Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	15948798000	dkk
ifrs-full:Assets	2024-12-31	9505600000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	9214860000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	62691000	dkk

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   <mrv:CorporateGovernanceReport contextRef="ctx-1" id="f0__s10__7__6" xml:lang="en">IntroductionThis chapter on the Corporate Governance of Zealand Pharma A/S (“Zealand Pharma”) has been integrated into the Management Review of the Annual Report 2025 and covers the period January 1 – December 31, 2025.As a company incorporated under the laws of Denmark, and with its shares admitted to trading and official listing on Nasdaq Copenhagen, Zealand Pharma is subject to various applicable legislation, standards, and other regulations for publicly traded companies. These include Danish securities law and the recommendations on Corporate Governance issued by the Danish Committee on Corporate Governance (in the below ‘‘the Recommendations’’) updated on December 2, 2020. At Zealand Pharma, we regularly review our activities to ensure that we meet our obligations to share-holders, employees, regulatory authorities, and other stakeholders while maximizing long-term value. Zealand Pharma also regularly reviews its rules, policies, and practices within risk management and internal control to improve guidelines and policies for Corporate Governance, ensuring that the standards that we set are up to date with accepted practice for a company like Zealand Pharma. In addition to these, when relevant, we have Corporate Governance activ-ities reviewed by a third party who carries out an evaluation of the Board of Directors ("the Board") and how it is governed.In addition to the reviews set out above, the Board of Directors and Corporate Management constantly seek to ensure that Zealand Pharma's management structure and control systems are efficient, function properly, and provide the right degree of control and management for the organization. Several internal procedures have been developed and are continu-ously updated, with external assistance if required, to ensure active, secure, and efficient management of our company.Corporate Governance structureZealand Pharma has a two-tier management structure composed of the Board of Directors ("the Board") and Management (refer to page 35 for an overview of Zealand Pharma's Management).The Board is responsible for the overall vision, strategies and objectives, the financial and managerial supervision of Zealand Pharma, as well as for regular evaluation of the work of Corporate Management. In addition, the Board provides general oversight of Zealand Pharma's activities and ensures that the company is managed in a manner and in accordance with applicable law, Zealand Pharma's arti-cles of association, and the policies and procedures that are put in place to ensure sound governance.The Board approves the policies and procedures, and Corporate Management is responsible for the day-to-day management of Zealand Pharma in compliance with the guidelines and directions set by the Board. The alloca-tion of responsibilities between the Board of Directors and Corporate Management is stipulated in the Rules of Procedure that are reviewed and signed every year by the members of the Board of Directors and Corporate Management after the Annual General Meeting.Board of DirectorsThe Board plays an active role in setting Zealand Pharma's strategies and goals as well as in monitoring its operations and results. The Board functions according to its Rules of Procedure. The duties include establishing Zealand Pharma’s policies to achieve Zealand Pharma's objectives in accordance with its articles of association that form an important set of guardrails for how the company should be governed. These also define the responsibilities of the Board, for example ensuring that Zealand Pharma’s bookkeeping, accounting, asset management, information technology systems, budg-eting, and internal control are properly organized. As of December 31, 2025, Zealand Pharma’s Board is comprised of seven board members elected at the Annual General Meeting and four employee representatives elected by Zealand Pharma's employees. The Annual General Meeting appoints each shareholder-elected member of the Board for a one-year term, whereas employee representatives are elected for a four-year term. The Board and board membersBoard members elected by the shareholders at the Annual General Meeting 2025:Martin Nicklasson, ChairKirsten A. Drejer, Vice ChairJeffrey BerkowitzBernadette ConnaughtonLeonard KruimerEnrique ConternoElaine SullivanBoard members elected by the employees:Frederik Barfoed BeckAnneline NansenLudovic Tranholm OtterbeinAdam Krisko NygaardIn line with the Recommendations, the Board reviews and determines the qualifications and experience needed on the Board with respect to: Scientific knowledge within bioscience and innovation of pharmaceutical productsFinancial experience and knowledgeExperience in leading an innovative business and insight into the biopharmaceutical marketExperience with market entry and relationship with payersExperience in handling and managing partnering agreementsCompetency in ensuring that the obligations of a listed company are fulfilledBoard evaluation 2025In 2025, the Board decided to carry out a full independent review of its performance. This performance was carried out independently by the Leadership Advisory Group (LAG) in compliance with article 3.5 of Danish Recommendations on Corporate Governance 2020. The processThe evaluation included input from eleven board members and nine executives. It was based on in-depth individual interviews, a tailored online questionnaire benchmarked against a large dataset of listed boards, an analysis of how the board has spent its time - also benchmarked - and a board composition review compared to selected peer boards. Relevant documents - including agendas, board materials, and committee terms of reference - were reviewed to ensure a comprehensive and data-grounded assessment. Additionally, each board member was eval-uated individually and received feedback on their perfor-mance and contributions to the Board. The Board's evalua-tion findings were then discussed at a board meeting.General conclusions from board evaluationThis is a highly capable and well-functioning board that continues to add significant value at the board table and between meetings, where executives actively use board members as a sounding board to shape leadership judg-ment. A key strength is the trust-based, collaborative rela-tionship among the board, the CEO, and executives, which enables open dialogue and swift decision-making.Board members are well prepared, feel heard, and contribute meaningfully, reinforcing a positive dynamic and strong engagement, while genuinely enjoying spending time together. The Chair plays a central role in setting the tone and focus of board discussions, enabling disciplined conversation. As the company has matured, the Board’s contributions have shifted toward more high-level strategic conversations rather than operational details. Board members are mindful of the difference between steering the ship and rowing it, leaving day-to-day execution to the executives.To remain effective in a dynamic context, the evaluator, in particular, recommended that the Board place even greater emphasis on shaping and rigorously addressing key stra-tegic questions as soon as they emerge. Setting aside more and sufficient time to proactively explore these complex issues, elicit diverse perspectives, and challenge presump-tions could further strengthen the Board’s ability to deliver strategic value.Board meetingsThe Board should meet at least 6 times a year and when-ever the Chair decides that it is necessary. The Board of Directors met for a total of 11 times in 2025.Audit CommitteeThe Audit Committee consists of Leonard Kruimer, Martin Nicklasson, Jeffrey Berkowitz, and Bernadette Connaughton. The committee is chaired by Leonard Kruimer.The Audit Committee plays an active role in setting Zealand Pharma's strategies and goals as well as in monitoring its opera-tions and results, including ESG. The Audit Committee functions according to its Charter that is reviewed on an annual basis. The duties include the internal controls and risk management systems related to financial reporting and evaluating the need for an internal audit:establishing procedures for the receipt, retention, and treat-ment of complaints received regarding accounting, internal controls, auditing, and financial reporting matters (whistle-blower function);nominating the statutory external auditor to be elected at the Annual General Meeting and preparing the recommen-dation for the Annual General Meeting regarding the election of our external auditor, as well as, if relevant, proposing to the Annual General Meeting that an external auditor is discharged;monitoring the strategy, plan, scope, and approach of the external auditor’s annual audit;monitoring and approving the terms and compensation of the external auditor;monitoring the external auditor’s reports to the Executive Management and the Board of Directors, including manage-ment letters and long-form reports, discussing any reports with the Executive Management and the external auditor, and be mainly responsible for resolving any disagreements between the external auditor and the Executive Management;considering (at least on an annual basis) the performance and independence of the external auditor and obtaining and reviewing a report from the external auditor substantiating that the external auditor is independent;reviewing policy in relation to the provision of non-audit services by the external auditor under which the Audit Committee approves non-audit services delivered by the external auditor;engaging independent counsel and other advisors as the Audit Committee determines necessary to carry out its duties;obtaining available appropriate funding as the Audit Committee determines necessary for the fulfillment of its tasks and duties; andevaluating on an annual basis: (i) the performance of the Audit Committee, including independence and financial expertise; and (ii) the adequacy of the Audit Committee’s charter and recommendation of any proposed changes to the Board of Directors.In 2025, specific topics discussed included auditor's reports, accounting policies, internal controls, compliance, finance, risk management, cybersecurity, insurance policy, year-end topics, ESG reporting, transactions not in the usual course of business, and external financing.The Audit Committee met for a total of 8 times in 2025. The committee is composed of independent members.Remuneration CommitteeThe Remuneration Committee consists of Martin Nicklasson, Leonard Kruimer, and Enrique Conterno. The committee is chaired by Martin Nicklasson.The Remuneration Committee proposes the remuneration policy as well as targets for company-operated performance-related incentive programs. These policies and guidelines set out the various components of the remuneration, including fixed and variable remuneration such as pension schemes, benefits, retention bonuses, severance, and incentive schemes, as well as the related bonus and evaluation criteria. The Remuneration Committee functions according to its Charter that is reviewed on an annual basis.The Remuneration Committee has the following principal responsibilities:preparing and presenting proposals to the Board of Directors on the framework for remuneration packages for Executive Management, including, but not limited to salary, salary increases, pension rights and any compensation or termination payments, ensuring that the contractual terms are fair to the individual and to Zealand Pharma, that failure is not rewarded, and that the duty to mitigate loss is fully recognized;preparing and presenting proposals to the Board of Directors on remuneration matters of material importance to Zealand Pharma, including incentive programs and payments for the Executive Management. The proposals for remuneration of Executive Management, including any incentive program, shall be in accordance with and not exceed relevant compa-rable market practice levels at any given time;preparing and presenting proposals to the Board of Directors on the targets (bonus levels and performance targets) for company-operated performance-related incen-tive programs for Executive Management, as well as moni-toring and evaluating the fulfillment of such targets;overseeing the implementation of any pension, retirement, death or disability, or life insurance scheme, and any incen-tive schemes for Executive Management; andreviewing and considering the proposals from our Nomination Committee on remuneration for members of the Board of Directors and Executive Management.In 2025, specific topics discussed included long-term incentive programs for management and Board of Directors, company goals, and the compensation policy for eligible employees. Please refer to the 2025 Remuneration Report for more details. The Remuneration Committee met for a total of 5 times in 2025. The committee is composed of independent members.Nomination CommitteeThe Nomination Committee consist of Kirsten A. Drejer, Leon Kruimer, and Martin Nicklasson. The committee is chaired by Kirsten A. Drejer.The Nomination Committee makes recommendations for deci-sions to the Board of Directors regarding Board positions, identi-fying and recommending candidates for the Board of Directors. The Nomination Committee functions according to its Charter that is reviewed on an annual basis.Specific topics discussed in 2025 included the composition, capabilities, diversity, and independence of the Annual General Meeting elected board members as well as a review of the required skillset for the Board. The Nomination Committee met for a total of 5 times in 2025. The committee is composed of independent members.Scientific CommitteeThe Scientific Committee consists of Kirsten A. Drejer, Enrique Conterno, and Elaine Sullivan. The committee is chaired by Kirsten A. Drejer.The Scientific Committee is a forum with the purpose of lever-aging the scientific expertise of the appointed Board members, understanding and challenging the approach and assumptions of Zealand Pharma’s Research &amp; Development strategy, providing technical assistance to the Board on research and develop-ment-related topics, and guiding the Board on the risks of the Company’s Research &amp; Development strategy. In line with 2024, the specific topics discussed in 2025 included the development of the clinical pipeline, preparation for potential interactions with regulatory authorities, and a review of the pre-clinical pipeline and innovation strategy.The Scientific Committee met for a total of 4 times in 2025. The committee is composed of independent members.Overview of meetings in 2025 AttendedAbsentBoardAudit CommitteeRemunerationCommitteeScientificCommitteeNominationCommitteeMartin NicklassonN/AKirsten A. DrejerN/AN/AJeffrey BerkowitzN/AN/AN/ABernadette ConnaughtonN/AN/AN/ALeonard KruimerN/AEnrique ConternoN/AN/AElaine SullivanN/AN/AN/AFrederik Barfoed BeckN/AN/AN/AN/AAnneline NansenN/AN/AN/AN/ALudovic Tranholm OtterbeinN/AN/AN/AN/AAdam Krisko NygaardN/AN/AN/AN/ACorporate ManagementCorporate Management is composed of Executive Management and other members of Corporate Management:Executive Management1. Adam Steensberg, President and Chief Executive Officer 2. Henriette Wennicke, Executive Vice President and Chief Financial Officer Other members of the Corporate Management3. Ivan Møller, Executive Vice President, Chief Operating Officer4. Christina Sonnenborg Bredal,Executive Vice President, Chief People Officer5. David Kendell, Executive Vice President,Chief Medical Officer6. Eric Cox, Executive Vice President, Chief Commercial Officer7. Utpal Singh, Executive Vice President,Chief Scientific Officer8. Steven Johnson, Executive Vice President,Chief Development OfficerBoard of Directors and Corporate ManagementZealand Pharma Board of Directors at February 19, 2026Martin NicklassonKirsten A. DrejerJeffrey BerkowitzBernadette ConnaughtonPositionChairVice ChairBoard memberBoard memberYear of birth1955195619661958NationalitySwedishDanishAmericanAmericanGenderMaleFemaleMaleFemaleFirst elected2015201820192019CommitteeAudCom, RemCom (Chair), and NomComNomCom (Chair) and SciCom (Chair)AudCom AudComIndependentYesYesYesYesSpecial competenciesExtensive general management and research and development experience from AstraZeneca Plc and Swedish Orphan Biovitrum AB.More than 30 years of international experience in the pharmaceutical and biotech industry. Before co-founding Symphogen A/S in 2000, held several scientific and managerial positions at Novo Nordisk A/S.Global executive with extensive branded and generic pharmaceutical, retail pharmacy, wholesale drug distribution, specialty, payor, and healthcare services leadership experience in P&amp;L accountable roles.More than 30 years of global strategic, commercial, and leadership expertise, and a broad perspective on the strategy, capabilities, and governance required for successful execu-tion in U.S. and international markets.Current positionsBoard member of Basilea Pharmaceutica Ltd.Board member of Curasight A/S and Malin Corporation PLC.CEO and Director of Real Endpoints and. Board member of H. Lundbeck A/S.Board member of Halozyme Therapeutics Inc. and Editas Medicine.Enrique ConternoLeonard KruimerElaine SullivanPositionBoard memberBoard memberBoard memberYear of birth196619581961NationalityPeruvian/AmericanDutchBritish/IrishGenderMaleMaleFemaleFirst elected202420192024CommitteeRemCom and SciComAudCom (Chair), RemCom, and NomComSciComIndependentYesYesYesSpecial competencies27 years at Eli Lilly and Company, including SVP and Member of the Executive Committee, President of Lilly USA, and President of Lilly Diabetes, as well as roles across sales, marketing, finance, and business development. Bachelor of Science in Mechanical Engineering from Case Western Reserve University and MBA from Duke University.More than 40 years of experience in corporate finance, planning, and strategy, including 25 years in senior executive positions in private and publicly listed biotechnology companiesServed at both AstraZeneca and Eli Lilly and Company as member of senior global R&amp;D management teams, including VP of Global External R&amp;D at Eli Lilly and Company and VP and Head of New Opportunities at AstraZeneca. Co-founded and served as CEO of Carrick Therapeutics. PhD in Molecular Virology from the University of Edinburgh.Current positionsMember of the Board of Directors of Glooko, Inc. and managing director in 501 Ventures, LLC.Chair of the Board of BioInvent International AB, Board member and Chair of Audit Committee of Pharming Group NV., and Basilea Pharmaceutica Ltd.Member of the Board of Directors of Ochre Bio, Pharming Group N.V., and hVIVO Ltd.Frederik Barfoed BeckAnneline NansenAdam Krisko NygaardLudovic Tranholm OtterbeinPositionEmployee-elected board memberEmployee-elected board memberEmployee-elected board memberEmployee-elected board memberYear of birth1967196919841973NationalityDanishDanishDanish/HungarianFrenchGenderMaleFemaleMaleMaleFirst elected2020202120242024CommitteeNoneNoneNoneNoneIndependentNoNoNoNoCurrent positionsAssociate Director, Contracts and SourcingPrincipal ScientistSenior Statistical ProgrammerSenior Vice President, Head of ITZealand Pharma shares at December 31, 20256,5961,509143700Zealand Pharma warrants at December 31, 20254,1876,9801,4593,457Zealand Pharma RSUs at December 31, 20252,5302,6922,0303,207Change in ownership in 20251,874134143284Adam SteensbergHenriette WennickeIvan MøllerChristina Sonnenborg BredalPositionExecutive ManagementPresident and Chief Executive OfficerExecutive Management Executive Vice President and Chief Financial OfficerExecutive Vice President, Chief Operating OfficerExecutive Vice President, Chief People OfficerYear of birth1974198319721985NationalityDanishDanishAmerican/DanishDanishGenderMaleFemaleMaleFemaleJoined Zealand Pharma2010202220182020ExperienceAdam has 20+ years of experience in both the private and public sectors, including:Chief Medical Officer at Zealand PharmaMedical Director at Novo NordiskClinician at RigshospitaletHenriette has 15+ years of experience from global, publicly listed companies, including:Vice President, Head of Investor Relations &amp; Treasury at GN Store NordVice President, Head of Global Finance at GN HearingDirector, R&amp;D Business Support at Novo NordiskIvan has 25+ years of experience in Pharma and project management, including:Executive Vice President, Technical Development &amp; Operations at Zealand PharmaGlobal Head, Operations Management at NovartisVice President, Global Head, External Supply Organization at NovartisProject Leader at Boston Consulting GroupHead of Production, PolyPeptide Laboratories A/SChristina has 15+ years of experience in various legal and advisory areas, including:Senior Vice President, Head of People &amp; Organization at Zealand PharmaManager at PwC LegalTax Manager and Senior Tax Consultant at EY People Advisory ServicesTrial Lawyer at Martinelli AdvokatfirmaDavid KendallErix CoxUtpal SinghSteven JohnsonPositionChief Medical Officer and Head of Research &amp; DevelopmentExecutive Vice President, Chief Commercial OfficerExecutive Vice President, Chief Scientific OfficerExecutive Vice President, Chief Development OfficerYear of birth1961196719741965NationalityAmericanAmericanAmericanAmericanGenderMaleMaleMaleMaleJoined Zealand Pharma2020202420252025ExperienceDavid has 35+ years of experience in clinical diabetes, research, and pharma, including:Chief Medical Officer at MannKind CorporationVice President, Medical Affairs and Distinguished Medical Fellow at Eli Lilly and CompanyChief Scientific and Medical Officer for the American Diabetes AssociationChief of Clinical Services and Medical Director at the International Diabetes CenterFaculty at the University of MinnesotaEric has 25+ years of commercial and business development experience in both large pharma and biotech, including:Vice President of Commercial including Business Development at Carmot Therapeutics (Roche)U.S. Commercial Franchise Leader, Diabetes, Heart Failure and Chronic Kidney Disease at AstraZenecaGlobal Franchise Leader, Rare Disease and Cardiovascular at MerckUtpal has 25+ years of industry experience that spans the full drug discovery and development lifecycle, including:Senior Vice President, Small Molecule Discovery at Eli Lilly and CompanyPrincipal Research Scientist at Merck and CompanySteven has 30+ years of experience driving drug development and regulatory strategy across the pharmaceutical industry, including:Senior Vice President and Head of Regulatory Stakeholders at UCB BiopharmaSenior Vice President, Regulatory Affairs, Medical Writing, &amp; Scientific Development at Medpace, Inc.Vice President, Regulatory Affairs at Novo NordiskSenior Clinical Pharmacology Reviewer at U.S. Food and Drug AdministrationCorporate ManagementOverview of shares, warrants, PSUs, RSUs, and change in 2025Zealand Pharma shares at December 31, 2025Zealand Pharma warrants at December 31, 2025Zealand Pharma PSUs at December 31, 2025Zealand Pharma RSUs at December 31, 2025Change in share ownership in 2025Adam Steensberg143,559 146,102 89,991 63,859 69,491 Henriette Wennicke18,204 14,038 31,903 21,216 7,331 David Kendall14,546 ----2,023 Ivan Møller78,587 -20,373 14,025 31,723 Christina S. Bredal43,467 -13,159 9,212 30,657 Eric Cox1,367 -11,733 10,366 1,367 Utpal Singh--7,6377,637-Steven B. Johnson--7,9217,921-Board of Directors1Overview of shares, warrants, RSUs, and change in 2025Zealand Pharma shares at December 31, 2025Zealand Pharma warrants atDecember 31, 2025Zealand Pharma RSUs at December 31, 2025Change in share ownership in 2025Martin Nicklasson23,626 - 11,601 2,390 Kirsten A, Drejer12,177 -5,801 2,044 Jeffrey Berkowitz11,377 -5,801 1,844 Bernadette Connaughton11,877 -5,801 2,044 Leonard Kruimer20,008 -6,301 2,544 Enrique Conterno711 -4,467 711 Elaine Sullivan847 -4,424 711 Internal controls and risk managementZealand Pharma strives to conduct its operations in accordance with the highest ethical standards.Zealand Pharma is a knowledge-intensive company, with a high focus on competencies and personal development. The management philosophy in Zealand Pharma is based on a high degree of trust in the company’s employees. Policies and operational processes are well described with regular reporting and controls. Operations are performed mainly within the parent company, Zealand Pharma A/S, in Søborg, Denmark. All main research and development operations are based at the site in Søborg. The company maintains a small workforce at Zealand Pharma U.S. Inc., the U.S. subsidiary, located in Boston, Massachusetts. Some of Zealand Pharma's work is outsourced to various contract research, develop-ment, or manufacturing organizations.Internal controls environmentZealand Pharma has a number of internal control and risk management systems in place to ensure that its financial statements provide a true and fair view and comply with IFRS Accounting Standards as adopted by the EU and additional requirements under the Danish Financial Statements Act. Zealand Pharma has several policies and procedures in key areas of financial reporting. The internal control and risk management systems are designed to mitigate, detect, and correct material misstatements rather than eliminate the risks identified in the financial reporting process. Executive Management is responsible for implementing policies and procedures on a day-to-day basis. The Board has established an Audit Committee to advise the Board on related matters. A review and prioritization of material accounting items is performed throughout the year. Items in the financial state-ments that are based on estimates or that are generated through complex processes carry a relatively higher risk of error. Zealand Pharma performs continual risk assessments to identify such items and assess their scope and related risks.There are inherent limitations in the effectiveness of any internal control over financial reporting, including the possi-bility of human error and the circumvention or overriding of internal control. