Company announcement – No. 25 / 2025

Zealand Pharma increases its share capital as a result of the exercise of employee warrants

Copenhagen, Denmark, December 11, 2025 – Zealand Pharma A/S (“Zealand Pharma”) (NASDAQ: ZEAL) (CVR-no. 20 04 50 78),), a biotechnology company transforming the future of metabolic health, has by decision of the Board of Directors increased its share capital by a nominal amount of DKK 150,317 divided into 150,317 new shares with a nominal value of DKK 1 each. The capital increase is a consequence of the exercise of warrants granted under two of Zealand Pharma's employee warrant programs.

Employee warrant programs are part of Zealand Pharma’s incentive scheme. Each warrant gives the owner the right to subscribe for one newly issued Zealand Pharma share at a prespecified exercise price within the specific predefined time periods before expiration in the warrant programs. For a more detailed description of Zealand Pharma’s warrant programs, see the company’s Articles of Association, which are available on the website: www.zealandpharma.com.

The exercise prices were DKK 90.70 per share for 124,355 new shares, DKK 141 per share for 5,820
new shares and DKK 224.40 per share for 20,142 new shares. The total proceeds to Zealand Pharma from the capital increase amount to DKK 16,619,483.30.

The new shares give rights to dividends and other rights from the time of the respective warrant holder's exercise notice. Each new share carries one vote at Zealand Pharma’s general meetings. Zealand Pharma has only one class of shares.

The new shares will be admitted to trading on Nasdaq Copenhagen after the capital increase has been registered with the Danish Business Authority. Following registration of the capital increase with the Danish Business Authority, the share capital of Zealand Pharma will be nominally DKK 71,515,045 divided into 71,515,045 shares with a nominal value of DKK 1 each and corresponding to a total of 71,515,045 votes.

A full copy of the new and amended Articles of Association can be found at https://www.zealandpharma.com once registered with the Danish Business Authority.

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About Zealand Pharma A/S

Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on advancing medicines for obesity and metabolic health. Combining more than 25 years of peptide R&D expertise with a proprietary data platform that leverages advanced data‑driven and AI/ML approaches, Zealand Pharma aims to lead a new era in obesity and metabolic health.

To date, more than ten Zealand Pharma‑invented drug candidates have entered clinical development, of which two products have reached the market and three candidates are in late-stage development. The Company has collaborations with global pharmaceutical and biotechnology partners for research, development, and commercialization.

Founded in 1998, Zealand Pharma is headquartered in Copenhagen, Denmark, with a U.S. presence in Boston, Massachusetts. Learn more at www.zealandpharma.com.

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