Galapagos NV’s Share Capital and Shares

Share capital increases and issue of shares by Galapagos NV in 2025

On January 1, 2025 the share capital of Galapagos NV amounted to €356,444,938.61 represented by 65,897,071, shares. In the course of 2025, no capital increase was executed.

As a result, at the end of 2025, the share capital of Galapagos NV and the number of outstanding shares remained unchanged and amounted to €356,444,938.61, represented by 65,897,071 shares.

During 2025, the Board of Directors issued subscription rights under two subscription right plans:

• Subscription Right Plan 2025 (A): on May 27, 2025, the Board of Directors issued 925,000 subscription rights, after acceptance by the beneficiary, within the framework of the authorized capital, for senior management compensation purposes. The subscription rights issued under Subscription Right Plan 2025 (A) have an exercise term of eight years as of the date of the deed of issuance (as defined in the plan rules) and have an exercise price of €25.64 (the closing price of the Galapagos share on Euronext Amsterdam and Brussels on the date of the offer). Generally, the subscription rights cannot be exercised prior to the third anniversary of the date of issuance.

• Subscription Right Plan 2025 (B): on August 7, 2025, the Board of Directors issued 1,800,000 subscription rights, of which 1,325,000 subscription rights were granted and accepted by the beneficiaries in 2025, within the framework of the authorized capital, for senior management compensation purposes. The subscription rights issued under Subscription Right Plan 2025 (B) have an exercise term of eight years as of the date of the deed of issuance (as defined in the plan rules). The subscription rights issued under the first offer have an exercise price of €28.16 (the closing price of the Galapagos share on Euronext Amsterdam and Brussels on the date of the first offer), and the subscription rights issued under the subsequent second offer have an exercise price of €26.75 (the volume weighted average of the Galapagos share on Euronext Amsterdam and Brussels during the last five (5) consecutive trading days up to and including the date of the subsequent second offer). Generally, the subscription rights cannot be exercised prior to the third anniversary of the date of issuance.

Number and form of Galapagos shares

Of the 65,897,071 shares of Galapagos NV outstanding at the end of 2025, 5,186 were registered shares and 65,891,885 shares were dematerialized shares. All issued shares are fully paid up and form part of the same class.

Rights attached to Galapagos shares

Each share (i) entitles its holder to one vote at the shareholders’ meetings of Galapagos NV; (ii) represents an identical fraction of the Company’s share capital and has the same rights and obligations and shares equally in the profit of Galapagos NV; and (iii) gives its holder a preferential subscription right to subscribe to new shares, convertible bonds or subscription rights in proportion to the part of the share capital represented by the shares already held. The preferential subscription right can be restricted or cancelled by a resolution approved at the Shareholders’ Meeting, or, within the framework of the Company’s authorized capital, by the Board of Directors subject to an authorization of the Shareholders’ Meeting, in accordance with the provisions of the BCCA and the Articles of Association.

Galapagos NV’s authorized capital

In accordance with the provisions of the BCCA and the Articles of Association, the EGMs of April 25, 2017 and April 30, 2024 of Galapagos NV have provided authority to the Board of Directors to increase the share capital of Galapagos NV, on one or several occasions, and under certain conditions set forth in extenso in the Articles of Association.

This authorization consists of two parts:

• A general authorization for capital increases up to 20% of the share capital at the time of convening the EGM of April 30, 2024 (i.e., €71,288,987.72) was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e., May 7, 2024. This general authorization will expire on May 7, 2029; and

• A specific authorization for capital increases of more than 20% and up to 33% of the share capital at the time of the convening the EGM of April 25, 2017 (i.e., €82,561,764.93), was renewed and was valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e., May 31, 2017. This specific part of the authorized capital could, however, only be used in specific circumstances and upon a resolution of the Board of Directors that all Independent Directors (within the meaning of article 7:87 of the BCCA and provision 3.5 of the 2020 Code) approve. This specific authorization expired on May 30, 2022.

In 2025, our Board of Directors made use of the right to increase the capital in the framework of the authorized capital on two occasions:

• On May 27, 2025, in connection with the issuance of Subscription Right Plan 2025 (A), under which a maximum of 925,000 new shares could be issued for a total maximum capital increase of €5,004,250.00 (plus issuance premium).