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. An effective internal control environment may become inadequate in the future because of changes in conditions, or deterioration in the degree of compliance with the policies and procedures.As of December 31, 2025, key risks and processes iden-tified have been documented and internal controls have been designed and implemented in the organization. Internal controls have been subject to management testing and assessment to ensure that risks are addressed and managed in a responsible and efficient manner. Results have been formally reported to Executive Management. The Board has assessed that an internal audit function is not required at Zealand Pharma in view of the company’s legal structure and size.AuditZealand Pharma's external auditors are appointed for a term of one year by the shareholders at the Annual General Meeting, based on the recommendation of the Board. Before such recommendation and in consultation with the Audit Committee and Executive Management, the Board assesses the independence, competencies, and other matters pertaining to the auditors.The framework for the auditors’ duties, including their remu-neration, audit, and non-audit tasks, is agreed between the Audit Committee and the auditors, and endorsed by the Board.Description of management reporting systems and internal control systemsExecutive Management continually works on the design and effectiveness of its management reporting and internal control systems in order to enable it to monitor performance, strategy, operations, business environment, organization, procedures, funding, risk, and internal controls. While imple-mentation is ongoing, Executive Management is of the opinion that the reporting and internal controls are adequate to avoid material misstatements in the financial reporting.The management reporting and internal control systems include the following reports: Annual budgetQuarterly reports, including budget revisions in March, June, and SeptemberFinancial performance and cash position Comparison of budgeted and actual performance Analysis of cash flows Project management and cost control and regular project reporting and follow-up Summaries of project management key performance indicators Controls on purchase and maintenance of assets Review of potential claims and litigation Review and updating of contracts and collaboration agree-ments to ensure that all commitments and liabilities are recog-nized as well as all income to which Zealand Pharma is entitledIn addition to the abovementioned reports, the internal control system includes a number of detailed policies and procedures, including:Treasury policy guiding investment of liquid assetsSchedule of authorization guiding the sign-off of expenses and investmentsEmployee manual providing guidance on policies, rules, and procedures associated with employment at Zealand PharmaZealand Pharma also undertakes controls to ensure the completeness and accuracy of accounting records. Such controls are prepared, reviewed, tested, and documented in an online controls tool.Zealand Pharma’s Executive Management considers that the above high-level and detailed controls contribute to more effective financial reporting procedures.Control environment/accountingIncoming invoices are approved electronically. An approval hierarchy ensures that invoices are approved by the appro-priate persons in accordance with Zealand Pharma's Schedule of Authorization. Payment proposals are approved through online banking and require two staff members to complete the transaction. No changes to vendors' banking details can be performed without approval.Risk assessmentAs part of the risk assessment process, a review and prior-itization of key risks and material accounting items has been performed. These risks have been analyzed with relevant controls described.The areas deemed to have a moderate to high-risk profile are:Revenue recognition and share-based compensation, which involve a degree of judgement and estimation with a risk profile assessed to be moderateCounterparty risk for liquid assetsRisk of fraudIt is Executive Management’s view that the current controls are adequately reducing the risk of significant errors in the financial statements.The end-of-period processIn addition to controls of individual accounting items, it is important to maintain a high level of control over the different steps involved in transforming raw accounting data into final quarterly or annual reports.The quarterly and year-end processes involve detailed docu-mentation of each balance sheet item as well as documenta-tion supporting all notes to the accounts. Executive Management reviews the accounting policies used and assesses the need for any new accounting policies. Any items where estimates and/or judgements influence the accounts are discussed with the Audit Committee and are described in note 1.3 in the Annual Report.ITIn addition to the controls performed by Management, Zealand Pharma’s IT department has policies in place covering data governance, use of IT, and information secu-rity. IT is leveraging an external Security Operation Center (SOC) provider for Monitoring Detection Response (MDR) and Incident Response (IR). An employee cybersecurity training program is also implemented. IT continues to invest in infra-structure and network hardening.Risk and risk mitigationWe constantly monitor and assess the overall risk of doing business in the drug development industry and the particular risks associated with our current activities and corporate profile. Zealand Pharma’s Corporate Management is responsible for implementing adequate systems and policies in relation to risk management and internal control and for assessing the overall and specific risks associated with Zealand Pharma’s business and operations. Furthermore, Zealand Pharma’s Corporate Management seeks to ensure that such risks are managed optimally and in a responsible and efficient manner.Doing business in the drug development industry involves major financial risks. The development period for novel medi-cines takes several years; involves high costs, and the proba-bility of reaching the market is relatively low due to develop-mental and regulatory hurdles.Risks of particular importance to Zealand Pharma are scien-tific and development risks, commercial risks, intellectual property risks, clinical trial risks, regulatory risks, partner interest risks, financial risks, and risks relating to finan-cial reporting. Risk and mitigation plans are monitored by Corporate Management, and the continuous risk assessment is an integral part of the yearly reporting to the Board. In addi-tion to these, each project team has a risk identification and mitigation assessment using a standard internal matrix that is used across the company. This is used by each project team to ensure that there is a consistent approach to risk and that appropriate risks are identified. This is updated during the lifetime of any project.On the following pages we have summarized Zealand Pharma’s key risk areas and how we attempt to address and mitigate such risks.Zealand Pharma risks and mitigationsProduct pipelineRiskResearch and development activities for new pharmaceutical product candidates are costly and require lengthy clinical trials, which, by nature, are uncertain and associated with high risk of failure. Adverse events in clinical trials or failure to satisfactorily demonstrate safety and efficacy of product candidates to regulatory authorities could lead to delays in completing clinical trials, additional costs to Zealand Pharma, or ultimately failure to progress the product candidates towards the market.MitigationOur clinical project teams work closely with external expert clinicians and product devel-opment experts within the industry to design, set up, and conduct the clinical programs. Our employees have been selected due to their extensive experience within their field of expertise and receive training on a contin-uous basis to develop and fulfill requirements. We also engage in meetings with regulatory authorities to ensure that there is alignment on the regulatory strategy and trial requirements.PartnershipsRiskZealand Pharma has a business model that is dependent on partnerships in development, manufacturing, and commercialization. Quality or supply issues at key third-party manufac-turers may lead to regulatory delays or impact clinical or commercial supply. Failure to secure or manage future commercialization partner-ships may result in loss of product value and negatively impact access for patients.MitigationSuppliers are regularly audited to ensure proper quality. To maximize the value of all partnerships, we strive to foster a close and open dialogue with our partners, thereby building strong partnerships that work effectively. Workforce and managementRiskZealand Pharma’s ability to attract and retain highly skilled and talented employees is key to our success and future growth. Loss of key employees may lead to delays in the develop-ment of Zealand Pharma’s product candidates, loss of important know-how, and impact the company’s culture. MitigationZealand Pharma strives to be an enriching, inspiring, and great place to work. Throughout our 27-year history, we have built a unique company culture. Engagement surveys show high engagement with a high employee engagement score (8.9/10) and a high sense of purpose for all employees. Peer and pay reviews are performed regularly and we invest in training, development, and active culture management to ensure a continued good working environment. Finance and macroeconomicsRiskExposure to macroeconomic risks related to interest rates as well as volatility and insta-bility in the financial markets could potentially lead to Zealand Pharma’s inability to secure financing. MitigationZealand Pharma’s cash position following the capital raises in 2024 and the milestone payment received from Roche in 2025 makes the company less vulnerable to financial insta-bility. As stipulated in our treasury policy, we work diligently to secure a healthy balance sheet by managing our cash, investments, and debt while also hedging our exposure to, for example, exchange rate risk.IT securityRiskCyberattacks may lead to theft or leakage of patient data, personal employee data, intellec-tual property, and confidential business data, potentially impacting Zealand Pharma’s oper-ations and reputation, resulting in fines from authorities or financial losses. MitigationWe employ qualified IT professionals, including dedicated specialists, who use external assis-tance from qualified vendors to provide advice on cybersecurity and systems security where relevant. All members of staff are trained in IT security and our IT systems use multi-authen-tication systems as appropriate to reduce the risk of unauthorized entry into the systems. Our company has appropriate protection systems from viruses and malware. The most sensitive data is encrypted and subject to restricted internal use.Climate and geopolitical environmentRiskClimate or geopolitical events may disrupt Zealand Pharma’s or partners’ operations, potentially affecting supply chains and delaying clinical trial recruitment, as seen during the COVID-19 pandemic. Increasing regulatory requirements and public expec-tations related to climate impact may lead to compliance risks and investor dissatisfaction if not adequately managed.MitigationZealand Pharma’s direct environmental footprint is relatively low due to reliance on third-party manufacturers for investigational medicinal products. Environmental criteria are included in the Supplier Code of Conduct, and an ESG strategy has been implemented, including a CO2baseline and decarboniza-tion targets. Geopolitical developments are monitored at a high level as part of overall risk management, and reliance on external partners is assessed with a view to maintaining flexibility and resilience in clinical develop-ment and research activities.Legal, patent, and compliance riskRiskIf we or our partners were to face infringe-ment claims or challenges by third parties, an adverse outcome could subject us or our partners to significant liabilities to such third parties or lead to the withdrawal of our prod-ucts or product candidates. This could lead us or our partners to curtail or cease the devel-opment of some or all of their drug product candidates or cause our partners to seek legal or contractual remedies against us, potentially involving a reduction in the royalties due to us.MitigationOur patent department works closely with external patent counsels and partners’ patent counsels to minimize the risk of patent infringement claims as well as to prepare any patent defense should this be necessary. Our employees receive training and updates on policies regarding the correct and lawful management of internal and external intellec-tual property.Regulatory environmentRiskThe regulatory approval processes of the U.S. Food and Drug Administration (U.S. FDA), the European Medicines Agency (EMA), and other regulatory authorities can be lengthy and inherently unpredictable. If we or our collaboration partners are ultimately unable to obtain regulatory approval for internal or out-licensed product candidates, our business could be substantially harmed. MitigationOur regulatory department works closely with external consultants and regulatory agents to develop regulatory strategies. We also engage in meetings with regulatory authorities to ensure that there is alignment on the regula-tory strategy and trial requirements.Shareholder informationWe are listed on Nasdaq Copenhagen under the ticker symbol ZEAL.Core share dataDenmarkNumber of shares at Dec. 31, 202571,515,045Listing Nasdaq CopenhagenTicker symbol ZEALIndex membershipsOMXCopenhagen25STOXX Europe 600At December 31, 2025, the nominal value of our share capital was DKK 71,515,045, divided into 71,515,045 shares with a nominal value of DKK 1 each. In 2025, the share capital increased by a nominal value of DKK 491,174 due to exercise of employee warrants (DKK 49.15 million). All Zealand Pharma shares are ordinary shares and belong to one class. Each share listed by name in Zealand Pharma’s shareholder register represents one vote at the Annual General Meeting and other shareholders’ meetings.Change in number of shareholders during 2025The number of registered shareholders in Zealand Pharma shareholders' register increased to 72,980 at December 31, 2025, from 49,575 at December 31, 2024.OwnershipThe following shareholders are registered in Zealand Pharma’s register of shareholders or have made other filings stating that they hold at least 5% of the voting rights or at least 5% of the share capital (one share equals one vote) of Zealand Pharma as of February 19, 2026. The information may have changed since such shareholder reporting due to subsequent events that do not require supplemental regulatory filings.Van Herk Investments, Netherlands (10% of votes/10% of capital)The Capital Group Companies, Inc., United States (6.20% of votes/6.20% of capital)Avoro Capital Advisors, LLC, United States (4% of votes/4% of capital)Share price performanceThe price of Zealand Pharma ’s shares decreased by 35% during 2025 with a market closing share price at year-end of DKK 466.4, compared to DKK 715.5 at year-end 2024.Annual General MeetingThe Annual General Meeting is scheduled to be held electronically and in-person on Thursday, March 26, 2026 at 3:00 PM CET. Additional information will become available at https://www.zealandpharma.com/investors/annual-general-meeting/ no later than 3 weeks before the Annual General Meeting.Financial Calendar 2026DateEventMarch 26Annual General MeetingMay 7Q1 Earnings Release / Interim Report First Quarter 2026August 13H1 Earnings Release / Interim Report First Half 2026November 12Q3 Earnings Release / Interim Report Third Quarter 2026All dates are subject to NASDAQ deadlines and reporting requirements and may be subject to changeAnalyst coverageZealand Pharma is followed by the financial institutions and analysts listed below:InstitutionAnalystBank of America Charlie HaywoodBarclaysYihan LiBerenbergKerry HolfordBNP ParibasKirsty Ross-StewartCantor Fitzgerald Prakhar AgrawalDanske BankHåkon HemmeDeutsche Bank AG Emmanuel PapadakisDNB CarnegieRune Majlund DahlGoldman Sachs &amp; Co. Rajan SharmaJefferies Lucy CodringtonJ.P.Morgan Sophia Graeff Buhl NielsenKBC Securities Jacob MekhaelNordea Martin BrenøeNykreditMichael Drøscher JørgensenSEB Thomas BowersUBSXian DengVan Lanschot Kempen Suzanne van VoorthuizenWells FargoMohit BansalWilliam BlairAndy HsiehAnnex: Recommendations on Corporate GovernanceFor the financial year of 2025, Zealand Pharma is subject to the Recommendations for Corporate Governance from 2 December 2020, which are available on the Committee on Corporate Governance's website https://corporategovern-ance.dk/. The following table indicates whether Zealand Pharma complies with the recommendations of the Committee on Corporate Governance. In line with the ‘comply or explain’ principle, Zealand Pharma has provided explanations if recommendations are not fully complied with.Zealand Pharma complies with the Recommendations on Corporate Governance in all material respects.This corporate governance statement has been approved by the Board of Directors on February 19, 2026</mrv:CorporateGovernanceReport>
   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="f0__s10__7__7" xml:lang="en">Sustainability ReportDelivering today’s innovation with tomorrow in mind We embed sustainability across our business to deliver meaningful progress for patients today and enable future therapies, without compromising the needs of future generations.2025 marked an important step forward in Zealand Pharma’s sustainability journey. As we continued our transformation toward becoming a generational biotech and leader in obesity and metabolic health, we further strengthened how sustainability is embedded across our strategy, decision making, and day-to-day operations. This work builds on the foundations that enable responsible scaleup as our business continues to grow.For us, sustainability is both a responsibility and an opportunity to make a meaningful and lasting difference for society and, above all, for the patients we serve. We apply genera-tional thinking, focusing on meeting today’s urgent medical needs while ensuring that our actions do not compromise the ability of future generations to benefit from innovation, access to healthcare, and a healthy planet. Innovation with purpose to serve our patientsSustainability at Zealand Pharma is closely linked to our scientific mission. In 2025, we advanced a differentiated portfolio with a strong focus on obesity, while maintaining our longstanding commitment to rare diseases. By combining more than 25 years of peptide expertise with advanced technologies, strategic partnerships, and a growing global research footprint, we are building a pipeline designed to deliver lasting value for patients and society. We view sustainability as an enabler of inno-vation, shaping how we design research, conduct clinical trials, collaborate with part-ners, and prepare for future commercializa-tion, while safeguarding patient safety, ethical standards, and environmental responsibility throughout the value chain.Empowering our people to drive sustainable innovationOur sustainability progress is enabled by our people. As Zealand Pharma continued to grow in 2025, welcoming our 500th employee, we sustained an exception-ally high employee engagement score, demonstrating the strength of our culture even during a period of rapid transforma-tion. Engaged, empowered, and diverse employees are essential to sustainable inno-vation. We are proud to preserve the core DNA that defines how we work, ensuring that growth goes hand in hand with wellbeing, a strong sense of belonging, and long-term capability building.Decisive action to mitigate climate changeWe view climate change as one of the defining challenges of our generation, with profound implications for society, human health, and long-term value creation. Our Climate Transition Plan, approved by the Board of Directors, aligns Zealand Pharma with a 1.5°C pathway in accordance with the Paris Agreement. We have also formally committed to the Science Based Targets initiative (SBTi), and had our near-term targets approved. To turn ambition into action, sustainability performance - including climate targets - is integrated into company-wide goals and incentive structures for all employees, including Corporate Management. In 2025, we achieved all our yearly climate targets, and took important steps to decouple operational emissions from business growth. We also strengthened collaboration with suppliers, partners, and investment managers to transi-tion our supply chain, to support sustainable growth and a positive societal impact.Strong governance and risk management to support responsible scaleupScaling a growing biotech requires strong governance and disciplined risk manage-ment. In 2025, we further strengthened our governance, due diligence, and compliance frameworks to ensure that sustainability related impacts, risks, and opportunities are identified, managed, and integrated into decision-making.As part of our commitment to contrib-uting to the sustainable development of society, we also joined the UN Global Compact, demonstrating our commitment to supporting sustainable development and aligning our business practices with its ten principles on human rights, labor, the envi-ronment, and anticorruption. Together, these structures provide confidence that Zealand Pharma can scale responsibly and maintain high ethical standards, as our pipeline, part-nerships, and global footprint continue to expand. Delivering long-term value for patients and societyLooking ahead, we remain focused on executing our sustainability strategy alongside our scientific and commercial ambitions. Guided by science-based targets, strong governance, and generational thinking, we are committed to creating long-term value – advancing innovative therapies for patients today and into the future, while safeguarding the needs and opportunities of future generations.On behalf of the Corporate Management team,Adam SteensbergPresident and Chief Executive OfficerSustainability strategy and highlightsOur sustainability strategy has three core pillars – our patients, our people and our operations.We have taken significant steps this year to further embed sustainability across our business. Guided by science, strong governance, and our unique culture, we advanced our pipeline, empowered our people, and took decisive action to reduce our climate impact, while maintaining high ethical standards across our operations and value chain.Our patientsWe leverage innovation to advance the health and well-being of patientsOuroperationsWe take responsibility for the impact of our operations83%employees (FTEs) working with R&amp;D23active trials with Zealand Pharma productsOur peopleWe foster an engaging and enriching workplace for our people41%increase in employees from 20248.9of 10 in employee engagement score57%Reduction in our scope 1 and 2 carbon emissions from 20240cases or fines in relation to corruption or briberyOur near-term targets have been approved by the SBTiBasis for preparationZealand Pharma reports sustainability information with a strong commitment to transparency, accountability, and data quality. Reporting approachWhile Zealand Pharma is not legally required to report according to the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), the following report will follow the structure and include some key dimensions of the CSRD and ESRS. Thus, the following is to be considered as a voluntary reporting, not a legally required “Sustainability Statement”. This Sustainability report fulfills Zealand Pharma’s current legal requirements regarding Corporate Social Responsibility cf. section 99b of the Danish Financial Statements Act.Certain disclosures have also been prepared taking other sustainability reporting stand-ards and guidelines into account, including the Greenhouse Gas (GHG) Protocol, the Science Based Targets initiative (SBTi), and the Global Reporting Initiative (GRI) Standards.Reporting periodThe reporting period covers January 1 to December 31 of the respective reporting years. Comparative information is presented for prior years where available and meaningful.Reporting scope, boundaries, and materialityThe scope of sustainability information, the sustainability topics addressed, and the ESG data-points reported are based on Zealand Pharma’s double materiality assessment (DMA). The DMA is conducted with reference to the ESRS approach and is used to identify the sustainability-related impacts, risks, and opportunities that are consid-ered most relevant to Zealand Pharma, including in our value chain. We review the DMA periodi-cally to reflect changes in our strategy, activities, partnerships, and operating footprint.Unless otherwise stated, reported ESG data is prepared using the same organizational boundary as the financial statements, i.e., consolidated data for Zealand Pharma A/S. The reporting scope includes the sites where Zealand Pharma has operational control. Methodologies, estimates, and changesDefinitions, calculation methodologies, assumptions, and any use of estimates are described in the ESG data and accounting policies section for each datapoint. Sustainability data may include inherent measurement uncertainty, particu-larly for value-chain information, where the availability and quality of third-party data can vary. If there are material changes in scope, methodology, assumptions, or restatements of comparative figures, these are explained in the relevant accounting policies.External assuranceSelected ESG datapoints have undergone limited assurance by an independent third party in accordance with ISAE 3000 (Revised) and additional requirements applicable in Denmark (and, where applicable for greenhouse gas emissions, ISAE 3410). Datapoints included in the assurance scope are marked with an ( ) in the ESG data table.Sustainability governance and accountabilityZealand Pharma’s purpose is to tackle the greatest healthcare challenges of our time, and working to improve society is at the core of everything we do. As a company on the cusp of transforming into a generational biotech, it is fundamental for us to build a sustainable organization. Therefore, sustainability and all sustainability-related matters are owned at the top of the organization and worked with throughout Zealand Pharma.The Board of Directors ("the Board") sets the overall Corporate Strategy for Zealand Pharma as well as our Sustainability Strategy, while the Audit Committee oversees reporting, ESG policies, governance, and Zealand Pharma’s ongoing efforts to manage sustain-ability-related impacts, risks, and opportunities. For additional information on the Board and Audit Committee's composition, see page 31 of our Corporate Governance section. In Corporate