Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	9057000000	dkk
ifrs-full:Assets	2024-12-31	8246000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	6312000000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	5537000000	dkk

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   <mrv:SustainabilityReport contextRef="ctx-1" id="f1__s11__7__5-1" xml:lang="en">ESRS 2-SBM1-42(a,b,c)Business and1value chainResearch &amp; developmentResources2025 resultsIPR and Process Clinical Regulatory discoveryinnovations and trialsprocessesformulations+10 0 yea r s’ profound under-500,000standing of the biology of the additional patients treated allergic diseasein 2025, bringing the total Externally sourced productsnumber to 3.1 million~2,70 0 employees with diverse talentsResearch expertise in ~420 millionmolecular and clinical AIT doses produced allergology(excluding ALK's SCIT bulk Manufacturingextracts in the USA)Proven clinical development competenciesStandardise Production Cultivate allergen at 9 sitesallergenic source extractsmaterialsInsights from academia, ~48%patients and partnersglobal market share in AITRaw materials, energy, water, etc.Distribution and salesDigital engagement platformsALK present Selected Global Digital patient in 44 marketsmarkets distributionmobilisationserved by Financial resourcespartnersSafety, quality, and business ethics complianceALK aspires to annually help 5 million people 1living with allergy by 20301 ESRS 2-SBM1-40e2 2022 and 2023 figures are not covered by the Independent Auditor’s limited assurance report.12Revenue by product lineRevenue by geographyGrowth  Growth  Amounts in DKKm 2025in l.c. 2024Amounts in DKKm 2025in l.c. 2024Europe 4,459 14% 3,914Tablets 3,335 17% 2,851North America 1,037 19% 906SCIT/SLIT drops 2,14 5 5% 2,052International Anaphylaxis &amp; markets 816 16%  717other products 832 34% 634Total revenue 6,312  15%  5,537Total revenue  6,312 15% 5,5371 ESRS 2-SBM1-40(a.ii, f)2 ESRS 2-SBM1-40(a.i, f)Competency matrix for the Board of DirectorsThe 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&amp;D-driven companies. The Board also has overall exper-tise in sustainability matters that are material 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-GOV3-132Composition of the Board of Directors2025 2024Shareholder-Employee-Shareholder-Employee-electedelected Totalelectedelected TotalNumber of non-executive members 7 4 11 7 4 11Number of executive members - - - - - -7 4 11 7 4 11Percentage of independent members 71% 0% 45% 71% 0% 45%Board gender diversityMale 5 1 6 5 1 6Female 2 3 5 2 3 57 4 11 7 4 11Ratio of female to male 45% 45%Percentage of underrepresented gender 29% (f) 25% (m) 29% (f) 25% (m)3Highlights of the remuneration report 2025ALK’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 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. 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 emission reduction, 2aligned with ALK’s science-based target on 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.2CompetencesSpecific expertise within management and sales &amp; marketing in international life science companies.2CompetencesExperience in management, financial and economic expertise, experience in strategy and communication in international companies.2CompetencesGlobal leadership experience and compre-hensive understanding of international management, finance, IT, and sales &amp; marketing, as well as insights into building digital communities.2CompetencesExperience in management, finance, and sales &amp; marketing in international life- science companies, including medtech and pharmaceutical businesses.2CompetencesManagement 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.2,3DirectorshipsEllab; Chair and chair of the Remuneration Committee  Rodenstock Group, Germany: Member of the Advisory Board  Candela Medical, USA: Board adviser2,3DirectorshipsØrsted A/S: Chair and chair of the Nomina-tion &amp; Remuneration Committee4Falck A/S: Vice Chair and member of the Remuneration and Nomination Committee4H. Lundbeck A/S: Vice Chair and member of the Remuneration &amp; Nomination and Scientific CommitteesNordea Bank Abp, Finland: Vice Chair and member of the Audit Committee2,3DirectorshipsRockwool Foundation: Vice chairDynavox Group: Chair and chair of the Compensation Committee and member of the Audit and Nomination Committees.GN Foundation: Chair2,3DirectorshipsH. Lundbeck A/S: Board member and member of the Audit CommitteeThe Lundbeck Foundation: Board member and Chair of the Investment CommitteeVitrolife AB, Sweden: Board member and member of the Audit Committee2,3DirectorshipsSciBase AB, Stockholm: ChairFlen Health SA, Luxemburg: Board memberAllarity Therapeutics, USA: Board memberAlva Therapeutics, USA: Board member2 ESRS 2-GOV1-21(c)2CompetencesMore than 30 years' experience of global executive R&amp;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.2,3DirectorshipsAqilion AB, Sweden: Chair of the Board and member of the Remuner-ation CommitteeCellevate, Sweden: Board member2 ESRS 2-GOV1-21(c)2CompetencesMore than 30 years of experience from the consumer healthcare industry, including roles in Sanofi, Bayer, and Roche.2CompetencesExperience in project manage-ment of global drug development projects in the pharmaceutical industr y.2CompetencesExpertise in production and release of ALK’s active pharmaceutical ingredients for sublingual immuno-therapy products.2CompetencesExperience in HVAC systems, clean-room testing, utensil washing and sterilisation for the pharmaceutical industr y.2CompetencesExperience in the development of new vaccines, project management of drug discovery projects, and most recently governance of data digitalisation and AI projects.2,3DirectorshipsThe Lundbeck Foundation: Board member, employee-electedSustainability statementGeneral disclosuresESRS 2 Basis for preparationBP1, 2ALK continues to pursue its sustainability ambitions while aiming to help 5 million patients by 2030. This sustainability statementoutlines 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. Thebasis 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 andAccounting 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 “Adjustedgender pay gap” (   see Diversity and remuneration on page 62 and Accounting policie– Social information on page 70)•  “Patients in treatment”  (   see Patients in treatment on page 69 andAccounting policies – Social information on page 71).Changes in preparation or presentationComparative 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 legislationInformation 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 referenceSome 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 clearlyidentified 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.Sustainability governanceThe role of the Board of Directors and Executive Leadership Team GOV1,2,3ALK’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).ALK's sustainability governance modelBoard of DirectorsOverall responsible for ALK’s Audit Committeesustainability strategy and Oversee sustainability targetsdisclosures, processes, controls and assuranceRemuneration CommitteeExecutive Leadership TeamOversee sustainability Approve all sustainability related related remunerationpolicies and strategySustainability CommitteeOversee legal reporting requirements within sustainability. Make recommendations to Executive Leadership Team on matters with strategic impact on the global organisationCorporate Finance departmentSustainability departmentResponsible for accounting policies, internal Responsible for the sustainability strategy controls, framework and guidelines for data implementation. Ensure compliance with legal processes and controlsreporting requirements as well as reporting to internal and external stakeholdersCorporate functionsResponsible for daily execution of strategic activities as well as collection of sustainability dataRisk management and internal controlsGOV4,5The 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.Stakeholder engagementStrategy, 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 SBM2Active engagement with stakeholders is +a fundamental aspect of ALK’s Allergystrategy. 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.