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Hello, and welcome to the presentation of ALK's Q4 and full year 2025 results. My name is Per Plotnikoff. I'm head of investor relations, and thank you all for joining. On slide two, I will present the speakers and agenda for this call. And with me today are CEO Peter Halling and CFO Claus Steensen Sølje. Peter and Claus will walk you through the Q4 and full year highlights, market and product trends, as well as the full year financial performance. Then we will provide an update on the strategic progress and priorities before presenting our outlook for 2026. As usual, we will end with a Q&A session. And to get us started, I'll hand you over to Peter and slide number three. Please go ahead, Peter.

Thank you, Peter. And thank you all for joining the call. We delivered a solid performance in the fourth quarter, leading us to end 2025 at the very top end of our latest outlook. So let me start out by highlighting three key strategic developments in the quarter. Firstly, the pediatric rollout of our house dust mite and tree pollen tablets, Acarisax and Etudasax, provides wider access to prescribers in key markets and continue to perform very well. Secondly, the European rollout of Euronefi, or just Nefi, continues following our initial launch in Germany in late June. At the end of 2025, Euronefi achieved an 18% value share in Germany. And since then, we have now also launched in the UK. And by year end, market access was also in place in Greece, Denmark, Slovenia, with launches expected shortly. While we are still in the early phases, the initial market response to Nefi supports the product's long-term potential. At the same time, established clinical practices still favor traditional anaphylaxis treatments, and we will continue working diligently with the medical communities to drive adaption. Most recently, we received a positive opinion in late January from the European authorities for the approval of the one milligram version of your NEFI for emergency treatment of anaphylaxis in children weighing 15 to 30 kilo. Thirdly, we continue to make good progress across our existing and newly established partnerships in China, Japan and the US, both in terms of execution and preparing additional activities for 2026. These developments will be covered later in the slides. Now, turning to the financials. Revenue in Q4 increased by 17%, driven by strong performance across all geographies and with tablets in Europe and in the Flaxes as key drivers. EBIT increased by 88% with a margin of 22%, as expected, reflecting continuous strategic investments in commercial initiatives to support future growth and innovation across markets. With that, I will now move to the full year picture on slide four. 2025 became a landmark year for ELK, and we clearly exceeded our initial expectations for the financial performance. Revenue grew by 15% in local currencies to 6.3 million DKK, which is 1 billion US dollars, driven by double-digit growth across our sales regions, And importantly, we are proud that we also hit our long-standing target of 25 in 25. This is a big achievement for the company, 25% EBIT margin and 26% last year. So let me highlight three full-year milestones. The commercial momentum was underpinned by a solid expansion of our patient base. We treated 500,000 patients more in 2025, so that a total of 3.1 million patients are now treated with ALK's products. This was made possible not least through the continued expansion of our tablet business. For example, the rollout of a Carisax and a Tulisax for children helped broaden the patient inflow and adaption across the tablet portfolio. In anaphylaxis, the main growth driver last year for ALK, but also on top of it, we saw positive contribution for Urinefi, speaking to the portfolio strategy of ALK. And importantly, this is consistent with the strategic direction we have followed since 2024. Key in executing on AllergyPlus is expanding the addressable market, broadening the patient reach, especially through the pediatric indications, but also leveraging partnerships to help even more patients. As one example, in China, we have successfully transitioned sales and marketing activities to our new partner, Gensai. And at the same time, we are further strengthening our profitability. EBIT increased by 53% and the EBIT margin improved to 26%, supported by higher sales, improved gross margin and diligent cost control. This also marks the delivery on our 25 in 25 ambition and reinforces our commitment to maintaining an EBIT margin at around 25% while we continue to invest in our continued growth. Encouraged by this strong momentum, the Board of Directors recommends a dividend payment of 355 million Danish kroners for 2025 or 30% of the net profit after tax in alignment with our capital structure and long-term ambitions. So on that note, I'll hand it over to you, Claus, for the market review on slide five.