Management, sustainability is the responsibility of our Chief Financial Officer. Our Sustainability Steering Committee is constituted by our Chief Financial Officer, Chief People Officer, Chief Operating Officer, and General Counsel, and is responsible for executing our sustainability strategy, ensuring that sustainability is embedded in the organization, as well as assuring legal compliance. Furthermore, any targets relating to sustainability impacts, risks, and opportunities are ultimately approved by the Sustainability Steering Committee.The daily sustainability efforts are led by our sustain-ability team, with sustainability owners in different departments ensuring the sustainability strategy initiatives are integrated into our operations.Information provided to and sustainability matters addressed by the undertaking’s administrative, management, and supervisory bodiesTo identify which sustainability topics were material to Zealand Pharma, we have conducted a double materiality assessment (DMA) (see  page 71 for additional details). The Sustainability Steering Committee had the ultimate responsibility for the DMA - defining objectives, overseeing the process, evaluating impacts, risks, and opportunities, and confirming the importance of these topics. The Board of Directors approved the DMA and the resulting sustainability strategy and reporting scope.During 2025, the Board of Directors, through the Audit committee, supervised the progress of the sustainability and reporting strategy, and the progress on working with the identi-fied sustainability topics. Throughout 2025, the Sustainability Steering Committee received monthly updates from Zealand Pharma’s Head of Sustainability on the implementation of due diligence in the organization, progress on different sustainability topics, and the policies, actions, targets, and metrics to address them.Integration of sustainability-related performance into incentive schemes Since 2022, sustainability goals have been integrated in Zealand Pharma’s overall Company Goals, which are linked to our performance-based bonus schemes. All full-time employees in Zealand Pharma, including Corporate Management, thus have sustainability goals integrated into their bonus. Sustainability-related goals account for 10% of the total bonus, with a potential increase in payout should all goals be achieved. For 2025, our sustainability-related goals included launching a Board of Directors-approved climate transition plan aligned with the Paris Agreement, establishing near-term targets, and achieving our reduction targets for the year. We also aimed to enhance our contributions to the scientific community and our patients by actively sharing research and knowledge. Additionally, we focused on integrating sustaina-bility into our supply chain due diligence activities, strength-ening our leadership and feedback culture with high partic-ipation in the employee engagement survey, progressing workforce diversity, and ensuring the quality and reliability of our ESG data by securing a limited assurance statement. We are proud to report that all these goals were success-fully achieved.We continue our dedication towards sustainability, and in 2026, we will focus on ambitious sustainability goals across three key areas—environment, people, and patients. We aim to achieve our climate transition plan's decarbonization targets and to implement greener laboratory practices. Our people goals center around strengthening leadership, onboarding young talents, and cultivating a diverse and inclusive workforce. With our patients we aim to increase our support for different patient-focused initiatives and associa-tions and continue our efforts to actively share our research and knowledge with patients and the scientific community.Strategy, business model, and value chainZealand Pharma’s business model is designed to address unmet medical needs and contribute to improved health outcomes for people living with overweight, obesity, and metabolic imbalance. We focus our efforts on research and development, enabling the discovery and advance-ment of innovative therapies and the build up of a differ-entiated clinical pipeline. To ensure that potential medi-cines are developed, manufactured, and made available to patients in a responsible and efficient manner, Zealand Pharma establishes partnerships across the value chain, including with academic and scientific institutions, contract research organizations (CROs), contract manufacturing organizations (CMOs), and global commercialization partners. Commercial collaborations for leading programs, including petrelintide and survodu-tide, are structured to support broad patient access while maintaining organizational focus on core capa-bilities. Through our research and development driven and partnership-based model, Zealand Pharma aims to translate scientific innovation into accessible treatments, supporting long-term value creation for patients, health-care systems, and society.Statement on due diligenceThe way Zealand Pharma creates value through its research-driven and partnership-based business model also defines how we manage responsibility, risk, and impact across our value chain. As our activities and collaborations are essential to delivering safe, high quality, and accessible medicines, robust due diligence processes are integral to the execu-tion of our strategy. Due diligence supports patient safety, compliance, ethical conduct, and sustainability considerations across our own operations and business relationships, and enables us to identify, prevent, mitigate, and address potential adverse impacts linked to our value chain.Patient safety and quality due diligencePatient safety is central to our operations. Our quality management practices and pharmacovigilance activities are designed to help ensure that our programs and partner-ships consistently meet applicable requirements and protect patients and trial participants. We apply risk-based oversight of outsourced activities, reflecting our partnership-based model. This includes qualification of critical third parties, quality agreements, monitoring of performance, and audits where relevant. Where issues are identified, we investigate root causes and implement corrective and preventive actions to safeguard patient safety, product quality, and data integrity.Sustainability due diligence in our value chainBeyond quality due diligence, we integrate sustainability considerations into our governance and due diligence processes to support ethical and responsible operations across the supply chain. Our approach is risk-based and aims to identify, prevent, mitigate and account for actual and potential adverse impacts, while also managing sustaina-bility-related risks and opportunities linked to our business relationships.Our sustainability due diligence is grounded in the OECD Due Diligence Guidance for Responsible Business Conduct and supported by our policies, Standard Operating Procedures, and Codes of Conduct, which set expectations for employees, suppliers, and partners. In 2025, we joined the UN Global Compact, reinforcing our commitment to responsible busi-ness practices.In practice, we focus our sustainability due diligence primarily on our upstream supply chain, including key third parties such as suppliers, CROs, and CMOs. As part of onboarding and throughout the relationship, we assess sustainability risks and expectations through measures such as screening, question-naires and document reviews and, where relevant, targeted engagement or audits. In 2025, we prioritized integrating sustainability-related criteria into partner screening and selection, strengthening contractual sustainability requirements, and enhancing sustainability risk assessments, including enhanced sustaina-bility risk assessments of key suppliers covering the majority of our annual spend.iWhere gaps are identified, we work with business partners to define corrective actions, and follow up to support implemen-tation. Our sustainability due diligence informs procurement and partner management decisions, and is integrated into our broader governance and risk management processes, including internal reporting and escalation to management, where needed.Speak-up channels, remediation, and continuous improvementWe maintain channels for employees and external stake-holders to raise concerns confidentially and without retalia-tion, including our whistleblower/compliance hotline arrange-ments. Should we identify that we have caused, contributed to, or are directly linked to adverse impacts through our operations or business relationships, we seek to enable appropriate remediation and support future prevention of recurrence. Our Double Materiality AssessmentTo identify the material impacts, risks, opportunities, and sustainability topics relevant to Zealand Pharma, a double materiality assessment (DMA) forms the foundation of our sustainability strategy. In 2025, we reassessed the 2024 DMA and confirmed that it continues to accurately reflect our material impacts, risks, opportunities, and sustainability topics. The DMA is reviewed annually to ensure alignment with our priorities and sustainability strategy.In collaboration with an independent third party, the DMA involved an in-depth analysis of our value chain and business activities to pinpoint pivotal sustainability factors. Stakeholders, including employees, contract manufacturing organizations (CMOs), contract research organizations (CROs), investors, patients, healthcare practitioners, and regulators, were mapped and engaged, alongside internal experts and topic owners, to ensure relevant perspectives were incorporated.From this analysis, impacts, risks, opportunities, and sustainability topics were identified and evaluated based on their ESG impact and financial risk and/or opportunity, with scoring conducted by the corporate management team and final approval by the Audit Committee. The resulting material sustainability topics form the core elements of our Sustainability Strategy and are presented to the rightOur patientsWe leverage innovation to advance the health and well-being of patientsOur peopleWe foster an engaging and enriching workplace for our peopleOur operationsWe take responsibility for the impact of our operationsThree pillars of our sustainability strategyAs we strive to build the world's most valuable metabolic health pipeline, our impact on global health and society grows. We understand the importance of operating responsibly and sustainably as we expand our business and are committed to serving our patients sustainably.Through our double materiality assessment, it became evident that our busi-ness model and our core impacts, risks, and opportunities revolve around three key pillars: our patients, our people, and our operations. Each pillar includes several sustainability topics that set the basis for our work and constitute the frame for our sustainability reporting.Material topics and our Sustainability StrategyOur material sustainability topics are deeply linked to the socially-focused pillars: our patients and our people. Our operations pillar encompasses both environmental and governance-related topics.As we expand our business, broaden our activities, and innovate our product offerings, our business model and value chain will evolve. Consequently, we continuously evaluate how these changes impact our material sustainability topics, as well as the impacts, risks and opportunities. We are committed to annually reviewing the DMA to ensure it consistently reflects our material priorities and that our Sustainability Strategy effectively addresses these key sustainability-related areas.Material topics and their link to our strategy and business modelEnvironmentClimate changeLocation of topicWhy is it material to Zealand PharmaLink between the topic, our strategy, and our business modelClimate change mitigation and energy managementOwn operations and value chainZealand Pharma has an impact on the environment through GHG emissions emitted from our own operations and in our value chain, contributing to climate changeZealand Pharma's increasing business activities require additional energy, thereby increasing our energy demand, potentially derived from non-renew-able sources, further contributing to climate changeThrough our value chain activities, Zealand Pharma has the opportunity to influence partners to transition to lower carbon and energy intensive opera-tions, thereby contributing positively to climate changeClimate change directly influences Zealand Pharma's business by poten-tially eroding the relationship with inves-tors, partners, or employees because of insufficient action on climate change, limiting access to key resources such as capital or a skilled workforceGrowing business activities means increased energy demand from Zealand Pharma and our partners. There is an increased risk of fluctuating energy prices due to a higher demand, impacts of climate change, and geopolitical instability. This can undermine Zealand Pharma's profitabilitySocialPatients Location of topicWhy is it material to Zealand PharmaLink between the topic, our strategy, and our business modelPatient health and safetyOwn operations and value chainWith investigational medicine, there is a risk of negatively impacting patients' and trial participants' health and safety Our products have the opportunity to help patients live better, healthier lives Keeping our patients and trial partici-pants safe is fundamental to the trust in our business and products and is instrumental to our current and future business successAccess to medicineOwn operations and value chainWe aim to have a positive impact on patients and society by developing new, innovative medicines to meet patients’ unmet medical needs and to make these medicines available to patientsWe are focused on developing differen-tiated treatment options for people with overweight, obesity, or metabolic imbal-ance that cater to the heterogeneity and complexity of the diseaseBy addressing rare diseases like congen-ital hyperinsulinism and short bowel syndrome, we can positively impact the lives of those affected by these diseases We embrace the opportunity to leverage partnerships for development and commercialization to ensure better access to medicines through faster advancement and broader distributionEnsuring that patients have access to our medicine is essential to our business success Addressing the unmet medical need for better and more effective treatment options for overweight and obesity allows us to potentially positively impact public health through such new innovationsDeveloping effective therapies for rare diseases addresses patient populations with high unmet medical needs, allowing us to change lives with our innovative therapiesLocation of topicWhy is it material to Zealand PharmaLink between the topic, our strategy, and our business modelEthical and responsible marketing practicesOwn operations and value chainFailure to ensure ethical and responsible marketing and accurate information about the products' uses, benefits, potential risks, and safety, could poten-tially harm patientsEnsuring ethical and responsible marketing practices and communication is important to maintain legal compli-ance and ensure the trust stakeholders have in our companyPatient privacy and data protectionOwn operations and value chainThrough our activities we have access to sensitive medical information. Potential misconduct and breaches can negatively impacts our patientsBreaches within the value chain or Zealand Pharma’s own operations can lead to loss of trust from patients and partners, direct harm to patients, legal consequences, financial penalties, and significant reputational damageSocialOwn workforce Location of topicWhy is it material to Zealand PharmaLink between the topic, our strategy, and our business modelEmployee engagement, development, and cultureOwn operationsFostering a good working environment leads to a more engaged workforce, which increases the well-being and the quality of life of our employeesBy focusing on the growth and develop-ment of our employees, we empower them to grow as individuals and reach their full potential Zealand Pharma is in a transformative period with rapid growth. Maintaining a strong company culture is essential for sustainable growth, preserving our positive impact on our employees, and ensuring continued engagement, motiva-tion, and well-beingEngaged employees lead to higher motivation, improved performance, stronger talent attraction, lower turn-over, and ultimately, enhanced company performanceEmployee development and growth lead to a more skilled workforce, higher moti-vation and engagement, and ultimately yield better treatment opportunities for patients A strong company culture fosters collaboration, dedication, and growth, enabling exceptional people perfor-mance that may ultimately drive innova-tive healthcare treatmentsLocation of topicWhy is it material to Zealand PharmaLink between the topic, our strategy, and our business modelDiversity, equity, and inclusionOwn operationsEnsuring fair treatment and equal opportunities, fostering an inclusive environment, and embracing diversity in teams directly impacts the lives of our employees, especially those from minority groups, and contributes posi-tively to society as a wholeA focus on diversity, equity, and inclu-sion directly enhances our business by driving more innovative solutions, increasing engagement and productivity, and expanding our access to talent. Consequently the diversity, equity and inclusion benefits both our company and the patients we serveHealth and safetyOwn operationsFailure to mitigate risks can negatively impact the safety and well-being of our employeesHaving a safe physical and mental work environment is a critical component of a successful and sustainable workplace. Without it, our company will be nega-tively impacted through lower engage-ment, poorer performance, and higher employee turnoverGovernanceBusiness conductLocation of topicWhy is it material to Zealand PharmaLink between the topic, our strategy, and our business modelRisk management and ethical business practicesOwn operations and value chainWe rely on partnerships. In our value chain, we risk engaging with partners who do not adhere to our high standards for ethical and responsible business conduct. Solid governance procedures for our own operations and value chain are important to mitigate any risks or potential negative impactsThrough our value chain activities, we have an opportunity to drive a positive change towards more sustainable envi-ronmental practices, better adherence to human rights, and generally better business practices that benefit societyZealand Pharma operates in a heavily regulated industry. Solid governance, safeguards, and controls to avoid adverse outcomes from our business are critical for both legal compliance and ensuring our reputation as a trusted business and scientific partnerWe rely on partnerships to ensure that innovative treatments we develop can be accessed by patients. Ensuring ethical and responsible business conduct is instrumental to our continued success and legal complianceLocation of topicWhy is it material to Zealand PharmaLink between the topic, our strategy, and our business modelIntellectual propertyOwn operations and value chainEffective intellectual property manage-ment is crucial to ensure continuous innovation to develop new treatment possibilities that meet unmet medical needs of patients and provide increas-ingly safer medicinesProtecting and respecting intellectual property is essential for fostering inno-vation and maintaining competitiveness. Failure to do so will hinder new research and development opportunities, stifling innovation and reducing the availability of new treatmentsAnimal welfareOwn operations and value chainWhen Zealand Pharma or any of our business partners perform animal studies, it directly impacts the labo-ratory animals. Through our work and engagement with value chain partners, we do not only have a responsibility for ensuring ethical treatment of animals, but we also have an opportunity to enforce improved treatment of labora-tory animals and higher, more ethical welfare standards across our value chainPatient safety must never be compro-mised, and animal studies are crucial for ensuring the safety and efficacy of new treatments before they are used in humansBoth Zealand Pharma and some of our partners conduct animal studies. Zealand Pharma must ensure the highest possible animal welfare in these studiesIntroductionWe take responsibility for the environmental impact of our own operations and our supply chain, and collaborate actively with partners to drive continuous improvement and sustainable developmentIntroduction Materiality for environmental topics and their interaction with Zealand Pharma’s strategy and business modelAt Zealand Pharma, we take responsibility for minimizing our direct environmental impacts and the impacts associated with our operations across the value chain. Based on our double materiality assessment, climate change mitigation and energy management are identified as our material envi-ronmental topics. These areas reflect where our activities have the most significant impact today and where we have the greatest opportunity to drive improvements through our own operations and in collaboration with partners.Our environmental footprint is currently limited, reflecting our business model with primarily R&amp;D laboratory activities and office-based operations and no products on the market. Accordingly, other environmental topics are currently assessed as not material. We continu-ously monitor our environmental impacts, risks, and opportunities. As our activities expand and our value chain evolves to include future manu-facturing and distribution, we will reassess mate-riality to ensure continued alignment between our business and our environmental impacts.Climate change mitigation and energy managementOur approach and policiesClimate change mitigation and energy management are inte-gral to Zealand Pharma’s sustainability strategy and long-term value creation. As a research-driven biotech company, we take responsibility for reducing emissions from our own oper-ations and for working proactively with partners across our value chain to support lower emission practices.Transition plan and science based targetsOur Climate Transition Plan forms the foundation for our work on climate change mitigation and energy management. Approved by the Board of Directors in early 2025, the plan supports Zealand Pharma’s strategic transition towards a 1.5°C pathway, in line with the goals of the Paris Agreement.In 2025, our primary focus was the implementation of the measures outlined in the transition plan. During the year, we formally committed to the Science Based Targets initiative (SBTi) to set near-term and long-term climate targets. Our near-term targets were submitted in Q4 2025 and have been approved by the SBTi*. Zealand Pharma's approved near-term targets are: Scope 1 and 2: Reduce absolute scope 1 and 2 GHG emis-sions 46.2% by 2031 from a 2024 base yearScope 3.1: Purchased goods and services:80% of Zealand Pharma suppliers by emissions covering purchased goods and services, will have science-based targets by 2029.Scope 3.15 Investments: Reduce scope 3 GHG emissions from investments 55.8% per million EUR invested by 2031, from a 2024 baselineTo reinforce accountability, climate performance is embedded in company-wide goals and linked to the annual bonus scheme for all employees, including Corporate Management, ensuring shared responsibility for delivery of the Climate Transition Plan. Climate performance remains a core element of company goals in 2026.Strengthening data quality, methodologies, and assuranceIn 2025, we significantly strengthened the quality and robust-ness of our greenhouse gas (GHG) data to better support decision making, reporting, and target tracking. This included improved data quality of the emissions from our investments, and updating our approach to purchased goods and services, transitioning from a purely spend-based methodology to a hybrid approach that incorporates supplier specific data where available.For the first time, our 2024 baseline and 2025 GHG inventory underwent limited assurance, further strengthening the credi-bility of our climate reporting.Key climate-related data pointsMetricUnit2025 ✓2024 ✓2023EnergyTotal energy consumption from fossil sourcesmWh9001,3161,378Total energy consumption from renewable sourcesmWh653236220Scope 1 GHG emissionsGross Scope 1 greenhouse gas emissions Metric tonnes CO2e72131144Scope 2 GHG emissionsGross location-based Scope 2 greenhouse gas emissionsMetric tonnes CO2e6868167Gross market-based Scope 2 greenhouse gas emissionsMetric tonnes CO2e154398402Significant scope 3 GHG emissionsGross Scope 3 greenhouse gas emissionsMetric tonnes CO2e38,135 27,16824,28311. Purchased goods and servicesMetric tonnes CO2e28,756 20,29319,48612. Capital goodsMetric tonnes CO2e1,147 57243413. Fuel- and energy-related activities (not included in Scope 1 or 2)Metric tonnes CO2e51576914. Upstream transportation and distributionMetric tonnes CO2e3,975 51575515. Waste generated in operationsMetric tonnes CO2e111 14616. Business travelMetric tonnes CO2e754 41346117. Employee commutingMetric tonnes CO2e220 25413415. Investments (Scope 1 &amp; 2 of investments)Metric tonnes CO2e3,1205,0492,938Total GHG emissionsTotal GHG emissions location-basedMetric tonnes CO2e38,275 27,36725,354Total GHG emissions market-basedMetric tonnes CO2e38,361 27,69725,589✓Subject to Limited AssuranceOther climate-related datapointsUnit2025 ✓2024 ✓2023Percentage of GHG scope 3 calculated using primary dataPercentage11%22%16%Percentage of purchased goods and services emissions from suppliers with science-based targetsPercentage28%15%12%Investment emissions intensity (Scope 1 &amp; 2 of investments)tCO2e/invested million EUR1.734.412.90Investments (issuer Scope 3 of investments)Metric tonnes CO2e375,857277,668111,298✓Subject to Limited AssuranceKey actions from our climate change transition planScope Emission sourceCurrent decarbonization leversFuture decarbonization leversScope 1Buildings &amp; vehiclesElectrification of car fleet by 2026 Biogas and low carbon heating solutionsEnergy efficiency measures, particularly in laboratoriesHeat pumps or district heating at additional locationsSmart building energy management systemsScope 2Purchased electricityRenewable electricity via Guarantees of OriginEnergy efficiency initiatives, particularly in laboratoriesPower Purchase Agreements (PPAs)On-site or near-site renewable energy solutionsScope 