+How engagement  Inform AllergyKey stakeholdersis organised Purpose of engagement Examples of outcomesstrategyEmployees •  Engagement survey•  Strategic alignment•  Human resources strategyCultivate pillar•  Employee-elected Board •  Understanding employees' •  Improvement action plansmembersperceptions and experiences•  Training programmes•  Workers’ councils•  Defining training needs•  Employee information•  Employee development dialogues•  Employee meetings•  Sounding boardConsumers and •  Various digital media platforms•  Creating awareness around •  Improved awareness among Innovate and  general public•  Consumer websites, apps, allergies, symptoms, impact consumers relating to allergies Focus pillarsemail flows, etc.on quality of life and treatment including symptoms, impact options, etc.on quality of life, treatment options, etc.Healthcare •  Scientific webinars and •  Awareness of allergy, including •  Increased adoption and usage Innovate and  professionalssymposia,  scientific publica-burden of disease and bene-of evidence-based disease Focus pillarstions, clinical trial data sharing, fit-risk of available allergy modifying allergy treatmentsetc.treatment strategies•  Correct identification and diag-nosis of people with allergy•  Clinical practice optimisationSuppliers •  Contract negotiations•  Compliance with ALK's Third-•  Reliable long-term partner-Optimise pillarand contract •  Third-party code of conduct party Code of Conductshipsmanufacturersimplementation•  Commitment to Science-Based •  Adherence to ALK’s busi-•  Supplier meetings and corre-Targets initiativeness conduct standards and spondencecollaborative decarbonisation progressionInvestors and •  Interim and annual reports, •  Enhancing transparency •  Strong reputationshareholderscompany announcements, •  Understanding expectations to •  Access to capitalwebsites, presentations, meet-sustainability•  Fair valuationings and events•  Attracting responsible inves-•  ESG ratingstorsAuthorities •  Continuous interaction •  Compliance with regulations, •  Compliance and market accessInnovate, Focus and  safety and efficacy of medi-•  Environmental permitsOptimise pillarscines•  Environmental approvals Materiality assessment processIRO1; E1-SBM3Double materiality assessmentIn 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. Identifying  Stakeholder  Approval of  Future steps: integration, sustainability mattersengagementthe DMAmonitoring, and reviewThe Sustainability department ALK engaged with relevant Workshop results were The DMA is reviewed on an reviewed 2024 sustainability internal subject matter experts captured using a scoring tool annual basis, considering matters and conducted a through DMA workshops, to to assess the materiality of trends, business context, key peer analysis to identify gaps. review, assess, refine and each IRO, ensuring consistent supplier changes, and regu-Sustainability matters cover consolidate the IROs. The views and harmonised outcomes. lations. In cases where signif-ALK’s activities, business and perspectives of affected Each score included detailed icant changes occur in ALK’s relationships, affected stake-stakeholders are represented justifications for the rationale business model, value chain, or holders and key parts of the by proxy through the  behind the assessment. The methodology, a more in-depth value chain with significant knowledge of ALK’s internal final results were reviewed and review will be conducted to impact and relevance to ALK’s subject matter experts. validated by all subject matter reassess the materiality and business model. ALK's activi-experts. The DMA result was priorities.ties are screened at site level.presented and approved by the ELT, the Audit Committee and the Board of Directors.Materiality scoring approachThe 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.Material impacts, risks and opportunitiesSBM3; IRO2ALK’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 assessmentImpact materialDouble materialPollution  Water &amp; marine Climate change  Consumers and (E2)resources (E3)(E1)end-users (S4)Biodiversity &amp;  Circular economy Business conduct ecosystems (E4)(E5)(G1)Own workforce Workers in the  (S1)value chain (S2)Non materialFinancial materialAffected Communities (S3)Financial Materiality Environmental     Social     GovernanceEnvironmental informationClimate changeE1COe emissions across 2ALK’s value chain  Scope 1(market-based)Electricity    Scope 2&amp; district heating   Scope 3365 tCOe2Upstream transpor- Fuel &amp; energy  Direct energy Refrigerants Company fleet tation &amp; distribution related activities consumption 509 tCOe1,219 tCOe221,457 t COe3,306 tCOe3,058 tCOe222Purchased goods  Capital goods Employee  Waste generated  Business travel Downstream  End of life treatment  &amp; services 3,530 tCOecommuting in operations 1,861 tCOetransportation and of sold products 2247,16 4 t COe5,491 tCOe80 tCOedistribution 29 tCOe22223,593 tCOe2Upstream activities Downstream activitiesALK – Own operationsTransition planE1-1; E1-GOV3ALK recognises the need to address climate change in alignment with the goals of the ParisAgreement and has established greenhouse 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 leversthrough 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.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).-11% in 2025in carbon emissions from scope 1 and 2, compared to 2022Impacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROEmissions from own operationsALK generates greenhouse gas (GHG) emissions Actual ● ● ● ●through its direct operations, company fleet, use of negative refrigerants (scope 1) and purchased energy (scope impact2). These emissions contribute to climate change.Value chain emissionsALK's value chain generates GHG emissions from Actual ● ● ● ● ●purchased goods and services, capital goods, negative upstream and downstream transportation &amp; distri-impactbution, and business travel. These Scope 3 emissions contribute to climate change.Climate change and respiratory healthClimate change threatens respiratory health by Opportunity● ●extending pollen seasons, increasing airborne aller-gens and promoting mould growth. This represents a 1market opportunity for ALK.1    see Consumers and end-users on page 67Policies E1-2ALK’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).ActionsE1-3Own operationsWhile 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 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 chainIn 2025, ALK strengthened the quality of data underpinning value chain emissions. As part of a comprehensive vendor remediation exer-CO reduction roadmap – Scope 1 and 22 Increase Decrease42% reduction5,492 tCOe2Scope 1 and 23,185 t COe2Scope 1 and 22022Business  1. Decarbonising 2. Electrifying 3. Substituting 4. Transitioning 2030baselinegrowthboilersthe company refrigerant towards  targetfleetchemicals in renewable coolersenergycise, 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.TargetsE1-4ALK 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 tCOe, with 2scope 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.GHG emissions E1-3,5,6 Retrospective Target years% 2025 / Base year Annual % target / Science-based targets Unit2024 2025 20242022 2028 2030Base yearScope 1+2 (production sites)Total scope 1+2 (market-based) Tonnes COe -9% 4,883 5,384 5,492 3,18 5 -5%2Change in scope 1 &amp; 2 from a 2022 baseline % -11% -2% - -42%Scope 31Suppliers with science-based targets % Scope 3 emissions 15pp 50% 35%N/A 80% 13pp1 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 tCOe, leading to an 11% reduction 2compared to the 2022 science-based target baseline (2022: 5,492 tCOe). The electrifica-2tion of the boiler in France was the main driver of the reduction in direct energy emissions to 3,058 tCOe (2024: 3,325). In addition, the tran2sition to electrical company fleet lowered to 1,219 tCOe (2024: 1,383). The decommission 2of refrigerant equipment caused an unfore-seen leak, increasing refrigerants emissions to 509 tCOe (2024: 217). ALK’s market-based 2scope 2 emissions from the production sites decreased to 97 tCOe (2024: 459) following an 2updated emission factor.In 2025, the share of suppliers with science-based targets increased to 50% (2024: 35%).Total scope 1+2 (market-based)Tonnes COeq2- 42% (validated SBTi target)5,7095,4925,3844,8833,1852022 202322024 2025 2026 2027 2028 2029 20302 2023 figure are not covered by the Independent Auditor’s limited assurance report.Suppliers with science-based targets% scope 3 emissions80% (validated SBTi target)80%50%35%2024 2025 2026 2027 2028Base year  Scopes Unit 2025 20242022Scope 1Direct energy consumption Tonnes COe 3,058 3,325 3,3682Company fleet Tonnes COe 1,219 1,383 1,3552Refrigerants Tonnes COe 509 217 2352Tonnes COe 4,786 4,925 4,9582Scope 2Location-basedProduction sites Tonnes COe 5,456 6,423 5,8562Sales offices Tonnes COe 268 297 N/A2Tonnes COe 5,724 6,720 5,8562Market-basedProduction sites Tonnes COe 97 459 5342Sales offices Tonnes COe 268 297 N/A2Tonnes COe 365 756 5342Scope 3149,0 96Cat. 1. Purchased goods &amp; services Tonnes COe 47,16 4 48,694213,974Cat. 2. Capital goods Tonnes COe 3,530 3,397212,483Cat. 3. Fuel &amp; energy related activities Tonnes COe 3,306 3,365214,748Cat. 4. Upstream transportation &amp; distribution Tonnes COe 1,457 1,3932Cat. 5. Waste generated in operations Tonnes COe 80 89 1052Cat. 6. Business travel Tonnes COe 1,861 2,626 3,9952Cat. 7. Employee commuting Tonnes COe 5,491 5,696 5,72421313Cat. 9. Downstream transportation &amp; distribution Tonnes COe 3,593 3,14 82Cat. 12. End of life treatment of sold products Tonnes COe 29 28 372170,475Tonnes COe 66,511 68,4362Total emissions (location-based) Tonnes COe 77,021 80,081 81,2892Total emissions (market-based) Tonnes COe 71,662 74,117 75,9672GHG intensity (scope 1 and 2 market-based) Tonnes COe/DKKm 0.8 1.0 1.22GHG intensity (location-based) Tonnes COe/DKKm 12.2 14.5 18.02GHG intensity (market-based) Tonnes COe/DKKm 11.4 13.4 16.82Net revenue DKKm 6,312 5,537 4,511Bundled energy attribute claims % - - N/AUnbundled energy attribute claims % 88% 88% N/AGHG scope 3 calculated using primary data  % 16% 17% N/A1 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 tCO2e). 