Alm Brand A/S (ABDBY) Q4 2025 Earnings Call

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WEBVTT 00:00:01.837 -- 00:00:06.141 Hello, everyone, and thank you for joining us today for the on-brand Q4 2025 results 00:00:06.141 -- 00:00:10.345 call. My name is Sami, and I'll be coordinating your call today. 00:00:10.345 -- 00:00:13.568 During the presentation, you can register a question by pressing star followed by 1 on 00:00:13.568 -- 00:00:17.972 your telephone keypad. To change your mind, please press star followed by 2 on your telephone 00:00:17.972 -- 00:00:21.235 keypad to remove yourself from the question queue. 00:00:21.235 -- 00:00:25.559 I'll now hand over to your host, Rasmus Werner-Nielsen, CEO to begin. 00:00:25.559 -- 00:00:27.581 Please go ahead, Rasmus. 00:00:27.581 -- 00:00:32.347 Thank you. Good morning, and thank you for joining us on our conference call. 00:00:32.347 -- 00:00:37.653 As usual, I have with me today our CFO, Andreas Ruben Madsen, and the head of our IR 00:00:37.653 -- 00:00:39.655 team, Mads Tinko. 00:00:39.655 -- 00:00:43.659 This morning, we published our interim report for the fourth quarter, and as usual, I 00:00:43.659 -- 00:00:47.543 will walk you through the operating highlights, and then Andreas will comment on the 00:00:47.543 -- 00:00:49.105 financials. 00:00:49.105 -- 00:00:54.531 Let us move to slide two. Overall, 2025 ended better than expected 00:00:54.531 -- 00:00:59.556 with an insurance service result of 1.91 billion, significantly up from 00:00:59.556 -- 00:01:01.078 1.44 00:01:01.078 -- 00:01:06.417 billion last year. Last claims of 5.2% and weather-related 00:01:06.417 -- 00:01:09.402 claims of 3.2% in 2025 00:01:09.402 -- 00:01:14.670 were both below the new normal levels we expect, while the undiscounted underlying loss 00:01:14.670 -- 00:01:18.215 ratio improved by 3.1% compared 00:01:18.215 -- 00:01:2...