3Purchased goods &amp; servicesFocus on top 25 suppliers (79% of emissions)Hybrid- and activity-based emissions dataSuppliers climate commitment integrated in screening and selection criteriaContractual obligations and updated Supplier Code of ConductPreferred supplier model for low carbon suppliersJoint emissions reduction projects with key suppliersProduct-level emissions assessment and decarbon-ization roadmapScope 3InvestmentsESG-integrated investment policy with emis-sion reduction targets, and exclusion of oil, gas, and coal Active engagement with asset managersEnhanced climate stewardship expectations for asset managersIncrease share of climate-aligned financial activitiesScope 3 / EnergyDigital infrastructure &amp; AI100% renewable energy for cloud AI and digital infrastructure aEmbedding energy and climate considera-tions into technology vendor selectionOptimizing AI workloads to reduce computational intensity and energy demandExploring timing and scheduling of compute inten-sive workloads to minimize energy impactsEnsuring 100% renewable energy for entire cloud and data infrastructureOur emissions and key measuresZealand Pharma’s greenhouse gas emissions are heavily concentrated in Scope 3, which account for more than 99% of our total carbon footprint.Scope 1 and 2As part of our Climate Transition Plan, we have established near-term decarbonization targets for Scope 1 and 2 emis-sions. Approved by the Science Based Targets initiative (SBTi), our target is to reduce absolute Scope 1 and 2 emissions by 46.2% by 2031, from a 2024 base year.Scope 1 emissions amounted to 72 tCO2e in 2025 and primarily stem from building heating systems, which account for 88% of these emissions. We have identified clear reduc-tion pathways, including the integration of low-carbon heating solutions such as heat pumps or district heating in both existing and future office locations. In 2025, we implemented several energy efficiency measures across our offices and transitioned away from natural gas by supplying our heating systems with biogas derived from waste materials, sourced from a local biogas facility. Our vehicle fleet accounts for 12% of Scope 1 emissions. We are progressively transitioning to electric vehicles and have committed to fully electrifying our company car fleet in 2026, ahead of schedule.Scope 2 emissions were significantly reduced due to the procurement of renewable electricity via Guarantees of Origin, resulting in 154 tCO2e market-based Scope 2 emissions in 2025. Our location-based Scope 2 emissions amounted to 68 tCO2e.Progress against Scope 1 and 2 targetTogether, these measures resulted in a 57% reduction in combined Scope 1 and Scope 2 (market-based) emissions from 2024 to 2025. While this reduction exceeds the linear pathway required to meet our 2031 SBTi-validated target, we will continue our decarbonization efforts to sustain low emissions over time and ensure low-carbon operations as we expand to new sites and locations.Main Scope 3 categoriesOur supply chain (Scope 3, Category 1) and investment portfolio (Scope 3, Category 15) represent our largest sources of Scope 3 emissions and our greatest long-term reduction opportunities.Scope 3.1 Purchased goods and servicesEmissions from purchased goods and services represent the largest share of Zealand Pharma’s carbon footprint and our most significant long-term decarbonization opportunity. These emissions primarily arise from outsourced research and development activities across our value chain.As part of our Climate Transition Plan, we have established near-term targets for Scope 3.1 emissions. Approved by the SBTi, our target is to ensure that 80% of Zealand Pharma suppliers by emissions covering purchased goods and services, will have science-based targets by 2029.To support delivery of this target, we worked closely with existing partners to encourage the development of transition plans and emissions-reduction targets. We also strength-ened our partner screening and selection criteria to inte-grate sustainability requirements, including climate change mitigation, ensuring alignment with our climate ambitions. In addition, we enhanced contractual sustainability require-ments and updated our Supplier Code of Conduct to reflect our environmental expectations. While climate change is a primary focus, our supplier requirements also address broader environmental topics, including waste, water, and pollution.Progress againts Scope 3.1 targetThese actions contributed to a significant increase in the share of purchased goods and services emissions sourced from suppliers with science based targets, rising from 15% in 2024 to 28% in 2025.We will continue to build on this foundation in 2026, working collaboratively with our partners to support the transition of our supply chain.Scope 3.15 InvestmentsEmissions from our investments represent a material share of Zealand Pharma’s Scope 3 emissions and an important lever for reducing our overall emissions intensity. At the same time, our investment activities provide an opportunity to support issuers and activities that enable the climate transition.As part of our Climate Transition Plan, we have established a near-term target for Scope 3.15 emissions. Approved by the SBTi, our target is to reduce scope 3 GHG emissions from investments 55.8% per million EUR invested by 2031, from a 2024 baseline.To support delivery of this target, we worked closely with our external asset managers to strengthen data quality and inte-grate climate and sustainability considerations into investment decisions. In 2025, we updated our investment policy, embed-ding ESG requirements, alongside norms- and values-based criteria. We also took decisive action to exclude high-impact sectors, including oil, gas, and coal, and committed to investing only in issuers that adhere to the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises.Progress against Scope 3.15 targetThese actions resulted in a portfolio-wide reduction in emis-sions intensity (Scope 1 and 2 per EUR million invested) of 61% compared to our 2024 base year, exceeding the reduction required under our near-term target pathway. Emissions inten-sity for corporate issuers was reduced by 88%, and absolute investment emissions also declined, even as invested capital increased. Throughout this transition, we maintained a compa-rable risk and return profile.In 2026, we will continue to work closely with our asset managers to further strengthen climate integration, enhance data quality, and support sustained reductions in invest-ment-related emissions over time.Disclosure of issuer Scope 3 emissionsDue to significant data limitations and uncertainty, issuer Scope 3 emissions do not currently meet Zealand Pharma’s data quality criteria for credible target-setting and are therefore excluded from our official GHG inventory and climate targets. However, in line with GHG Protocol best-practice recommendations and our commitment to transparency, we disclose these emissions separately. In 2025, issuer Scope 3 emissions were estimated to be 475,857 tCO2e. Given the potential significance of this emissions source, we will continue to work with our asset managers to improve data quality and aim to include issuer Scope 3 emissions in a robust and dependable target-set-ting framework as data quality improves.Other emission categoriesThe remaining Scope 3 categories together contribute to 16% of Zealand Pharma’s total carbon footprint, totaling 6,258 tCO2e. While below the SBTi materiality threshold, these emissions remain relevant for targeted and proportionate reduction efforts.Upstream transportation and distribution (3,975 tCO2e) have seen a significant increase from 2024, due to more accurate data classification of transportation services. Reduction efforts are addressed through increased supplier engagement, aligned with our broader supplier strategy. Business travel and employee commuting (974 tCO2e) are a key focus for employee engagement, with continued efforts to strengthen sustainable travel practices and explore lower impact commuting options. Capital goods (1,147 tCO2e) are managed through supplier engagement within purchased goods and services, while fuel and energy related activities and waste are addressed through operational efficiency and targeted environmental initiatives. As our product portfolio expands, we are already engaging value chain partners to support improved reusa-bility, recyclability, and end-of-life treatment. In addition, as we continue to roll out artificial intelligence (AI) and digital solutions across Zealand Pharma, we actively manage the environmental impacts associated with increased data processing and storage. We work closely with tech-nology partners who share our ambitions to promote energy efficiency and responsible data management as our use of AI and digital solutions continues to expand. Our aim is that all external data storage and processing are hosted in data centres powered by 100% renewable energy, and carbon emissions related to our data storage and data processing amounted to less than 1 tCO2e in 2025. Other environmental datapointsWhile water use and waste are currently assessed as imma-terial for Zealand Pharma based on our double materiality assessment, we report this information to support transpar-ency and a holistic view of our environmental footprint.Our footprint remains limited due to our R&amp;D-focused, labo-ratory- and office-based operations. We monitor water consumption and waste generation and apply relevant controls to ensure responsible resource use and appropriate handling of waste, including hazardous waste streams.Looking ahead, as our laboratory activities expand, we will further integrate more sustainable laboratory practices, with a focus on resource efficiency, waste reduction, and responsible use of materials, while continuing to monitor and reassess materiality as our operations evolveActions in 2025Board-approved Climate Transition Plan aligned with a 1.5°C pathway and the Paris AgreementCommitted to the Science Based Targets initiative (SBTi) and had our near-term targets approved.Achieved all climate related targets for 2025, with climate performance linked to the company-wide bonus scheme, including Corporate ManagementImproved data quality, implementing a hybrid methodology with increased supplier specific dataObtained limited assurance of the 2024 baseline and 2025 GHG inventoryImplemented energy efficiency measures and transitioned building heating systems from natural gas to biogas, while progressing toward full electrification of the vehicle fleet by 2026Strengthened value-chain engagement by updating Supplier Code of Conduct and embedding environmental and climate criteria into supplier screening, selection, and contractsUpdated the investment policy to integrate ESG criteria and exclude high emission sectors, significantly reducing port-folio emissions intensityOther environmental datapoints2025 ✓20242023Total water consumptionm³3,2132,1511,989Total water consumption in areas at water risk, including areas of high water stressm³000Total waste generatedTonnes626164Non hazardous wasteTonnes535762Total amount of hazardous wasteTonnes942Non-recycled wasteTonnes534045Recycled wasteTonnes92119✓Subject to Limited AssuranceParticipated in the national “KlimaKampen” climate initi-ative, achieving top ranking among Danish companies for employee participation and climate-saving activitiesLooking aheadBuilding on progress achieved in 2025, Zealand Pharma will continue to strengthen climate change mitigation and energy management as the company grows and its value chain expands. Priorities remain delivering against science-based targets, advancing energy efficiency and renewable energy use, and deepening collaboration with suppliers and partners to support sustained emissions reductions.Key actions and initiatives looking ahead include: Deliver against SBTi aligned climate targets, with climate performance integrated into company goals for 2026Complete phase-out of non-electric vehicles and further integrate low-carbon heating solutions across officesExpand energy efficient and low carbon laboratory prac-tices, including renewable electricity sourcing for new sites in Denmark and the U.S.Deepen supplier engagement to support climate transition plans, science-aligned targets, and improved availability of activity-based emissions dataFurther align the investment portfolio with climate objec-tives, while continuing to strengthen emissions data qualityAccounting policiesEnvironmentEnergyTotal energy consumption related to own operations is measured in MWh (LHV) and comprises consump-tion from mobile combustion, stationary combustion, and electricity (market-based) at sites where Zealand Pharma has operational control. Energy data are based on meter readings, fuel purchase data, and supplier information and are converted to energy units using standardized conversion factors.For stationary combustion, fuel volumes are converted to energy using density factors and net calorific values. Methodological adjustments are applied where rele-vant to ensure consistent and prudent classification of energy sources.Total energy consumption from fossil sources includes coal, oil products, and gas delivered through the gas grid. For energy consumption reporting, biogas used in stationary combustion is included within gas consump-tion and classified as fossil energy. This reflects a conservative reporting approach, whereby energy consumption is reported assuming natural gas only, as the specific share of biogas physically supplied through the gas grid cannot be determined with sufficient preci-sion for energy mix classification. Total energy consumption from renewable sources comprises electricity procured through power purchase agreements, guarantees of origin, and supplier-pro-vided renewable electricity. The company has no on-site consumption of self-generated non-fuel renew-able energy.Greenhouse Gas emissionsAll scope GHG emissions are quantified in line with the principles of the GHG Protocol Corporate Standard. All GHG emissions are expressed in metric tons of carbon dioxide equivalent (tCO2e) using the latest Global Warming Potential values from the Intergovernmental Panel on Climate Change. In calculating its Greenhouse Gas Emissions, Zealand Pharma utilizes a third-party platform, Normative, for the data processing and reporting. Due to inherent limitations in scientific knowl-edge, estimation methodologies, and assumptions in Scope 3 the reported emissions data carries some degree of uncertainty.Scope 1 emissionsScope 1 emissions comprise direct GHG emissions from sources owned or controlled by Zealand Pharma, including natural and biogas consumption at facilities, use of company vehicles, and fugitive emissions from refrigeration and air conditioning systems. Emissions are calculated by multiplying activity data (e.g., liters of fuel consumed) by DEFRA and AIB emission factors. Gas consumption is based on meter readings and invoices. Petrol and diesel are considered to be 100% mineral blending and not inclusive of any biofuel blending. Zealand Pharma has identified an additional consumption not previously accounted. Due to this, we have restated prior Scope 1 emissions from 145 to 131 tonnes. Scope 2 emissionsScope 2 emissions include indirect GHG emissions from purchased electricity and heating. These are calcu-lated using both location-based and market-based methods. The location-based method uses average emission factors for the local electricity grid, while the market-based method reflects contractual arrange-ments for electricity purchases including any renew-able energy certificates. Emission sources result from power consumption from operational sites and on-site 3rd party EV chargers. It is not known nor disclosed what the percentage of biomass or biogenic CO2in the electricity grid is. Zealand Pharma has identified an additional electricity consumption not previously accounted for. Due to this we have restated prior market-based emissions from 0 to 398 tonnes in 2024, and from 0 to 402 in 2023. Prior location-based emis-sions are restated from 17 to 68 tonnes in 2024 and from 56 to 167 tonnes in 2023Scope 3 emissionsScope 3 emissions encompass all other indirect emis-sions from Zealand Pharma's upstream and down-stream value chain.Material and immaterial categories have been identi-fied through a screening. Material scope 3 categories include: 3.1 purchased goods and services, 3.2 capital goods, 3.3 fuel and energy-related activities not included in Scope 1 or 2, 3.4 upstream transportation and distribution, 3.5 waste generated in operations, 3.6 business travel, 3.7 employee commuting, and 3.15 investments. Immaterial Scope 3 categories are; Scope 3.8 upstream leased assets, 3.9 downstream transportation and distribution, 3.10 processing of sold products, 3.11 use of sold products, 3.12 end-of-life treatment of sold products, 3.13 downstream leased assets, and 3.14 franchises.Emissions are calculated using spend data, suppli-er-specific emissions or activity-based metrics multi-plied by relevant emission factors. Due to the broad nature of scope 3 emissions and reliance on third-party data, these calculations inherently involve a higher degree of estimation and uncertainty compared to scope 1 and 2 emissions. The materiality assessment of scope 3 categories is reviewed annually to ensure all significant emission sources are captured and align with Zealand Pharma's operational reality. In 2024, Scope 3.9 Downstream transportation and distribution and 3.12 End-of-life treatment of sold products were reported. In our 2025 review, these catetories have been deemed immaterial and excluded from the reporting scope. Due to changes and updates to materiality classifi-cation of spend, and calculation methods, we have restated prior-year numbers for Gross Scope 3 emissions from 73,757 to 24,283 tonnes in 2024 and from 266,412 to 27,168 tonnes in 2024. The change is primarily driven by an improved calculation method for Scope 3.1, and that issuer Scope 3 emissions of invest-ments are reported separately from the GHG inventory, in accordance with the GHG protocol. Emissions from purchased goods and services are calculated using a combination of supplier-specific emissions and expenditure data from Zealand Pharma's financial reporting systems. Zealand Pharma utilizes the Normative transactional accounting model which classifies each transaction according to corresponding industry and economic sector using suppliers' main industry codes and transactional information. This information is also used to determine the mapping of some transactions to upstream transportation and distribution and business travel. Expenditure amounts are converted to EUR using exchange rates from the transaction date if in other currencies. The mapped transactions are then assigned appropriate emission factors from Exiobase repre-senting emissions per monetary unit (kgCO2e/EUR). The calculation includes assumptions about average emissions intensities within industry sectors and their geographic location. For those suppliers where both recent financial and environmental data (Scope 1, 2, and upstream Scope 3 emissions) are available, a supplier-specific emis-sion factor has been calculated and then multiplied by Zealand Pharma’s spending of the corresponding accounting year, utilizing the hybrid-method, outlined by the GHG protocol. Due to this improved calculation method, we have restated prior year numbers from 42,712 to 20,293 tonnes in 2024. Emissions from capital goodsare calculated using annual capital expenditure data from Zealand Pharma's financial systems. The spending on equip-ment, buildings, vehicles, and other capital investments is mapped to relevant industry sectors using the spend-based methodology. The emission factors used account for average emissions intensities of capital goods manufacturing within each sector. Due to an improved calculation method, we have restated prior year numbers from 536 to 572 tonnes in 2024, and 343 to 434 tonnes in 2023.Fuel and energy-related activities encompass all upstream greenhouse gas emissions (CO2e) asso-ciated with purchased fuels and energy, beyond what's covered in Scope 1 and 2 emissions. Emissions are quantified by converting energy usage into kilo-watt-hours (kWh), then multiplied by country-specific emission factors provided by DEFRA and the IEA. In the absence of country-specific emission factors worldwide emission factors are applied. This category accounts for all upstream emissions, including those from trans-portation and distribution, related to electricity, heat, and fuel production. Zealand Pharma has identified an additional electricity consumption not previously accounted for. Due to this we have restated prior year numbers from 35 to 57 tonnes in 2024, and 39 to 69 tonnes in 2023. Zealand Pharma accounts for upstream transporta-tion emissionsthat result from purchased products transported or distributed in vehicles and facilities not owned or controlled by Zealand Pharma. Emissions are calculated based on the amount spent using the spend-based methodology. Due to an improved classification, we have restated prior-year numbers from 289 to 515 tonnes in 2024, and from 8 to 755 tonnes in 2023. Emissions from wastegenerated in operations account for the CO2e generated from the disposal and treat-ment of operational and clinical waste by third-party providers at company sites. To calculate these emis-sions, waste weight data obtained from third-party waste providers is multiplied by DEFRA's waste-specific emission factors. It is assumed that clinical waste which requires special handling is disposed of using combustion. Due to an improved classification, we have restated prior-year numbers from 4 to 14 tonnes in 2024, and from 3 to 6 tonnes in 2023. Business travel emissions are calculated using third-party travel data, primarily from business flights. Flights not captured in this category are quantified using DEFRA emission factors inclusive of radiative forcing. This category also includes emissions from other travel-related expenses, such as hotel stays, which are quantified using the spend methodology. Due to an improved classification, we have restated prior-year numbers from 577 to 413 tonnes in 2024.Employee commutingemissions derive from all employees commuting to their place of work. They are calculated from a survey which estimates the average employee emissions, which is then multiplied by the number of FTEs. Survey parameters include the mode of transport (car, bus, train, or light rail), employment duration and the frequency of travel. Emissions are quantified using emission factors from DEFRA.Investment emissions are measured applying the prin-ciples of the GHG Protocol and Partnership for Carbon Accounting Financials (PCAF), using the Enterprise Value Including Cash (EVIC) method. This approach attributes greenhouse gas emissions based on the proportion of our investment relative to the issuers’ total financial value, comprising both equity and debt. We account for the Scope 1, Scope 2 emissions from issuers in our GHG inventory. Scope 3 emissions of issuers are reported separately from the GHG inven-tory, in accordance with the GHG protocol. . Where Scope 3 emissions data is unavailable, an estimation of emissions is performed, using an average-data method. All data retrieval, calculations, and estima-tions are carried out by our Asset Managers, based on ISS Corporate or TruCost data. The accounting of GHG emissions from investment activities includes all investment activities, also those that are converted to cash equivalants in the financial statements. Due to an improved data quality, we have restated prior-year numbers from 6,219 to 5,049 tonnes in 2024, and from 4,716 to 2,938 tonnes in 2023. Issuer Scope 3 emissions are restated from from 215,272 to 277,668 tonnes in 2024, and from 47,729 to 111,298 tonnes in 2023. Total Greenhouse Gas emissions and intensityTotal GHG emissions location-based is the sum of all scopes inclusive of scope 2 location-based. Total GHG emissions market-based is the sum of all scopes inclu-sive of scope 2 market-based.Percentage of GHG Scope 3 calculated using primary dataThe ratio of the total Scope 3 emissions where a spend-based emission factor was not used over the total Scope 3 emissions. Scope 3 emissions where a spend-based emission factor was not used are all activities where primary data from suppliers have been utilized (weight, energy, distance, etc.). These activities mainly comprise suppli-er-specific emission factors used in Purchased goods and services, Business travel, Employee commuting, and Investments.Percentage of purchased goods and services emissions from suppliers with science-based targetsPercentage of total Scope 3.1 Purchased goods and services emissions deriving from suppliers who have set science-based targets by the end of the reporting year. Zealand Pharma utilizes the Science Based Targets initiatives (SBTi) Target Dashboard to assess suppliers, and only includes suppliers with targets approved by the SBTi. Investment emissions intensity is calculated by dividing the combined Scope 1 and 2 emissions from all issuers in our portfolio, for which carbon data is available, by the total Assets Under Management (AUM) corre-sponding to these issuers. This metric is expressed in tonnes of CO2e per million euros invested (tCO2e/€Mio).WaterTotal water consumption is the amount of water consumed within our sites in Søborg, based on meter readings.Total water consumed in areas at water risk, including areas of high water stress refers to water consumption at our sites in Søborg. Water stress levels are reviewed annually, based on WRI’s Aqueduct tool 4.0 method-ology. The threshold for sites in areas at water risk is set at medium-high.WasteTotal waste data is collected from the site in Søborg. The data is based on weighing performed by the waste management providers. The waste is categorized into two main types of waste, hazardous waste and non-hazardous waste. Thehazardous wasteincludes organic, inorganic chemical substances, and medicinal waste sent for special handling.Non-hazardous waste consists of paper, plastic, cardboard, metal, glass, food and biological raw materials, pallets, and electronic waste. Percentage of recycled wastecovers paper, plastic, cardboard, metal, glass, and electronics sent for recy-cling, compared to the total weight of waste produced. Our patientsPatients are at the heart of Zealand Pharma’s purpose and strategy. Through innovative research in metabolic health, we work to deliver lasting value for patients, guided by responsibility, transparency, and a