comparative information for the years 2022 and 2023 included in the Sustainability Statement was not subject to an assurance engagement. Our conclusion is not modified in respect of this limitation of scope. Management’s responsibilities for the Sustainability Statement Management is responsible for designing and implementing a process to identify the informa- tion reported in the Sustainability Statement in accordance with ESRS and for disclosing this Process as included in the section “Description of the process to identify and assess material impacts, risks and opportunities” of the Sustaina- bility Statement. This responsibility includes: • understanding the context in which the Group’s activities and business relationships take place and developing an understanding of its affected stakeholders; • identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term; • assessment of the materiality of the identi- fied impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and • making assumptions that are reasonable in the circumstances. Management is further responsible for the prepa- ration of the Sustainability Statement, which includes the information identified by the Process, in accordance with the Danish Financial State- ments Act paragraph 99 a, including: • compliance with the ESRS; • preparing the disclosures as included in the section “EU Taxonomy” of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation; • designing, implementing and maintaining such internal control that Management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and • selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reason- able in the circumstances. Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Statements Statement by Management on the annual report Independent Auditor’s Reports Independent auditor’s limited assurance report on the Sustainability Statement Other information Annual Report 2025 141Independent auditor’s limited assurance report on the Sustainability Statement Inherent limitations in preparing the Sustaina- bility Statement In reporting forward-looking information in accordance with ESRS, Management is required to prepare forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. Auditor’s responsibilities for the assurance engagement Our responsibility is to plan and perform the assurance engagement to obtain limited assur- ance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain profes- sional scepticism throughout the engagement. Our responsibilities in respect of the Process include: • Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; • Considering whether the information identified addresses the applicable disclosure require- ments of the ESRS; and • Designing and performing procedures to eval- uate whether the Process is consistent with the Group’s description of its Process, as disclosed in the section “Description of the process to identify and assess material impacts, risks and opportunities”. Our other responsibilities in respect of the Sustain- ability Statement include: • Identifying where material misstatements are likely to arise, whether due to fraud or error; and • Designing and performing procedures respon- sive to disclosures in the Sustainability State- ment where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Summary of the work performed A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identifica- tion of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement. In conducting our limited assurance engagement, with respect to the Process, we: • Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by Management; and reviewing the Group’s internal documentation of its Process; and • Evaluated whether the evidence obtained from our procedures about the Process imple- mented by the Group was consistent with the description of the Process set out in the section “Description of the process to identify and assess material impacts, risks and opportuni- ties”. In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: • Obtained an understanding of the Group’s reporting processes relevant to the prepara- tion of its Sustainability Statement, including the consolidation processes, by obtaining an understanding of the Group’s control envi- ronment, processes and information systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; • Evaluated whether the information identified by the Process is included in the Sustainability Statement; • Evaluated whether the structure and the pres- entation of the Sustainability Statement are in accordance with the ESRS; • Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement; • Performed limited substantive assurance procedures on selected information in the Sustainability Statement; • Where applicable, compared disclosures in the Sustainability Statement with the corre- sponding disclosures in the Financial State- ments and Management’s Review; • Evaluated the methods, assumptions and data for developing estimates and forward-looking information; and • Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement. Hellerup, 20 February 2026 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR No 33 77 12 31 Lars Baungaard State Authorised Public Accountant mne23331 Kim Tromholt State Authorised Public Accountant mne33251 Management's review Sustainability statement Financial statements Consolidated financial statements Parent company financial statements Statements Statement by Management on the annual report Independent Auditor’s Reports Independent auditor’s limited assurance report on the Sustainability Statement Other information Annual Report 2025 142Independent auditor’s limited assurance report on the Sustainability Statement Financial highlights and key ratios by quarter for the ALK Group (unaudited) Amounts in DKKm 2025 Q4 unaudited Q3 unaudited Q2 unaudited Q1 unaudited Income statement Revenue 6,312 1,733 1,530 1,527 1,522 Cost of sales 2,078 553 487 532 506 Research and development expenses 609 189 145 146 129 Sales and marketing expenses 1,584 473 387 385 339 Administrative expenses 388 132 88 89 79 Other operating items, net 1 1 - - - Operating profit (EBIT) 1,654 387 423 375 469 Net financial items (19) 6 (4) (25) 4 Profit before tax (EBT) 1,635 393 419 350 473 Net profit 1,197 266 314 263 354 EBITDA 1,982 482 510 450 540 Average number of employees (FTE) 2,737 2,748 2,794 2,782 2,736 Revenue (Growth in revenue in local currency %) Europe 4,459 (14) 1,296 (14) 1,048 (18) 1,024 (13) 1,091 (10) – SLIT-tablets 2,485 (19) 739 (20) 557 (23) 570 (17) 619 (17) – SCIT/SLIT-drops 1,619 (3) 480 (2) 380 (7) 350 (1) 409 (3) – Anaphylaxis & other products 355 (34) 77 (40) 111 (39) 104 (51) 63 (1) North America 1,037 (19) 270 (24) 252 (20) 269 (17) 246 (14) – SLIT-tablets 247 (24) 53 (21) 52 (20) 76 (32) 66 (22) – SCIT/SLIT-drops 356 (2) 92 (3) 87 (1) 89 (2) 88 (3) – Anaphylaxis & other products 434 (34) 125 (48) 113 (41) 104 (23) 92 (20) International markets 816 (16) 167 (36) 230 (14) 234 (1) 185 (24) – SLIT-tablets 603 (8) 118 (-11) 128 (-4) 185 (9) 172 (41) – SCIT/SLIT-drops 170 (44) 35 (N/A) 90 (43) 42 (-20) 3 (-85) – Anaphylaxis & other products 43 (39) 14 (174) 12 (112) 7 (-33) 10 (7) Total revenue 6,312 (15) 1,733 (17) 1,530 (18) 1,527 (12) 1,522 (12) – SLIT-tablets 3,335 (17) 910 (15) 737 (17) 831 (16) 857 (22) – SCIT/SLIT-drops 2,145 (5) 607 (11) 557 (11) 481 (-1) 500 (0) – Anaphylaxis & other products 832 (34) 216 (50) 236 (42) 215 (30) 165 (11) Amounts in DKKm 2025 Q4 unaudited Q3 unaudited Q2 unaudited Q1 unaudited Balance sheet Total assets 9,057 9,057 8,474 8,272 8,18 8 Invested capital 5,245 5,245 5,075 5,023 5,026 Equity 6,445 6,445 6,173 5,847 5,676 Cash flow and investments Cash flow from operating activities 1,817 722 386 320 389 Cash flow from investing activities (385) (126) (96) (104) (59) – of which investment in intangible assets (84) (16) (11) (48) (9) – of which investment in tangible assets (276) (96) (74) (58) (48) – of which acquisitions and operations (10) - (10) - - Free cash flow 1,432 596 290 216 330 Information on shares Dividend - - - - - Share capital 111 111 111 111 111 Shares in thousands of DKK 0.50 each 222,824 222,824 222,824 222,824 222,824 Share price, end period – DKK 229 229 208 187 139 Net asset value per share – DKK 29 29 28 26 25 Key figures Gross margin – % 67 68 68 65 67 EBIT margin - % 26 22 28 25 31 Earnings per share (EPS) – DKK 5.4 1.2 1.4 1.2 1.6 Earnings per share diluted (DEPS) – DKK 5.4 1.2 1.4 1.2 1.6 Cash flow per share (CFPS)– DKK 8.2 3.3 1.7 1.4 1.8 Share price/Net asset value 7.9 7.9 7.5 7.1 5.4 1 Management’s review comprises this page as well as pages 1-84 and Financial highlights and key ratios for the ALK Group on page 21. Definitions: see page 125. 1 Management's review Sustainability statement Financial statements Consolidated Consolidated financial financial statementsstatements Parent company Parent company financial financial statementsstatements Other Other informationinformation Financial highlights Financial highlights and key ratios by and key ratios by quarter for the ALK quarter for the ALK Group (unaudited)Group (unaudited) Annual Report 2025Financial highlights and key ratios by quarter for the ALK Group (unaudited) 143 Other information 1 Design and production: Noted ALK-Abelló A/S Bøge Allé 6-8 DK-2970 Hørsholm Denmark CVR no. 63 71 79 16 Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2025-01-012025-12-312024-01-012024-12-31529900SGCREUZCZ7P020Reporting class DOpinionBasis for Opinion529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember529900SGCREUZCZ7P0202025-01-012025-12-31529900SGCREUZCZ7P0202024-01-012024-12-31529900SGCREUZCZ7P0202024-12-31529900SGCREUZCZ7P0202025-12-31529900SGCREUZCZ7P0202023-12-31529900SGCREUZCZ7P0202024-12-31ifrs-full:IssuedCapitalMember529900SGCREUZCZ7P0202025-01-012025-12-31ifrs-full:IssuedCapitalMember529900SGCREUZCZ7P0202025-12-31ifrs-full:IssuedCapitalMember529900SGCREUZCZ7P0202024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900SGCREUZCZ7P0202025-01-012025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900SGCREUZCZ7P0202025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900SGCREUZCZ7P0202024-12-31ifrs-full:RetainedEarningsMember529900SGCREUZCZ7P0202025-01-012025-12-31ifrs-full:RetainedEarningsMember529900SGCREUZCZ7P0202025-12-31ifrs-full:RetainedEarningsMember529900SGCREUZCZ7P0202024-12-31ALK:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900SGCREUZCZ7P0202025-01-012025-12-31ALK:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900SGCREUZCZ7P0202025-12-31ALK:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900SGCREUZCZ7P0202023-12-31ifrs-full:IssuedCapitalMember529900SGCREUZCZ7P0202024-01-012024-12-31ifrs-full:IssuedCapitalMember529900SGCREUZCZ7P0202023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900SGCREUZCZ7P0202024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900SGCREUZCZ7P0202023-12-31ifrs-full:RetainedEarningsMember529900SGCREUZCZ7P0202024-01-012024-12-31ifrs-full:RetainedEarningsMember529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember1529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember2529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember3529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember1529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember2529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember3529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember4529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember5529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember6529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember7529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember8529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember9529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember10529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember11529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember1529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember2529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember1529900SGCREUZCZ7P0202025-01-012025-12-31cmn:ConsolidatedMember2529900SGCREUZCZ7P0202024-01-012024-12-31cmn:ConsolidatedMemberiso4217:DKKiso4217:DKKxbrli:sharesxbrli:pure