• On August 7, 2025, in connection with the issuance of Subscription Right Plan 2025 (B), under which a maximum of 1,800,000 new shares could be issued for a total maximum capital increase of €9,738,000.00 (plus issuance premium).

As of December 31, 2025, an amount of €49,075,527.72 remained available under the general part of the authorized capital.

When increasing the share capital within the limits of the authorized capital, the Board of Directors may, if in Galapagos NV’s interest, restrict or cancel the shareholders’ preferential subscription rights, even if such restriction or cancellation is made for the benefit of one or more specific persons other than the employees of the group.

Procedure for changes in Galapagos NV’s share capital

In accordance with the BCCA, Galapagos NV may increase (and issue new shares) or decrease its share capital by decision of the Extraordinary Shareholders’ Meeting approved by a qualified majority of 75% of the votes cast, at a meeting where at least 50% of the share capital of Galapagos NV is present or represented. If the attendance quorum of 50% is not met, a new extraordinary shareholders’ meeting must be convened, at which the shareholders may decide on the agenda items, irrespective of the percentage of share capital present or represented at such meeting. In this respect, there are no conditions imposed by the Articles of Association that are more stringent than those required by law.

Within the framework of the powers granted to it under the authorized capital, the Board of Directors may also increase Galapagos NV’s share capital (and issue new shares) as specified in its Articles of Association.

Purchase and sale of Galapagos NV treasury shares

In accordance with the BCCA and the Articles of Association, Galapagos NV may purchase, subject to the provisions of the BCCA, Galapagos NV’s own shares if authorized by a prior decision of the Extraordinary Shareholders’ Meeting approved by a qualified majority of 75% of the votes cast, at a meeting where at least 50% of the share capital of Galapagos NV is present or represented. If the attendance quorum of 50% is not met, a new extraordinary shareholders’ meeting must be convened, at which the shareholders may decide on the agenda items, irrespective of the percentage of share capital present or represented at such meeting. The sale of Galapagos NV treasury shares is also subject to the provisions of the BCCA. The aforementioned rules are also applicable to the acquisition of shares of Galapagos NV by its subsidiaries.

On the date of publication of this annual report, the Board of Directors of Galapagos NV has not been authorized by the Extraordinary Shareholders’ Meeting to purchase or sell its own shares.

On December 31, 2025, neither Galapagos NV nor any subsidiary of Galapagos NV held any shares in Galapagos NV, nor did any third party hold any shares in Galapagos NV on behalf of Galapagos NV or any of its subsidiaries.

Anti-takeover provisions in the Articles of Association

The Articles of Association currently do not contain any anti-takeover provisions.

Anti-takeover provisions under Belgian law

Under Belgian law, public takeover bids for all outstanding voting securities of the issuer are subject to the supervision of the FSMA. If the FSMA determines that a takeover violates Belgian law, it may lead to suspension of the exercise of the rights attached to any shares that were acquired in connection with the envisaged takeover. Pursuant to the Belgian Law of April 1, 2007 on public takeovers, a mandatory takeover bid must be made when, as a result of its own acquisition or the acquisition by persons acting in concert with it, a person owns, directly or indirectly, more than 30% of the securities with voting rights in a company with registered office in Belgium whose securities are admitted to trading on a regulated or recognized market. The acquirer must offer to all other shareholders the opportunity to sell their shares at the higher of (i) the highest price offered by the acquirer for shares of the issuer during the 12 months preceding the announcement of the bid or (ii) the weighted average price of the shares on the most liquid market of the last 30 calendar days prior to the date on which it became mandatory for the acquirer to launch a mandatory takeover bid for the shares of all other shareholders.

Material contracts containing change of control clauses

There are currently no material contracts containing change of control clauses.

Procedure for amendments to the Articles of Association

Pursuant to the BCCA, amendments to the Articles of Association, such as an increase or decrease in the share capital, the approval of the dissolution, merger or de-merger of Galapagos NV, but excluding an amendment of the Company’s purpose, may only be authorized with the approval of at least 75% (or, in case of an amendment of the Company’s purpose, 80%) of the votes validly cast at an extraordinary shareholders’ meeting, where at least 50% of Galapagos NV’s share capital is present or represented. If the attendance quorum of 50% is not met, a new extraordinary shareholders’ meeting must be convened, at which the shareholders may decide on the agenda items, irrespective of the percentage of share capital present or represented at such meeting.