ADC Therapeutics : (ADCT 1Q 2026 Earnings)

‌1Q 2026 Earnings Call

May 4, 2026

‌Agenda

02

03

01

Q&A Ameet Mallik

Chief Executive Officer

Pepe Carmona

Chief Financial Officer

Business Update Financial Update

2

‌Forward-Looking Statements

This presentation and any accompanying oral presentation have been prepared by ADC Therapeutics SA ("ADC Therapeutics", "we" or "us") for informational purposes only and not for any other purpose. Nothing

contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or ADC Therapeutics or any officer, director, employee, agent or advisor of ADC

Therapeutics. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Information provided in this presentation and any accompanying oral presentation speak

only as of the date hereof.

This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terminology such as "may", "will", "should", "would", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "future", "continue", or "appear" or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can

cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the timing of the topline data release for LOTIS-5 and the results of the trial, the timing for the sBLA submission, acceptance and outcome of review of the sBLA submission, and full FDA approval; the Company's ability to grow ZYNLONTA® revenue in the United States and potential peak revenue; whether future LOTIS-7 clinical trial results will be consistent with or different from the LOTIS-7 data presented by the Company on December 3, 2025, the timing, publication and outcome of the full

LOTIS-7 trial, compendia inclusion and regulatory strategy and the commercial opportunity; expected cash runway into at least to 2028 which assumes use of minimum liquidity amount required to be maintained

under its loan agreement covenants; the ability of our partners to commercialize ZYNLONTA® in foreign markets, the timing and amount of future revenue and payments to us from such partnerships and their ability to obtain regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing and results of the Company's clinical trials; the timing, publication and results of investigator-initiated trials including those studying FL and MZL and the potential regulatory and/or compendia strategy and the future opportunity; the timing and outcome of regulatory submissions for the Company's products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company's indebtedness, including HealthCare Royalty Management and Blue Owl and Oaktree facilities, and the

restrictions imposed on the Company's activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness, the impact on our future revenue streams, and the significant cash required to service such indebtedness; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities; and the

uncertainties of international trade policies, including tariffs, sanctions, trade barriers and most favored nation drug pricing and the potential impact they may have on our business, financial condition, and results

of operations. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K and in the Company's other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document.

Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this presentation speak only as of the date of this presentation. The Company expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this presentation to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Certain information contained in this presentation relates to or is based on studies, publications, surveys, and other data derived from third-party sources and our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and we make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involve a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, although we believe our own internal research is reliable, such research has not been verified by any independent source.

This presentation also includes non-GAAP financial measures. These non-GAAP measures have limitations as financial measures and should be considered in addition to, and not in isolation or as a substitute for, the information prepared in accordance with GAAP. You should refer to the information contained in the company's first quarter earnings release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

3

‌Key Business Updates

Commercial Performance

• 1Q 2026 net product revenues of $20.0 million as compared to $17.4 million in same quarter 2025

• Increase vs. prior year primarily driven by volume increase which reflects the normal variability in customer ordering patterns, as well as higher price

  Pipeline Progress

  • LOTIS-5: Phase 3 topline data expected in 2Q 2026, with full data by year end; compendia inclusion anticipated in first half of 2027 followed by potential full confirmatory approval in mid 2027

  • LOTIS-7: On track for completion of enrollment in first half of 2026; full data anticipated by year end with potential compendia inclusion and regulatory pathway assessment in first half of 2027

  • r/r FL and MZL IITs: Full data publication anticipated between the end of 2026 and mid 2027

    Corporate Update

  • Managed cost base: 1Q 2026 non-GAAP total operating expense reduced by 13% vs same quarter 2025

  • Maintained strong balance sheet: cash and cash equivalents balance of ~$231.0M as of March 31, 2026, with expected cash runway at least into 2028*

*Cash balance assumes use of the amount it is required to maintain under its loan agreement 4