strong focus on patient safety, ethics, and access throughout development.IntroductionMaterial topics for our patients and their interaction with Zealand Pharma's strategy and business modelPatients are at the center of Zealand Pharma’s purpose and strategy. We work to transform patients’ lives through innovative medicines addressing unmet medical needs in metabolic health. Acting responsibly, ethically, and compli-antly throughout research, clinical development, and future access planning is fundamental to building trust and long-term value.Through our double materiality assessment, we identified four patient-related sustainability topics as particularly material:• Patient health and safety• Access to medicine• Ethical and responsible marketing• Privacy and data protectionThese topics are directly linked to our strategy and business model and guide how we develop, advance, and prepare future therapies for patients.Patient health and safetyWhy is the topic material to Zealand Pharma?With our R&amp;D of innovative candidates, we strive to help patients live better, healthier lives. Therefore, ensuring the health and safety of our patients when developing new medicines is essential. Failure to keep our patients and trial participants safe not only has a direct negative impact on individuals, but it is also fundamental to our current and future business success. Ultimately, maintaining the health and safety of our patients is the cornerstone of everything we do. Our approach and policiesQuality and governanceWhen conducting clinical trials, the safety and rights of our patients and the integrity of the data generated are essen-tial. We embed quality and product governance across the full lifecycle, from clinical development through post marketing, to ensure product quality, protect patients, uphold scientific integrity, and sustain trust. We work in accord-ance with current Good Practice (GxP), through a clearly defined Quality Management System and policy framework that commits us to protecting patient health and safety and ensuring product quality. We operate under a Manufacturing and Importation Authorization from the Danish Health Authorities, and ongoing evaluation of our quality system is performed through both internal audits and external inspec-tions from relevant health authorities, including the Danish Medicines Agency, the European Medicines Agency, and the U.S. Food and Drug Administration. Product quality is supported by defined testing and control activities across development and manufacturing, including release testing, stability monitoring, and ongoing quality veri-fication performed either in-house or by qualified external laboratories operating under GxP requirements.Managerial responsibility and oversight is firmly established. Our internal, cross functional Safety Committee provides medical and regulatory oversight of the benefit–risk and risk management. In strict accordance with regulatory require-ments in the territories where we operate, for certain trials deemed of higher risk, such as clinical trials in pediatric popu-lations, we additionally employ external independent data and safety monitoring boards. Our Patient Safety leadership ensures the safety system operates effectively. We monitor safety performance through defined objectives and thresh-olds for timely adverse event reporting, case processing, and signal detection. We regularly review performance on safety, research, development, manufacturing, IT, and quality at senior level through our semi-annual Quality Management Review, to drive continuous improvement. Upholding high standards in our supply chainWe outsource selected manufacturing and clinical operations to qualified partners and maintain strict oversight to ensure consistent adherence to Good Practices (GxP). Supplier selec-tion and monitoring are governed by clear policies, proce-dures, and multiple controls, with partners chosen through a rigorous process assessing ethics, business continuity, and operational capability. In addition to commercial contracts, we have Quality Agreements in place with all contract manufacturers defining responsibilities and oversight of outsourced activities. We regularly audit our partners, covering key elements of their quality management systems, including training. Robust processes are in place to manage deviations from quality standards or product specifications, ensuring patient safety, product quality, and data integrity across our supply chain. Besides audits and oversight, we require contract manufac-turers to maintain certification to applicable internationally recognized quality standards and to ensure that relevant personnel are trained in GxP and quality assurance principles. Quality and compliance training expectations are embedded in our Quality Agreements and verified through regular audits and ongoing performance monitoring. We require our direct suppliers, for activities and materials related to Zealand Pharma products, to extend our quality and GxP expectations to their own critical subcontractors and material suppliers. This includes ensuring appropriate qualification and quality controls across relevant Tier 2 and Tier 3 suppliers involved in the manufacture and supply of our products, with compliance assessed through supplier risk management, audits, and ongoing performance monitoringRisk management and continuous improvementWe assess safety risks proactively and continuously, using data from clinical studies, post-marketing experience, liter-ature, and product quality to identify, evaluate, and mitigate potential risks. When issues occur, we register them promptly, investigate root causes, assess impact, and implement corrective and preventive actions. Closure and effectiveness of actions are overseen by Quality Assurance, with escalation to management where needed. All employees receive training on patient safety and product quality responsibilities, supported by comprehensive training plans for teams directly handling safety information and activ-ities related to GxP requirements. Transparent clinical trials and reportingIn our view, transparency is an integral part of patient safety. We register all company sponsored interventional clinical trials in publicly accessible databases before the first patient is dosed. We commit to disclosing results within required timelines and we publish trial outcomes—positive, negative, or inconclusive—in credible registries and/or peer reviewed journals. For terminated trials, we always report results and reasons for termination in line with applicable requirements. Ultimately, maintaining the health and safety of our patients is the cornerstone of everything we do. By combining strong governance, vigilant monitoring, disciplined incident manage-ment, continual training, rigorous audits, and transparent reporting, we work every day to ensure our medicines are developed and used as safely as possible. Our ActionsActions 2025Conducted GxP and Patient Safety training for all current and new employeesReviewed and strengthened our Quality Systems and IT GxP systemsLooking aheadIn 2026, we are committed to continuing our current efforts to ensure that patient safety is never compromised. We will continuously monitor our own and our partners' processes and procedures while remaining dedicated to our own training and competency development.Access to medicinesWhy is the topic material to Zealand Pharma?Patients are at the heart of everything we do. Developing new, innovative medicines to address patients’ unmet medical needs and ensuring that these potential future ther-apies reach as many patients as possible are essential to our business and to the positive impact we, as a company, can have on society. The focus of our investigational candidates is to address unmet medical needs for patients living with metabolic diseases, including obesity, chronic inflammation, and rare diseases like congenital hyperinsulinism (CHI) and short bowel syndrome (SBS).Our approach and policiesLeveraging research and partnerships to make our medicines accessible to patientsTo realize our vision of reaching a broad patient base, research and development remain our primary focus. We concentrate on innovative drug discovery and building robust global collaborations that enhance our manufacturing and commercialization capacity. Advancing clinical development to expand patient accessEnsuring patient access depends on advancing investigational candidates through clinical trials toward regulatory approval. Currently, four candidates are under evaluation, with an addi-tional two entering development. We sponsor nine active trials alongside 14 collaborative trials with partners and academia.Research, development and clinical trials2025 ✓20242023% of operating expenditure (OPEX) allocated to Research and Development76%69%76%% of employees (FTEs) working with Research and Development83%84%85%Number of active trials with Zealand Pharma products232314✓Subject to Limited AssuranceEmbedding diversity in clinical trial designWe aim to design clinical trials that reflect the differences of the patient populations we intend to serve. Diversity consider-ations are integrated into trial design and execution, including a focus on representative participant enrollment and gender balance through recruitment strategies and selection criteria. We believe that inclusive clinical programs contribute to robust data generation and improved relevance of clinical outcomes.Transparency and scientific contribution in metabolic diseasesTransparency is vital to advancing science and improving patient care, and by sharing data freely with the scientific community, we empower healthcare providers and patients alike. For the last three years, advancing our scientific contri-bution within metabolic diseases through scientific communi-cation has been a core priority. Scientific Communications2025 ✓20242023Scientific communications444430✓Subject to Limited AssuranceIn 2025, we achieved 44 communications, managing to stay on the same high level as in 2024. Our firm commitment to contributing to the scientific community is deeply rooted in our organizational priorities. It is integrated into our company goals and linked to management remuneration, ensuring continued dedication to transparency, ultimately supporting patients with better solutions. Obesity – addressing the greatest healthcare challenge of our timeObesity is a high burden and historically neglected chronic disease with significant consequences for individuals, health-care systems, and societies. By 2035, more than half of the global population is projected to be living with overweight or obesity, with prevalence among children and adolescents expected to more than double. Obesity is a complex and heterogeneous condition associated with more than 220 complications and comorbidities, and over five million deaths globally are attributed each year to overweight and obesity.Recent advances, including GLP-1 receptor agonist–based therapies, have improved weight-loss efficacy; however, tolerability challenges, primarily gastrointestinal side effects, continue to limit long-term treatment persistence, and overall treatment rates remain low. This underscores a continued unmet medical need for therapies that combine meaningful efficacy with improved tolerability and address obesity-related comorbidities.At Zealand Pharma, we approach obesity as a heterogeneous disease requiring differentiated solutions. Our research strategy focuses on targeting the underlying biological mech-anisms driving obesity and its complications, with the ambi-tion to develop therapies that support sustained weight loss, improved tolerability, and broader metabolic benefits. Through innovative medicines and next-generation approaches, we aim to expand treatment options, improve treatment persistence, and support long-term disease management for people living with obesity and metabolic imbalance.Rare disease programs – focusing on small patient populations with substantial unmet needsIn our rare disease programs, we focus on conditions where disease burden is high, patient populations are small, and treatment options are limited. Our programs in congenital hyperinsulinism (CHI) and short bowel syndrome (SBS) address rare, neglected diseases that require complex care and can have a profound impact on patients’ and caregivers’ daily lives and quality of life.In rare diseases, close collaboration with patients, caregivers, and the clinical community is essential to improving aware-ness, understanding, and access to care. At Zealand Pharma, we have longstanding relationships with patient organizations, including Congenital Hyperinsulinism International and The Oley Foundation, and engage with them through initiatives such as funding support and clinical trial collaboration. We also work closely with thought leaders and external experts in CHI and SBS to support the design and conduct of clinical trials and to ensure that patient perspectives are reflected throughout development.1	Economic impact of overweight and obesity to surpass $4 trillion by 2035 | World Obesity FederationBroadening our Expanded Access Program for rare disease patientsOur Expanded Access Program (EAP) supports patients with serious rare diseases by enabling access to investigational therapies outside of clinical trials, where appropriate and in line with regulatory requirements. An EAP was established in CHI to bridge the treatment for trial participants until the treatment becomes commercially available. In 2025, the CHI EAP was expanded to allow inclusion of new patients, newborns and children living with CHI. We continuously monitor patient outcomes and program implementation and plan to further expand the EAP in 2026 to help additional patients living with CHI.Our ActionsActions 2025Progressed patient access by advancing our R&amp;D pipeline, with four candidates under evaluation, with an additional two entering development. We sponsored nine active trials along-side 14 collaborative trials with partners and academiaStrengthened transparency and scientific contribution through 44 scientific communications, supporting knowl-edge sharing within metabolic diseases.Expanded access for patients with rare diseases by broad-ening the Expanded Access Program for congenital hyperin-sulinism (CHI) to additional patients.Advanced global reach and future access through strategic partnerships, including the collaboration with Roche to support development and commercialization of petrelintide.Looking aheadIn 2026, we will continue to advance our R&amp;D pipeline through clinical development toward regulatory approval, progressing ongoing trials, and initiating additional studies. We will further strengthen patient access by integrating diversity consider-ations across our clinical programs and maintaining a strong focus on transparency and our contribution to the scientific community. Within rare diseases, our priority remains to improve access to new treatment options for patients with CHI and SBS by advancing clinical and regulatory activities and expanding access outside of clinical trials where appropriate. For CHI, we also plan to further develop our Expanded Access Program, guided by patient needs, clinical experience, and regulatory requirements, to help reach additional patients with high unmet medical needs.Ethical and responsible marketingWhy is the topic material to Zealand Pharma?Ethical and responsible marketing for medicine involves promoting products in a manner that, above all, prioritizes patient safety, transparency, and compliance with regula-tory standards. This includes providing accurate information about a product's uses, benefits, and potential risks, as well as avoiding misleading claims, off-labeling use of products, or practices that could harm patients or undermine trust in our products and our company. Our approach and policiesAs we progress candidates through our pipeline towards commercialization and, eventually, the patient, we actively work to ensure that we uphold ethical and responsible marketing standards and that legal compliance is maintained in our future development and commercialization activities. This work is anchored in our Internal Compliance Committee, with Board-level oversight of our compliance. Zealand Pharma has established policies and detailed standard operating procedures to ensure that all external communications, including those related to products in devel-opment, disease and therapeutic areas, and company-related information, are ethical, accurate, and compliant with appli-cable laws and regulations. Our communications are guided by relevant ethical stand-ards and codes, including but not limited to those of the WHO, EMA, and FDA, and are designed to provide balanced, non-misleading information on scientific data, potential bene-fits, and risks. Our communication materials are reviewed and approved by management and relevant subject matter experts, and are updated as new scientific, safety, or regu-latory information becomes available. Zealand Pharma employees who engage with Healthcare Professionals, Healthcare Organizations, and Patient Organizations follow strict guidelines, and only do so in a transparent and respon-sible manner.Regarding our corporate and individual employee commu-nications, we follow a strict set of guidelines to ensure that no illegal promotional activities of e.g., clinical candidates, products, or projects, occur. Corporate communication is handled by our Corporate Communications, Media Relations, and Investor Relations departments to ensure compliant and consistent communication to all external stakeholders and to shareholders. These principles are anchored in our Investor Relations policy, which is made publicly available on our webpage, accessible through this link: zealandpharma.com/about-us/reports-policies/#investor-relations-policyOur ActionsActions 2025Updates to non-GxP procedures and further expanded training activities to relevant personnelImplementation and development of a central compliance repository containing standardized guidance and toolsAssessment and implementation of digital systems to support oversight of external engagementsLooking aheadWe strongly believe that our current measures, policies, and procedures ensure compliance. As we look towards 2026 and beyond, we hope to advance our pipeline. We will further invest in employee and partner training, continuous improve-ment of review and approval processes, proactive monitoring and timely updates across the product lifecycle.Privacy and data protection1Why is the topic material to Zealand Pharma?In the pharmaceutical industry, particularly within R&amp;D, safe-guarding patient privacy and upholding data protection is crucial. This involves ensuring that sensitive medical informa-tion, including patient conditions and clinical trial data, is kept confidential and secure from unauthorized access, breaches, and cyber threats. Breaches within the value chain or Zealand Pharma’s own operations can lead to loss of patient and partner trust, direct harm to patients, legal consequences, financial penalties, and significant reputational damage. Our approach and policiesAt Zealand Pharma, we work dedicatedly with privacy and data protection. While patient data has a particular focus for us, we also ensure data privacy and protection of employees, partners, and authorities. To safeguard our data, we have established different procedures for both our own operations and our value chain partners.Ensuring proper safeguards in our own operationsRegarding our own operation, our Data Protection Policy lays the foundation for our company-wide practices on data privacy and protection, and in 2025 we updated and rolled out a new Data Protection Policy, further strengthening our processes. All employees are required to complete training on our Data Protection Policy, and we also train our employees annually in Data Protection and the General Data Protection Regulation (GDPR) via our web portal for compliance. Any personal data processing activity within Zealand Pharma is assessed and documented via our Data &amp; Risk Management System, and we have a Data Protection Life Cycle Policy that sets the framework for continuous manage-ment of personal data. To safeguard our digital assets, ensure the integrity of our systems, and protect sensitive patient data, we adhere to the CIS Controls Version 8 (CIS18) and have implemented Information Security Policies in alignment with ISO27001 stating our commitment to ensure the necessary levels of information and cyber-security across its technology, processes, and people are in place. Our cybersecurity program includes continuous monitoring, infrastructure hard-ening, penetration tests, disaster recovery planning, as well as continuous employee training to prevent breaches and protect sensitive information.Privacy and data protection2025 ✓20242023Number of cybersecurity breaches000✓Subject to Limited AssuranceWe continuously roll out AI across Zealand Pharma to enhance our research, development, and overall business operations. Responsible use of AI is governed within our Data Protection Policy, and our Information Security frame-works, We apply privacy-by-design and GDPR principles to AI, ensure appropriate risk assessments are conducted for AI systems that process personal data, and de-identify personal data wherever feasible. AI tools are covered by our ISO27001- and CIS-aligned cybersecurity program, including monitoring and testing. When an AI solution is intended for GxP use, we ensure it meets applicable GxP validation and compliance requirements. Through robust vendor due diligence and contractual safeguards, we protect patient and corporate data while maximizing the value AI brings to our business.Ownership of our Data Protection Policy, Data Protection Life Cycle Policy, our Cyber Security program, and AI governance lies with Corporate Management. Our Board of Directors, through the Audit Committee, monitor the state of our proce-dures regarding data and cyber security on a continuous basis.Working together with our value chain partners to ensure the safety of dataWhen relevant, we pursue global co-development and commercialization partnerships that complement and extend our innovative capabilities. Subsequently, we outsource many activities to partners and have several policies and standard operating procedures in place to secure safe and ethical use of data, in both new and ongoing partnerships.Each partner is carefully selected and undergoes a detailed assessment before any activities begin. A dedicated section of the assessment covers data protection requirements for the partners, which are detailed in the contract. For certain activities, a data protection impact assessment is carried out as well. We also monitor our partners via spot checks and by rigorously investigating any identified gaps.We have additional safeguards in place for partnerships related to patients and clinical development. Contract Research Organizations (CROs), Clinical Sites, and other service providers are contractually obligated to set up tech-nical and organizational measures to protect patient’s Health Data. The agreements oblige all parties to use the Health Data and Human Biological Material only as consented to by the Subject on the Informed Consent Form or as required by law. Any Health Data will only be transferred to partners who can demonstrate that they comply with the GDPR, and have suffi-cient measures in place to protect the data from breaches.Furthermore, Zealand Pharma maintains oversight of Good Clinical Practice (GCP) IT systems used by CROs and clinical sites to ensure data integrity and patient safety. Zealand Pharma is responsible for ensuring that the validation of computerized systems is done and the CROs provide adequate documented evidence on the validated state of the GCP IT systems used. Additionally, Zealand Pharma performs security risk assessments of new IT software and services procured to ensure adequate security and safe-guards are maintained. Our ActionsActions 2025Established our Data Protection Board to oversee activities within Zealand Pharma from a legal, cybersecurity, AI, and IP perspective.Updated our Data Protection policy and carried out contin-uous training of employees on Data Protection topics such as how to handle Data Subject Requests and Data Incidents.Developed and delivered on our Cyber Security Program. CIS18 framework assessment performed by an independent third party shows increased maturity across all security control dimensions. Implemented new Information Security Policies in alignment with ISO27001.Looking aheadWe believe that our current efforts in relation to privacy and data protection are strong, and for 2026 we wish to continue our efforts to maintain our strong safeguards. Additionally, we will work to ensure continued compliance with the EU Network and Information Security Directive 2 (NIS2) which took effect in Denmark in 2025. Furthermore, as we advance our AI strategy and roll out additional initiatives within research, ensuring data ethics and the responsible use of AI technology is a key priority for 2026.Accounting policiesSocialPatientFor% of operating expenditure (OPEX) allocated to Research and development,please see note 2.5 "Research and development expected" of the consoli-dated financial statements. % of employees working with Research and develop-ment refer to the total number of employees’ working hours allocation to R&amp;D activities, in relation to the total working hours of all employees. Data is based on Zealand Pharma’s financial accounts and HR system. Number of active trialsrefers to active clinical trials of Zealand Pharma products or inventions during the reporting year, performed either by Zealand Pharma or partners. A trial is considered active from the moment the first subject has been enrolled and until the Final Clinical Report has been issued. As some trials are active between reporting years, the same trial might be accounted for in more than one reporting year. Scientific communications refers to the contribu-tions made by Zealand Pharma to the scientific environment and pharmaceutical industry, including research abstracts, poster presentations, oral pres-entations at international congresses, published scientific manuscripts, and other scientific publica-tions (e.g. book chapters) within the reporting year. The number of cybersecurity breachesincludes incidents that, based on an initial assessment, have affected or are capable of affecting the entity’s delivery of services subject to the NIS 2 Act. The policy applies to incidents impacting network and information systems