Zealand Pharma

Director's Dealing • Dec 19, 2025

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1.		Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Martin Nicklasson
2.	Reason for the notification
a)	Position/status	Chairman of the Board of Directors of Zealand Pharma A/S
b)	Initial notification/Amend ment	Initial notification
3.	tion monitor	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auc
a)	Name	Zealand Pharma A/S
b)	LEI	549300ITBB1ULBL4CZ12
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s) DKK 467	Volume(s) 1,700
d)	Aggregated information - Aggregated volume - Price	1,700 DKK 793,900.00
e)	Date of the transaction	2025-12-17
f)	Place of the transaction	Nasdaq Copenhagen, XCSE

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1.		Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Adam Krisko Nygaard
2.	Reason for the notification
a)	Position/status		Employee elected member of the Board of Directors of Zealand Pharma A/S
b)	Initial notification/Amend ment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auc tion monitor
a)	Name	Zealand Pharma A/S
b)	LEI	549300ITBB1ULBL4CZ12
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s) DKK 460.57	Volume(s) 141
d)	Aggregated information
	- Aggregated volume	141
	- Price	DKK 65,940.90
e)	Date of the transaction	2025-12-17
f)	Place of the transaction	Nasdaq Copenhagen, XCSE

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1.		Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Anneline Nansen
2.	Reason for the notification
a)	Position/status		Employee elected member of the Board of Directors of Zealand Pharma A/S
b)	Initial notification/Amend ment	Initial notification
3.	tion monitor	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auc
a)	Name	Zealand Pharma A/S
b)	LEI	549300ITBB1ULBL4CZ12
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Ordinary shares. Description of the financial instrument, type of instru ment
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s) DKK 462	Volume(s) 650
d)	Aggregated information
	- Aggregated volume	650
	- Price	DKK 300,300
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	Nasdaq Copenhagen, XCSE

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1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Henriette Wennicke
2.		Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amend ment	Initial notification
3.	tion monitor	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auc
a)	Name	Zealand Pharma A/S
b)	LEI	549300ITBB1ULBL4CZ12
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 467.30	129
d)	Aggregated information
	- Aggregated volume	129
	- Price	DKK 60,281.70
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	Aquis Exchange Europe, AQEA
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 464.43	170
d)	Aggregated information
	- Aggregated volume	170
	- Price	DKK 78,953.50
e)	Date of the transaction	2025-12-18

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f)	Place of the transaction	Aquis Exchange Europe, AQEU
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s) Volume(s)
		DKK 466.55	2,959
d)	Aggregated information
	- Aggregated volume	2,959
	- Price	DKK 1,380,506.65
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	CBOE EUROPE - DXE PERIODIC (NL), BEUP
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Ordinary shares. Description of the financial instrument, type of instru ment
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 466.48	2,156
d)	Aggregated information
	- Aggregated volume	2,156
	- Price	DKK 1,005,728.00
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	CBOE EUROPE - DXE ORDER BOOKS (NL), CEUX
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
	Nature of the transaction	Sale of shares to cover tax liabilities.
b) c)	Price(s) and volume(s)	Price(s)	Volume(s)

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d)	Aggregated information
	- Aggregated volume	122
	- Price	DKK 56,754.40
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	Hrteu Limited -
4.		Systematic Internaliser, HREU Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 466.02	1,475
d)	Aggregated information
	- Aggregated volume	1,475
	- Price	DKK 687,376.60
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	Jane Street Netherlands B.V., JNSI
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 465.20	1
d)	Aggregated information
	- Aggregated volume	1
	- Price	DKK 465.20
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	Morgan Stanley Europe S.E Systematic Internaliser, MESI
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814

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b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s) Volume(s)
		DKK 466.57	373
d)	Aggregated information
	- Aggregated volume	373
	- Price	DKK 174,029.80
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	Turquoise Europe - Lit Order Book , TQEX
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 466.61	10,757
d)	Aggregated information
	- Aggregated volume	10,757
	- Price	DKK 5,019,273.00
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	Nasdaq Copenhagen, XCSE
4.		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instru ment	Ordinary shares.
	Identification code	DK0060257814
b)	Nature of the transaction	Sale of shares to cover tax liabilities.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 464.70	78
d)	Aggregated information
	- Aggregated volume	78
	- Price	DKK 36,246.60
e)	Date of the transaction	2025-12-18
f)	Place of the transaction	VIRTU FINANCIAL IRELAND LIMITED - SYSTEMATIC INTERNALISER, VFSI