Capital Allocation PrioritiesOur capital allocation framework is aligned with our strategy to drive sustainable growth well into the 2030s. Investing to accelerate our late-stage pipeline and maximize success of our commercialized medicines, including launch readiness. These investments are intended to generate meaningful revenue for us in the future.Integration of Merus to accelerate value capture, while maintaining focus and prioritization.Committed to deleveraging, targeting gross leverage below 3 times by the end of 2027, maintaining balance sheet strength and flexibility. Financing FrameworkGenmab’s goal is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and to have adequate liquidity to support the continuous advancement of Genmab’s product pipeline and business in general.The Board regularly reviews Genmab’s capital structure to ensure that capital resources are adequate and sustainable.Genmab has a strong and diversified revenue stream to finance its operations.The Company has access to up to $500 million in additional funds through 2025 Credit Facility, intended as backstop for working capital needs and general corporate purposes.In relation to acquisition of Merus in December 2025, Genmab entered into two senior secured term loans, Term Loan A and Term Loan B, with nominal amounts of $1 billion and $2 billion, respectively (collectively, the “Loans”) and Senior Secured Notes of $1.5 billion and Senior Unsecured Notes of $1.0 billion (together, the “Notes”). Debt TranchesTrancheCurrencyNominal (m)Issue DateMaturity DateInterest / CouponFrequencyRating(Moody’s / S&P / Fitch)Outstandingat 31-Dec-25ISIN / CUSIP2025 Credit FacilityUSD / EUR / DKK50012-Dec-2512-Dec-30n/an/an/aNonen/aTerm Loan A (Secured)USD100012-Dec-2512-Dec-30FloatQuarterlyn/a1000n/aTerm Loan B (Secured)USD200012-Dec-2512-Dec-32FloatQuarterlyBa2 / BB+ / BB+200037231EAB8Secured NotesUSD150003-Dec-2515-Dec-326.25% FixedSemi-annualBa2 / BB+ / BB+1500US37230JAA07Unsecured NotesUSD100003-Dec-2515-Dec-337.25% FixedSemi-annualB1 / BB- / BB1000US37230JAB89 Debt Maturity Profile Credit ratingsGenmab holds strong non-investment grade ratings from Moody’s, S&P and Fitch. The Company expects to maintain a strong balance sheet with near-term deleveraging profile, targeting gross leverage of <3.0x by YE 2027. Moody'sS&PFitchGenmab Long-Term Corporate / IssuerBa2BB+BBOutlookStableStableStable Risk ManagementThe financial risks of Genmab are managed centrally.Liquidity – Genmab has a strong and diversified revenue stream to finance operations. At all times the Company maintains a cash safety net primarily in the Company’s interest-bearing accounts and in same day liquidity market instruments..Investments – Genmab has an approved and annually reviewed by the Board Investment Policy. It permits the Company to invest in high quality investment grade fixed income paper. Foreign Exchange – Genmab A/S and Genmab Finance LLC (together, “the borrowers”) are USD functional entities, all debt tranches outstanding are USD denominated. The majority of Genmab A/S’ revenue is USD denominated. Interest Rates – Genmab has an approved and annually reviewed by the Board Interest Rate Risk Management Policy. The Company targets a reasonable % of fixed capital structure to match floating debt exposure to assets invested at variable rates. The Company utilises interest rate swaps. Credit Risk – Treasury function centrally manages and monitors relations with diversified portfolio of financial institutions.