that support services listed in Annexes 1 and 2 of the Act. An incident is considered reportable where it has, or could have, a signifi-cant impact in accordance with section 12(2) of the NIS 2 Act, including serious disruption of services, significant financial loss to the entity, or significant material, physical, or non-physical damage to other natural or legal persons. Each incident meeting these criteria and identified during the reporting year is counted as one cybersecurity breach.Our peopleOur people are central to Zealand Pharma’s success and to our ability to innovate sustainably. We foster an engaging and enriching workplace where employees are empowered to contribute, grow, and make a meaningful impact, supported by a diverse and inclusive culture. Introduction Material topics for our own workforce and their interaction with Zealand Pharma's strategy and business models:Zealand Pharma’s purpose is to tackle the greatest healthcare challenges of our time. Our core strength lies in the design, development, and innovation of therapeutic peptides. Our employees are instrumental in fulfilling our purpose and executing our strategic vision of becoming a generational biotech and leader in obesity and metabolic health. Evolving our unique culture and maintaining a sustainable working environment is vital for Zealand Pharma’s substantial transformation in the coming years. To guide our efforts, we have identified three material topics as focal points: Employee engagement, development, and cultureDiversity, equity, and inclusionHealth and safetyAll three topics not only have a meaningful impact on our employees’ lives but are also directly linked to our strategy and business model.Characteristics of Zealand Pharma's employees Zealand Pharma continues to grow, and from 2023 to 2025 we have almost doubled our number of employees. Such rapid growth can be a challenge for companies, and there-fore we are extremely proud of maintaining our exceptionally high employee engagement and low employee turnover. This showcases Zealand Pharma’s ability to attract and retain highly skilled professionals and grow at a healthy pace. Our workforce is notably diverse, representing 36 different nationalities and a good representation of various age groups. In 2025, we once again focused on recruiting younger talents, and enhancing their skills through training and devel-opment, which we will continue in 2026. Additionally, we have maintained a low employee turnover of 7.8% in 2025 This showcases Zealand Pharma’s ability to attract and retain highly skilled professionals, even in a highly competitive market. Engagement with workers about impacts, channels to raise concerns, and our efforts to remediate negative impactsZealand Pharma actively engages with employees to identify actual and potential impacts, providing multiple channels for raising concerns. We have also established robust processes to address and remediate negative impacts.Our Board of Directors includes several employee-elected members, ensuring that employee voices are heard and goals among shareholders, management, and employees are aligned. Furthermore, Zealand Pharma has both an employ-ee-elected Workers Council in Denmark and Occupational Safety and Health Council (OSHA) who collaborates directly with management on matters concerning health, safety, well-being, and workers rights.Throughout the year we conduct several anonymous employee surveys covering topics like motivation, career development, discrimination, health, safety, and well-being. Based on survey feedback, people leaders create action plans to enhance positive impacts and address potential issues.Furthermore, our whistleblower system allows employees and external stakeholders to anonymously report concerns. Managed by an independent third party, it complies with the EU Whistleblower Act, and ensures cases are handled impar-tially and without conflicts of interest.Employee Characteristics2025 ✓20242023Total headcount of own workforce501355273Total headcount, Denmark484345265Total headcount, United States17108Total headcount, Females 324224162Total headcount, Male177131111Distribution of employees (headcount) under 30 years old453318Distribution of employees (headcount) between 30 and 50 years old286191150Distribution of employees (headcount) over 50 years old170131105Number of nationalities in own workforce362519Number of employees who have left the group392628Percentage of employee turnover7.8%7.3%10.2%✓Subject to Limited AssuranceEmployee engagement, development, and cultureWhy is the topic material to Zealand Pharma?At Zealand Pharma, employee engagement, development, and our company culture are fundamental to both our business success and the positive impact we have on our employees. We prioritize continuous development and employee well-being, which foster development, motivation, and retention.OUR Approach and policiesEmployee engagement and our company cultureDespite our rapid growth during 2025, we have successfully maintained high employee engagement at Zealand Pharma. While transformation can pose challenges, we are extremely proud to have achieved an impressive employee engagement score of 8.9 out of 10. Zealand Pharma was, in 2025, awarded with the spot as 2nd best image among 37 large Life Science companies in Denmark, according to a MedWatch survey of nearly 4,000 people. Additionally, Zealand Pharma had the greatest overall improvement and ranked #1 for employee involvement in important decisions, a testament to our involving culture. Ensuring employee engagement is a top priority for our Board of Directors, Corporate Management, and all people leaders in Zealand Pharma. Therefore, we monitor our employee engagement through semiannual surveys. Results are trans-parently shared with the entire company and action plans are developed at organizational, department, and team level to maintain and improve engagement, mitigate risks, and reme-diate negative impacts. We believe our high employee engagement, even in trans-formative times, comes from our very strong company culture and ways of working. Our unique company culture, where employees are given autonomy to shape their work with a strong focus on a deeper purpose has evolved with the company’s growth over the last 27 years. Our focus is to keep evolving the culture as the core driver for continued success, even as we will expand further over the coming period. We dare to be BOLD to challenge each other and the status quo. We EMPOWER people to meet their full potential, we always work as ONE TEAM, and we can be TRUSTED. This culture not only ensures engagement, it fosters collaboration, dedication and growth, and enables exceptional people performance ultimately fostering innovation and better healthcare treatment possibilities for metabolic diseases. Our culture ensures we can grow sustainably and continue to deliver on our ambition and strategy. We work to embed this culture in everything we do, from attracting and onboarding the right talents to development and leadership practices. Furthermore, we ensure high employee engagement through flexible work arrangements, attractive working conditions, and benefits. All employees, except students and trainees, are part of Zealand Pharma’s bonus scheme. 60% of an employee’s bonus is tied to overall company goals. This ensures that we work as one team, encourages collabora-tion across Zealand Pharma, and creates alignment with shared strategic priorities. The remaining 40% is based on personal goals where behavior and cultural alignment are as important as performance. This is calibrated thoroughly during our year-end process to ensure a consistent and fair evaluation of each employee. Additionally, all employees, except those on time-limited contracts, have access to our employee equity program.Employee EngagementUnit2025 ✓20242023Participation score in annual employee engagement surveyPercentage97%95%92%Engagement scoreRate8.9 of 108.8 of 108.8 of 10✓Subject to Limited AssuranceAdditionally, we place a strong emphasis on employee well-being, offering all employees health insurance, attractive parental leave options, and the flexibility to work from home and plan working hours to fit personal lives. Pension contribu-tions are included in all employees’ pay, except for students. Furthermore, all employees are offered a semiannual health check, annual flu vaccination, and access to gym facilities that can be used every day of the week.OUR ACTIONSActions in 2025Conducted two employee engagement surveys and a culture survey and developed action plans for people leaders and their respective teams where necessary.Recruited 182 new employees with everyone going through our 3-day program that introduces the Zealand Pharma history, strategy, business focus, culture, and values. As a result, we grew our number of employees by 146, a 41% increase compared to 2024.Deployed Workday as our standardized people manage-ment system to better enable leaders as well as improve systems and processes.Had several employee driven social clubs and events such as yoga, running club, football team, board games night, wine club, beer brewing club, ping pong tournament, beers and ideas events, and much more. Looking aheadFor 2026, our goal is to continue our successful 2025 actions and maintain our exceptionally high employee engagement while growing our organization. To achieve this, we will continue our efforts to ensure an effective onboarding and monitor and act on our employee engagement score. We will continue to evolve our Leadership Development program and further train our people leaders to become better leaders.OUR Approach and policiesEmployee developmentFulfilling our ambition of becoming a generational biotech by building the most valuable pipeline within metabolic health requires world-leading expertise and a strong talent pipeline. Leveraging our essential experience with metabolic health is testament to our skilled teams, their deep knowledge and innovative focus. At Zealand Pharma, we support employees in reaching their full potential through continuous skills and knowledge development training offered across the organi-zation, from individual contributors to people managers and senior leaders. We emphasize on-the-job training, and our 2025 employee engagement survey reveals that only 2% of our employees believe they do not learn new things in their current job. We consider this a testament to our culture and emphasis on empowering employees to take on new responsi-bilities and opportunities to grow.In 2025, 100% of employees participated in regular perfor-mance and career development reviews. Employees and leaders continuously follow up on performance and devel-opment with ongoing reciprocal feedback throughout the year. Individuals are consistently supported in their devel-opment, and offered tools for job-specific development, on-the-job learning, knowledge sharing, and opportunities to attend conferences, university courses, e-learning sessions, and internal mentoring programs. Furthermore, we have implemented Talent Review, succession planning, and devel-opment programs at multiple levels for leaders to ensure organizational robustness, enhanced talent development, and improved short- and long-term growth opportunities for employees.With 84% of our employees working with R&amp;D, training and skills development in this field is a particular focus for us. We emphasize growth through hands-on practical learning and delegation of new responsibilities in a supportive environ-ment. Our collaboration with universities on trials and publi-cations, frequent participation in scientific events and confer-ences, internal knowledge sharing, and educational courses ensure our employees remain at the forefront of their fields.Employee DevelopmentUnit2025 ✓20242023The percentage of employees that participated in regular performance and career development reviewsPercentage100%100%100%✓Subject to Limited Assurance OUR ACTIONSActions in 2025100% of employees were part of Zealand Pharma’s Growth and Development programAll leaders participated in our “Shape Tomorrow” Leadership Development Program, specifically designed for Zealand Pharma and built on our DNA, including onboarding of new leaders to the program Completed an extended Organizational Review across all business areas including Talent Review and Succession planning Introduced a new Job Architecture FrameworkLooking aheadTo support the growth and development of all our employees, we launched a new Job Architecture Framework in 2025, which is to be further anchored through 2026. This is to ensure a transparent and aligned structure to be used when having a dialogue around development areas and career progression. Furthermore, we wish to continue our internal educational sessions and competency development, e.g., on project management, negotiation skills, data literacy, and AI.Diversity, Equity, and Inclusion1Why is the topic material to Zealand Pharma?We value diversity, equity, and inclusion, not only because we believe that this is the socially responsible thing to do, but because it contributes to long-term business value. We believe that by having teams with different backgrounds and perspectives, we arrive at better, more innovative solutions, eventually benefiting patients, our company, and society as a whole. Furthermore, a diverse, equitable, and inclusive culture leads to higher engagement and productivity and increases our access to talent.OUR Approach and policiesDiversity, equity, and inclusion have always been an inte-gral part of the culture at Zealand Pharma. To us, diversity encompasses not only gender, but also other dimensions such as race, social origin, ethnicity, and religion. Our approach is formalized in our Board-approved Diversity Policy. To enforce our policy, we focus on three key areas: our recruitment, core people processes, and training of people leaders.Our recruitment process is guided by our Recruitment Guidelines which set up procedures that embrace diversity, inclusion, and unbiased decision-making. This enables us to identify and select the most qualified individuals. To further reduce unconscious bias, and assist candidates, we consist-ently apply clear job requirements linked directly to quali-fications and ensure diverse candidate shortlists. Inclusive language in our communications also encourages applica-tions from all backgrounds. For management positions, we ensure a diverse selection panel to enhance equitable and inclusive decision-making.We continuously review all our core people processes, including onboarding, performance management, and employee training and development, to ensure alignment with our commitments. This fosters an environment where everyone feels valued and supported. We take a firm stance against bullying, discrimination, and any form of harass-ment, and actively monitor employee experiences and are committed to taking decisive action to eliminate any cases that may arise.Furthermore, we are committed to empowering our leaders with tools and training to advance an inclusive workplace. We have integrated an Inclusiveness Index into our annual employee engagement survey, which provides managers with valuable feedback on team inclusiveness, helping them continuously improve and create a more equitable and welcoming environment.To further advance our efforts, diversity targets are inte-grated into management and employee bonus-incentive schemes, focusing on diversity in senior management, increased nationality representation, and a more balanced age distribution. Furthermore, we actively collaborate with peers and experts on initiatives, and in 2025 we joined the UN Global Compact's Nordic Programme on Non-Discrimination further strengthening our efforts in diversity, equity, inclusion, and non-discrimination. Diversity in management At Zealand Pharma, we believe diversity in management fosters innovation and success. We embrace diversity across multiple dimensions to enrich our leadership and organizational culture. This was a key focus area for 2025, during which we expanded our Corporate Management Team, adding several international candidates from various backgrounds. We actively monitor all management levels, from the Board of Directors to senior leadership and people manager posi-tions. An important dimension to this is gender balance, which helps us monitor disparities and through this promote equitable representation within our management teams. While natural fluctuations in distribution occurs as strat-egies evolve, we remain committed to increasing the underrepresented gender of our other management positions to 40% by 2026. During 2025, we achieved a representation of 38% of the underrepresented gender, from 30% in 2024. While gender balance remains a key focus area and an estab-lished target, we remain dedicated to maintaining a culture of equal opportunity and career growth across all backgrounds and characteristics, irrespective of gender. Diversity, equity and inclusionUnit2025 ✓20242023Gender distribution in percentage of Board of Directors (shareholder-elected)% Male/Female57% / 43%57% / 43% 71% / 29% Gender distribution in percentage of Board of Directors (employee-elected)% Male/Female75% / 25%75% / 25%50% / 50%Gender distribution in percentage at executive management level3% Male/Female50% / 50%50% / 50%50% / 50%Gender distribution in percentage at top management level (Corporate Management)% Male/Female75% / 25%67% / 33%67% / 33%Number of members in other management positions4Count372320Gender distribution in percentage of other management positions4% Male/Female62% / 38%70% / 30%55% / 45%Gender distribution in percentage of all People Leaders% Male/Female47% / 53%50% / 50% 59% / 41%Number of incidents of discriminationCount000Amount of fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and complaints filedDKK000✓Subject to Limited Assurance3	Chief Executive Officer and Chief Financial Officer of Zealand Pharma A/S4	Corporate management and their direct reports with managerial responsiliby employed in the legal entity Zealand Pharma A/SFair Remuneration and Equal Pay Zealand Pharma is dedicated to fostering equality and ensuring fair remuneration across all levels of the organiza-tion, irrespective of employee background. Our remuneration philosophy and strategy is deployed with a distinct ambition to eliminate pay disparity. We support our approach to fair and unbiased pay by educating leaders on equitable salary setting and facilitating constructive salary review discussions in our performance reviews. Job levels are benchmarked against relevant market data to ensure our employees are remunerated fairly, objec-tively and competitively; thereby, valuing employees’ skills, responsibilities and contributions at each job level. These efforts have yielded positive outcomes. When assessing our weighted gender pay gap, comparing pay within equiv-alent job levels, we see results near parity, with a 1.99% pay gap in favor of female colleagues. A simple, unweighted average reveals a larger gap favoring male colleagues; however, this is largely attributed to our relatively small workforce impacted by the concentration of higher salaries at the corporate management level, thus, heavily influencing the average. Therefore, we believe the weighted average provides a more accurate representation of our gender pay gap and clearly demonstrates our commitment to equal pay for equal work. To further promote equitable pay, Zealand Pharma operates a unified bonus scheme where all employees are measured in full or partially on the performance of shared company goals. This scheme is based on common company goals, and includes sustainability-related targets with a weighting of 10%, with a potential higher payout on goal achievement. By aligning employee and management bonuses and embedding sustainability objectives into variable pay, we cultivate a collective commitment and equitable atmosphere that supports our business success, strengthens our efforts towards fair remuneration prac-tices, and fosters a unified drive toward sustainable devel-opment across the organization. RemunerationUnit2025 ✓20242023Gender pay gap, weighted average%-1.991-3.13N/AGender pay gap, simple average%3940N/AAnnual total remuneration ratioRatio48.848.9N/APercentage of variable remuneration dependent on sustainability-related targets and (or) impacts (corporate management)%12.8%11.1%11.5%✓Subject to Limited Assurance 1	Negative pay gap shows a pay gap in favor of womenOUR ACTIONSActions in 2025Further strengthened our Recruitment policy/framework and core HR Processes to emphasize our focus on diversity, equity, and inclusion.Increased underrepresented gender at senior management levels, from 30% in 2024 to 38% in 2025.Integrated targets into management and employee bonus schemes, focusing on gender diversity, nationality representation, and more balanced age distribution.Implemented a Job Architecture and conducted a thorough assessment of all roles within the organization to ensure proper leveling of roles providing a proper comparison base and further strengthen our ability to deploy our Reward strategy in an unbiased, fair, and equitable manner. Joined the UN Global Compact's Nordic Programme on Non-Discrimination, further strengthening efforts in diver-sity, equity, inclusion, and non-discrimination.Looking aheadDuring 2026, we will implement the tool ‘Develop Diverse’ and ensure a minimum inclusive score on all job ads. We will also continue our review of core people processes and define areas for improvement. Furthermore, we will offer leadership development programs focused on the fundamentals of inclusion, and the behav-iors essential for strengthening inclusive leadership practices.Health and safetyWhy is the topic material to Zealand Pharma?Ensuring our employees’ health, safety, and well-being is of great importance to Zealand Pharma. A safe physical and mental work environment are critical components of a successful and sustainable workplace. The risk for physical injuries is generally low as most employees work with low-risk office activities. Zealand Pharma also owns and operates research laboratories, where various chemicals and organic solvents are used in peptide syntheses, which pose a small risk to our employees.Health and Safety2025 ✓20242023Percentage of people in its own workforce who are covered by health and safety management system based on legal requirements and (or) recognized standards or guidelines97%97%97%Number of fatalities in own workforce as result of work-related injuries and work-related ill health000Number of fatalities as result of work-related injuries and work-related ill health of other workers working on undertaking's sites000Number of recordable work-related accidents for own workforce111Rate of recordable work-related accidents for own workforce (accidents/mio working hours)1.22.22.8 Number of near-accidents1021Number of cases of recordable work-related ill health of employees000Number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health, and fatalities from ill health related to employees 1145✓Subject to Limited Assurance 5	LBK nr 2062 af 16/11/2021 Bekendtgørelse af lov om arbejdsmiljø &amp; BEK nr 65 af 22/01/2024 Bekendtgørelse om systematisk arbejdsmiljøarbejdeOUR Approach and policiesEmployee health, safety, and well-beingFostering a safe and supportive work culture is paramount at Zealand Pharma. We systematically uphold a secure, inclusive, and healthy environment through policies that promote both physical and psychological well-being, exceeding local regula-tory requirements. Our Works Council and OSHA Committee, consisting of both management and employees, lead efforts in evaluating workplace matters, setting goals, and implementing initiatives.We actively mitigate risks of work-related injuries and illnesses via our Occupational Safety and Health policy and operating procedures. Employees receive comprehensive training to manage their safety, supported by quarterly facility walkthroughs and an accident reporting system to maintain our exemplary safety record.In laboratories, stringent protocols address risks related to chemicals, toxins, and equipment, with guidelines reviewed annually alongside continuous employee training.Currently our U.S. employees are all working from home and are thus at a very low risk, and therefore not covered by a formal-ized health and safety management system. They are instead provided with full health insurance and resources for their well-being. As we expand U.S. operations with a new research facility, our rigorous health and safety standards will be enforced.We are proud of our efforts to mitigate potential health and safety risks, and in 2025 we maintained our strong record of very few health and safety incidents. We had one case of lost time due to a work-related injury, similar to 2024 and 2023. We had 10 near-accident case in 2025, and action plans have been made to optimize our procedures.Employee well-beingZealand Pharma is on a transformative journey. We have a high-paced working environment and offer our employees ample opportunities to learn, develop, and take on new responsibilities. Ensuring the well-being of our employees during this transformation is crucial to us. Our hybrid working environment allows our employees to work from home when it suits their individual needs and specific work tasks, with the necessary equipment provided. All Zealand Pharma employees are entitled to take family-re-lated leave. We also offer all Zealand Pharma employees and PhD students parental leave benefits that exceed minimum legal requirements, with up to 26 weeks of full pay for mothers, fathers, and co-parents, and offer parents the possibility of child-sick days. We also value our senior employees, offering them the opportunity to adjust and reduce their work hours. All our employees are offered free health checks through an independent third party, and Zealand Pharma provides a full-time accident and health insurance. This includes free services and guidance from e.g., physiotherapists, dieticians, chiro-practors, psychologists, and psychiatrists, ensuring improved well-being both inside and outside work. Additionally, Zealand Pharma has a collective bargaining agreement on working conditions which covers all administrative and laboratory personnel in Denmark, with the same conditions extended to our U.S. colleagues. Family-related leaveUnit2025 ✓20242023Employees entitled to take family-related leave%100%100%100%✓ Subject to Limited AssuranceIn cases where employees unfortunately become ill, such as through work-related burnout or stress, we have developed a Sickness Policy. We fully support all employees needing time off and facilitate a gradual return to work. Employees receive full pay, and the responsibilities of the individual employees, managers, and the organization are clearly outlined in our policy, allowing for a focused recovery and a well-planned return to work.OUR ACTIONSActions in 2025Undergone health and safety audit by national authorities with no observationsFurther enhanced our chemical handling operating proce-dure to ensure even safer laboratory practicesTrained all new hires in our OSHA protocols. Additional and detailed training was given to higher-risk employees working in laboratories Looking aheadFor 2026, we plan on continue our strong procedures to main-tain our low health and safety risks and the well-being of our employees. As we establish our new research site in Boston, we will also ensure that a proper health and safety manage-ment system is put in place. We will further implement the PFA Framework through communication and training, and provide additional training for people leaders on management and employee well-being.Accounting policiesSocialEmployee CharacteristicsTotal number of employees (head count) refers to the total number of employees employed in Zealand Pharma by 31 December of the reporting year. All employee data, including gender, age distribution, and nationality is based on registrations in Zealand Pharma's HR systems. For clarity, the total number of employees includes student assistants, and excludes employees on garden leave at the end of the reporting year.Number of employees who have left undertakingrefers to employees of Zealand Pharma who leave voluntarily or due to dismissal, retirement, or death in service as per December 31st of the reporting year. The percentage of employee turnoveris calculated by taking the number of employees (headcount) who left the group per December 31st of the reporting year as the numerator, and the total number of employees (head count) as per December 31st of the reporting year as the denominator. Employee engagement, development and cultureThe participation score in the annual employee engagement surveyrefers to the percentage of eligible employees who completed the annual employee engagement survey, compared to the total number of eligible employees. Eligible employees are defined as those who have been employed at Zealand Pharma for a minimum of 3 months upon the publication date of the engagement survey. The engagement scoreis based on an anonymous employee survey conducted by a third party. Eligible employees respond to the question, "How likely is it that you would recommend others to apply for a job at Zealand Pharma" on a scale from 0-10. 