Alm. Brand (ALMB) investor relations material

Executive summary

• Q3 insurance service result reached a record DKK 755m, up from DKK 535m YoY, supported by lower underlying, weather and major claims and higher run-off gains.

• Insurance revenue rose 1.6% YoY to DKK 3,054m; the DKK 76m investment loss was primarily driven by rising interest rates.

Financial highlights

• Q3 pre-tax profit was DKK 544m versus DKK 452m YoY; after-tax profit was DKK 397m versus DKK 327m, and total EPS was DKK 0.29 versus DKK 0.23.

• Profit before other income and expenses was DKK 679m, versus DKK 601m in Q3 2025.

• Other income and expenses were a net DKK 135m expense: DKK 84m amortization of intangible assets and DKK 51m group expenses.

• Q1–Q3 insurance service result was DKK 1,199m, or DKK 1,899m excluding the one-off workers’ compensation ruling charge; after-tax profit from continuing operations was DKK 653m.

• Q1–Q3 insurance revenue was DKK 8,982m, up 1.9%; the investment result was DKK 96m profit versus DKK 264m a year earlier.

Outlook and guidance

• FY 2026 insurance service result guidance increased by DKK 250m to DKK 1.5–1.6bn, excluding Q4 run-offs; expense ratio guidance remains ~17%.

• FY combined ratio guidance is 86.5–87.5% excluding Q4 run-offs; Q4 guidance is 81–82% excluding the one-off charge and run-offs.

• Investment result guidance was reduced by DKK 100–150m to DKK 150m; profit before other income and expenses guidance rose by DKK 150m to DKK 1.65–1.75bn.

• Other income and expenses guidance is DKK 550m expense, including DKK 40m in one-off Q4 restructuring costs; amortization of intangible assets is guided at DKK 335m.

• 2027 underlying claims improvement starting point is 50 bps from initiatives; most of the 90 bps workers’ compensation headwind is expected to be recovered through repricing during the year.