Alm. Brand A/S

Pre-silent newsletter ahead of Q1 2026 results

In this newsletter, Alm. Brand Group aims to disclose key trends and factors to give investors, analysts and other a better understanding of the company’s financial performance.

On 28^th April 2026, Alm. Brand will publish Q1 2026 results and host a conference call for investors and analysts. The conference call and presentation will be available on Alm. Brand Group’s investor website.

Previous reports and presentations are available on almbrand.dk.

Premiums are well-diversified between Private and Commercial Lines
In general, Alm. Brand Group has a well-diversified business, with approximately 50% of premiums from each Private and Commercial lines. Private lines are regarded as a stable business for premiums, whereas Commercial Line premiums may exhibit fluctuations from quarter to quarter, mainly due to premium adjustments affecting commercial customers. In general, it is Alm. Brand Groups ambition to ensure sustained profitable growth.

In the most recent quarter, Q4 2025, insurance revenue increased by 4.6% compared to the previous year. The growth was driven by a 9.8% increase in Private Lines, while Commercial Lines experienced a small decline in premiums of 0.8%. The trend in premium income should be seen against the backdrop of the sustained focus on enhancing profitability, especially among large commercial customers.

Expected claims levels
The annual level of major claims is expected to be around 6% of premium income. For Commercial lines, this level is expected to be approximately 10% of premium income. Please note, that there are no significant seasonal patterns for major claims on a quarterly basis.

In contrast, weather-related claims are influenced by seasonal variations, with the following quarterly distribution (as a percentage of total weather-related claims): 35% in Q1, 10% in Q2, 25% in Q3, and 30% in Q4. On an annual basis, weather-related claims are expected to be 3-4% of premium income.

Additionally, as mentioned in financial reports, run-off gains are expected to be approximately 2% of premiums on a long-term basis, but will fluctuate on a quarterly basis.

Please also remember that Industry data relating to motor frequency and weather statistics can be found through the Danish trade association for insurance companies and pension funds (www.fogp.dk) and the Danish Meteorological Institute (www.dmi.dk).

Well-diversified, low-risk investment portfolio
Alm. Brand Group has a total investment asset mix of approximately DKK 20 billion mainly consisting of Danish mortgage bonds. A large part of the portfolio is hedged to balance expected return and value adjustment on technical provisions. The remaining part is spread over real estate, illiquid credit, bonds and equities (free portfolio).

It is the overall investment strategy to remain cautious with a risk appetite calibrated according to earnings from insurance operations. In general, the group has a well-diversified, low-risk investment portfolio.

As a general guideline, mortgage bonds can be expected to follow the performance of Danish mortgage bonds with a two-year duration (ticker example: NYKRCMB2). For equities, the performance can be tracked using the ACWI index hedged to EUR (ticker example: M1CXUBLR). It is important to note that these indicators do not track Alm. Brand Group's portfolio on a 1:1 basis but should rather be viewed as a rule of thumb.

It is also important to highlight that the return on technical provisions is calculated using the EIOPA discount curve with a volatility adjustment (VA). The asset portfolio hedging of interest rate risk is designed to align with market-driven fluctuations in the yield curve components.

Other items

• The Annual General Meeting for 2026 will be held on April 9^th.
• Alm. Brand Group consensus estimates will be available on almbrand.dk ahead of the Q1 report.

Contact

Please direct any questions regarding this announcement to:

Investors and analysts:

Head of Investor Relations and ESG
Mads Thinggaard                             
Mobile no. +45 2025 5469

Senior Investor Relations Officer
Nikolaj Thalbitzer
Mobile no. +45 2060 5784

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• Investor news_pre-silent newsletter ahead of Q1 2026 results