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 Refrigerants11%25%64%GHG intensity  (scope 1 and 2 market-based)Tonnes COeq/DKK21.21.21.00.82022 202322024 20252 2023 figures are not covered by the Independent Auditor’s limited assurance report.Energy consumption and mix  Unit 2025 2024Energy consumption from fossil sourcesFuel consumption from crude oil and petroleum products MWh 2,077 2,420Fuel consumption from natural gas MWh 13,816 14,524Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources MWh 9,0 94 10,14 8MWh 24,987 27,092Energy consumption from nuclear sourcesEnergy consumption from nuclear sources MWh 5,353 4,505MWh 5,353 4,505Energy consumption from renewable sourcesFuel consumption from renewable sources MWh - -Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources MWh 20,315 19,810MWh 20,315 19,810Total energy consumption MWh 50,655 51,407Share of renewable sources in total energy consumption % 40% 39%Energy intensity associated with activities in high climate impact sectors MWh/DKKm 8.0 9.3ALK'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.PollutionE2Impacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROUse of substances of concernAll chemicals used by ALK are regulated under the Actual ● ● ● ●Registration, Evaluation, Authorisation, and Restric-negative tion of Chemicals (REACH) Regulation. Some chemicals impactare 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.PoliciesE2-1ALK 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.ActionsE2-2ALK 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).TargetsE2-3ALK 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 procured3.0 tonnesSubstances of concern and substances of very high concernE2-5Unit 2025 2024Substances of concern procured Tonnes 3.0 5.0Substances of very high concern procured Tonnes 0.6 0.9WaterE3Impacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROWater consumption in production facilitiesThe consumption of water in production facilities can Actual ● ● ● ●contribute to local water scarcity, impacting avail-negative ability and increasing water costs for surrounding impactcommunities. Reduced water availability may also impact local ecosystems and agriculture and increase wildfire risks.Use of water in water-scarce regionsALK’s Madrid (Spain) production site operates in a Potential ● ● ● ●high-water stress area. Climate change and periodic negative droughts could further constrain water resources, impactpotentially affecting the local population.Policies E3-1ALK 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).ActionsE3-2Water 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.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 3 (2024: 312,773 m3for irrigation to 100,477 m). Water consumption3181,10 2  mThe remaining water consumption covers water for domestic use (production, drinking, 3sanitary) and decreased to 80,625 m (2024: 92,533), due to the upgrade of a purified watersystem. 15% of the domestic water use (2024: 12%) originates from the Madrid production site.TargetsE3-3ALK has not set global targets for reducing water consumption beyond local legal require-ments.Water consumption Irrigation Domestic water use Outside areas of high-water stress In areas of high water stress7%45%38%55%Water consumptionE3-4Unit 2025 2024Water consumption3Irrigation m100,477 312,7733Domestic water use m80,625 92,5333m181,102 405,3063Water consumption in areas of high-water stress m11,716 11,4953Water reused and recycled m11,886 18,6243Water intensity m/DKKm 28.7 73.2Biodiversity and ecosystemsE4Impacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROReliance on natural resources for production of active pharmaceutical ingredientsThe majority of ALK’s allergenic source materials – Actual ●●●●pollens, mites, moulds and insect venom – are sourced negative from nature on ALK’s own and leased land in North impactAmerica. These agricultural activities are not regener-ative or organic, and can negatively affect biodiversity and ecosystems. 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.Resource use and circular economyE5Impacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROUse of non-recycled paper, aluminium and single-use plasticThe pharmaceutical industry is highly regulated, Actual ●●●●requiring high standards for quality and sterility, which negative results in limited possibilities for circularity. The use of impactsingle-use plastic, aluminium containers and non-recy-cled paper in production have environmental impacts during manufacturing and disposal.Operational waste partly disposed in landfillsSome of ALK’s operational waste goes to landfills due Actual ● ● ●to limited recycling facilities in certain regions. The negative extent varies depending on local waste management impactinfrastructure and regional regulations.End of life of productsEnd-of-life management of ALK products also differs Actual ● ● ● ●by region, with recycling infrastructure for medical negative products remaining limited in some countries. This impacthinders the recovery of the recyclable components in ALK products.Policies E5-1To 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.ActionsE5-2Waste 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 E5-3To 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.WasteE5-4,5Total 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. 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).2025 2024Non- Non- Unit Hazardoushazardous Total Hazardoushazardous TotalWaste reused or recycledPreparation for reuse Tonnes 32 932 964 24 1,384 1,408Recycling  Tonnes 162 450 612 221 708 929Tonnes 194 1,382 1,576 245 2,092 2,337Waste incinerated or landfilledIncineration Tonnes 162 222 384 158 245 403Landfill Tonnes - 136 136 1 141 142Tonnes 162 358 520 159 386 545Non-recycled waste % 46% 21% 25% 39% 16% 19%Total waste generated Tonnes 356 1,740 2,096 404 2,478 2,882ALK 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.Waste  Preparation for reuse Recycling Incineration Landfill7%18%46%29%Accounting policies – Environmental informationThe 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.CoverageEnvironmental 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 mixEnergy 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 damagedand 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 renewablepower, 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, ensuringreliability and uniformity in reporting and calculations.GHG emissionsGHG 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 1Direct energy consumptionGHG 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 emission factors from UK Government GHG 2Conversions 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 fleetCompany fleet emissions are calculated from actual or contracted annual mileage. Average passenger vehicle emission factors are taken from UK Depart-ment for Environment, Food &amp; 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 2Production sitesScope 2 emissions comprise COe emissions from 2purchased 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 emission factors from UK Government GHG Conver-2sions 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 officesGHG 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 &amp; 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 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 targetsScope 1+2 targetGHG 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 targetsThe 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).PollutionSoCs 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 consumptionWater 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. 