Letter from the Chair of the Remuneration Committee (GRI 2-18)

Dear Shareholders,

On behalf of the Board of Directors and the Remuneration Committee of Galenica, I am pleased to present the Remuneration report for 2024.

The remuneration policy of Galenica aims to attract, motivate and retain best-in-class employees who are entrepreneurially minded, success-oriented and have high personal standards. The remuneration system is designed to support the achievement of the strategic goals defined by the Board of Directors and to provide appropriate remuneration in a competitive employment market and in a complex sector. It is aligned with the long-term Group strategy and its pay-for-performance philosophy. The remuneration system of Galenica aims to strengthen the overall market position of the company while delivering the expected returns to its shareholders.

The Galenica Group performed well in 2024. As a result, Galenica realised a payout factor of 127.3% for the short-term bonus while the vesting multiple of the LTI plan 2022–2024 due in 2025 was 123.0%. Further details on the performance achieved and the payouts under the incentive plans are provided in this report.

Upon changes to the remuneration structure of the Corporate Executive Committee in 2023, including the replacement of the individual objectives in the STI by a collective ESG component and the introduction of clawback and malus provisions in the STI, the remuneration system was not subject to any adjustments in the reporting year. Also for the upcoming reporting year, the Remuneration Committee concluded that the remuneration schemes are fit-for-purpose and in line with market practice, not requiring any changes. However, in order to foster transparency, we further enhanced our disclosure with additional insights on both the STI and LTI.

With respect to the remuneration programme for the Board of Directors, the Remuneration Committee concluded that the remuneration structure and levels remained adequate. Consequently, no adaptions were made in the reporting year or are currently planned going forward. The Remuneration Committee will continue to regularly review the remuneration system of the Corporate Executive Committee and the Board of Directors to ensure that it is still appropriate in the evolving context in which the company operates.

The Remuneration report provides detailed information on our remuneration systems and the remuneration awarded in 2024 to the Corporate Executive Committee and the Board of Directors and will be submitted to the shareholders at the Annual General Meeting on 10 April 2025 for a non-binding consultative vote.

We would like to thank our employees for their commitment and hard work, and you, dear shareholders, for your trust.

Bertrand Jungo

Chairman of the Remuneration Committee