Thank you, Peter. First, let's take a look at the performance across our sales regions and then on the different product groups. Let's start with Europe. Europe remained our main region with 71% of group revenue. We saw 14% broad-based growth across the portfolio and geographies, including in our largest markets, Germany and France. Demand was solid and market conditions were largely stable. Growth was primarily driven by tablets, up 19%. Volumes increased especially on a good inflow of new house dust mite patients on Akaisax, supported by the build-up of patients who had started on grass pollen tablets in prior years. The new paediatric indications for acai sacs and our tree pollen treatment, etula sacs, also added positively to the growth. Overall, acai sacs and etula sacs were the biggest contributors, while our grass treatment, grass sacs, continued to grow steadily. Performance was particularly strong in Central Europe, including Germany, France and several Eastern European countries and the UK. In the UK, we continued to progress market access for our key tablet products. Akaisax and Etulasax became the first AIT tablet treatments admitted to the National Health Services systems with general reimbursement. This is an important step in what has historically been a low-penetrated AIT market. We are now working to extend these approvals to include children, while also progressing to make GRASACs available within the NHS. It is also worth noticing that, in contrast to 2024, pricing adjustments had a limited impact in 2025. And this year, tablet sales were only marginally impacted by pan-European trading dynamics among wholesalers. Combined sales of SCID and SlitDrops were up modestly by 3%. SlitDrops continued to benefit from a growing prescriber and patient base in France, while SCID were more muted. In our main SCID markets, Germany and the Nordics, patient initiations were to some extent impacted by patients choosing tablets over SCID for the indications covered by our tablet portfolio. Finally, anaphylaxis and other products grew strongly by 34%, driven by checks on solid execution, tender winds in Southern Europe, and competitor supply issues. We also saw a positive, although modest, contribution from the initial Euronefi introductions in Europe. This growth also underlines the value of having a portfolio approach in anaphylaxis. Turning to North America. In North America, revenue regained growth in 2025 and increased 19% driven by tablets and anaphylaxis and other products. The US legacy business recovered from last year's stagnation and growth was driven by continued adoption among existing allergies prescribers and, to a minor extent, uptake among pediatric prescribers. Canada has sustained a higher growth rate. Here, tablets remain the main product line and the growth afflicted a sound underlying demand supported by the children indication for the house dust mite and tree tablets. The 34% growth in anaphylaxis and other products revenue was driven by cost compensation from AIS Pharma related to the co-promotion of NEFI in the US, together with higher sales of life science products as we continue to gain customers on our higher margin solutions. Let's turn to international markets. In international markets, revenue increased 16%. Tablet revenue growth was 8%, with continued positive contribution from smaller markets across the Middle East, Southeast Asia, and India, while revenue from Japan was impacted by phasing of shipments, especially in the second half of the year. In-market demand in Japan remains strong, and our partner, Torii, now part of Shinoki, continued to grow sales by double-digit, although capacity constraints still limited its ability to fully meet demand for Cetacure tablets. As a new facility has recently become operational, we expect Torii to increasingly be able to supply higher volumes to the market. China remains the largest skip market in the region and revenue increased as we continue to normalize shipments following the renewal of our import license. In China, in-market sales also continued to grow by double digits, supported by the ongoing expansion of the prescriber base at hospitals. Now let's turn to a brief update on the product lines on slide six. In 2025, tablet sales grew by 17%, reinforcing tablets as our primary revenue stream. Growth was largely driven by the expansion of the patient base, mainly in Europe and Canada, with the pediatric launches of Akai sacs and Etula sacs adding to the momentum as mentioned earlier. Overall, the number of new patients starting on tablets increased by well above 10% during the year, which bodes well for the continued solid growth in 2026. Skid and slid drops delivered a 5% sales growth for the year based on resumed shipments to China, offset by the previously mentioned conversion to tablets in Europe. Finally, anaphylaxis and other product sales increased by 34%, mainly driven by a 58% increase in anaphylaxis sales. This was mainly related to increasing JEC sales, although NEFI also contributed to that growth. Now, let's turn to slide 7 for the full-year financials. Revenue for 2025 increased by 15% in local currencies to 6.3 billion Danish kroner. It is marking the first time that ALK exceeded 6 billion DKK in annual revenue. It also represents the seventh consecutive year of growth, which results clearly exceeding our initial expectations of a 9 to 13% increase in revenue. Gross profit increased to 4.2 billion Danish kroner, yielding a gross margin of 67%, up three percentage points from last year. The significant and extraordinary improvement came from higher sales volume, a more favorable sales mix, and production efficiencies, demonstrating that scale effects are increasing materializing in the business. Capacity costs increased by only 6% in local currencies to 2.6 billion Danish kroner. In comparison, capacity costs increased by 9% when excluding the impact of restructuring costs in 2024. In line with our plans, R&D expenses increased by 15%, reflecting investments in our pipeline, including the peanut tablet development program, preclinical projects, and the phase three bridging trial with Akaisax in China. Sales and marketing costs increased by 3% and 6% when adjusting for the last year's one-off costs driven by tablet launches and the rollout of Nefi, while administrative costs increased modestly. Unlike last year, capacity cost in 2025 did not include any one-off expenses. Operating profit, EBIT, increased to 1.65 billion Danish kroner and the EBIT margin improved to 26%, up by six percentage points from last year. This means that we delivered on our important profitability journey and 25 in 25 EBIT margin target, which we officially set back in 2021, when the EBIT margin stood at just 4%. This expansion of the EBIT margin by more than 20 percentage points has been accomplished at the same time as we have invested significantly in growth, reflecting disciplined prioritization throughout the organization and allocation of resources towards the most impactful growth levers. Free cash flow was positive at 1.4 billion DKK compared with negative 204 million DKK in 2024. The improvement reflects the higher earnings and an upfront payment from Gensai of 244 million DKK. In addition, 2024 included a 1 billion DKK license payment to AIS Pharma and 115 million DKK related to the pre-print acquisition. 2025 investments primarily reflected build-up of capacity for tablet production, upgrades to legacy production, a milestone payment to AIS Pharma related to the first commercial sales of Euronefi and other infrastructure investments. With this, we conclude our operations review of 2025 and turn to slide 8 for a closer look at execution of our Allergy Plus strategy. Please go ahead, Peter. Thanks, Claus.