3Water consumption is reported in m 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 storageALK does not store water.Water consumption in areas of high-water stressThis corresponds to water consumption at ALK’s Madrid (Spain) production site.Water reused and recycledOnly 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 calculationsNet 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.Social informationOwn workforce S1ALK 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 informationPoliciesS1-1ALK 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 Corporateculture on pages 72-73.Processes for engagement and remediationS1-2, 3Through 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 &amp; 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 &amp; 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.Competence developmentImpacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROCompetence developmentAs ALK’s business develops and new competences Potential ● ● ● ●are required, employees need to continually develop negative their skills. Individual development plans, linked to job impactcontent and performance goals, promote continuous learning and skill building, ensuring employees can meet current and future job expectations.Processes to remediateS1-3ALK has a dedicated team within Global Peopleand 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.ActionsS1-4In 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.Participation in performance reviews92%Training and skills developmentS1-13Unit 2025 2024Participation in performance reviewsMale % 93% 91%Female % 91% 94%Chooses not to self identify % 67% 100%Number of performance reviews per employee  # 1:1 1:1Total participation % 92% 93%Inclusive cultureImpacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROInclusive cultureAt ALK, fostering an inclusive culture is essential Potential ● ● ● ●for effectively addressing the diverse needs of negative patients and partners. A lack of inclusivity may hinder impactemployees' ability to thrive and perform, which in turn can limit ALK’s potential for innovation.PoliciesS1-1In addition to the Code of Conduct, which addresses human rights and harassment, ALK’s Diversity &amp; Inclusion (D&amp;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 ALKemployees. 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&amp;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&amp;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. ActionsS1-4ALK’s Global People &amp; Organisation function is responsible for the D&amp;I strategy and activities.In 2025, the D&amp;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.TargetsS1-5ALK 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. Diversity and remunerationS1- 9, 16Executive Leadership Team and their direct reports in managerial positions Unit 2025 2024Male Headcount 34 26Female Headcount 21 21Headcount 55 47Percentage of underrepresented gender % 38% 45%Diversity metrics Unit 2025 2024Age distributionUnder 30 years old Headcount 301 N/A30-50 years old Headcount 1,539 N/AOver 50 years old Headcount 871 N/AHeadcount 2,711 2,812Gender distributionMale Headcount 999 1,065Female Headcount 1,709 1,743Chooses not to self identify Headcount 3 4Headcount 2,711 2,812Percentage of females in total workforce % 63% 62%Remuneration metrics Unit 2025 2024CEO annual compensation ratio Times 33 331Unadjusted gender pay gap% 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 positionsHealth and safetyImpacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROWorkplace accidentsEmployees - particularly those in farming and produc-Actual ● ● ● ●tion – may be at risk of workplace accidents that can negative cause physical injury and harm mental wellbeing.impactPoliciesS1-1Health 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 Corporateculture on pages 72-73.Work-related accidents with absence Work-related accidents with absence Lost Time Injury Frequency Rate (LTIFR)641.51.02024 2025Actions and processes for remediationS1-3, 4ALK 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 preventivemeasures, 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 monitoredin 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.Work-related accident rate1.0Health and safetyS1-14Unit 2025 2024Employees covered by health &amp; safety  management system % 78% 74%Work-related accidents # 78 112Work-related accidents with absence # 4 6Work-related accidents with absence rate 1.0 1.5Fatalities as a result of work-related incident # - -General metricsEmployee characteristicsS1-6Number of employees per country Unit 2025 2024EuropeDenmark Headcount 969 942France Headcount 363 357Germany Headcount 143 137Poland Headcount 106 96Spain Headcount 391 364Other Europe Headcount 189 170Headcount 2,161 2,066North AmericaUSA Headcount 503 547Other North America Headcount 30 21Headcount 533 568International marketsInternational markets Headcount 17 178Headcount 17 178Total number of employees Headcount 2,711 2,812Employee turnover Unit 2025 2024Employee turnover Headcount 322 463Rate of employee turnover % 12% 17%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 primarilyrelates 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 Allergystrategy.    See Incorporation by reference on page 77.Employee turnover12%2025 2024Chooses not to Chooses not to Employees by contract type and gender Unit Male Femaleself identify Total Male Femaleself identify TotalPermanent employees Headcount 970 1,640 3 2,613 970 1,601 3 2,574Temporary employees Headcount 29 69 - 98 95 142 1 238Total employees Headcount 999 1,709 3 2 ,711 1,065 1,743 4 2,812Non-guaranteed hours employees Headcount 12 19 - 31 15 20 - 35Workers in the value chainS2Impacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROHuman rights and Health and Safety issues in  the value chainALK works with suppliers worldwide, including in Potential ●●●●●regions and sectors where human rights risks and negative weaker health and safety protections may exist. Value impactchain workers - particularly those handling hazardous substances, working in transport, or managing hazardous waste - may face elevated health and safety risks.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.PoliciesS2-1ALK’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.Processes for engagementS2-2While 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 remediationS2-3Value 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.ActionsS2-4ALK 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).TargetsS2-5ALK 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.Consumers and end-usersS4Impacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROAllergy treatmentHelping more people with allergies is at the core of Actual ● ● ● ●+ALK’s Allergy strategy. ALK’s allergy treatments positive significantly improve patients' quality of life and impactpersonal wellbeing by addressing a wide range of allergies, including potentially life-threatening condi-tions like anaphylaxis and insect venom reactions.Barriers to accessAllergy treatment must be prescribed by a healthcare Potential ● ● ● ●professional (HCP), and is often not prioritised by negative healthcare systems, creating barriers for patients.impactProduct safety and qualityAny disruptions in ALK's processes to manage product Potential ● ● ● ●safety and quality could lead to patients taking unsuit-negative able medication or forgoing beneficial treatments.impactAffordabilityInequality in access to health is a systemic problem Actual ● ● ● ●among and within countries. People living with aller-negative gies might not be able to afford allergy treatment. This impactwould have long-lasting negative effect on their health and wellbeing.Location in  Timethe value chainhorizonIROInnovationBy introducing new products through ongoing drug Opportunity● ● ●discoveries and clinical trial approvals, ALK can further expand market opportunities and support even more patients.Climate change and respiratory healthClimate change threatens respiratory health by Opportunity● ●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. 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.PoliciesS4-1Access to Medicines policyThe 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 Allergystrategy. 