IIT: investigator-initiated trial, r/r: relapsed/refractory; FL: follicular lymphoma, MZL: marginal zone lymphoma

‌Advancing ZYNLONTA Development Into 2L+ B-Cell Lymphomas

LOTIS-5

ZYNLONTA +

rituximab1

(N=20)

Potential To Move Into 2L+ DLBCL

DLBCL FL MZL

Overall Response Rate Complete Response Rate

ZYNLONTA+R

ZYNLONTA

~50%

~80%

1L

2L+

3L+

LOTIS-7

ZYNLONTA +

glofitamab2

(N=49)

~G0%

~78%

Potential Benefit In Indolent Lymphomas

High-risk r/r FL

ZYNLONTA +

rituximab3

(N=55)

Overall Response Rate Complete Response Rate

~G8%

~84%

LOTIS-5 LOTIS-7

ZYNLONTA

ZYNLONTA+R

ZYNLONTA

~6G%

~85%

r/r MZL

ZYNLONTA4

(N=26)

Current Approval Current Development Areas

R: rituximab, DLBCL: diffuse large B-cell lymphoma

1. Safety run-in study as detailed in SOHO 2023 poster presentation, updated data from EHA 2025 poster

   presentation

2. Based on November 17, 2025 cutoff

3. Alderuccio, Updated efficacy data shared at 22nd iwNHL September 26-28 2025 5

4. As detailed at ICML in June 2025

‌ZYNLONTA U.S. Peak Revenue Potential of $600M-1B

ZYNLONTA

$600M-1B Peak Revenue in DLBCL & Indolent Lymphomas

LOTIS-7

2L+ ZYNLONTA plus bispecific

$500M-800M

LOTIS-5

2L+ ZYNLONTA plus rituximab

$200M-300M*

2L+ Indolent lymphomas

$100M-200M

CURRENT INDICATION

3L+

Monotherapy

Peak revenue projection assumes both compendia listing and regulatory approval

Note: ZYNLONTA Monotherapy is FDA approved under accelerated approval; other potential indications in development

*Based on quantitative market research study of 150 physicians

Note: The Company does not promote ZYNLONTA for unapproved uses 6

‌1Q 2026 Selected Financial Data

Balance Sheet	March 31, 2026
Cash and cash equivalents ($M)	231.0

Statement of Operations	1Q 2026 ($M)	1Q 2025 ($M)	YoY %
Product Revenues, Net	20.0	17.4	15.1
Total Revenue	20.9	23.0	-9.5
Total Operating Expenses	46.1	51.5	-10.5
Adjusted Total Operating Expenses (Non-GAAP)*	42.9	49.1	-12.6
Net Loss	33.0	38.6	-14.6
Adjusted Net Loss (Non-GAAP)*	19.7	24.0	-17.8
Net loss per share	$0.21/share	$0.36/share
Adjusted net loss per share (Non-GAAP)*	$0.13/share	$0.22/share

* See reconciliation of GAAP to non-GAAP adjustments in the Company's first quarter earnings release for details 7

‌Upcoming Expected Milestones

1H2026 2H2026 1H2027 2H2027

ZYNLONTA LOTIS-7

ZYNLONTA LOTIS-5

Publication and potential LOTIS-7 compendia

Full enrollment of 100 pts at selected dose

Generate additional data and assess regulatory and compendia strategies

Share topline results in Q2*

Potential confirmatory approval in 2L+ DLBCL

Publication and potential

LOTIS-5 compendia

Publication and potential MZL

compendia

Generate additional data and assess regulatory and

compendia strategies

Marginal Zone Lymphoma

(MZL)

Publication and potential FL compendia

Generate additional data and assess regulatory and compendia strategies

Follicular Lymphoma

(FL)

* Company expects to provide updated data once the pre-specified number of PFS events is reached and data are available

8

‌Thank You

THERAPEUTICS

Innovating Science. Inspiring Hope.