0 is defined as "not likely at all" and 10 is defined as "very likely". The engagement score is the average response. Thepercentage ofemployees that participated in regular performance and career development reviews, is defined as a review based on criteria known to the employee and his or her manager undertaken with the knowledge of the employee at least once per year. The percentage is calculated by using the headcount of employees in the denom-inator, and the number of performance reviews performed in the numerator. Student workers and the corporate management team are excluded from the scope.Diversity, equity, and inclusionThe Board's gender distributionrefers to the male/female distribution of the shareholder-elected members as well as the employee-elected members of the Board of Directors.The gender distribution at the topmanagementlevel is reported as the percentage split by male / female on December 31 of the reporting year. Non-disclosed gender is excluded from the distribution calcula-tion. Top management is defined as the Corporate Management team (C-levels) in Zealand Pharma. The gender distribution of executive managementis comprised of those legally registered as execu-tive management of Zealand Pharma A/S, namely the Chief Executive Officer and the Chief Financial Officer.Count of and gender distribution in percentage of other management positionsrefers to the total sum and split between male, female, and non-disclosed employees actively employed in Zealand Pharma on December 31 of the reporting year. Due to an updated calculation methodology, we restate prior reported numbers from 65% male / 35% female to 70% male / 30% female in 2024By other management levels, we mean the two management levels below Zealand Pharma’s Board of Directors. The first management level is the executive management and the individuals who are organizationally at the same management level as the executive management, in Zealand Pharma’s case Corporate Management. The second management level includes individuals with full-time personnel responsibility who report directly to the first management level. We only include those employed by our Danish entity, Zealand Pharma A/S. This definition is in line with the definition of “other management level” from the Danish Gender Balance Act. Gender distribution for all people managers refers to the total sum and split between male, female, and non-disclosed employees with full-time personnel responsibility, actively employed in Zealand Pharma on December 31 of the reporting year, or currently recruiting new employees, of which they will have management responsibility for.Number of nationalitiesrefers to the total number of different primary nationalities employed by Zealand Pharma on 31 December of the reporting year. The percentage of employees entitled to family-re-lated leave, includes those that are contractually entitled to take maternity, paternity, parental, and carers' leave, while employed at Zealand Pharma. It is calculated by dividing the number of eligible employees by the total number of employees expressed as a percentage. Number of incidents of discriminationcases related to discrimination include all substantiated discrimi-nation cases closed within the reporting year. These cases encompass discrimination based on gender, racial or ethnic origin, nationality, religion or belief, disability, age, sexual orientation, or other relevant forms of discrimination. Incidents of discrimination also include incidents of harassment as a specific form of discrimination. Discrimination concerns can be raised through various channels such as directly to their managers, to Employee Relations, to local People &amp; Organization, to the ombudsmen, or through Zealand Pharma’s Compliance Hotline.Amount of fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and complaints filedrefers to the total amount of fines received by Zealand Pharma within the reporting year. RemunerationScope of employees includedThe analysis includes all permanent employees, thereby, excluding student workers, employees working on fixed-term contracts, employees on garden leave, and consultants. DataAnnual total remuneration is comprised of base salary, target bonus, level-based long-term incentive allocation, mobile phone, company pension contribu-tion, and level-based car allowance. All pay elements are annualized.Gender pay gapThe gender pay gap, simple average is calculated as the difference between the average hourly pay of male employees minus the same for female employees divided by the average hourly pay for male employeesThe gender pay gap, weighted is adjusted based on position level/compensation grade. It is calcu-lated as the difference between the average hourly pay of male employees minus the same for female employees divided by the average hourly pay for male employees per level. The average pay gap per level is weighted based on the number of employees at the level relative to the total number of employees. The weighted gender pay gap is the result of the accumulated averages across levels.Annual total remuneration ratioThe annual total remuneration ratio was calculated using the ratio between the annual remuneration of the highest paid individual within Zealand Pharma and the median total annual remuneration for all employees (excluding the highest paid individual).Percentage of variable remuneration dependent on sustainability-related targets and (or) impacts refers to the percentage bonus payouts for the Corporate Management team in the reporting year attributed to the achievement of Environmental, Social, and Governance (ESG) goals and subgoals of Zealand Pharma's company goals.Health and Safety - scope and definitionsDefinition of "work-related": Work-related injuries and work-related ill health arise from exposure to hazards at work and are accounted for. In relation to "work-related", Zealand Pharma considers the following work-related: With regard to travelling for work purposes, injuries, and ill health that occur while a person is travelling are work-related if, at the time of the injury or ill health, the person was engaged in work activities in the interest of Zealand Pharma. If Zealand Pharma is responsible for the transport commuting, incidents occurred while commuting are considered to be work-related. Ill health is defined according to the specifications of Danish regulation regarding "Erhvervssygdomme", and cover all illnesses highlighted in BEK nr 1324 af 29/11/2024. Cases are collected through the Danish business register. With regard to working from home, injuries and ill health that occur are work-related, if the injury or ill health occurs while the person is performing work from home; and the injury or ill health is directly related to the performance of work.With regard to mental illness, it is considered to be work-related, if it has been notified voluntarily by the person concerned and it is supported by an opinion from a licensed healthcare professional with appro-priate training and experience; and if such opinion states that the illness is work-related. Health issues resulting, for example, from smoking, drug and alcohol abuse, physical inactivity, and psychosocial factors unrelated to work are not considered work-related. Occupational diseases are not considered work-related injuries but are covered under work-related ill health. Health and safety - data pointsThePercentage of people in its own workforce who are covered by health and safety manage-ment system based on legal requirements and (or) recognized standards or guidelinesrefers to the percentage of employees, by headcount, who are covered by our health and safety management system, calculated by taking the headcount of people covered in the numerator and the headcount of total employees in the denominator. Our Health and Safety Management System follows the national regulation LBK nr 2062 af 16/11/2021, "Bekendtgørelse af lov om arbejdsmiljø". Number of fatalities in own workforceas result of work-related injuries and work-related ill health refers to fatalities of Zealand Pharma employees within the reporting year.Number of fatalities as result of work-related inju-ries and work-related ill health of other workers working on undertaking'ssites refers to fatalities of non-Zealand Pharma employees that occur on Zealand Pharma premises.Number of recordable work-related accidents for own workforceis defined as a work-related accident which results in absence of at least one day, in addi-tion to the day of the accident. Number of cases of recordable work-related ill health of employees is defined as a work-related ill health which results in absence of at least one day, in addition to the day of the ill health. We have restated the prior reported number from 1 to 0 cases in 2024, and from 1 to 0 cased in 2023. Rate of recordable work-related accidents for own workforce is calculated by taking the respective number of recordable work-related accidents and fatalities for own workforce of the reporting year, dividing it by the total number of actual hours worked (in millions) by own employees. Data on working hours comes from Zealand Pharma's HR and payroll systems. Near-accidentsare those cases, where an accident did not occur, but a report was made. Near accidents can be reported by all employees, and are handled by Zealand Pharma’s OSHA committee. Number of days lostdue to work-related injuries and fatalities from work-related accidents, work-re-lated ill health, and fatalities from ill health related to employees refers to the total number of calendar days lost including the first and last day of absence. Days on which the affected individual is not sched-uled for work (for example, weekends, public holi-days) will count as lost days.Business conductStrong governance and ethical business conduct are integral to Zealand Pharma’s strategy and long-term value creation, and we emphasize integrity, accountability, and responsible practices across our operations and value chain.IntroductionMaterial governance topics and their interaction with Zealand Pharma´s strategy and business modelAt Zealand Pharma, we work dedicatedly to ensure solid governance as well as ethical and responsible business conduct, and we take responsibility for the impact of our operations and our value chain activities. With our R&amp;D legacy, most activities related to manufacturing, distri-bution, and commercial execution are currently partner-driven. Due to this, we manage a complex value chain with additional risks. It is instrumental to our business success that this is managed responsibly. Additionally, we have a huge oppor-tunity to ensure that our partners and value chain activities are managed sustainably and contribute to positive societal development.In relation to our governance and business conduct, we have identi-fied three material topics to focus on:Risk management and ethical business practicesIntellectual propertyAnimal welfare These topics are closely linked to our strategy and business model and are important for us to succeed in our purpose of tackling some of the biggest healthcare challenges of our time.Risk management and ethical business practicesWhy is the topic material to Zealand Pharma?As a biotechnology company specializing in R&amp;D, we utilize partnerships to ensure our innovative treatment options are accessible to patients. Our reputation as a trusted business and scientific partner is crucial to the success of our existing and future partnerships. Therefore, having solid governance, risk management processes, and policies in place to ensure ethical and compliant operations across the value chain is not only critical to our business success, but also an opportunity for us to make a positive impact.Our approach and policiesUpholding ethical standards in our value chainAt Zealand Pharma, upholding the highest ethical standards is fundamental to our business conduct. We prioritize strong governance, robust risk management, and responsible practices throughout our operations and value chain. We believe that busi-nesses have a duty not only to act with integrity but to also seize opportunities to contribute to a more equitable world. Therefore, we are proud to join the UN Global Compact as a participant, committing ourselves to uphold its ten principles concerning human rights, labor, the environment, and anti-corruption.Our core principles of behavior are anchored in our Code of Business Conduct, with all employees receiving ongoing training to ensure these standards are upheld. We have recently updated our Code of Business Conduct to further refine and reinforce our approach to responsible business practices.In our ongoing commitment to ethical conduct, Zealand Pharma updated its Supplier Code of Conduct in 2025. This policy is founded on internationally recognized frame-works, including the United Nations Guiding Principles on Business and Human Rights (UNGPs), International Labour Organization's (ILO) fundamental conventions, the 10 prin-ciples of the UN Global Compact, the OECD Guidelines for Multinational Enterprises, and the Pharmaceutical Supply Chain Initiative (PSCI). Our Supplier Code of Conduct clearly defines mutual contractual expectations for both suppliers and ourselves, encompassing principles such as data privacy, anti-corruption, human rights, labor rights, health and safety, environmental sustainability, and governance measures.Code of Conduct training2025 ✓20242023Completion rate of code of conduct training98%97%86%✓ Subject to Limited AssuranceTo further integrate these ethical standards, Zealand Pharma has developed and implemented a supplier risk assessment tool, embedding ESG principles into our supplier screening and selection process. This tool standardizes due diligence across our suppliers, facilitating enhanced risk assessments for higher-risk and business-critical suppliers and partners. These assessments enable us to initiate corrective actions as needed, empowering us to continuously improve partnerships and promote sustainable practices. In 2025, we conducted enhanced risk assessments of key suppliers, covering approx-imately 81% of our annual spend on goods and services.Our whistleblower programTo maintain ethical operations and a transparent value chain, Zealand Pharma hosts a whistleblower platform compliant with the EU Whistleblower Act. The policy is detailed in our Employee Handbook and a separate policy laying down guide-lines our system. Our platform is monitored by an external law firm to ensure independence and that cases that need to be investigated by Corporate Management and members of the Board of Directors are brought to their attention. All employees are introduced to the whistleblower service when they join the company to ensure that they are able to use it if the occasion arises. Partners are also informed and encour-aged to use the platform, if relevant.We take a strong stance against any form of bribery, corrup-tion, or fraud, and have not had any cases nor any dismissals, convictions, or fines in relation to corruption or bribery. Furthermore, in 2025 no contracts with partners were termi-nated due to violations related to corruption or bribery.Our approach to insider trading and fair taxationAs a listed company, we have taken every precaution to keep all employees, board members, and relevant stake-holders up to date and compliant with our internal rules on insider trading. We distinguish carefully between those who are listed on the permanent insiders’ list and those who are exposed to what is deemed insider information. In the latter case, we take every precaution to keep an up-to-date list of employees’ knowledge of insider information. All new employees are trained in our internal rules and are required to digitally sign off stipulating that they have read and under-stood these rules. At Zealand Pharma, we believe in being transparent about our global tax positions and tax policies, and our work with fair taxation is overseen by our Board of Directors. We are committed to always paying taxes in due time in the countries in which we operate in accordance with applicable tax laws and regulations. We aim to keep the business setup as simple as possible and therefore have a limited number of entities present in Denmark and the United States. Transactions between the Group companies are conducted on market terms in accordance with the arms' length principle. In general, we assess that the risk regarding transfer pricing is limited due to the simple business structure.Our ActionsActions 2025Joined the UN Global compact, and ensured adherence to the 10 principles on Human rights, labor, environment, and anti-corruptionUpdated and published a new Supplier Code of Conduct, a new Code of Conduct, and a new Tax policyDeveloped and implemented a supplier risk assessment tool to standardize supplier screening and integrate ESG-related factors into supplier selection.Conducted enhanced risk assessments for higher-risk and business-critical suppliers and partners and initiated corrective actions where needed.Looking aheadIn 2026, we will continue to reinforce our already robust risk management and ethical practices. We will deepen our collaboration with key value chain partners to uphold strin-gent governance and compliance standards. Key initiatives include enhancing ESG integration in operations and partner-ships, to ensure sustainability and ethics is embedded into research, development and production. Our commitment is clear: to maintain transparency, adhere to global standards, and drive innovation for equitable, accessible, and more sustainable healthcare solutions.Responsible and ethical business practices2025 ✓20242023Number of whistleblower cases000Number of convictions for violation of anti-corruption and anti-bribery laws000Amount of fines for violation of anti-corruption and anti-bribery laws (EUR)000Number of confirmed incidents of corruption or bribery000Number of confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incidents000Number of confirmed incidents relating to contracts with business partners that were terminated or not renewed due to violations related to corruption or bribery000✓ Subject to Limited AssuranceIntellectual PropertyWhy is the topic material to Zealand Pharma?As a biotech company with a strong focus on R&amp;D, protecting intellectual property (IP) is crucial for driving innovation and staying competitive. Misuse of IP and challenges in defending IP can negatively impact our business and our ability to develop new treatment possibilities to meet unmet medical needs of patients.Our approach and policiesAt Zealand Pharma, we safeguard our IP diligently across our operations and value chain. We have developed strict internal guidelines for IP management suited to our operational setup and strategic partners. The supervision of IP management rests with Corporate Management and is the responsibility of the Vice President for IP and our IP department.Our IP department works closely with an external IP counsel and our partners’ IP counsel to protect Zealand Pharma inno-vations, to minimize the risk of IP infringement claims, and to mitigate any IP-related risks. All Zealand Pharma employees receive training regarding the correct and lawful manage-ment of internal and external IP. Zealand Pharma has detailed processes for protecting innovations, for controlling owner-ship and chain-of-title, and for securing freedom-to-operate throughout the research and development process.In partnerships, collaborations, and other relations to externals, Zealand Pharma secures clear distribution of background and foreground IP through relevant agreements. We contractually require other parties to respect both Zealand Pharma IP and third-party IP, and IP risks are consid-ered in our ongoing risk management processes.our ActionsActions 2025Conducted IP awareness and management training for all employees, including a focused campaign to strengthen the protection of our company trademarks, name, and logo.Expanded the IP department with an additional patent attorney.Kicked off the IP collaboration for the Roche partnership to ensure optimal IP protection for our individual and shared assets.Looking aheadWe have strong IP management and awareness in Zealand Pharma, and for 2026, we will continue our efforts to maintain and strengthen our IP position. We will maintain focus on IP creation and risk mitigation, both in general and within the Roche partnership. For all current and future collaborations, we will ensure proper distribution of IP rights and continued freedom for Zealand Pharma to operate within our areas of interest. We will also review and update our IP strategy to adapt to the overall strategy of Zealand Pharma and the fast-moving metabolic health space.Animal WelfareWhy is the topic material to Zealand Pharma?Through our research, we have the opportunity to improve the lives of millions of people. Patient health and safety must; however, never be compromised, and conducting studies with animals is essential for the development of new medicines. These studies are crucial for ensuring the safety and efficacy of new treatments before they are used in humans. We have a firm obligation to maintain the highest animal welfare stand-ards possible in all our studies.Our approach and policiesEnsuring exemplary animal welfare in our developmental activities is a top priority. Our Animal Ethics and Welfare Policy dictates our use of animals in studies, which is only allowed when no other alternatives exist. All in-house animal studies are carried out in accordance with specific licenses Issued by The Animal Experiments Inspectorate under Ministry of Food, Agriculture, and Fisheries. Danish law stipulates regular inspections of the animal facilities as well as comprehensive reporting protocols overseeing experiments conducted during the year, managed by the governmental Animal Experiments Inspectorate. Employees working with laboratory animals receive rigorous and continuous training and monitor field developments. All laboratory animals are treated with dignity and respect and are purpose-bred for research. We adhere rigorously to the 3Rs (reduce, refine, replace) principles, integrating them into all our studies, and regular veterinary checks are conducted to ensure animal welfare is monitored and ensured. Our Animal Welfare body, overseen by management, reviews our protocols and applications for animal experiments, while also evaluating external partners to ensure alignment with our high animal welfare standards. This involves pre-engage-ment assessments, including site visits and questionnaires. All studies with laboratory animals sponsored by Zealand Pharma and conducted with external partners, are completed in accordance with present EU law (Directive 2010/63/EU), and all transportation of laboratory animals complies with the same high standards. The importance of animal experiments for medical advance-ments cannot be overstated, which is why we constantly strive for the greatest vigilance and care in our treatment of animals. our ActionsActions 2025Onboarding and training of new and current employeesImplementation of rat play pens for enrichment, incorpo-rating stimulating environments, and social interaction with other rats.Updated the Supplier Code of Conduct to reinforce animal welfare standards in our value chain and ensure alignment with evolving international normsLooking aheadThrough our current procedures, we ensure high animal welfare in our development activities, and in 2026 we plan on continuing these efforts. As we will no doubt bring many new employees into our company, we will have an increased focus on training and awareness.Accounting policiesGovernanceCompletion Rate of Code of Business Conduct and Ethics TrainingThe completion rate measures compliance with mandatory Code of Business Conduct and Ethics training.Training is considered completed in time if completed within the calendar year of the assign-ment’s due date; assignments due in December are considered timely if completed by January 15 of the following year. The completion rate is calculated as the number of eligible employees who completed the training divided by the total number of eligible employees required to complete the training in the reporting year.Corruption and briberyWhistleblower casesare received in Zealand Pharma's whistleblowing system and handled by an independent third-party. Cases are dealt with by representatives of the Legal department, Corporate management, and Zealand Pharma’s Audit Committee. Zealand Pharma's whistleblower hotline is available for both internal and external parties. All whistleblowing cases are managed in accord-ance with the Danish Whistleblowing Act and are supported by Zealand Pharma's internal oper-ating procedures.The number of whistleblower cases only includes substantiated whistleblower cases and is counted in the reporting year in which the matter is substantiated. Number of confirmed incidents of corruption or briberyrefers to the number of cases within the reporting year, upon which Zealand Pharma, or Zealand Pharma’s own workers were confirmed to violate corruption or bribery related matters. This includes, but is not limited to bribery, facili-tation payments, fraud, extortion, collusion, and money laundering. Incidents of corruption or bribery that are still under investigation in the reporting period are not reported.Number of convictions for violation of anti-cor-ruption and anti- bribery lawsrefers to instances within the reporting year, upon which Zealand Pharma has been convicted for violating anti-cor-ruption and anti-bribery laws. Amount of fines for violation of anti-corruption and anti-bribery lawsrefers to the total amount of fines received by Zealand Pharma within the reporting year. Confirmed incidents of corruption or bribery that resulted in dismissal or disciplinary action of Zealand Pharma employeeswithin the reporting year. Disciplinary actions refer to reduction in work hours, job perks, or benefits, temporary suspension of duties or demotion. Number of confirmed incidents relating to contracts with business partners that were termi-nated or not renewed due to violations related to corruption or bribery include, but are not limited to bribery, facilitation payments, fraud, extortion, collusion, and money laundering. Incidents of corruption or bribery that are still under investiga-tion in the reporting period are not reported.