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 policyALK’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 engagementS4-2ALK 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.Processes to remediateS4-3ALK 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 &amp; 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.ActionsS4-42025 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, coverin80% of the most common respiratory allergies,available for children, adolescents, and adultsin 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 through training sessions, targeted newsletters, large multi-market webinars, and enhanced healthcare professional portals offering prac-tical tools and educational resources.TargetsS4-5ALK 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). Patients in treatment with ALK products ~3.1 millionIn 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 treatmentS1-14Unit 2025 2024Patients in treatment million 3.1 2.6Number of patients in treatmentMillion patients (estimated)5.03.12.62024 2025 2026 2027 2028 2029 2030Accounting policies – Social informationThe 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 workforceTraining 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 metricsCEO annual compensation ratioCEO 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 metricsWork-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 characteristicsWorkforce is defined as all ALK employees who stare on payroll as of 31 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.Consumers and end-usersNumber 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.Governance informationBusiness conduct G1ALK 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.  Information about corporate governance can be found on page 29.Corporate cultureImpacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROBreaches of legal and ethical standardsNon-compliance with applicable regulation and legis-Risk● ● ● ● ● ●lation, or ALK’s Code of Conduct, could lead to severe penalties, fines, legal battles, and damage to ALK’s reputation.PoliciesG1-1ALK'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 ConductThe 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.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-CorruptionThe 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 policyThe 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 &amp; Compliance department has day-to-day operational responsibility for the policy.Third-Party Code of ConductIn parallel with the policies applicable to ALK’s employees, expectations for business partnersare outlined in the Third-Party Code of Conductwhich covers ALK’s upstream and downstreamvalue 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 awarenessG1-3,4Training 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 accordancewith 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 completion99%employees, including members of the Execu-tive Leadership Team and employee representatives 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 G1-1,3ALK has established a whistleblowing system, ALK Alertline, which is accessible to internal and external stakeholders via ALK’s intranet Unit 2025 2024Training and awareness1Code of Conduct training completion% 99% 98%ALK AlertlineWork-related discrimination reports registered on Alertline # 2 1Reports of other work-related complaints # - 3Amount of fines, penalties and compensation for damages as a result of work-related complaints DKKm - -Severe human rights incidentsSevere human rights incidents # - -Amount of fines, penalties, and compensation for damages for severe human rights incidents DKKm - -Anti-corruption and briberyConvictions 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%).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 &amp; 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 &amp; 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 &amp; 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.MetricsG1-4, S1-17In 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.Animal welfareImpacts, risks and opportunitiesLocation in  TimeSBM3the value chainhorizonIROAnimal welfareALK conducts animal testing to ensure its medicines Actual ● ● ● ●are safe and effective, using animals only when alter-negative native models are insufficient. Experiments using impactmouse allergy models, in which mice are administered test substances like allergens or new treatments, are conducted at internal R&amp;D facilities or at external partner’s facilities. Negative impacts on the animals include handling, injections, captivity and euthanasia.Animal welfare policyG1-1In 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 &amp; 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.Accounting policies – Governance informationThe 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.AlertlineALK 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 briberyBribery 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).AppendixIncorporation by referenceBP2The table below provides an overview of all incorporations by reference as part of other sections of this annual report.Disclosed  ESRS Disclosure requirement Incorporation by referenceon pageESRS 2-BP2-16See this table for the list of incorporation by reference and phased-in 77datapoints.ESRS 2-GOV1-21(a, b, d, e)Composition, diversity and independence of Board of See Corporate matters, section “Corporate governance and owner-30Directorsship”, subsection table “Composition of the Board of Directors”.ESRS 2-GOV1-23(a, b)Sustainability-related expertise and business conduct-re-See Corporate matters, section “Corporate governance and owner-30G1-GOV1-5(a, b)lated role of Board of Directorsship”, subsection “Competency matrix for the Board of Directors”, first paragraph.ESRS 2-GOV1-21cExperience of Board of Directors' members relevant to See Corporate matters, section “Board of Directors”, subheadings 33-34ALK's sectors, products and geographic locations“Competencies” and “Directorships”.ESRS 2-GOV3Integration of sustainability-related performance in See Corporate matters, section “Corporate governance and owner-30-31E1- GOV 3-13incentive schemesship”, subsection “Remuneration”, subheading “Highlights of the remuneration report 2025”.ESRS 2-GOV4-32Statement on due diligence See appendix “Core elements of due diligence”. 78ESRS 2-SBM1-40(a.i, a.ii, f)Current significant products, significant markets and See Financial performance, section “Sales and market trends”, 20customer groupstables “Revenue by geography” and “Revenue by product line”.ESRS 2-SBM1-40eSustainability-related goals in terms of significant groups See Introduction, section “Sustainability highlights”, lead para-10of products, customer categories, geographical areas graph.and relationships with stakeholdersESRS 2-SBM1-42(a,b,c)Business model and value chain See Introduction, section “Business model”, model “Business and 8value chain”.ESRS 2-IRO2-56Content index of ESRS disclosure requirements; List of See appendices “Content index of ESRS disclosure requirements” 78-82datapoints that derive from other EU legislationand “List of datapoints that derive from other EU legislation”.E1-3-29c.iCapEx and OpEx investment required to implement Included in Financial statements, section “Consolidated finan-87; 103actions taken or plannedcial statements”, Income statement; and subsection “Notes”, subheading “Section 3 – Operating assets and liability”, note 3.2.S1-6-50fMost representative number corresponding to the total See in Financial statements, section “Consolidated financial state-96number of employeesments, subsection “Notes”, subheading “Section 2 – Results for the year”, note 2.4, Number year end (FTE).EU Taxonomy turnover, CapEx and OpEx See appendix “EU Taxonomy” 83-84Phased-in Disclosure RequirementsESRS 2-SBM1-48b,cRevenue by ESRS SectorsESRS 2-SBM3-48eAnticipated financial effectsE1-9Anticipated financial effects from material physical and transition risks and potential climate-related opportu-nitiesE4Biodiversity and EcosystemsS1-7Characteristics of non-em-ployees in the undertaking’s own workforceS1-13-83bAverage training time per employee and by genderS1-14-88dCases of work-related illnessS1-14-88eLost time due to work-related injuries, fatalities, and illnessCore elements of due diligenceGOV4The 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 Pagea) Embedding due diligence Sustainability governance 39-40in governance, strategy Material impacts, risks and opportunities 43and business modelEnvironmental information 44-58Social information 59-71Governance information 72-76b) Engaging with affected Sustainability governance 39-40stakeholders in all key steps Stakeholder engagement 41of the due diligenceMateriality assessment process 42Environmental information 44-58Social information 