After googling the adapter it does look like it's upside down in comparison to other images on the Interwebz.
...no. looks right way up
Maybe check pad number /version again. Some shimano pads are smaller than others. What is the caliper model number?
could be 03 instead of 01?
@svenhöek started
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After googling the adapter it does look like it's upside down in comparison to other images on the Interwebz.