</mrv:StatementOfCorporateSocialResponsibility>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f0__s10__7__8" xml:lang="en">Privacy and data protection1Why is the topic material to Zealand Pharma?In the pharmaceutical industry, particularly within R&amp;D, safe-guarding patient privacy and upholding data protection is crucial. This involves ensuring that sensitive medical informa-tion, including patient conditions and clinical trial data, is kept confidential and secure from unauthorized access, breaches, and cyber threats. Breaches within the value chain or Zealand Pharma’s own operations can lead to loss of patient and partner trust, direct harm to patients, legal consequences, financial penalties, and significant reputational damage. Our approach and policiesAt Zealand Pharma, we work dedicatedly with privacy and data protection. While patient data has a particular focus for us, we also ensure data privacy and protection of employees, partners, and authorities. To safeguard our data, we have established different procedures for both our own operations and our value chain partners.Ensuring proper safeguards in our own operationsRegarding our own operation, our Data Protection Policy lays the foundation for our company-wide practices on data privacy and protection, and in 2025 we updated and rolled out a new Data Protection Policy, further strengthening our processes. All employees are required to complete training on our Data Protection Policy, and we also train our employees annually in Data Protection and the General Data Protection Regulation (GDPR) via our web portal for compliance. Any personal data processing activity within Zealand Pharma is assessed and documented via our Data &amp; Risk Management System, and we have a Data Protection Life Cycle Policy that sets the framework for continuous manage-ment of personal data. To safeguard our digital assets, ensure the integrity of our systems, and protect sensitive patient data, we adhere to the CIS Controls Version 8 (CIS18) and have implemented Information Security Policies in alignment with ISO27001 stating our commitment to ensure the necessary levels of information and cyber-security across its technology, processes, and people are in place. Our cybersecurity program includes continuous monitoring, infrastructure hard-ening, penetration tests, disaster recovery planning, as well as continuous employee training to prevent breaches and protect sensitive information.Privacy and data protection2025 ✓20242023Number of cybersecurity breaches000✓Subject to Limited AssuranceWe continuously roll out AI across Zealand Pharma to enhance our research, development, and overall business operations. Responsible use of AI is governed within our Data Protection Policy, and our Information Security frame-works, We apply privacy-by-design and GDPR principles to AI, ensure appropriate risk assessments are conducted for AI systems that process personal data, and de-identify personal data wherever feasible. AI tools are covered by our ISO27001- and CIS-aligned cybersecurity program, including monitoring and testing. When an AI solution is intended for GxP use, we ensure it meets applicable GxP validation and compliance requirements. Through robust vendor due diligence and contractual safeguards, we protect patient and corporate data while maximizing the value AI brings to our business.Ownership of our Data Protection Policy, Data Protection Life Cycle Policy, our Cyber Security program, and AI governance lies with Corporate Management. Our Board of Directors, through the Audit Committee, monitor the state of our proce-dures regarding data and cyber security on a continuous basis.Working together with our value chain partners to ensure the safety of dataWhen relevant, we pursue global co-development and commercialization partnerships that complement and extend our innovative capabilities. Subsequently, we outsource many activities to partners and have several policies and standard operating procedures in place to secure safe and ethical use of data, in both new and ongoing partnerships.Each partner is carefully selected and undergoes a detailed assessment before any activities begin. A dedicated section of the assessment covers data protection requirements for the partners, which are detailed in the contract. For certain activities, a data protection impact assessment is carried out as well. We also monitor our partners via spot checks and by rigorously investigating any identified gaps.We have additional safeguards in place for partnerships related to patients and clinical development. Contract Research Organizations (CROs), Clinical Sites, and other service providers are contractually obligated to set up tech-nical and organizational measures to protect patient’s Health Data. The agreements oblige all parties to use the Health Data and Human Biological Material only as consented to by the Subject on the Informed Consent Form or as required by law. Any Health Data will only be transferred to partners who can demonstrate that they comply with the GDPR, and have suffi-cient measures in place to protect the data from breaches.Furthermore, Zealand Pharma maintains oversight of Good Clinical Practice (GCP) IT systems used by CROs and clinical sites to ensure data integrity and patient safety. Zealand Pharma is responsible for ensuring that the validation of computerized systems is done and the CROs provide adequate documented evidence on the validated state of the GCP IT systems used. Additionally, Zealand Pharma performs security risk assessments of new IT software and services procured to ensure adequate security and safe-guards are maintained. Our ActionsActions 2025Established our Data Protection Board to oversee activities within Zealand Pharma from a legal, cybersecurity, AI, and IP perspective.Updated our Data Protection policy and carried out contin-uous training of employees on Data Protection topics such as how to handle Data Subject Requests and Data Incidents.Developed and delivered on our Cyber Security Program. CIS18 framework assessment performed by an independent third party shows increased maturity across all security control dimensions. Implemented new Information Security Policies in alignment with ISO27001.Looking aheadWe believe that our current efforts in relation to privacy and data protection are strong, and for 2026 we wish to continue our efforts to maintain our strong safeguards. Additionally, we will work to ensure continued compliance with the EU Network and Information Security Directive 2 (NIS2) which took effect in Denmark in 2025. Furthermore, as we advance our AI strategy and roll out additional initiatives within research, ensuring data ethics and the responsible use of AI technology is a key priority for 2026.</mrv:StatementOfPolicyForDataEthics>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f0__s10__7__9" xml:lang="en">Diversity, Equity, and Inclusion1Why is the topic material to Zealand Pharma?We value diversity, equity, and inclusion, not only because we believe that this is the socially responsible thing to do, but because it contributes to long-term business value. We believe that by having teams with different backgrounds and perspectives, we arrive at better, more innovative solutions, eventually benefiting patients, our company, and society as a whole. Furthermore, a diverse, equitable, and inclusive culture leads to higher engagement and productivity and increases our access to talent.OUR Approach and policiesDiversity, equity, and inclusion have always been an inte-gral part of the culture at Zealand Pharma. To us, diversity encompasses not only gender, but also other dimensions such as race, social origin, ethnicity, and religion. Our approach is formalized in our Board-approved Diversity Policy. To enforce our policy, we focus on three key areas: our recruitment, core people processes, and training of people leaders.Our recruitment process is guided by our Recruitment Guidelines which set up procedures that embrace diversity, inclusion, and unbiased decision-making. This enables us to identify and select the most qualified individuals. To further reduce unconscious bias, and assist candidates, we consist-ently apply clear job requirements linked directly to quali-fications and ensure diverse candidate shortlists. Inclusive language in our communications also encourages applica-tions from all backgrounds. For management positions, we ensure a diverse selection panel to enhance equitable and inclusive decision-making.We continuously review all our core people processes, including onboarding, performance management, and employee training and development, to ensure alignment with our commitments. This fosters an environment where everyone feels valued and supported. We take a firm stance against bullying, discrimination, and any form of harass-ment, and actively monitor employee experiences and are committed to taking decisive action to eliminate any cases that may arise.Furthermore, we are committed to empowering our leaders with tools and training to advance an inclusive workplace. We have integrated an Inclusiveness Index into our annual employee engagement survey, which provides managers with valuable feedback on team inclusiveness, helping them continuously improve and create a more equitable and welcoming environment.To further advance our efforts, diversity targets are inte-grated into management and employee bonus-incentive schemes, focusing on diversity in senior management, increased nationality representation, and a more balanced age distribution. Furthermore, we actively collaborate with peers and experts on initiatives, and in 2025 we joined the UN Global Compact's Nordic Programme on Non-Discrimination further strengthening our efforts in diversity, equity, inclusion, and non-discrimination. Diversity in management At Zealand Pharma, we believe diversity in management fosters innovation and success. We embrace diversity across multiple dimensions to enrich our leadership and organizational culture. This was a key focus area for 2025, during which we expanded our Corporate Management Team, adding several international candidates from various backgrounds. We actively monitor all management levels, from the Board of Directors to senior leadership and people manager posi-tions. An important dimension to this is gender balance, which helps us monitor disparities and through this promote equitable representation within our management teams. While natural fluctuations in distribution occurs as strat-egies evolve, we remain committed to increasing the underrepresented gender of our other management positions to 40% by 2026. During 2025, we achieved a representation of 38% of the underrepresented gender, from 30% in 2024. While gender balance remains a key focus area and an estab-lished target, we remain dedicated to maintaining a culture of equal opportunity and career growth across all backgrounds and characteristics, irrespective of gender. Diversity, equity and inclusionUnit2025 ✓20242023Gender distribution in percentage of Board of Directors (shareholder-elected)% Male/Female57% / 43%57% / 43% 71% / 29% Gender distribution in percentage of Board of Directors (employee-elected)% Male/Female75% / 25%75% / 25%50% / 50%Gender distribution in percentage at executive management level3% Male/Female50% / 50%50% / 50%50% / 50%Gender distribution in percentage at top management level (Corporate Management)% Male/Female75% / 25%67% / 33%67% / 33%Number of members in other management positions4Count372320Gender distribution in percentage of other management positions4% Male/Female62% / 38%70% / 30%55% / 45%Gender distribution in percentage of all People Leaders% Male/Female47% / 53%50% / 50% 59% / 41%Number of incidents of discriminationCount000Amount of fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and complaints filedDKK000✓Subject to Limited Assurance3	Chief Executive Officer and Chief Financial Officer of Zealand Pharma A/S4	Corporate management and their direct reports with managerial responsiliby employed in the legal entity Zealand Pharma A/S</mrv:StatementOfTheDiversityPolicies>
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   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f0__s10__7__211" xml:lang="en">Statements by the Executive Management and the Board of DirectorsThe Executive Management and the Board of Directors have today considered and adopted the Annual Report of Zealand Pharma A/S for the financial year 1 January – 31 December 2025.The Consolidated Financial Statements and the Parent Company 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. Management’s Review has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements 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 cash flows for 2025.In our opinion, Management’s Review includes a fair review 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 description of the most significant risks and elements of uncertainty, which the Group and the Parent Company are facing.Additionally, the sustainability report, which is part of Management’s Review, has been prepared, in all material respects, in accordance with paragraph 99 b of the Danish Financial Statements Act.In our opinion, the annual report of Zealand Pharma A/S for the finan-cial year 1 January to 31 December 2025 with the file name zealand-pharma-2025-12-31-en.zipis 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="f0__s10__7__212" xml:lang="en">Søborg</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f0__s10__7__213">2026-02-19</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-27" id="f0__s10__7__214" xml:lang="en">Adam Sinding Steensberg</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-27" id="f0__s10__7__215" xml:lang="en">President and Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-28" id="f0__s10__7__216" xml:lang="en">Henriette Wennicke</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-28" id="f0__s10__7__217" xml:lang="en">Executive Vice President and Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f0__s10__7__218" xml:lang="en">Alf Gunnar Martin Nicklasson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f0__s10__7__219" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-30" id="f0__s10__7__220" xml:lang="en">Kirsten Aarup Drejer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-30" id="f0__s10__7__221" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f0__s10__7__222" xml:lang="en">Jeffrey Berkowitz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f0__s10__7__223" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f0__s10__7__224" xml:lang="en">Frederik Barfoed Beck </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f0__s10__7__225" xml:lang="en">Board memberEmployee elected</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" id="f0__s10__7__226" xml:lang="en">Bernadette Connaughton</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-33" id="f0__s10__7__227" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-34" id="f0__s10__7__228" xml:lang="en">Leonard Kruimer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-34" id="f0__s10__7__229" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-35" id="f0__s10__7__230" xml:lang="en">Elaine Sullivan</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-35" id="f0__s10__7__231" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" id="f0__s10__7__232" xml:lang="en">Enrique Alfredo Conterno Martinelli</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-36" id="f0__s10__7__233" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-37" id="f0__s10__7__234" xml:lang="en">Anneline Nansen </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-37" id="f0__s10__7__235" xml:lang="en">Board memberEmployee elected</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" id="f0__s10__7__236" xml:lang="en">Adam Krisko Nygaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-38" id="f0__s10__7__237" xml:lang="en">Board memberEmployee elected</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-39" id="f0__s10__7__238" xml:lang="en">Ludovic Tranholm Otterbein</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-39" id="f0__s10__7__239" xml:lang="en">Board memberEmployee elected</cmn:TitleOfMemberOfSupervisoryBoard>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s10__7__241" xml:lang="en">To the shareholders of Zealand Pharma A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s10__7__242" xml:lang="en">Our opinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at December 31, 2025 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year January 1 to December 31, 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in 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 and Parent Company Financial Statements of Zealand Pharma A/S for the financial year January 1 to December 31, 2025, comprise statement of profit and loss and state-ment of comprehensive income/(loss), statement of financial position, statement of cash flows, statement of changes in shareholders’ equity and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the “Financial Statements”.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f0__s10__7__243" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’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 also fulfilled our other ethical responsibilities in accordance 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 Zealand Pharma A/S on March 20, 2024, for the financial year 2024. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engage-ment of 2 years including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f0__s10__7__244-1" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance 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 matterHow our audit addressed the key audit matterCollaboration and license agreementIn March 2025, Zealand Pharma entered into a collaboration and license agreement with Roche to co-develop and co-commercialise petrelintide.Under the agreement, Zealand Parma received an upfront payment of DKK 9,245 million. This was allocated to two distinct perfor-mance obligations: (i) the sale of the license, amounting to DKK 8,984 million, recognised as revenue; and (ii) the completion of clin-ical development performance obligations, amounting to DKK 262 million, to be recognised over time in line with the performance of the related research and development services.We focused on this due to the significance of the amounts involved and the complexity of Management’s estimates and judgements in recognising revenue. Refer to note 2.1 in the financial statements.We assessed whether the Group’s material accounting policies for collaboration and license agreements including identification of performance obligations and revenue recognition are in accord-ance with IFRS Accounting Standards.We updated our understanding of relevant controls, including Group controlling procedures, IT systems, and business processes regarding collaboration and license agreements, including identifi-cation of performance obligations. We examined the agreement including key terms, upfront and milestone payments, revenue- and cost-sharing mechanisms and evaluated and tested Management’s identification of performance obligations.We performed substantive audit procedures over the revenue recognition and tested the completeness and accuracy of costs in line with the relevant cost-sharing arrangement.Finally, we assessed the adequacy of disclosures provided by Management in the Financial Statements.Company or to cease operations, or has no realistic alternative but to do so.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s10__7__245" xml:lang="en">Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our respon-sibility is to read Management’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 other-wise appears to be materially misstated. Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial Statements Act. 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 requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f0__s10__7__246" xml:lang="en">Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial statements and parent company 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 such internal control as Management determines is neces-sary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f0__s10__7__248" xml:lang="en">Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance 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 Statements.As part of an audit in accordance with ISAs and the additional require-ments applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 sufficient 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 collu-sion, forgery, intentional omissions, misrepresentations, or the over-ride 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 effec-tiveness 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 Management’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 Financial 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 relevant ethical requirements regarding inde-pendence, and to communicate with them all relationships 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 disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f0__s10__7__249" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the Financial Statements we performed proce-dures to express an opinion on whether the annual report of Zealand Pharma A/S for the financial year January 1 to December 31, 2025 with the filename zealandpharma-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 requirements related to the prepa-ration 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 Regulation. This responsibility includes:The preparing of the annual report in XHTML format;The 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 information required to be tagged using judgment where necessary;Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; andFor such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance 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 judgment, 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 Statements including notes;Evaluating the appropriateness of the company’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; andReconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of Zealand Pharma A/S for the finan-cial year January 1 to December 31, 2025 with the file name zealand-pharma-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="f0__s10__7__250" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f0__s10__7__251">2026-02-19</arr:SignatureOfAuditorsDate>
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   <cmn:NameOfAuditFirm contextRef="ctx-41" id="f0__s10__7__253" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC)</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-40" id="f0__s10__7__254">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
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   <cmn:NameAndSurnameOfAuditor contextRef="ctx-40" id="f0__s10__7__256" xml:lang="en">Mads Melgaard</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-41" id="f0__s10__7__257" xml:lang="en">Torben Jensen</cmn:NameAndSurnameOfAuditor>
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   <cmn:IdentificationNumberOfAuditor contextRef="ctx-40" id="f0__s10__7__260">mne34354</cmn:IdentificationNumberOfAuditor>
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   <gsd:NameOfReportingEntity contextRef="ctx-1" id="f0__s10__7__272" xml:lang="en">Zealand Pharma A/S</gsd:NameOfReportingEntity>
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   <gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="f0__s10__7__281" xml:lang="en">DK-2860 Søborg</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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   <gsd:HomepageOfReportingEntity contextRef="ctx-1" id="f0__s10__7__284">zealandpharma.com</gsd:HomepageOfReportingEntity>
   <gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="f0__s1__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
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   <gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f0__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
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