59-71c) Identifying and assessing Materiality assessment process 42adverse impactsMaterial impacts, risks and opportunities 43Environmental information 44-58Social information 59-71Governance information 72-76d) Taking actions to Environmental information 44-58address those adverse Social information 59-71impactsGovernance information 72-76e) Tracking effectiveness of Environmental information 44-58these efforts and commu-Social information 59-71nicatingGovernance information 72-76Content index of ESRS disclosure requirementsThe 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 statementIRO2Disclosure Requirement Description PageESRS 2General DisclosuresBP-1General basis for preparation of the sustainability statement 38BP-2Disclosures in relation to specific circumstances 38; 77GOV-1The role of the administrative, management and supervisory bodies 30; 33-34; 39GOV-2Information provided to and sustainability matters addressed by the under-39; 43taking’s administrative, management and supervisory bodiesGOV-3Integration of sustainability-related performance in incentive schemes 30 -31; 39GOV-4Statement on due diligence 40; 78GOV-5Risk management and internal controls over sustainability reporting 40SBM-1Strategy, business model and value chain 8; 10; 20; 41; 64SBM-2Interests and views of stakeholders 41; 42SBM-3Material impacts, risks and opportunities and their interaction with strategy 43; 45; and business model50-51; 53-54; 60-61; 63; 65; 67; 72; 75IRO-1Description of the processes to identify and assess material impacts, risks 42and opportunitiesIRO-2Disclosure Requirements in ESRS covered by the undertaking’s sustaina-43; 78-82bility statementDisclosure Requirement Description PageE1Climate changeGOV-3-E1Integration of sustainability-related performance in incentive schemes 30-31; 39; 44-45E1-1Transition plan for climate change mitigation 44-46; 56SBM-3-E1Material impacts, risks and opportunities and their interaction with strategy 42; 45and business modelIRO-1-E1Description of the processes to identify and assess material climate- 42related impacts, risks and opportunitiesE1-2Policies related to climate change mitigation and adaptation 45E1-3Actions and resources in relation to climate change policies 45-47; 87; 103E1-4Targets related to climate change mitigation and adaptation 46-49E1-5Energy consumption and mix 47-49E1-6Gross Scopes 1, 2, 3 and Total GHG emissions 47-49E2PollutionIRO-1-E2Description of the processes to identify and assess material pollution- 42related impacts, risks and opportunitiesE2-1Policies related to pollution 50E2-2Actions and resources related to pollution 50E2-3Targets related to pollution 50E2-5Substances of concern and substances of very high concern 50E3Water and Marine ResourcesIRO-1-E3Description of the processes to identify and assess material water and 42marine resources-related impacts, risks and opportunitiesE3-1Policies related to water and marine resources 51E3-2Actions and resources related to water and marine resources 51-52E3-3Targets related to water and marine resources 52E3-4Water consumption 52Disclosure Requirement Description PageE4Biodiversity and ecosystemsE4-1Transition plan and consideration of biodiversity and ecosystems in Phase-instrategy and business modelSBM-3-E4Material impacts, risks and opportunities and their interaction with strategy Phase-inand business modelIRO-1-E4Description of processes to identify and assess material biodiversity and Phase-inecosystem-related impacts, risks dependencies and opportunitiesE4-2Policies related to biodiversity and ecosystems Phase-inE4-3Actions and resources related to biodiversity and ecosystems Phase-inE4-4Targets related to biodiversity and ecosystems Phase-inE5Resource Use and Circular EconomyIRO-1-E5Description of the processes to identify and assess material resource use 42and circular economy-related impacts, risks and opportunitiesE5-1Policies related to resource use and circular economy 54E5-2Actions and resources related to resource use and circular economy 54E5-3Targets related to resource use and circular economy 54E5-4Resource inflows 55E5-5Resource outflows 55Disclosure Requirement Description PageS1Own workforceSBM-2-S1Interests and views of stakeholders 41SBM-3-S1Material impacts, risks and opportunities and their interaction with strategy 60; 61; 63and business modelS1-1Policies related to own workforce 59; 61; 63; 72-73S1-2Processes for engaging with own workforce and workers' representatives 59about impactsS1-3Processes to remediate negative impacts and channels for own workforce 59; 60; 63to raise concernsS1-4Taking action on material impacts on own workforce, and approaches to 60; 61; 63mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actionsS1-5Targets related to managing material negative impacts, advancing positive 61impacts, and managing material risks and opportunitiesS1-6Characteristics of the undertaking’s employees 64; 96S1-9Diversity metrics 62S1-13Training and skills development metrics 60S1-14Health and safety metrics 63S1-16Remuneration metrics (pay gap and total remuneration) 62S1-17Incidents, complaints and severe human rights impacts 63; 74S2Workers in the Value ChainSBM-2-S2Interests and views of stakeholders 41SBM-3-S2Material impacts, risks and opportunities and their interaction with strategy 65and business modelS2-1Policies related to value chain workers 65S2-2Processes for engaging with value chain workers about impacts 66S2-3Processes to remediate negative impacts and channels for value chain 66workers to raise concernsS2-4Taking action on material impacts on value chain workers, and approaches 66; 74to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actionsS2-5Targets related to managing material negative impacts, advancing positive 66impacts, and managing material risks and opportunitiesDisclosure Requirement Description PageS4Consumers and End-usersSBM-2-S4Interests and views of stakeholders 41SBM-3-S4Material impacts, risks and opportunities and their interaction with strategy 67and business modelS4-1Policies related to consumers and end-users 68S4-2Processes for engaging with consumers and end-users about impacts 68; 41S4-3Processes to remediate negative impacts and channels for consumers and 69; 74end-users to raise concernsS4-4Taking action on material impacts on consumers and end-users, and 69approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actionsS4-5Targets related to managing material negative impacts, advancing positive 69impacts, and managing material risks and opportunitiesG1Business ConductSBM-3-G1Material impacts, risks and opportunities and their interaction with strategy 72; 75and business modelGOV-1- G1The role of the administrative, management and supervisory bodies 30IRO-1-G1Description of the processes to identify and assess material impacts, risks 42and opportunitiesG1-1Business conduct policies and corporate culture 65; 72-74G1-3Prevention and detection of corruption and bribery 73-74G1-4Incidents of corruption or bribery 73-74List of datapoints that derive from other EU legislationIRO2The 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  PageESRS 2General disclosures21 (d)Board's gender diversity  3021 (e)Percentage of board members who are independent 3030Statement on due diligence 7840 (d) iInvolvement in activities related to fossil fuel activities Not material40 (d) iiInvolvement in activities related to chemical production Not material40 (d) iiiInvolvement in activities related to controversial weapons Not material40 (d) ivInvolvement in activities related to cultivation and production of tobacco Not materialE1Climate change14Transition plan to reach climate neutrality by 2050 44-4516 (g)Undertakings excluded from Paris-aligned Benchmarks 4534GHG emission reduction targets 4638Energy consumption from fossil sources disaggregated by sources (only high 49climate impact sectors)37Energy consumption and mix 4940-43Energy intensity associated with activities in high climate impact sectors 4944Gross Scope 1, 2, 3 and Total GHG emissions 4853-55Gross GHG emissions intensity  4856GHG removals and carbon credits Not material66Exposure of the benchmark portfolio to climate-related physical risks Phase-in66 (a)Disaggregation of monetary amounts by acute and chronic physical risk Phase-in66 (c)Location of significant assets at material physical risk Phase-in67 (c)Breakdown of the carrying value of its real estate assets by energy-efficiency Phase-inclasses69Degree of exposure of the portfolio to climate- related opportunities Phase-inDatapoints that derive from other EU legislation  PageE2Pollution28Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Not materialPollutant Release and Transfer Register) emitted to air, water and soilE3Water9Water and marine resources 5113Dedicated policy 5114Sustainable oceans and seas Not material28 (c)Total water recycled and reused 52293Total water consumption in m  per net revenue on own operations 52E4Biodiversity16 (a) iActivities negatively affecting biodiversity-sensitive areas Phase-in16 (b)Impacts related to land degradation, desertification or soil sealing Phase-in16 (c)Operations affecting threatened species Phase-in24 (b)Sustainable land / agriculture practices or policies Phase-in24 (c)Sustainable oceans / seas practices or policies Phase-in24 (d)Policies to address deforestation Phase-inE5Resource use and circular economy37 (d)Non-recycled waste  5539Hazardous waste and radioactive waste 55Datapoints that derive from other EU legislation  PageS1Own workforce14 (f)Risk of incidents of forced labour Not material14 (g)Risk of incidents of child labour  Not material20Human rights policy commitments 5921Due diligence policies on issues addressed by the fundamental International 59Labor Organisation Conventions 1 to 822Processes and measures for preventing trafficking in human beings 5923Workplace accident prevention policy or management system 6332 (c)Grievance/complaints handling mechanisms 59; 7488 (b) and (c)Number of fatalities and number and rate of work- related accidents 6388 (e)Number of days lost to injuries, accidents, fatalities or illness Phase-in97 (a)Unadjusted gender pay gap 6297 (b)Excessive CEO pay ratio 62103 (a)Incidents of discrimination 63; 74104 (a)Non-respect of UNGPs on Business and Human Rights and OECD 63; 74S2Workers in the value chain11 (b)Significant risk of child labour or forced labour in the value chain 6517Human rights policy commitments 6518Policies related to value chain workers 6519Non-respect of UNGPs on Business and Human Rights principles and OECD 65guidelines19Due diligence policies on issues addressed by the fundamental International 65Labor Organisation Conventions 1 to 836Human rights issues and incidents connected to its upstream and down-66; 74stream value chainDatapoints that derive from other EU legislation  PageS3Affected communities16Human rights policy commitments Not material17Non-respect of UNGPs on Business and Human Rights, ILO principles or and Not materialOECD guidelines36Human rights issues and incidents Not materialS4Consumers and end-users16Policies related to consumers and end-users 6817Non-respect of UNGPs on Business and Human Rights and OECD guidelines 6835Human rights issues and incidents Not materialG1Business conduct10 (b)United Nations Convention against Corruption Not material10 (d)Protection of whistle-blowers Not material24 (a)Fines for violation of anti-corruption and anti-bribery laws 7424 (b)Standards of anti-corruption and anti- bribery 74</mrv:SustainabilityReport>
   <mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f1__s11__7__11">https://ir.alk.net/corporate-governance</mrv:LinkToCorporateGovernanceReport>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f1__s11__7__23" xml:lang="en">Data ethicsALK processes data from clinical trials, R&amp;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.</mrv:StatementOfPolicyForDataEthics>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s11__7__24-1" xml:lang="en">Disclosures stemming from other legislationInformation 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).In addition to the Code of Conduct, which addresses human rights and harassment, ALK’s Diversity &amp; Inclusion (D&amp;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 ALKemployees. 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&amp;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&amp;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. ActionsS1-4ALK’s Global People &amp; Organisation function is responsible for the D&amp;I strategy and activities.In 2025, the D&amp;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.TargetsS1-5ALK has set a target to have at least 40% of the underrepresented gender in the ELT and their direct reports in managerial positions,</mrv:StatementOfTheDiversityPolicies>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s11__7__9-1" xml:lang="en">EU TaxonomyUnder 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 2025ALK 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 2025Breakdown by environmental objectives of  Financial year 2025Taxonomy aligned activitiesProportion Propotion of Proportion Not assessed Taxonomy of Taxonomy Taxonomy Taxonomy of Taxonomy Mitigation Adaptation Proportion Proportion of activities aligned activi-aligned activi-eligible aligned aligned Climate Climate Economy of enabling transitional considered ties in previous ties in previous KPI  Total  activities activities  activities  Change  Change  Water  Circular  Pollution  Biodiversity  activities  activities  non-material  financial year financial year (1)(2)(3)(4)(5)(6)(7) (8)(9)(10)(11)(12)(13)(14)20242024DKKm % 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%EU Taxonomy Taxonomy turnoverProportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering year 2025Reported KPI TurnoverFinancial year 2025 Environmental objective of Taxonomy aligned activitiesTaxonomy aligned Taxonomy eligible Taxonomy aligned KPI (Proportion of Proportion of KPI (Proportion of KPI (monetary value Taxonomy aligned Mitigation Adaptation Taxonomy aligned Taxonomy eligible of Turnover / CapEx Turnover. CapEx. Climate Climate Circular Enabling  Transitional  in Taxonomy Economic ActivitiesCode  Turnover)  / OpEx)  OpEx  Change  Change  Water  Economy  Pollution  Biodiversity  activity  activity  eligible  (1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13)(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 CapExProportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering year 2025Reported KPI CapExFinancial year 2025 Environmental objective of Taxonomy aligned activitiesTaxonomy eligible Taxonomy aligned Taxonomy aligned Proportion of KPI (Proportion of KPI (monetary value KPI (Proportion of Mitigation Adaptation Taxonomy aligned Taxonomy eligible of Turnover / CapEx Taxonomy aligned Climate Climate Circular Enabling  Transitional  in Taxonomy Economic ActivitiesCode  CapEx)  / OpEx)  Turnover, CapEx, Change  Change  Water  Economy  Pollution  Biodiversity  activity  activity  eligible  (1)(2)(3)(4)OpEx (5)(6)(7)(8)(9)(10)(11)(12)(13)(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%Taxonomy OpExProportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering year 2025Reported KPI OpExFinancial year 2025 Environmental objective of Taxonomy aligned activitiesTaxonomy eligible Taxonomy aligned Taxonomy aligned Proportion of KPI (Proportion of KPI (monetary value KPI (Proportion of Mitigation Adaptation Taxonomy aligned Taxonomy eligible of Turnover / CapEx Taxonomy aligned Climate Climate Circular Enabling  Transitional  in Taxonomy Economic ActivitiesCode  CapEx)  / OpEx)  Turnover, CapEx, Change  Change  Water  Economy  Pollution  Biodiversity  activity  activity  eligible  (1)(2)(3)(4)OpEx (5)(6)(7)(8)(9)(10)(11)(12)(13)(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 policiesThe 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.</mrv:DescriptionofTheTaxonomyRegulation>
   <gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="f1__s11__7__45" xml:lang="en">ALK-Abelló A/S</gsd:NameOfSubmittingEnterprise>
   <gsd:NameOfReportingEntity contextRef="ctx-1" id="f1__s11__7__38" xml:lang="en">ALK-Abelló A/S</gsd:NameOfReportingEntity>
   <gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" id="f1__s11__7__46" xml:lang="en">Bøge Allé 6-8</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
   <gsd:AddressOfReportingEntityStreetName contextRef="ctx-1" id="f1__s11__7__40" xml:lang="en">Bøge Allé</gsd:AddressOfReportingEntityStreetName>
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   <gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="f1__s11__7__47" xml:lang="en">2970 Hørsholm</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
   <gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-1" id="f1__s11__7__42" xml:lang="en">2970</gsd:AddressOfReportingEntityPostCodeIdentifier>
   <gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" id="f1__s11__7__43" xml:lang="en">Hørsholm</gsd:AddressOfReportingEntityDistrictName>
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                                 id="f1__s11__8__89"
                                 unitRef="pure">2789</fsa:AverageNumberOfEmployees>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s11__7__208" xml:lang="en">Statement by Management on the annual reportThe 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.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f1__s11__7__209" xml:lang="en">Hørsholm</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f1__s11__7__210">2026-02-20</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-25" id="f1__s11__7__211" xml:lang="en">Peter Halling</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-26" id="f1__s11__7__213" xml:lang="en">Claus Steensen Sølje</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-25" id="f1__s11__7__212" xml:lang="en">President &amp; CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-26" id="f1__s11__7__214" xml:lang="en">Executive Vice President   &amp; CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-27" id="f1__s11__7__215" xml:lang="en">Henriette Mersebach</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-27" id="f1__s11__7__216" xml:lang="en">Executive Vice President,    Research &amp; Development</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-28" id="f1__s11__7__217" xml:lang="en">Anders Hedegaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f1__s11__7__219" xml:lang="en">Lene Skole</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-28" id="f1__s11__7__218" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f1__s11__7__220" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-30" id="f1__s11__7__221" xml:lang="en">Gitte Aabo</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f1__s11__7__223" xml:lang="en">Lars Holmqvist</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f1__s11__7__225" xml:lang="en">Jesper Høiland</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" id="f1__s11__7__226" xml:lang="en">Bertil Lindmark</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-34" id="f1__s11__7__227" xml:lang="en">Alan Main</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-35" id="f1__s11__7__228" xml:lang="en">Katja Barnkob</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" id="f1__s11__7__229" xml:lang="en">Nanna Rassov Carlson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-37" id="f1__s11__7__230" xml:lang="en">Lise Lund Mærkedahl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" id="f1__s11__7__231" xml:lang="en">Johan Smedsrud</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s11__7__234" xml:lang="en">To the shareholders of ALK-Abelló A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:AuditorsReportOnFinancialStatements contextRef="ctx-1" id="f1__s11__7__235" xml:lang="en">Report on the audit of  the Financial Statements</arr:AuditorsReportOnFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s11__7__236" xml:lang="en">Our opinionIn 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 auditedThe 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”.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s11__7__237" xml:lang="en">Basis for opinionWe 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.IndependenceWe 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 alsofulfilled 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.AppointmentWe 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.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s11__7__238" xml:lang="en">Key audit mattersKey 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 matterRevenue recognitionThe 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.How our audit addressed  the key audit matterWe 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.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s11__7__239" xml:lang="en">Statement on Management’s ReviewManagement 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.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s11__7__240" xml:lang="en">Management’s responsibilities for  the Financial StatementsManagement 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, mattersrelated 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.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s11__7__241" xml:lang="en">Auditor’s responsibilities for the audit of  the Financial StatementsOur 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 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.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s11__7__242" xml:lang="en">Report on compliance with  the ESEF RegulationAs 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.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f1__s11__7__243" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s11__7__244">2026-02-20</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-40" id="f1__s11__7__250" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-39" id="f1__s11__7__245" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-39" id="f1__s11__7__246">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-40" id="f1__s11__7__251">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-39" id="f1__s11__7__247" xml:lang="en">Lars Baungaard</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-39" id="f1__s11__7__248" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-39" id="f1__s11__7__249">mne23331</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-40" id="f1__s11__7__252" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-40" id="f1__s11__7__253" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-40" id="f1__s11__7__254">mne33251</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f1__s11__7__257" xml:lang="en">Independent auditor’s limited assurance report on the Sustainability StatementTo the stakeholders of ALK-Abelló A/SLimited assurance conclusionWe 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 managementWe 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 StatementManagement 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. Inherent limitations in preparing the Sustaina-bility StatementIn 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 engagementOur 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 performedA 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.</arr:AuditorsReportOnSubstainabilityReport>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f1__s11__7__258" xml:lang="en">To the stakeholders of ALK-Abelló A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f1__s11__7__259" xml:lang="en">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”).</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f1__s11__7__260" xml:lang="en">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”).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f1__s11__7__261" xml:lang="en">Auditor’s responsibilities for the assurance engagementOur 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.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f1__s11__7__264" xml:lang="en">Hellerup</arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f1__s11__7__265">2026-02-20</arr:SignatureOfSubstainabilityAuditorsDate>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-42" id="f1__s11__7__276" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-41" id="f1__s11__7__270" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-41" id="f1__s11__7__271">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
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   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-41" id="f1__s11__7__267" xml:lang="en">Lars Baungaard</cmn:NameAndSurnameOfSubstainabilityAuditor>
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   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-41" id="f1__s11__7__269">mne23331</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-42" id="f1__s11__7__273" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-42" id="f1__s11__7__274" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-42" id="f1__s11__7__275">mne33251</cmn:fIdentificationNumberOfSubstainabilityAuditor>
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   <gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="f1__s1__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
   <cmn:TypeOfAuditorAssistance contextRef="ctx-1" id="f1__s1__72__16">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
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   <gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f1__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
   <gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f1__s1__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
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   <fsa:ClassOfReportingEntity contextRef="ctx-1" id="f1__s1__72__43">Reporting class D</fsa:ClassOfReportingEntity>
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